TCRAP_Public/141022.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

          Wednesday, October 22, 2014, Vol. 17, No. 209


                            Headlines


A U S T R A L I A

BRISCONNECTIONS: JPMorgan and Goldman Race For Advisory Role
CORFIELD DOWNS: Cattle Station Sold For AUD7 Million
FACILITY SERVICES: In Administration; 1st Meeting Set For Oct. 30
JOHN FARRAGHER: Family Likely to Still Control Transport Business
PETER CHAMPION: First Creditors' Meeting Set For Oct. 27

QANTAS AIRWAYS: Engineers Agree to 18-month Pay Freeze


C H I N A

CHINA GINSENG: Incurs $4.7 Million Net Loss in Fiscal 2014
LAI FUNG HOLDINGS: Moody's Says Lower Revenue No Impact on B1 CFR
LDK SOLAR: Creditors OK Cayman, Hong Kong Schemes of Arrangement


I N D I A

A.S. FOODS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
ADIE BROSWON: ICRA Reaffirms B Rating on INR105.45cr FB Loan
AGGARWAL COTTON: CRISIL Rates INR140MM Cash Credit at 'B+'
AMIT BUILDWELL: ICRA Puts B+ Rating on INR6.50cr Fund Based Loan
APHRODITE 4WHEELS: CRISIL Assigns B+ Rating to INR50MM Bank Loan

AROMA INDIA: CRISIL Cuts Rating on INR75MM Term Loan to 'D'
ASHIRWAD CHAIN: CRISIL Cuts Rating on INR105MM Bank Loan to 'D'
ASHIRWAD CHAIN HOUSE: CRISIL Cuts Rating on INR90M Cash Loan to D
BAPA REAL: CARE Reaffirms B Rating on INR35cr LT Bank Loan
CHAUDHARY BUILDERS: CRISIL Puts B+ Rating on INR70MM Cash Credit

DIPAK J. BHIVARE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
EMCO PRESSMASTER: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
GAGAN WINE: CRISIL Cuts Rating on INR120MM Cash Credit to 'B+'
HANUMAN RICE: ICRA Assigns 'B' Rating to INR3.0cr Fund Based Loan
INDRA POWER: CRISIL Cuts Rating on INR129.5MM Term Loan to 'D'

IPC PACKAGING: CARE Cuts Rating on INR59.25cr Bank Loan to 'D'
KANHAV CREATION: CRISIL Assigns B+ Rating to INR90MM Term Loan
KARAIKAL PORT: CARE Lowers Rating on INR1,331.23cr Bank Loan to D
KARNIMATA COLD: CRISIL Assigns B Rating to INR75MM Term Loan
KASHI PANDHARI: CARE Assigns B+ Rating to INR12.35cr Bank Loan

M. K. COTEX: CRISIL Assigns B+ Rating to INR60MM Cash Credit
MFAR REALTORS: CARE Assigns B+ Rating to INR22cr LT Bank Loan
MG HOUSING: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
NIZAM DECCAN: CRISIL Reaffirms D Rating on INR1.03BB Cash Credit
OM PARKASH: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit

PANNALAL MAHESH: ICRA Assigns B+ Rating to INR4.25cr Bank Loan
PONDICHERRY TINDIVANAM: CARE Assigns B Rating to INR211.14cr Loan
R.P. GUMS: ICRA Assigns B+ Rating to INR5cr Fund Based Loan
RAJ BREEDERS: CRISIL Reaffirms B- Rating on INR183MM Cash Credit
RAJ CHICK: CRISIL Reaffirms B- Rating on INR100MM Long Term Loan

SATYAM SUITINGS: CARE Reaffirms B+ Rating on INR5.76cr Bank Loan
SHRI RAM: ICRA Assigns B+ Rating to INR8cr LT Fund Based Loan
SR VAPORS: CRISIL Reaffirms 'D' Rating on INR115MM LT Loan
SREE RAYALASEEMA: CARE Assigns B+ Rating to INR114.46cr Bank Loan
SRI SANTHANALAKSHMI: CRISIL Reaffirms B Rating on INR108MM Loan

SRI KARUNAMBIKAI: ICRA Reaffirms B Rating on INR20.3cr Term Loan
TARUN SHREE: CRISIL Cuts Rating on INR1.23BB Term Loan to 'B-'
TINNA RUBBER: ICRA Lowers Rating on INR26cr Fund Based Loan to D
TIRUPUR PANDIT: CRISIL Assigns B Rating to INR5MM Overdraft Loan
TWIN CITIES: CRISIL Assigns 'B+' Rating to INR65MM Cash Credit

VIJAAY-PARK INN: CRISIL Rates INR70MM Term Loan at 'B'
WINSUN CERAMIC: CRISIL Assigns 'B' Rating to INR125MM Bank Loan


N E W  Z E A L A N D

PATOKA DAIRIES: Bank of New Zealand Gets Nearly NZ$40 Million
VINCENT AVIATION: Liquidation Bid to be Heard on Oct. 28


                            - - - - -


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


BRISCONNECTIONS: JPMorgan and Goldman Race For Advisory Role
------------------------------------------------------------
Bridget Carter at The Australian reports that the contest for the
advisory role to sell the Queensland toll road operator
Brisconnections has shaped up to be a two-horse race with JPMorgan
and Goldman Sachs both in the frame to win the mandate, according
to sources.

The Australian relates that a beauty parade was held earlier this
month for banks interested in securing the mandate, alongside Fort
Street Advisers, which was appointed in December last year.

Meetings were held with financiers and the suggestion is that they
are keen for a sales process to proceed in January, according to
the report.

BrisConnections, which operates the Brisbane AirportLinkM7, is in
the hands of receivers PPB advisory, with debts of more than
AUD3 billion, says The Australian.

PPB secured control of the 6.7km toll road early last year, seven
months after it opened, the report says.

According to the report, a process to sell the asset has been
mooted for some time, and believed to be holding it up has been
debate among the lenders on its value.

Some financiers on the toll road are refusing to sell for less
than 60c in every dollar they are owed, 15c more than others would
accept, the report notes.

New York-based Davidson Kempner Capital and Strategic Value
Partners are among the hedge funds that had recently purchased
debt off the original lenders for around 50c in the dollar, The
Australian discloses.

Financiers understood to have recently sold loans included BNP
Paribas, ANZ Bank, Societe Generale and DZ Bank.

The Australian notes that the four sellers of loans on
BrisConnections were each thought to have exited positions with an
individual face value of about AUD350 million.  However, the
largest holder of debt is Macquarie Group, which some suggest
could potentially make a tilt to buy the toll road operator.

The Australian adds that there had been previous assumptions that
BrisConnections would be sold to listed infrastructure firm
Transurban in the months after the listed toll road operator
purchased Brisbane's Queensland Motorways network for a bullish
AUD7.06 billion.

The initial sales process for the asset was suspended in
January while the auction of Queensland Motorways took place, the
report adds.

                    About BrisConnections Group

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


CORFIELD DOWNS: Cattle Station Sold For AUD7 Million
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Corfield Downs, a
major central Queensland cattle station, has been sold by
receivers PPB Advisory. The station was sold for around
AUD7 million following its purchase in 2008 for AUD13.8 million,
the report says.

National Australia Bank put the station into receivership and
appointed PPB Advisory as receivers, the report discloses.

According to the report, receiver David Leigh --
dleigh@ppbadvisory.com -- noted that Corfield was experiencing
drought during his appointment. He added that the station was
destocked in order to preserve the feed available on the ground so
the property can be presented to the market in good condition,
Dissolve.com.au relates.


FACILITY SERVICES: In Administration; 1st Meeting Set For Oct. 30
-----------------------------------------------------------------
Altan Djenab -- altan@wildapricot.com.au -- of Wild Apricot
Corporate Insolvency was appointed as administrator of Facility
Services Pty Ltd on Oct. 20, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Wild Apricot Corporate Insolvency & Advisory
Services, Level 1, 5 Everage Street, in Moonee Ponds, Victoria, on
Oct. 30, 2014, 11:00 a.m.


JOHN FARRAGHER: Family Likely to Still Control Transport Business
-----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Farragher
family is likely to still control Farragher transport business.

John Farragher Transport Management Pty Ltd entered liquidation on
Sept. 16, 2014 with Adam Shepard of Farnsworth Shepard being
appointed as liquidator, says Dissolve.com au.

The liquidator confirmed over AUD5 million group debts including
amounts owed to employees. According to the report, the removals
business was reportedly sold to a competitor that has national
profile. However, the liquidator confirmed that Farragher
Logistics Pty Ltd has made a bid to take the main line haul
transport business.


PETER CHAMPION: First Creditors' Meeting Set For Oct. 27
--------------------------------------------------------
Justin Denis Walsh of Ernst & Young was appointed as administrator
of Peter Champion Mining Pty Ltd on
Oct. 15, 2014.

A first meeting of the creditors of the Company will be held at
Ernst & Young, Level 51, 111 Eagle Street, in Brisbane,
Queensland, on Oct. 27, 2014, at 9:30 a.m.


QANTAS AIRWAYS: Engineers Agree to 18-month Pay Freeze
------------------------------------------------------
Steve Creedy at The Australian reports that Qantas Airways has
convincingly clinched a deal with its engineering union designed
to give it certainty and industrial peace over the next four
years.

The Australian relates that the deal, which includes an 18-month
pay freeze and 3 per cent increases thereafter, was voted for by
more than 87 per cent of Australian Licensed Aircraft Engineers
Association members taking part in the ballot.

According to the report, Qantas said the deal gave it the
flexibility to transform its business as it moves to slash costs
by AUD2 billion over three years.

"This is a good outcome. It is a fair and reasonable agreement,
giving more certainty to both the business and our employees over
the next four years," the report quotes a Qantas company
spokeswoman as saying.

A key to the deal was an agreement to use leave and voluntary
redundancies to handle staff surpluses ahead of compulsory
redundancies, the report says.

The Australian notes that the agreement will pave the way for
about 50 engineers to return to work.

The report says Qantas has also cut a deal with its short haul
pilots that is subject to a vote by members of the Australian and
International Pilots Association.

However, it may face greater difficulties reaching a pact with the
Transport Workers Union, the report relates.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2014, Moody's Investors Service said Qantas Airways
Limited's full year results to June 30, 2014 are credit negative
but have no immediate impact on its Ba1 corporate family rating,
Ba2 senior unsecured long term rating or non-prime (NP) short term
rating. The outlook on the ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of'3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.



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


CHINA GINSENG: Incurs $4.7 Million Net Loss in Fiscal 2014
----------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014, compared to a net loss of $3.64 million on
$3.56 million of revenue for the year ended June 30, 2013.

The Company's balance sheet at June 30, 2014, showed $8.82 million
in total assets, $14.42 million in total liabilities and a $5.60
million total stockholders' deficit.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company has incurred an accumulated deficit of
$14,169,335 since inception, has a working capital deficit of
$11,616,962, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully.  These conditions raise substantial
doubt about its ability to continue as a going concern.

A copy of the Form 10-Q is available for free at:

                         http://is.gd/kCnmmZ

                         About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


LAI FUNG HOLDINGS: Moody's Says Lower Revenue No Impact on B1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Lai Fung Holdings Limited's B1
corporate family rating remain well positioned and are unaffected
by its lower reported revenue, EBITDA and interest coverage for
FY2014.

Lai Fung's EBITDA/interest coverage dropped to 1.6x in FY2014 from
3.1x in FY2013 as revenue recognition for FY2014 fell by 36% to
HKD1.2 billion. And adjusted EBITDA declined by a more restrained
but still significant 24% to HKD639 million due to an improvement
in its gross margin.

"Despite the lower interest coverage ratio for FY2014, Lai Fung's
rental income remains stable at HKD500-600million per annum, and
adequately covers its interest obligations," says Lina Choi, a
Moody's Vice President and Senior Analyst.

In FY2014, Lai Lung recognized HKD416 million in net rental
income, slightly higher than HKD408 million in FY2013. The rental
income for FY2014 fully covers its gross interest expenses of
HKD395 million.

"We further note that adjusted debt/capitalization improved to
23.6% from 30.6%, following the full repayment of its USD200
million in senior notes in April 2014. This repayment will also
reduce its interest burden in FY2015," says Choi, who is also the
lead analyst for Lai Fung.

Lai Fung's reported debt decreased to HKD4.8 billion at end-July
2014 from HKD6.1 billion at end-July 2013.

"Moody's also expects Lai Fung to achieve limited growth in
contracted sales and revenue in the next 12 months, presenting
challenges for the company as it aims to achieve its ambitious
growth plan," adds Choi.

Moody's notes that its build-and-keep business model requires
ongoing high levels of capital investment, and hence Lai Fung
relies on debt and the proceeds of its contracted sales to fund
future investments and construction costs.

The company had properties under development of 10.5 million
square feet (excluding car-parking spaces) as at 31 July 2014.

Lai Fung's liquidity remains adequate with a cash balance of
HKD2.56 billion at end-July 2014, and which sufficiently covers
its short-term debt of HKD708 million.

The stable outlook reflects Moody's expectation that Lai Fung will
continue to manage its expansions and land acquisitions in a
prudent manner.

Moody's also expects the company to maintain a stable cash balance
and to have uninterrupted access to bank financing.

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

Lai Fung Holdings Ltd, a member of the Lai Sun Group, focuses on
mid-market property development and investments in Guangzhou,
Shanghai and Zhongshan. It is 51.39%-owned by eSun Holdings
Limited (unrated), a Lai Sun Group company, and is controlled by
the Lam family, which has interests in property, garments and
entertainment through a number of listed companies in Hong Kong.
CapitaLand Group, a property company under Temasek Holdings
(Private) Limited (Aaa stable), also has a 20% interest in Lai
Fung.

The company has a development land bank with an attributable gross
floor area of around 10.5 million square feet. It also has a
portfolio of investment properties with an attributable gross
floor area of approximately 2.8 million square feet.

This publication does not announce a credit rating action.


LDK SOLAR: Creditors OK Cayman, Hong Kong Schemes of Arrangement
----------------------------------------------------------------
LDK Solar Co., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 17 disclosed that the class
meetings of scheme creditors of LDK Solar and its subsidiaries,
LDK Silicon & Chemical Technology Co., Ltd. and LDK Silicon
Holding Co., Limited, convened pursuant to the orders of the Grand
Court of the Cayman Islands and the High Court of Hong Kong on
October 16, 2014 (Cayman Islands time) and October 17, 2014 (Hong
Kong time), approved both the Cayman Islands and Hong Kong schemes
of arrangement relating to the Scheme Companies.  The Cayman Court
is scheduled to hear the petition in respect of the Cayman Islands
schemes of arrangement on November 6, 2014 at 9:30 a.m. (Cayman
Islands time), at which hearing the Cayman Court will determine
whether or not to sanction the Cayman Islands schemes of
arrangement.  Similarly, the Hong Kong Court is currently
scheduled to hear the petition in respect of the Hong Kong schemes
of arrangement on November 7, 2014 at
10:00 a.m. (Hong Kong time), at which hearing the Hong Kong Court
will determine whether or not to sanction the Hong Kong schemes of
arrangement.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

The Company's balance sheet at June 30, 2014, showed $3.3 billion
in total assets, $5.23 billion in total liabilities and total
stockholders' deficit of $1.92 billion.

The Company had a working capital deficit and negative equity and
incurred net loss over the past years due to the overall market
decline and its financial performance.  Due to the impending
maturity of its Renminbi-denominated US$-settled 10% Senior Notes
due 28 February 2014, with an aggregate principal amount of RMB
1.63 billion, the Company decided to file the appointment of
provisional liquidators in the Grand Court of Cayman Islands
on 21 February 2014.  Eleanor Fisher and Tammy Fu of Zolfo Cooper
(Cayman) Limited were appointed as joint provisional liquidators
of the Company on 27 February 2014.  "These factors raise
substantial doubt as to our ability to continue as a going
concern," according to the Company's regulatory filing with the
SEC.



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


A.S. FOODS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of A.S. Foods continue to
reflect ASF's large working capital requirements and below-average
financial risk profile marked by a highly leveraged capital
structure and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
ASF's promoters in the agricultural commodities industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL B+/Stable (Reaffirmed)
   Pre Shipment Credit   100       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    100       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
significant and sustained improvement in revenue while improving
its margins and capital structure. Conversely, the outlook may be
revised to 'Negative' if ASF registers significant decline in
revenue or margins, or lengthening in its working capital cycle,
or if it undertakes a large debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

ASF was established in 2008 as a proprietorship concern by Mr.
Sanjiv Chandan, which was reconstituted as a partnership firm in
2010 with Mr. Sanjiv Chandan and his friend Mr. Shafi Gehlot as
partners. The firm exports agricultural commodities such as corn,
soya bean, rice, wheat, and sugar. Its day-to-day operations are
managed by Mr. Sanjiv Chandan. The firm is based in Mumbai.


ADIE BROSWON: ICRA Reaffirms B Rating on INR105.45cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR105.45 crore (revised from INR107.45 crore) fund based limits
of Adie Broswon Breweries Pvt Ltd. ICRA has also reaffirmed its
short term rating of [ICRA]A4 on the INR7.00 crore (revised from
INR5.00) non fund based limits of the company.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based limits        105.45       [ICRA]B; reaffirmed

   Non Fund based limits      7.00       [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the decline in the
company's revenues owing to lower than envisaged sales volumes of
the company's core product beer, in 2013-14 and the continuing
cash losses owing to slow stabilization of operations, coupled
with high interest expenses. The ratings also factor in the
vulnerability of the company's business to change in state
government policies and the seasonality of sales associated with
sales of beer. Given the company's sizeable debt repayment
obligations and the continuing cash losses, the rating
reaffirmation is predicated on the belief that the promoters will
undertake additional fund infusion into the company. The ratings
favorably take into account the successful launch of the company's
own beer brand "Rockberg" in 2013-14 and the extensive experience
of the promoters in the liquor business. Further, the ratings
continue to take into account the company's tie up with Skol
Breweries Limited for offtake of production corresponding to 35%
of its installed capacity and the pass through clause in its
contract with SBL which insulates ABBP's profit margins from raw
material price variations.

Going forward, the company's ability to successfully launch other
brands and achieve adequate capacity utilization while improving
its profit margins and servicing the debt obligations in a timely
manner will be the key rating drivers.

ABBP was incorporated in March, 2010 and is engaged in brewing
beer at its manufacturing facility located in Amritsar, Punjab.
The company is a part of the Late Mr. Hardeep Chadha Group. The
company has an installed capacity for manufacturing and brewing 5
lakh hector liters of beer per annum. ABBP also undertakes
contract manufacture for SBL which is a 99% owned subsidiary of
SAB Miller plc and has tied up 35% of its installed capacity for
SAB Miller's brands Haywards 5000 and Foster's at a fixed
conversion cost. The company has also recently launched its own
beer brand "Rockberg".


AGGARWAL COTTON: CRISIL Rates INR140MM Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Aggarwal Cotton and General Mills (ACGM).

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

The rating reflects ACGM's modest scale of operations in the
fragmented cotton industry, and the susceptibility of its
profitability to volatility in cotton prices. The rating also
factors in the firm's below-average financial risk profile, marked
by a modest net worth, high gearing, and sub-par debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of its partners and their funding
support.

Outlook: Stable

CRISIL believes that ACGM will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
firm generates significantly higher cash accruals or receives
substantial capital infusion, leading to a better capital
structure. Conversely, the outlook may be revised to 'Negative' if
ACGM's financial risk profile, particularly its liquidity,
deteriorates, most likely because of low cash accruals, large
working capital requirements, or debt-funded capital expenditure.

ACGM was established in 1992 as a partnership firm. It is engaged
in cotton ginning and pressing and cotton seed oil extraction at
its unit in Sirsa (Haryana). The firm is owned and managed by Mr.
Sumer Chand Garg and his family members.


AMIT BUILDWELL: ICRA Puts B+ Rating on INR6.50cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR6.50
crore fund-based limits and INR3.50 crore non-fund based limits of
Amit Buildwell Private Limited.  The long-term non-fund based
limits can also be availed as short-term non-fund based limits
with a short-term rating of [ICRA]A4.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits        6.50      [ICRA]B+; Assigned

   Long-Term/Short-term     3.50      [ICRA]B+/[ICRA]A4; Assigned
   (interchangeable)
   Non-Fund Based limits

The assigned ratings are constrained by the company's modest scale
of operations and concentrated order book position, which
magnifies the risk of execution delays. While the current order
book position at ~INR88 crore is healthy; the company's ability to
convert the order book into sales within the stipulated time frame
would be tested. ICRA notes that the company has investments of
INR2.8 crore in residential real estate units, which it acquired
in-lieu of payments from one of its customers. While investment in
these units has not resulted in any cash outflow; however working
capital funds have been blocked resulting in a stretched liquidity
position, as reflected in high utilisation of working capital
limits and also weak current ratio of the company at 1.01x on
March 31, 2014. Further, considering the holding period for such
investments, the company would require timely funding support from
promoters for improving its liquidity position and for the future
growth of business. The assigned rating also takes into account
the regional concentration risk as the company undertakes projects
mainly in the NCR; however the risk is partially mitigated as the
company has established relationship with a large number of
clients given the extensive track record of the promoters in
executing civil construction contracts in the region.

Going forward, the ability of the company to ease its liquidity
position by accessing timely funding support from promoters; grow
its revenues by executing the current order book within the
stipulated time frame and also secure fresh orders while
maintaining adequate profitability, remain the key rating
sensitivities.

ABPL was incorporated in 2005 and was promoted by Mr. R.K. Yadav
and family members The company, which is headquartered in Delhi,
has branch offices in Noida, Gurgaon and Mohali. The company
undertakes civil construction projects for residential and
industrial buildings. The company also undertakes projects
involving erection of RCC structures, sanitary and electrical
installations and site development works like drainage systems,
boundary walls, roads, horticulture and water harvesting etc. It
is a registered Class-I contractor with the Central Public Works
Department (CPWD).


APHRODITE 4WHEELS: CRISIL Assigns B+ Rating to INR50MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Aphrodite 4Wheels Pvt Ltd (A4PL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                 40         CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility        40         CRISIL A4

   Proposed Long Term
   Bank Loan Facility        50         CRISIL B+/Stable

   Cash Credit               20         CRISIL B+/Stable

   Electronic Dealer         50         CRISIL B+/Stable
   Financing Scheme(e-DFS)

The ratings reflect A4PL's weak financial risk profile, marked by
high total outside liabilities to total net worth (TOL/TNW) ratio,
and modest scale of operations. These rating weaknesses are
partially offset by the industry experience of A4PL's promoter.

Outlook: Stable

CRISIL believes that A4PL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company increases its
scale of operations and profitability, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if A4PL's financial risk profile deteriorates
further because of stretch in the company's working capital cycle
or on account of any debt-funded capital expenditure in the near
future.

A4PL was set up in 2013-14 (refers to financial year, April 1 to
March 31) by Mr. Vaibhav Ahuja. It is a dealer for Renault India
Pvt Ltd in Jamshedpur (Jharkhand). A4PL commenced operations in
September 2013.


AROMA INDIA: CRISIL Cuts Rating on INR75MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Aroma India Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       25          CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL B-/Stable')

   Term Loan                75          CRISIL D (Downgraded from
                                        'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by AIPL in
payment of interest on its term loan; these delays have been
caused by the company's weak liquidity.

AIPL is likely to have a weak financial risk profile, marked by
weak capital structure and debt protection metrics and stretched
liquidity, in its initial stage of operations. However, the
company benefits from the extensive experience of its promoters in
the Indian-made foreign liquor (IMFL) business.

AIPL was set up in 1996 by Mr. Shanti Kumar Jain and his son Mr.
Amit Kumar Jain in Guwahati (Assam). The company has been
undertaking manufacturing of citronella grass oil and citronella
seedling (used in perfumes and essential oils) but on a very small
scale. The company established an IMFL bottling plant for Pernod
Ricard India Pvt Ltd in Amingaon (Assam), which commenced
operations in 2014-15 (refers to financial year, April 1 to
March 31).


ASHIRWAD CHAIN: CRISIL Cuts Rating on INR105MM Bank Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ashirwad Chain Company (ACC, part of the Ashirwad group) to
'CRISIL D' from 'CRISIL BB/Stable'.

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

   Proposed Long Term      105         CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by ACC in
servicing its debt, owing to stretch in working capital cycle and
sharp decline in liquidity.

The Ashirwad group also has weak profitability and a small scale
of operations in the highly fragmented jewellery industry.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of ACC and Ashirwad Chain House Pvt
Ltd (ACHPL). This is because, the two entities, together referred
to as the Ashirwad group, have business synergies due to common
manufacturing facilities, a common set of customers, and fungible
funds.

ACHPL, set up in 2012 by Mr. Amit Singla and his family, commenced
operations in April 2012 after taking over the operations of
Ashirwad Jewellery House (AJH). The company manufactures and sells
gold jewellery, particularly gold chains, in Delhi. Like ACHPL,
ACC is also in the gems and jewellery business.


ASHIRWAD CHAIN HOUSE: CRISIL Cuts Rating on INR90M Cash Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ashirwad Chain House Pvt Ltd (ACHPL, part of the Ashirwad
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            90        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term     85        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Stable')

   Term Loan              25        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by ACHPL in
servicing its debt, owing to stretch in working capital cycle and
sharp decline in liquidity.

The Ashirwad group also has a small scale of operations in the
highly fragmented jewellery industry and weak profitability.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of ACHPL and Ashirwad Chain Company
(ACC). This is because, the two entities, together referred to as
the Ashirwad group, have business synergies due to common
manufacturing facilities, a common set of customers, and fungible
funds.

ACHPL, set up in 2012 by Mr. Amit Singla and his family, commenced
operations in April 2012 after taking over the operations of
Ashirwad Jewellery House (AJH). The company manufactures and
wholesales gold jewellery, particularly gold chains, in Delhi.
Like ACHPL, ACC is also in the gems and jewellery business.


BAPA REAL: CARE Reaffirms B Rating on INR35cr LT Bank Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Bapa Real Estate Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      35        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Bapa Real Estate
Private Limited continues to be constrained by the risk arising
out of its exposure by way of inter-corporate advances & equity
investments to entities engaged in real estate development.

The aforesaid constraints far outweigh the strength derived from
the experience of the Hariyana group and Goyal group in the real
estate industry.

The timely realization of the income and principal components of
its advances/investments in real estate entities so as to
adequately cover its cost of funds and meet its debt obligations
will be the key rating sensitivity. Such realization would depend
upon the successful completion and sale of the real estate
projects undertaken by the entities in which the company has
invested, and hence, would be a key determinant of the rating
going forward. Furthermore, any new real estate projects directly
undertaken by the company in future will also act as a rating
sensitivity.

Incorporated in 1994, Bapa Real Estate Private Limited is engaged
in the business of real estate development and investment in real
estate ventures. BREPL, in the past, has executed a real estate
project, 'Lakshachandi Heights' with a total saleable area of
around 4 lakh square feet in Goregaon, Mumbai. The company also
jointly executed a project, 'Greewoods' under Bapa & Rashi
Developers, a partnership firm, in Mumbai with a total saleable
area of around 5 lakh square feet. Currently, BREPL is not
executing any real estate project and has invested the proceeds of
earlier projects in equity & preference capital of associate
companies and as short-term inter-corporate deposits, mainly to
companies in the real estate industry. During the past three
years, the revenue source for BREPL has been interest income from
the inter-corporate advances made to other real estate companies.
Also, the company earns income in the form of profit sharing from
investments in the partnership firms.

As per FY14 results (refers to the period April 01 to March 31),
BREPL reported a total operating income of INR10.46 crore (down by
9.68% vis-a-vis FY13) and with a PAT of INR3.54 crore (vis-a-vis
loss of INR1.46 crore in FY13).


CHAUDHARY BUILDERS: CRISIL Puts B+ Rating on INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chaudhary Builders (CB).

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

The ratings reflect CB's small scale of operations in the highly
fragmented civil construction industry, the firm's large working
capital requirements, and the profit withdrawals by its promoter
constraining its liquidity. These rating weaknesses are partially
offset by the extensive industry experience of CB's promoter and
the diversification expected in its revenue profile.

Outlook: Stable

CRISIL believes that CB will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if CB achieves substantial
revenue growth while maintaining its profitability and capital
structure, and if it diversify its customer base significantly.
Conversely, the outlook may be revised to 'Negative' if the firm
increases its reliance on debt to fund its proposed capacity
expansion and incremental working capital requirements, thereby
weakening its capital structure and debt protection metrics, or if
its liquidity weakens on account of stretch in working capital
cycle.

CB was established in 1996 as a proprietorship concern by Mr.
Bhagat Singh. The firm is a 'Class 1' contractor, engaged in civil
construction projects such as roads, housing, and hospitals. The
firm is based in New Delhi.

CB reported book profit and net sales of INR9.4 million and
INR257.4 million, respectively, for 2013-14 (refers to financial
year, April 1 to March 31), against a book profit of INR7.4
million on net sales of INR178 million for 2012-13.


DIPAK J. BHIVARE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/S. Dipak J. Bhivare
(DJB) continue to reflect DJB's below-average financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Term Loan               6.2      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's small scale of operations
and geographical concentration. These rating weaknesses are
partially offset by the extensive experience of DJB's proprietor
in the civil construction industry, and the firm's moderate order
book which renders revenue visibility.

Outlook: Stable

CRISIL believes that DJB will continue to benefit over the medium
term from its proprietor's extensive industry experience and its
moderate current order book. The outlook may be revised to
'Positive' if the firm demonstrates significant and sustained
improvement in its scale of operation and cash accruals, while
efficiently managing its working capital requirements. Conversely,
the outlook may be revised to 'Negative' in case DJB's financial
risk profile, especially its liquidity, weakens, most likely
because of substantial increase in its working capital
requirements or considerable decline in its cash accruals.

DJB was set up in 2002 as a proprietorship firm by Mr. Dipak J
Bhivare. The firm undertakes civil construction work for
government agencies; the work primarily involves construction of
water filters and overhead reservoirs, and laying of pipelines.
DJB is registered as a Class 1 contractor with Maharashtra Jiwan
Pradhikaran.

For 2013-14, on provisional basis (refers to financial year, April
1 to March 31), DJB reported book profit of INR10.8 million on net
sales of INR208.7 million, against a book profit of INR6.7 million
on net sales of INR145.5 million, for 2012-13.


EMCO PRESSMASTER: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Emco Pressmaster Pvt Ltd
(EPPL) continue to reflect EPPL's working capital intensive and
modest scale of operations with revenue concentration risk, and
susceptibility to slowdown in the end user industry. These rating
weaknesses are partly offset by the benefits that EPPL derives
from its promoters' extensive industry experience and its
established customer relationships.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes EPPL will continue to benefit over the medium term
from its promoters' extensive experience in manufacturing machines
for the automotive industry, and its established relationships
with customers. The outlook may be revised to 'Positive' in case
of better-than expected scale of operations and profitability or
significantimprovementin its working capital cycle leading to
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case EPPL reports lower-than-expected
cash accruals or larger-than-expected working capital
requirements, leading to weak financial profile, particularly
liquidity.

EPPL, incorporated in 1990, manufactures sheet metal forming
machines, mainly power press machines that are used to manufacture
automobile components. The company's unit in Faridabad (Haryana)
assembles machinery of capacity from 10 tonnes to 1000 tonnes.
EPPL is managed by Mr. Manoj Manga and his wife, Mrs. Rupa Manga,
who have over 30 years of industry experience.


GAGAN WINE: CRISIL Cuts Rating on INR120MM Cash Credit to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Gagan Wine Trade & Financers Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

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

The rating downgrade reflects the deterioration in GWTFL's
business and financial risk profiles, driven by a steep decline in
its operating income and profit to around INR1.89 billion and
INR40 million, respectively, in 2013-14 (refers to financial year,
April 1 to March 31), from INR4.49 billion and INR60 million,
respectively, in 2012-13. Its interest coverage ratio also
declined to an estimated 2.25 times in 2013-14 from over 3.00
times in 2012-13. The decline in operating profit has resulted in
low net cash accruals of less than INR10 million in 2013-14.
CRISIL believes that the financial risk profile of GWTFL will
remain susceptible to volatility in its operating income and
profit, over the medium term.

The rating reflects GWTFL's below-average financial risk profile
marked by high reliance on debt, and the susceptibility of its
revenue to regulatory risks in the liquor business. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the liquor distributorship business.

Outlook: Stable

CRISIL believes that GWTFL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's business
risk profile improves significantly, marked by a substantial
increase in its operating income and profit, while it maintains
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if GWTFL's financial risk profile deteriorates, most
likely due to an adverse impact of any regulatory changes.

GWTFL is a closely held public limited company based in Delhi. It
was incorporated in 1998 and is promoted by Mr. Shiv Lala Doda.
Mr. Doda has been in the liquor distribution business since 1994.


HANUMAN RICE: ICRA Assigns 'B' Rating to INR3.0cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR3.00
crore long term fund based bank facilities and its short term
rating of [ICRA]A4 to the Rs 3.00 crore short term fund based bank
facilities of Hanuman Rice Mills.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits         3.00        [ICRA]B outstanding/assigned

   Short Term Fund
   Based Limits         3.00        [ICRA]A4 outstanding/assigned


ICRA also has a long term rating of [ICRA]B outstanding on the Rs
7.00 crore long term fund based limits and a short term rating of
[ICRA]A4 outstanding on the INR2.00 crore short term fund based
limits of HRM.

The ratings continue to be constrained by HRM's high gearing due
to substantial debt funding of its large working capital
requirements. The rating is also constrained by low capacity
utilization levels along with declining operating profitability in
the past two years. The ratings also takes into account the high
intensity of competition in the rice milling industry and agro
climatic risks, which can affect the availability of paddy in
adverse weather conditions.

However, the ratings continue to derive comfort from the long
standing experience of promoters and their strong relationships
with several customers and suppliers. The ratings also factor in
the proximity of the mill to major rice growing areas, which
results in easy availability of paddy.

HRM was established in 1990 as a partnership firm with Mr. Shiv
Parshad, Mr. Sushil Garg, Mr.Rajesh Garg and Mr.Subhash Garg as
partners in equal ratio. After the demise of Mr. Subhash Garg in
2009, the partnership firm was reconstituted and Mr. Vipin Garg
was admitted as a partner with equal share in the firm. HRM
carries out processing and trading of rice in the domestic market
and also exports to Middle East and Europe. HRM has two plants
with an overall capacity of 7 tonnes/hr at Nadana Road, Taraori,
Karnal.

Recent Results:
HRM reported a net profit of INR0.13 crore on an operating income
of INR49.05 crore for the year ended March 31, 2014 and a net
profit of INR0.05 crore on an operating income of INR30.25 crore
for the previous year.


INDRA POWER: CRISIL Cuts Rating on INR129.5MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Indra Power Gen. Pvt Ltd (IPGPL) to 'CRISIL D' from 'CRISIL
B+/Stable'. The downgrade reflects instances of delay by IPGPL in
servicing its debt, on account of weak liquidity.

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

   Proposed Long Term     70.5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan             129.5       CRISIL D (Downgraded from
                                     'CRISIL  B+/Stable')

The rating also reflects IPGPL's working-capital-intensive and
small scale of operations and below-average financial risk
profile. These rating weaknesses are partially offset by the
company's power purchase agreement with Chhattisgarh State Power
Distribution Company Ltd, which provides revenue visibility over
the medium term.

IPGPL, formerly Arora Infrastructure Development Company Pvt Ltd,
was incorporated in 2002. The company was established by Mr.
Jagjeet Singh Arora and was engaged in civil construction until
2007 when its name was changed to IPGPL. IPGPL operates a biomass
power plant with an installed capacity of 10 megawatts at Surajpur
(Chhattisgarh). The plant started commercial operations in 2009
and currently supplies power to CSPDCL.

IPGPL reported a profit after tax (PAT) of INR5.1 million on
estimated net sales of INR220 million for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.5
million on net sales of INR209.1 million for 2012-13.


IPC PACKAGING: CARE Cuts Rating on INR59.25cr Bank Loan to 'D'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of IPC Packaging
Company Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     59.25      CARE D Revised from
                                            CARE B

   Short-term Bank Facilities     8.60      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of IPC
Packaging Company Private Limited primarily factors in
the instance of default in servicing its debt obligations owing to
the stressed liquidity position.

IPC Packaging Company Private Ltd was incorporated as a
partnership firm under the name of India Packaging Corporation by
Mr Lalchand K Chhabaria in the year 2005. In May 2008, the firm
was converted into a private limited company and the name was
changed to IPC.

IPC is engaged in manufacturing of polypropylene (PP)/ high
density polyethylene (HDPE), woven flexible intermediate bulk
containers (FIBC), jumbo bags, sacks, tarpaulins, box bags and
polyethylene liner. IPC caters to the packing requirements for
companies in the field of fertilizers, cement, polymers,
chemicals, textiles, machinery, automobiles and building
constructions.


KANHAV CREATION: CRISIL Assigns B+ Rating to INR90MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kanhav Creation Private Limited.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              21         CRISIL B+/Stable
   Term Loan                90         CRISIL B+/Stable

The rating reflects KCPL's exposure to off take related risks in
its first year of operations and its modest financial risk profile
marked by modest net worth and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of KCPL's promoters in the warp knitted textile
manufacturing industry and supportive government policies for the
textile sector.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher than expected revenue or profitability, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KCPL's cash accruals are lower
than expected or if its working capital cycle lengthens
significantly, or if the company undertakes large debt-funded
capital expenditure programme, leading to further deterioration of
its financial risk profile.

Incorporated in 1995, KCPL is promoted by Mr. Sanjay Todi. The
company manufactures warp-knitted fabric. It commenced commercial
operations in August 2014. It is based in Surat (Gujarat).


KARAIKAL PORT: CARE Lowers Rating on INR1,331.23cr Bank Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Karaikal Port Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   1,331.23     CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating takes into account the instances of
delays in servicing the debt obligations on account of
relatively lower cash accruals due to less than expected traffic
volume.

Karaikal Port Private Ltd is a subsidiary of Marg Ltd,
incorporated in February 2006 as a Special Purpose Company
(SPC) for implementation and operation of the deep-water port
project at Karaikal on BOT (Build, Operate and Transfer) basis.
The incorporation follows the Concession Agreement signed between
the Government of Puducherry (GoP) and Marg Ltd on January 25,
2006, for the development and operation of Karaikal port project.
The port envisages having a total of nine berths capable of
handling 47 Million Tonnes Per Annum (MMTPA) by 2018 to be
developed in three phases, Phase 1, 2A and 2B. As on January 31,
2014, the port has capacity to handle 21 MMT of cargo per annum.

The company has reported delays in servicing of interest and
principal repayment on account of low cargo throughput and higher
fixed overheads resulting in net losses in FY14 (refers to the
period April 01 to March 31). The shortfall in cargo is mainly due
to the delay in commencement of power plants in the vicinity.

During FY14, the company has reported a net loss of INR69 crore on
a total operating income of INR262 crore.


KARNIMATA COLD: CRISIL Assigns B Rating to INR75MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Karnimata Cold Storage Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL B/Stable
   Term Loan                75        CRISIL B/Stable

The rating reflects KCSL's exposure to risks related to its
presence in the highly regulated and intensely competitive cold
storage industry in West Bengal, and its below-average financial
risk profile marked by low profitability and weak debt protection
metrics. These rating weaknesses are partially offset by KCSL's
moderate business risk profile backed by its promoters' extensive
experience in the cold storage business.

Outlook: Stable

CRISIL believes that KCSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial cash
accruals or capital infusion by promoters leading to improvement
in KCSL's financial risk profile, particularly its liquidity.
Conversely, the outlook may be revised to 'Negative' if KCSL's
liquidity deteriorates on account of delays in realisation of
rentals and of produce market loans extended to farmers, or
because of stretch in working capital management, or significant
debt-funded capital expenditure.

Incorporated in April 2011, KCSL provides cold storage facility to
potato famers and traders. KCSL is promoted by West Bengal-based
Mr. Pradip Lodha and his family. KCSL came up with an initial
public offering (IPO) in February 2014. Post IPO, the Lodha family
owns 79.7 per cent stake in the company, while the rest is owned
by the public. KCSL's cold storage is located in Paschim Medinipur
(West Bengal).


KASHI PANDHARI: CARE Assigns B+ Rating to INR12.35cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kashi
Pandhari Cottex.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.35       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loan brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Kashi Pandhari
Cottex is constrained on account of the financial risk profile
marked by leveraged capital structure and weak debt coverage
indicators. The rating is further constrained on account of the
susceptibility of operating margins to fluctuations in the cotton
prices, its seasonal nature of operations, limited value addition
along with its presence in a highly fragmented and regulated
industry.

The rating, however, derives strength from the long experience of
the promoters and locational advantage emanating from proximity to
raw material sources.

The ability of the firm to further enhance its scale of operations
and improve its profitability along with efficient working capital
management is the key rating sensitivity.

Established in the year 2012, KPC is engaged in cotton ginning and
pressing. It is promoted by five partners with Mr Bhushan Patil
being the key partner. The firm commenced operations in January
2013 and was operational for a period of three months in FY13
(refers to the period April 1 to March 31). KPC procures raw
cotton directly from the local farmers and traders based in and
around Jalgaon, Maharashtra. KPC operates from its sole
manufacturing unit located at Jalgaon district of Maharashtra with
an installed capacity of 12,000 MTPA as on June 10, 2014.

The firm reported a total operating income of INR39 crore over a
PAT of INR0.25 crore in FY14 as against a total operating
income of INR10.15 over a net loss of INR0.21 crore in FY13.


M. K. COTEX: CRISIL Assigns B+ Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of M. K. Cotex.

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

The rating reflects its modest scale of operations in a fragmented
industry, and susceptibility of its profitability to volatility in
cotton prices. The rating also factors in the firm's below-average
financial risk profile marked by a modest net worth, a high
gearing, and sub-par debt protection metrics. These rating
weaknesses are partially offset by its proprietor's extensive
industry experience and his funding support.
Outlook: Stable

CRISIL believes that MKC will continue to benefit over the medium
term from its proprietor's extensive industry experience and his
funding support. The outlook may be revised to 'Positive' in case
the firm generates significantly higher cash accruals or receives
substantial capital infusion leading to better capital structure.
Conversely, the outlook may be revised to 'Negative' in case MKC's
financial risk profile, particularly liquidity, deteriorates owing
to low cash accruals, large working capital requirements or debt-
funded capital expenditure.

Established in 2009, MKC is a proprietorship firm set up by Mr.
Mahendra Kumar Gupta. It is engaged in ginning and pressing of
cotton. The firm's manufacturing facilities are located in Susari
(Madhya Pradesh). MKC is a part of a group of companies promoted
by Mr. Mahendra Kumar Gupta.


MFAR REALTORS: CARE Assigns B+ Rating to INR22cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
MFAR Realtors Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.00      CARE B+ Assigned
   Short term Bank Facilities    10.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of MFAR Realtors
Private Limited are primarily constrained by project
implementation risk associated with its ongoing projects with low
booking status and high competition from other players. The
ratings, however, derive strength from the promoter's experience
of over four decades in the real estate industry & support from
the group companies, favorable project location with financial
closure achieved for the project.

The ability of the company to execute the project within the
envisaged cost and time and the ability to sell the flats in a
highly competitive scenario at the envisaged prices are the key
rating sensitivities.

MFAR Realtors Private Limited was established in the year 2007 as
a private limited company and promoted by Mr P Mohammed Ali. MRPL
is engaged in developing residential flats in and around Eroor,
Kochi.  The company is executing its first project under the name
"MFAR Shimmering Heights" with two phases of which phase - I is
expected to be completed by December 2017 and phase II by May
2019. MRPL assigned marketing activities to MFAR Holdings Pvt Ltd
(associate company) MRPL has assigned architect works to Khan
Global Engineering Consultants Pvt Ltd.

MFAR Shimmering Heights (MSH) is a residential apartment & villa
project of 482644 Sq.ft with a total of 176 units (140 apartments
3BHK & 36 villas) (Phase I with 106 units and phase II with 70
units). The project is located at Eroor, Kochi, spread across a
land area of 11.08 acres. The total proposed cost of the project
is around INR350 crore is expected to be completed in 2 phases.
Phase I project cost of INR230.45 crore is to be funded through
customer advances of INR190.0 crore, bank loan of INR22 crore and
equity share capital of INR18.45 crore Phase II project cost of
INR119.55 crore is to be funded entirely through customer
advances.


MG HOUSING: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of MG Housing Pvt Ltd
(MGPL) continue to reflect MGPL's susceptibility to funding risks
for its projects, accentuated by its high reliance on customer
advances and large term debt obligations in the project
implementation stage.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         100     CRISIL A4 (Reaffirmed)
   Proposed Bank          150     CRISIL B+/Stable (Reaffirmed)
   Guarantee
   Proposed Term Loan     300     CRISIL B+/Stable (Reaffirmed)
   Term Loan              300     CRISIL B+/Stable (Reaffirmed)

The ratings also reflect the geographical concentration in the
company's operations and its susceptibility to cyclicality in the
real estate industry. These rating weaknesses are partially offset
by the positive initial response from customers (in the form of
significant bookings) to MGPL's project in Faridabad (Haryana) and
its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that MGPL will benefit from healthy bookings
witnessed in the first phase of its Mulberry County project
resulting in sufficient inflow of customer advances to meet the
debt obligations and construction costs of the project. The
outlook may be revised to 'Positive' in case of improvement in the
company's liquidity backed by better customer advances and timely
completion of the project. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in the project, or
low ramp-up in customer advances leading to low cash inflows, or
large debt funding of proposed project leading to pressure on the
company's liquidity.

MGPL was established in October 2012 by Mr. Ajay Mangal and Mr.
Dinesh Chand Gupta by reconstituting Mangalmay Constructions Pvt
Ltd. The company is developing a residential township (Mulberry
County) in Faridabad and a plotted township in Dharuhera
(Haryana). Mulberry County is its maiden project.


NIZAM DECCAN: CRISIL Reaffirms D Rating on INR1.03BB Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nizam Deccan Sugars Ltd
(NDSL) continue to reflect instances of delay by NDSL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             1,033       CRISIL D (Reaffirmed)

   Letter of credit &           5      CRISIL D (Reaffirmed)
   Bank Guarantee

   Proposed Long Term         480.9    CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan                  333.4    CRISIL D (Reaffirmed)

NDSL has a weak financial risk profile marked by negative net
worth and weak debt protection metrics. The company also has large
working capital requirements, and is exposed to risks related to
the regulated nature of the sugar industry. However, NDSL benefits
from its established presence in the sugar industry.

NDSL, incorporated in 2002, manufactures sugar and extra neutral
alcohol, and generates power. NDSL has three sugar plants in
Telangana. The company also has a distillery unit, and a 20-
megawatt biomass-based power generation plant.

Dr. G Ganga Raju and family (promoters of the Laila group of
companies) hold a 51 per cent stake in NDSL; the balance 49 per
cent stake is held by Nizam Sugars Ltd. The Laila group is engaged
in diverse businesses including sugar, paper, nutraceuticals, and
education.


OM PARKASH: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Om Parkash Surinder
Mohan (OPSM) continue to reflect OPSM's small scale of operations
with limited diversity in its revenue profile, and its large
working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      12       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the established
track record of the firm's promoters in the infrastructure
construction industry, and its above-average financial risk
profile, marked by low gearing.
Outlook: Stable

CRISIL believes that OPSM will continue to benefit over the medium
term from the established track record of its promoters in the
infrastructure construction industry. The outlook may be revised
to 'Positive' if the firm diversifies its customer base while
improving its capital structure and net worth. Conversely, the
outlook may be revised to 'Negative' if OPSM's profitability,
capital structure, and debt protection metrics deteriorate.

OPSM was initially set up as a proprietary concern, Om Prakash, in
1979 by Mr. Om Prakash Khullar. The firm was reconstituted as a
partnership concern with the present name following the induction
of Mr. Surinder Mohan Khullar as a partner. OPSM is primarily
engaged in various infrastructure-related construction activities
in Himachal Pradesh.


PANNALAL MAHESH: ICRA Assigns B+ Rating to INR4.25cr Bank Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the Rs 4.25
crore fund based bank facilities of Pannalal Mahesh Chandra
Jewellers. ICRA has also assigned its short-term rating of
[ICRA]A4 to the INR0.15 crore non-fund based bank facilities and
INR25.00 crore interchangeable bank facilities (fund based/non-
fund based bank facilities) of PMCJ.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Bank          4.25        [ICRA]B+; assigned
   facilities

   Non-fund based           0.15        [ICRA]A4; assigned
   facilities

   Interchangeable Fund    25.00        [ICRA]A4; assigned
   Based/Non-Fund Based
   Limits

The rating takes into consideration the experience of PMCJ's
partners and the management in the bullion trading business and
limited exposure to risk arising on account of fluctuation in
metal prices because of back-to-back price fixation strategy.
Further, the rating also factors in the modest exposure to credit
risk given the large part of the sales are cash based, which
further leads to relatively lower working capital requirements.
Notwithstanding the healthy scale of operations and cash balance,
the rating strengths are partially offset on account of modest
financial risk profile. The net profitability of the firm remains
muted on account of highly competitive nature of the business and
low value addition. The firm reported a net profitability of 0.2%
in 2013-14 on an operating income of INR1,967 crore. Further in
the backdrop of lower accretion to partner's capital, PMCJ's high
reliance on interest bearing funding has resulted in modest
coverage indicators. PMCJ had a gearing and TOL/TNW of 3.51 times
and 5.21 times respectively as on March 31, 2014.

Going forward, improvement in PMCJ's profits and further infusion
of funds by its partners leading to improvement its financial risk
profile while maintaining its operating scale will remain amongst
the key rating sensitivity factors.

Pannalal Maheshchandra Jewellers was set up in June 1994 by Mrs
Shakuntala Jain and Mr Prashant Jain (son of Mrs. Shakuntala Jain)
as a partnership firm. Mr. Mahesh Chandra Jain, husband of Mrs.
Shakuntala Jain, is one of the key people who handle the day to
day affairs of the firm. He has more than four decades of
experience in the jewellery business. The firm was set up with an
objective to primarily deal in gold, silver and other precious
metals. The firm divides its operations mainly under two division
Bullion Trading and Non-bullion Trading.

In the Bullion Division, the firm is largely dealing in purchase
and sale of gold/silver bullion. Bullion is purchased from
government approved agencies and sold to jewelers and gold smiths.
The trading activities of the firm are largely concentrated in
Delhi and Uttar Pradesh (U.P) regions, where the firm operates
through its four offices- one in Delhi and three in Kanpur (U.P)).
Bullion division accounts for more than 90% of the revenues of the
firm.

Recent Results
PMCJ reported a net profit of Rs 3.97 crore on an operating income
of Rs 1,966.82 crore in 2013-14 as against a net profit of INR3.02
crore on an operating income of INR1,042.43 crore in 2012-13.


PONDICHERRY TINDIVANAM: CARE Assigns B Rating to INR211.14cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Pondicherry
Tindivanam Tollway Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    211.14      CARE B Assigned

Rating Rationale

The rating assigned is constrained by strain on liquidity on
account of time and cost overrun in the project, decline in
tolling revenue during FY14 (refers to the period April 01 to
March 31), the traffic risk associated with a toll-based project
owing to the uncertainty in traffic and in turn revenue,
Operations and Maintenance (O&M) risk and absence of fixedprice
major maintenance contract. The rating is, however, underpinned by
the experienced promoters, fixed short-term revenue contract for
FY15 and commercial importance of the stretch albeit presence of
alternate routes.

The ability of the company to achieve the envisaged toll revenue
and overall effective cash flow management resulting in
improvement in liquidity position are viewed as the key rating
sensitivities.

Pondicherry Tindivanam Tollway limited is a Special Purpose
Vehicle (SPV) incorporated on March 27, 2007, to undertake the
strengthening and four-laning of 37.92 km stretch on the
Pondicherry-Tindivanam section of NH-66, in the state of Tamil
Nadu. It is promoted by the consortium of Nagarjuna Construction
Company Limited (NCC) along with its fully owned subsidiary NCC
Infrastructure Holdings Ltd, IL&FS Engineering constructions Ltd
(ILFS- formerly Maytas Infra Private Limited) [rated
CARE BBB-/CARE A3] and Terra-Projects Limited. The Concession
Agreement (CA) was executed between PTTL and National Highways
Authority of India (NHAI) on July 19, 2007 for a concession period
of 30 years from the date of financial closure, including the
construction period of 30 months. The Scheduled Project Completion
Date of the project was July 14, 2010. However, on account of
delay by NHAI in handing over the land, the construction could not
be completed within the scheduled time. PTTL received an Extension
of Time (EOT) for COD till April 27, 2011, from NHAI. The project,
however, received Provisional COD and commenced tolling from
December 12, 2011. The actual cost incurred in the project was
INR361.96 crore as against the estimated cost of INR314.62 crore
which was funded by debt to equity mix of 2:1 excluding grant and
other current liabilities.

For FY14 (refers to the period April 1 to March 31), PTTL
registered a total income of INR12.32 crore with a net
loss of INR20.44 crore vis-a-vis total income of INR13.13 crore
and net loss of INR23.46 crore in FY13.


R.P. GUMS: ICRA Assigns B+ Rating to INR5cr Fund Based Loan
-----------------------------------------------------------
The rating of [ICRA]B+ has been assigned to the INR5.00 crore
long-term fund based limit (sub limit of short term fund-based
limit) of R.P. Gums & Chemical Limited.  The rating of [ICRA]A4
has also been assigned to the INR10.00 crore short-term fund-based
limit and INR0.50 crore short term non-fund based limit of RPGCL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        (5.00)       [ICRA]B+ assigned
   Based Facility

   Short Term Fund       10.00        [ICRA]A4 assigned
   Based Facility

   Short Term Non         0.50        [ICRA]A4 assigned
   Fund-Based Facility

The ratings are constrained by the start up nature of operations
and limited track record of the company. The ratings are further
constrained due to vulnerability of profitability to adverse
fluctuations in raw material prices due to seasonality and crop
harvest as well as exposure to agro climatic risk which may impact
guar seed production. The ratings also take into consideration the
highly competitive nature of industry with presence of large
established and integrated players as well as new entities being
set up owing to low entry barriers which, in turn, is expected to
result in pressure on profitability margins. The ratings are also
constrained by exposure to foreign exchange fluctuation risk.

Nevertheless, the ratings draw comfort from experienced management
by virtue of their association with other agro based business,
stable demand outlook for guar gum, particularly from oil & gas
and food sectors in overseas markets and easy access to raw
material with plant being located in Haryana which has healthy
guar trade owing to proximity to the cultivation centers of guar.

Incorporated in 2012, R.P. Gums & Chemical Limited (RPGCL) was
promoted by Mr. Rajpal Singhal and his two sons Mr. Anuj Singhal
and Mr. Bharat Singhal to engage in the manufacture of guar gum
powder. The other companies owned and managed by same set of
promoters include R.P. Basmati Rice Limited (rated [ICRA] BBB-
(Stable)/A3), R.P. Education Trust (rated [ICRA]BB (Stable)) and
Paras Foods (rated [ICRA]B). The manufacturing facility of RPGCL
is located in Karnal, Haryana with a processing capacity of 3000
MTPA of guar gum powder (on the basis of average 300 working
days). The company started commercial production in August 2013.


RAJ BREEDERS: CRISIL Reaffirms B- Rating on INR183MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Raj Breeders &
Hatcheries Pvt Ltd (RBHPL; part of the Raj group) continues to
reflect the Raj group's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
vulnerability to intense competition and to risks inherent in the
poultry industry. These rating weaknesses are partially offset by
the extensive experience of the group's promoters in the poultry
industry and its established relationships with major customers.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            183       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          51       CRISIL B-/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RBHPL and Raj Chick Farms Pvt Ltd
(RCFPL). This is because both these companies, together referred
to as the Raj group, are under the same management team, and have
considerable operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the Raj group will continue to benefit over
the medium term from its promoters' extensive industry experience
and its established relationships with key customers. The outlook
may be revised to 'Positive' if the group improves its working
capital management, scale of operations, and profitability.
Conversely, the outlook may be revised to 'Negative' if the Raj
group reports less-than-expected revenues and profitability,
resulting in insufficient cash accruals to service its term debt,
or if its working capital management deteriorates, thereby
adversely impacting its liquidity.

RBHPL, set up in 1998, is engaged in poultry farming business.
RCFPL, set up in 2002, is also engaged in poultry farming
business. The Raj group, which comprises RBHPL and RCFPL, is
promoted by Mr. O.P.Khurana and his family.

The Raj group reported a profit after tax (PAT) of INR4.9 million
on net sales INR1.18 billion for 2013-14; it had reported a PAT of
INR2.1 million on net sales of INR864.0 million for 2012-13.


RAJ CHICK: CRISIL Reaffirms B- Rating on INR100MM Long Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Raj Chick
Farms Private Limited (RCFPL; part of the Raj group) continues to
reflect the Raj group's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
vulnerability to intense competition and to risks inherent in the
poultry industry. These rating weaknesses are partially offset by
the extensive experience of the group's promoters in the poultry
industry and its established relationships with major customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        100        CRISIL B-/Stable (Reaffirmed)


For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RCFPL and Raj Breeders & Hatcheries Pvt
Ltd. This is because both these companies, together referred to as
the Raj group, are under the same management team, and have
considerable operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the Raj group will continue to benefit over
the medium term from its promoters' extensive industry experience
and its established relationships with key customers. The outlook
may be revised to 'Positive' if the group improves its working
capital management, scale of operations, and profitability.
Conversely, the outlook may be revised to 'Negative' if the Raj
group reports less-than-expected revenues and profitability,
resulting in insufficient cash accruals to service its term debt,
or if its working capital management deteriorates, thereby
adversely impacting its liquidity.

RBHPL, set up in 1998, is engaged in poultry farming business.
RCFPL, set up in 2002, is also engaged in poultry farming
business. The Raj group, which comprises RBHPL and RCFPL, is
promoted by Mr. O.P.Khurana and his family.

The Raj group reported a profit after tax (PAT) of INR4.9 million
on net sales INR1.18 billion for 2013-14 (refers to financial
year, April 1 to March 31); it had reported a PAT of INR2.1
million on net sales of INR864.0 million for 2012-13.


SATYAM SUITINGS: CARE Reaffirms B+ Rating on INR5.76cr Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Satyam
Suitings Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.76       CARE B+ Reaffirmed
   Short term Bank Facilities    0.50       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
modest scale of operations of Satyam Suitings Private
Limited with modest profit margins, highly leveraged capital
structure and stressed liquidity profile. The ratings are further
constrained on account of SSPL's limited presence in the textile
value chain, vulnerability of margins to fluctuation in the raw
material prices, its presence in a highly fragmented and
competitive textile industry and customer concentration risk.

The ratings, however, favorably take into account the vast
experience of the promoters and location advantage by way of
its presence in the textile cluster at Bhilwara.

The ability of the company to increase its scale of operations
while improving profitability margins in light of volatile raw
material price and efficient management of liquidity position
would remain the key rating sensitivity.

SSPL, incorporated in 1987, is promoted by the Kabra family based
at Bhilwara (Rajasthan). SSPL is engaged in the business of
manufacturing of synthetic grey fabrics from polyester yarn and
also does trading of grey and finished fabrics. It also
manufacturers grey fabrics on job work basis. The company
outsources the processing work required for the manufacturing of
finished grey fabrics on job work basis to the nearby process
house located at Bhilwara. During FY14 (refers to the period April
1 to March 31), it generated around 35% of the Total Operating
Income (TOI) from trading activities and remaining through
manufacturing of grey and finished fabrics. The manufacturing
facility of SSPL is located at Bhilwara, largest textile cluster,
having total 44 looms with an installed capacity of 27 Lakh Meters
Per Annum (LMPA) as on March 31, 2014 for manufacturing of
synthetic grey fabrics. The company sells its product under the
brand name of "Avishkar Suitings".

The other group concern of SSPL includes Samarpan Synthetics
Private Limited (SMSPL, incorporated in 2003, rated 'CARE
B') which is engaged in the manufacturing of cotton grey fabrics.
As per the provisional results for FY14 (refers to the period
April 1 to March 31), SSPL has reported a total operating
income of INR23.53 crore as against INR 21.55 crore during FY13
and PAT of INR0.08 crore during FY14 as against INR 0.09
crore during FY13.


SHRI RAM: ICRA Assigns B+ Rating to INR8cr LT Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the Rs 8.00
crore long term fund based bank facilities of Shri Ram Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund         8.00       [ICRA]B+ ; assigned
   Based Limits

The assigned rating is constrained by SRRM's high gearing due to
substantial debt funding of its large working capital
requirements. The rating also takes into account the company's
small scale of operations, low capacity utilization levels, along
with declining operating profitability. The rating also factors in
the high intensity of competition in the rice milling industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions.

However, the ratings continue to derive comfort from the extensive
experience of the promoters and their strong relationships with
various customers and suppliers. Further, the rating also
favorably factors in the healthy growth in the operating income in
the past two years and proximity of the mill to major rice growing
areas, which results in easy availability of paddy.

SRRM is a partnership concern which came into existence in 1992.
Presently the company has four partners viz. Shri Govind Nuwal,
Smt. Sarita Nuwal, Smt. Madhu Nuwal and Shri Satya Narayan Nuwal.
The firm is primarily engaged in milling and processing of basmati
rice and its manufacturing facility located in Village Daulara,
Bundi, Rajasthan has an installed milling capacity of 3
tonnes/hour of paddy and sorting capacity of 3 tonnes/hour.

Recent Results:
SRRM reported a net profit of INR0.68 crore on an operating income
of INR16.31 crore for the year ended March 31, 2014 and a net
profit of INR0.68 crore on an operating income of INR9.43 crore
for the previous year.


SR VAPORS: CRISIL Reaffirms 'D' Rating on INR115MM LT Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SR Vapors Pvt
Ltd continues to reflect delays by SRVPL in payment of interest on
its term loan; the delays have been caused by the company's weak
liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              4.6        CRISIL D (Reaffirmed)
   Long Term Loan         115.0        CRISIL D (Reaffirmed)

SRVPL is also exposed to implementation and demand risks
associated with its ongoing carbon dioxide (CO2) project. However,
the company is expected to benefit from steady supply of raw
material on account of the proximity of its plant to its group
concern, SR Breweries Pvt Ltd.

SRVPL was set up in June 2011 by Mr. Ranjan Kumar Padhi and his
wife Dr. Saina Kar with the main objective to manufacture and
bottle CO2. The company is currently setting up a plant to
manufacture and bottle CO2 in both liquid as well as gaseous
forms.


SREE RAYALASEEMA: CARE Assigns B+ Rating to INR114.46cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Sree
Rayalaseema Alkalies And Allied Chemicals Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    114.46      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sree Rayalaseema
Alkalies and Allied Chemicals Limited is constrained by the
strained liquidity position, volatile raw material prices, foreign
exchange fluctuation risk, debt funded capex plan and cost overrun
funding yet to be tied up. The rating is underpinned by the
promoter's experience and long track record of the company,
moderate capital structure, synergy with group companies,
established relationship with key clients and suppliers and
adequate power supply through captive power plant.

The ability of the company to improve its scale of operation and
profitability with subsequent improvement in the liquidity
position, tie-up funds for cost overrun and thereby complete the
capex plan without any further cost and time overrun are the key
rating sensitivities.

Sree Rayalaseema Alkalies & Allied Chemicals Limited (SRAL)
belongs to the TGV Group of Industries, promoted by Mr T G
Venkatesh. The group is into diversified business segments like
chemicals manufacturing, health care products, aqua culture, real
estate and hospitality. SRAL was incorporated on July 24, 1981 and
commenced business with production of caustic soda [installed
capacity of 22,440 Tons Per Annum (TPA)] based on bipolar membrane
cell technology, at its manufacturing plant located at Kurnool.
Over the years, the company has significantly increased its
capacity and currently, the installed capacity is 156,950 TPA.
Apart from caustic soda production, the company has diversified
into other segments like chemicals manufacturing (like caustic
potash, calcium hypochlorite, chlorine, hydrochloric acid,
hydrogen gas etc), castor oil derivatives, fatty acids & consumer
products-majorly toilet soaps. The company also has captive power
plant (CPP) with a capacity of 28 MW. Apart from the CPP, the
company operated a furnace oil based power plant of 38MW, the
operations which was discontinued during FY14 (refers to the
period April 01 to March 31).

In FY14, SRAL registered a PAT of INR4.77 crore (PAT of INR37.73
crore in FY13) on a total income of INR772.85 crore (INR821.53
crore in FY13). During Q1FY15, SRAL achieved a turnover of
INR183.90cr and PAT of INR10.44 crore.


SRI SANTHANALAKSHMI: CRISIL Reaffirms B Rating on INR108MM Loan
---------------------------------------------------------------
CRISIL rating on the bank facilities of Sri Santhanalakshmi
Spinners Pvt Ltd (SSLS) continues to reflect SSLS's exposure to
funding and implementation risks associated with its ongoing
project. This rating weakness is partially offset by the extensive
experience of the promoters in the textile industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2          CRISIL A4
   Cash Credit             30          CRISIL B/Stable
   Term Loan              108          CRISIL B/Stable

CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of SSLS vide its rationale dated Aug. 30, 2014.

Outlook: Stable

CRISIL believes that SSLS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
greater than expected cash accruals by stabilization of operations
at its manufacturing unit, before schedule. Conversely, the
outlook may be revised to 'Negative' if SSLS's financial risk
profile weakens with project time or cost overruns, or delays in
stabilising its operations.
About the Company

SSLS, incorporated in 2011, is setting up a spinning unit in
Pallipalayam (Tamil Nadu), to manufacture viscose yarn. The
company is promoted by Mr. P Shanmugam and Mr. S Sivasubramaniam.


SRI KARUNAMBIKAI: ICRA Reaffirms B Rating on INR20.3cr Term Loan
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B outstanding
on the INR20.30 crore term loan facilities and the INR12.50 crore
fund based facilities of Sri Karunambikai Mills Private Limited.
ICRA has also re-affirmed the short-term rating of [ICRA]A4
outstanding on the INR30.75 crore fund based facilities and
INR10.85 crore non-fund based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            20.30        [ICRA]B reaffirmed

   Long term fund
   based facilities      12.50        [ICRA]B reaffirmed

   Short term fund
   based facilities      30.75        [ICRA]A4 reaffirmed

   Short term non fund   10.85        [ICRA]A4 reaffirmed
   based facilities

The reaffirmation of the ratings factor in SKMPL's stable
operating performance over the past one year, backed by steady
demand for cotton yarn in both domestic as well as overseas
markets. The ratings also draw comfort from the promoter's
extensive experience in the spinning industry. During FY 2013-14,
company's operating profits grew by 17% (y-o-y) backed by healthy
revenue growth (22%) and stable contribution margins. However,
company's net margin remained thin at 1.2% during the same fiscal
due to high interest burden (owing to increase in external
borrowings) leading to strained liquidity position. Nonetheless,
funding from promoters in the form of unsecured loans (non-
interest bearing and subordinated to bank debt) supported timely
debt servicing in the past. The company's capital structure and
coverage indicators remain weak, reflected in high gearing of ~3.9
times and interest cover of 1.5 times as on March 31, 2014 owing
to significant debt-funded capital expenditure (capex) undertaken
in the past. Besides, the business risk profile is marked by
intense competition in the low count cotton segment, which limits
the company's pricing flexibility. Going forward, the company has
significant debt funded capex plans to modernize its
machineries/enhance its capacities, which is likely to support
company's growing scale of operations. However, company's ability
to improve cash flows and its liquidity position would be critical
to service annual repayment obligations to the tune of INR5.2
crore to INR7.8 crore over the medium term.

Sri Karunambikai Mills Private Limited is a spinning company
founded in 1956. The Company is based out of Somanur and is
engaged in manufacturing and sales of cotton yarn and knitted
fabric. The yarn is manufactured from its two manufacturing
facilities in Somanur (Coimbatore district) and Vinnapalli
(Sathyamangalam district), with aggregate capacity of 33,400
spindles and 1000 rotors. The Company gets the knitted fabric
manufactured on job work basis. The Company mainly manufactures
and sells lower count (20-40 counts) cotton yarn and caters to
both domestic and export market through agents.

Recent Results
For the financial year 2013-14, the Company reported a profit
after tax (PAT) of INR1.7 crore on an operating income of INR145.5
crore as against a PAT of INR2.2 crore on an operating income of
INR119.2 crore for the financial year 2012-13.


TARUN SHREE: CRISIL Cuts Rating on INR1.23BB Term Loan to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tarun Shree Cotton Spintex Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL B/Stable' while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Bank           100       CRISIL A4 (Reaffirmed)
   Guarantee

   Proposed Cash Credit    600       CRISIL B-/Stable (Downgraded
   Limit                             from 'CRISIL B/Stable')

   Proposed Term Loan     1234.8     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               235.2     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects TCSPL's weak liquidity on account of
significant interest payments while its plant is yet to start
commercial production. In the absence of cash accruals, the
company has been funding interest payments through funds from its
promoters. Timely financial support from promoters to meet debt
obligations till TCSPL commences commercial operations will remain
a key rating sensitivity factor for the company over the medium
term.

The ratings reflect TCSPL's exposure to risk related to timely
execution of its ongoing capital expenditure (capex), its average
expected financial risk profile on account of significant debt
funding of capex, and the susceptibility of its operating
performance to regulatory changes in the textile industry. These
rating weaknesses are partially offset by the favourable location
of the company's manufacturing unit in terms of cotton
availability and its promoter's extensive experience in the
textile industry.

Outlook: Stable

CRISIL believes that TCSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its ongoing capex
within the set time and cost, and achieves substantial topline and
profitability. Conversely, the outlook may be revised to
'Negative' if delays in commissioning of the project result in
cost overruns, thereby weakening the company's financial risk
profile.

TCSPL was incorporated in June 2012 by Mr. Chava Sivarama Krishna
and his family members. The company is setting up a cotton
spinning unit with 34,560 spindles in Rayagada (Odisha). The
construction commenced in September 2012 and commercial production
is expected to begin by May 2015.


TINNA RUBBER: ICRA Lowers Rating on INR26cr Fund Based Loan to D
----------------------------------------------------------------
ICRA has revised its rating on the INR14 crore term loan and INR12
crore cash credit facility of Tinna Rubber & Infrastructure
Limited to [ICRA]D from [ICRA]BBB- (Stable). ICRA has also revised
its rating on the INR12 crore short-term non-fund based limit of
TRIL to [ICRA]D from [ICRA]A3.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund        26.0        [ICRA]D; (Revised from
   Based Facilities                  [ICRA]BBB- (Stable)

   Short-term Non        12.0        [ICRA]D ;(Revised from
   fund Based                        [ICRA]A3)
   Facilities

The ratings revision factors in the stretched liquidity position
of the company, mainly on account of a buildup of inventory, which
has resulted in delays in debt servicing; however as per
information furnished by the company, the debt servicing for
September, 2014 has been timely. The ratings continue to be
constrained by the dependence of the company's business on the
infrastructure sector, especially roads, thereby exposing it to
cyclicality related to the sector. The ratings however favorably
factor in the extensive experience of TRIL's promoters in the
rubber derived products business and the presence of the company
across the value chain.

Going forward, a track record of timely debt servicing and a
sustained improvement in the company's liquidity position will be
the key rating sensitivities.

TRIL (Earlier know as Tinna Overseas Ltd) formed in 1984, is in
the business of bituminous products, specializing in bitumen
modifiers of various types such as crumb rubber and polymer
modified bitumen and bitumen emulsions. It has manufacturing
facilities at Panipat, Haldia, Chennai and Wada. As a backward
integration measure the company has recently started manufacturing
crumb rubber, which has resulted in improvement in margins from
2013-14 onwards, and has been accompanied by a diversification of
its client base. The company is listed on the Bombay Stock
Exchange.

The Tinna Group comprises four other companies along with TRIL --
wholly owned subsidiary Tinna Trade Pvt Ltd. (earlier known as
Tinna Viterra Trade Pvt. Ltd) and three associate companies viz.
BGK Infrastructure Developers Pvt. Ltd, BGNS Infratech Pvt. Ltd.
and TP Buildtech Pvt. Ltd.


TIRUPUR PANDIT: CRISIL Assigns B Rating to INR5MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tirupur Pandit Hosiery Millss Pvt Ltd.

                            Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Packing Credit              185        CRISIL A4
   Foreign Bill Discounting     60        CRISIL A4
   Overdraft Facility            5        CRISIL B/Stable

The ratings reflect TPHMPL's modest scale of operations, and weak
financial risk profile marked by a highly leveraged capital
structure. These rating weaknesses are partially offset by the
experience of TPHMPL's promoters in the ready-made garments (RMG)
industry.

Outlook: Stable

CRISIL believes that TPHMPL will continue to benefit over the
medium term from its long track record in the textile business.
The outlook may be revised to 'Positive' if the company
considerably improves its scale of operations and profitability,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TPHMPL
registers considerable decline in its cash accruals or in case of
deterioration in its working capital management or if it
undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

TPHMPL, incorporated in 1974, manufactures RMG. Its operations are
managed by Ms. S Latha and Mr. S Jothimanikandan.

For 2013-14 (refers to financial year, April 1 to March 31),
TPHMPL, on a provisional basis, registered a net profit of INR1.6
million on an operating income of INR359 million; the company
incurred a loss of INR4 million on total revenue of INR266 million
in 2012-13.


TWIN CITIES: CRISIL Assigns 'B+' Rating to INR65MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Twin Cities Steel Re-Rolling Mills Private
Limited.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              65         CRISIL B+/Stable
   Corporate Loan           24.2       CRISIL B+/Stable

The rating reflects TCSPL's modest scale of operations in an
intensively competitive and highly fragmented steel industry and
weak financial risk profile marked by low net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that TCSPL will continue to benefit over the
medium term from its promoters' longstanding industry experience.
The outlook may be revised to 'Positive' if the company generates
higher revenues and profitability leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accruals or sizeable working capital
requirements or a large debt funded capital expenditure weakens
its financial risk profile.

Set up in 1985, TCSPL is engaged in manufacturing and trading of
steel structurals. The company is promoted by Mr.R.K.Agarwal,
Mr.Adarsh Agarwal and their family members and is based out of
Hyderabad.

TCSPL reported a provisional profit after tax (PAT) of INR1.1
million on net sales of INR429 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR0.6
million on an operating income of INR397 million for 2012-13.


VIJAAY-PARK INN: CRISIL Rates INR70MM Term Loan at 'B'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Vijaay-Park Inn and Hotels CBE Pvt Ltd (VPIH).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                70          CRISIL B/Stable

The rating reflects VPIH's below-average financial risk profile,
marked by a highly leveraged capital structure, and its modest
scale of operations in the intensely competitive hospitality
segment. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoter.
Outlook: Stable

CRISIL believes that VPIH will continue to benefit over the medium
term from its promoter's extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the company records a
significant increase in its revenue and profitability, driven most
likely by higher occupancy and average room rates, or in case of
substantial capital infusion, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if VPIH's cash accruals are low, or it undertakes a
large debt-funded capital expenditure programme, leading to
further weakening of its financial risk profile.

VPIH, incorporated in 2011, operates a hotel, Vijay Park Inn, in
Coimbatore (Tamil Nadu). Its daily operations are managed by its
managing director, Mr. Kovai Ramesh.

For 2013-14 (refers to financial year, April 1 to March 31), VPIH,
on a provisional basis, reported a net loss of INR8 million on
total revenue of INR41 million; the company had reported a net
loss of INR12 million on total revenue of INR15 million for 2012-
13.


WINSUN CERAMIC: CRISIL Assigns 'B' Rating to INR125MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Winsun Ceramic Pvt Ltd (Winsun).

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

The rating reflects Winsun's exposure to risks related to timely
completion of its project and stabilisation of its operations in
an intensely competitive and working-capital-intensive industry.
These rating weaknesses are partially offset by the established
track record of Winsun's promoters in the ceramic industry and the
strategic location of its plant ensuring availability of raw
material and labour.

Outlook: Stable

CRISIL believes that Winsun will benefit over the medium term from
its promoters' experience in the ceramic industry. The outlook may
be revised to 'Positive' if the company stabilises its operations
earlier than expected, leading to healthy accruals and financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if Winsun reports low operating margin or undertakes large debt-
funded expansion plan, or if its working capital management
weakens, leading to weak financial risk profile.

Winsun was incorporated in April 2014 to establish a unit for
manufacturing wall glazed tiles. The company is promoted by Morbi
(Gujarat)-based Mr. Bharatbhai Fuljibhai Kachrola, Mr. Mukeshbhai
Maganbhai Kachrola, and 10 other promoters. It is expected to
commence commercial operations in January 2015.



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


PATOKA DAIRIES: Bank of New Zealand Gets Nearly NZ$40 Million
-------------------------------------------------------------
Jono Galuszka at Manawatu Standard reports that the Bank of
New Zealand has clawed back nearly all the NZ$40 million it was
owed by a company owned by Feilding farmer Robert McVitty.

Patoka Dairies Ltd was placed in receivership in 2010, owing BNZ
about NZ$40 million, the report discloses.

According to Manawatu Standard, John Fisk of
PricewaterhouseCoopers said in his latest receivers report that
NZ$38.05m had been paid back to the bank -- NZ$28.8m of that in
the past six months.

In the past six months receivers have continued to work three
different farms until the settlement for their sale was reached at
the end of May.  The sale of those properties netted NZ$21.2m,
Manawatu Standard relates.

Manawatu Standard notes that an auction was held in May for plant
and equipment owned by the company, with all but four items sold.

Shares in Fonterra and Ballance Agri-Nutrients were also sold,
bringing in NZ$2.9m, Manawatu Standard relays.

Manawatu Standard relates that despite the money coming in,
unsecured creditors, who are owed NZ$3.36m, should not get their
hopes up.

"There will not be any funds available for payment to unsecured
creditors arising from the receivership," Mr. Fisk said in his
report, according to Manawatu Standard.

Another company owned by McVitty, McVitty Properties Ltd, is in
liquidation and receivership, Manawatu Standard discloses.

A report for that company is due early next year.

Patoka Dairies Ltd and McVitty Properties Ltd were put into
receivership about three years ago, owing creditors a total of
NZ$83.5m to NZ$73m of it to the bank, the report adds.

Patoka Dairies Limited is a dairy farming company.
PricewaterhouseCoopers partners Maurice Noone and John Fisk were
appointed receivers of Patoka Dairies Limited on March 16, 2010.


VINCENT AVIATION: Liquidation Bid to be Heard on Oct. 28
--------------------------------------------------------
Wairarapa Times-Age reports that Masterton's airline hoodoo has
continued with news Vincent Aviation Ltd is on the verge of going
into liquidation.

Only two months ago, the council approved a last minute bid by the
airline to start a passenger link between Masterton and Auckland -
- replacing the defunct Eagle Air service -- and turning down a
proposal by rival airline Air Chathams in the process, the report
recalls.

Wairarapa Times-Age relates that the decision to back the Vincent
Aviation bid came after the airline's managing director,
Peter Vincent, spoke to all councillors at a closed door meeting
and despite knowing that Vincent Aviation's Australian arm had
gone into receivership.

Now, ANCL Investments Ltd has filed an application in the High
Court at Wellington to liquidate the airline, the report notes.

According to the report, Masterton Mayor Lyn Patterson said she
had not heard from Vincent Aviation about the liquidation
application.

"But I will be following this up with our chief executive, Pim
Borren," the report quotes Mrs Patterson as saying.

Wairarapa Times-Age adds that Mrs. Patterson said it was essential
Masterton had an air link to Auckland, and, if the Vincent
Aviation proposal was no longer an option, "we will be actively
seeking an alternative".

The application to put Vincent Aviation into liquidation will be
heard in Wellington on October 28, the report adds.

Andrew Fielding and Gerald Collins of BDO were appointed receivers
and managers to Darwin-based Vincent Aviation (Australia) Pty
Limited on May 28, 2014.

The company, which has satellite bases in Brisbane and Sydney, is
wholly owned by New Zealand-based Vincent Aviation Limited and
operates nine medium-sized turbo prop passenger aircraft including
Beechcraft 1900s and SAAB 340s, and employs approximately 80
staff.


                             *********

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 202-362-8552.



                 *** End of Transmission ***