TCRAP_Public/150119.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

            Monday, January 19, 2015, Vol. 18, No. 012


                            Headlines


A U S T R A L I A

AUSTRALIAN CONTAINER: First Creditors' Meeting Slated For Jan. 27
BASELINE CONSTRUCTIONS: First Creditors' Meeting Set For Jan. 28


C H I N A

KAISA GROUP: Authorities Freeze 700+-Unit Apartment Project


H O N G  K O N G

NORD ANGLIA: First Quarter Results No Impact on Moody's B1 Rating


I N D I A

AMBAL MODERN: CRISIL Assigns B+ Rating to INR100MM Cash Credit
ANKIT ELECTRO: ICRA Reaffirms B+ Rating on INR4.76cr Cash Credit
ASTRON PAPER: ICRA Assigns B+ Rating to INR22.5cr Cash Credit
EMERALD ALCHYMICUS: ICRA Reaffirms B- Rating on INR7.5cr Loan
GLOBAL WOOD: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit

IMPEX FERRO: ICRA Assigns D Rating to INR123.24cr Term Loan
INTOUCH TRADING: CRISIL Assigns D Rating to INR95MM Term Loan
K.K.R. AGRO: CRISIL Ups Rating on INR140MM Cash Loan to B+
K.K.R. FLOUR: CRISIL Ups Rating on INR90MM Overdraft Loan to B+
K.K.R. FOOD: CRISIL Ups Rating on INR115MM Overdraft Loan to B+

K.K.R. MILLS: CRISIL Ups Rating on INR80MM Overdraft Loan to B+
KALYAN COTTON: ICRA Assigns B Rating to INR3.95cr Cash Credit
KANWAL INDUSTRIES: CRISIL Assigns B Rating to INR70MM Cash Credit
KARTHIKA MODERN: CRISIL Ups Rating on INR65MM Cash Loan to B+
KBC INFRASTRUCTURES: ICRA Puts B+ Rating on INR6cr Overdraft

KRISHNA LUMBERS: CRISIL Suspends B+ Rating on INR17.5MM Loan
MALWA AUTOMOTIVES: ICRA Assigns B+ Rating to INR13cr Cash Credit
MANMOHAN GINNING: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
MATRIX CERAMIC: ICRA Reaffirms B+ Rating on INR4.50cr Cash Credit
NILKANTH COLD: ICRA Revises Rating on INR3.20cr Cash Credit to D

P. B. COTTON: ICRA Reaffirms B Rating on INR7cr Cash Credit
P.K. INDUSTRIES: ICRA Assigns B Rating to INR4cr Long Term Loan
PADMAVATI INFRA: ICRA Reaffirms B Rating on INR8.5cr Loan
PARAMOUNT STEELS: ICRA Places B+ Rating on INR11.80cr Cash Credit
PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR9.75cr LT Loan

PIONEER TEA: ICRA Reaffirms B+ Rating on INR2.49cr Term Loan
PRESSCO ENGINEERING: CRISIL Suspends D Rating on INR52M Cash Loan
PSA IMPEX: CRISIL Suspends B Rating on INR500MM Bank Loan
ROHIT FERRO: ICRA Assigns B+ Rating to INR901.63MM Term Loan
RBA FERRO: ICRA Reaffirms B Rating on INR3cr Cash Credit

S.N. RICE: CRISIL Ups Rating on INR70MM Overdraft Facility to B+
SANJEEV KUMAR: ICRA Assigns B+ Rating to INR9.0cr Cash Credit
SANSKAR SYNTHETICS: ICRA Reaffirms B+ Rating on INR10.30cr Loan
SHANTI DEVI: ICRA Assigns B+ Rating to INR50MM Bank Loan
SHRIPAD POLYMERS: ICRA Suspends B Rating on INR4.75cr Term Loan

SILVERLINE ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to B+
SOMNATH COLD: ICRA Reaffirms B Rating on INR7.51cr Cash Credit
SPICEJET LTD: Co-Founder Agrees to Take Control to Rescue Airline
TERAI ISPAT: CRISIL Reaffirms B Rating on INR300MM Cash Credit
VAJRAKALPA COTTON: ICRA Puts B+ Rating on INR20cr Fund Based Loan

VIJAY KAMAL: ICRA Revises Rating on INR70cr Cash Credit to B
VIMALSCOP PRODUCT: ICRA Assigns B+ Rating to INR10cr LT Loan


J A P A N

CORSAIR (JERSEY): S&P Puts JPY3BB Loan's BB+ Rating on Watch Pos.
MT. GOX: Ex-CEO Was Thought By U.S. to be Silk Road Mastermind



N E W  Z E A L A N D

BRIDGECORP LTD: Former Finance Director Denied Parole Again


T A I W A N

TAIWAN HIGH: Rail Bureau Prepares for Government Takeover


                            - - - - -


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


AUSTRALIAN CONTAINER: First Creditors' Meeting Slated For Jan. 27
-----------------------------------------------------------------
Gavin Charles Morton -- gavin@mortonssolvency.com.au -- of
Morton's Solvency Accountants was appointed as administrator of
Australian Container Units Pty Ltd on Jan. 14, 2015.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 1, 87 Wickham Terrace, in
Brisbane, Queensland, on Jan. 27, 2015, at 10:00 a.m.


BASELINE CONSTRUCTIONS: First Creditors' Meeting Set For Jan. 28
----------------------------------------------------------------
Andrew Sallway -- andrew.sallway@au.gt.com -- and Said Jahani --
said.jahani@au.gt.com -- of Grant Thornton Australia were
appointed as administrators of Baseline Constructions Pty. Ltd. on
Jan. 15, 2015.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Limited, Level 17, 383 Kent Street, in
Sydney, on Jan. 28, 2015, at 11:00 a.m.



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

KAISA GROUP: Authorities Freeze 700+-Unit Apartment Project
-----------------------------------------------------------
Esther Fung at The Wall Street Journal reports that Chinese
housing-market uncertainties that contributed to a closely watched
bond default appear to be spreading, as authorities in one city
froze transactions related to multiple developers' properties and
a second moved to freeze a troubled company's apartments.

It wasn't clear whether the moves were related, and authorities in
one city cautioned the public against reading too much into the
moves. But the lack of details has spooked investors and added to
worries over a property market more broadly hit by a sales slump
and slowing economic growth, the Journal says.

In the eastern city of Hangzhou, authorities froze nearly all of
the apartments in a 749-unit project called Xixi Puyuan built by
Kaisa Group Holdings, the Journal relates citing local property
portal Touming Soufang.

The reason for the move wasn't clear, and it also wasn't clear
whether other companies were affected, the Journal notes.

A Kaisa spokesman declined to comment, and Hangzhou authorities
didn't respond to requests for comment, the report notes. In
China, local authorities have broad authority to block properties
from being sold or transferred for a variety of reasons.

According to the Journal, the move came after Kaisa missed
$23 million in interest payments due last week on its offshore
bonds and defaulted, putting a focus on the company and the rights
of investors to recoup losses.

The default also led to more than 20 Chinese companies to ask a
court in Kasia's hometown, the city of Shenzhen, to freeze the
company's assets, the report states. Its projects in Shenzhen were
blocked by the government late last year, and some senior
executives have left the company.

The Journal notes that financial services firm Shanghai AJ Corp.'s
trust unit said it has applied to a court in Shanghai to freeze
the deposits and other assets of Kaisa's Hangzhou unit. "We're now
waiting for the court to process our petition," the Journal quotes
a spokeswoman from the financial firm, who declined to give
further details, as saying. The basis of the company's claim
against Kaisa wasn't clear.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

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

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

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



================
H O N G  K O N G
================


NORD ANGLIA: First Quarter Results No Impact on Moody's B1 Rating
-----------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE, B1 stable) results for the fiscal first quarter ended 30
November 2014 were in line with expectations and do not affect the
company's B1 ratings or stable outlook.

"NAE continues to execute as expected. Moody's believe that the
strengths of the company's business model and geographically
diverse operations largely mitigate the effects of an appreciating
US dollar, slowing Chinese economy, and declining oil prices on
demand for the company's services," says Joe Morrison, a Moody's
Vice President and Senior Analyst.

NAE reported sales for the first quarter of fiscal 2015 of $154
million, up 14% year over year. Excluding the currency effects of
a rising US dollar, which particularly impacted European results,
sales would have been up 17%. The company continues to achieve
tuition fee increases at rates higher than its cost inflation.

On a latest 12 months (LTM) basis, NAE's adjusted EBITDA margin
was about 36%, on par with the result for FY2014. Adjusted debt to
EBITDA and EBITDA less capex to interest expense for the year
Moody'sre about 6.0x and 1.5x, respectively, in line with Moody's
expectations.

"We continue to expect these ratios to improve further in 2015 and
support the current ratings," adds Morrison, who is also the Lead
Analyst for NAE.

Moody's expects improvement will be mainly driven by increases in
earnings, underpinned by organic enrollment growth, price
increases, contributions from NAE's new schools in Cambodia and
Singapore, and by the lower funding costs associated with the
initial public offering and debt refinancing concluded in 2014.

NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 31 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 20,200 students
ranging in level from pre-school through to secondary school. For
the fiscal year ended 31 August 2014, NAE generated revenues of
$475 million.



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


AMBAL MODERN: CRISIL Assigns B+ Rating to INR100MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Ambal Modern Rice Mill (AMRM), and has assigned its
'CRISIL B+/Stable' rating to the long term facility. CRISIL had,
on December 6, 2014, suspended the rating as AMRM had not provided
necessary information required to maintain a valid rating. AMRM
has now shared the requisite information, enabling CRISIL to
assign a rating to the bank facility.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             100        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects AMRM's weak financial risk profile, marked by
high gearing and weak debt protection metrics, modest scale of
operations, and exposure to intense competition in the rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of AMRM's promoter in the rice milling
business.

Outlook: Stable

CRISIL believes that AMRM will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AMRM undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 1999 as a proprietorship firm, AMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mrs. M Wahida.

AMRM reported a profit after tax (PAT) of INR0.9 million on net
sales of INR497 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR349 million for 2012-13.


ANKIT ELECTRO: ICRA Reaffirms B+ Rating on INR4.76cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR1.00 crore
(reduced from INR2.18 crore earlier) term loan and INR4.76 crore
cash credit facilities of Ankit Electro Grating. ICRA has
withdrawn the short term rating of [ICRA]A4 assigned earlier to
the INR1.50 crore non-fund based bank facilities of AEG.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     1.00         [ICRA]B+ reaffirmed
   Term Loan

   Fund Based Limit-     4.76         [ICRA]B+ reaffirmed
   Cash Credit

   Non-Fund Based-       0.50         [ICRA]A4 withdrawn
   Inland Bank
   Guarantee

   Non-Fund Based-       1.00         [ICRA]A4 withdrawn
   Bill Discounting
   under LC

The reaffirmation of the rating takes into account the limited
operational track record of the firm in the electroforged grating
manufacturing business, with 2013-14 being its second year of
operation, the firm's small scale of current operations due to its
low capacity utilization level at present, and its vulnerability
to the volatile prices of steel which is the key raw material for
the firm.

The ratings also factor in the firm's adverse capital structure,
depressed coverage indicators, and high working capital intensity
of operations leading to stretched liquidity position, as
reflected by the high utilization of working capital limit. Also,
the firm's low level of current cash accruals at present may
negatively impact its debt servicing capability. However, the
ratings favourably factor in the firm's enlistment as vendor with
a number of public sector undertakings (PSU) and other renowned
manufacturing companies primarily in the power and steel sectors
and its proximity to raw material sources, which reduces freight
costs.

Established in 2011-12 by Mr. Shyam Agarwal, AEG is engaged in the
manufacturing of industrial electroforged grating. The firm's
manufacturing facility in located at Raipur, Chhattisgarh with an
annual capacity of 12,000 tons. The firm commenced its operations
in May, 2012.

Recent Results
AEG reported a net profit of INR0.69 crore on an operating income
of INR16.86 crore during 2013-14 as compared to a net profit of
INR0.22 crore on an operating income of INR7.06 crore during its
10 months of operations in 2012-13.


ASTRON PAPER: ICRA Assigns B+ Rating to INR22.5cr Cash Credit
-------------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR38.66
crore term loans and INR22.50 crore fund based cash credit
facilities of Astron Paper and Board Mill Limited. The short term
rating of [ICRA]A4 has also been assigned to the INR18.28 crore
short term facilities of APBML. The rating of [ICRA]B+ has also
been assigned to the INR15.00 crore proposed long term fund based
limits of APBML.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit     22.50        [ICRA]B+ Assigned

   Long Term Fund
   Based-Term Loan       38.66        [ICRA]B+ Assigned

   Short Term Non
   Fund Based            18.28        [ICRA]A4 Assigned

   Short Term Non-
   Fund Based
   Interchangeable       (6.00)       [ICRA]A4 Assigned

   Long Term Fund
   Based-Proposed
   Limits                15.00        [ICRA]B+ Assigned

The assigned ratings are constrained by the exposure of the
company's contribution levels and thus the profitability to
volatility in waste paper costs which constitute around 65-70%of
input costs as well as the high working capital intensity on
account of the long credit period extended to customers and the
policy of holding high inventory of raw materials. The ratings
also consider the highly fragmented and competitive industry
structure due to presence of a large number of paper manufacturing
units in western India. The rating also takes into account the
company's high gearing currently; further, capital structure is
expected to remain leveraged on account of the high debt levels
due to planned debt funded capex and the increasing working
capital requirements. ICRA also notes company's past history of
delays in servicing of debt repayment obligations.

The assigned ratings however favorably factor in the long standing
experience of the promoters in the paper trading and corrugated
boxes manufacturing industry and their established business
relations with customers and suppliers. The ratings also
favourably factor in the steady improvement in realization levels
supported by healthy demand from end-user industries. ICRA also
notes the healthy growth in contribution margins of the company
during FY 2014 and current year demonstrating the company's
ability to successfully pass on variations in waste paper costs to
a large extent and access to low cost power given the adequate
capacity and healthy operations of the captive power plant.

Astron Paper and Board Mill Limited (APBML) was incorporated as a
private limited company in December 2010 for manufacturing of
kraft paper used in packaging industries for textiles, white
goods, pharmaceutical and chemicals. The manufacturing plant
located in Halvad, Gujarat with an installed production capacity
of 200 TPD (72000 MTPA), became operational in October 2012. The
company is managed by Mr. Kirit Patel and Mr. Ramakant Patel who
have long standing experience of more than a decade in the trading
and manufacturing of kraft paper and corrugated boxes.
The company's operations are supported by associate concerns Asian
Granito India Limited (AGIL) rated [ICRA}A-(Stable)/A2+, Mitul
Tradelink Private Limited (MTPL) and Vyankatesh Corrugator Private
Limited which together also have more than 50% ownership in the
company.

Recent Results
During FY 2014, the company reported an operating income of
INR105.84 crore and net loss of Rs.2.88 crore as against operating
income of INR26.59 crore and net loss of INR4.03 crore in 6M FY
2013. Further, during 6M FY 2015 the company reported an operating
income of INR79.78 crore and profit before tax of INR3.33.


EMERALD ALCHYMICUS: ICRA Reaffirms B- Rating on INR7.5cr Loan
-------------------------------------------------------------
ICRA has re-affirmed long-term rating of [ICRA]B- to the fund-
based limits aggregating to INR7.50 crore of Emerald Alchymicus
Private Limited. The short term rating assigned to the non-fund
based limits, aggregating to INR5.75 crore has been reaffirmed at
[ICRA]A4.

The reaffirmation of ratings takes into account EAPL's tight
liquidity position owing to high working capital intensity of
operations leading to regular instances of overutilization in the
sanctioned working capital facilities. The ratings also factor in
company's modest scale of operations, intense competitive business
environment and weak financial risk profile characterized by high
total outside liabilities to tangible networth, weak debt-coverage
indicators and low profitability margins. ICRA further notes that
with increased focus on the Stock & Sell business segment,
vulnerability of profitability margins to any adverse fluctuations
in the prices of imported chemicals remains high. The ability of
the company to effectively manage the working capital cycle so as
to ensure timely debt-servicing remains crucial from a credit
perspective. The ratings however favourably take into account the
longstanding experience of the promoters in the chemical trading
business, established relationships with its suppliers, wide
customer base, and its diversified product portfolio that
mitigates demand risks associated with any single product.

Incorporated in 2003, Emerald Alchymicus P Limited (EAPL) is
involved in trading of chemicals. The company derives its revenue
from two segments viz. Stock & Sell and Commercial segment. In
case of Stock & Sell, the company imports specialty chemicals from
various overseas suppliers and maintains an inventory of the same
whereas in the case of Commercial segment, the customers place
bulk orders with EAPL for various chemicals and based on these
orders, EAPL procures the materials from the suppliers and
supplies directly to the customers.

Recent Results
In FY 2013, EAPL reported a profit after tax (PAT) of INR0.67
crore on an operating income of INR64.3 crore. In FY 2014, the
company has reported PAT of INR0.83 crore on an operating income
of INR70.9 crore.


GLOBAL WOOD: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Global Wood India Private Limited (GWIPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to these bank
facilities. CRISIL had earlier, through its rating rationale dated
June 3, 2014, suspended the rating as GWIPL had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating to the company's bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              30       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        125       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect GWIPL's small scale of operations in a
fragmented industry, leading to low profitability, and large
working capital requirements. The ratings also factors in the
company's weak financial risk profile marked by a high total
outside liabilities to tangible net worth ratio and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of GWIPL's promoters in the timber
trading business.

Outlook: Stable

CRISIL believes that GWIPL 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 capital
structure improves, either by equity infusion, or higher-than-
expected cash accruals driven by improvement in its scale of
operations and profitability, along with improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if GWIPL witnesses deterioration in its financial
risk profile on account of decline in its revenue and
profitability, or if it undertakes any larger-than expected, debt-
funded capital expenditure programme, or if its liquidity weakens
significantly on account of significant increase in its working
capital requirements.

GWIPL is promoted by the Karnal (Haryana)-based Goyal family. It
is involved in the timber trading business. The company commenced
operations in April 2013, prior to which its promoters were
involved in the timber industry through Goyal Timber Store. GWIPL
has a sawing mill, with capacity of 20,000 meters per month, at
Gandhidham (Gujarat). Its sales office is in Delhi, and its head
office is in Karnal.

For 2013-14 (refers to financial year, April 1 to March 31), GWIPL
registered a profit after tax of INR1.2 million on an operating
income of INR36.06 million.


IMPEX FERRO: ICRA Assigns D Rating to INR123.24cr Term Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]D rating to INR23.64 crore term loans,
INR123.24 crore working capital term loans, INR33.28 crore funded
interest term loans, INR1.40 crore unallocated limits, INR98.44
crore cash credit and INR10.00 crore bank guarantee limits of
Impex Ferro Tech Limited. The bank guarantee limits have also been
rated on the short term scale for which ICRA has assigned an
[ICRA]D rating. The [ICRA]D rating has also been assigned to
INR40.00 crore Letter of Credit facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans            23.64        [ICRA]D assigned

   Working capital
   term loans           123.24        [ICRA]D assigned

   Funded Interest
   Term Loan             33.28        [ICRA]D assigned

   Cash Credit            98.44       [ICRA]D assigned

   Letter of Credit       40.00       [ICRA]D assigned

   Bank Guarantee         10.00       [ICRA]D assigned

   Unallocated Limit       1.40       [ICRA]D assigned

The ratings reflect the current irregularities in IFTL's bank
accounts as indicated by continued over-utilizations in its cash
credit limits. ICRA notes that although the company has recently
come under the purview of a corporate debt restructuring (CDR)
programme, whereby the overutilized limits are proposed to be
converted to working capital term loans, individual banks are yet
to sanction the same.

The ratings also take into account the adverse financial metrics
of the company as reflected by its loss making nature of
operations, highly aggressive capital structure, and stretched
liquidity position. Additionally, ICRA notes that IFTL's non-
integrated nature of operations exposes the company's margins and
cashflows to the variability in the ferro alloy and raw material
prices. The ratings also take note of the experience of the
promoters of the company in the steel and ferro alloys businesses
and its favourable repayments in the near term, as per the CDR
package, which is likely to improve the liquidity position of the
company, going forward. Nevertheless, sizeable debt is required to
be serviced over the medium term.

IFTL, promoted by the SKP group based out of Kolkata, West Bengal,
is enaged in manufacturing Ferro Alloys from its facility located
at Asansol in West Bengal. The company started this business in
1998 with two 3.6 and 5.0 MVA furnaces. Over the years the company
has added additional ferro alloy manufacturing facilities,
comprising of two 7.5 MVA furnaces and another 8.25 MVA furnace.
In addition, the company has also commissioned a 30 MW coal based
power plant. Apart from manufacturing ferro alloys, IFTL is also
engaged in trading in iron and steel based products.

Recent results
IFTL registed a loss of INR54.85 crore on an operating income of
INR699.30 in FY2014. During FY2013, the company had registered a
PAT of INR3.96 crore on an operating income of INR641.76 crore.
During April-September 2014, IFTL registered net loss of INR38.54
crore on an operating income of INR293.39 crore.


INTOUCH TRADING: CRISIL Assigns D Rating to INR95MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Intouch Trading Pvt Ltd (ITPL). The rating reflects
ITPL's delay in servicing its term debt and interest obligations.
The delays have been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       30         CRISIL D

   Term Loan                95         CRISIL D

ITPL is exposed to the dynamics of the commercial real estate
industry and its revenue is linked to a single project. , The
company, however, benefits from its promoters' extensive
entrepreneurial experience.

ITPL incorporated in 2001, is a part of the City group which was
established by Mr. R R Modi and his associates. The company is
developing an information technology park in Noida (Uttar
Pradesh).


K.K.R. AGRO: CRISIL Ups Rating on INR140MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
K.K.R. Agro Mills Pvt Ltd (KKR Agro; part of the KKR group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Long Term Loan             6.5      CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term        11.6      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the KKR group
will maintain its improved liquidity over the medium term, driven
by improvement in cash accruals and efficient working capital
management. The group's cash accruals improved to INR80 million in
2013-14 (refers to financial year, April 1 to March 31) from INR52
million in 2012-13. Furthermore, the group has managed its working
capital requirements efficiently, which has resulted in gradual
reduction in its gross current assets to 112 days as on March 31,
2014, from 163 days as on March 31, 2012. The KKR group is
expected to maintain its improved liquidity over the medium term,
supported by healthy cash accruals and efficient working capital
management.

The ratings reflect the KKR group's average financial risk profile
marked by high gearing, and the group's susceptibility to changes
in government regulations and to volatility in raw material
prices. These rating weaknesses are partially offset by the KKR
group's established brand and its promoter's extensive experience
in the rice-milling and food-products industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKR Agro, SN Rice Mills, KKR Mills, KKR
Flour Mills, KKR Food Products, Karthika Modern Rice Mill, and KKR
Products and Marketing Pvt Ltd. This is because all these
entities, together referred to as the KKR group, are under a
common management and have strong operational and financial
linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food-products
and rice-milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves, most likely because of sizeable cash accruals
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's liquidity weakens
because of a decline in its revenue and profitability, or if it
undertakes a sizeable debt-funded capital expenditure programme or
has large incremental working capital requirements.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 2003, KKR Agro is engaged in the business of rice
milling.


K.K.R. FLOUR: CRISIL Ups Rating on INR90MM Overdraft Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
K.K.R. Flour Mills (KFM, part of the KKR group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility        90        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the KKR group
will maintain its improved liquidity over the medium term, driven
by improvement in cash accruals and efficient working capital
management. The group's cash accruals improved to INR80 million in
2013-14 (refers to financial year, April 1 to March 31) from INR52
million in 2012-13. Furthermore, the group has managed its working
capital requirements efficiently, which has resulted in gradual
reduction in its gross current assets to 112 days as on March 31,
2014, from 163 days as on March 31, 2012. The KKR group is
expected to maintain its improved liquidity over the medium term,
supported by healthy cash accruals and efficient working capital
management.

The ratings reflect the KKR group's average financial risk profile
marked by high gearing, and the group's susceptibility to changes
in government regulations and to volatility in raw material
prices. These rating weaknesses are partially offset by the KKR
group's established brand and its promoter's extensive experience
in the rice-milling and food-products industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFM, SN Rice Mills, KKR Mills, Karthika
Modern Rice Mill, KKR Food Products, KKR Agro Mills Pvt Ltd, and
KKR Products and Marketing Pvt Ltd. This is because all these
entities, together referred to as the KKR group, are under a
common management and have strong operational and financial
linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food-products
and rice-milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves, most likely because of sizeable cash accruals
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's liquidity weakens
because of a decline in its revenue and profitability, or if it
undertakes a sizeable debt-funded capital expenditure programme or
has large incremental working capital requirements.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 2000, KFM is engaged in the rice flour processing
business.


K.K.R. FOOD: CRISIL Ups Rating on INR115MM Overdraft Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
K.K.R. Food Products (KFP; part of the KKR group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      115         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term        1         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the KKR group
will maintain its improved liquidity over the medium term, driven
by improvement in cash accruals and efficient working capital
management. The group's cash accruals improved to INR80 million in
2013-14 (refers to financial year, April 1 to March 31) from INR52
million in 2012-13. Furthermore, the group has managed its working
capital requirements efficiently, which has resulted in gradual
reduction in its gross current assets to 112 days as on March 31,
2014, from 163 days as on March 31, 2012. The KKR group is
expected to maintain its improved liquidity over the medium term,
supported by healthy cash accruals and efficient working capital
management.

The ratings reflect the KKR group's average financial risk profile
marked by high gearing, and the group's susceptibility to changes
in government regulations and to volatility in raw material
prices. These rating weaknesses are partially offset by the KKR
group's established brand and its promoter's extensive experience
in the rice-milling and food-products industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFP, SN Rice Mills, KKR Mills, KKR
Flour Mills, Karthika Modern Rice Mill, KKR Agro Mills Pvt Ltd,
and KKR Products and Marketing Pvt Ltd. This is because all these
entities, together referred to as the KKR group, are under a
common management and have strong operational and financial
linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food-products
and rice-milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves, most likely because of sizeable cash accruals
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's liquidity weakens
because of a decline in its revenue and profitability, or if it
undertakes a sizeable debt-funded capital expenditure programme or
has large incremental working capital requirements.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 2003, KFP trades in spices and pickles.


K.K.R. MILLS: CRISIL Ups Rating on INR80MM Overdraft Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
K.K.R. Mills (part of the KKR group) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has assigned its 'CRISIL A4' rating to the
firm's short-term bank facility.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          23.2        CRISIL A4 (Reassigned)
   Overdraft Facility      80          CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the KKR group
will maintain its improved liquidity over the medium term, driven
by improvement in cash accruals and efficient working capital
management. The group's cash accruals improved to INR80 million in
2013-14 (refers to financial year, April 1 to March 31) from INR52
million in 2012-13. Furthermore, the group has managed its working
capital requirements efficiently, which has resulted in gradual
reduction in its gross current assets to 112 days as on March 31,
2014, from 163 days as on March 31, 2012. The KKR group is
expected to maintain its improved liquidity over the medium term,
supported by healthy cash accruals and efficient working capital
management.

The ratings reflect the KKR group's average financial risk profile
marked by high gearing, and the group's susceptibility to changes
in government regulations and to volatility in raw material
prices. These rating weaknesses are partially offset by the KKR
group's established brand and its promoter's extensive experience
in the rice-milling and food-products industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KKR Mills, SN Rice Mills, Karthika
Modern Rice Mill, KKR Flour Mills, KKR Food Products, KKR Agro
Mills Pvt Ltd , and KKR Products and Marketing Pvt Ltd. This is
because all these entities, together referred to as the KKR group,
are under a common management and have strong operational and
financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food-products
and rice-milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves, most likely because of sizeable cash accruals
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's liquidity weakens
because of a decline in its revenue and profitability, or if it
undertakes a sizeable debt-funded capital expenditure programme or
has large incremental working capital requirements.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 1993, KKR Mills is engaged in rice milling.


KALYAN COTTON: ICRA Assigns B Rating to INR3.95cr Cash Credit
-------------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR3.95
crore cash credit facility and the INR2.00 crore term loan
facility of Kalyan Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.95         [ICRA]B assigned
   Term Loan             2.00         [ICRA]B assigned

The assigned ratings are constrained by market risk associated
with greenfield venture as well as uncertainty related to the
level of product off-take and commercial success, possible stress
on debt servicing ability in case ramp up of cash flows is lower
than anticipated. The ratings are further constrained by highly
competitive and fragmented industry structure owing to low entry
barriers which is expected to keep margins under pressure and
vulnerability of the firm's profitability to the adverse
fluctuations in raw cotton prices, which are subject to
seasonality, crop harvest and regulatory risks with regards to MSP
for raw cotton as well as restriction on cotton exports by GOI.
ICRA also notes that KCI is a partnership concern and any
substantial withdrawal from capital account in future could
adversely impact the credit profile of the firm.

The ratings, however, favourably take into account past experience
of the promoters in the cotton industry and the favorable location
of the firm's manufacturing facility in Rajkot giving easy access
to raw material.

Established in December 2013, Kalyan Cotton Industries (KCI) has
set up a green field project for cotton ginning and pressing with
its facility located at Rajkot (Gujarat). The commercial
operations commenced from December 2014. The plant is equipped
with twenty four ginning machines, one pressing machine and 5
expellers with total processing capacity of ~30,528 metric tonnes
of raw cotton and seeds per annum.


KANWAL INDUSTRIES: CRISIL Assigns B Rating to INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kanwal Industries Pvt Ltd (KIPL).

                        Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              70         CRISIL B/Stable
   Term Loan                50         CRISIL B/Stable

The rating reflects KIPL's susceptibility to funding and
implementation risks for its ongoing project. These rating
weaknesses are partially offset by the extensive experience of
KIPL's promoter in agricultural commodity-based industry.

Outlook: Stable

CRISIL believes that KIPL will maintain a stable credit risk
profile on the back of its promoter's extensive experience in the
spices industry. The outlook may be revised to 'Positive' in case
of timely execution of the project within stipulated cost or in
case of higher-than-expected profitability, resulting in higher-
than-expected accruals and thus, a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun, which would adversely impact the
company's financial risk profile and thus, its debt-servicing
ability.

KIPL, promoted by Mohammad Amin, is setting up an automatic plant
for grinding, processing, and packaging of spices at EC Lassipora
Pulwana (J&K). The project is expected to be operational by
February 2015.


KARTHIKA MODERN: CRISIL Ups Rating on INR65MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Karthika Modern Rice Mill (KMRM; part of the KKR group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       20         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the KKR group
will maintain its improved liquidity over the medium term, driven
by improvement in cash accruals and efficient working capital
management. The group's cash accruals improved to INR80 million in
2013-14 (refers to financial year, April 1 to March 31) from INR52
million in 2012-13. Furthermore, the group has managed its working
capital requirements efficiently, which has resulted in gradual
reduction in its gross current assets to 112 days as on March 31,
2014, from 163 days as on March 31, 2012. The KKR group is
expected to maintain its improved liquidity over the medium term,
supported by healthy cash accruals and efficient working capital
management.

The ratings reflect the KKR group's average financial risk profile
marked by high gearing, and the group's susceptibility to changes
in government regulations and to volatility in raw material
prices. These rating weaknesses are partially offset by the KKR
group's established brand and its promoter's extensive experience
in the rice-milling and food-products industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMRM, SN Rice Mills, KKR Flour Mills,
KKR Food Products, KKR Agro Mills Pvt Ltd , and KKR Products and
Marketing Pvt Ltd. This is because all these entities, together
referred to as the KKR group, are under a common management and
have strong operational and financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food-products
and rice-milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves, most likely because of sizeable cash accruals
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's liquidity weakens
because of a decline in its revenue and profitability, or if it
undertakes a sizeable debt-funded capital expenditure programme or
has large incremental working capital requirements.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 2007, KMRM is engaged in the business of rice milling.


KBC INFRASTRUCTURES: ICRA Puts B+ Rating on INR6cr Overdraft
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ rating to the
INR1.50 crore term loans, INR6.00 crore fund based limits and
INR2.50 crore non fund based limits of KBC Infrastructures Private
Limited.
                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits-
   Term Loan               1.50       [ICRA]B+ Assigned

   Fund based limits-
   Overdraft               6.00       [ICRA]B+ Assigned

   Non Fund based
   Limits-Bank Guarantee   2.50       [ICRA]B+ Assigned

The assigned rating factors in KIPL's low scale of operations, its
low order book position resulting into limited revenue visibility
in near term and intense competition in the construction segment
that constrains profitability. The rating is further constrained
by KIPL's exposure to client and geographical concentration risk,
since most of the orders in hand have been awarded by AP Road &
Building department and Panchayat Raj Dept, GoAP, and pertain to
civil works in the state of Andhra Pradesh. ICRA also notes that
the relatively small size of the company coupled with limited
track record constrains its capacity to bid for larger projects.

The rating, however, favourably factors in significant experience
of promoters in civil construction industry, established
relationship with AP Road & Building department, GoAP and
Panchayat Raj Dept, GoAP resulting into repeat orders, isolation
of profitability to fluctuation in raw material prices due to
presence of price escalation clause in contracts. ICRA draws
comfort from the increase in sales from ready mix concrete giving
stability to revenue during FY14 as it contributes to 28.48% of
the OI in FY14.

KBC Infrastructures Private Limited (KIPL) is a Guntur based
special class civil contractor involved in executing civil works
orders for road and bridge constructions. The company, started as
a partnership firm, was converted into a private limited company
in 2007. The company also has a ready mix batching plant and a
stone crusher unit, operational from September 2012, at
Perecherla, 10 kms away from Guntur, AP. The present capacity of
the batching plant is 3500 cubic metre per month while that of the
crusher unit is 200 TPH (tonnes per hour). KIPL is being promoted
by Mr Kanneganti Butchaiah who has an experience of more than 2
decades in the civil construction industry.

Recent Results
As per audited results, the company reported a profit after tax of
INR0.24 crore on operating income of INR16.47 crore during 2013-14
as against a profit before tax of INR0.84 crore on operating
income of INR18.55 crore during 2012-13.


KRISHNA LUMBERS: CRISIL Suspends B+ Rating on INR17.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Krishna
Lumbers Pvt Ltd (KLPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             17.5        CRISIL B+/Stable
   Letter of Credit        95          CRISIL A4
   Proposed Cash
   Credit Limit            17.5        CRISIL B+/Stable
   Proposed Letter of
   Credit                  50          CRISIL A4

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

KLPL was promoted by the Bansal family in 2010 to undertake
processing of, and trading in, timber. It has a timber-processing
plant at Gandhidham (Gujarat); its head office is at Karnal
(Haryana).


MALWA AUTOMOTIVES: ICRA Assigns B+ Rating to INR13cr Cash Credit
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR13
crore cash credit limit and INR4 crore term loan of Malwa
Automotives Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit             13         [ICRA]B+; Assigned
   Term Loan                4         [ICRA]B+; Assigned

ICRA's rating factor in the company's weak financial profile as
reflected by its moderate scale of operations, thin profit margins
and weak debt protection metrics. The rating also takes into
account the high competitive intensity of the automotive
dealership industry, with the pressure to pass-on discounts to end
customers that limits the company's profitability. However, ICRA
favourably factors in the rich experience of the promoters in auto
dealership business, strategic location of the showroom, and
growing demand for luxury vehicles.

Going forward, MAPL's ability to increase its scale of operations
accompanied by an improvement in profitability margins and
effective working capital management will be the key rating
sensitivities.

MAPL incorporated in 2012, is an authorized dealership of Jaguar
Land Rover. The company's 3S (sales, service and spares) showroom
in Karnal, commenced operations from October, 2014.

Apart from MAPL, the group also has dealerships of Tata Motors
Limited, Hyundai Motor India Limited, Nissan Motor India Private
Ltd, Chevrolet (GM) and Honda Motorcycle and Scooter India Pvt
Limited in Karnal and Delhi.


MANMOHAN GINNING: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00 crore
fund-based cash credit facility of Manmohan Ginning Industries.
ICRA has also reaffirmed an [ICRA]A4 rating to INR0.10 crore
short-term non fund based facilities of MGI.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit              12.00        [ICRA]B+; Reaffirmed
   EPC/PCFC                 (2.00)       [ICRA]B+; Reaffirmed
   Credit Exposure Limit     0.10        [ICRA]A4; Reaffirmed

The ratings reaffirmation continues to factor in Manmohan Ginning
Industries' (MGI) financial profile described by thin
profitability, leveraged capital structure and weak coverage
indicators.

The ratings are further constrained by the low operating margins
on account of limited value addition and highly competitive and
fragmented industry structure due to low entry barriers. The
ratings further incorporate the susceptibility of the cotton
prices to seasonality and regulatory risks which together with the
highly competitive industry environment exerts pressure on the
margins. ICRA also notes that Manmohan Ginning Industries is a
partnership firm and any significant withdrawals from the capital
account will affect its net worth and thereby the gearing levels.

The ratings, however, favorably factor in the long experience of
the promoters in the cotton ginning and pressing industry,
location advantage resulting in easy availability of raw cotton as
well as presence in the cotton seed crushing business which
provides revenue diversification.

Manmohan Ginning Industries was incorporated in the year 1989 as a
partnership firm and is engaged in ginning, pressing and crushing
operations. The business is owned and managed by Mr. Narendra
Lakhani along with other family members. The firm's manufacturing
facility is located in Rajkot, Gujarat. The firm is equipped with
30 ginning machines, 16 expellers and 1 fully automatic pressing
machine.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR124.79 crore with profit after tax (PAT) of
INR0.66 crore.


MATRIX CERAMIC: ICRA Reaffirms B+ Rating on INR4.50cr Cash Credit
-----------------------------------------------------------------
The long-term rating of [ICRA]B+ has been reaffirmed to the
INR4.50 crore cash credit facility of Matrix Ceramic. ICRA has
also assigned the long term rating of [ICRA]B+ to the INR1.12
crore term loans of Matrix Ceramic. The short term rating of
[ICRA]A4 has been reaffirmed to the INR1.50 crore (enhanced from
INR1.00 crore) non fund based facilities of Matrix Ceramic.
                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Facility     4.50       [ICRA]B+ reaffirmed
   Term Loan                1.12       [ICRA]B+ assigned
   Bank Guarantee           1.50       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the de-growth in
operating income of the firm in FY13 and FY14 owing to the subdued
demand conditions as well as temporary shutdown of the firm's
manufacturing facility in FY14 due to revamp work undertaken for
shift in product profile of the firm from ceramic floor tiles to
ceramic wall tiles coupled with the strike called by the ceramic
industry in Morbi to protest escalating gas prices. The ratings
continue to remain constrained by the highly fragmented nature of
the tiles industry which results in intense competitive pressures,
the cyclical nature of the real estate industry which is the main
consuming sector and exposure of profitability of the firm to
increasing prices of gas which is the major fuel. ICRA notes that,
being a partnership firm, the quantum of withdrawals from the
capital account by the promoters of the firm, going forward, would
impact the net worth and thereby the gearing levels of the firm,
and thus is a key rating sensitivity.

The ratings however continue to favourably factor in the
experience of the promoters in the ceramic industry and the
locational advantage of the firm for raw material procurement by
virtue of its presence in Morbi (Gujarat).

Matrix Ceramic is a partnership firm promoted by Mr. Jayesh Aghara
along with his family members and relatives. Incorporated in 2006,
Matrix Ceramic commenced commercial production of ceramic floor
tiles of 12"x12" dimension in September 2007 with a production
capacity of 6,500 boxes per day. Currently the product profile of
the firm comprises of ceramic wall tiles of size 8"x12" and
ceramic floor tiles of 12"x12" with a production capacity to
manufacture 9,000 boxes of wall tiles or 8000 boxes of floor tiles
per day. Its plant is located at Morbi in Rajkot district of
Gujarat.

Recent Results
For the year ended March 31, 2014, Matrix Ceramic reported an
operating income of INR11.31 crore and net losses of INR0.10 crore
as against an operating income of INR15.70 crore and profit after
tax of INR1.12 crore for the year ended March 31, 2013.


NILKANTH COLD: ICRA Revises Rating on INR3.20cr Cash Credit to D
----------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR3.20
crore1 cash credit facility and the INR2.46 crore (reduced from
INR3.65 crore) term loan facility of Nilkanth Cold Storage to
[ICRA]D from [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.20         Revised to [ICRA]D
                                      from [ICRA]B-

    Term loan            2.46         Revised to [ICRA]D
                                      from [ICRA]B-

The rating revision reflects the stretched liquidity position of
the firm as reflected by the delays in debt servicing due to
cashflow mismatches between periods of expected rent inflows and
scheduled debt repayments. Further the rating is constrained by
NCS' weak financial profile characterized by losses at net levels,
high gearing levels and stretched working capital indicators. The
rating is also constrained given the small size and limited track
record of operations and exposure of profitability to any
significant fall in potato prices. ICRA also notes that NCS is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure.

The rating, however, favourably considers the experience of
partners in potato trading and their association with other cold
storage firms; and the favourable location of the unit in Deesa
(Gujarat), an area with high output of potato.

Incorporated in June 2012, Nilkanth Cold Storage (NCS) is engaged
in providing cold storage facility to potato farmers and traders
on a rental basis and commenced commercial operations from
February 2013. The facility of the firm is located at Deesa,
Gujarat having storage capacity of 168000 bags each weighing 50 Kg
(around 8400 MT of potatoes). The firm is promoted by Suthar
family who has long experience in potato farming and trading
business.

Recent Results
During FY 2014, NCS reported an operating income of INR1.12 crore
and net loss of INR0.11 crore.

P. B. COTTON: ICRA Reaffirms B Rating on INR7cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the long term
fund based facilities of INR8.90 crore of P. B. Cotton & Oil
Industries.

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

   Long Tern Fund
   Based-Term Loan       1.90         [ICRA]B reaffirmed

The reaffirmation of the rating continues to take into account the
relatively new and small scale of firm's operations as well as
vulnerability of firm's profitability to adverse movements in raw
material prices which are subject to seasonality and crop harvest.
The rating also takes into account the limited value additive
nature of firm's operations; the highly competitive and fragmented
industry structure given the low entry barriers as well as the
exposure to regulatory risks with regard to MSP for raw cotton and
cotton exports. ICRA also takes note of PBCOI's constitution as a
partnership concern and the risks inherent in a partnership firm
with respect to capital withdrawals and its potential impact on
credit profile as well as on continuity of organization.

The rating, however, continues to favorably take into account the
firm's favorable location in Halvad, Gujarat- an area with easy
availability of raw cotton and the moderately diversified product
profile due to presence in the crushing operations.

P.B. Cotton and Oil Industries (PBCOI) was established as a
partnership firm in 2012 and is engaged in cotton ginning and
pressing and oilseeds crushing operations. The promoters of the
firm have past experience in cotton ginning and pressing industry
through their earlier association with other firms as partners or
as key operating personnel. The firm commenced oil crushing
operations from January 2013 and the cotton ginning and pressing
operations from October 2013. The firm is also involved in castor
trading.

Recent Results
For the year ended March 31st, 2014, PBCOI reported an operating
income of INR14.47 crore and a profit before tax of INR0.04 crore
as against operating income of INR0.62 crore and profit before tax
of INR0.04 crore in 3M FY2013.


P.K. INDUSTRIES: ICRA Assigns B Rating to INR4cr Long Term Loan
---------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to the INR4.00
crores fund based bank facilities of P.K. Industries. ICRA has
also assigned short term rating of [ICRA]A4 to its INR6.00 crores
non fund based limits.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Long Term              4.00        [ICRA]B assigned

   Non-Fund Based
   Limits-Short Term      6.00        [ICRA]A4 assigned

The assigned rating is constrained by high client concentration
risk as the major customer, MPVVCL(Madhya Pradesh Vidyut Vitran
Company Limited) contributes to more than 95% of the company's
sales. The rating also factors in the company's relatively small
scale of operations, highly competitive and fragmented industry
with strong competition from medium and large players in
manufacturing of transformers which in turn can put pressure on
the profitability margins. Further the rating is also constrained
by the stretched liquidity position of the company as reflected by
high working capital utilisation in the past 8 months.

The rating however, favorably takes into account long standing
experience of the proprietor and the high demand potential of the
industry in the short to medium term.

Business was established in the year 2000 as a sole proprietorship
concern and is engaged in manufacturing and selling of power and
distribution transformers from 5KVA to 5MVA capacity.
Manufacturing plant of the company is located in the Industrial
Area in Govindpura, Bhopal, Madhya Pradesh.

Recent Results:
P.K. Industries reported a net profit of INR0.49 crores on an
operating income of INR12.55 crores for the year ended March 31st,
2013 and a net profit of INR0.30 crores on an operating income of
INR7.84 crores for the year ended March 31st, 2012.


PADMAVATI INFRA: ICRA Reaffirms B Rating on INR8.5cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR3 crore
(enhanced from INR2 crore) fund based bank facilities and the
INR8.5 crore (enhanced from INR6.9 crore) non fund-based bank
facilities of Padmavati Infrastructure Company (PIC) at [ICRA]B.
ICRA has also assigned its ratings of [ICRA]B and [ICRA]A4 to the
INR0.4 crore unallocated limits of PIC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Facilities       3.0         [ICRA]B; Reaffirmed

   Long-term Non fund
   Based Facilities       8.50        [ICRA]B; Reaffirmed

   Unallocated            0.40        [ICRA]B/[ICRA]A4; Assigned

The rating reaffirmation takes into account the satisfactory pace
of execution of orders from Paschimanchal Vidyut Vitran Nigam Ltd
(PVVNL) and Uttarakhand Power Corporation Limited (UPCL), along
with the firm's satisfactory order book position which gives
revenue visibility over the medium term, with pending order book
of ~INR62 crore as on November 2014. The ratings also reflect the
adequate experience of PIC's partners in the power transmission
industry and their established relationships with various
suppliers. The ratings continues to favourably factor in the
limited price risk for the firm as PIC has already finalised the
prices of all the major raw materials required to complete the
order.

The ratings are, however, constrained by PIC's modest scale of
operations given its limited operational history, slow approval
process of the state power utilities and high geographic
concentration risks. Further, the ratings also take into account
the high working capital intensity of PIC's operations owing to
stretched receivables.

Going forward, the ability of the firm to scale up its operations
while maintaining its profitability and manage its working capital
efficiently will be the key rating sensitivities.

PIC is a partnership firm formed in October, 2012 and is involved
in erection of poles and transformers along with setting up
overhead and underground cables for state power utilities of Uttar
Pradesh (PVVNL) and Uttarakhand (UPCL). The partners have been
involved in the power industry as suppliers of transmission
equipment such as wires and cables for state power utilities. At
present, PIC is executing two orders from PVVNL for strengthening
and augmenting power distribution system in Bulandshahar and
Sambhal districts with a total pending order book of INR62 crore
as on November 2014. In the past company has executed orders from
UPCL.


PARAMOUNT STEELS: ICRA Places B+ Rating on INR11.80cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned its long term rating of '[ICRA]B+' to the
INR11.80 crore cash credit limit and INR2.50 crore term loan of
Paramount Steels Limited.
                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Cash Credit Limit      11.80        [ICRA]B+; Assigned
   Term Loan               2.50        [ICRA]B+; Assigned

ICRA's rating factors in the company's moderate scale of
operations, which coupled with its weak profitability and high
dependence on external borrowings for working capital funding, has
resulted in weak debt protection indicators and high gearing of
3.64 times as on March 31, 2014.

The rating also takes into account the company's operations in a
highly competitive industry and vulnerability of its profits to
fluctuations in steel prices. The rating further takes into
account the exposure of the company's profitability to
fluctuations in foreign exchange rates, given the lack of hedging
mechanism for import payables. However, ICRA favourably factors in
the rich experience of the promoters, strategic location of its
integrated manufacturing facility and established relationships
with key customers.

Going forward, PSL's ability to increase its scale of operations
accompanied by an improvement in profitability margins and
optimally manage its working capital cycle leading to a prudent
capital structure, will be the key rating sensitivities.

PSL incorporated in 1981, manufactures steel ingots and rolls them
into hex bars and rounds. The manufacturing unit of the company
located in Ludhiana, Punjab has a rolling unit and induction
furnace with annual capacities of 19,000 metric tonnes each.

Recent Results
The company reported a net profit of INR0.19 crore on an operating
income of INR59.74 crore in FY 14 as against a net profit of
INR0.35 crore on an operating income of INR58.64 crore in the
previous year.


PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR9.75cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR9.75
crore fund based facilities of Perumal Spinning Mills Private
Limited at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term-Fund
   based facilities      9.75         [ICRA]B+ reaffirmed

The rating reaffirmation considers the growth in revenues and
profit margins in 2013-14, on the back of healthy demand for
cotton yarn in domestic market, increase in realization and
improvement in power situation in the state, resulting in better
productivity and cost savings. The rating also considers the
experience of the promoters in the textile business of over two
decades.

The rating is, however, constrained by the Company's small scale
of operations which restricts economies of scale, highly geared
capital structure, exposure of its revenues and profitability to
volatility in cotton and yarn prices and its presence in the
medium count segment in a highly fragmented spinning industry,
where high competition coupled with low product differentiation
limits pricing flexibility. Going forward, the ability of the
Company to improve its scale of operations and profitability while
maintaining/moderating its working capital intensity remain the
key rating sensitivities.

PSMPL, incorporated in 1989 by Mr. S. Perumal, is primarily
engaged in manufacture of cotton yarn. The Company produces medium
counts of carded/combed yarn (in the count range of 40s to 60s)
and supplies primarily to domestic garment manufacturers. The
Company operates with an installed capacity of 14,112 spindles and
its manufacturing facility is located in Salem (Tamil Nadu). The
Company is closely held by Mr. P Ashokaraman (son of Mr. S
Perumal) and his son.

Recent Results
The Company had reported net profit of Rs.0.2 crore on an
operating income of Rs.33.8 crore during 2013-14 as against net
loss of Rs.0.3 crore on an operating income of Rs.28.2 crore
during 2012-13.


PIONEER TEA: ICRA Reaffirms B+ Rating on INR2.49cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR2.49 crore
term loans and INR4.00 crore cash credit facilities of
Pioneer Tea & Exports Limited. ICRA has also reaffirmed the
[ICRA]A4 rating to the INR0.40 crore non-fund based bank
facilities of PTEL.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   (Term Loans)          2.49        [ICRA]B+ reaffirmed

   Fund Based Limits
   (Cash Credit)         4.00        [ICRA]B+ reaffirmed

   Non-Fund Based
   Limits (Bank
   Guarantee)            0.40        [ICRA]A4 reaffirmed

The reaffirmation of ratings take into consideration the weak
financial profile of PTEL characterized by declining operating
margin over the last two years, nominal profits and cash accruals
at an absolute level, depressed level of coverage indicators and a
highly adverse capital structure. The ratings also consider PTEL's
small scale of current operations, and its dependence on purchased
leaves as it has no gardens of its own, which exposes the company
to availability, quality and price risks of purchased green
leaves. The ratings also take into account the risks associated
with tea being an agricultural commodity, which is dependent on
agro-climatic conditions that leads to variability in
profitability and cash-flows of all players in the tea industry
including PTEL. In addition, domestic tea prices to a large extent
are influenced by international prices and hence the demand-supply
situation in the global tea market, in ICRA's opinion, would
continue to impact the profitability of Indian players including
PTEL.

The ratings, however, factor in the experience of the management
in the tea business and the favourable outlook for the domestic
tea industry at least over the short to medium term. While ICRA
notes that the prices of tea have firmed up in the current year,
primarily due to the shortfall in domestic production, the impact
of the same on bulk tea producers, including PTEL, would be
determined finally by the trade-off between the drop in production
and a likely increase in tea prices as a result of that.

Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. The company markets its
tea under the brand name of 'Raajdhanee', 'Pioneer', 'Daffodil',
'Anubhuti', 'Remajuli' and 'Saffron Valley'.

Recent Results
The company has reported a net profit of INR0.02 crore on an
operating income of INR19.44 crore during 2013-14; as compared to
a net profit of INR0.04 crore on an operating income of INR18.08
crore during 2012-13.


PRESSCO ENGINEERING: CRISIL Suspends D Rating on INR52M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pressco
Engineering Pvt Ltd (Pressco).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit               52        CRISIL D

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

Pressco was incorporated in 2002 by Mr. Srinath Dadich and his
family in Kolkata, West Bengal. The company manufactures tube
light fittings for Philips. Pressco has its main unit in Jalan
Industrial Complex (Howrah, West Bengal) and three other ancillary
units in Kolkata. The company also manufactures electrical
components for Bentec Electricals & Electrical Components Pvt Ltd.


PSA IMPEX: CRISIL Suspends B Rating on INR500MM Bank Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
PSA Impex Pvt Ltd (PSA; part of Shubhkamna Group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility      500         CRISIL B/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shubhkamna Buildtech Pvt. Ltd (SBPL)
and its subsidiaries PSA Impex Pvt. Ltd (PSA) and JSS. This is
because all these entities, together referred to as Shubhkamna
Group, are in the same line of business and share the same
management team. The analytical approach also factors in the
holding company-subsidiary relationship between the entities, and
the presence of inter-company investments.

Shubhkamna Group was established in 2006 through the incorporation
of SBPL by Mr. Diwakar Sharma. The group is primarily involved in
residential real estate development in Noida, Greater Noida, and
along the Yamuna Expressway (Uttar Pradesh). SBPL holds 50 per
cent stake in JSS and 70 per cent stake in PSA. The Company is
currently undertaking projects with name Shubhkamna TecHomes,
Shubhkamna City, Shubhkamna Legend and Shubhkamna Shikhar.

JSS, incorporated in 2010, is currently developing 'Shubhkamna
Monarch', a luxurious residential real estate project situated in
Noida Extension.

PSA, incorporated in 2010, is currently developing 'Shubhkamna
Levia', a residential real estate project situated in Greater
Noida.


ROHIT FERRO: ICRA Assigns B+ Rating to INR901.63MM Term Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR901.63 crore term
loans, INR506.16 crore working capital term loans and INR751.37
crore fund based limits of Rohit Ferro Tech Limited (RFTL). ICRA
has also assigned an '[ICRA]A4' rating to the INR352.63 crore non-
fund based limits of RFTL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans           901.63        [ICRA]B+ assigned

   Working capital
   term loans           506.16        [ICRA]B+ assigned

   Fund based limits    751.37        [ICRA]B+ assigned

   Non-fund based
   limits               352.63        [ICRA]A4 assigned

The ratings reflect the fact that RFTL is currently under the
purview of a corporate debt restructuring (CDR) programme and its
payments to banks have only recently been regularized. The ratings
also take into account the adverse financial metrics of the
company as reflected by its loss making nature of operations,
highly aggressive capital structure and its stretched liquidity
position. Additionally, RTFL's non-integrated nature of
operations, which exposes its margins and cashflows to variability
in the ferro alloy and raw material prices, also adversely affects
the ratings.

The ratings, however, also take note of the experience of the
promoters of the company in the steel and ferro alloys businesses,
and the expected improvement in RTFL's cost structure which is
likely to result from the investments made by the company in
captive power and sintering plants. ICRA notes that although the
favourable repayments in the near term, as per the CDR package, is
likely to support the liquidity position of the company during
this period, sizeable debt is required to be serviced over the
medium term.

RFTL is promoted by the SKP group based out of Kolkata, West
Bengal. It commenced its Ferro-alloy manufacturing facility at
Bishnupur Industrial complex of WBIDC in 2003, initially with two
number 7.5 MVA furnaces. Over the years, the company has
established additional capacities of three numbers of 9 MVA
furnaces in the same complex. In FY 2008, RFTL expanded its
operations into Odisha by setting up four 16.5 MVA furnaces in
Jajpur. Additionally, it commissioned six 9 MVA furnaces in Haldia
in West Bengal, which is a 100% EOU for exporting Ferro Alloys
from the country. The total manufacturing facility of the company
as on date is of 162 MVA.

Recent results
RFTL registed a loss of INR228.6 crore on an operating income of
INR2486. crore in FY2014. During FY2013, the company had
registered a PAT of INR28.9 crore on an operating income of
INR2260.3 crore. During April-September 2014, RFTL registered net
loss of INR216.62 crore on an operating income of INR958.01 crore.


RBA FERRO: ICRA Reaffirms B Rating on INR3cr Cash Credit
--------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating assigned to the INR3.00
crore cash credit facility of RBA Ferro Industries Private
Limited. ICRA has also re-affirmed the [ICRA]A4 rating assigned to
the INR28.00 crore fund based and INR7.00 crore non-fund based
bank facilities of RFIPL.

                           Amount
   Facilities           (INR crore)       Ratings
   ----------           -----------       -------
   Fund Based Limit-
   Cash Credit               3.00         [ICRA]B reaffirmed

   Fund Based Limits        28.00         [ICRA]A4 reaffirmed

   Non-Fund Based Limits     7.00         [ICRA]A4 reaffirmed
   Bank Guarantee & Letter
   of Credit

The re-affirmation of ratings take into account the company's weak
financial profile characterised by a declining operating profit
margin and a leveraged capital structure, and a highly working
capital intensive nature of operations, which adversely impacts
its liquidity position; although, some improvement was witnessed
during the recent period.

The ratings also factor in the vulnerability of the company's cash
flows and profitability to the inherent volatility in the raw
material and finished goods prices. RFIPL also remains exposed to
the risks arising out of fluctuations in the foreign exchange rate
as a major portion of its revenue is generated from export sales;
however, hedging strategy followed by the company mitigates such
risks to an extent. The ratings, however, derives comfort from the
longstanding experience of the promoters in the trading and
manufacturing of steel castings, and the company's integrated
nature of operations with its group entities who act as exclusive
suppliers and job worker for RFIPL, thus strengthening its
operating profile.

Incorporated in 1986, RFIPL is engaged in the trading and
manufacturing of grey iron (CI) and ductile iron (DI) castings.
The company started commercial production of steel castings in
2006-07 with a capacity of 6,720 tons per annum (TPA). An
additional facility, equipped with sophisticated machineries, was
commissioned by the company in October 2011, with a capacity of
11,520 TPA. The manufacturing facility of the company is located
at Domjur in the Howrah district of West Bengal.

Recent Results
During the first six months of 2014-15, the company reported a net
profit of INR0.47 crore on an operating income of INR63.87 crore.
The company reported a net profit of INR1.50 crore on an operating
income of INR112.04 crore in 2013-14.


S.N. RICE: CRISIL Ups Rating on INR70MM Overdraft Facility to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
S.N. Rice Mills (part of the KKR group) to to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       70         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term        1.4       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the KKR group
will maintain its improved liquidity over the medium term, driven
by improvement in cash accruals and efficient working capital
management. The group's cash accruals improved to INR80 million in
2013-14 (refers to financial year, April 1 to March 31) from INR52
million in 2012-13. Furthermore, the group has managed its working
capital requirements efficiently, which has resulted in gradual
reduction in its gross current assets to 112 days as on March 31,
2014, from 163 days as on March 31, 2012. The KKR group is
expected to maintain its improved liquidity over the medium term,
supported by healthy cash accruals and efficient working capital
management.

The ratings reflect the KKR group's average financial risk profile
marked by high gearing, and the group's susceptibility to changes
in government regulations and to volatility in raw material
prices. These rating weaknesses are partially offset by the KKR
group's established brand and its promoter's extensive experience
in the rice-milling and food-products industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SN Rice Mills, Karthika Modern Rice
Mill, KKR Mills, KKR Flour Mills, KKR Food Products, KKR Agro
Mills Pvt Ltd , and KKR Products and Marketing Pvt Ltd. This is
because all these entities, together referred to as the KKR group,
are under a common management and have strong operational and
financial linkages.
Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food-products
and rice-milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves, most likely because of sizeable cash accruals
and efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's liquidity weakens
because of a decline in its revenue and profitability, or if it
undertakes a sizeable debt-funded capital expenditure programme or
has large incremental working capital requirements.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 1991, SN Rice Mills is engaged in the business of rice
milling.


SANJEEV KUMAR: ICRA Assigns B+ Rating to INR9.0cr Cash Credit
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR9.0 crore
Cash Credit facility of Sanjeev Kumar Goyal Contractors (SKGC).
ICRA has also assigned the short term rating of [ICRA]A4 to INR3.0
crore Non Fund Based Facility of SKGC.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Cash Credit Facility       9.0         [ICRA]B+; Assigned
   Non-fund based facility    3.0         [ICRA]A4; Assigned

The ratings are supported by long experience of promoters in the
civil construction business and their healthy client base given
that SKGC caters primarily to government bodies. Further the
ratings favorably factor in the low geographical concentration
risk with projects spread across various states like Punjab,
Gujarat, Madhya Pradesh, Rajasthan and Gujarat.

However, the ratings are constrained by SKGC's modest scale of
operations, limited revenue visibility with an Order book to
Operating Income ratio of ~1.2 times and vulnerability to raw-
material price volatility due to absence of provision of price
escalation in all its contracts. This apart, the ratings are also
constrained by SKGC's modest net-worth and high dependence on
working capital borrowings which has modest leverage (Gearing of
1.93 times and Debt/OPBDITA of 4.37 times as on Mar 31st 2013).
Furthermore the ratings also factor in risks associated with the
partnership constitution of the firm like limited ability to raise
capital, withdrawal of capital etc.

Going forward, the firm's ability to execute its current order
book in a timely manner, procure additional orders as well as
improvement in its capital structure will be the key rating
sensitivity factors.

Incorporated in 2010, Sanjeev Kumar Goyal Contractors (SKGC) is a
partnership firm, based in Mansa, Punjab. The firm is engaged in
civil construction business. Mr. Sanjeev Kumar Goyal along with
his two younger brothers Mr. Amit Goyal and Mr Khet Ram Goyal
started the business in 2010.

Recent Results
In FY2013, SKGC registered operating income (OI) of INR24.01 crore
, net profit of INR1.05 crore, compared to OI of INR24.04 crore,
and net profit of INR1.20 crore in FY2012.


SANSKAR SYNTHETICS: ICRA Reaffirms B+ Rating on INR10.30cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR10.30 crore fund based bank facilities of Sanskar Synthetics
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     10.30        [ICRA]B+; reaffirmed

ICRA's rating continues to draw comfort from the extensive track
record of the promoters in the textile industry as well as the
favourable location of SSPL's weaving facilities, which provides
easy accessibility to raw materials and processing houses. While
the company enhanced its manufacturing capacity in FY2014, the
enhanced capacities were however available only for part of the
year (for one month), consequent to which, the revenue and
profitability metrics of the company remained subdued in FY2014.
The highly competitive nature of the weaving industry, limited
value additive nature of the work as well as continued high
proportion of fabric trading activities, led to subdued
profitability levels. Further, given the working capital intensive
nature of operations and marginal equity infusion by promoters,
SSPL's reliance on debt remained high, which also resulted in
modest debt coverage indicators.

With commencement of production of the enhanced capacity, while
the sale of manufactured products is expected to increase, the
ability of the company to improve profitability and optimise its
working capital cycle will be a key determinant of its debt
coverage indicators and liquidity and hence would be the key
rating sensitivities going forward.

Based in Bhilwara, Rajasthan, SSPL manufactures processed finished
fabric for sale under its own brand, as well as for private
labelling. SSPL is promoted by three brothers namely Mr. Yogesh
Biyani, Mr. Naresh Biyani, and Mr. Ashish Biyani, who have been in
this line of business for more than two decades. Prior to SSPL,
the promoters were primarily engaged in trading of synthetic
fabrics through a partnership firm.

Recent Results
SSPL reported net profit of INR0.27 crore on an operating income
of INR49.89 crore in 2013-14 as against a net profit of INR0.32
crore on an operating income of INR45.25 crore in the previous
year.


SHANTI DEVI: ICRA Assigns B+ Rating to INR50MM Bank Loan
--------------------------------------------------------
ICRA has assigned its long term rating of '[ICRA]B+' to the INR50
crore (enhanced from INR45.00 crore to INR95.00 crore) fund-based
bank facilities and the INR2.00 crore non-fund based bank
facilities of Shanti Devi Charitable Trust (SDC). ICRA also has a
[ICRA]B+ rating outstanding for the INR45.00 crore fund based bank
facilities of SDC.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank
   facilities           50.00         [ICRA]B+ assigned

   Non-fund based
   bank facilities       2.00         [ICRA]B+ assigned

The assigned rating takes into account the large on-going capital
expenditure being undertaken by the trust for the proposed medical
college as well as hospital expansion and the associated funding
risk, owing to the high reliance on induction of funds in the
corpus as well as generation of internal accruals over the next
three years to part fund the capital expenditure. The rating also
factors in the trust's exposure to regulatory risk owing to
pending approval from Medical Council of India (MCI) for the
commencement of the academic session of the proposed medical
college. Pending this approval, while the trust may not incur
debt-funded capital expenditure on the subsequent phases of
medical college, however given the term borrowings outstanding for
the first phase of the project (Rs 30 crore out of total proposed
debt of INR95 crore), the trust is currently dependent on the
funding support from trustees for servicing of its debt
obligations as the accruals from the recently commenced hospital
operations are inadequate to meet the interest burden. Besides
debt servicing, the trust is also dependant on promoter funding
support for funding of any capital expenditure.

The rating however derives strength from the experienced
management of the trust who has been engaged in the education
sector for more than fifteen years.

In ICRA's view, commencement of the academic session for the
medical college as well as achievement of optimum operating
metrics post commencement of operations will remain key
determinants for ensuring the adequacy of accruals for debt
servicing in the long-term. Also given the high dependence on
corpus funding/internal accruals for balance phases of the project
costs, timely infusion/generation of these funds will also
continue to be the key rating sensitivities.

Incorporated in 2006, SDC is a Charitable Trust and is being
managed by Mr. Vijay Gupta and his brothers. The trustees have
been engaged in the education sector for more than 15 years and
also manage four other charitable trusts, which collectively
operate eight colleges and one hospital in the National Capital
region (NCR).

SDC trust was earlier managing two institutes, SD Institute of
Technology & Management (SDITM) and SD College of Management
(SDCM) which offered courses in engineering (B.Tech) and
management (BBA and MBA) respectively. These colleges were based
out of a single campus of 28 acres in Panipat (Haryana) and were
affiliated to Kurukshetra University. Owing to the weak response
to the courses, the trust discontinued the admissions in these
courses from AY11-12 and the operations of the aforementioned
colleges from AY13-14.


SHRIPAD POLYMERS: ICRA Suspends B Rating on INR4.75cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to INR4.75 crore term
loan, INR1.00 crore cash credit and INR0.25 crore unallocated
amount of Shripad Polymers Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Established in September 2011, SPPL has set up an HDPE and PP
woven sack manufacturing unit with an annual installed capacity of
1800 tons. SPPL is being promoted by Mr. S R Biradar having vast
experience in polymer packaging industry. The manufacturing
facility is located at Chakan MIDC area in Pune, Maharashtra. The
commercial operation of the company has started in July 2013. SPPL
manufactures HDPE and PP woven sacks utilized in various
industries like cement, fertilizers, sugar and food grain.


SILVERLINE ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Silverline Electricals Pvt Ltd (SEPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            10        CRISIL A4 (Reaffirmed)
   Cash Credit               30        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')
   Letter of Credit           9        CRISIL A4 (Reaffirmed)
   Term Loan                  1        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SEPL's business risk
profile, marked by healthy revenue growth and sustained margins.
During 2013-14 (refers to financial year, April 1 to March 31),
SEPL registered revenue of INR137 million (almost twice its
revenue in previous year) with a sustained operating margin of 5
per cent. Over the medium term, the company is expected to
maintain its healthy growth, with its revenue expected to rise to
over INR300 million and sustained margins. While maintaining
healthy revenue growth, the company is expected to sustain its
working capital cycle and continuously receive funding support
from its promoters. In 2012-13 and 2013-14, the promoters infused
INR13.5 million (in a mix of debt and equity) in SEPL to support
its increasing scale of operations.

The ratings reflect SEPL's working-capital-intensive and modest
scale of operations, despite the revenue growth. The ratings also
factor in the company's modest net worth and high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive experience of SEPL's
promoters in the transformer industry and its moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that SEPL's scale of operations will remain
average over the medium term; though the company is expected to
register healthy revenue growth, the growth will be over a small
base. The company's financial flexibility and ability to ramp up
operations will remain constrained over this period because of its
small net worth. The outlook may be revised to 'Positive' if SEPL
reports a significant and sustained improvement in its scale of
operations, while it prudently manages its working capital, or if
there is substantial infusion of funds by the promoters to improve
its liquidity. Conversely, the outlook may be revised to
'Negative' if the company's liquidity weakens further, most likely
because of a stretched working capital cycle.

SEPL, based in Maharashtra, was incorporated in January 2012. The
company is promoted by Mr. Milind Mahajan, Mr. Santosh
Vishwakarma, and Mr. Sachin Hivarkar. SEPL had, in March 2012,
taken over the assets of Haphen Transformers India Pvt Ltd for
about INR40 million. SEPL manufactures transformers, feeder
pillars, and distribution boxes. The company also undertakes
service activities, such as installing, commissioning, and
maintenance of these products. It manufactures transformers in the
range of 25 kilovolt amperes (kVA) to 5000 kVA. The company has a
manufacturing unit in Maharashtra with a capacity of manufacturing
20,000 kVA of transformers per month.


SOMNATH COLD: ICRA Reaffirms B Rating on INR7.51cr Cash Credit
--------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR3.00 crore term loan
and has reaffirmed the [ICRA]B rating assigned to the INR7.51
crore (enhanced from INR6.40 crore) seasonal cash credit limits,
INR1.37 crore (reduced from INR1.40 crore) working capital loan,
INR0.60 crore (reduced from INR1.80 crore) working capital term
loan and INR0.37 crore non-fund based bank facilities of Somnath
Cold Storage Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Seasonal Cash Credit     7.51       [ICRA]B reaffirmed
   Working Capital Loan     1.37       [ICRA]B reaffirmed
   Working Capital Term
   Loan                     0.60       [ICRA]B reaffirmed
   Term Loan                3.00       [ICRA]B assigned
   Non fund based limits    0.37       [ICRA]B reaffirmed


The rating reaffirmation continue to takes into account Somnath
Cold Storage Pvt Ltd's (SCPL) adverse financial risk profile as
reflected by high gearing, depressed coverage indicators and high
working capital intensity of operations; and the regulated nature
of the industry, making it difficult to pass on increase in
operating costs in a timely manner, leading, in turn, to downward
pressures on profitability.

The ratings also take into account SCPL's exposure to agro-
climatic risks, with its business performance being entirely
dependent upon a single agro commodity, i.e. potato. Further, ICRA
notes that the loans extended to farmers by SCPL may lead to
delinquency, if potato prices fall to a low level; athough with
majority of the potato during the current year being already
withdrawn by the farmers, the risk remains low during for the
current year. The rating also takes into account the long track
record of the promoters in the management of cold storages and the
locational advantage of SCPL by way of presence of its cold
storage units in West Bengal, a state with large potato
production.

Incorporated in 1984, SCPL is a cold storage set up in Burdwan
district of West Bengal. SCPL is primarily engaged in the business
of storage and preservation of potatoes. Currently, SCPL has an
annual storage capacity of 38,000 tonnes.

Recent Results
In FY14, SCPL reported a net profit of INR0.04 crore on an
operating income (OI) of INR4.71 crore as compared to a net profit
of INR0.02 crore on an OI of INR3.71 crore in FY13.


SPICEJET LTD: Co-Founder Agrees to Take Control to Rescue Airline
-----------------------------------------------------------------
Tommy Wilkes and Aman Shah at Reuters report that the co-founder
of low-cost airline SpiceJet Ltd has agreed to buy out its
billionaire owner, the first part of a rescue attempt to turn
round the loss-making carrier's fortunes in a fast-growing but
crowded aviation sector.

Ajay Singh, who helped found SpiceJet in 2005 and was expected to
submit his plan by the end of the month, has agreed to take
control of the ownership and management from majority owner
Kalanithi Maran's Sun Group, the airline said on Jan. 15, Reuters
relates.

SpiceJet has been struggling to pay its bills for months because
of a cash crunch and looked on course to become the second Indian
carrier to collapse in as many years after it was forced to ground
its fleet briefly last month, according to Reuters.

Together with at least one financial investor, Singh will invest
INR15 billion ($241 million) in the airline, a civil aviation
ministry official said, declining to be named, Reuters relates.
The ministry will approve the bailout in the coming days, he said.

The deal involves a fresh equity injection that will dilute
existing shareholders, Singh told Reuters. He declined to comment
on the financial details of the deal.

"Oil prices are low, we have a pro-growth government in India. If
you can deal with the past liabilities of SpiceJet and get the
costs low, I think it's a great time to be in aviation," the
report quotes Singh as saying. "Breaking even in the next
financial year is what we should be aiming for."

According to Reuters, analysts said Singh will need cash to pay
SpiceJet's immediate bills, and then to help cut costs that have
left the carrier unprofitable since 2013.

"Survival for SpiceJet requires a lot of things to materialise,"
Reuters quotes Harsh Vardhan of Starair Consulting as saying. "It
needs a large chunk of cash flow, it needs operations streamlined.
And a lot of it will depend on the competition."

Sun Group CFO SL Narayanan told two Indian TV channels that
Maran's company would remain a minority shareholder, adds Reuters.

                          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.


TERAI ISPAT: CRISIL Reaffirms B Rating on INR300MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Terai Ispat &
Trading Pvt Ltd (TITL) continues to reflect its subdued financial
risk profile, marked by below-average debt protection metrics and
low profitability, and exposure to risks inherent to the
agricultural commodities and steel trading segments. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters, financial support from companies
within the Terai group, and established relationships with
suppliers and customers.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           300         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TITL will continue to benefit from the
extensive experience of its promoters and unsecured loans from the
Terai group. The outlook may be revised to 'Positive' if TITL
improves its profitability and debt protection metrics and
maintains steady revenue growth. The outlook may be revised to
'Negative' in the event of a stretch in its working capital cycle
or sizeable debt-funded capital expenditure (capex), thereby
weakening its capital structure.

TITL, set up in 1991 by Mr. Ajit Kumar Agarwala, is a closely held
public limited company trading in various products, such as jute,
sugar, green peas, yellow peas, and steel products. The company
began operations in 1993 and is a part of the Kolkata-based Terai
group, having primary interests in tea plantations.


VAJRAKALPA COTTON: ICRA Puts B+ Rating on INR20cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to INR20.00 Crore fund based
limits of Vajrakalpa Cotton. The assigned rating is primarily
constrained by the highly fragmented and competitive nature of the
industry which limits the ability of the firm to pass on the hike
in input costs.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits          20.00        [ICRA]B+ assigned

ICRA notes that the firm is exposed to the agro-climatic and
regulatory risks which could affect the availability and
procurement price of raw cotton. The rating is further constrained
by the weak financial profile of the firm characterized by low
profitability and high gearing resulting into weak coverage
indicators as reflected in OPBITDA-to-Interest & Finance Charges
of 1.34x and NCA-to-Total Debt of 1.47% as on 31st March, 2014.
The rating however, favourably factors in the long standing
experience of the promoters in the industry and the presence of
the firm in the major cotton growing region of Telangana
(Karimnagar Dist.) resulting in good availability of raw cotton.
The rating also takes into account the healthy increase of 27% (y-
o-y) in the operating income of the firm backed by increase in the
sale of lint by 37% during the period.

Vajrakalpa Cotton is a partnership firm established in 1999 and is
engaged in the ginning & pressing of raw cotton, oil extraction
and trading of cotton lint & maize. The milling unit is located in
Jammikunta in Karimnagar District of Telangana with an installed
capacity of 40 gins, 16 presses & 6 oil extraction machines.

According to audited FY 2013-14 results, the firm has recorded an
operating income of INR155.02 crores with an operating profit of
INR2.05 crore.


VIJAY KAMAL: ICRA Revises Rating on INR70cr Cash Credit to B
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the proposed
bank facilities of Vijay Kamal Properties Private Limited from
[ICRA] B+ to [ICRA] B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           70.0         Revised from [ICRA]B+
                                      to [ICRA]B
   Total Fund and Non-
   Fund Based Limits     70.0         Revised from [ICRA]B+
                                      to [ICRA]B

The rating revision takes into consideration the exposure to the
project execution risks with limited progress in the construction
of the project since the last rating exercise, exposure to the
funding risk as the requisite debt for the project has not been
sanctioned yet and exposure to market risk with sales at a nascent
stage. The ability to ensure healthy sales velocity supported by
strong collection efficiency is critical given the high
contribution of customer advances, almost 54% of budgeted cost, in
funding the project.

The assigned rating favorably factors in the attractive location
of the company's project by virtue of its proximity to the railway
station and the Link Road in Charkop, Kandivali (W). The rating
also factors in the long standing experience of the promoters in
the redevelopment and rehabilitation projects space in Mumbai.

Vijay Kamal Properties Pvt Ltd was incorporated on February 16,
2000 with the main objective of undertaking real estate
development in and around Mumbai. The company is a part of the
Mumbai-based Ravi Group which was founded by Mr. Tokarshi S. Shah
over four decades ago. The promoter group specializes in
rehabilitation and redevelopment projects. The group has completed
over 40+ projects having total saleable area of 5.5 million sq.
ft. in an around Mumbai. VKPPL is currently developing a
redevelopment project -- The Era -- in Kandivali West suburb of
Mumbai.


VIMALSCOP PRODUCT: ICRA Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR10.0 crore long-term
fund-based bank facilities of Vimalscop Product.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term; Fund
   Based Limits          10.0         [ICRA]B+; assigned

ICRA's rating is constrained by the highly competitive nature of
the fabric processing industry owing to its fragmented nature and
the low value added nature of the firm's business; exposure to
risks arising from fluctuations in prices of fabric; and the
modest financial profile of the company characterized by low
profitability and high working capital intensity. Further, the
ratings also factor in the risks inherent to its partnership
constitution, in terms of risk of capital withdrawal, risk of
dissolution etc.

However, the ratings favourably take into account the established
track record and extensive experience of the promoters in the
textile industry and the favourable location of the facility in
Balotra, Rajasthan, which is a hub for processing of Poplin, Rubia
etc, thereby facilitating easy access to raw material and labour.

Going forward, the ability of the firm to improve the
profitability of its operations and prudently manage its working
capital cycle will be the key rating sensitivities.

Vimalscop Product, is a partnership firm, set up by Mr. Subhash
Chand Mehta in 2013 and is engaged in fabric processing at its
unit in Balotra, Rajasthan. Mr.Mehta has been involved in this
line of business for more than two decades and prior to setting up
this firm, the partners were running their fabric dyeing business
under another partnership firm which was dissolved before setting
up Vimalscop Product. The firm has an installed capacity for
processing around 8 million meters of fabric per month. The
products of the firm are marketed under the brand names 'Scop',
'Viva', 'Milly' and 'G-9'.

Recent Results
The firm reported a net profit of INR0.29 Crore on an operating
income of INR55.58 Crore in the four months of its operations,
from December 2013 to March 2014.



=========
J A P A N
=========


CORSAIR (JERSEY): S&P Puts JPY3BB Loan's BB+ Rating on Watch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
ratings on four Japanese synthetic collateralized debt obligation
(CDO) transactions on CreditWatch with positive implications.

The CreditWatch positive placements reflect the tranches'
synthetic rated overcollateralization (SROC) levels, which
exceeded 100% with a sufficient SROC cushion at higher ratings
than the current ratings as of Dec. 31, 2014.

S&P intends to review these tranches by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                       From           Amount
BBB+ (sf)/Watch Pos      BBB+ (sf)      JPY4.0 bil.

Class A secured floating rate credit-linked loan series 2005-06
To                       From           Amount
BBB-p (sf)/Watch Pos     BBB-p (sf)     JPY3.0 bil.

Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To                       From           Amount
BB+ (sf)/Watch Pos       BB+ (sf)       JPY3.0 bil.

Hummingbird Securitisation Ltd.
Series 2 loan
To                       From           Amount
BBB- (sf)/Watch Pos      BBB- (sf)      JPY3.0 bil.


MT. GOX: Ex-CEO Was Thought By U.S. to be Silk Road Mastermind
--------------------------------------------------------------
Bob Van Voris at Bloomberg News reports that the former head of
the bankrupt Mt. Gox Co. bitcoin exchange was originally believed
by U.S. investigators to be the secret mastermind behind the Silk
Road online drug marketplace, an agent who infiltrated the website
told jurors at the trial of the man prosecutors now accuse of
running it.

Bloomberg relates that Jared Der-Yeghiayan, a Department of
Homeland Security special agent, testified on Jan. 15 that he
believed in mid-2013 that Mark Karpeles, then Mt. Gox's chief
executive officer, was also head of Silk Road, where buyers used
bitcoins to purchase drugs and other illegal items anonymously.

Ross William Ulbricht, who was arrested in October 2013 and
charged with running Silk Road under the pseudonym "Dread Pirate
Roberts," is on trial in Manhattan federal court on charges of
conspiracy and Internet drug trafficking, Bloomberg says.

According to Bloomberg, Mr. Ulbricht claims he gave up control of
the site within months of starting it. His lawyer, Joshua Dratel,
questioned Mr. Der-Yeghiayan in an attempt to persuade jurors that
Mr. Karpeles was behind Silk Road and set up Ulbricht to take the
blame.

Bloomberg relates that Mr. Dratel asked the agent about statements
he drafted in May and August in 2013 to get a search warrant for
Mr. Karpeles' email.

"You were ready to swear that there was probable cause to believe
that those Gmail accounts contained evidence of instrumentalities
of narcotics trafficking and money laundering, right?" Dratel
asked.  "Correct," Der-Yeghiayan answered.

Bloomberg relates that Mr. Der-Yeghiayan said that at the time he
believed Karpeles, whose company was the world's biggest exchanger
of bitcoins, set up Silk Road to stimulate demand for the virtual
currency and drive up its value. He said he concluded that Mr.
Karpeles, who was born and educated in France, ran Silk Road while
a Canadian associate named Ashley Barr was the online voice of the
site, Bloomberg relays.

"I am not and have never been 'Dread Pirate Roberts,' "
Mr. Karpeles, who lives in Japan, said on Jan. 15 in an email to
Bloomberg. "The investigation reached that conclusion already --
this is why I am not the one sitting during the Silk Road trial,
and I can only feel defense attorney Joshua Dratel (is) trying
everything he can to point the attention away from his client. I
have nothing to do with Silk Road and do not condone what has been
happening there."

Der-Yeghiayan, who was investigating from Chicago, testified that
in May 2013, Homeland Security in Baltimore seized more than $3
million from the account of a Karpeles company, Mutum Sigillum,
Bloomberg says.

In July 2013, representatives of the Baltimore office met with Mr.
Karpeles' lawyers and were told he was willing to tell the
government who ran Silk Road, Bloomberg recalls. Outside the
jury's presence, Mr. Dratel told U.S. District Judge Katherine
Forrest, who's overseeing the trial, that Mr. Karpeles was seeking
to avoid a criminal charge by pointing the finger at
Mr. Ulbricht.

Judge Forrest dismissed the jury of six men and six women early so
that she could consider arguments from both sides over what
additional evidence they may hear about the government's
investigation of Mr. Karpeles, according to Bloomberg.
Der-Yeghiayan will continue his testimony when the trial resumes
Jan. 20, the report notes.

Mr. Ulbricht faces as long as life in prison if convicted. The
trial started on Jan. 13 and may last as long as six weeks,
Bloomberg notes.

                          About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014. It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to
$50 million and debts of $50 million to $100 million.



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


BRIDGECORP LTD: Former Finance Director Denied Parole Again
-----------------------------------------------------------
Nick Grant at NBR Online reports that Robert Roest, a former
finance director of failed company Bridgecorp, has been denied
parole for a second time.

NBR says Mr. Roest was convicted of making of false statements in
prospectuses issued by Bridgecorp, which collapsed in 2007 owing
NZ$459 million to over 14,000 investors.  He was sentenced to
prison for six years and nine months in May 2012, and received
extra three months after pleading guilty to charges relating to
the purchase of a luxury yacht with company funds.

According to the report, the Parole Board said Mr. Roest has a
"rather intransigent attitude" to his offending and still sees
himself as a victim of circumstance who was trying to do his best
for investors.

Despite this, the board said any remaining concerns about the risk
he poses on release could be mitigated by conditions that prevent
him doing similar work or holding a position where he deals with
other people's money, NBR relates.

NBR says Mr. Roest's application for parole was denied, however,
because there was no properly supported release plan -- an issue
that could be addressed the next time he appeared before the
Board.

Mr. Roest first appeared before the Board in August last year,
when it was noted he "appeared to lack significant degree of
empathy for the victims of his offending other than acknowledging
their losses," NBR adds.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).



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


TAIWAN HIGH: Rail Bureau Prepares for Government Takeover
---------------------------------------------------------
Shelley Shan at Taipei Times reports that the Bureau of High Speed
Rail said that it is forming a task force to prepare for a
government takeover of the high-speed rail system as soon as
Taiwan High Speed Rail Corp (THSRC) declares bankruptcy.

Taipei Times says the rail company could go bankrupt in March or
April when a lawsuit filed by Continental Engineering Corp to
redeem its preferred stocks, worth NT$3.5 billion (US$109.2
million), is scheduled to be handed down, with the result likely
to favor the plaintiff.

The company would have no option but to file bankruptcy, as it has
only NT$1.8 billion in cash and would be unable to pay the
stockholder, according to Taipei Times.

The report says the Ministry of Transportation and Communications
had hoped to prevent the bankruptcy by proposing a plan to
restructure THSRC's finances. However, the plan failed to secure
bipartisan support from the legislature's Transportation Committee
on Jan. 7, which ruled to hold off on a review, the report notes.

Minister of Transportation and Communications Yeh Kuang-shih and
THSRC chairman Tony Fan tendered their resignations on Jan. 7
following the committee's decision, Taipei Times relates.

If the court rules that THSRC must pay Continental Engineering in
the third trial in March and the railway operator goes bankrupt,
the bureau said that it would constitute a major breach of the
company's build-operate-transfer contract with the government.
THSRC would be given 80 days to address the situation, according
to the report.

Taipei Times relates that should the company fail to address the
situation within the 80 days, the bureau said that it would revoke
the company's qualification to operate the high-speed rail system
and take charge itself, which could happen in about June.

The report adds that the bureau said that members of the task
force would not just be doing consulting work, but would take over
every aspect of the operation, including maintenance, finances and
daily operations.

The ministry would also appoint a new chairperson to serve on the
railway operator's board, the bureau added, Taipei Times reports.

Meanwhile, Taipei Times reports that the Taiwan High-Speed Rail
Workers' Union said that current and future employers should
negotiate with the workers' union.

"The company is facing a turning point," the union said in a
statement.  "By law, the union has an obligation and
responsibility to negotiate with the employer," the union said.

"Should there be any change in the company's operation, such as a
merger or separation of entities, or a transfer of ownership, the
employer should ensure that the employees' work conditions and
benefits remained unchanged," the union added.

The employer cannot make any change to working conditions without
the union's consent, it said.

As of June last year, THSRC had assets valued at NT$501 billion
and liabilities of NT$452.8 billion.   It had accumulated
operational losses of NT$47 billion, the report discloses.

It is also obligated to pay dividends worth NT$48.2 billion to
shareholders.

To buy back the preferred shares issued during the construction of
the rail system, the company needs to raise about NT$53.3 billion,
the report adds.

                           About THSRC

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses.



                             *********

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

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

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


                            *********


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

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

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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