TCRAP_Public/150115.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 15, 2015, Vol. 18, No. 010


                            Headlines


A U S T R A L I A

BURDINES PTY: First Creditors' Meeting Slated For Jan. 21
DESTINY PUBLICATIONS: First Creditors' Meeting Set For Jan. 21
GAVSTAG PTY: Bakery Up for Sale
HARVEY TRUST: Fitch Affirms BB Rating on AUD13.5MM Class B Notes
LM INVESTMENT: Founder Peter Drake Now Officially Bankrupt

MAWSON LAKES: Ceases Trading, Closes Business
ST BARBARA LTD: Gold Output Rises
WET TECHNOLOGIES: Administrators Seek Expression of Interests
* AUSTRALIA: Regional Airlines Struggling Amid Resource Slowdown


C H I N A

LDK SOLAR: Hydrochlorination Project in China Now Complete
SUNTECH POWER: Unit Seeks U.S. Bankruptcy Protection


I N D I A

AARTI SUITINGS: ICRA Reaffirms B+ Rating on INR11cr LT Loan
ADITYA RICE: ICRA Reaffirms B+ Rating on INR10.41cr FB Loan
AMIT AUTO: CRISIL Reaffirms B+ Rating on INR10MM Bank Loan
AMRAPALI SILICON: ICRA Revises Rating on INR300cr Loan to D
ARYA GREEN: CRISIL Reaffirms B+ Rating on INR45MM Term Loan

BALAJI COTTON: ICRA Reaffirms B Rating on INR7cr Cash Credit
CONSORTIUM AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR80M Loan
CRACKERS INDIA: ICRA Assigns D Rating to INR49cr Term Loan
DATTA AGRO: CARE Cuts Rating on INR25cr ST Bank Loan to 'D'
DEVDEEP COTTON: ICRA Reaffirms B+ Rating on INR14cr Cash Credit

DEVENDRA EXPORTS: CRISIL Assigns B+ Rating to INR30.2MM LT Loan
EROS RESORTS: ICRA Reaffirms D Rating on INR149.44cr Term Loan
GATI MOTORS: CARE Reaffirms B+ Rating on INR10.71cr LT Loan
GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR20cr Loan
JAIN TIMBER: ICRA Suspends B Rating on INR2.25cr Long Term Loan

JET AIRWAYS: Goyal Pledges Entire 51% to Punjab National Bank
K-PACK SYSTEMS: ICRA Assigns B+ Rating to INR1cr FB Loan
LANCO AMARKANTAK: CRISIL Suspends D Rating on INR79.04BB Loan
LANCO BUDHIL: CRISIL Suspends D Rating on INR3.35BB LT Loan
LANCO DEVIHALLI: CRISIL Suspends D Rating on INR2.61BB LT Loan

LANCO HOSKOTE: CRISIL Suspends D Rating on INR3.56BB LT Loan
LANCO TEESTA: CRISIL Suspends D Rating on INR24BB LT Loan
LOK RAJ: ICRA Cuts Rating on INR25.45cr Fund Based Loan to 'D'
M. IMPEX: CRISIL Suspends B+ Rating on INR64MM Cash Credit
M S AHUJA: ICRA Assigns B Rating to INR5cr Term Loan

MAGMA METTCAST: ICRA Reaffirms D Rating on INR17cr Cash Credit
MANTENA INFRATECH: CARE Reaffirms B+ Rating on INR12cr LT Loan
MITTER FASTENERS: ICRA Reaffirms B+ Rating on INR17.51cr FB Loan
MOHAMMED KHAN: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
NITHIN TEXTILES: CRISIL Reaffirms B+ Rating on INR255.4MM Loan

NRU SPINNING: CRISIL Reaffirms B- Rating on INR48.5MM Cash Loan
PATCHALA SPINTEX: CRISIL Reaffirms B+ Rating on INR702.3MM Loan
PEGMA RESOURCES: CARE Reaffirms B Rating on INR14.62cr Loan
PLATINUM POLYMERS: ICRA Reaffirms B+ Rating on INR2.75cr Loan
POOJA WOODS: CRISIL Upgrades Rating on INR60MM Cash Loan to B+

PRADEEP COTTON: CARE Reaffirms B+ Rating on INR9.83cr LT Loan
R S SPUNTEX: ICRA Reaffirms B+ Rating on INR9cr Long Term Loan
RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR17.5r Cash Credit
ROLEX PROCESSORS: CARE Reaffirms B Rating on INR11.71cr LT Loan
ROOP TECHNOLOGY: ICRA Suspends B Rating on INR7cr Fund Based Loan

S. S. POLYMERS: ICRA Assigns B Rating to INR6cr Cash Credit
SABARI TEXTILES: ICRA Assigns D Rating to INR12.47cr Term Loan
SANTHOSH RICE: ICRA Puts B+ Rating on INR11.93cr Fund Based Loan
SELEO CERAMIC: ICRA Reaffirms B Rating on INR5cr Term Loan
SHALCO INDUSTRIES: CARE Reaffirms B+ Rating on INR4cr LT Loan

SHREE GANESH: CARE Reaffirms B Rating on INR10.27cr LT Bank Loan
SHRINATH COTTON: CARE Revises Rating on INR6.44cr LT Loan to B+
SPICEJET LTD: Maran to Finalise Stake Sale This Week
SRI BALAJI: ICRA Assigns B+ Rating to INR7.10cr Fund Based Loan
SRI SAI: CRISIL Suspends B+ Rating on INR50MM Cash Credit

STAGE DOOR: CARE Assigns B Rating to INR8cr LT Bank Loan
SURAJ INDUSTRIES: CRISIL Assigns B+ Rating to INR65MM Cash Loan
SURESH DHARMAVAT: CARE Reaffirms B+ Rating on INR5.76cr LT Loan
SURYAVAMSI FARMS: CARE Revises Rating on INR7.5cr LT Loan to B+
VIKAS COTTON: ICRA Reaffirms B+ Rating on INR14cr Cash Credit

VISA STEEL: CARE Lowers Rating on INR2,380.48cr Loan to 'D'
VISHWAA APPARELS: CRISIL Assigns B+ Rating to INR30MM LT Loan
WIN MAX: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
WORLD RETAILS: ICRA Assigns B+ Rating to INR9.50cr Cash Credit


                            - - - - -


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


BURDINES PTY: First Creditors' Meeting Slated For Jan. 21
---------------------------------------------------------
Robyn Erskine & Peter Goodin of Brooke Bird were appointed as
administrators of Burdines Pty Ltd, trading as Burdines, on Jan.
12, 2015.

A first meeting of the creditors of the Company will be held at
Brooke Bird, 471 Riversdale Road, in Hawthorn East, on Jan. 21,
2015, at 10:30 a.m.


DESTINY PUBLICATIONS: First Creditors' Meeting Set For Jan. 21
--------------------------------------------------------------
Christopher John Palmer -- cpalmer@obp.com.au -- of O'Brien Palmer
was appointed as administrator of Destiny Publications Pty
Limited, trading as National Indigenous Times, on Jan. 12, 2015.

A first meeting of the creditors of the Company will be held at
the Offices of O'Brien Palmer, Level 14, 9 Hunter Street, in
Sydney, on Jan. 21, 2015, at 10:00 a.m.


GAVSTAG PTY: Bakery Up for Sale
-------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for business and assets of Gavstag Pty
Limited, which trades as Delibones Barkery.

Gavstag was placed into liquidation on Dec. 29, 2014. Manfred
Holzman of Holzman Associates was appointed liquidator of the
business, Dissolve.com.au discloses.

The buyer of the business will be able to own an established
manufacturer of baked dog biscuits, according to the report.
Currently, the company's operations are located in leased premises
in Sydney.


HARVEY TRUST: Fitch Affirms BB Rating on AUD13.5MM Class B Notes
----------------------------------------------------------------
Fitch Ratings has affirmed five tranches from two Harvey RMBS
transactions.  Both transactions are backed by pools of Australian
conforming residential full-documentation mortgages originated by
Credit Union Australia Limited.

The rating actions are as listed below (note balances are as at
Nov. 30, 2014):

Series 2009-1 Harvey Trust (Harvey 2009-1):

AUD121.6m Class A-1 (ISIN AU3FN0007738) affirmed at 'AAAsf';
Outlook Stable;
AUD13.5m Class A-2 (ISIN AU3FN0007746) affirmed at 'AAAsf';
Outlook Stable; and
AUD13.5m Class B (ISIN AU3FN0007753) affirmed at 'BBsf'; Outlook
Stable.

Series 2010-1 Harvey Trust (Harvey 2010-1):

AUD196.1m Class A-1 (ISIN AU3FN0010179) affirmed at 'AAAsf';
Outlook Stable; and
AUD26.0m Class A-2 (ISIN AU3FN0010187) affirmed at 'AAAsf';
Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality and performance of the loans in the collateral
pool have remained in line with expectations.

As at end-November 2014, 30+ days arrears made up 1.29% and 1.18%
of the pools backing Harvey 2009-1 and Harvey 2010-1 respectively,
above Fitch's Dinkum Index measuring industry-wide performance (Q3
2014: 1.08%).

Harvey 2010-1 has experienced one default to date resulting in a
loss covered mainly by lenders mortgage insurance (LMI), with the
remainder covered by excess spread.  All loans in the underlying
portfolios are covered by mortgage insurance, with policies
provided by Genworth Financial Mortgage Insurance Pty Ltd (Insurer
Financial Strength Rating: A+/Stable) and QBE Lenders Mortgage
Insurance Pty Limited (Insurer Financial Strength Rating: AA-
/Stable).

The pools backing Harvey 2009-1 and Harvey 2010-1 are relatively
geographically concentrated around Queensland, with 47.3% and
48.9% of each pool located within the state respectively.  The
geographical distributions and seasoning of each pool (both
greater than eight years) resulted in a reduction of the Fitch-
calculated weighted average loan to value ratios to 49.8% after
indexation, from 57.6% before indexation for Harvey 2009-1, and to
45.1% from 52.3% for Harvey 2010-1.

RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of both transactions, both of which can withstand
multiples of the latest reported arrears.  Both transactions'
Class A notes are independent of any potential downgrades to the
LMI providers' ratings.  The Fitch AAAsf breakeven stressed
default rate is 6.8% and 5.9% for Harvey 2009-1 and Harvey 2010-1
respectively.  Harvey 2009-1's Class A-1 and A-2 notes could
withstand a default rate of 88% and 44% respectively at Fitch's
AAAsf loss severity of 30%.  Harvey 2010-1's Class A1 and Class A-
2 notes could withstand a default rate of 70% and 23% at the
current Fitch AAAsf loss severity assumption.


LM INVESTMENT: Founder Peter Drake Now Officially Bankrupt
----------------------------------------------------------
Jenny Rogers at Gold Coast Bulletin reports that Peter Drake, the
59-year-old founder of the former global investment empire LM
Investment Management, is now officially a bankrupt.

The Bulletin relates that Mr. Drake voluntarily filed for
bankruptcy on Jan. 9, heading off an action by liquidators
KordaMentha, which had launched court proceedings seeking to
bankrupt him over a AUD22 million loan.

Jason Bettles and Raj Khatri, of Worrells, have been appointed
Mr. Drake's joint trustees, the Bulletin says.

According to the Bulletin, the former high-flying businessman, who
once headed an empire which boasted AUD3 billion in funds under
management before its collapse in March 2013, in his statement of
affairs lists his assets as a block of land on Russell Island
worth AUD500 which is zoned conservation and half of which is in a
flood plain, a 1983 Leyland Mini Moke worth AUD500, a 2005 Toyota
RAV4 worth AUD5,000, and just AUD1,377.42 in three bank accounts.

The report relates that the New Zealand-born businessman lists a
four-bedroom house in Fiji worth $F200,000 (AUD124,176) as part of
his assets but says this is held in trust for his three children
under a property settlement with his ex-wife Belinda.

The funds founder, who once called a beachfront mansion in
Millionaires' Row at Albatross Ave home, is now living in a rented
unit in the Soul supertower in Surfers Paradise and lists his
occupation as "consultant to an insurance company business," the
Bulletin notes.

The former finance executive, who started out selling insurance,
now works for insurance company Australian Global Insurance
Services, based in Surfers Paradise, the report says.

The Bulletin adds that Mr. Drake's debts include the
AUD22.5 million loan from the LM Managed Performance Fund.

Another creditor is Maddison Estate, Mr Drake's former flagship
AUD1 billion residential project at Pimpama, over which he gave a
AUD249 million personal guarantee, the Bulletin discloses.

                       About LM Investment

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).

Ms. Muller and Mr. Park were appointed liquidatorz of LM
Investment Management Limited on Aug. 1, 2014.


MAWSON LAKES: Ceases Trading, Closes Business
---------------------------------------------
news.com.au reports that about 700 Mawson Lakes gym users will
have to find an alternative workout spot following the closure of
a prominent business.

Mawson Lakes' Club Metro has announced it will close its doors on
Jan. 16.

Gym owner Clinton Barker has declined to comment on the closure,
other than to say he was "deeply upset for our members and staff,"
according to news.com.au.

Club Metro broke the news to gym users through its Facebook page.

The report notes that the post said: "It is with the greatest
regret that Club Metro management has to announce that from 9:30
p.m. (on) Friday January 16, 2015 (we) will cease trading."

"We tried our best and exhausted all avenues to relocate or
purchase the current property but these are no longer options . .
.."

Northern Messenger has previously reported the gym was selling
AUD800 yearly memberships to users until October, before learning
they would be evicted from their Metro Pde premises, the report
relays.

The report discloses that Mr. Barker said in October that he had
hoped to move to Gepps Cross Homemaker Centre.

About 15 staff members will also be made redundant

The Club Metro gym is at level two of 27-29 Metro Pde, Mawson
Lakes.  A company called A & S Constructions owns this part of the
four-storey building.

The report discloses that Mr. Barker, former local accountant Mr
Abram and two other partners own A & S Constructions, which went
into receivership a year ago.  Receiver Heard Phillips took over
the running of A & S Constructions and placed all its assets,
including level two, 27-29 Metro Pde, on the market, the report
notes.

The report relays that Mr. Abram, who moved to Thailand about the
same time A & S Constructions went into receivership, claimed the
business failed because Mr. Barker did not pay rent for six
months.

The report says that Mr. Abram's wife Debbie Abram has signed a
contract to buy the floor from A & S Constructions.

The report notes that Mr. Barker has claimed the reason he stopped
paying rent was because of the financial issues faced by the A & S
Constructions business when Mr. Abram went to Thailand.


ST BARBARA LTD: Gold Output Rises
---------------------------------
Herald Sun reports that troubled gold miner St Barbara Limited has
risked collapse but said its fortunes are improving after lifting
production in the December quarter.

St Barbara was already suffering from a range of operational and
financial problems before the gold price plunged in 2013, the
report says.

According to the report, ratings agency Moody's said the miner's
high cost assets in Papua New Guinea and Solomon Islands have
drained cash generated from its West Australian mines, putting the
group at real risk of default.

Herald Sun relates that the now suspended Solomon Islands project
has been a major problem, due to a dispute with the government and
acts of vandalism at the mine by locals.

St Barbara appointed former Rio Tinto executive Bob Vassie as
chief executive six months to rescue the business, according to
Herald Sun.

In the three months to December, the company achieved record
production in WA, and the highest monthly and quarterly production
from its PNG mine since acquiring it in 2012, the report
discloses.

Herald Sun adds that the company said December was also the first
month of net positive cash flow at the PNG mine under St Barbara's
control.

The company's cash balance of AUD69.6 million at the end of
December was up from AUD56.4 million in the previous quarter,
Herald Sun says.

It suffered a AUD501 million loss in the 2013/14 financial year,
the report discloses.

Australia-based St Barbara Limited is gold producer and explorer.
St Barbara's assets include the Leonora Operations in Western
Australia, the Simberi mine in Papua New Guinea and the Gold Ridge
mine in the Solomon Islands.


WET TECHNOLOGIES: Administrators Seek Expression of Interests
-------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that administrators of
Wet Technologies (Australia) Pty Ltd are seeking urgent
expressions of interest to acquire or invest in the company's
business and assets.  The company entered administration on
Jan. 12, 2015 with Nicholas John Martin of PPB Advisory being
appointed as administrator, Dissolve.com.au discloses.

Wet Technologies is a manufacturer of swimming pools and water
tanks. It operates in Rutherford (NSW) and Swan Hill (Victoria).
The new owner of the business will get to own a broad customer
base across New South Wales, Queensland, South Australia and
Victoria, Dissolve.com.au relays.


* AUSTRALIA: Regional Airlines Struggling Amid Resource Slowdown
----------------------------------------------------------------
Rhiannon Hoyle at The Wall Street Journal reports that while
Australia's commodities boom was running hot, it wasn't only
mining companies that benefited from the billions of dollars in
investment pouring into the country. Airlines got a boost.

That has changed as slumping commodity prices and reduced
investment prompt fewer builders and pit-workers to travel to
remote mine sites, the Journal says.  The result: several
operators of smaller aircraft, such as lightweight jets and
turboprops, are going bust, while others are warning of a severe
hit to profits, relates the Journal.

According to the report, the latest casualty in Australia's
aviation sector is Skytrans Pty. Ltd., a privately owned carrier
from Cairns, in Queensland state, which used to fly to more than
20 towns and cities, including Moranbah, a coal-mining town, and
Mount Isa, where Glencore PLC produces copper and zinc from one of
the world's biggest underground operations.

The Journal says the airline collapsed last week as seats on its
planes became increasingly harder to fill. Not long before that,
Brindabella Airlines Pty. Ltd., based in Canberra, and Vincent
Aviation Australia, in Darwin, were forced to hand over the
controls to insolvency specialists, the Journal states.

"A swing of 10% in passenger numbers will be all it takes to put
an airline out of business," the report quotes Irwin Tan, general
manager of corporate services for Regional Express Holdings Ltd.,
known as Rex, the country's biggest regional-focused carrier.
Rex's profit declined 45% last fiscal year, the Journal notes.

The Journal recalls that at the height of the mining boom in 2012,
resources giants such as BHP Billiton Ltd. and Rio Tinto Ltd. were
flying in thousands of workers to Outback towns for weeks at a
time to dig up everything from coal to iron ore.

Now, demand for labor has slackened as these companies respond to
sharp falls in commodity prices -- iron ore plunged nearly 50%
last year, for example -- by conserving cash instead of building
new mines, the report notes.

The Journal adds that smaller airlines have faced a number of
other pressures that have battered their balance sheets, including
intense price competition and, until recently, high oil prices
affecting the cost of jet fuel -- factors that have also hurt
larger domestic rivals Qantas Airways Ltd. and Virgin Australia
Holdings Ltd.



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


LDK SOLAR: Hydrochlorination Project in China Now Complete
----------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation, said its
polysilicon plant located in Mahong, Jiangxi completed its
hydrochlorination reengineering project and successfully produced
trichlorosilane during its first production run on December 27,
2014. Trichlorosilane is the most critical material for
polysilicon manufacturing process. The trichlorosilane produced by
Mahong Plant meets the national standard of the People's Republic
of China. Moreover, the hydrochlorination process is clean,
environmentally friendly with lower manufacturing costs.
The hydrochlorination reengineering project was commenced early
last year with new added investment of RMB 440 million. LDK Solar
expects to rampup the polysilicon production to achieve lower
production cost with hydrochlorination process.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from
December 10, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

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

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

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
73 Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors'
financial advisor is Jefferies LLC.  The Debtors' voting and
noticing agent is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
Sept. 17, 2014 from the holders of LDK Solar's 10% Senior Notes
due 2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


SUNTECH POWER: Unit Seeks U.S. Bankruptcy Protection
----------------------------------------------------
Suntech America, Inc., and Suntech Arizona, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 15-10054
and 15-10056) on Jan. 12, 2015.  The petitions were signed by
Robert Moon, chief restructuring officer.  Judge Christopher S.
Sontchi presides over the case.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.

Upshot Services LLC is the Debtors' claims and noticing agent.

Suntech Group Chief Restructuring Officer Robert Moon said in
court documents that Suntech America was forced to file for
bankruptcy due to "a rapid decrease in the price of solar panels
due to an expansion of Chinese solar panel manufacturing
capacity."

Michael Bathon at Bloomberg News relates that the U.S.
government's effort to bolster the domestic solar industry by
imposing tariffs on foreign products hurt Suntech America, and the
sale of Wuxi Suntech crippled its manufacturing ability, forcing
the Suntech Group to shift to selling and distributing.

The Debtors estimated their assets at between $100 million and
$500 million, and their debts at between $100 million and $500
million.  Court documents show that Wuxi Suntech Power Co. is the
largest unsecured creditor, owed about $143.9 million for a former
inter-company claim.

Headquartered in San Francisco, California, Suntech America, Inc.,
aka Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.

                         *     *     *

Suntech Power Holdings Co., Ltd. (OTC: STPFQ) produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.


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


AARTI SUITINGS: ICRA Reaffirms B+ Rating on INR11cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR11.0
Crore bank facilities of Aarti Suitings Private Limited.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-       11.00        [ICRA]B+ (Reaffirmed)
   Based Facilities
Note: While assessing the credit profile of ASPL, ICRA has taken
into account the consolidated financial profile of ASPL and R S
Spuntex Private Limited (RSPL, rated [ICRA] B+) as ASPL has strong
operational linkages with RSPL, which is promoted by the same
promoter group.

The rating reaffirmation takes into account continued weakness in
operational and financial profile on account of modest scale of
operations in a highly fragmented fabric weaving business. While
ICRA takes a note of healthy growth in turnover during last two
years driven by stabilization of brown-field capacity added in
FY12, however, it is noted that profitability metrics continue to
remain below average. Further, debt funded capital expenditure
completed two years ago and working capital intensive nature of
operations on account of high inventory levels continue to result
in high dependence upon external borrowings, thereby driving weak
capital structure as is reflected in gearing of 2.23 times as on
Mar'14. This levered capital structure coupled with low
profitability has also been resulting in weak debt coverage
indicators as is reflected in interest coverage of 1.47 times for
FY14. Moreover, rising labour and power costs coupled with
volatility in raw material prices is expected to keep
profitability under pressure, which in backdrop of sizeable debt
servicing burden is expected to continue to result in weak debt
coverage indicators in medium term. The rating is also constrained
on account of stretched liquidity position as reflected in
consistently high working capital limit utilisation. ICRA however
notes the benefits accruing from favourable location of weaving
facility in textile hub of Bhilwara, Rajasthan and vast experience
of the promoters in textile industry.

The company's ability to improve capacity utilization and
profitability, while prudently managing working capital intensity
of operations will remain key rating sensitivities besides the
extent of debt funded capex undertaken.

ASPL was incorporated in the year 1994, and is primarily engaged
in manufacturing of cotton and polyester blended fabrics for
suiting and shirting. The company has its weaving facility located
in RIICO (Rajasthan Industrial Development and Investment
Corporation Limited), Bhilwara, Rajasthan, wherein 37 Dornier
Rapier looms and 12 Air-Jet looms are installed. In FY14, the
company reported an Operating Income (OI) of INR45.05 crore and
Operating Profit before Depreciation, Interest and Taxes (OPBDITA)
of INR3.29 crore against OI of INR41.63 crore and OPBDITA of
INR3.27 crore reported in FY13.


ADITYA RICE: ICRA Reaffirms B+ Rating on INR10.41cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR10.41 crore fund based limits and INR2.59 crore unallocated
limits of Aditya Rice Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     10.41        [ICRA]B+ reaffirmed
   Unallocated Limits     2.59        [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the modest scale of
operations in the rice milling industry with revenues of INR41.91
crore in FY2014; moderate financial profile of the firm
characterized by low profitability of 6.36%, high gearing levels
at 3.43 times and modest coverage indicators at 2.47 times in
FY2014; and risks inherent to a partnership nature of the firm.
This apart, the rating is also constrained by the susceptibility
of profitability & revenues to agro-climatic risks which impact
the availability of paddy in adverse weather conditions and
intensely competitive nature of rice industry with presence of
several small-scale players which puts pressure on the operating
margins. The rating, however, takes comfort from the long track
record of the promoters in the rice mill business and favorable
demand prospects for rice with India being the second largest
producer and consumer of rice internationally.

Going forward, the ability of the firm to efficiently managing its
working capital requirements remains the key rating sensitivity.

Founded in the year 2011 as a partnership firm, Aditya Rice
Industries (ARI) is engaged in the milling of paddy and produces
raw and boiled rice. The rice mill is located at Settypalem
village of Nalgonda district, Telangana. The installed production
capacity of the rice mill is 8 tons per hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.34 crore
for operating income of INR41.91 crore as against profit after tax
of INR0.10 crore for operating income of INR39.99 crore in FY2013.


AMIT AUTO: CRISIL Reaffirms B+ Rating on INR10MM Bank Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Amit Auto Wheels Pvt
Ltd (AAWPL) continue to reflect AAWPL's weak financial risk
profile, marked by small net worth and weak total outside
liabilities to tangible net worth ratio and debt protection
metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Inventory Funding     150      CRISIL A4 (Reaffirmed)
   Facility

   Proposed Long Term     10      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

These rating weaknesses are partially offset by the extensive
experience of AAWPL's promoters in the dealership of commercial
vehicles and the benefits that it derives from the dealership of
automobiles manufactured by Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable /CRISIL A1+').

Outlook: Stable

CRISIL believes that AAWPL will benefit over the medium term from
its association with TML over the medium term, and the promoters'
extensive experience in the dealership of commercial vehicles. The
outlook may be revised to 'Positive' if any equity infusion or
increase in revenue or cash accruals leads to a stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if low accruals or any debt-funded capital expenditure weakens its
financial risk profile.

Update
The company has reported a stable topline of around INR856.0
million in 2013-14 (refers to financial year, April 1 to
March 31) on account of slowdown in the automobile sector. The
operating margin was stable at around 3.0 per cent. The topline is
expected to grow at a moderate 20 to 25 per cent on account of
increased demand for commercial vehicles in 2014-15 in Uttarakhand
region as reflected in year-till-date sales of around INR800.0
million as on November 30, 2014. The operating margins expected to
remain stable at 3.0 to 3.5 per cent over the medium term.

The working capital requirements are moderate, with gross current
assets of 79 days, and inventory and receivables of 51 and 24
days, respectively, as on March 31, 2014. The net worth is low, at
around INR33.0 million on that date, limiting financial
flexibility. Sizeable working capital borrowings and low net worth
are expected to result in high total outside liability to tangible
net worth of around 4.0 times as on March 31, 2014 which is
expected to remain in the same range over the medium term.

Set up in 2009 by Mr. Amit Sahni and his family, AAWPL is the
exclusive authorised dealer for TML's entire range of commercial
vehicles in six districts of Uttarakhand--Nainital, Almora,
Pithoragarh, Bhageshwar, Champawat, and Udham Singh. It has one
showroom of light and heavy commercial vehicles with sales,
service, and spares (3S) facilities in Haldwani and one light
commercial vehicles showroom with 3S facilities in Rudrapur. It
also has 1S outlets in Pithoragarh, Kashipur, and Khatima regions
of Uttarakhand.


AMRAPALI SILICON: ICRA Revises Rating on INR300cr Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR300 crore
term loans of Amrapali Silicon City Pvt Ltd (ASCPL) to [ICRA]D
from [ICRA]B+ assigned earlier.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             300         [ICRA]D; Revised

The rating revision factors in the delays made by ASCPL in
servicing the interest obligations. This could be attributed to
the cash flow mismatches in the past primarily due to slowdown in
bookings and collections post National Green Tribunal's (NGT)
direction to the Noida Authority in Oct 2013 to stop construction
activity within 10 km of the Okhla wildlife sanctuary. Owing to
this the company has shifted the CoD of the project from March
2014 to March 2015 and has also got its debt repayments deferred
by one year. ICRA notes that while Silicon City project is in
final stages of implementation, the recently launched project
Crystal Homes exposes the company to execution risk. Further the
market risk for Crystal homes remains high for the unsold area
(55% of total saleable area) given the high supply in the region.
As a major part of project funding is envisaged from customer
advances the incremental bookings and collection efficiency remain
critical for successful implementation of the projects. In
addition to this, ASCPL could require funding support form
promoters (including realization of advances to group companies)
in case an exit is provided to the PE investor in near term.
Going forward, the company's ability to timely service the debt,
realize advances from group companies, improve bookings and
adherence to the construction schedule will be amongst the key
rating sensitivities.

Incorporated in February 2010, ASCPL is a Special Purpose Vehicle
promoted by the Amrapali Group for developing a group housing
project called "Amrapali Silicon City" over 34.44 acre of plot in
Sector-76, Noida. The total saleable area in the project is 4.87
million square feet of which it has received bookings for 87% of
the area by Oct 2014.

ASCPL launched another project Crystal homes at 9 acre land
adjacent to Silicon City in Q4, FY14. The project having a total
saleable area of 1.04 million sqft has received booking for 45% of
the area by Oct 2014.


ARYA GREEN: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arya Green
Energy (AGE; part of the Varmora group) continues to reflect AGE's
susceptibility to risks associated with ramping up of operations,
volatility in raw material prices, and intense competition in the
plastics industry. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       25         CRISIL B+/Stable
   Term Loan                45         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that AGE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if AGE stabilises the
operations at its proposed plant in a timely manner and generates
high revenue and profitability, leading to substantial cash
accruals and improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's revenue and
profitability are low, or it contracts large debt to fund its
working capital, constraining its capital structure, constraining
its liquidity.

Update
The performance of AGE in 2013-14 (refers to financial year,
April 1 to March 31) was lower than expectation on account of the
delay in the project. The plant became fully operational only in
February 2014 against the target of December 2013. In 2014-15, the
firm is expected to book revenue of INR140 million to INR150
million. This is significantly lower than earlier expectations
because the firm has not been able to utilise the capacities to
optimum level and has also been facing intense competition in the
PVC flex banner industry. The net worth of AGE was low at INR24
million as on March 31, 2014. The same is expected to improve in
current year with infusion of capital by partners. However, the
gearing is expected to remain high at 2 to 3 times over the medium
term, on account of working capital intensive operations. The firm
has to maintain high level of inventory for raw material and also
has to extend credit to customers, while the purchases are largely
on cash basis. The accruals generated by AGE are expected to
remain tightly matched with the annual repayment of INR7.5 million
in 2014-15. However, the liquidity is supported by the infusion of
funds by the promoters. The promoters of AGE belong to the Varmora
group (Varmora Granito Pvt Ltd, rated 'CRISIL BBB/Stable/CRISIL
A3+'), one of the leading tile manufacturers in Morbi (Gujarat).
The partners have already infused around INR4.5 million in the
first half of 2014-15 to support the operations and are expected
to infuse funds on a regular basis. CRISIL believes that despite
weak business performance AGE will maintain a comfortable
liquidity profile supported by the timely fund infusion by the
partners.

For 2013-14, AGE reported net loss of INR1.4 million on net sales
of INR19 million.

Established in 2010, AGE is promoted by the Varmora group and
others partners. Mr. Dirubhai Adroja manages the firm's day-to-day
operations. It manufactures polyvinyl chloride (PVC) flex-banners
and is located at Morbi.


BALAJI COTTON: ICRA Reaffirms B Rating on INR7cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating for the INR7.00 crore fund
based cash credit facility of Balaji Cotton Industries.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund based-    7.00        [ICRA]B reaffirmed
   Cash Credit

The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, leveraged
capital structure along with stretched liquidity and weak debt
coverage indicators. The ratings also take into account the low
value additive nature of operations and intense competition on
account of fragmented industry structure leading to thin profit
margins. The ratings are further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota. Further, BCI being a
partnership firm, any significant withdrawals from the capital
account would affect its net worth and thereby the gearing levels.

The ratings, however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton.

Established in 2005, Balaji Cotton Industries is engaged in cotton
ginning, pressing and crushing operations. The business is owned
and managed by Mr. Vijay Jivani and other family members. The
firm's manufacturing facility is located at Tankara, Dist Rajkot.
The firm has 18 ginning machines and 1 pressing machine with the
processing capacity of 100 TPD of raw cotton. It has also
installed 4 expellers for cottonseed crushing.

Recent Results
For the year ended 31st March 2014,Balaji Cotton Industries
reported an operating income of INR51.75 crore and profit after
tax of INR0.27 crore.


CONSORTIUM AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR80M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Consortium Automobiles
Pvt Ltd (CAPL) continue to reflect CAPL's weak financial risk
profile, marked by a small net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, and modest debt
protection metrics. This rating weakness is partially offset by
the company's established relationship with Tata Motors Ltd (TML;
rated 'CRISIL AA/Stable/CRISIL A1+') and the extensive experience
of its promoters as an automobile dealer in Odisha.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             65       CRISIL B+/Stable (Reaffirmed)
   Channel Financing       80       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan          8       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the medium
term from its stable relationship with TML. The outlook may be
revised to 'Positive' if the company's revenue or profitability
improves, or if it receives substantial equity infusion, leading
to a better capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if CAPL's scale of operations
and profitability decline further, and its inventory increases due
to persistent sluggishness in demand, thus weakening its financial
risk profile, particularly its liquidity.

Update
In 2013-14 (refers to the financial year, April 1 to March 31),
CAPL's revenue was flat at INR1.2 billion, vis-a-vis INR1.3
billion in 2012-13; the company's operating margin declined to 2.5
per cent from 2.6 per cent in the previous year. The commercial
vehicle industry in India has faced persistent sluggishness in
demand in 2013-14 due to increase in customers' acquisition costs,
induced by a weak economic environment. CAPL reported steady
performance in the first half of 2014-15, with revenue of around
INR500 million. However, the company's sales growth and
profitability, with sustained stringent control on its working
capital cycle, amid the weak prevalent economic environment, will
remain key rating sensitivity factors.

CAPL had a small net worth of INR53.9 million and a high TOLTNW
ratio of 4.31 times as on March 31, 2014, thus restricting its
financial flexibility. The company's debt protection metrics
remained modest, with interest coverage ratio of 1.5 times and net
cash accruals to total debt ratio of 5 per cent in 2013-14, due to
low profitability and high reliance on external funds for meeting
its working capital requirements. CAPL's bank limits have remained
utilised at an average of 75 per cent over the 12 months through
September 2014.

For 2013-14, CAPL reported a net profit of INR1.63 million on net
sales of INR1.2 billion, vis-a -vis a net profit of INR4.3 million
on net sales of INR1.3 billion for 2012-13.

CAPL was incorporated in Odisha in 2004. The company, founded by
Mr. Vishal Dhawan, is an authorised dealer of TML's commercial
vehicles.


CRACKERS INDIA: ICRA Assigns D Rating to INR49cr Term Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR49.0 crore term loan
facility of Crackers India Infrastructure Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              49          [ICRA]D Assigned

The rating primarily takes into consideration the irregularity in
the timely servicing of the interest repayment of the term loan.
The rating also takes into account the weak financial profile of
the company as reflected by negative cash accruals and depressed
coverage indicators owing to declining profitability margin and
increasing debt burden of the company. ICRA also notes the small
scale of operation of the company at present and the decline in
occupancy level in the hotel segment of the company, coupled with
stiff competition from organised and unorganised players, which
might put pressure on the operating performance of the hotel. ICRA
also takes cognizance of the delay in the project implementation
of the upcoming hotel at Bhubaneswar which exposes it to project
risk. The rating takes into consideration the reasonable
experience of CIIL's promoters in the hospitality segment and
demonstrated ability of the promoters to support CIIL as reflected
by regular equity infusion.

CIIL was incorporated in 1999 and started its operation as a
diversified company with presence in the retail and the hotel
industry. However, over the period of time, the company shifted
its focus of business interest to the hotel industry and currently
has two hotels, The World Business Hotel (TWBH) and The World
Backwaters (TWB), with total room inventory of 65 guest rooms and
four banquet halls. TWBH and TWB are located in Barbil, Odisha,
and Allepey, Kerala, respectively. However, TWB has been leased it
to Ilona Hospitalities Pvt. Ltd. (IHPL) on a fixed rent basis.

Recent Results
CIIL reported a net loss of INR2.98 crore during FY14 on an OI of
INR6.35 crore as against a net profit of INR2.00 crore and an OI
of INR24.86 crore during FY13.


DATTA AGRO: CARE Cuts Rating on INR25cr ST Bank Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Datta Agro Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    13.28       CARE D Revised from
                                            CARE BB
   Short-term Bank Facilities   25          CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Datta Agro Services Private Limited (DASPL) primarily factors in
the weak liquidity position marked by overdrawing in cash credit
account due to devolvement of Letter of Credit (LC) on account of
non-realization of payments from government departments.

Establishing a track record of timely serving of debt obligations
with an improvement in the liquidity position is the key rating
sensitivity.

Jalgaon based DASPL was promoted by Mr Mahendra Patil for
manufacturing of Single Super Phosphate (SSP) fertilizer in
2007. DASPL's manufacturing plant is located in the Jalgaon
district of Maharashtra having an installed capacity of
132,000 Metric Tonnes Per Annam as on March 2012. The company
started manufacturing operations from September 2011 and markets
its product under the brand name "Satpuda".

As per the audited results of FY14 (refers to the period April 1
to March 31), DASPL reported PAT of INR3.54 crore on a TOI of
INR77.38 crore as against the TOI of INR69.05 crore and PAT of
INR3.11 crore. As per the provisional results for 8MFY15, DASPL
registered the turnover of INR28.74 crore.


DEVDEEP COTTON: ICRA Reaffirms B+ Rating on INR14cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR14.00 crore cash
credit facility of Devdeep Cotton Industries.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based-Cash Credit    14.00        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in Devdeep Cotton
Industries' (DCI) modest scale of operations and financial profile
characterised by thin profitability, low debt coverage indicators
and elevated gearing due to reliance on external borrowings. ICRA
also takes note of the highly competitive and fragmented industry
structure with the limited value additive nature of operations
which leads to pressure on profitability. The rating further
incorporates the vulnerability of margins to adverse movements in
raw material prices. This in turn is linked to the seasonal nature
of the cotton industry and government regulations on MSP and
export. The rating is also constrained by recent low cotton prices
due to reduced imports from China and sluggish demand from
spinning mills against anticipated high production. Also, being a
partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.

The rating, however, positively considers the long experience of
the partners in the cotton industry as well as the favorable
location of the firm, giving it easy access to high quality raw
cotton. The rating also considers the increased operating income
in FY14 driven by increased volume and realization.

Devdeep Cotton Industries was established in 2005 as a partnership
firm and is engaged in the ginning and pressing of raw cotton. It
is owned and managed by Mr. Nilesh Patel, Mr. Hitesh Aghera and
Mr. Dharmesh Dadhania amongst other partners. The manufacturing
unit is located in Hadamtala, Rajkot, Gujarat. It has 39 ginning
machines and one pressing machine with an installed capacity of
producing 350 cotton bales per day (24 hours operation).

Recent Results
In FY14, the firm reported an operating income of INR90.16 crore
and net profit of INR0.20 crore against an operating income of
INR80.25 crore and net profit of INR0.18 crore in FY13.


DEVENDRA EXPORTS: CRISIL Assigns B+ Rating to INR30.2MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Devendra Exports Pvt Ltd (DEPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility      30.2        CRISIL B+/Stable
   Letter of Credit         7          CRISIL A4
   Export Packing Credi     7          CRISIL B+/Stable
   Export Bill Negotiation  7          CRISIL A4
   Bank Guarantee           4          CRISIL A4
   Drop Line Overdraft
   Facility                14.8        CRISIL B+/Stable

The ratings reflect DEPL's modest scale of operations, the
susceptibility of its margins to fluctuations in raw material
prices, and its vulnerability to intense competition and
cyclicality inherent in the automotive (auto) components industry.
These rating weaknesses are partially offset by DEPL's above-
average financial risk profile, marked by healthy gearing and debt
protection metrics, and its promoters' experience in the auto
components industry.

Outlook: Stable

CRISIL believes that DEPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations and profitability, leading to
substantial cash accruals, while maintaining its healthy capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the company's revenue and profitability
or deterioration in its working capital management or
implementation of a large debt-funded capital expenditure
programme, weakening its financial risk profile.
Established in 1965 by Mr. K Vasudevan and Mrs. Indira Vasudevan,
DEPL manufactures fuel injection parts such as feed pumps,
primers, piston-cooling parts, hydraulic rods, and fuel injection
pipes, which find application in the auto industry. The company is
the sole distributor of test benchers of Hartridge Ltd and fuel
injection components of Turbo Technics Ltd in India.


EROS RESORTS: ICRA Reaffirms D Rating on INR149.44cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating for the INR165.24 crore (earlier
INR195.18 crore) fund based/non fund based limits and term loans
of Eros Resorts and Hotels Limited (ERHL) at [ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans             149.44       [ICRA]D reaffirmed
   Non-Fund Based Limits   15.80       [ICRA]D reaffirmed

The reaffirmation of the rating takes into account continued
delays in servicing of debt obligations by the company, which
follows from company's stressed liquidity position. The
operational metrics (Average Room Rent (ARR) and Occupancy) of the
hotel properties though have witnessed an improvement, but they
remain weak as ERHL continues to face challenging business
environment with downturn in hospitality industry and competition
from other hotel properties in Delhi-NCR region. This has resulted
in weak cash flow generation against the sizeable debt servicing
commitments. Nevertheless, ICRA takes note that the funding
requirements towards operating losses and debt servicing has been
met by sizeable infusion of funds by the promoters, which is
expected to be required going forward as well. Thus, ICRA would
continue to monitor the debt servicing of the company, fund
infusion by the promoters, and some degree of stabilization of the
operational metrics, to assess the impact on ERHL's credit
profile.

ERHL has been promoted by the erstwhile Eros group, which was a
Delhi-based group promoted by the Sood family and has presence in
real-estate and hospitality businesses in the National Capital
Region (NCR). ERHL along with other major company of the group -
Nehru Place Hotels Limited (which owns Eros Hotel, and a
commercial property named International Trade Tower) are headed by
Mr. Satish Sood. ERHL is a closely-held company with its entire
share capital held by Directors, relatives of directors and group
entities. ERHL owns two premium hotel properties in Mayur Vihar,
Delhi, which have a management contract with Intercontinental
Hotels Group. One property is a four star hotel under the brand
name Holiday Inn (earlier Double Tree by Hilton) which has been
operational since January 2011 and the another is a five-star
hotel property under the brand name Crowne Plaza (earlier Hotel
Hilton) which has been operational since October 2011. In a
restructuring exercise currently underway, the two hotel
properties would be demerged into separate companies.

Recent Results
ERHL reported an operating income of INR72.2 crore and a loss of
INR48.2 crore for FY2014 vis-a-vis operating income of INR66.5
crore and loss of INR65.8 crore for FY2013.


GATI MOTORS: CARE Reaffirms B+ Rating on INR10.71cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Gati Motors Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.71       CARE B+ Re-affirmed

Rating Rationale

The rating continues to be constrained by Gati Motors Pvt Ltd's
(GMPL) moderate scale of operations coupled with weak financial
risk profile marked by highly leveraged capital structure, weak
debt service coverage indicators and stretched liquidity position
owing to high working capital intensity of its operations. The
rating also factor in its limited bargaining power of the company
with the principal manufacturer, increasing competition in the
automobile dealership space and the dependence on volume momentum.

The rating, however, continues to draw comfort from the
longstanding experience of the promoters in the automobile
dealership business and its positioning as an authorized dealer
for LCV/ICV of TATA Motors for Birbhum and Burdwan district of
West Bengal.

Going forward, the ability of the company to grow its scale of
operations with simultaneous improvement in capital structure and
effective working capital management would be the key rating
consideration.

Gati Motors Pvt. Ltd (GMPL) was incorporated in September, 2007 by
the Late MR Ajit Kumar Banerjee and his son Mr Partha Priya
Banerjee belonging to Durgapur, West Bengal. The company is an
authorised dealer for Light & Intermediate Commercial Vehicles
(LCV/ICV) of TATA Motors Limited (TML) for Birbhum and Burdwan
district of West Bengal. The company started its commercial
operations in April, 2008 after getting letter of commencement
from TML. It offers LCV/ICVs of TML (e.g. Magic, Ace, 207DI,
Winger, TATA 407, TATA 709, TATA 1109, etc.) through its showroom
equipped with 3-S facilities (sales, service and spare-parts) at
Durgapur and Burdwan city along with six selling outlets in the
adjoining areas to cover the designated area.

In FY14 (refers to the period April 1 to March 31), the company
has reported a total operating income of INR65.6 crore (INR72.1
crore in FY13) and PAT INR0.4 crore (INR0.3 crore in FY13). Till
November 2014, the management has maintained to have achieved a
turnover of INR27.65 crore.


GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR20.00 crore cash credit facility of Gaurishanker Bihani.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit Facility     20.00        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account GSB's low operating
profitability on account of the trading nature of the business,
which leads to nominal profits and cash accruals. The rating also
factors in the working capital intensity of the business due to
stretched receivables which adversely impacts the liquidity
profile of the firm and also the fact that the firm has to make
cash payment for purchases from TSL and in turn extend credit
period to its customers, which has led to increasing working
capital debt to support the growth in business. High working
capital debt, coupled with nominal accretion, results in high
gearing levels and depressed debt coverage indicators for the
firm. The rating also takes into account the risk associated with
the entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners. The rating, however,
favourably factors in the experience of the promoters in the
trading business and the firm's established relationship with TSL,
the firm being an exclusive project distributor for TSL's "TISCON"
brand in West Bengal.

Gaurishanker Bihani was incorporated in the year 1936 as a
proprietorship firm by late Mr. Gaurishanker Bihani and in 1974,
it was reconstituted as a partnership firm. Based at Kolkata, West
Bengal, GSB is an exclusive project distributor for Tata Steel's
"TISCON" TMT bars in West Bengal (WB) and an authorized dealer of
TSL's HR flat products.

Recent Results
The firm reported an operating income (OI) of INR163.46 crore and
a PAT of INR0.27 crore during FY14 as compared to an OI of
INR178.04 crore and a PAT of INR0.50 crore during FY13.


JAIN TIMBER: ICRA Suspends B Rating on INR2.25cr Long Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR2.25 crore long term fund based limits of Jain Timber Co. Pvt.
Ltd. ICRA has also suspended the short term rating of [ICRA]A4
assigned to INR5.00 crore non fund based limits of Jain Timber Co.
Pvt. Ltd (JTCPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JET AIRWAYS: Goyal Pledges Entire 51% to Punjab National Bank
-------------------------------------------------------------
The Economic Times reports that Jet Airways main promoter and
chairman Naresh Goyal has pledged his entire shareholding in the
carrier of 51 per cent, valued at over INR2,600 crore, to state-
run Punjab National Bank.

ET relates that the airline, in a regulatory filing on Jan. 14,
said Goyal has pledged his entire 57,933,665 shares constituting
51 percent holding in the airline effective January 8 to PNB with
a "non-disposal undertaking".

The reason for pledging of shares was not disclosed, ET says. UAE
based Etihad holds 24 per cent stake in Jet as a strategic partner
while the remaining shares are owned by institutional and retail
investors, Economic Times discloses.

The carrier, whose share price soared by over 5 per cent to
INR464.25 apiece on Jan. 14, has a total market value of INR5,274
crore, the report says.

According to ET, the loss-making airline is saddled with a debt of
INR9,794 crore as of the September quarter, down 7 per cent from
INR10,576 crore as of March 2014. This has helped it cut its
interest burden 15 per cent to INR212.27 crore during the second
quarter of the fiscal, the report said.

The airline has not stated how much money it has borrowed from PNB
nor could be reached for comments. The bank also could not be
reached for comments immediately, ET notes.

Jet Airways (along with Jet Lite (India) Limited - its wholly-
owned subsidiary) currently provides scheduled services to around
56 destinations in India and 20 international destinations. The
Company's fleet stands at 113 aircraft as on March 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2014, ICRA upgraded the long-term rating assigned to the
INR3,210.0 crore, long-term, fund-based bank facilities of Jet
Airways (India) Limited to [ICRA]C from [ICRA]D. ICRA has also
upgraded the short-term rating assigned to the INR4,250.0 crore,
short-term, fund-based/ non-fund based bank facilities of Jet
Airways to [ICRA]A4 from [ICRA]D.

The ratings upgrade reflects the regularisation of debt servicing
obligations by the Company for the last three months, as confirmed
by the lead banks and the management. As indicated by the
management, the delays in receipt of equity infusion from Etihad
Airways PJSC on the back of delays in receipt of regulatory
approvals, in an already weak operating environment, had impacted
the liquidity profile of the Company, resulting in delays in debt
servicing in the past. Improvement in the ratings from current
levels would depend on a sustainable improvement in liquidity and
credit profile of the Company, which may arise from improved
operating performance or support from its strategic partner.


K-PACK SYSTEMS: ICRA Assigns B+ Rating to INR1cr FB Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.0
crore fund based facilities of K-Pack Systems Private Ltd.  ICRA
has also assigned a short term rating of [ICRA]A4 to the INR4.0
crore non-fund based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           1.0         [ICRA]B+ assigned

   Short Term Non
   Fund Based Limits      4.0         [ICRA]A4 Assigned

The assigned ratings are constrained by the modest scale of
operations coupled with thin profitability levels, which are also
susceptible to adverse currency movements and raw material prices.
The ratings further reflect the stretched cash conversion cycle
due to procedural delays in clearance and realization of payments,
attributable to the nature of project execution business,
resulting in high receivable days. The ratings assigned also
reflect the sizable proportion of non-fund based limits in
relation to fund based limits. Late realization of dues from
customer may result in stretched liquidity. Also, any devolvement
can make the account irregular due to inadequate fund based
limits.

The ratings, however, positively factor in the long track record
of the company in project implementation, design and manufacturing
of waste water treatment systems, established brand with reputed
customers, and healthy demand prospects as reflected by decent
order-book position, to be executed in the short term. The ratings
also take comfort from the comfortable capital structure and
healthy coverage indicators.

Going forward, timely execution of the current order-book,
management of working capital with increase in scale of
operations, and realization of payments in a timely manner will be
key rating sensitivities.

In 1987, K-Pack Systems Private Limited was promoted as a water
treatment division of the Zaverchand Group, Baroda (Gujarat) and
in 1991, it was started as the agents for Pielkenrood Vinitex
Holland, the original patent holder of the plate packs technology.
K-Pack Systems Private Limited was incorporated as a private
limited company in 1992 with Mr. Ritwik Shah and Ms. Pratima
Chipalkatti as the Managing Director and the Director of the
company respectively. The company has three offices in Bangalore,
Baroda and Mumbai. The Bangalore, Karnataka office has a total
area of 20,000 sq. ft., out of which the factory is established on
10, 000 sq. ft. area while the administrative office is built on
2,000 sq. ft. area.

The company manufactures water treatment plants and equipment. The
company exports approximately 25% of the total revenue, and hedges
against the foreign exchange risk on selective basis. The company
is ISO 9001-2008 certified by TšV Rhineland India Private Limited.
The company manufactures generalized plant equipment for water
treatment projects; however, the company manufactures tailor made
machines as well for specific projects.


LANCO AMARKANTAK: CRISIL Suspends D Rating on INR79.04BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lanco
Amarkantak Power Ltd (LAPL; formerly known as Lanco Power Ltd).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          340         CRISIL D
   Bank Guarantee          680         CRISIL D
   Cash Credit           1,660         CRISIL D
   Letter of Credit        340         CRISIL D
   Long Term Loan       79,047         CRISIL D
   Proposed Long Term
   Bank Loan Facility        6         CRISIL D

The suspension of ratings is on account of non-cooperation by LAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LAPL is yet to
provide adequate information to enable CRISIL to assess LAPL'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'.

LAPL is a Chhattisgarh-based independent power producer. The
company's first two units, with a combined capacity of 600 MW, are
currently operational. The additional upcoming four units, with a
planned combined capacity of 2640 MW, are under construction and
are expected to commence operations in a phased manner; two of the
four upcoming units are expected to be commissioned in 2013-14
(refers to financial year, April 1 to March 31) and financial
closure for the other two upcoming units has not been achieved
entirely.


LANCO BUDHIL: CRISIL Suspends D Rating on INR3.35BB LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lanco
Budhil Hydro Power Pvt Ltd (Lanco Budhil).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan         3,350        CRISIL D

The suspension of ratings is on account of non-cooperation by
Lanco Budhil with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Lanco
Budhil is yet to provide adequate information to enable CRISIL to
assess Lanco Budhil'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'

Lanco Budhil was incorporated in 2002. The company is operating a
70-megawatt hydroelectric power project across the Budhil nullah,
which is a major tributary of the River Ravi. The project site is
in the Chamba district of Himachal Pradesh. The project started
operations in June 2012, after a delay of about 40 months. This
has resulted in an increase in the project cost to INR 6.9
billion, an increase of 65 per cent over its budgeted cost. LITL
has funded the cost overrun by unsecured loans.


LANCO DEVIHALLI: CRISIL Suspends D Rating on INR2.61BB LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lanco
Devihalli Highways Ltd (Lanco Devihalli).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan          2,610       CRISIL D

The suspension of ratings is on account of non-cooperation by
Lanco Devihalli with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Lanco
Devihalli is yet to provide adequate information to enable CRISIL
to assess Lanco Devihalli'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'

Lanco Devihalli is a special purpose vehicle promoted by the Lanco
group, to bid for the Nelamangala'Devihalli toll road project.
National Highway Authority of India (NHAI) has awarded Lanco
Devihalli with the contract to design, construct, develop,
finance, operate, and maintain the 81.8-kilometre stretch of
National Highway 48. Lanco Infratech Ltd (rated 'CRISIL D') owns
26.10 per cent of Lanco Devihalli, while investment companies of
the promoter group hold the remaining equity in Lanco Devihalli.


LANCO HOSKOTE: CRISIL Suspends D Rating on INR3.56BB LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lanco
Hoskote Highway Ltd (Lanco Hoskote).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan         3,568        CRISIL D

The suspension of ratings is on account of non-cooperation by
Lanco Hoskote with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Lanco
Hoskote is yet to provide adequate information to enable CRISIL to
assess Lanco Hoskote'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'

Lanco Hoskote is a special-purpose vehicle (SPV) promoted by the
Lanco group to bid for the Bengaluru'Mulbagal toll road project.
NHAI has awarded Lanco Hoskote with the contract to design,
construct, develop, finance, operate, and maintain the 80.3-
kilometre Bengaluru-Mulbagal stretch of National Highway 4. LITL
holds a 26.42 per cent stake in the SPV, while investment
companies of the promoter group hold the remaining equity.


LANCO TEESTA: CRISIL Suspends D Rating on INR24BB LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Lanco
Teesta Hydro Power Pvt Ltd (Lanco Teesta).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan         24,000       CRISIL D

The suspension of rating is on account of non-cooperation by Lanco
Teesta with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Lanco Teesta is
yet to provide adequate information to enable CRISIL to assess
Lanco Teesta'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'.

Lanco Teesta was incorporated in 2000. The company is implementing
a 500 megawatt-(MW; 4x125 MW) hydroelectric  project, Teesta VI,
on the Teesta River in Sikkim. Lanco Teesta has signed into a 25-
year PPA with MSEDCL for sale of electricity at a tariff of INR
2.32 per unit. The plant was expected to be operational in
November 2012 but the execution has been delayed. The revised cost
of project is INR 30.97 billion, against the initial estimate of
INR30 billion; the cost overrun is being funded by LITL. The
project is being funded by debt of INR24 billion and by equity.


LOK RAJ: ICRA Cuts Rating on INR25.45cr Fund Based Loan to 'D'
--------------------------------------------------------------
ICRA has revised its long term rating on the INR25.45 crore
(enhanced from INR18.00 crore) fund based limits of Lok Raj Saini
Infra-Tech Private Limited (LRPL) to [ICRA]D from [ICRA]B+. ICRA
has also revised the short term rating assigned to the INR5.21
crore (reduced from INR7.00 crore) non fund based limits to
[ICRA]D from [ICRA]A4. The earlier suspension of August 2014
stands revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-Based Limits       25.45       Downgraded to [ICRA]D
   Non-Fund Based Limit     5.21       Downgraded to [ICRA]D

The rating revision is driven by delays in debt servicing by LRPL.
This was on account of the company's stretched liquidity position,
as execution of its major orders was stopped in H1, FY15, and the
company could not realize the payments for the executed work,
which resulted in an elongated working capital cycle and
consistent overdrawal of working capital limits. ICRA however
notes that execution of these orders has now resumed and
subsequently the account has been restructured. The company has an
outstanding order book of INR44.46 crore (order book/operating
income of 1.76 times) resulting in revenue visibility over the
near term.

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

Incorporated in May 2010, LRPL is a Mandi, Himachal Pradesh based
company engaged in civil construction, largely roads, for
government entities in the region. LRPL is registered as a 'Class
A' contractor with the Himachal Pradesh Public Works Department.
Besides road construction, the company also undertakes projects
such as construction of bus stands, installation of telecom
systems, cable work and earthing.

LRPL is closely held by Mr. Lok Raj Saini, who was earlier
undertaking construction operations under the partnership entity
Lok Raj Saini Constructions (LRSC). While the bank facilities have
been transferred from LRSC to LRPL in FY13, operations are
gradually being shifted to LRPL.

Recent Results
LRPL earned a profit after tax (PAT) of INR0.2 crore on an
operating income (OI) of INR25.2 crore in FY14, as compared to a
PAT of INR0.4 crore on an OI of INR32.6 crore in the previous
year.


M. IMPEX: CRISIL Suspends B+ Rating on INR64MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. Impex (MI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              64         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       11         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MI is yet to
provide adequate information to enable CRISIL to assess MI'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 2003 by Mr. Jagdish Ahuja, MI is engaged in
trading of dry fruits-primarily walnuts in the domestic market.
The firm is based out of New Delhi.


M S AHUJA: ICRA Assigns B Rating to INR5cr Term Loan
----------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR8.50 crore bank
facilities of M S Ahuja Agro Foods Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.50        [ICRA]B; assigned
   Term Loan             5.00        [ICRA]B; assigned

The assigned ratings are constrained by the start-up nature of the
company and its high reliance on debt (including promoter loans)
for funding the initial project cost (debt to equity ratio of 1.86
times). The company's debt servicing ability remains vulnerable to
slower than expected ramp up of production/sales given that the
term loan repayments would commence from March 2015. The ratings
are also constrained by the modest size of the company's envisaged
operations; vulnerability of the company's profitability to
adverse fluctuations in raw material costs which are subject to
seasonality and crop harvest and the highly competitive nature of
the industry with the presence of a large number of unorganized
players.

The ratings, however, derive comfort from the experience of the
promoters in the agricultural industry; the location advantage of
being situated in Punjab with easy availability of paddy and
favorable demand prospects for rice with India being the second
largest producer and consumer of rice. Going forward, the ability
of the company to ramp up operations profitably, achieve
satisfactory capacity utilisation and sales volumes and manage
liquidity will be the key rating sensitivities.

MSAAF was incorporated in May 2013 to engage in the milling &
sorting of rice to produce raw and parboiled rice at its plant
located in Muktsar, Punjab with a milling capacity of 5 metric
tonnes of paddy per hour (MTPH) and sorting capacity of 4 MTPH.
The company is promoted by Ahuja family, who have been engaged in
the rice milling and sorting business through another associate
firm namely Shri Gobind Enterprises (SGE) which is engaged in the
similar line of business since 2012. SGE also has a milling
capacity of 5 MTPH of paddy and sorting capacity of 4 MTPH of
rice. The promoters of the company have been engaged in the agri
inputs business for the last five decades acting as commission
agents (for wheat, paddy, cotton etc) for the farmers in the near-
by areas. The company did not face any time or cost over runs and
commenced commercial production in November 2014.


MAGMA METTCAST: ICRA Reaffirms D Rating on INR17cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]D on the INR17.00 crore
fund based bank limits of Eastman Mettcast Limited (EML, earlier
known as Magma Mettcast Limited). The rating suspension of April,
2014 has been revoked.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           17.00        [ICRA]D; Reaffirmed

The rating reaffirmation takes into account the ongoing delays in
debt servicing by the company due to its stretched liquidity
position. The rating also takes into account the limited scale of
operations of the company, resulting in modest economies of scale,
which coupled with high competition in the industry and high
interest burden has resulted in net losses and weak debt coverage
indicators. ICRA also notes that the company's capital structure
is highly leveraged owing to funding of incremental working
capital requirements through bank borrowings. Further, the
profitability of the company is vulnerable to steel price
movements, given that the raw material procurement for the company
is not order backed.

However, ICRA takes into account the extensive experience of the
promoters in the steel industry and the company's established
relationships with reputed auto ancillary companies, which results
in repeat orders. Further, recent capital expenditure incurred for
setting up the machining plant is expected to improve the
company's profitability going forward.

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

EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited and
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries, at its
manufacturing facility located in Hambran, Ludhiana, Punjab. In
December 2013, the company was taken over by Mr. Subhash Goel and
his family and currently both the families are jointly managing
the operations of the company.

Recent Results
The company reported a net loss of INR1.61 crore on an operating
income of INR45.76 crore in FY2014 as against a net loss of
INR3.01 crore on an operating income of INR67.23 crore in the
previous year.


MANTENA INFRATECH: CARE Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Mantena Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B+ Reaffirmed

Rating Rationale

The rating is constrained by the limited track record of operation
with relatively small size of the company, concentrated order book
position, leveraged capital structure with weak debt coverage
indicators and extended operating cycle with unbridged working
capital gap resulting in high dependence on bank borrowings. The
rating also factors in increased scale of operation, profit level
and PBILDT margin during FY14 (refers to the period April 1 to
March 31).

The rating continues to be underpinned by the satisfactory
experience of the promoters and track record in the industry. The
ability of the company to increase and diversify the order book
with subsequent improvement in the scale of operation and recover
contract proceeds in a timely manner are the key rating
sensitivities.

Mantena Infratech P Ltd (MIPL), incorporated in 2010, has been
promoted by Mr Mantena Srinivas Raju and his wife Mrs Mantena
Srujana. Later during FY12, the management of the company was
taken over by Mr PBSVS Raju (Managing Director), a family member.
MIPL commenced business from December 2011 and is engaged in the
execution of civil construction work for irrigation projects in
Madhya Pradesh.

For FY14 (refers to the period April 01 to March 31), MIPL
achieved a total income of INR34.44 crore (FY13: INR12.79) and
PAT of INR1.35 crore (FY13: INR0.62 crore). The company achieved
gross billing of INR16 crore during 8MFY15 (refers to the period
April 1 to November 30). MIPL had an order book of INR212.52 crore
as on November 30, 2014.


MITTER FASTENERS: ICRA Reaffirms B+ Rating on INR17.51cr FB Loan
----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR17.51 crore fund
based bank limits of Mitter Fasteners. ICRA has also reaffirmed
its [ICRA]A4 rating on the INR1.70 crore non-fund based bank
facilities of the firm.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      17.51       [ICRA]B+ reaffirmed
   Non Fund Based Limits   1.70       [ICRA]A4 reaffirmed

ICRA's ratings continue to be constrained by the firm's leveraged
capital structure as reflected in its gearing of 3.7 times as on
March 31, 2014 and modest debt protection metrics, with net cash
accruals/ total debt of 12.3% and interest coverage of 2.3 times.
In addition, the ratings also factor in the relatively high
operating risks in Mitter Fastener's core business of
manufacturing fasteners due to low value additive nature of its
operations, high competitive intensity arising out of low entry
barriers and vulnerability of profitability to adverse steel price
movements. ICRA also take note of the risks inherent in a
proprietorship firm such as limited ability to raise equity
capital, risk of dissolution etc. The ratings, however, positively
factor in the extensive track record of the firm's management,
with more than two decades of experience in the business, and its
diversified client portfolio which includes various well known
original equipment manufacturers (OEMs).

Established in 1982, Mitter Fasteners, a proprietorship firm,
promoted by Mr. Mukesh Sahani and his family members, manufactures
fasteners and other fabricated items, which include cold forged
products, sheet metal components, and machined products. It
supplies its products directly to various reputed OEMs and
ancillary units. The firm operates from its manufacturing
facilities located in Ludhiana (Punjab), Rudrapur (Uttarakhand)
and Lucknow (Uttar Pradesh).

Recent Results
In 2013-14, the firm reported an operating income of INR69.8 crore
and profit before tax of INR1.7 crore as against an operating
income of INR68.0 crore and profit before tax of INR1.6 crore in
the previous year.


MOHAMMED KHAN: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Mohammed Khan Jewellers
Private Limited (MKJPL) continues to reflect MKJPL's modest scale
of operations in the intensely competitive jewellery retail
industry, high degree of geographic concentration in its revenue
profile, and its large working capital requirements to fund its
inventory.

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

The rating of the company also factors in its average financial
risk profile marked by its moderate net-worth, high total outside
liabilities to tangible net-worth ratio, and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
jewellery retail business, and its established brand equity.

Outlook: Stable

CRISIL believes that MKJPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established brand name. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in the
company's scale of operations, while it maintains its
profitability margins, or the company operates with lower
inventory levels on a sustained basis. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in the
company's profitability margins, or significant deterioration in
its capital structure caused most likely by a stretch in its
working capital cycle.

MKJPL was set up in 1991 as a partnership company by Mr.
Niyamathulla Khan and his family members; it was reconstituted as
a private limited company in 2005. The company retails plain gold
and diamond-studded gold jewellery. MKJPL has four retail
showrooms in Hyderabad, Telangana.


NITHIN TEXTILES: CRISIL Reaffirms B+ Rating on INR255.4MM Loan
--------------------------------------------------------------
The ratings continue to reflect Nithin Textiles Private Limited
(Nithin's) weak financial risk profile, marked by high gearing and
below-average debt protection metrics, and its susceptibility to
volatility in raw material prices and to power shortage. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the textile
business.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           35      CRISIL A4 (Reaffirmed)
   Cash Credit             200      CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase    30      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          255.4    CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        3.1    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Nithin will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports sustained increase in its cash accruals, thus leading to
steady improvement in its liquidity and capital structure.
Conversely, the outlook may be revised to 'Negative' if Nithin
undertakes a larger-than-expected debt-funded capital expenditure
programme, or its revenues and cash accruals decline, leading to
deterioration in its financial risk profile.

Update
Nithin reported operating revenue of INR1.32 billion for 2013-14
(refers to financial year, April 1 to March 31), up 44 per cent
year-on-year. Its operating margin is 10.1 per cent in 2013-14.
CRISIL believes that Nithin's revenue will show modest growth over
the medium term. The profitability levels are expected to remain
at similar levels over the medium term as the cotton-cotton-yarn
spreads continue to remain weak.

Nithin's financial risk profile is below average, marked by high
gearing and average debt protection metrics. The gearing is
negative as on March 31, 2014, and is expected to moderate over
the medium termwith accretion to reserves. The company's net cash
accruals to total debt and interest coverage ratios were 18 per
cent and 1.16 times, respectively, for 2013-14. Nithin's financial
risk profile is expected to improve over the medium term with
steady accretion to reserves.

Nithin has moderate liquidity, marked by moderate bank limit
utilisation, averaging 84 per cent over the 12 months through
October 2014. Nithin is likely to generate annual net cash
accruals of around INR80 million to INR109 million per annum
against term loan obligations of INR30 million per annum over the
medium term. CRISIL believes that Nithin's liquidity will remain
moderate over the medium term backed by stable cash accruals and
absence of debt-funded capex plans.

Set up in 2006 by Mr. K Jaikumar and his wife, Mrs. J. Vanitha,
NTPL commenced commercial operations in 2008. The company is
engaged in spinning of cotton yarn at its unit in Dindigul (Tamil
Nadu).


NRU SPINNING: CRISIL Reaffirms B- Rating on INR48.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of NRU Spinning Mills Limited (NRU), while reaffirming
its rating on the company's long-term bank facilities at CRISIL B-
/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           48.5      CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        38.8      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       8.5      CRISIL A4 (Assigned)

The ratings continue to reflect NRU's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and its modest scale of operations in the
highly fragmented textile yarn industry. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the textile industry.
Outlook: Stable

CRISIL believes that NRU will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase substantially, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if NRU undertakes a large debt-funded capital
expenditure programme, or if its revenue and profitability decline
considerably, leading to weakening of its financial risk profile.

Update
NRU reported a moderate operating income of INR178 million for
2013-14 (refers to financial year, April 1 to March 31), supported
by healthy demand for its product and its established customer
relationships. The company's operating profitability was at 11.7
per cent and cash accruals were INR8 million in 2013-14. NRU's
business risk profile is, however, expected to remain constrained
over the medium term due to its modest scale of operations.

NRU has a weak financial risk profile, marked by a small net worth
of INR9.2 million and high gearing of 11.43 times as on March 31,
2014; its debt protection metrics were weak, with net cash
accruals to total debt ratio at 0.08 times and interest coverage
ratio at 1.51 times in 2013-14. The company's financial risk
profile is expected to remain weak over the medium term,
commensurate with its accretion to reserves.

NRU's liquidity is weak, marked by tightly matched accruals and
high bank limit utilisation. The company has large working capital
requirements as indicated by gross current assets of 136 days as
on March 31, 2014. Hence, it extensively utilised its bank limits.
However, it had prepaid its loan instalments until November 2014
in 2013-14, supported by funds from promoters in the form of
unsecured loans and proceeds from sale of assets. NRU's liquidity
is expected to remain weak over the medium term, with tightly
matched cash accruals against debt repayment obligations, and
working-capital-intensive operations.

Set up in 1995, NRU manufactures cotton yarn. The company is
promoted by Mr. Devadass and his family members.


PATCHALA SPINTEX: CRISIL Reaffirms B+ Rating on INR702.3MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Patchala
Spintex Pvt Ltd (PSPL) continues to reflect PSPL's below-average
financial risk profile marked by high gearing and weak debt
protection metrics. The rating also factors in PSPL's exposure to
risks related to project implementation and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of PSPL's promoters
in the cotton industry and their need-based funding support to the
company.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           160        CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     8        CRISIL A4 (Reaffirmed)
   Term Loan             702.3      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability, leading to
improvement in its financial risk profile. Conversely the outlook
may be revised to 'Negative' if PSPL's financial risk profile
weakens, most likely because of large working capital requirements
or substantial debt-funded capital expenditure (capex) or any time
or cost overrun in its ongoing project.

Update
PSPL reported operating income of INR934.8 million for 2013-14
(refers to financial year, April 1 to March 31) vis-a-vis INR491.7
million for 2012-13. The healthy growth was on account of healthy
increase in capacity utilisation and increase in trading sales.
The company's operating margins declined to 12.3 per cent in 2013-
14 from 18.9 per cent in 2012-13 on account of lower margins in
trading sales. PSPL is executing a capacity expansion project
which will double its capacities over the medium term; the capex
would involve a total outlay of INR588 million which would be
funded through debt to the extent of 68 per cent. CRISIL believes
PSPL's revenue will grow at a healthy rate over the medium term
aided by increased capacities.

PSPL's financial risk profile is below average, marked by high
gearing of 2.57 times as on March 31, 2014. Its debt protection
metrics are below average, with net cash accruals to total debt
ratio of around 9 per cent and interest coverage ratio of 1.80
times for 2013-14. The company had a moderate net worth of
INR185.7 million as on March 31, 2014. Because of debt-funded
capex, PSPL's gearing is expected to deteriorate over the medium
term. CRISIL believes that PSPL's financial risk profile will
remain below average over the medium term on account of high
gearing and weak debt protection metrics.

PSPL's liquidity is below average with cash accruals expected to
tightly match debt obligations. Its month-end bank limit
utilisation for the 12 months through June 2014 was high, at 97.5
per cent. CRISIL believes that PSPL's liquidity will remain
stretched over the medium term because of its working-capital-
intensive operations and large debt-funded capex.
Set up in 2010 by Mr. Chalapathi Rao and his family, PSPL
undertakes cotton yarn spinning.


PEGMA RESOURCES: CARE Reaffirms B Rating on INR14.62cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pegma Resources Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.62      CARE B Reaffirmed

Rating Rationale

The rating of Pegma Resources Private Limited (PRPL) continues to
remain constrained on account of short track record of operation,
highly leveraged capital structure and working capital intensive
nature of operations coupled with implementation risk associated
with its on-going project which is predominantly debt funded. The
rating, further, constrained on account of the susceptibility of
the company's profitability to fluctuations in the raw material
prices in the highly competitive and fragmented industry.

The rating, however, continues to draw strength from the long
standing experience of PRPL's promoters in the mineral industry
along with stabilization of its green filed project for
manufacturing of Flexible Intermediate Bulk Container (FIBC)
bags.

PRPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices,
along with improvement in its solvency position, efficient
management of working capital and timely completion of the
ongoing up-gradation project are the key rating sensitivities.

Beawar (Rajasthan) based PRPL, incorporated in April 2012, was
promoted by Mr Sachin Nahar, Mr Nitin Nahar, Mr Ankur Sharma and
Ms Ruchika Sharma. PRPL was incorporated with an objective to set
up a greenfield plant for manufacturing of FIBC/jumbo bag at its
sole manufacturing facility located at Beawar (Rajasthan). The
company completed its project and started commercial operations
from May, 2013. The plant was set up at an aggregate cost of
INR12.29 crore, which was funded with a debt equity mix of 1.53:1.
The plant has an installed capacity of 4,320 Metric Tonnes Per
Annum (MTPA).

FIBC/jumbo bags are manufactured from Polypropylene (PP) or
Polyethylene (PE) and find their application in storing and
transporting free flowing dry products like flour, salt, cotton,
rice, seeds and potatoes etc. PRPL caters to domestic market
as well as exports mainly to European countries and procures raw
material from Del Cadre Agents of Reliance Industries
Limited.

During FY14 (refers to the period April 1 to March 31), PRPL has
reported a total operating income of INR13.91 crore with a net
loss of INR0.40 crore.


PLATINUM POLYMERS: ICRA Reaffirms B+ Rating on INR2.75cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 to the INR5.14 crore (reduced from
INR7.00 crore) fund based and non-fund based bank facilities of
Platinum Polymers Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term: Cash Credit     2.75        [ICRA]B+ Re-affirmed
   Long-term: Term Loans      0.80        [ICRA]B+ Re-affirmed
   Short-term: Non-fund
   based                      0.75        [ICRA]A4 Re-affirmed
   Unallocated limits         0.84        [ICRA]B+/[ICRA]A4
                                          Re-affirmed

The rating continues to remain constrained by PPPL's small scale
of operations and its weak financial profile as characterized by
low net profitability margins, highly leveraged capital structure
and moderate debt coverage indicators. The ratings are also
constrained by its high working capital intensity and stretched
liquidity profile as evinced from high utilization of working
capital limits. The rating is further constrained by the
vulnerability of the company's profitability to any adverse
fluctuations in raw material prices, as well as high competitive
pressures, given the fragmented nature of the industry.

The rating, however, favorably reflects the experience of the
promoters and PPPL's established track record for over two decades
in the flexible packaging industry. ICRA also takes into account
the company's diversified and reputed customers base across
various end-user industries.

Incorporated in 2007, Platinum Polymers Pvt. Ltd. (PPPL) is
promoted by Mr. B.P Poshia, Mr. Ashish Desai and Mr. Prem Motwani.
PPPL is engaged in manufacturing flexible packaging material such
as stretch cling film, laminated pouches and bags, air bubble film
and Bi-Axially Oriented Polypropylene (BOPP) woven fabric. The
company has also been involved in the trading of machinery, but
this is undertaken on a smaller scale. PPPL has its manufacturing
facility at Badlapur, near Mumbai.

For FY 2014, the company reported an operating income (OI) of
INR12.38 crore and profit after tax (PAT) of INR0.11 crore, as
against an OI of INR11.17 crore and PAT of INR0.18 crore in FY
2013. For H1 FY 2015, the company reported an OI of ~INR10.0 crore
on a provisional basis.


POOJA WOODS: CRISIL Upgrades Rating on INR60MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pooja Woods India Pvt Ltd (PWIPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4'.

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

   Letter of Credit        240         CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that PWIPL's liquidity
will improve over the medium term, driven by sustained increase in
its cash accruals on the back of moderate revenue growth and
stable operating profitability. The improvement in liquidity will
also be supported by the absence of any large debt-funded capital
expenditure over the medium term. The upgrade also factors in the
expected moderate growth in the company's revenue, continuous
improvement in its working capital cycle, extensive experience of
its promoters in the wood processing industry, and its established
customer base.

The ratings reflect PWIPL's below-average financial risk profile,
marked by high total outside liabilities to tangible net worth
ratio, small net worth, and weak interest coverage ratio. The
ratings also factor in the company's working-capital-intensive
operations and the susceptibility of its operating margin to
volatility in foreign exchange rates. These rating weaknesses are
partially offset by the extensive experience of PWIPL's promoters
in the timber trading business and their funding support to the
company, and its established customer base.

Outlook: Stable

CRISIL believes that PWIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer base. The outlook may be revised to
'Positive' in case of significant improvement in PWIPL's liquidity
driven by sizeable fund infusion by promoters or substantial cash
accruals, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if PWIPL's
profitability declines, adversely impacting its cash accruals, or
if its working capital requirements increase considerably, leading
to deterioration in its financial risk profile.
About the Company

Set up as a proprietorship firm named Pooja Timber Store by Mr.
Sushil Kumar in 1996-97 (refers to financial year, April 1 to
March 31), and reconstituted as a private limited company with the
current name in June 2013, PWIPL processes and trades in timber.

PWIPL reported a book profit of INR2.9 million on net sales of
INR962.9 million for 2013-14, against a book profit of INR1.1
million on net sales of INR713.5 million for 2012-13.


PRADEEP COTTON: CARE Reaffirms B+ Rating on INR9.83cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pradeep Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.83       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Pradeep Cotton Pvt.
Ltd. (PCPL) continues to remain constrained due to low profit
margins as well as cash accruals, moderately leveraged capital
structure and weak debt coverage indicators. The rating further
continues to be constrained by its presence in the lowest segment
of the textile value chain with limited value addition in the
cotton ginning business and seasonality associated with
procurement of raw material resulting into working-capital
intensive nature of operations.

The rating continues to draw strength from the wide experience of
the promoters in the cotton industry and locational advantage in
terms of proximity to the cotton seed growing regions in Madhya
Pradesh. The rating also takes into account marginal growth
reported by PCPL in its total operating income (TOI) during FY14
(refers to the period April 1 to March 31).

The ability of VCI to increase its scale of operations, improving
its profit margins, capital structure and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.

Incorporated in July 2011, Pradeep Cotton Private Limited (PCPL)
is engaged in business of cotton ginning & pressing. The
commercial operations started in December 2011 and FY13 was the
first full year of operations. PCPL is a family owned company with
key promoters being Mr Mohanlal Tayal & Mr Kishore Tayal and both
the directors are actively involved in the overall management of
the company. PCPL supplies cotton bales to spinning mills (through
agents) and cotton seeds to oil extracting units. The company's
entire sales are into the domestic market & the key raw material i
e raw cotton is also sourced from local framers and "mandis"
predominantly on a cash basis.

During FY14, PCPL reported a TOI of INR95.63 crore and PAT of
INR0.34 crore as against TOI of INR90.62 crore and PAT of
INR0.38 crore during FY13.  During 8MFY15, PCPL has achieved a
turnover of INR38 crore and PBT of INR0.30 crore.


R S SPUNTEX: ICRA Reaffirms B+ Rating on INR9cr Long Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR9.0
Crore bank lines of R S Spuntex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-
   Based Facilities       9.00        [ICRA]B+ (Reaffirmed)

Note: While assessing the credit profile of RSPL, ICRA has taken
into account the consolidated financial profile of RSPL and Aarti
Suitings Private Limited (ASPL, rated [ICRA] B+) as RSPL has
strong operational linkages with ASPL, which is promoted by the
same promoter group.

The rating reaffirmation takes into account continued weakness in
operational and financial profile on account of modest scale of
operations in a highly fragmented fabric weaving business. While
ICRA takes a note of healthy growth in turnover during last two
years driven by stabilization of capacity added in FY12, however,
it is noted that profitability metrics continue to remain
moderate. Further, debt funded capital expenditure completed two
years ago and working capital intensive nature of operations on
account of high inventory levels continue to result in high
dependence upon external borrowings, thereby driving weak capital
structure as is reflected in gearing of 2.56 times as on Mar'14.
This levered capital structure coupled with modest profitability
has also been resulting in weak debt coverage indicators as is
reflected in interest coverage of 1.55 times for FY14. Moreover,
the rising labour and power costs coupled with volatility in raw
material prices is expected to keep profitability under pressure,
which in backdrop of sizeable debt servicing burden is expected to
continue to result in weak debt coverage indicators in medium
term. The rating is also constrained on account of stretched
liquidity position as reflected in consistently high working
capital limit utilisation. ICRA however notes the benefits
accruing from favourable location of weaving facility in textile
hub of Bhilwara, Rajasthan and vast experience of the promoters in
textile industry.

The company's ability to improve capacity utilization and
profitability, while prudently managing working capital intensity
of operations will remain key rating sensitivities besides the
extent of debt funded capex undertaken.

RSPL was incorporated in the year 2006 and is primarily engaged in
manufacturing of cotton and polyester blended fabrics for suiting
and shirting. The company has its weaving facility located in
RIICO (Rajasthan Industrial Development and Investment Corporation
Limited), Bhilwara, Rajasthan, wherein 14 Dornier Rapier looms and
16 Air-Jet looms are installed. In FY14, the company reported an
Operating Income (OI) of INR30.42 crore and Operating Profit
before Depreciation, Interest and Taxes (OPBDITA) of INR2.57 crore
against OI of INR24.96 crore and OPBDITA of INR2.36 crore reported
in FY13.


RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR17.5r Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR17.50 crore cash credit facility and INR2.50 crore unallocated
limits of Ramesh Company. The above unallocated limits of INR2.50
crore had also been rated on a short term scale for which the
rating has been reaffirmed at [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Facility    17.50       [ICRA]B+ reaffirmed

   Unallocated              2.50       [ICRA]B+/[ICRA]A4
                                       Reaffirmed

The ratings reaffirmation take into account RC's low operating
profitability on account of the trading nature of the business,
which leads to nominal profits and cash accruals.

The ratings also factor in the working capital intensity of the
business due to stretched receivables which adversely impacts the
liquidity profile of the firm and also the fact that the firm has
to make cash payment for purchases from TSL and in turn extend
credit period to its customers, which has led to high working
capital debt to support the growth in business. High working
capital debt on one hand and low profitability on the other,
results in high gearing levels and depressed debt coverage
indicators for the firm. The ratings also take into account the
risk associated with the entity's profile as a partnership firm,
including the risk of capital withdrawal by the partners. The
ratings, however, favourably factor in the experience of the
promoters in the trading business and the firm's established
relationship with TSL, the firm being a dealer of TSL's HR
products over four decades.

The ratings also derive support from the consistent growth in
turnover of the firm over the last three years.

Based out of Kolkata, West Bengal (WB), Ramesh Company is a
partnership firm and is an authorized dealer of TSL's HR products,
sold under the brand, "Tata Astrum", in WB.

Recent Results
The firm reported an operating income (OI) of INR108.62 crore and
a PAT of INR0.12 crore during FY14 as compared to an OI of
INR92.85 crore and a PAT of INR0.53 crore during FY13.


ROLEX PROCESSORS: CARE Reaffirms B Rating on INR11.71cr LT Loan
---------------------------------------------------------------
CARE reaffirms rating to bank facilities of Rolex Processors
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.71      CARE B Reaffirmed
   Short term Bank Facilities     1.05      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rolex Processors
Private Limited (RPPL) continue to remain constrained on account
of the weak financial risk profile of RPPL marked by thin PAT
margin, highly leveraged capital structure and working capital-
intensive nature of business thereby leading stressed liquidity
position. The ratings are further constrained by RPPL's presence
in the highly competitive textile industry and its limited
presence in the textile value chain.

The ratings, however, continue to take comfort from the vast
experience of the promoters in the textile industry, its long
track record of operations with an established distribution
network and its presence in the textile cluster in the Bhilwara
region.

RPPL's ability to increase in the scale of operations, improvement
in the solvency position and better working capital management are
the key rating sensitivities.

Bhilwara-based (Rajasthan) RPPL, incorporated in October 1998, was
acquired by the Ajay group, based out of Bhilwara, Rajasthan, in
June 2010. The Ajay group, promoted by the Kabra family of
Bhilwara, is engaged in the business of weaving of synthetic
fabrics from polyester yarn since 1987 through its group concerns
which includes Ajay Synthetics Private Limited (ASPL, established
in 1987, rated: 'CARE BB-'), Shubh Fabrics Limited (SFL,
established in 1994, rated: 'CARE BB-'), Ajay India Limited (AIL,
established in 1996, rated: 'CARE BB-/ CARE A4') and Ajay Syntex
Limited (ASL, established in 2006). In FY14 (refers to the period
April 01 to March 31), the group has reported turnover of
INR171.88 crore.

RPPL is engaged in the business of processing and dyeing of
synthetic fabrics on job work basis as well as in the trading of
finished fabrics. The processing facility of the company is
located at Bhilwara district in Rajasthan with an installed
capacity of 384 lakh metric per annum (LMPA) as on March 31, 2014.

As per audited results for FY14, RPPL has reported a total
operating income of INR35.53 crore as against INR32.83 crore
during FY13 and PAT of INR0.27 crore during FY14 as against
INR0.03 crore during FY13.


ROOP TECHNOLOGY: ICRA Suspends B Rating on INR7cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B assigned to the INR7.00 Crore fund
based limits and [ICRA]A4 rating assigned to the INR23.00 Crore
non fund based limits of Roop Technology Pvt. Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


S. S. POLYMERS: ICRA Assigns B Rating to INR6cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
Crore bank limits of S. S. Polymers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.00         [ICRA]B (assigned)
   Unallocated           4.00         [ICRA]B (assigned)

The assigned rating is constrained by SSP's small scale and
limited track record of operations; the high competitive intensity
owing to the trading nature of operations which limits the firm's
profitability and its weak financial risk profile as characterized
by low profitability margins, leveraged capital structure and high
working capital intensity. The rating is further constrained by
the vulnerability of the firm's profitability to any adverse
variations in foreign exchange rates, duty structure and raw
material prices. While assigning the rating, ICRA also takes into
account the risks associated with proprietorship form of business
in terms of continuity, capital infusions and withdrawals.
The rating, however, takes comfort from the past experience of the
promoter in the trading business and the firm's association with
the domestic pipe manufacturers ensures steady order flow.

SSP was established as a proprietorship concern in 2012 with Mr.
Deepak Goyal being the proprietor. The firm is engaged in the
business of trading both virgin and reprocessed plastic granules
i.e. Low-density polyethylene (LDPE) granules. The firm is duly
registered with the department of Trade & Taxes with its corporate
office being located in New Delhi.

Recent Results
As per its unaudited financials for 2013-14, QMAC reported a net
profit of INR0.09 crore on an operating income of INR19.94 crore
against a net profit of INR0.04 crore on an operating income of
INR4.33 crore in the previous year.


SABARI TEXTILES: ICRA Assigns D Rating to INR12.47cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR12.47
crore term loan facilities and the INR3.83 crore fund based
facilities of Sabari Textiles Private Limited. ICRA has also
assigned a short-term rating of [ICRA]D to the INR0.70 crore non
fund based facilities of STPL.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   LT-Term loan facilities        12.47     [ICRA]D Assigned
   LT-Fund based facilities        3.83     [ICRA]D Assigned
   ST-Non fund based facilities    0.70     [ICRA]D Assigned

The assigned ratings reflect the delays in debt servicing by the
Company on account of tight liquidity position and weak financial
profile, characterised by weak profit margin, highly geared
capital structure and stretched coverage indicators, attributable
to the huge accumulated losses over the years leading to net worth
erosion. The performance of the Company had been impacted by the
small scale of operations and intense competition in a highly
fragmented industry, which restricts pricing flexibility and
benefits from scale economies. ICRA takes note of the commencement
of operations in its leased unit at Coimbatore with 12,096
spindles in December 2013. While the same would help drive revenue
growth in the near term, improvement in profit margins will be
critical to improve the accruals and meet the debt repayment
obligations in a timely manner.

STPL, incorporated in November 2006, has its manufacturing
facilities located in Coimbatore (Tamil Nadu). The Company is
engaged in manufacturing of blended yarn in its unit located in
the Coimbatore district. In 2013-14, the Company also commenced
manufacturing of cotton yarn through a leased unit located in
Coimbatore, however due to large volatility in the cotton yarn
prices, the Company has shifted to blended yarn production in its
leased unit also in the current fiscal. STPL manufactures
polyester cotton blended yarn in the count range of 40s to 60s.
The Company has a total capacity of 22,416 spindles. The Company's
leased unit has a capacity of 12,096 spindles.

Recent Results
The Company reported a net loss of INR2.7 crore on operating
income of INR41.0 crore during 2013-14 against a net profit of
INR0.1 crore on operating income of INR35.8 crore during 2012-13.


SANTHOSH RICE: ICRA Puts B+ Rating on INR11.93cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR11.93 crore
fund based limits and INR0.07 crore unallocated limits of Santhosh
Rice Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits     11.93       [ICRA]B+ assigned
   Unallocated Limits     0.07       [ICRA]B+ assigned

The assigned rating is constrained by intensely competitive nature
of rice industry with presence of several small-scale players
which increases pressure on the operating margins; weak financial
profile of the firm characterized by low profitability of 4.04%,
high gearing levels at 2.14 times and modest coverage indicators
of 1.23 times in FY2014 and risks inherent to a partnership firm.
This apart, the rating is also constrained by the susceptibility
of profitability & revenues to agro-climatic risks which impact
the availability of paddy in adverse weather conditions. The
rating, however, takes comfort from the long track record of the
promoters in the rice mill business, growth in revenues on account
of increase in sales volume in FY2014 and favorable demand
prospects for rice with India being the second largest producer
and consumer of rice internationally.

Going forward, the ability of the firm to improve profitability
levels and efficiently managing its working capital requirements
remains the key rating sensitivity.

Founded in the year 2004 as a partnership firm, Santhosh Rice
Industries (SRI) is engaged in the milling of paddy and produces
raw & boiled rice. The firm has a milling unit in Thonda village,
Thirumalagiri Mandal of Nalgonda district of Telangana with an
installed capacity of 8 tons per hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.09 crore
for operating income of INR54.45 crore as against profit after tax
of INR0.07 crore for operating income of INR28.21 crore in FY2013.


SELEO CERAMIC: ICRA Reaffirms B Rating on INR5cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR3.25
crore cash credit facility and INR5.00 crore (reduced from INR5.53
crore) term loan facility of Seleo Ceramic Private Limited. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 to the
INR1.00 crore bank guarantee facility of SCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.25        [ICRA]B reaffirmed
   Term Loan             5.00        [ICRA]B reaffirmed
   Bank Guarantee        1.00        [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of the ratings continues to factor in SCPL's
relatively small scale of operations with limited track record and
weak financial profile resulting from losses in the first year of
operations, leveraged capital structure and weak debt protection
metrics. The ratings are further constrained by the vulnerability
of the company's profitability to the cyclicality inherent in the
real estate industry, which is the main consuming sector; and to
the adverse fluctuations in prices of raw materials and natural
gas, which is the major fuel. The ratings also take into account
the highly competitive domestic ceramic industry with presence of
large established organized tile manufacturers as well as
unorganized players in Morbi (Gujarat) resulting in limited
pricing flexibility.

The assigned ratings, however, favourably factor in the long
standing experience of the company's promoters in the ceramic
industry and locational advantage due to presence of the company's
plant near Morbi, India's ceramic hub, giving it easy access to
raw material.

Incorporated in March 2013, Seleo Ceramic Private Limited (SCPL)
is engaged in manufacturing of ceramic wall tiles at its
production facility located at Morbi, Gujarat. The company
commenced commercial operations from January 2014 and currently
manufactures digitally printed ceramic wall tiles of single size
10" X 15", with total installed capacity of ~8,000 boxes (8 tiles
per box) per day. The company is promoted by Mr. Nanji Kavar, Mr.
Atul Kavar and Mr. Tarun Kavar along with the other shareholders.
The promoters of the company have experience in ceramic industry
by way of their association with other related companies.

Recent Results
During FY 2014, SCPL reported an operating income of INR3.42 crore
and net loss of INR0.39 crore.


SHALCO INDUSTRIES: CARE Reaffirms B+ Rating on INR4cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shalco Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B+ Reaffirmed
   Short-term Bank Facilities      8        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shalco Industries
Private Limited (Shalco) continue to be constrained by the
relatively small scale of operations, leveraged capital structure
and weak coverage indicators. The ratings further continue to
factor in customer & supplier concentration risk, susceptibility
of profitability margins to the volatile raw material prices and
operations in the highly fragmented & competitive industry.

The ratings, however, continue to derive strength from experienced
management and diverse product range.

Ability of Shalco to scale up its operations and achieve envisaged
level of capacity utilization while maintaining its profitability
margins amidst intense competition would be the key rating
sensitivities.

Incorporated in 2000, Shalco Industries Private Limited (Shalco)
is engaged in the manufacturing of Stainless Steel seamless and
welded pipes and tubes. The company started commercial operations
from FY10 (refers to the period April 1 to March 31). Shalco has
two manufacturing units located at Taloja and Mahad with total
installed capacity of 3,000 tons per annum (tpa) of SS Pipes &
Tubes -- Welded and 3600 tpa of SS Pipes & Tubes -- Seamless as on
March 31, 2014; utilized at 47% and 75% respectively during FY14.
The company is ISO 9001:2008, AD2000 MERKBLATT W0 Standard and the
PED 97 23 EC certified. Shalco is part of the Sanghvi group, which
has been engaged in the trading of various metals, tubes and pipes
for over four decades through various entities namely Nishant
Infin Private Limited, Sanghavi Stainless & Alloys Private Limited
and Sanghavi Bothra Engineering Company Private Limited.

During FY14, Shalco reported total income of INR16.81 crore (up by
5.67% vis-a-vis FY13) and PAT of INR0.10 crore (down by 67% vis-a-
vis FY13). During H1FY15, the company reported a total income of
INR23 crore & PAT of INR1.38 crore.


SHREE GANESH: CARE Reaffirms B Rating on INR10.27cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Shree Ganesh
Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.27       CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Shree Ganesh Cottex (SGC) marked by thin
profit margin, leveraged capital structure, weak debt coverage
indicators and stressed liquidity position.  The rating further
continues to be constrained by its presence in the lowest segment
of the textile value chain with limited value addition in the
cotton ginning business, seasonality associated with the
procurement of raw material resulting into working-capital
intensive nature of operations, operations susceptible to adverse
changes in government policies and partnership nature of the
constitution.

The rating, however, continues to draw strength from wide
experience of the partners in the cotton industry and location
advantage in terms of proximity to the cotton seed growing regions
in Gujarat. The rating also takes into account increase in total
operating income during FY14 (refers to the period
April 1 to March 31).

The ability of SGC to increase its scale of operations, improve
its profit margins, capital structure and better working
capital management in light of the competitive nature of the
industry remain the key rating sensitivities.

Shree Ganesh Cotex (SGC) was established in 2009 as a partnership
firm. Currently there are eleven partners who have an unequal
holding in the firm and they collectively look after the overall
operations of the firm. SGC is involved in the cotton ginning &
pressing with main products as cotton bales and cotton seeds. It
has an installed capacity of 3,300 Metric Tonnes Per Annum (MTPA)
for cotton bales and has four expellers for cotton seed oil
extraction having capacity of 8 Metric Tonnes Per Day (MTPD) as on
March 31, 2014 at its sole manufacturing facility located at
Amreli (Gujarat).

During FY14, SGC reported a total income of INR58.34 crore with a
PAT of INR0.13 crore as against a total income of INR24.35 crore
and PAT of INR0.04 crore during FY13. SGC has achieved TOI of
INR38.15 crore as on December 30, 2014.


SHRINATH COTTON: CARE Revises Rating on INR6.44cr LT Loan to B+
---------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Shrinath
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.44       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shrinath Cotton Industries (SCI) was primarily on account of the
improvement in its financial risk profile marked by an increase in
its turnover and gross cash accruals with marginal improvement in
its capital structure and debt coverage indicators during FY14
(refers to the period April 1 to March 31).

However, the rating continues to remained constrained by its thin
profitability, leveraged capital structure and moderate debt
coverage indicators with its presence in the highly competitive
and fragmented cotton-ginning business with limited value
addition, exposure to the volatility associated with the raw
material prices, working capital intensive operations,
susceptibility to changes in the government policy for cotton and
partnership nature of the constitution.

The above constraints far offset the benefits derived from the
experience of the partners in cotton ginning business and
its proximity to the cotton-producing region of Gujarat.
SCI's ability to increase its scale of operations and further
improvement in the profitability and capital structure while
managing its working capital requirement remains the key rating
sensitivity.

SCI is a partnership firm incorporated in 2006 by three partners
at Amreli district, Gujarat and is engaged in the cotton
ginning and pressing business. As on March 31, 2014, SCI had a
total installed capacity of 24,000 bales of cotton and 6,133
metric tonne per annum (MTPA) of cotton seed.

During FY14, SCI reported a PAT of INR0.08 crore on a TOI of
INR30.69 crore as against a PAT of INR 0.04 crore on a TOI of
INR20.79 crore in FY13.


SPICEJET LTD: Maran to Finalise Stake Sale This Week
----------------------------------------------------
Business Standard reports that Kalanithi Maran, majority owner of
low-cost air carrier SpiceJet Ltd, could within this week finalise
a stake-sale agreement with investors, led by former promoter Ajay
Singh, according to top civil aviation ministry officials.

The move is aimed at shoring up the finances of the cash-strapped
airline. The carrier expects to mobilise funds domestically to pay
for daily operations this month till foreign funds begin to come
by February-March, Business Standard says.

"Funding agencies brought in by Ajay Singh, including JPMorgan,
are currently carrying out due-diligence. It (SpiceJet) has said
it will come to us early this week with a firm revival plan, as we
cannot give it indefinite extensions to pay for airport services,"
Business Standard quotes a ministry official as saying.

Business Standard notes that Maran, who had bought Ajay Singh's
and UK-based Bhupendra Kansagra's holdings in SpiceJet in 2010,
currently has a 53.48 per cent stake. So far, it is not clear if
Maran will completely exit the airline after new investors have
come in, the report says. A consortium led by Singh is initially
expected to invest INR1,200 crore, largely to cover liabilities,
and then bring in further capital to help the airline grow, the
report relays.

According to Business Standard, SpiceJet, which has dues of about
INR1,400 crore, last week renewed bank guarantees worth INR15
crore with state-run Airports Authority of India (AAI), to
continue operations on credit.  To date, it has furnished bank
guarantees worth Rs 80 crore with AAI, while its dues stand at
about INR180 crore, the report discloses.

"SpiceJet has been making part-payments to airports but these are
very small amounts. About 10 days ago, it paid INR5 crore to AAI.
We are giving it time because our concern is that if an airline
closes down, it sends a very bad signal to the industry, and
passengers are affected," said another ministry official, adding
the airline would give more bank guarantees when funds were
mobilised later this month.

SpiceJet also has dues of INR30-40 crore to private airports,
besides liabilities to several other vendors. But it is making
daily payments to oil marketing companies for aviation turbine
fuel supplies, adds Business Standard. The airline is also under
pressure from lessors to return leased aircraft.

SpiceJet, the second-largest airline for a few months in mid-2014,
is currently running only about 200 flights a day, against around
340 in July last year. It is operating 17 Boeing 737 aircraft,
half of the fleet of 35 it operated in July, Business Standard
discloses.

                          About SpiceJet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SRI BALAJI: ICRA Assigns B+ Rating to INR7.10cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR7.10 crore
fund based limits of Sri Balaji Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     7.10         [ICRA]B+ assigned

The assigned rating is constrained by small scale of operations in
the distillation of solvents industry, and moderate financial risk
profile of the firm characterised by high gearing and moderate
coverage indicators. The rating is also constrained by
vulnerability of profit margins to changes in raw material prices
and high customer concentration of the firm with top ten customers
contributing ~80% of total sales revenue in FY2014.The rating,
however, takes comfort from the experience of the promoter with
more than two decades in pharmaceutical industry and healthy
growth in operating income in FY2014 & 6mFY2015 on account of
healthy demand for distilled solvents.

Going forward, the ability of the firm to increase its scale of
operations & maintain its profitability levels and effectively
manage working capital requirements remain the key rating
sensitivities.

Founded in the year 2011 as a proprietorship firm, Sri Balaji
Industries (SBI) is engaged in distillation of solvents. The firm
has a factory located at Mettavalasa village of Vijayanagaram
district of Andhra Pradesh with an installed capacity of 16.40
Kilo litres per day. The firm started its commercial production in
August 2012.

Recent Results
For FY2014, the firm reported profit after tax of INR0.27 crore
for operating income of INR7.78 crore as against profit after tax
of INR0.05 crore for operating income of INR3.89 crore in FY2013.


SRI SAI: CRISIL Suspends B+ Rating on INR50MM Cash Credit
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri Sai
Durga Infratech India Pvt Ltd (SSIIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           50         CRISIL A4
   Cash Credit              50         CRISIL B+/Stable
   Letter of Credit         20         CRISIL A4

The suspension of ratings is on account of non-cooperation by
SSIIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSIIPL is yet to
provide adequate information to enable CRISIL to assess SSIIPL'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'.

SSIIPL originally began operations in 2008 under a partnership
firm, Sri Sai Durga Construction (SSC). Later, SSIIPL was
incorporated in 2010-11 (refers to financial year, April 1 to
March 31) and the operations of SSC were shifted to the new
company. SSIIPL is presently managed by Mr. Chandra Ranga Rao,
Mrs. Chandra Satvika, Mr. Chandra Punna Rao, and Mrs. Chandra
Laxmi Prasanna. The company is a civil contractor for various
government organisations, and is based in Hyderabad (Andhra
Pradesh).


STAGE DOOR: CARE Assigns B Rating to INR8cr LT Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Stage Door.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8         CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Stage Door (SDR) is
primarily constrained by its small and fluctuating scale of
operations its business concentration in specific segment limiting
its revenue base, declining surplus margins on year on year basis
and weak debt coverage indicators. The rating is further
constrained by residual project execution risk, debt funded
capital expenditure and competition from other sources of
entertainment. These rating constraints are partially offset its
experienced and reputed management in arts and theatre business
along with long track record of SDR's operations and advance
revenue receipts from corporates.

Going forward, the ability of SDR to attract corporate
sponsorships, increase its scale of operations by increasing
targeted audience along with diversification of business model
shall be key rating sensitivities. Furthermore, the ability of the
society to improve its capital structure shall be another key
rating sensitivity.

SDR was established as a society in 1975 under Societies
Registration Act, 1860. The society was established with the aim
of promoting arts and culture and the present chairman of SDR is
Retired Major General S.K. Talwar. SDR organizes theatre plays in
Hindi and English for various corporates all over India.

These plays are directed in- house by Mr Aamir Raza Husain
(creative director of SDR), honoured with Padam Shri. The
plays are based on varied themes focusing on national social
issues and mythological stories, etc.

SDR has organized plays for various reputed corporates and the
society receives grants from Ministry of Human Resource
Development for promoting arts and culture in the country.
Furthermore, the society has undertaken construction of two
auditoriums and office space at District Centre, Saket (Delhi).
The same will be operational in March 2015.

In FY13 (refers to the period April 1 to March 31), SDR has
achieved a total operating income (TOI) of INR1.22 crore with a
surplus of INR0.02 crore. Furthermore, as per the provisional
results FY14, the society achieved TOI of INR0.92 crore with a
surplus of INR0.01 crore.


SURAJ INDUSTRIES: CRISIL Assigns B+ Rating to INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Suraj Industries Mantha (Suraj Industries).

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

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

Outlook: Stable

CRISIL believes that Suraj Industries will continue to benefit
from the extensive experience of its promoters over the medium
term. The outlook may be revised to 'Positive' in case the firm
reports substantial and sustained improvement in revenues and
operating margins or significant capital infusion by the partners
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative', in case of further
deterioration in its financial risk profile particularly the
liquidity owing to lower-than-expected cash accruals or larger-
than-expected incremental working capital requirements or large
debt funded capex.

Established in 2008, Suraj Industries, a partnership firm based
out of Mantha in Jalna (Maharashtra), is engaged in cotton ginning
and pressing. It has a manufacturing capacity of 1000 quintals per
day. The firm is promoted by the Garg family from Sendhwa.


SURESH DHARMAVAT: CARE Reaffirms B+ Rating on INR5.76cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Suresh Dharmavat & Associates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.76       CARE B+ Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of project
execution and funding risk for Phase II of Sunder Sanskruti,
pending approvals for Phase III of the project, competition from
other projects in the vicinity and cyclical nature of the real
estate industry.

The rating continues to derive strength from the completion of
Phase-I of the project, experienced promoters with long track
record of the partners in the real estate market, and proximity of
the project to key locations of Pune. The ability of the firm to
complete the Phase II and attain approvals for Phase III without
any time and cost overruns, and sell the units at envisaged prices
is a key rating sensitivity.

Suresh Dharmavat and Associates (SDA) is a partnership concern
established in August 1998. The firm is formed by the father-son
duo, Mr Devaram Dharmavat and Mr Suresh Dharmavat. SDA is a part
of the Dharmavat group of companies, which has been in real estate
development and hospitality business for the past three decades.

Till March 2014, the group has executed 20 projects with a
saleable area of 15 Lakh Square feet (lsf), primarily in Pune.

The firm is currently executing real estate project named 'Sunder
Sanskruti' at Sinhagad Road, Pune. The project is being launched
in three phases, with a total saleable area of 5.38 lsf.
Construction of Phase-I (Area: 1.54 lsf) was completed in
April 2014, while the firm is currently executing Phase II of the
project. Phase II consists of 3.40 lsf, comprising of 306
flats with an average area of 1,112 square feet per flat.

In FY14 (refers to the period April 1 to March 31), SDA earned PAT
of INR0.79 crore on a total operating income of INR5.65 crore
against PAT of INR0.21 crore on a total operating income of
INR0.21 crore in FY13.


SURYAVAMSI FARMS: CARE Revises Rating on INR7.5cr LT Loan to B+
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Suryavamsi Farms Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.50       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Suryavamsi Farms Private Limited (SFPL) takes into account the
substantial growth in total income in FY14 (refers to the period
April 1 to March 31) along with improvement in the profitability
margin. The rating continues to take into account the experienced
promoters and management and favourable demand outlook for marine
products in the export market.

The rating is, however, constrained by the small scale of
operation, high overall gearing, volatility associated with raw
material prices, working capital-intensive nature of operation and
intense competition with the presence of innumerable unorganized
players in the industry. The ability of the company to expand the
size and scale of operation with improvement in profitability and
effectively manage the working capital requirements are the key
rating sensitivities.

Incorporated in 1994, SFPL is promoted by Mr P Rajendra Kumar and
family members. The company is engaged in the activity of prawn
harvesting since inception and has a total area of 150.01 acres,
which have been divided into 72 ponds in a single bit located at
Adavi Village & GP, Bapatla, Guntur district, Andhra Pradesh.
Presently, SFPL is growing "Vannamei" variety of prawns.

For FY14 (refers to the period April 01 to March 31), SFPL
achieved a total operating income of INR10.11 crore (FY13:
INR3.30) and PAT of INR0.72 crore (FY13: INR0.16 crore). As per
the provisional results, the company has booked sales of
INR10 crore in 8MFY15 (refers to the period April 1 to
November 30).


VIKAS COTTON: ICRA Reaffirms B+ Rating on INR14cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR14.00 crore
(enhanced from INR6.00 crore)fund based cash credit facility and
INR0.13 Cr term loan facility of Vikas Cotton Ginning and
Pressing. ICRA has also withdrawn the long term rating of [ICRA]B+
and short term rating of [ICRA]A4 assigned to the unallocated
facilities of Vikas Cotton Ginning and Pressing.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund based    14.00      [ICRA]B+ reaffirmed
   Cash Credit

   Long Term Fund based     0.13      [ICRA]B+ reaffirmed
   Term Loan

   Unallocated Proposed     0.00      [ICRA]B+/[ICRA]A4 withdrawn
   Limits
The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, adverse
capital structure, weak debt coverage indicators and stretched
liquidity position. The ratings also take into account the low
value additive nature of operations and intense competition on
account of fragmented industry structure leading to thin profit
margins. The ratings are further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP for procurement of raw cotton and export quota
for cotton bales. ICRA also notes that Vikas Cotton Ginning and
Pressing is a partnership firm and any significant withdrawals
from the capital account would affect its net worth and thereby
the gearing levels.

The ratings however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and
favorable location of the firm giving it easy access to raw
cotton.

Incorporated in 2006, Vikas Cotton Ginning & Pressing is engaged
in cotton ginning, pressing and crushing operations. The business
is owned and managed by Mr. Afzal Kaladiya and other family
members. The firm's manufacturing facility is located in Halvad,
Surendranagar. The firm has forty two ginning machines and one
pressing machine with the manufacturing capacity of 400 bales. The
firm also has five expellers having capacity to produce 6,500 kgs
of crude cotton seed oil per day.

Recent Results
For the year ended 31st March 2014, Vikas Cotton Ginning &
Pressing Limited reported an operating income of INR105.34 crore
and profit after tax of INR0.11 crore .


VISA STEEL: CARE Lowers Rating on INR2,380.48cr Loan to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Visa Steel Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    2,380.48    'CARE D' Revised from
                                             CARE BB

   Short term Bank Facilities     540.00    'CARE D' Revised from
                                             CARE A4

Rating Rationale

The revision in ratings takes into account the ongoing delays in
debt servicing by Visa Steel Ltd (VSL). The cash flow position of
the company has been severely impacted due to continuing losses
arising from under utilisation of capacities on account of non-
availability of key raw materials. This has resulted in the
inability of the company to meet its debt obligations on time.

VSL, incorporated in 1996, promoted by Kolkata-based VISA Group,
is engaged in manufacturing and trading of long steel & related
products with saleable steel capacity (bars or rods) of 5 lakh
tonnes per annum (ltpa) and ferro chrome (0.5 ltpa) in Odisha. As
part of backward integration, it has SMS (5 ltpa), sponge iron (3
ltpa), pig iron (2.25 ltpa) and CPP (75 MW) facilities. In March
2013, the company sold its 49% stake in VISA Coke Ltd. (where VSL
transferred its 4 ltpa coke oven plant) to a US-based company,
Suncoke Energy (SunCoke), for INR367.5 crore.

VISA group was promoted by Mr. Vishambhar Saran, having major
interests in steel & related products and power sectors. The
company is currently under CDR.

In FY14, VSL reported a loss of INR152.50 crore (loss of INR91.04
crore in FY13) on total operating income of INR1,020.45 crore
(INR517.51 crore in FY13). In H1FY15, the company reported a loss
of INR78.55 crore on a total operating income of INR527.60 crore.


VISHWAA APPARELS: CRISIL Assigns B+ Rating to INR30MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vishwaa Apparels (VA).

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Proposed Long Term
   Bank Loan Facility          9       CRISIL B+/Stable

   Packing Credit             15       CRISIL A4

   Long Term Loan             30       CRISIL B+/Stable

   Cash Credit                 6       CRISIL B+/Stable

   Foreign Bill Discounting   15       CRISIL A4

The rating reflects its small scale of operations in intensely
competitive readymade garment industry. The rating also factors
susceptibility of operating margins to volatility in raw material
prices and foreign exchange rates and below-average financial risk
profile marked by low networth. These rating weakness are
partially offset by the benefits derived from the promoter's
extensive industry experience and its healthy relationship with
key customers.

Outlook: Stable

CRISIL believes that VA will continue to benefit over the medium
term from its proprietors' extensive experience in the readymade
garments industry and its healthy relationship with its customers.
The outlook may be revised to 'Positive' if VA significantly
scales up its operations supported by sustainable improvement in
operating profitability, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a significant decline in VA's cash accruals, or its
capital structure and debt protection metrics weaken on account of
decline in profitability or debt-funded capital expenditure
programmes.

Setup in 2005 as proprietorship firm and based in Bengaluru, VA is
engaged in manufacturing and export of readymade garments. The
firm is promoted by Mrs.Mythili A.

For 2013-14 (refers to financial year, April 1 to March 31), VA
reported a profit after tax (PAT) of INR5.6 million on net sales
of INR75.5 million, against a PAT of INR5.6 million on net sales
of INR45.7 million for 2012-13.


WIN MAX: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR6.00
crore (enhanced from INR4.50 crore) cash credit facility and
INR5.00 crore (reduced from INR5.24 crore) term loan facility of
Win Max Ceramic Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to the INR1.50 crore bank guarantee
facility of WCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.00         [ICRA]B reaffirmed
   Term Loan             5.00         [ICRA]B reaffirmed
   Bank Guarantee        1.50         [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings continues to factor in WCPL's
relatively modest scale of operations and leveraged capital
structure as on March 31, 2014. The ratings are further
constrained by the vulnerability of the company's profitability to
the cyclicality inherent in the real estate industry, which is the
main consuming sector; and to the adverse fluctuations in prices
of raw materials and natural gas, which is the major fuel. The
ratings also take into account the highly competitive domestic
ceramic industry with presence of large established organized tile
manufacturers as well as unorganized players in Morbi (Gujarat)
resulting in limited pricing flexibility.

The assigned ratings, however, favourably factor in the long
standing experience of the company's promoters in the ceramic
industry and locational advantage due to presence of the company's
plant near Morbi, India's ceramic hub, giving it easy access to
raw material. The ratings also factor in the benefit from the
presence of group companies in other tile segments, which supports
the marketing and sales of the company's products to customers.

Incorporated in June 2013, Win Max Ceramic Private Limited (WCPL)
is engaged in manufacturing of digital ceramic wall tiles with its
production facility located near Morbi, Gujarat. WCPL purchased
the manufacturing facility of an already operational unit M/s.
Inox Ceramic and started commercial production from July 2013. It
currently manufactures digitally printed ceramic wall tiles of one
size 10" X 15" with total installed capacity of ~10,000 boxes (8
tiles per box) per day. The company is promoted by Panara and
Baraiya families who have long experience in ceramic industry by
way of their association with other related companies.

Recent Results
During FY 2014, WCPL reported an operating income of INR14.07
crore and profit after tax of INR0.06 crore.


WORLD RETAILS: ICRA Assigns B+ Rating to INR9.50cr Cash Credit
--------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR9.50 crore cash credit
facility of The World Retails Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Facility    9.50        [ICRA]B+ Assigned

The rating takes into consideration TWRPL's small scale of
operation, nominal profit and cash accruals generated by the
company from core operations during the last two financial years,
risk of geographical concentration with operation being limited to
the state of Odisha and the stiff competition faced by the company
from organised and unorganised players in the retail market.
However, ICRA also takes into consideration the experience of the
promoters in the retail business and their demonstrated ability to
support the company through regular equity infusion and extension
of interest free loans.

TWRPL is a part of the group, "The World", which has diverse
business interest in industries like mining, retailing,
hospitality, agro and steel. TWRPL primarily deals in apparels,
general merchandise, fast moving consumer goods (FMCG) and home
furnishing. Currently, there are seven retail stores operated
across the state of Odisha under the brand name of TWRPL. The
company is planning to launch four new retail stores by the end of
March 2015.

Recent Results
TWRPL reported a net profit of INR0.06 crore during FY14 on an OI
of INR47.67 crore as against a net profit of INR0.02 crore and an
OI of INR32.02 crore during FY13.



                             *********

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,
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Information contained herein is obtained from sources believed
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