TCRAP_Public/150108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, January 8, 2015, Vol. 18, No. 005


                            Headlines


A U S T R A L I A

ADG GLOBAL: First Creditors' Meeting Slated For January 16
AZZURA ENTERPRISES: Ice Creamery Ceases Trading Following Admin.
ILH GROUP: Placed into Voluntary Administration
JAMES ESTATE: Assets Sold 16 Mos. After Placed in Receivership
LUDLOW HOLDINGS: First Creditors' Meeting Set For January 15

LUDLOW HOSPITALITY: First Creditors' Meeting Slated For Jan. 15
POWER INFRASTRUCTURE: KordaMentha Appointed as Receivers


C H I N A

KAISA GROUP: No Resolution on Winding Up and Restructuring
KAISA GROUP: Partners to Demand $193 Million Refund
MODERN LAND: Fitch Affirms 'B' IDR; Outlook Stable


I N D I A

ALUMILITE ARCHITECTURALS: CRISIL Suspends B+ Cash Credit Rating
AMBICO EXPORTS: CRISIL Reaffirms B+ Rating on INR190MM LOC
AMBIKA INDIA: CRISIL Assigns B Rating to INR35MM Long Term Loan
AXIS NIRMAN: CRISIL Suspends B+ Rating on INR54MM Credit Limit
BHAGYALAXMI BRINE: CRISIL Puts B Rating on INR70MM Term Loan

BHUJBAL BROTHERS: CRISIL Reaffirms D Rating on INR90MM LT Loan
CHAMPION ELCOM: ICRA Assigns B/A4 Rating to INR14cr Unalloc. Loan
CHOICE PRECITECH: CRISIL Cuts Rating on INR35MM Cash Loan to B
DHEEMANTH SOLAR: ICRA Assigns 'SP 2C' Grading
GURU KRIPA: CRISIL Suspends B Rating on INR75MM Cash Credit

HIGH END: CRISIL Suspends B Rating on INR127.5MM Term Loan
JAIN VINIMAY: CRISIL Suspends D Rating on INR50MM Cash Credit
K. B. RICE: CRISIL Assigns B Rating to INR50MM Cash Credit
LAXAI-AVANTI: CRISIL Suspends B- Rating on INR25MM Cash Credit
LOKSEWA SHIKSHAN: CRISIL Suspends D Rating on INR41MM Term Loan

MARUTII QUALITY: CRISIL Reaffirms B- Rating on INR69.7MM Loan
MIMANI WIRES: CRISIL Suspends B Rating on INR35.5MM Term Loan
NEPTUNE HOUSE: ICRA Suspends B Rating on INR13.5cr LT Loan
PAMPAR OVENFRESH: CRISIL Reaffirms B Rating on INR152.7MM Loan
PASARI MULTIPROJECTS: CRISIL Suspends B Rating on INR320MM Loan

PRASTHAN INFRASTRUCTURE: ICRA Suspends B+ Rating on INR15cr Loan
PRAVIN MOHANLAL: CRISIL Reaffirms B+ Rating on INR100MM Loan
RIO GLASS: ICRA Assigns B+ Rating to INR4.cr Cash Credit
RKKR STEELS: CRISIL Suspends B- Rating on INR250MM Cash Credit
RKM HOUSING: CRISIL Suspends 'C' Rating on INR76MM Term Loan

S N THAKKAR: CRISIL Cuts Rating on INR75MM Cash Credit to 'B-'
SAMVIJAY POWER: CRISIL Reaffirms B Rating on INR200MM Bank Loan
SANGAM RICE: CRISIL Reaffirms B- Rating on INR110MM Whse Receipts
SEEMA OIL: ICRA Assigns B+ Rating to INR8cr Cash Credit
SHAMBHAVI REALTY: CRISIL Cuts Rating on INR1.85BB Loan to B+

SHREE BALASARIA: CRISIL Suspends B+ Rating on INR50MM Cash Loan
SHREEPATI JEWELS: ICRA Cuts Rating on INR100cr Term Loan to 'D'
SIDWIN FABRIC: ICRA Suspends B+ Rating on INR10.21cr LT Loan
SMS PARKING: CRISIL Suspends B- Rating on INR1.09BB Term Loan
SRI UMA: ICRA Reaffirms B Rating on INR10cr Cash Credit

SUNTOUCH LAMINATE: CRISIL Suspends B+ Rating on INR30MM Loan
VEDANTA RESOURCES: S&P Puts 'BB' CCR on CreditWatch Negative


N E W  Z E A L A N D

SOLID ENERGY: More Job Losses Loom at Stockton Coalmine


P H I L I P P I N E S

GMA RURAL BANK: Ex-Chairman to be Arraigned on January 12


S O U T H  K O R E A

* SOUTH KOREA: Banks Face Losses Following Series of Bankruptcies


                            - - - - -


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


ADG GLOBAL: First Creditors' Meeting Slated For January 16
----------------------------------------------------------
Simon Theobald & Melissa Humann of PPB Advisory were appointed as
administrators of ADG Global Supply Ltd and ADG Global Supply Pty
Ltd on Jan. 6, 2015.

A first meeting of the creditors of the Company will be held at
AMP Building, Level 1, 140 St Georges Terrace, in Perth, on
Jan. 16, 2015, at 10:30 a.m.


AZZURA ENTERPRISES: Ice Creamery Ceases Trading Following Admin.
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that Azzura Gelati, a
family-owned Western Australian ice creamery whose ice cream and
sorbets were once stocked by the major supermarket chains has
collapsed into voluntary administration.

SmartCompany relates that Azzura Gelati has ceased trading,
following the appointment of Dino Travaglini and Bruno Secatore of
Cor Cordis Chartered Accountants as administrators of parent
company Azzura Enterprises on December 30.

Perth-based Azzura Gelati was established in 1986 by Nick and Rey
Odorisio, the report discloses. The ice creamery and manufacturer
was at one stage the state's largest ice-cream producer and in
2010 was bought out by the Odorisio's daughter and son-in-law,
Fleur and Marco De Campi, the report says.

Azzura exported ice-cream and sorbets to Singapore and its
products were stocked by Perth restaurants and cafes, as well as
IGA, Coles and Woolworths supermarkets. At the time of entering
administration, it employed 15 employees, according to
SmartCompany.

SmartCompany, citing News Limited, relates that in 2013, Azzura
expanded to include two retro 1950s-style ice-cream vans under the
name Miss Tartufo, although the Miss Tartufo outlets are not
included in the voluntary administration.

Administrator Dino Travaglini told SmartCompany Azzura's
operations have been suspended while Cor Cordis undertakes a
review of the company.

"We are looking at trying to sell the business' assets and we are
also in discussions with the directors to restructure the
company," the report quotes Mr. Traveglini as saying.  "We are
looking at both options."


ILH GROUP: Placed into Voluntary Administration
-----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that ILH Group Limited
has been placed into voluntary administration.  Michael Craig
Brereton -- mbrereton@kordamentha.com -- and Clifford Stuart Rocke
-- crocke@kordamentha.com -- of KordaMentha Restructuring were
appointed as administrators of the company on December 17, 2014.

Dissolve.com.au says this development came a week after trading of
the shares of the company was put on a halt. An ASIC announcement
expressed that the appointment of the administrators are limited
to ILH and that the company's subsidiaries will continue to
operate normally, the report relates.

ILH offers legal services, corporate advisory and wealth
management services.


JAMES ESTATE: Assets Sold 16 Mos. After Placed in Receivership
--------------------------------------------------------------
NewCastle Herald reports that Hunter Valley vineyard and
winemaking operation James Estate Wines has been sold, 16 months
after it was placed into receivership.

The business is one of a number of companies, linked to print and
wine entrepreneur David Anthony James, which collapsed in 2013
with reported debts in the tens of millions of dollars, according
to NewCastle Herald.

The report notes that Mr. James was investigated by NSW tax
authorities in 2011 over the alleged underpayment of at least AUD3
million in payroll tax.

Receiver and manager Neil Cussen -- ncussen@deloitte.com.au --
partner at Deloitte Restructuring Services, said the December 22,
2014 sale was an "excellent outcome" for the James Estate Wines
business, its employees and suppliers, the report relays.

"James Estate Wines continued to trade and this has been made
possible thanks to the commitment of many stakeholders, including
employees, suppliers and customers," Mr. Cussen said.

ROI Unit Trust -- the purchasing vehicle for Dyldam Developments
managing director Sam Fayad -- bought James Estate Wines, which
comprises a vineyard, winery and cellar door operation on 575
hectares in Baerami and a winery and cellar door on 43.6 hectares
in Pokolbin, the report notes.

The report discloses that a workforce of 20 employees has
transferred to the new owner.

As previously reported in the Newcastle Herald, Mr. James lost his
multimillion-dollar tax battle in 2012, the report recalls.

After various appeals were dismissed, the Supreme Court upheld an
assessment of almost AU$4.3 million in tax, interest and
penalties, the report notes.

McGrathNicol and PricewaterhouseCoopers were appointed in August
2013 as liquidator and receiver respectively to five other print
and wine companies linked to Mr. James' empire, the report relays.

Deloitte Restructuring Services confirmed later that month it had
been appointed as receivers and managers of seven companies
operating under the umbrella of Wine National Pty Ltd and Print
National Pty Ltd, of which Mr. James is a director, the report
adds.


LUDLOW HOLDINGS: First Creditors' Meeting Set For January 15
------------------------------------------------------------
Nick Combis and Peter Dinoris of Vincents Chartered Accountants
were appointed as administrators of Ludlow Holdings Qld Pty Ltd on
Jan. 5, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, on Jan. 15, 2015, at 11:30 a.m.


LUDLOW HOSPITALITY: First Creditors' Meeting Slated For Jan. 15
---------------------------------------------------------------
Nick Combis and Peter Dinoris of Vincents Chartered Accountants
were appointed as administrators of Ludlow Hospitality Qld Pty
Ltd, trading as Emerald Star Hotel Motel, on Jan. 5, 2015.
A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, on Jan. 15, 2015, at 11:00 a.m.


POWER INFRASTRUCTURE: KordaMentha Appointed as Receivers
--------------------------------------------------------
KordaMentha Restructuring partners Scott Langdon, Cliff Rocke and
Robert Hutson were appointed as Receivers and Managers to Power
Infrastructure Services Pty Ltd on Dec. 16, 2014.

The Receivers and Managers appointment follows the appointment of
Provisional Liquidators to the Company on Dec. 12, 2014. The
appointment came at the request of the Company's directors.

Powins was established in 2013 and is an electrical switchgear and
service solution group that provides electrical services to the
mining and heavy industry sectors. This includes the fit out and
installation of electrical switchrooms. The business has offices
in Perth and Brisbane with the key management team having
significant experience in delivering electrical solutions to the
blue chip mining and heavy industry throughout Australia.

The Company is majority owned by HVLV Pty Ltd, which is a wholly
owned subsidiary of Viento Group Ltd (ASX:VIE).

The Receivers and Managers advise that it is their intention to
trade the Company whilst they assess its financial position and
look to develop a plan for the future of the Company in
conjunction with the Company's key suppliers and customers. The
Receivers and Managers are looking to minimise the impact of the
receivership on the Company's customers. Scott Langdon advised 'It
is our intention to work with existing management to continue and
complete the existing contracts to the high standards set by
Powins'.



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


KAISA GROUP: No Resolution on Winding Up and Restructuring
----------------------------------------------------------
Chester Yung at Dow Jones Newswires reports that Kaisa Group
Holdings Ltd. said on Jan. 7 it has not reached a resolution on
winding up and restructuring the company.

Dow Jones relates that the Hong Kong-listed developer said it is
currently assessing the overall impact on its financial position
after defaulting on a $51.6 million loan from HSBC Holdings PLC.

Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

Moody's Investors Service has also downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.  The ratings outlook is negative.


KAISA GROUP: Partners to Demand $193 Million Refund
---------------------------------------------------
Reuters reports that Kaisa Group Holdings Ltd said on Jan. 6 that
partners of two of its urban redevelopment projects in the
southern city of Shenzhen planned to terminate cooperation deals
and demand a refund of CNY1.2 billion ($193 million).

Reuters says the announcement came just days after Kaisa warned it
may default on more debt, having failed to repay HSBC a
HK$400 million ($51.3 million) loan, the latest developer to flag
financial difficulties amid a downturn in China's real estate
sector.

A lender affiliated with both of the projects' partners declared
that fees, interest and all other amounts outstanding are
immediately due and payable, Kaisa said in a filing to the
Hong Kong bourse, Reuters relays.

It did not identify the project partners or the lender, says
Reuters.

"The company is currently assessing the overall impact on the
financial position of the group as a result of the above notices
and the above repayment obligations of the group," Reuters quotes
Co-Chairman Sun Yuenan as saying.

Apart from HSBC, the company said it had not received any notice
or demand from any creditor for repayment, Reuters adds.

Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

Moody's Investors Service has also downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.  The ratings outlook is negative.


MODERN LAND: Fitch Affirms 'B' IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed Modern Land (China) Co., Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with
Stable Outlook.  It has also affirmed the China-based
homebuilder's foreign-currency senior unsecured rating at 'B' and
Recovery Rating at 'RR4'.  Fitch has also assigned the company a
Long Term Local-Currency IDR of 'B'.

KEY RATING DRIVERS

Limited Scale: Modern Land's limited scale in terms of land bank,
contracted sales and geographical coverage leaves the company
susceptible to greater volatility in earnings.  Modern Land's
contracted sales of CNY6.5bn for January-November 2014 is lower
than its peers' average CNY9.5bn of contracted sales for 2013,
while its land bank of about 2.8 million sqm (excluding presold
properties) at end-2013 is smaller than the average 10 million sqm
for its peers.  Its scale is commensurate with homebuilders rated
in the 'B' category (those rated 'B+', 'B' or 'B-').  The increase
in the company's contracted sales from CNY2.3bn in 2011 to CNY4bn
in 2013 was also driven by the company's low-cost housing project
in Beijing, which has limited contribution to the group's
profitability.

Leverage to Rise as Scale Increases: Modern Land's net debt at
end-1H14 was CNY2bn higher than at end-2013, driving its leverage
to 32% from a net cash position at end-2013.  Leverage was also
driven higher by payments of CNY2.5bn in 2013 and CNY2.3bn in 1H14
for land acquisitions, and slower cash collection because banks
took a longer time to approve home loans for its customers.
Although Modern Land is likely to continue to expand and acquire
land, Fitch expects its leverage to stay at around 35% in 2015.
This is a level that is commensurate with its ratings, but it will
have limited headroom for this metric.

Product Mix Dilutes Margin: Modern Land's EBITDA margin slid to
29% in 2013 from 39% in 2012, mainly due to increased sales in
lower tier cities and the company's involvement in government-led
special housing projects in Beijing that are less profitable.
Fitch expects Modern Land's profitability to further decline to
the mid-20s over the next two years as its expansion could include
a larger proportion of sales of lower-margin products.

Sales Geographically Concentrated: Modern Land currently has 25
projects under development in seven cities across five provinces.
While the majority of these projects are in lower-tier cities such
as Xiantao (20%) and Changsha (31%), the company's contracted
sales for the next two years would likely still be driven by
projects in Beijing and Taiyuan.  In Fitch's view, meaningful
geographical diversification will only occur when Modern Land's
operations in lower-tier cities mature and it is able to sustain
its profit margins over the medium term even with a smaller
proportion of sales from Beijing and Taiyuan.

Operations Not Impacted by Management Change: Modern Land's
strategic direction and operations have remained intact, even
though there was a reshuffling of key executives in August 2014.
The newly appointed president and vice president have more than 10
years' experience each in Modern Land and they have been actively
involved in the company's strategic and financial matters prior to
their appointments to their current roles.

RATING SENSITIVITIES

Positive rating action is not expected in the next 18-24 months
due to Modern Land's small operational scale.  However, future
developments that may, individually or collectively, lead to
positive rating action include:

   -- Contracted sales sustained above CNY7bn, excluding
      government-led special housing projects
   -- Net debt /adjusted inventory sustained below 30%
   -- EBITDA margin sustained above 25%

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

   -- EBITDA margin sustained below 20%
   -- Contracted sales/gross debt sustained below 1.0x (2013:
      1.9x)
   -- Net debt/adjusted inventory sustained above 40%



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


ALUMILITE ARCHITECTURALS: CRISIL Suspends B+ Cash Credit Rating
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alumilite Architecturals Pvt Ltd (AAPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           35         CRISIL A4
   Cash Credit              25         CRISIL B+/Stable
   Letter of Credit         10         CRISIL A4

The suspension of ratings is on account of non-cooperation by AAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AAPL is yet to
provide adequate information to enable CRISIL to assess AAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1992 and based in Mumbai, AAPL is engaged in the
business of facade engineering, and is involved in designing,
fabricating, and installing aluminium windows, complete glass
cladding, and aluminium cladding sheets. The company has been
promoted by first generation entrepreneur Mr. S K Somani and his
brothers, all of whom look after the business.


AMBICO EXPORTS: CRISIL Reaffirms B+ Rating on INR190MM LOC
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ambico Exports
and Imports Pvt Ltd (Ambico) continues to reflect Ambico's below-
average financial risk profile, marked by its modest net worth,
high total outside liabilities to tangible net worth ratio, and
below-average debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Line of Credit         190       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's large working capital
requirements. These rating weaknesses are partially offset by
Ambico's improved scale of operations, led by its diverse product
portfolio, and the extensive experience of its promoters in the
diamond polishing segment.

Outlook: Stable

CRISIL believes that Ambico will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves materially, most likely because of equity infusion or
sizeable accretion to reserves. Conversely, the outlook may be
revised to 'Negative' if Ambico's capital structure and liquidity
weaken because of an increase in its working capital requirements
or higher than expected debt-funded capital expenditure or in case
of a substantial decline in its accruals.

Ambico was founded by Mr. Kalpesh Patel and Mr. Harshad Patel in
Mumbai in 2004. The company polishes rough diamonds and trades in
bulk chemicals. Ambico derives most of its revenue from the
diamond polishing segment.

For 2013-14 (refers to financial year, April 1 to March 31),
Ambico reported, on a provisional basis, a profit after tax (PAT)
of INR4.7 million on net sales of INR585.4 million; the company
reported a PAT of INR3.2 million on net sales of INR300.5 million
for 2012-13.


AMBIKA INDIA: CRISIL Assigns B Rating to INR35MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Ambika India Pvt Ltd (AIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B/Stable
   Long Term Loan           35         CRISIL B/Stable

The rating reflects the start-up nature of AIPL's operations in
the intensely competitive packaged foods industry, and the
company's average financial risk profile, marked by small net
worth. These rating weaknesses are partially offset by the
benefits derived from the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL believes that AIPL will commence commercial production
without any significant time or cost overruns on the back of its
promoters' extensive industry experience. The outlook may be
revised to positive, if the company stabilises its operations
early, resulting in large cash accruals and consequent improvement
in its financial profile. Conversely, the outlook may be revised
to 'Negative' if there is significant time or cost overrun in the
project leading to a delay in commencement of operations and low
cash accruals, or it undertakes any large debt-funded capital
expenditure.

AIPL, based in Chennai (Tamil Nadu), is setting up an appalam and
pappad production facility. The day-to-day operations of the
company are managed by Mr. Muralidharan.


AXIS NIRMAN: CRISIL Suspends B+ Rating on INR54MM Credit Limit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Axis
Nirman and Industries Ltd (ANIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              36        CRISIL B+/Stable
   Proposed Cash
   Credit Limit             54        CRISIL B+/Stable
   Proposed Term Loan       40        CRISIL B+/Stable
   Term Loan                 7.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by ANIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ANIL is yet to
provide adequate information to enable CRISIL to assess ANIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

ANIL, incorporated in 1988 by Mr. Aditya Sarda and his group
companies, manufactures laundry grade ultramarine blue pigments
and trades in jute products.


BHAGYALAXMI BRINE: CRISIL Puts B Rating on INR70MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Bhagyalaxmi Brine Chem Private Limited (BBCPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                70         CRISIL B/Stable
   Cash Credit              15         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       15         CRISIL B/Stable

The rating reflects its nascent stage of operations in highly
fragmented industry and below average financial risk profile
marked by leverage capital structure. These rating weaknesses are
partially offset by extensive industry experience of promoters in
the industry along with strong relationship with customers and
suppliers.

Outlook: Stable

CRISIL believes that BBCPL will continue to benefit from its
promoter experience in the industry. The outlook may be revised to
'Positive' in case of significant increase in the company's scale
of operations along with profitability leading to higher accruals
and overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
liquidity, driven by large incremental working capital
requirements, lower cash accruals or any large debt funded capex.

Established in 2012, BBCPL has been engaging in the production of
Industrial Salt in the Nawa region of Rajasthan. The company's
capacity currently stands at around 25MT per hour. The company is
managed by Mr. Prashant Agarwal and his father Mr. Kailash Chandra
Agarwal.


BHUJBAL BROTHERS: CRISIL Reaffirms D Rating on INR90MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhujbal Brothers
Construction Co. (BBCC) continues to reflect instances of delay by
BBCC in servicing its term debt. The delays have been caused by
the firm's weak liquidity because of low bookings for its ongoing
real estate project and the resultant low advances from customers.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan           90         CRISIL D (Reaffirmed)

BBCC is exposed to project implementation risks and to cyclicality
in the real estate industry in India. However, the firm benefits
from the extensive industry experience of its promoters.

Established in 1970, BBCC undertakes residential real estate
development, mainly in Pune (Maharashtra). The firm is promoted by
Mr. Ramesh Bhujbal and his family members.


CHAMPION ELCOM: ICRA Assigns B/A4 Rating to INR14cr Unalloc. Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR14.0 Crore unallocated bank
facilities of Champion Elcom Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Unallocated            14.0        [ICRA]B/[ICRA]A4; assigned

The assigned ratings are constrained by the high competition in
the wire and cable manufacturing industry due to the presence of a
number of organized and unorganized players. Further, the ratings
take into account the high dependence of the company on a single
customer (LG Electronics India Private Limited) in the past, which
led to a decline in operating income due to the customer
discontinuing a product line.

The ratings also take into account the modest scale of operations
of the company and its high working capital intensity with
elevated receivable and inventory days. However, the ratings
derive comfort from the established client base of CEPL with
supplies to consumer durable manufacturers and their vendors and
the diversified end user applications which help mitigate the risk
of slowdown in any specific industry.

Recent Results

As per the audited financials for 2013-14, CEPL reported an
operating income of INR2.8 crore and a net loss of INR0.05 crore
as against an operating income of INR3.4 crore and profit after
tax of INR0.19 crore in the previous year.

CECPL was incorporated in 2003 by Mr. Ravi Kant Gupta and Mr. Anil
Kumar Gupta, by way of conversion of a proprietorship firm
-- Champion Electronics. The company manufactures copper wires,
cables and related value added products like harness, ribbon wires
and cords which find usage across industries. CECPL also
undertakes import of copper mainly from Russia and supplies it to
cable manufacturers based in Delhi-National Capital Region and
surrounding areas. The copper trading business was started in
March 2014 and is currently the major contributor to the revenues
of the company.


CHOICE PRECITECH: CRISIL Cuts Rating on INR35MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on long term bank facilities of
Choice Precitech India Private Limited (Choice) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'; while reaffirmed its rating on
short term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           6.3       CRISIL A4 (Reaffirmed)

   Cash Credit             35         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit        10         CRISIL A4 (Reaffirmed)

   Long Term Loan          21.6       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Standby Line of Credit   5         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Working Capital         20         CRISIL B/Stable (Downgraded
   Demand Loan                        from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in Choice's
liquidity, with its depressed cash accruals expected to tightly
match its term debt repayment obligations over the medium term.
The downgrade also reflects the company's large working capital
requirements resulting in almost full utilisation of its bank
limits. CRISIL believes that the company will need fresh capital
from its promoters, or would have to register sustained
improvement in its working capital cycle, to alleviate the
pressure on its liquidity.

The cash accruals of the company, which remained depressed at
INR10 million in 2013-14 (refers to financial year, April 1 to
March 31), are expected to tightly match its annual term debt
repayment obligation of INR14 million in 2014-15 and INR9 million
in 2015-16. There has been a stretch in Choice's working capital
cycle, as reflected in an increase in its inventory levels to 369
days as on March 31, 2014 from 321 days as on March 31, 2013. The
stretch in the company's working capital cycle resulted in almost
full utilization of its bank limits over the last twelve months
ended November 2014.

The ratings continue to reflect Choice's stretched liquidity with
its depressed cash accruals expected to tightly match its term
debt repayment obligations, its small scale of operations in the
intensely competitive casting and forging industry, and the
company's large working capital requirements. The ratings of the
company are also constrained on account of its below-average
financial risk profile marked by its small net-worth, moderate
gearing, and below-average debt protection metrics. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive industry experience, and its
established relations with customers.

Outlook: Stable

CRISIL believes that Choice will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with customers. The outlook may be
revised to 'Positive' if there is a sustained improvement in the
company's working capital management, or there is a substantial
improvement in its liquidity on the back of sizeable capital
additions from its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or further deterioration in its liquidity
caused most likely by larger-than-expected working capital
requirements.

Choice was set up in 1994 by Mr. B Narayana Murthy and his family
members. The company manufactures moulds for industrial plastics,
glass bulbs shells, and sheet metal components. The company is
based in Hyderabad, Telangana.


DHEEMANTH SOLAR: ICRA Assigns 'SP 2C' Grading
---------------------------------------------
ICRA has assigned 'SP 2C' grading to Dheemanth Solar Industries
Private Limited (DSIPL), indicating 'High Performance Capability'
and 'Low Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid till June 30th, 2016
after which it will be kept under surveillance.

Grading Drivers

Strengths

   * Long track record of the promoter with over 10 years of
experience in managing and executing various projects in solar
space

   * Strong supplier base with most of them are having long track
record in the industry

   * Established relationship of the company with various clients
and suppliers due to past experience in the Solar industry

   * Strong technical team of 11 members, most of them are having
long track record in related industry

Risk Factors

   * Relatively modest scale of operation with turnover of INR4.22
Cr and thin net profitability margin of 1.66% in FY2014

   * Presence of strong competition from the organized and
unorganized sectors and highly fragmented nature of the market is
a concern.

   * Limited O&M capability of the company

Fact Sheet

Year of Establishment: 1988

Office Address:

#738, CHS-707, Opposite to AIR Quarters
4th phase Main Road
New Town Yelahank
Bangalore 560 106, Karnataka.

Managing Director: Mr. T.N. Manjunath

DSIPL is into manufacturing and marketing of FPC & ETC solar water
heating systems, solar lightings, solar power packs, solar
concentrators & energy saving products like air source heat pump
water heater & LED Lightings for domestic, commercial & industrial
use. DSIPL is an ISO 9001:2008 Certified Company and also holds
BIS (Bureau of Indian Standards) Certification. DSIPL is also
registered with NSIC (National Small Industries Corporation) and
having a rate Contract which enables them to supply their products
to any State/Central Government Departments.

SI Related Business - High Performance Capability

Promoter's Track Record: Mr. T. N. Manjunath has done B.Com and is
having more than 10 years of experience in the field of managing
and executing business in solar space. Mr. Anand Ram Dokania has
also done B.Com and has more than 15 years of cumulative
experience in diversified field with managing and executing
business in solar space for more than 5 years. Mr. Manjunath and
Mr. Anand were partners in another firm named Sri Sai Solar
Systems which is merged into Dheemanth Solar Industries Private
Limited last year.

   * Technical competence and adequacy of manpower: The Company
has the capability to undertake manufacturing of the solar water
heating systems and to provide system integration activities in-
house. DSIPL has been in the solar space for more than 25 years
and over the years has build up high technical competence and
strategic relations with various players in the industry. The
company has a dedicated production team and a team of service
technicians to cater to the need of the customers.

   * Quality of suppliers and tie ups: The Company sources
materials such as solar water heating elements, solar water tanks
Hose pipes etc from reputed players in the industry. Most of the
suppliers are from Indian origin. The company has a very rigorous
process for choosing the suppliers indicating their highest level
of commitment to best quality delivery. The company shortlist
their suppliers based on the quality of material, timeliness of
delivery and rates offered by them.

   * Customer and O&M Network: The Company's clientele consists of
both domestic clients' e.g. residential apartments and also
corporate clients. Quality deliverables, timely execution and
prompt after sales service have led to satisfactory feedback from
customers. DSIPL undertakes the O&M activities of the project for
initial years of the project and train the staff of the project
owners to undertake O&M later. DSIPL has a dedicated team of 3
people who takes care of the maintenance. DSIPL also provides the
operation and maintenance service through its distributors to the
customers. The O&M network is concentrated mostly in Karnataka.

Financial Strength - Low

Revenues
Revenues of INR4.22 crore in FY2014
Return on Capital Employed (RoCE) 23.73%
Total Outside Liabilities/Tangible Net worth 1.91 times
Interest Coverage Ratio 2.13 times

Net-Worth
Net worth of INR0.99 Crore as on March 31, 2014

Current Ratio
Healthy current ratio of 2.33 times

Relationship with bankers
Bankers are satisfied with company.

The overall financial profile of the firm is Low.


GURU KRIPA: CRISIL Suspends B Rating on INR75MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Guru Kripa Iron Trading Pvt. Ltd. (GKITPL).

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

The suspension of ratings is on account of non-cooperation by
GKITPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GKITPL is yet to
provide adequate information to enable CRISIL to assess GKITPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

GKITPL, promoted by Mr. Mohan Singh, trades in iron and steel
products. The entity commenced operations as a partnership firm in
2003. It was reconstituted as a private limited entity in 2012.


HIGH END: CRISIL Suspends B Rating on INR127.5MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
High End Hotels and Resorts Pvt Ltd (High End).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      32.5        CRISIL B/Stable
   Bank Loan Facility
   Term Loan              127.5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by High
End with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, High End is yet
to provide adequate information to enable CRISIL to assess High
End's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2008, High End is engaged in the hospitality
business through its hotel-cum-resort, based in Panvel
(Maharashtra). The company is managed by Navi Mumbai
(Maharashtra)-based Sabhlok family, which has key business
interests in real estate development. The hotel was taken over in
2008 by the Sabhlok family, which has been running with a few a
renovations. Post to the further on-going renovation, the
promoters would be handing over the day-to-day management of the
hotel to Key Hotel, which is a brand of Berggruen Hotels.


JAIN VINIMAY: CRISIL Suspends D Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jain Vinimay Pvt Ltd (JVPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL D
   Letter of Credit         20         CRISIL D
   Term Loan                45.7       CRISIL D

The suspension of ratings is on account of non-cooperation by JVPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JVPL is yet to
provide adequate information to enable CRISIL to assess JVPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

JVPL was set up in 2004 by Mr. Krishna Kumar Tibrewal and family.
The company manufactures cold-rolled form sections, which are used
in wagon manufacturing. Its day-to-day activities are handled by
Mr. Krishna Kumar Tibrewal and his son, Mr. Anand Tibrewal. JVPL's
manufacturing facility is in Sankrail at Kolkata (West Bengal).
The company commenced commercial operations in August 2011.


K. B. RICE: CRISIL Assigns B Rating to INR50MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of K. B. Rice Mills (KBRM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B/Stable
   Rupee Term Loan          30         CRISIL B/Stable

The rating reflects KBRM's working-capital-intensive operations,
weak financial risk profile, marked by a high gearing and weak
debt protection metrics, high dependence on monsoon, and
susceptibility to adverse regulatory changes in the rice industry.
These rating weaknesses are partially offset by the extensive
industry experience of, and financial support from, KRRM's
partners, and the healthy growth prospects of the basmati rice
industry.

Outlook: Stable

CRISIL believes that KBRM will continue to benefit over the medium
term from its partners' extensive experience in the rice industry.
Its financial risk profile is, however, expected to remain
constrained due to high gearing and weak debt protection metrics.
The outlook may be revised to 'Positive' in case KBRM registers
significant improvement in its financial risk profile, because of
capital infusion by its partners or improvement in its scale of
operations. Conversely, the outlook may be revised to 'Negative'
in case KBRM registers deterioration in its financial risk profile
because of significant increase in its inventory, leading to large
incremental bank borrowings, or in case of significant debt-funded
capital expenditure.

KBRM, a partnership firm established in 2013 by Mr. Sarandeep
Singh, Mr. Gurpreet Singh and Mr. Darshan Lal, is in the rice
milling and rice shelling business; its plant is in Fazilka
(Punjab). It processes basmati rice and its by-products such as
bran, phuk, and bardana, which are sold in both the overseas
market and domestic market.

KBRM reported a book profit of INR1.06 million on net sales of
INR348.5 million for 2013-14 (refers to financial year, April 1 to
March 31).


LAXAI-AVANTI: CRISIL Suspends B- Rating on INR25MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Laxai-Avanti Life-Sciences Pvt Ltd (Laxai).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2.5        CRISIL A4
   Cash Credit             25          CRISIL B-/Stable
   Letter of Credit         3          CRISIL A4
   Long Term Loan           7          CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       6.2        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
Laxai with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Laxai is yet to
provide adequate information to enable CRISIL to assess Laxai's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Laxai was incorporated in 2006. It is jointly promoted by the
Avanti Feeds group (promoted by Mr. A. Indra Kumar, and Srinivasa
Cystine Ltd and its associates), and the OSR group (promoted by
Mr. Vamsi Maddiapatla, and OSR Solutions Inc and its associates).
Laxai provides contract research services, primarily drug
discovery services for Indian and international pharmaceutical
companies, and has a research and development unit in Hyderabad
(Andhra Pradesh).


LOKSEWA SHIKSHAN: CRISIL Suspends D Rating on INR41MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Loksewa
Shikshan Bahuuddeshiya Mandal (LSSBM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      19          CRISIL D
   Term Loan               41          CRISIL D

The suspension of ratings is on account of non-cooperation by
LSSBM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LSSBM is yet to
provide adequate information to enable CRISIL to assess LSSBM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

LSSBM was set up in 1961. The trust operates a primary school, a
high school, an engineering college and an arts and commerce
college. The colleges are affiliated to the University of Amravati
and the schools are affiliated to the Zilla Parishad. All the
schools and colleges are located in Malkapur (Maharashtra). The
trust's engineering college offers four year degree courses in
engineering in five streams, namely computer science, civil,
mechanical, electrical, and electronics and telecommunications.


MARUTII QUALITY: CRISIL Reaffirms B- Rating on INR69.7MM Loan
-------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Marutii
Quality Products Pvt Ltd (MQPPL) continues to reflect MQPPL's
modest scale of operations, and its below-average financial risk
profile, marked by high gearing, subdued debt protection metrics
and stretched liquidity. These rating weaknesses are partially
offset by the extensive experience of its promoters in the
packaged food industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     66        CRISIL B-/Stable (Reaffirmed)
   Term Loan              69.7      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MQPPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals, driven by ramp-up in the scale
of operations or profitability, leading to improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in MQPPL's financial
risk profile, particularly liquidity, most-likely because of
decline in its operating margins, or elongation in the working
capital cycle, or larger-than-expected debt-funded capital
expenditure (capex) programme.

Update
MQPPL's liquidity continues to remain weak marked by its large
repayment obligations of INR24 million against its modest cash
accruals, emanating from its modest scale of operations and
profitability. Furthermore, the liquidity remains constrained by
high reliance of external debt to fund its moderately working-
capital-intensive operations. MQPPL's bank lines have remained
utilised at an average of 97 per cent for the 11 months through
August 2014. Although the company's cash accruals are expected to
be inadequate to meet its maturing debt obligations, the funding
support extended by the promoters has ensured timely payment of
its debt obligations, thus supporting its liquidity. With modest
cash accruals and moderate working capital requirements, MQPPL's
liquidity is expected to remain weak over the medium term.

With high reliance on external debt to fund its working capital
requirements and capex plans, MQPPL's gearing has also remained
high at over 2 times as on March 31, 2014. The company's modest
cash accruals have led to subdued debt protection metrics, with
interest coverage and net cash accruals to total debt ratios at
1.56 times and 0.04 times, respectively, for 2013-14 (refers to
financial year, April 1 to March 31).

MQPPL, on a provisional basis, registered net sales of INR250.2
million in 2013-14, which was in line with CRISIL's expectations.
However, the company's operating profitability dipped to around
5.4 per cent during the year, primarily on account of its
inability to pass on any increase in the costs to its customers,
due to the competitive nature of the business. For the five months
through August 2014, MQPPL has registered revenues of around
INR110 million and given the fragmented nature of industry, its
scale of operations are expected to remain modest over the medium
term.

MQPPL was established in 2009 by Mr. Deepak Agarwal, his father,
Mr. Shyam Sunder Agarwal, his mother, and his nephew. The company
manufactures noodles and wheat flour in Guwahati, Assam. The
company has also set up a ready-to-eat food facility and a
polyvinyl chloride (PVC) pipes manufacturing facility.


MIMANI WIRES: CRISIL Suspends B Rating on INR35.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mimani Wires Pvt Ltd (MWPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           70         CRISIL A4
   Cash Credit              15         CRISIL B/Stable
   Term Loan                35.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MWPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MWPL is yet to
provide adequate information to enable CRISIL to assess MWPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

MWPL manufactures copper strips and super-enamelled copper wires,
which are used as electrical conducting materials in electrical
motors, transformers, and electric pumps. The company is promoted
by Mr. Ram Mimani and his son, Mr. Ranjan Mimani. MWPL has its
manufacturing facilities in Indore (Madhya Pradesh).


NEPTUNE HOUSE: ICRA Suspends B Rating on INR13.5cr LT Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR13.50 crore long term fund based facilities and INR0.25
crore short term non-fund based facility of Neptune House
Furnishings Private Limited (NEPTUNE).  The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Neptune House Furnishings Private Limited (NEPTUNE) was
incorporated in the year 1999 and started commercial operations
from January 2011. The company is engaged in manufacturing of
premium quality furnishing fabrics- upholstery, curtains, seat
covers, jacquard fabrics etc, with its manufacturing facilities
being located at Ahmedabad with an installed capacity of ~1.22
million meters per year. The Neptune group has been in the
textiles business for over six decades with other major associates
being Neptune Plastic Corporation and Neptune House.


PAMPAR OVENFRESH: CRISIL Reaffirms B Rating on INR152.7MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pampar Ovenfresh Foods
Pvt Ltd (POFPL) continue to reflect POFPL's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and its modest scale of operations. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of the company's promoters, and its
established marketing and distribution network.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)

   Cash Credit              13       CRISIL B/Stable (Reaffirmed)

   Funded Interest          12.3     CRISIL B/Stable (Reaffirmed)
   Term Loan
   Letter of Credit         10       CRISIL A4 (Reaffirmed)

   Proposed Long Term      152.7     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                40       CRISIL B/Stable (Reaffirmed)

   Working Capital          17       CRISIL B/Stable (Reaffirmed)
    Term Loan

Outlook: Stable

CRISIL believes that the extensive experience of POFPL's promoters
and its established marketing and distribution network will help
the company to gradually improve its scale of operations and
profitability over the medium term. The outlook may be revised to
'Positive' in case of a substantial improvement in the company's
financial risk profile, particularly its liquidity, driven by a
substantial increase in its revenue and accruals and prudent
working capital management. Conversely, the outlook may be revised
to 'Negative' if POFPL's revenue and accruals decline, its working
capital management weakens, or if there is a significant time/cost
overrun in its proposed project, leading to further deterioration
in its financial risk profile, especially its liquidity.

Update
POFPL reported a turnover of INR189.4 million for 2013-14 (refers
to financial year, April 1 to March 31), higher than the previous
year's turnover of INR134.9 million. The increase was due to
higher capacity utilisation and sales volume. The company's
operating margin was 12.5 per cent in 2013-14.

POFPL's operations are working capital intensive, with gross
current assets (GCAs) at 133 days as on March 31, 2014.  The high
GCAs were primarily on account of sizeable debtors (77 days) and
inventory (48 days). Credit from suppliers partly helps the
company meet its working capital requirements. Its creditors were
at 101 days as on March 31, 2014. Its utilisation of bank lines
was high, at an average of 95 per cent during the 12 months
through September 2014.

POFPL's financial risk profile remains constrained by its small
net worth and high gearing. It had a net worth of INR20.6 million
and a gearing of 5.30 times, as on March 31, 2014. The company's
total debt as on this date was INR109 million, comprising of term
debt of INR74.9 million, short-term borrowings of INR8.1 million,
and unsecured loans from promoters of INR26 million. Modest
profitability, coupled with high debt and interest costs, has led
to weak debt protection metrics, with net cash accruals to total
debt and interest coverage ratios estimated at 0.09 times and 1.50
times, respectively, for 2013-14. The company also has significant
capital expenditure; its total project cost for installing a
potato chips manufacturing unit and packaging machinery is
estimated at INR185 million. The project is estimated to be funded
by external bank borrowings and promoters' funds in the ratio of
65:35.

POFPL reported a profit after tax (PAT) of INR4.8 million on net
sales of INR189.4 million for 2013-14, against a PAT of INR5.6
million on net sales of INR134.9 million for 2012-13.
About the Company

POFPL manufactures potato- and cereal-based packaged snacks. The
company commenced operations in 2008-09 at its manufacturing unit
in Howrah (West Bengal). It markets its products under its
flagship Timbaktoo brand. POFPL currently has a presence in West
Bengal, Bihar, Jharkhand, Odisha, and Uttar Pradesh.


PASARI MULTIPROJECTS: CRISIL Suspends B Rating on INR320MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pasari Multiprojects Pvt Ltd (Pasari).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              320        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Pasari with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Pasari is yet to
provide adequate information to enable CRISIL to assess Pasari's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Pasari, incorporated in 1993, is a special-purpose vehicle formed
by the Pasari group to undertake the construction of Bio Wonder,
comprising a commercial complex and a four-star hotel, in
Anandapur, East Calcutta Township (along Eastern Metropolitan
bypass), Kolkata (West Bengal).


PRASTHAN INFRASTRUCTURE: ICRA Suspends B+ Rating on INR15cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore long term fund based limits of Prasthan Infrastructure Pvt
Ltd. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            15.00         [ICRA]B+ suspended

Prasthan Infrastructure Pvt Ltd. was formed as a limited company
in 2009 and is engaged in construction of commercial and
residential buildings. The company is primarily managed by Mr.
Ashit Patel, Mr. Rajendra Patel and Mr. Ramesh Patel. The company
is based in Ahmedabad (Gujarat). The company is currently working
on 2 projects based in Ahmedabad having saleable area of over 5.62
lakh square feet at a cost of ~INR72 Cr.


PRAVIN MOHANLAL: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pravin
Mohanlal (PM) continues to reflect PM's below-average financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection metrics.

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

The rating of the firm is also constrained on account of its large
working capital requirements, and the susceptibility of its
profitability margins to volatility in diamond prices and to
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of PM's
promoter's in the gems and jewellery industry, and its established
relationships with customers.
Outlook: Stable

CRISIL believes that PM will continue to benefit over the medium
term from its promoter's extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial improvement in its
capital structure on the back of sizeable capital additions from
its promoter, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in PM's profitability
margins, or significant deterioration in its capital structure
caused most likely by a stretch in its working capital
requirements.

PM, a proprietorship concern, was set up in 1994 by the Mumbai
(Maharashtra)-based Mr. Pravin Mohanlal Selvadia. The firm,
primarily, trades in rough and polished diamonds. The firm also
manufactures diamond-studded jewellery. The trading division
contributes to around 75 per cent of the firm's revenues, and the
manufacturing division contributes to the balance 25 per cent.


RIO GLASS: ICRA Assigns B+ Rating to INR4.cr Cash Credit
--------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to INR6.69 crore long
term fund based facilities of Rio Glass Private limited. ICRA has
also assigned the rating of [ICRA]A4 to the INR0.60 crore short
term non fund based bank guarantee and INR0.55 crore letter of
credit (sublimit to term loan) of RGPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ assigned
   Term Loan             1.95        [ICRA]B+ assigned
   Proposed term Loan     0.74       [ICRA]B+ assigned
   Letter of credit      (0.55)      [ICRA] A4 assigned
   Bank Guarantee         0.60       [ICRA] A4 assigned

The assigned ratings are constrained by RGPL's relatively new and
small scale of operations as well as absence of past experience of
the promoters in glass manufacturing operations. The company's
capacity utilization level has also remained low which is mainly
attributed to the limited demand for processed glass due to price
sensitivity of customers. Further, the ratings take into account
the vulnerability of the company's profitability to fluctuations
in raw material prices. ICRA also takes note of the intense
competitive intensity in the glass processing industry leading to
pressures on margins.

The ratings however favourably factor in the long standing
experience of the partners in glass trading business and the
support provided by retail outlets of the group companies located
at Jamnagar, Jetpur and Rajkot in terms of and brand visibility
and ease in carrying out sales.

Incorporated in 2013, Rio Glass Private Limited (RGPL) is engaged
in processing of float glass to manufacture toughened glass of 4
mm to 12 mm thickness (also manufactures 15mm and 18mm thickness
against firm orders), which is supplied to retailers and end-users
mostly based in Gujarat. The company's manufacturing facility is
located at Rajkot, Gujarat and has an installed capacity of around
7.5 lac sq. mtrs. per annum. The commercial production started
from January 2014 onwards.

RGPL is promoted by the members of Patel family who have past
experience in the glass industry through their three retail glass
outlets located at Jamnagar (namely Krishna Glass), Jetpur (namely
Laxmi Glass) and at Rajkot (namely Aum Glass).

Recent Results

During 3M FY 2014, the company reported an operating income of
INR1.02 crore and profit after tax of INR0.00 crore. Further,
during the first eight months of FY 2015, the company reported an
operating income of INR4.36 crore and profit before tax of INR0.39
crore (as per provisional unaudited financials).


RKKR STEELS: CRISIL Suspends B- Rating on INR250MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rkkr Steels Ltd (Rkkr).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             250         CRISIL B-/Stable
   Letter of Credit        100         CRISIL A4
   Long Term Loan           30         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by Rkkr
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Rkkr is yet to
provide adequate information to enable CRISIL to assess Rkkr's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 1954, the Tamil Nadu-based Rkkr manufactures thermo-
mechanically-treated (TMT) bars. Its day-to-day operations are
managed by its chairman, Mr. Rajiv Rai along with his son Mr.
Ritesh Rai.


RKM HOUSING: CRISIL Suspends 'C' Rating on INR76MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RKM Housing Ltd (RKM).

                               Amount
   Facilities                (INR Mln)      Ratings
   ----------                ---------      -------
   Working Capital Term Loan     76         CRISIL C

The suspension of ratings is on account of non-cooperation by RKM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RKM is yet to
provide adequate information to enable CRISIL to assess RKM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Set up in 2006-07 (refers to financial year, April 1 to
March 31), RKM is currently engaged in development of a real
estate project at Sector 112 of Mohali. RKM, which was converted
into a closely held public company in 2008, is owned by Mr.
Walia's family. Since incorporation, the company has completed one
real estate project at Zirakpur, Punjab (a residential tower
project comprising of 88 flats).


S N THAKKAR: CRISIL Cuts Rating on INR75MM Cash Credit to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
S N Thakkar Construction Pvt Ltd to 'CRISIL B-Stable/CRISIL A4'
from 'CRISIL BB+/Negative/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          100       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Bill Purchase-          110       CRISIL A4 (Downgraded from
   Discounting Facility              'CRISIL A4+')

   Cash Credit              75       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB+/Negative')

The ratings downgrade follows deterioration in the liquidity
profile of the company on account of lengthening of its working
capital cycle. SN Thakkar's Gross Current Assets (GCAs) increased
sharply to 481 days as on March 31, 2014 from 353 days a year ago
on the back of slower payment cycle from government departments.
The company's receivables increased to 332 days from 260 days
during the same period. While CRISIL notes that the year-end
debtors are likely to be overstated due to the large proportion of
sales in the fourth quarter, the company's liquidity is expected
to be stressed due to the lengthening of the average debtor
collection period, coupled with pressure on order flow. The
liquidity continues to be stretched in 2014-15 which is reflected
in continued full utilisation of bank limits for the six months
ended September 2014.

The company's GCAs increased despite about 9 per cent decline in
revenue in 2013-14, reflecting the increase in working capital
requirements. The company stretched payment to creditors and
increased its bank borrowings to fund the increased working
capital requirements; reflected in increased creditors of 290 days
as on March 31, 2014, compared to 237 days a year ago and high
bank limit utilisation of about 96 per cent for 2013-14.

The stable net cash accruals of INR33 million generated in 2013-14
backed by increase in operating margin by 350 bps to 9.1 per cent,
absence of major capex and term debt repayments partly supported
the liquidity profile. However, the speed of receivables'
collection will continue to determine the liquidity profile and
thus remains a key rating sensitivity factor.

The ratings reflect the tender based nature of, and intense
competition in, the civil construction industry. The ratings also
reflect the company's high working capital requirements. These
weaknesses are partially offset by the promoters' extensive
experience in the civil construction industry.

Outlook: Stable

CRISIL believes that the pressure on SN Thakkar's liquidity will
continue over the medium term because of slower payment cycle in
projects for government departments. The outlook may be revised to
'Positive' if the working capital cycle improves, reflected mostly
by the decreased dependence on external funding. Conversely, the
outlook may be revised to 'Negative' if the working capital cycle
deteriorates thereby further impacting the liquidity profile.

SN Thakkar, engaged in civil and infrastructure construction,
started operations in Mumbai in 1984, as a partnership firm, SN
Thakkar Constructions; the firm was reconstituted as a private
limited company in 1992. SN Thakkar is closely held by Mr. Praveen
Thakkar, Mr. Pradeep Thakkar, and their family members.

For 2011-12 (refers to financial year, April 1 to March 31), SN
Thakkar reported a profit after tax (PAT) of INR28.1 million on
revenues of INR1.1 billion, as against a PAT of INR21.8 million on
revenues of INR1.2 billion for 2010-11.


SAMVIJAY POWER: CRISIL Reaffirms B Rating on INR200MM Bank Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Samvijay Power
and Allied Industries Ltd (SPAIL) continues to reflect the
company's limited track record of operations and risks related to
implementation and hydrology in its hydel power project. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of its promoters.

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

Outlook: Stable

CRISIL believes that SPAIL will maintain its stable business risk
profile on the back of the established entrepreneurial experience
of its promoters. The outlook may be revised to 'Positive' if the
company completes the planned capital expenditure (capex) in a
timely manner leading to growth in the scale of operations and
cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's liquidity deteriorates due to time or
cost overruns in its project or if it undertakes a higher-than-
expected debt-funded capex programme affecting the financial risk
profile.

SPAIL was incorporated in 2011 to set up a hydel power plant in
Sikkim. The company was promoted by a group companies owned by Mr.
Shyam Sundar Patodia and is a part of the Patodia group. From
2011-12 (refers to financial year, April 1 to March 31), the
company commenced trading in steel products, cement, switch gear,
and wirings. SPAIL received the letter of intent in July 2012 for
setting up a hydel power plant of 40-megawatt capacity in Sikkim.

SPAIL reported profit after tax (PAT) of INR1 million on net sales
of INR292 million for 2013-14 against cash loss of INR4 million on
net sales of INR62 million for 2012-13.


SANGAM RICE: CRISIL Reaffirms B- Rating on INR110MM Whse Receipts
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sangam Rice
Pvt Ltd (SRPL) continue to reflect SRPL's weak financial risk
profile, marked by a poor capital structure, and the working-
capital-intensive nature and small scale of its operations in the
highly fragmented rice industry. The rating also factors in the
company'shigh dependence on the monsoon, and its exposure to
changes in government policies. These rating weaknesses are
partially offset by the extensive industry experience of SRPL's
promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B-/Stable (Reaffirmed)
   Foreign Letter of      7         CRISIL B-/Stable (Reaffirmed)
   Credit
   Proposed Long Term     8         CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility
   Warehouse Receipts   110         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
company's capital structure, driven by significant equity infusion
by the promoters or a shorter working capital cycle. Conversely,
the outlook may be revised to 'Negative' if SRPL's working capital
requirements increase considerably or if its profitability is low,
leading to deterioration in its liquidity.

SRPL, set up in 2008, mills, processes, and markets rice. Its
plant, with a capacity of 3 tonnes per hour, is in Patran
(Punjab). The company is being managed by Mr. Sanjiv Kumar and Mr.
Deepak Garg.


SEEMA OIL: ICRA Assigns B+ Rating to INR8cr Cash Credit
-------------------------------------------------------
The rating of [ICRA]B+ has been assigned for the INR8 crore long-
term, fund-based facilities of Seema Oil Traders. The ratings of
[ICRA]B+ and [ICRA]A4 have also been assigned to INR7 crore
unallocated limits of Seema Oil Traders.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B+ assigned
   Unallocated Limits    7.00        [ICRA]B+/[ICRA]A4 assigned

The ratings factor in the low profitability of the firm owing to
trading nature of operations and limited pricing flexibility on
account of highly competitive nature of the industry, and
vulnerability of firm's operations to agro climatic risk, which
can affect the pricing and availability of raw materials.

The ratings also take into account the modest financial risk
profile of the entity characterized by high gearing (2.39 times as
on March 31, 2014) and low debt protection metrics (total
debt/OPBDITA of 5.53 times as on March 31, 2014). Besides, there
has been a steady y-o-y decline in the operating margins (2.3% in
2013-14 vs. 2.8% in 2012-13) due to high competition in the
business. Being a proprietorship firm, the entity is exposed to
limited ability to raise capital and risk of withdrawal of capital
from the firm, which may lead to adverse impact on the net worth
and gearing levels. However, the ratings favourably factor in the
long standing experience of the promoter in the edible oil and
related business.

The rating also factors in the favourable outlook for edible oil
sector and favourable location of the firm in proximity to large
number of oil mills located in vicinity near soya growing belt of
Madhya Pradesh. The firms' ability to improve its margins, manage
its working capital cycle and liquidity position would be key
rating sensitivities.

Seema Oil traders is primarily engaged in the trading of Soya,
Palm and Cotton oil. The firm is also into trading of Desi Ghee.
The entity was constituted as a proprietorship concern in 1998 by
Mr. Jai Bhavani. The promoter's family has considerable experience
spanning close to five decades in the edible oil related business.
The firm started trading in 1998 with Soya oil and diversified its
product range over the years with increase in their operations.
The firm has its warehouse in Indore spread over 30,000 square
feet of area having a storage capacity of around 1,000 MT.

Recent Results:
As per it's financials for 2013-14, the company reported a net
profit of INR0.71 crore on an operating income of INR76.15 crore
as against a net profit of INR0.31 crore on an operating income of
INR38.12 crore in 2012-13.


SHAMBHAVI REALTY: CRISIL Cuts Rating on INR1.85BB Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the non-convertible debenture
programme of Shambhavi Realty Pvt Ltd (SRPL; a part of the
Shambhavi group) to 'CRISIL B+/Stable' from 'CRISIL BB-/Negative'.

                         Amount
   Facilities           (INR Bln)    Ratings
   ----------           ---------    -------
   Non Convertible         1.85      CRISIL B+/Stable (Downgraded
   Debentures                        from CRISIL BB-/Negative)

The rating downgrade reflects the pressure on the Shambhavi
group's cash flows, mainly because of reduced bookings for its
ongoing projects, resulting in low customer advances. Furthermore,
the company has availed additional debt of around INR 0.36 billion
to meet the consequent funding deficit and INR 0.62 Billion for
repayment of debentures, thereby increasing its debt and interest
costs and deteriorating its overall financial risk profile in the
near term.

The rating continues to reflect the favorable location of the
Shambhavi group's projects in Mumbai, ensuring sound demand
prospects. This rating strength is partially offset by the group's
exposure to project implementation risks, given the early stage of
its various projects, its high dependence on customer advances for
funding the projects, and its exposure to the cyclicality inherent
in the real estate sector.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles SRPL and its group companies, Ispita
Realty Pvt Ltd (Ispita Realty), Sneha Realty Pvt Ltd (Sneha
Realty), Pashmina Realty Pvt Ltd (Pashmina Realty), and Madhuli
Housing & Finance Co Ltd (Madhuli Housing). This is because all
these companies, together referred to as the Shambhavi group, have
operational and financial linkages with each other, are in the
same line of business, and are all implementing projects in
Mumbai.

The Shambhavi group is developing five residential projects in
Mumbai: two in Dadar, and one each in Worli, Chandivali, and Vile
Parle. These are all prime residential locations and hence the
projects have sound demand prospects. The prime locations are also
expected to result in better pricing power for the group.

However, the projects remain exposed to implementation risks,
given their early stage of construction. The Shambhavi group has
commenced construction of only two projects (in Dadar and
Chandivali), with limited progress in both. Any delay in the
completion of these projects as well as in the launch of the other
three projects will have an impact on their salability, and may
also lead to liquidity pressure as a large portion of the project
cost is being funded through customer advances. The group also
remains exposed to the risks arising from the cyclical nature of
the real estate sector, with volatility in both realizations and
saleability, resulting in significant fluctuations in cash
inflows.
Outlook: Stable

CRISIL believes that the Shambhavi group's cash flows will remain
under pressure in the near term, given the slowdown in salability
and hence cash flows in the current subdued environment. The
group's financial risk profile, however, is expected to remain
constrained due to the initial stage of its projects. The outlook
may be revised to 'Positive' if the Shambhavi Realty group
achieves better-than-expected salability and construction progress
in its ongoing projects, and improves its capital structure on a
sustained basis. Conversely, the outlook may be revised to
'Negative' if revenues from the group's projects are lower than
expected, or there is significant time or cost overrun in the
projects, or the group contracts higher-than-expected debt for
funding the projects.

Incorporated in March 2007, SRPL is a special-purpose vehicle set
up by the Pashmina group (promoted by Mr. Asit Koticha, founder of
ASK Investment Holdings Pvt Ltd). It has four group companies that
also undertake developing of residential projects. The five
companies are implementing one residential project each in Mumbai.

SRPL is developing a premium residential project in Worli. The
plot currently has a ground-plus-four-storey commercial property,
in which the company owns around 30 per cent, and the rest is
owned by the Asit Koticha group (40 per cent) and Blue Star Ltd
(30 per cent).

Pashmina Realty is developing a residential project in Chandivali,
near Powai. This is the Shambhavi group's largest project with
total saleable area of around 0.62 million sq ft. The property is
being developed in two phases, phase I, which is in the early
stage of construction, will have four towers and will largely
consist of apartments, each with four bedrooms, a hall, and a
kitchen (4BHK). Phase II is scheduled to be launched in March
2015.

Ispita Realty is undertaking a redevelopment project in Dadar
(East). The project will have a total constructed area of 22,000
sq ft, of which around 7000 sq ft will be towards rehabilitation
of existing tenants and the remaining 15,000 sq ft will be
available for free sales. The project was launched in January 2013
and is in the late stage of implementation.

Sneha Realty is undertaking a redevelopment project in Dadar
(West). The project will have a total constructed area of 15,000
sq ft, of which around 4500 sq ft will be towards rehabilitation
of existing tenants and the remaining 10,500 sq ft will be
available for free sales. The company is planning to launch the
project in 2014-15 (refers to financial year, April 1 to March
31).

Madhuli Housing is undertaking a redevelopment project at Vile
Parle (West). The project is being executed with a total
constructed area of 68,497 sq ft, of which free sale area is
around 35,000 sq ft and remaining area is for tenant
rehabilitation. Construction of this project will start in FY15
and will consist of 2/3 BHK apartments.


SHREE BALASARIA: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Balasaria Construction Pvt Ltd (SBCPL).

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

The suspension of ratings is on account of non-cooperation by
SBCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBCPL is yet to
provide adequate information to enable CRISIL to assess SBCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SBCPL was formed in 1992 by Mr. M C Balasaria and his family in
Kolkata (West Bengal). The company is in the real estate business;
it develops and constructs residential buildings in and around
Howrah (West Bengal) and Kolkata. Currently, it is developing a
residential complex at Cossipore in Kolkata.


SHREEPATI JEWELS: ICRA Cuts Rating on INR100cr Term Loan to 'D'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR100 crore
fund based facilities of Shreepati Jewels from [ICRA]BB-, 'stable'
outlook, to [ICRA]D.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, Fund-based    100.00       [ICRA]D; revised from
   limits (Term Loan)                    [ICRA]BB- (stable)

The rating revision follows deterioration in the liquidity
position of the company due to modest booking status of the
ongoing project leading to delay in debt servicing.

Shreepati group is promoted by Mr. Rajendra Chaturvedi. The group
is engaged in residential real estate projects, primarily located
in South Mumbai with majority of projects of redevelopment type.

The business has been carried out through a number of group
companies by the partners, formed primarily for tax purpose. The
group currently has 3.37 lac square feet of saleable area under
the project (Shreepati Jewels Wings D/E) under construction with
another 9 lac square feet of projects to be launched in the near
future and has so far completed more than 5 lac square feet of
construction through different project companies. The group has
completed four residential projects, prominent one being Shreepati
Arcade at Nana Chowk in South Mumbai having 45 floors and which
was the tallest residential building at the time of completion in
2002. It has also completed another project of 39 floors in
Girgaum, South Mumbai in September, 2011; it was part of phase-I
in Shreepati Jewels. The redevelopment project in SJ is under the
recently amended Development Control Regulations -DCR 33 (9) that
allows a higher vertical limit when building clusters in a minimum
area of one acre are redeveloped and a FSI of 4 was granted for
the original project scope.

Recent results
As per its unaudited results for FY 2014, Shreepati Jewels
reported profit before tax of INR2.65 crore on an operating income
of INR11.83 crore.


SIDWIN FABRIC: ICRA Suspends B+ Rating on INR10.21cr LT Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.21
crore long term fund based facilities of Sidwin Fabric Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Sidwin Fabric Private Limited (SFPL) was incorporated in July 2011
by Mr. Praful Patel, Mr. Suresh Patel, Mr. Jasvant Patel and Mr.
Prvaeen Patel and is engaged in the manufacturing of non woven
polypropylene fabrics.The promoters have been associated with
other businesses such as ceramic tiles and decorative laminates
from over 15 years through other entities. The company commenced
commercial production from June 2012 at its manufacturing facility
located at Himmatnagar in Gujarat.SFPL has the capability to
manufacture non-woven fabric rolls ranging from 10 grams per
square meter (GSM) to 260 GSM depending upon the customer
requirement. The manufacturing capacity of the unit is about 3000
MTPA based on the average production of 50-120 GSM fabric.


SMS PARKING: CRISIL Suspends B- Rating on INR1.09BB Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SMS Parking Solutions Pvt Ltd (SMS Parking, a subsidiary of SMS
Infrastructure Ltd [SMS Infra]).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan              1,090         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by SMS
Parking with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMS Parking is
yet to provide adequate information to enable CRISIL to assess SMS
Parking's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SMS Parking has been promoted as a special-purpose vehicle by SMS
Infra (98 per cent holding) to undertake the development of a
multi-level underground-parking-cum-commercial complex project on
a build-operate-transfer basis on a 3195-square-metre plot at
Kamla Nagar in New Delhi. The project contract has been awarded by
the Municipal Corporation of Delhi (MCD). The concession agreement
between MCD and SMS Parking was signed in July 2008.


SRI UMA: ICRA Reaffirms B Rating on INR10cr Cash Credit
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR11.50 crore fund based limits of Sri Uma Jewellers India
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash credit           10.00        [ICRA] B reaffirmed
   Unallocated            1.50        [ICRA] B reaffirmed

The reaffirmed rating continues to be constrained by low
profitability margins of the company on account of industry
dynamics and the price structure being decided by the principal;
weak financial profile characterized by high gearing and weak
coverage indicators; and high working capital intensity owing to
high inventory maintained by the company. The rating is also
constrained by the exposure of the company to volatility in gold
prices given its high inventory levels and competition from other
players in the area which is annulled to a certain extent by the
brand reputation enjoyed by Tanshq.

The reaffirmed rating, however, continues to derive comfort from
the vast experience of the management in the industry and
established presence of the company in an up market residential
area in Hyderabad. The rating also derives comfort from the stable
political scenario in Telangana, the lack of which has affected
the company's performance in the past.

Going forward, the ability of the company to improve its working
capital management and its coverage indicators would be the key
rating sensitivities.

Sri Uma Jewellers India Private Limited, established in 2009, is
located in Hyderabad in Telangana. It is an authorized dealer of
Tanishq. The company is managed by Mr. Yugender who has vast
experience in the jewellery retail industry. The company at
present has one showroom in Hyderabad.

Recent Results
For FY2014, the company has reported a provisional operating
income of INR40.28 crore and a net profit of INR0.44 crore as
against an operating income of INR35.55 crore and a net profit of
INR0.27 crore for FY2013.


SUNTOUCH LAMINATE: CRISIL Suspends B+ Rating on INR30MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suntouch Laminate Pvt Ltd (SLPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            30         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     15         CRISIL B+/Stable
   Term Loan              15         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SLPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLPL is yet to
provide adequate information to enable CRISIL to assess SLPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SLPL was incorporated in 2010 by the Morbi (Gujarat)-based Patel
and Nesadiya families. It is managed by Mr. Kamal Patel, Mr.
Rameshbhai Bhurabhai, Mr. Pravinbhai Mavjibhai, Mr. Ravirajbhai
Rameshbhai and Mr. Milanbhai Pravinbhai. SLPL manufactures
decorative laminates.


VEDANTA RESOURCES: S&P Puts 'BB' CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' foreign currency long-term corporate credit rating on Vedanta
Resources PLC and its 'BB' long-term issue ratings on the
company's guaranteed notes and loans on CreditWatch with negative
implications.  Vedanta is a London-headquartered oil and metals
company with most of its operations in India.

"We placed the ratings on CreditWatch because Vedanta's cash flows
are likely to be weaker in fiscals 2016 (year ending March 31) and
2017 than we previously expected because of falling oil prices,"
said Standard & poor's credit analyst Mehul Sukkawala.

Standard & Poor's recently lowered its assumptions for Brent crude
oil price to US$70-US$75 a barrel for 2015-2016.  S&P believes the
recovery of Vedanta's weak financial ratios could therefore be
materially delayed.

The weaker performance of Vedanta's oil business is likely to
offset the benefits from an improvement in the company's aluminum
business, higher zinc volumes and prices, and the company's better
conversion margins in its copper business.  S&P expects the oil
business under Vedanta's indirect subsidiary Cairn India Ltd. to
remain the largest EBITDA contributor (at about 40%) to the group.

The improvement in Vedanta's aluminum business can be
significantly more than S&P's expectation if the company receives
statutory approval, and improves access to coal for its power
plants and to power for its smelters.  The company could then ramp
up aluminum production and benefit from higher prices for physical
delivery of the metal than prices on the London Metals Exchange.
Vedanta could also benefit from the Indian government's proposed
auction of coal mines.

S&P believes Vedanta's ratio of funds from operations to debt will
fail to meet S&P's expectation of more than 12% in fiscal 2016 and
15% in fiscal 2017, from about 10% in fiscal 2014, unless
prospects for the company's aluminum business improve
significantly.

"We aim to resolve the CreditWatch within the next 90 days after
we meet management to review Vedanta's plans to address the
adverse impact on cash flows from falling oil prices," said Mr.
Sukkawala.  "We will also review the status of the statutory
approval for Vedanta and the company's success in the coal mine
auction in India."

Statutory approval and Vedanta's success in the coal auctions have
the potential to significantly improve the company's aluminum
business over the next one to two years and offset the impact of
weaker oil prices.  This could therefore be a key determinant on
whether S&P lowers or affirms the rating.



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


SOLID ENERGY: More Job Losses Loom at Stockton Coalmine
-------------------------------------------------------
The Press reports that more job losses might be on the cards at
Solid Energy's Stockton coalmine.

Solid Energy made 184 employees and contractors redundant last
July after a restructure at the West Coast mine, The Press
recalls.

According to the report, Solid Energy spokesman Bryn Somerville
said the company was "considering what might be needed to respond
to market conditions", which had not improved since the
restructure.

Workers had been briefed before Christmas that if international
coal prices did not improve, the company would have to "look at
options," the report relays.

Rumours of impending job losses had been circulating since
December, he said, but there was no official proposal and no
timeline at this stage, according to The Press.

"The rumours are real, but they're rumours. They are not based on
something specific," the report quotes Mr. Somerville as saying.

Engineering, Printing and Manufacturing Union (EPMU) Stockton Mine
site convenor Dave Reece was not aware of any further planned
redundancies, The Press reports.

The Press relates that Mr. Reece said workers were worried about
their jobs.

"They are uneasy because of last year's redundancies . . . we're
worried it might happen again but no one can predict the future,"
The Press quotes Mr. Reece as saying.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.

BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31.  The company's board doesn't anticipate it will return
to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.



=====================
P H I L I P P I N E S
=====================


GMA RURAL BANK: Ex-Chairman to be Arraigned on January 12
---------------------------------------------------------
Mr. Banlee C. Choa, the former Chairman and President of the
closed GMA Rural Bank who has been charged with estafa by the
Philippine Deposit Insurance Corporation (PDIC), after
misappropriating PHP748 million in bank funds, will be arraigned
on January 12, 2015. Based on the first endorsement by Police
Superintendent Redrico Atienza Maranan of the Imus City Police
Station, accused Choa voluntarily surrendered to their office on
November 6, 2014 pursuant to a warrant of arrest issued against
him. Accused Choa has been in detention at the Imus City Police
Station following his voluntary surrender.

The accused's arraignment, originally scheduled on December 19,
2014 before the Regional Trial Court (RTC) of Imus City, Branch
20, was reset to January 12, 2015 due to the unavailability of the
public prosecutor. The Department of Justice (DOJ) charged Mr.
Choa with estafa based on a complaint filed by PDIC before the DOJ
Task Force on Financial Fraud.

Based on the complaint filed by PDIC and the criminal information
filed by the DOJ before the court, Mr. Choa is accused of estafa
for misappropriating funds of GMA Rural Bank in his capacity as
President/Chief Executive Officer/Chairman of the bank. He created
a special division in GMA Rural Bank, which he called the
"executive/extension office" wherein he, through the creation of
fictitious loans, diverted around PHP748 million of bank funds
generated via deposit-taking activities. The "executive/extension
office" in turn, transferred the misappropriated funds to
corporations and business entities owned and controlled by the
accused Mr. Choa and/or members of his immediate family through
the grant of unsecured loans.

GMA Rural Bank was placed under the receivership of PDIC in
February 2011.

The filing of charges against Mr. Choa that led to his surrender
is in line with PDIC's efforts to bring to justice parties that
victimize depositors, circumvent the deposit insurance scheme or
engage in unlawful acts that may put the Deposit Insurance Fund
(DIF) at risk. PDIC vigorously pursues legal action against erring
bank officers, for the benefit of depositors/creditors and to
protect the DIF, PDIC's funding source for payment of insured
deposits.



====================
S O U T H  K O R E A
====================


* SOUTH KOREA: Banks Face Losses Following Series of Bankruptcies
-----------------------------------------------------------------
Yonhap News Agency reports that South Korean banks are expected to
suffer massive losses due to a series of bankruptcies and
suspensions of big-name companies amid a protracted economic slump
in the country, industry data showed Jan. 7.

Dongbu Corp., a construction arm of the 18th-largest conglomerate
Dongbu Group, filed for court receivership last week, after
admitting it was unable to pay off some 262 billion won (US$238
million) it had borrowed from several local banks, according to
the data.

Yonhap says banks will likely set aside reserves against the bad
loans extended to the builder, and their loan-loss reserves are
expected to increase further if the financially shaky firm's 1,713
subcontractors go bankrupt in the near future.

Taihan Electric Wire Co., one of South Korea's largest electrical
materials manufacturers, was suspended from stock trading by the
bourse operator on Dec. 24 for accounting fraud, according to
Yonhap.

Yonhap relates that Taihan's creditor banks, which own the
company's shares worth KRW700 billion through a debt-equity swap,
may face some KRW250 billion in losses as the share price plunged
to KRW1,200 from KRW2,500.

Moneual Inc., a mid-sized home appliances maker, was declared
bankrupt last month, and some banks have to shoulder KRW677
billion in loans extended to the company, adds Yonhap.

According to the news agency, market watchers said the bad
corporate debts from the three troubled companies reached nearly
KRW1 trillion and would make banks reluctant to extend new
corporate loans to smaller firms.

"This year, we have decided to give new corporate loans to our old
customers but reduce loans to new faces," Yonhap quotes a bank
official, who asked not to be named, as saying.  "Due to a series
of bankruptcies, banks will likely cut back on corporate loans to
small and mid-sized firms or demand early payoff," said Choi Bok-
hee from the Korea Federation of Small and Medium-Sized
Enterprises.


                             *********

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 2015.  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.



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