TCRAP_Public/150122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, January 22, 2015, Vol. 18, No. 015


                            Headlines


A U S T R A L I A

BETTA FOODS: In Administration; Creditors Meeting Set for Jan. 30
CRUSHING INDUSTRIES: First Creditors' Meeting Set For Jan. 29
DESTINY PUBLICATIONS: Independent Newspaper Up For Sale
MCNAMARA FENCING: First Creditors' Meeting Set For Jan. 30
METROPOLITAN EXPRESS: First Creditors' Meeting Set For Jan. 30

MISS CHU: Founder to Close London Outlet


C H I N A

GLORIOUS PROPERTY: S&P Lowers CCR to 'CCC'; Outlook Negative
LDK SOLAR: To Issue $358MM in Convertible Senior Notes Due 2016


I N D I A

ADWAITH TEXTILES: ICRA Reaffirms B+ Rating on INR14.35cr Loan
AFCAN IMPEX: CARE Assigns B+ Rating to INR5.65cr LT Bank Loan
AGRI FIBER: ICRA Suspends D Rating on INR30.60cr Limits
ALL INDIA: ICRA Assigns B+ Rating to INR9.6cr Fund Based Loan
APICAL EXIM: CRISIL Puts 'B' Ratings on Notice of Withdrawal

ARIHANT POLYSACKS: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
ARUN POLYMERS: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
AUARAYA HEALTHCARE: ICRA Reaffirms B+ Rating on INR7.5cr LT Loan
BAGORI POLYMERS: CARE Assigns B+ Rating to INR8.17cr LT Loan
BR. SHESHRAO: ICRA Suspends B- Rating on INR17.02cr Term Loan

BRILLIANT BIO: CARE Assigns B Rating to INR29.71cr LT Loan
C DOCTOR: CARE Assigns B Rating to INR2cr LT Bank Loan
DURGESHWARI INDUSTRIES: ICRA Reaffirms B Rating on INR16.5cr Loan
ENAR RUBBER: CRISIL Reaffirms B Rating on INR68.3MM Term Loan
FEDERAL AGRO: ICRA Assigns B+ Rating to INR29.75cr Term Loan

GLIMPSE INDIA: CRISIL Assigns B+ Rating to INR40MM Bank Loan
GLOBAL JEWELLERY: CARE Reaffirms B Rating on INR9.50cr LT Loan
GOWRA AEROSPACE: CRISIL Assigns B Rating to INR42.5MM Term Loan
GRESS CERAMICA: ICRA Reaffirms B+ Rating on INR5.68cr Term Loans
HELIOS AND MATHESON: CRISIL Cuts Rating on INR1.56BB Loan to C

HIGH TECH: ICRA Reaffirms B+ Rating on INR5.84cr Term Loan
J. M. MHATRE: CRISIL Cuts Rating on INR500MM Bank Loan to B+
KAVERI PLASTO: ICRA Reaffirms 'B' Rating on INR6.91cr Loan Limits
KRISH CEREALS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
LAXMIKANT COTTON: ICRA Reaffirms B Rating on INR5cr Cash Credit

M. VENKATARAMA: ICRA Reaffirms B+ Rating on INR9cr FB Loan
MALLIKARJUN CONSTRUCTION: CRISIL Reaffirms C INR20M Loan Rating
MANGAL SHANTI: CARE Assigns B Rating to INR10cr LT Bank Loan
MATHURA FIBRES: ICRA Puts B+ Rating on INR8.80cr Unallocated Loan
MOHAN RAO: ICRA Reaffirms B Rating on INR10cr Cash Credit

PADMAVATHI CLOTHS: ICRA Suspends C Rating on INR6cr Cash Credit
POKARNA LTD: CRISIL Upgrades Rating on INR405MM Loan to 'C'
PRANSHU FOODS: CRISIL Reaffirms B Rating on INR100MM Cash Loan
SAHNI SALES: CARE Assigns B Rating to INR9.80cr LT Bank Loan
SAINOR PHARMA: ICRA Reaffirms B+ Rating on INR3.81cr LT Loan

SATYA SURYA: ICRA Assigns 'B' Rating to INR4.07cr Fund Based Loan
SHANTHA EDUCATIONAL: ICRA Suspends D Rating on INR3.58cr Loan
SHARMA BROTHERS: ICRA Assigns B+ Rating to INR5cr Cash Credit
SHIKHAR PRINTERS: CRISIL Assigns B+ Rating to INR38MM Cash Credit
SHYAM FIBERS: CRISIL Assigns B Rating to INR40MM Cash Credit

SNEH QUALITY: CRISIL Reaffirms B Rating on INR60MM Term Loan
SONAPUR HERBAL: ICRA Reaffirms 'D' Rating on INR16cr Term Loan
SPICEJET LTD: Mumbai Airport Asks Carrier to Settle Dues
SPICEJET LTD: Laid-off Staff to be Preferred in Future Hiring
SREEMA MAHILA: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan

SRI JAIBALAJI: ICRA Assigns B- Rating to INR18.25cr LT Loan
SRI VAISHNAVI: ICRA Assigns B+ Rating to INR7cr Fund Based Loan
SRI VENKATESWARA: ICRA Puts B+ Rating on INR7cr Fund Based Loan
TEJRAJ PROMOTERS: CRISIL Ups Rating on INR150MM Bank Loan to B+
UNI STYLE: CRISIL Ups Rating on INR67.5MM Cash Credit to B-

VARDHAMAN COTTEX: ICRA Assigns B Rating to INR4cr Cash Credit
VASISHTA CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR56cr Loan
VINITA INTERNATIONAL: ICRA Rates INR5cr LT Loan at 'B'
VISA POWER: CARE Reaffirms B+ Rating on INR1,964cr LT Loan


J A P A N

SONY CORP: To Close All 14 Sony Stores in Canada


N E W  Z E A L A N D

MOLLY MALONES: Irish Bar Closes Doors
SHANTON FASHIONS: Owes Unsecured Creditors Nearly NZ$4 Million


S I N G A P O R E

MOBILESTATS TECHNOLOGIES: Owner to Close Firm Over Patent Rights


V I E T N A M

* VIETNAM: Hanoi Corporate Bankruptcy Up 1.5% in 2014


                            - - - - -


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


BETTA FOODS: In Administration; Creditors Meeting Set for Jan. 30
-----------------------------------------------------------------
Prashant Mehra at Business Spectator reports that Betta Foods has
collapsed financially, just months after being acquired by buyout
firm Re: Capital.  Accounting firm Cor Cordis has been appointed
as the voluntary administrator of the confectionary manufacturer,
the report says.

"We are confident the business can be sold as a going concern,
which will result in preservation of jobs and ensure the future of
this important manufacturer," the report quotes Bruno Secatore
from Cor Cordis as saying.

Business Spectator relates that Mr. Secatore said the
administrators have met with the staff and will continue to keep
them informed about the company's financial position.

"In the meantime, the company is continuing to trade so it will be
business as usual," he added, the report relays.

A meeting of the company's creditors has been scheduled for
January 30, Business Spectator notes.

Betta Foods manufactures licorice, ice-cream cones, marshmallows
and jellies and supplies its products to retail giants Woolworths,
Coles and Aldi. It also supplies ice-cream cones to retailers
across Australia and exports the licorice brand to North America
and Europe.

The company, which was established in 1954 and operates a
manufacturing plant in the Melbourne suburb of Broadmeadows,
generates revenue of AUD40 million annually and employs 180
people, according to Business Spectator.

Betta Foods was acquired by UK-based stressed assets turnaround
specialist Re: Capital in October 2014, after coming out of
private equity hands, the report adds.


CRUSHING INDUSTRIES: First Creditors' Meeting Set For Jan. 29
-------------------------------------------------------------
Barry Anthony Taylor and Andrew Fletcher Needham of HLB Mann Judd
were appointed as administrators of Crushing Industries Australia
Pty Ltd and Crushing Industries Australia Holdings Pty Ltd on
Jan. 16, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Entertainment & Convention Centre, Cnr Alfred Street &
Macalister Street, in Mackay, Queensland, on Jan. 29, 2015, at
2:00 p.m.


DESTINY PUBLICATIONS: Independent Newspaper Up For Sale
-------------------------------------------------------
ABC News reports that administrators managing the financial woes
of The National Indigenous Times have put the award-winning
independent newspaper up for sale.

The 13-year-old print and online newspaper's parent company,
Destiny Publications, went into voluntary administration last
week, ABC discloses.

On Jan. 18, administrators O'Brien Palmer began advertising in
major Australian newspapers for "urgent expressions of interest"
in the publishing business, the report relates.

The firm's Liam Bailey -- lbailey@obp.com.au -- told the ABC there
are currently no buyers, but the business would be obligated to
consider any serious offers.

"If somebody does put up a proposal to purchase the business and
generate a better return to creditors than might otherwise be
achieved, then creditors must be given that option," the report
quotes Mr. Bailey as saying.

According to the report, Mr. Bailey said the newspaper makes a
"small but reasonable profit" and fell into financial trouble due
to two separate legal actions taken against it.

"The business appears to be suffering from increasing legal bills
as a result of the actions brought against it," he said to 105.7
ABC Darwin, the report relays.  "The cost of defending those
actions has meant that other creditors have gone unpaid."

ABC relates Mr. Bailey said one of the legal matters is a long-
running unfair dismissal case and the other is an undisclosed
defamation matter.

Mr. Bailey said the newspaper is currently not expecting to lay
off any staff and is set to publish its next edition in late
January, the report adds.

The ABC understands the newspaper employs only its directors and
one staff member, with the rest of its content written by
freelance contributors.

Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Destiny Publications Pty Limited, trading as
National Indigenous Times, on Jan. 12, 2015.

The National Indigenous Times operates as a fortnightly print
newspaper and website, and covers national news from an Indigenous
Australian perspective.


MCNAMARA FENCING: First Creditors' Meeting Set For Jan. 30
----------------------------------------------------------
Leigh Deveron Prior and Michael Oscar Basedow of Pitcher Partners
were appointed as administrators of McNamara Fencing Contractors
Pty Ltd on Jan. 20, 2015.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, 160 Greenhill Road, in Parkside, South
Australian, on Jan. 30, 2015, at 10:00 a.m.


METROPOLITAN EXPRESS: First Creditors' Meeting Set For Jan. 30
--------------------------------------------------------------
Daniel P Juratowitch and Glenn J Spooner of Cor Cordis Chartered
Accountants were appointed as administrators of Metropolitan
Express Transport Services (WA) Pty Ltd on Jan. 19, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Jan. 30, 2015, at 3:30 p.m.


MISS CHU: Founder to Close London Outlet
----------------------------------------
Andrew Sadauskas and Eloise Keating at SmartCompany report that
there's more bad news for Miss Chu Pty Ltd, with the collapsed
Vietnamese food chain revealing its London outlet is closing,
despite the company previously claiming its Melbourne and London
stores were not affected by its current troubles.

SmartCompany says the news comes after administrators KordaMentha
recently revealed the company owes more than AUD4 million to
creditors.

Miss Chu founder Nahji Chu broke the news to customers in a
statement posted on the company's official Facebook page, while
also thanking them for their support, according to SmartCompany.

"Your patronage over these past few weeks in Sydney has meant that
the business will not be put into liquidation (assets sold and
shut down for good)," SmartCompany quotes Ms. Chu as saying.

"The London store has been shut down for good. The international
license will be sold to the best bidder."

Rahul Goyal and Janna Robertson of KordaMentha Restructuring were
appointed Voluntary Administrators of Miss Chu Pty Limited and
Miss Chu Manly Pty Limited (collectively known as 'MissChu') on
Dec. 23, 2014.

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.



=========
C H I N A
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GLORIOUS PROPERTY: S&P Lowers CCR to 'CCC'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based property
developer Glorious Property Holdings Ltd. to 'CCC' from 'B-'.  The
outlook is negative.  S&P also lowered its long-term Greater China
regional scale rating on the company to 'cnCCC' from 'cnB-'.  At
the same time, S&P lowered its long-term issue ratings on
Glorious' senior unsecured notes to 'CCC-' from 'CCC+'.  S&P also
lowered its Greater China regional scale ratings on the notes to
'cnCCC-' from 'cnCCC+'.

"We lowered the ratings because we believe Glorious faces
heightened refinancing risks on its US$300 million senior
unsecured notes due October 2015," said Standard & Poor's credit
analyst Christopher Yip.  "We expect Glorious' operating cash
flows to remain weak for debt payment over the next 12 months
because of the company's slow execution and weak sales."

Glorious' limited offshore financing capability and unclear
refinancing plan constrain its prospects for additional funding.
The company did not meet certain covenants in its senior unsecured
notes, restricting its ability to raise substantial new financing.
In addition, investors are currently more cautious in lending to
developers with weaker operations.  Both these factors underpin
S&P's view that Glorious may find it difficult to refinance its
debt.

S&P expects Glorious' project and sales execution to remain weak
over the next 12 months.  The company's project launches have been
delayed and deliveries are lower than it had originally planned.
S&P therefore assess Glorious' management and governance as
"weak."  The company's contracted sales continued to decline,
falling 45% to about Chinese renminbi (RMB) 4 billion in 2014,
from RMB7.3 billion in 2013.  Although Glorious expects contracted
sales to significantly improve in 2015, S&P forecasts that they
will remain similar to the level in 2014.

Glorious benefits from its established market position in Shanghai
and sizable land bank, with a relatively high average selling
price.  However, the company is exposed to revenue concentration
risk from its low number of projects.

"We expect Glorious' profitability to remain weak in 2015,
reflecting the impact of intensifying pricing competition and the
company's weak sales execution," said Mr. Yip.

Glorious' capital structure and cash flow coverage will also
likely remain weak over the next year after deteriorating over the
past two years because of poor sales, rising debt, and weak
margins.

The negative outlook reflects S&P's view that Glorious' high level
of short-term debt and limited cash inflows will keep its
refinancing risk high, particularly for its offshore senior
unsecured notes.  S&P also expects Glorious' liquidity position to
remain weak over the next six to 12 months because of continuing
weak property sales and profitability.

S&P could lower the rating if Glorious does not present a concrete
and achievable refinancing plan six months ahead of the October
maturity of its offshore senior unsecured notes.  S&P could also
lower the rating if the company finds it difficult to secure
funding to meet its operational obligations.

S&P could revise the outlook to stable or upgrade Glorious if the
company puts in place a realistic refinancing plan for the notes
such that its liquidity position and debt maturity profile
improve.


LDK SOLAR: To Issue $358MM in Convertible Senior Notes Due 2016
---------------------------------------------------------------
LDK Solar Co., Ltd. filed with the U.S. Securities and Exchange
Commission a Form T-3 document related to the planned issuance of
5.535% Convertible Senior Notes due 2016.

LDK Solar intends to issue $358,743,400 aggregate principal amount
plus amounts paid-in-kind as permitted by the indenture.

A copy of the Form T-3 is available at http://is.gd/VxUuSF

The Bank of New York Mellon, London Branch, serves as Trustee, as
Paying Agent and as Conversion Agent; The Bank of New York Mellon
(Luxembourg) S.A. serves as Transfer Agent and as Registrar; and
The Bank of New York Mellon, London Branch, serves as Collateral
Agent under the indenture.

              Schemes of Arrangement Become Effective

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

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

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

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

                          About LDK Solar

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

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

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

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

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

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

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



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ADWAITH TEXTILES: ICRA Reaffirms B+ Rating on INR14.35cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR14.35 crore (revised from INR16.77) term loans and
INR2.42 crore (revised from nil) proposed facilities of Adwaith
Textiles Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term: Term loans    14.35       [ICRA]B+/reaffirmed

   Long-term: Proposed
   facilities                2.42       [ICRA]B+/reaffirmed

The rating reaffirmation considers the largely stable revenue
during 2013-14, although operating margins witnessed moderation on
account of increase in employee expenses, and moderation in
capital structure, although the gearing remains high at 4.0x as on
March 31, 2014 (as against 5.7x previously). The rating also
considers the Company's small scale of operations and high
customer concentration which continue to constrain its business
risk profile. However, the rating draws comfort from the
experience of the promoters in the textile industry and the
financial flexibility arising from the support extended by Lakshmi
Ring Travellers (Coimbatore) Limited (LRTCL), which is part of the
renowned Lakshmi Machine Works group.

ATL is primarily engaged in producing cotton yarn for LRTCL, which
is a part of the Coimbatore based LMW group. ATL is also engaged
in yarn trading although the business is being gradually wound
down. Incorporated in 1956, the Company's manufacturing facility
is located in Coimbatore (Tamil Nadu) with an installed capacity
of 30,480 spindles. ATL also operates a wind mill near Tirupur,
Tamil Nadu with a capacity of 1.25 MW. The promoters and their
relatives, together, hold the entire share capital of the Company.

Recent Results
The Company reported a net profit of INR1.2 crore on an operating
income of INR22.4 crore during 2013-14 as against a net profit of
INR2.3 crore on an operating income of INR22.5 crore during 2012-
13.


AFCAN IMPEX: CARE Assigns B+ Rating to INR5.65cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Afcan
Impex Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.65       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Afcan Impex Private
Limited (AIPL) is primarily constrained on account of the modest
scale of operations, low net worth base, leveraged capital
structure, stretched liquidity position with long operating cycle.
The rating is also constrained by its presence in the highly
competitive and fragmented textile trading industry and
susceptibility of margins to volatile raw material prices and
forex rates.

However, the rating derives strength from the extensive industry
experience of its promoter and well-established track record of
operations and favourable demand scenario in the apparel segment.

The ability of AIPL to increase its scale of operations with an
improvement in profitability and capital structure along with
the efficient management of working capital requirements are the
key rating sensitivities.

Incorporated in 2003, Gandhidham-based (Gujarat) AIPL is engaged
in the trading of woollen yarn and blankets. AIPL imports woollen
yarn and blankets from developed nations like U.S.A and Canada,
sorts them and sells in Indian market and also exports them to
underdeveloped nations of Africa. Currently the firm has an
installed capacity for sorting of 22,500 metric ton per annum
(MTPA).

During FY14 (refers to the period April 1 to March 31), AIPL
earned a net profit of INR0.24 crore on a total operating
income (TOI) of INR21.18 crore as against a net profit of INR0.08
crore on a TOI of INR20.50 crore in FY13.


AGRI FIBER: ICRA Suspends D Rating on INR30.60cr Limits
-------------------------------------------------------
ICRA has suspended the [ICRA]D/[ICRA]D ratings assigned to the
INR30.60 crore limits of Agri Fiber Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Agri Fiber Limited (AFL) was incorporated in May 2008 and started
its trading operations in H2FY09. The company is based out of
Surat and is involved in the trading of viscose filament yarn
(VFY), dyed grey fabrics and jari. AFL is promoted by the
promoters of Venus Lifestyles Limited (one of the leading
manufacturers of embroidery thread) with Mr. Shashikant G Patel
being the major shareholder for AFL.


ALL INDIA: ICRA Assigns B+ Rating to INR9.6cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR9.60
crore, fund based bank facility of All India Bright Career
Education Society.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund-based     9.60        [ICRA]B+; Assigned
   bank facilities

ICRA's rating is constrained on account of the project execution
risk the society is exposed to, with regard to construction of its
school within the budgeted time and cost. Of the proposed project
cost of INR15.00 crore, the society had incurred capital
expenditure of INR5.46 crore till November, 2014 and proposes to
commence operations till standard V, from academic year 2015-16.
Although the construction work has gained momentum with the tie-up
of bank financing, AIBC's successful commencement of operations in
academic year 2015-16 as proposed and the society's ability to
attract students in the initial phase of operations shall be key
rating considerations. However, the rating favorably takes into
account the extensive experience of the trustees in the education
field, favorable location of the school in Indirapuram
(Ghaziabad), which is an established residential area and a
competitive fee structure which may help attract enrollments in
the initial phase of operations.

Going forward, successful commencement of operations in academic
year 2015-16 as proposed, the society's ability to attract
students and timely support of the trustees in the initial phase
of operations shall be the key rating sensitivities.

AIBC has been setting up a school under name Sahaj International
on land measuring ~4,030 sq meters in Gyan Khand-I, Indirapuram,
Ghaziabad, Uttar Pradesh. The society proposes to commence its
operations till standard V, in academic year 2015-16. The trustees
of the society Mr PS Rana and Mrs Kamlesh Rana have extensive
experience in the education field through their association with
another society 'Children Academy', which runs four schools in
Ghaziabad.


APICAL EXIM: CRISIL Puts 'B' Ratings on Notice of Withdrawal
------------------------------------------------------------
CRISIL has withdrawn its rating on the proposed long-term bank
loan facility of Apical Exim Pvt Ltd (Apical) as the company does
not require rating. CRISIL has also placed its rating on the
company's cash credit facility on notice of withdrawal for 180
days at Apical's request. The rating will be withdrawn at the end
of the notice period, in line with CRISIL's policy on withdrawal
of its bank loan ratings.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             80         CRISIL B/Stable (Notice of
                                      Withdrawal)

   Proposed Long Term      25         CRISIL B/Stable (Withdrawn)
   Bank Loan Facility

The rating continues to reflect Apical's below-average financial
risk profile, marked by a small net worth and weak debt protection
metrics, and its modest scale and working-capital-intensive nature
of operations. These rating weaknesses are partially offset by the
quick ramp up in the company's scale of operations after changing
its product offering to non-basmati rice from iron ore fines,
aided by the experience of its promoters.

Outlook: Stable

CRISIL believes that Apical will continue to benefit over the
medium term from its promoters' experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's financial risk profile, driven most likely by a
considerable increase in its cash accruals or substantial equity
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on Apical's financial risk profile, particularly
its liquidity, most likely because of low cash accruals or large
working capital requirements.

Incorporated in 2007, Apical primarily trades in non-basmati rice.
It also trades in iron and steel products such as thermo-
mechanically-treated (TMT) bars and sponge iron, coal and coke,
and other commodities depending on their economic viability.
Apical mainly traded in iron ore fines before switching to non-
basmati rice in 2012. The company is a part of a group of
companies promoted by Mr. Rakesh Singhania and his family, and is
headquartered in Asansol (West Bengal).


ARIHANT POLYSACKS: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR6.25 crore fund based facilities of Arihant Polysacks.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits-
   Cash Credit           4.00         [ICRA]B+ Reaffirmed

   Long Term Fund
   Based Limits-
   Term Loan             2.25         [ICRA]B+ Reaffirmed

The rating reaffirmation takes note of Arihant Polysack's (AP)
small scale of operation in the woven sack business segment and
financial profile characterised by high leveraged capital
structure and stretched liquidity position due to high working
capital intensity in the business. The ratings also take into
account the high competition in the woven sacks industry with low
entry barriers and limited product differentiation which in turn
results in modest margins and susceptibility of profitability to
fluctuations in polymer prices. ICRA also takes note of the firm's
ongoing debt funded capex which is expected to keep the capital
structure at a high level in the near term. Also, the net worth of
the firm remains exposed to the risk of capital withdrawal as the
firm is a partnership concern.

The ratings, however, favorably factors in the established track
record of the promoters in the poly-woven sacks industry and
established and reputed customer and supplier base.

Arihant Polysacks was established in 2004 as a partnership
concern, with Mr. Suneet Kumar Jain (42%), Mr. Pawan Jain (32%),
Mrs. Sanjana (8%) and Mr Ganesh (18%) as partners. The firm
undertakes the manufacturing of Polyproplene (PP) and High density
poly ethylene (HDPE) woven fabrics and sacks. The current
manufacturing capacity for the firm stands at 2000 metric tonnes
of which it utilises 80%. The unit has its head office and
manufacturing unit located in Piparia, Silvassa (Union Territory
of Dadar and Nagar Haveli).

Recent Results
In FY14, the firm reported a profit after tax (PAT) of INR0.38
crore on an operating income of INR16.76 crore and an operating
profit before tax of INR0.47 crore on an operating income of
INR10.42 crore for the six months ending September 30, 2014.


ARUN POLYMERS: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arun Polymers (AP)
continue to reflect AP's below-average financial risk profile,
marked by a small net worth and average debt protection metrics,
and its modest scale of operations in the intensely competitive
polyvinyl chloride (PVC) pipes manufacturing industry. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoters and its established
relationships with customers and suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       35        CRISIL A4 (Reaffirmed)
   Term Loan               8.7      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm sustainably
improves its scale of operations or profitability, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if AP's financial risk profile, particularly
its liquidity, weakens, most likely because of aggressive debt-
funded expansion, subdued cash accruals, or deterioration in its
working capital management.

AP is a partnership firm set up in 2000 by Mr. P Thiyagarajan. The
firm manufactures PVC pipes.

For 2013-14 (refers to financial year, April 1 to March 31), AP
reported a profit-after-tax (PAT) of INR3.9 million on revenue of
INR417 million, as against a PAT of INR1.3 million on revenue of
INR410 million.


AUARAYA HEALTHCARE: ICRA Reaffirms B+ Rating on INR7.5cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR7.50 crore fund
based limits of Auaraya Healthcare at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        7.50         [ICRA]B+, reaffirmed
   based bank
   facilities

Rating Rationale
ICRA's rating reaffirmation takes into account the moderation in
AUH's financial profile. While the firm's operating income
registered a healthy growth in 2013-14 (~30% year on year
increase) owing to increase in capacity utilization as well as
improvement in sales realization, its scale continues to remain
modest. The growth in operating income coupled with high working
capital intensity (NWC/OI at 41% as on March 31, 2014) had
necessitated additional working capital requirement which coupled
with significant capital expenditure undertaken by the company,
had kept the company's liquidity stretched, as reflected in high
utilization of working capital limits. Further AUH's limited
pricing ability in a fragmented industry has led to moderation in
operating profitability, which coupled with increase in total debt
has led to moderation in debt coverage indicators. The rating is
also constrained on account of product concentration with most of
the sales accounted for, by one product, water for injection
(WFI).

ICRA also takes note of the partnership nature of the firm, which
in addition to limiting the financial flexibility also results in
risks with respect to capital withdrawal, dissolution etc. The
rating however favorably takes into account the increase in
capacity by ~55% which will facilitate an improvement in the
firm's scale of operations. The rating also takes note of the
fiscal incentives available to the firm on account of its presence
in Himachal Pradesh, and its diversified customer profile which
includes some of the leading pharmaceutical companies.

Going forward, the ability of the firm to optimally manage its
working capital cycle and maintain adequate liquidity, while
sustaining revenue growth, would be the key rating sensitivities.

AUH was formed in July 2006 by Mr. Vipul Chanana, Mr. Amit
Chanana, Mr. Alok Madhok and Mr. Gautam Madhok; and is primarily
engaged in manufacturing of WFI and sodium chloride solutions. The
firm has a manufacturing unit in Baddi, Himachal Pradesh with an
installed capacity of 5.5 lakh units per day. In addition to AUH,
the partners are engaged in manufacturing of automobile filters
(through Hira Filters and Udbhav Industries) and aluminium
profiles (through Virgo Graces Laboratories).

Recent Results
The firm reported a net profit of INR0.51 crore on an operating
income of INR11.52 crore in FY 2013-14, as against a net profit of
INR0.42 crore on an operating income of INR8.84 crore in the
previous year.


BAGORI POLYMERS: CARE Assigns B+ Rating to INR8.17cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bagori
Polymers Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.17       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Bagori Polymers
Private Limited (BPPL) is constrained on account of financial
risk profile marked by moderate profitability, leveraged capital
structure and weak debt protection metrics. The rating is further
constrained on account of susceptibility of operating margins to
fluctuations in the raw material prices along with presence in a
highly competitive and fragmented industry of poly-woven bags.

The rating derives strength from the wide experience of the
promoters in the industry along with a favourable outlook for
the plastic packaging industry.

The ability of the company to scale up its size of operations
along with improvement in the profitability without any further
deterioration in the financial risk profile is the key rating
sensitivity.

Incorporated in the year 2012, BPPL is promoted by Mr Mohit
Singhania, Mr Manoj Singhania and Ms Megha Singhania. BPPL is
engaged in the manufacturing of polypropylene (PP) sacks and
commenced its commercial operations from September 2013 onwards.
PP sacks are considered to be the toughest packaging bags, widely
used to pack materials for grain, milling and sugar industry,
while they also find application in fodder industry, chemicals and
fertilizer industries.

The key raw material required for manufacturing of PP sacks is
plastic granules and the same is procured from Reliance Industries
Limited (RIL), Hindustan Petroleum Corporation Limited (HPCL) and
other local traders. The company has its manufacturing unit
located in Nagpur, with an installed capacity to manufacture about
2,200 tonnes per annum. In FY14 (refers to the period
April 1 to March 31), the company operated for a period of six
months and its capacity utilization level stood at about 33%.
In FY14, the company reported a total operating income of INR8.70
crore and net loss of INR0.75 crore. Furthermore, it reported
total sales of INR9.50 crore in H1FY14.


BR. SHESHRAO: ICRA Suspends B- Rating on INR17.02cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR21.22 crore long term fund based bank facilities of
Br. Sheshrao Wankhede Shetkari Sahakari Soot Girni Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Scale-
   Fund Based Limits-
   Term Loans            17.02        [ICRA]B- suspended

   Long Term Scale-
   Fund Based Limits-
   Cash Credit            4.20        [ICRA]B- suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BRILLIANT BIO: CARE Assigns B Rating to INR29.71cr LT Loan
----------------------------------------------------------
CARE assigns ratings of 'CARE B' and 'CARE A4' to bank facilities
of Brilliant Bio Pharma Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    29.71       CARE B Assigned
   Short term Bank Facilities    8.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Brilliant Bio
Pharma Private Limited (BBPPL) are constrained by the small scale
of operation, moderate capital structure and working capital
intensive nature of operations with orders primarily from
government institutions. The ratings are however underpinned by
satisfactory experience of promoters and long track record,
established relationship with clients, moderate order book
position and strong demand potential in the Foot & Mouth Diseases
(FMD) vaccines segment coupled with relatively few players in the
segment. Ability of the company to improve its scale of operations
while maintaining profitability, improve the liquidity position
and capital structure are the key rating sensitivities.

BBPPL is into manufacturing of Foot and Mouth Disease (FMD)
veterinary vaccines, bacterial vaccines and other animal health
products with an installed capacity of 100 million doses of FMD
vaccines, 3.5 million doses of bacterial vaccines and 50 million
doses of other vaccines at its manufacturing facility located at
Pashamylaram Village, Medak, Telangana.  BBPPL's manufacturing
facilities are accredited with c-GMP, WHO- GMP certifications.
BBPPL also has windmills in Tamil Nadu with a generation capacity
of 3.15MW, with the power purchase agreement with Tamil Nadu Power
Generation and Distribution Corporation Limited (TANGEDCO) for
sale of power generated from these wind mills.

In FY14 (refers to the period April 1 to March 31), BBPPL reported
a PAT of INR3.54 crore (INR0.60crore in FY13) on total operating
income of INR42.69 crore (INR23.80 crore in FY13). During H1FY15
(Unaudited), BBPPL reported PAT of INR3.30 crore on a total
operating income of INR24.33 crore.


C DOCTOR: CARE Assigns B Rating to INR2cr LT Bank Loan
------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of C Doctor and Company Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B Assigned
   Short-term Bank Facilities      5.15     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of C Doctor and
Company Private Limited (CDCPL) are primarily constrained on
account of its small scale of operations and significant decline
in total operating income (TOI) during FY14 (refers to the period
April 1 to March 31). The ratings are also constrained by the
modest profit margins which are susceptible to volatility in raw
material prices, moderately leveraged capital structure, weak debt
coverage indicators and stressed liquidity position with a long
collection period.

The ratings, however, take comfort from the vast experience of the
promoters and its long track record of operations. The ability of
CDCPL to increase its scale of operations and improve its
liquidity position with better working capital management are the
key rating sensitivities.

CDCPL was originally established as a partnership firm as 'C.
Doctor and Company' by Mr Chinubhai Mehta and Mr Vadibhai Mehta
during 1915. Later on during 1944, it was converted to private
limited company with its present name.

CDCPL is engaged in the business of supply and erection of
heating, ventilation (including tunnel ventilation) and air
conditioning system on turnkey basis. Mr Suhas Mehta, Mr Saurabh
Mehta, Ms Chhaya Mehta and Mr Sisir Chakraborty are the present
directors of CDCPL. The registered office of the company is
situated at Ahmedabad (Gujarat) and it has plants at five
different locations in India. The clientele of the company
includes players from both the Government as well as private
sector players.

The group companies include C. Doctor India Private Limited
(engaged in the business of manufacturing of heat exchanger
and vacuum cleaning system), CB Doctor Ventilators Private Limited
(engaged in the business of manufacturing of industrial blowers
and fans) and Mehta Machinery private Limited (engaged in the
business of manufacturing of humidification ventilation plant).

During FY14, CDCPL reported a TOI of INR32.53 crore and PAT of
INR0.29 crore as against a TOI of INR47.77 crore and a PAT of
INR0.70 crore during FY13. Furthermore, as per the provisional
results for H1FY15 (provisional), CDCPL registered a TOI of
INR8.14 crore.


DURGESHWARI INDUSTRIES: ICRA Reaffirms B Rating on INR16.5cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR16.50 crore (revised from INR12.25 crore) fund based facilities
and INR0.50 crore (revised from INR0.13 crore) unallocated limits
of Durgeshwari Industries Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund       16.50        [ICRA]B Reaffirmed
   based limits-
   Cash Credit

   Long term, fund        0.50        [ICRA]B Reaffirmed
   based unallocated
   limits

The rating reaffirmation takes into account the healthy sales
growth in FY14 backed by outsourcing of additional 20,000 bales
pressing cotton on job work basis and additional revenue from the
spinning business which it carried out for a year on lease basis.
The company has also over the years increased its scale of
operations with focus on volume growth in both pressing and
extraction business. The rating continues to derive comfort from
the long standing experience of the promoters in the ginning
business and proximity to cotton producing region. The rating
however remains constrained by the stretched financial profile of
the company characterized by high gearing, modest coverage
indicators and weak liquidity position due to working capital
intensive operations of the company. Profitability of the company
is modest in line with limited value addition in the business as
well as highly competitive and fragmented nature of the industry.
Further, the margins also remain vulnerable to any adverse price
movements of raw materials, which in turn are dependent on
seasonality and government policies. ICRA also notes the company
is susceptible to inventory losses on account of speculative
inventory holding. Going forward, ability of the company to
maintain revenue growth with improvement in profitability and
adequate working capital management will remain key rating
sensitivities.

Durgeshwari Industries Ltd ("DIL") was founded by the chairperson
of the company, Mr. Vijayprakash O. Agrawal in the year 1994 as
Durgeshwari Seeds Private Limited as a seed manufacturing company.
The company diversified its business into cotton ginning-pressing
in the year 2007-08 and oil extraction in 2009-10. The company was
converted into the Public Ltd Company in the year 2011. Initially
the company undertook trading of Automobiles, Agricultural
implements, Tractors and spares. But in recent years the company
has decided to focus on cotton related activities of ginning and
oil extraction. The operations of the company are being handled by
its chairperson and his brothers.

Recent Results
DIL recorded an operating profit of INR3.08 crore in FY14 as
against INR3.57 crore in FY13 on an operating income of INR73.88
crore in FY14 as against INR55.47 crore in FY13.


ENAR RUBBER: CRISIL Reaffirms B Rating on INR68.3MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Enar Rubber Reclaim
Industries Pvt Ltd (ERRIPL) continues to reflect the company's
nascent stage of operations, small client base, and below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of ERRIPL's promoters
and the funding support from them through equity infusion and
unsecured loans.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            25         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term      6.7       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility     68.3       CRISIL B/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that ERRIPL will continue to benefit from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if the company scales up its operations
by addition of new customers and is able to manage its working
capital cycle efficiently over the medium term. Conversely, the
outlook may be revised to 'Negative' if ERRIPL reports
considerably lower-than-expected revenue and cash accruals or if
it undertakes a large debt-funded capital expenditure programme,
weakening its debt protection metrics, or if the company is unable
to scale up its operations as planned over the medium term.

ERRIPL was incorporated in September 2012 to undertake the
production of reclaimed rubber. The company has its manufacturing
facility in Jamshedpur (Jharkhand) and started its commercial
operations in March, 2014.


FEDERAL AGRO: ICRA Assigns B+ Rating to INR29.75cr Term Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR29.75
crore term loans and INR0.25 crore unallocated limits of Federal
Agro Industries Pvt Ltd. ICRA has also assigned its short term
rating of [ICRA]A4 to the INR20.00 crore working capital
facilities of FEDAG.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             29.75        [ICRA]B+; (assigned)
   Working Capital       20.00        [ICRA]A4; (assigned)
   Unallocated            0.25        [ICRA]B+; (assigned)

ICRA's ratings factor in the successful scaling up of operations
of FEDAG in its first year of operations, supported by the
established relationships of the promoters and the favorable
growth outlook for the buffalo meat export industry. FEDAG started
operations in April, 2014 and has achieved revenues of INR283
crore within seven months of operations of its 148 tons per day
facility. This has largely been achieved through the strong
relationships that the promoters have built, as they have been
associated with this industry for the last six years. The ratings
also favourably take note of the fact that FEDAG has been
receiving substantial customer advances which have helped it fund
its working capital requirements, in the absence of higher working
capital limits from the bank.

However, the ratings are constrained by the limited track record
of the company and its weak financial profile as evidenced by its
low profitability and stretched capitalization and coverage
indicators. The ratings are also impacted by the intense
competition in the buffalo meat export industry, vulnerability of
the company's profitability to fluctuations in foreign exchange
rates, volatility in raw material prices, susceptibility to
changes in regulations and exposure to event risks such as disease
out-break.

Going forward, the ability of the company to stabilize the new
business, run its plant at optimal utilization levels throughout
the year and efficiently manage its working capital cycle while
securing bank funding or customer advances would be the key rating
sensitivities.

FEDAG was incorporated in May, 2013 and is promoted by Mr. Sunny
Khattar and Mr. Matlub Qureshi who have been in the business of
merchant exports of frozen buffalo meat for 6 years. The other two
promoters are Mr. Kamil Qureshi and Mr. Ashraf Qureshi, with a
combined stake of 60%. FEDAG purchased a unit from MK overseas in
December, 2013 for a consideration of INR38.5 crore and after some
upgrades and mandatory approvals, it started production in April,
2014. The unit, located in Dera Bassi, Punjab, is an integrated
abattoir cum meat processing plant with a permission to slaughter
960 animals per day and has a processing capacity of 148 tons per
day.

Recent results
In the first seven months of operation from April, 2014 to
October, 2014, FEDAG reported sales of INR283 crore and a net
profit of INR1.61 crore.


GLIMPSE INDIA: CRISIL Assigns B+ Rating to INR40MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Glimpse India (GI). The ratings reflect
GI's small scale and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoters in the home furnishings industry and its
integrated facilities.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                15         CRISIL B+/Stable
   Packing Credit           60         CRISIL A4
   Proposed Long Term
   Bank Loan Facility       40         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that GI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm registers a
considerable increase in its revenue while maintaining its
profitability, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
GI's revenue or profitability declines, or if it undertakes a
significant debt-funded capital expenditure programme, resulting
in deterioration in its financial risk profile.

Incorporated in 2006 as a partnership concern, GI manufactures and
exports home furnishings including rugs, bathmats, curtains,
cushions, bed spreads, and throws. The firm has its manufacturing
unit in Panipat (Haryana). GI's operations are managed by Mr.
Parveen Kumar and Mr. Manoj Kumar.

GI is estimated to report a net profit of INR7.6 million on net
sales of INR274 million for 2013-14 (refers to financial year,
July 1 to June 30); it had reported a net profit of INR4.9 million
on net sales of INR172 million for 2012-13.


GLOBAL JEWELLERY: CARE Reaffirms B Rating on INR9.50cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Global Jewellery Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.50      CARE B Reaffirmed
   Short term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Global Jewellery
Private Limited (GJPL), continue to be constrained by the
relatively small scale of operations, stretched operating cycle,
significant financial support provided to group companies
along with weak debt coverage indicators. The ratings further
continue to be constrained by foreign exchange fluctuation
risk and susceptibility of profitability margins to volatile raw
material prices.

The aforesaid constraints far outweigh the strength derived from
experience of the promoters in the gems & jewellery business and
moderately comfortable capital structure. Ability of GJPL to scale
up its operations and improve its profitability amidst the intense
competition along with efficient management of the working capital
borrowings are the key rating sensitivities.

Global Jewellery Private Limited (GJPL) [erstwhile Suashish
Jewellery Exports Limited (SJEL) incorporated by Goenka family
in the year 1992] is engaged in manufacturing of order based gold
and diamond studded jewellery.

In the year 1996, SJEL was acquired by Mr Sanjiv Shah (holds
9.28%) and the Mumbai based holding company namely Troika
Securities Private Limited (holds 90.72% stake; promoted by Mr
Sanjiv Shah) and the company's name was changed to Global
Jewellery Limited (GJL), subsequently being reconstituted to a
private limited company in 2002.  GJPL is a 100% exports oriented
unit with manufacturing facility admeasuring 9,000 sq. feet
located in Santacruz Electronics Exports Processing Zone (SEEPZ),
at Andheri (East), Mumbai.

During FY14, GJPL reported a total operating income of INR45.03
crore (up by 32.54% vis-…-vis FY13) and PAT of INR3.28 crore (vis-
…-vis loss of INR0.12 crore in FY13). Furthermore, during 8MFY15
(refers to the period April 1 to November 30, 2014), GJPL had
reported total income of INR29.76 crore and has an order book
position of INR5.15 crore as on December 2, 2014.


GOWRA AEROSPACE: CRISIL Assigns B Rating to INR42.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long term bank facilities of Gowra Aerospace Technologies Private
Limited (GATPL).

                            Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Proposed Term Loan         42.5        CRISIL B/Stable

   Proposed Long Term          4.0        CRISIL B/Stable
   Bank Loan Facility

   Proposed Letter of         39.0        CRISIL A4
   Credit

   Proposed Bank Guarantee     7.5        CRISIL A4

   Proposed Cash Credit        7.0        CRISIL B/Stable
   Limit

The ratings reflect GATPL's exposure to risks related to the
implementation and commissioning of its ongoing project. The
rating weakness is partially offset by the promoters' extensive
entrepreneurial experience.

Outlook: Stable

CRISIL believes that GATPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company generates sizeable cash
accruals and improves its financial risk profile by stabilising
its operations before schedule and within the budgeted costs.
Conversely, the outlook may be revised to 'Negative' if GATPL's
liquidity is constrained by significant project time and/or cost
overruns, or significantly low cash accruals, with demand-side
pressure.

Incorporated in June 2012, GATPL is setting up a facility for
manufacturing of high precision engineering components for
aerospace and defence, automotive and other engineering
industries. The unit is expected to commence operations from April
2015.


GRESS CERAMICA: ICRA Reaffirms B+ Rating on INR5.68cr Term Loans
----------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR3.00 crore
fund based cash credit facility and the INR5.68 crore term loan
facility of Gress Ceramica Private Limited. The rating of [ICRA]A4
has also been reaffirmed to the INR1.00 crore short term non fund
based facilities of GCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B+ reaffirmed
   Term Loans            5.68        [ICRA]B+ reaffirmed
   Bank Guarantee        1.00        [ICRA]A4 reaffirmed

The ratings continue to be constrained GCPL's modest scale of
operation and weak financial profile as reflected by low
profitability, high gearing level and modest coverage indicators.
The ratings also take into account its limited product profile and
high competitive intensity given the fragmented structure of the
tiles industry which is expected to result in inability of the
company to entirely pass on the increase in fuel expenses. The
ratings also take into consideration the vulnerability of
profitability and cash flows of the company to the cyclicality
inherent in the real estate industry which is the main consuming
sector.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by GCPL with its plant located in Wankaner giving it easy
access to raw materials.

Gress Ceramica Private Limited (GCPL) was incorporated in December
2011 by Mr. Bhadresh Bhalodiya, Mr. Nitin Panchotiya and Mr.
Hasmukh Panchotiya. GCPL is engaged in manufacturing of digitally
printed wall tiles with current production capacity of 43,200
MTPA. GCPL has commenced the commercial production from June 2012
and has achieved capacity utilization of 70% in FY 2014. The
company currently manufactures wall tiles of size 12"X18" and
24"X12".

Recent Results
For the year ended 31st March, 2014, GCPL reported an operating
income of INR14.53 crore and profit after tax of INR0.08 crore.


HELIOS AND MATHESON: CRISIL Cuts Rating on INR1.56BB Loan to C
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Helios and Matheson Information Technology Ltd (HMITL; part of
the Helios group) to 'CRISIL C' from 'CRISIL BB+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         1,560       CRISIL C (Downgraded from
                                   'CRISIL BB+/Stable')

   Long Term Loan        440       CRISIL C (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects continued stress on the Helios
group's liquidity, impacting its debt repayment capabilities.
There have been instances of delay in repayment of debt availed by
HMITL's Singapore subsidiary (not rated by CRISIL); the debt was
guaranteed by HMITL. Any material improvement in HMITL's
liquidity, most likely through better receivables management,
would remain a key rating sensitivity factor.

The rating further reflects the Helios group's working-capital-
intensive and modest scale of operations in the competitive
information technology (IT) services industry. These rating
weaknesses are partially offset by the group's long track record
in this industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HMITL and its subsidiaries, Helios &
Matheson IT (Bangalore) Ltd, Jayamaruthi Software Systems Pvt Ltd,
The Laxmi Group Inc (US-based subsidiary), Maruthi Consulting Inc,
and Helios and Matheson Analytics Inc. This is because all these
companies, collectively referred to as the Helios group, have
significant business and operational synergies.

The Helios group was set up in 1991 by Mr. G K Muralikrishna and
Mr. V Ramachandran. It offers a host of IT services, including IT
application and development, application validation, consulting
and package implementation, and other related services.

For the twelve months ended Sep 30, 2014, the Helios group
reported, on a provisional basis, a profit after tax (PAT) of
INR658 million on net sales of INR8.19 billion; the group had
reported a PAT of INR500 million on net sales of INR6.52 billion
for 2012-13 (refers to financial year, October 1 to
September 30).


HIGH TECH: ICRA Reaffirms B+ Rating on INR5.84cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR3.50 crore
(enhanced from INR2.50 crore) fund based cash credit facilities
and INR5.84 crore (reduced from INR7.40 crore) term loan
facilities of High Tech Texolene Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            3.50        [ICRA]B+ reaffirmed
   Term Loan              5.84        [ICRA]B+ reaffirmed

The rating reaffirmation continues to reflect the modest scale of
company's operations and weak financial profile resulting from
thin profitability, high gearing and working capital intensity.
The rating is further constrained by fragmented nature of the
textile industry leading to intense competition from small
unorganized as well as large organized players and vulnerability
of profitability to adverse fluctuations in raw material prices
which may not be passed onto the customers adequately.
The rating, however, favorably factors in the long experience of
promoters in textile industry; and the location advantage derived
from proximity of the manufacturing unit to the raw material
sources and downstream processing units.

Incorporated in the year 2010, High Tech Texolene Limited (HTTL)
is engaged in the manufacturing of grey fabric made out of
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim Surat.

Recent Results
During FY14, the company reported a net profit of INR0.08 crore on
an operating income of INR17.79 crore as against profit after tax
of INR0.05 crore on an operating income of INR11.18 crore in FY13.


J. M. MHATRE: CRISIL Cuts Rating on INR500MM Bank Loan to B+
------------------------------------------------------------
CRISIL has downgraded its long term ratings on the bank facilities
of J. M. Mhatre Infra Private Limited (JMM Infra) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      1,300       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           700       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Proposed Long Term    500       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

The rating downgrade reflects the stretch in JMM Infra's liquidity
profile, following delays in realization of funds for the works it
has undertook on the Sion-Panvel highway. The stretch in working
capital cycle is coupled with the capital expenditure (capex)
incurred for subcontracting works in Tamil Nadu (TN), which is yet
to commence operation. The company has large repayment
obligations, arising partly on account of the above mentioned
capex related debt, which is expected to constrain liquidity over
the medium term. While cash accruals are expected to be moderate
against the repayments, the stretch in working capital cycle
renders the company's liquidity vulnerable to even slight delays
on project flow or debtor realisation. While liquidity will likely
improve on receipt of funds from its major customer on the Sion-
Panvel highway project, CRISIL expects that JMM Infra's working
capital intensity will continue to constrain its business risk
profile over the medium term.

The ratings continues to reflect JMM Infra's moderate business
risk profile marked by its long-standing presence in the civil
construction business supported by healthy order book, and
established client relationship developed under the guidance of an
experienced management. These rating strengths are partially
offset by the company's working-capital-intensive operations, and
customer and geographic concentration in its revenue profile.
Outlook: Stable

CRISIL believes that JMM Infra will maintain its stable business
risk profile over the medium term on the back of its established
presence in the industry, guided by experienced promoters. The
outlook may be revised to 'Positive' if JMM Infra registers
significant and sustainable growth in cash accruals along with an
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if the company's liquidity
deteriorates further, owing to stretch in its receivables or if it
undertakes any large unanticipated debt-funded capital expenditure
programme.

JMM Infra was initially set up as a partnership firm M/s. J.M.
Mhatre in 1986 by members of the Mhatre family of Panvel
(Maharashtra). It was reconstituted, and incorporated as a private
limited company in April 2010. JMM Infra carries out civil
construction works such as earthwork for roads and railway lines,
and construction of roads and highways, canals, bridges and
railway over bridges.

JMM Infra reported a profit after tax (PAT) of INR138.5 million on
an operating income of INR4.06 billion for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR81.4
million on an operating income of INR1.76 billion for 2012-13.


KAVERI PLASTO: ICRA Reaffirms 'B' Rating on INR6.91cr Loan Limits
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR8.91 crore of fund based limits of Kaveri Plasto Containers
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term cash
   credit limits         2.00         [ICRA]B reaffirmed

   Long-term term
   loan limits           6.91         [ICRA]B reaffirmed

The reaffirmation of rating factors in the modest scale of
operations characterized by leveraged capital structure with
gearing of 7.30 times & weak debt coverage indicators with
NCA/Total debt of 5% and Total debt/OPBDITA of 12.58 times in
FY2014. The ratings also remain constrained by high customer
concentration risk with top customer accounting for 81% of sales
in FY2014. Intense competition in the storage tanks manufacturing
business owing to low entry barriers and vulnerability of the raw
material (LLDPE) to price volatility as its prices are linked to
crude oil prices results in pressure on profitability margins. The
rating however takes comfort from the long track record of the
promoters of more than a decade in the manufacturing & selling of
plastic water storage tanks, scaling up of the capacity to 300 TPM
in June 2013 which helped the company in ramping up its revenues
from INR11.10 crore in FY2013 to INR18.52 crore in FY2014.

Going forward increasing the capacity utilization and maintaining
the margins given the uncertainties in the raw material prices are
the key rating sensitivities from credit perspective.

Kaveri Plasto Containers Private Limited (KPCPL) is a private
limited company incorporated in the year 2000 under the name
Natraj Plastic Tank Industries (a proprietary firm). The firm was
converted to Private limited in the year 2011 and was named M/s.
Kaveri Plasto Containers Private Limited. The company manufactures
and sells plastic water storage tanks of various capacities
ranging from 200 ltrs to 20000 ltrs under various brands like
Ganagakaveri, Natraj, and Plumber etc. Apart from manufacturing
water storage tanks the company also takes up custom built
rotomoulded products.

Recent Results
KPCPL recorded an operating income of INR18.52 crore and losses of
INR0.20 crore for FY2014 as compared to an operating income of
INR11.10 crore and profit after tax of INR0.25 crore in FY2013.


KRISH CEREALS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Krish Cereals Pvt Ltd (KCPL). The rating reflects
KCPL's moderate scale of, and working-capital-intensive operations
in a fragmented industry. The rating also reflects the company's
below-average financial profile marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the promoter's extensive experience in the basmati rice
industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL B+/Stable
   Term Loan                30         CRISIL B+/Stable

For arriving at its rating, CRISIL has treated unsecured loans of
INR157.7 million extended to KCPL by the promoters as debts.
Outlook: Stable

CRISIL believes that KCPL will maintain its business risk profile
over the medium term supported by its promoters' extensive
experience in the basmati rice milling business. The outlook may
be revised to 'Positive' in case of significant and sustained
increase in its scale of operations leading to higher cash
accruals and substantial improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative 'in case of
any deterioration in KCPL's operating margin, or  it undertakes a
large debt funded capital expenditure program or it faces any
negative regulation, impacting its business risk profile.

KCPL was incorporated in 2009-10 (refers to financial year, April
1 to March 31) as a private limited company and is promoted by Mr.
Dinesh Singla and Mr. Kamal Singla. The company mills and
processes basmati rice; it has a milling capacity of 250 tonnes
per day.

KCPL is estimated to have registered a profit after tax (PAT) of
INR2.4 million on an operating income of INR665.0 million for
2013-14, against a PAT of INR1.3 million on an operating income of
INR327.1 million for 2012-13.


LAXMIKANT COTTON: ICRA Reaffirms B Rating on INR5cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR0.95
crore (reduced from INR1.20 crore) term loan and INR5.00 crore
fund based cash credit facilities of Laxmikant Cotton at [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     5.00        [ICRA]B reaffirmed

   Long Term Fund
   Based-Term Loan       0.95        [ICRA]B reaffirmed

The rating reaffirmation takes into account the small scale and
limited track record of the firm with operations commencing in
December 2013. The ratings continue to factor in the vulnerability
of profitability to adverse movements in raw cotton prices which
are subject to seasonality and crop harvest; the regulatory risk
with regard to MSP; and the firm's low bargaining power given the
limited value addition and the highly competitive & fragmented
industry structure due to low entry barriers. The rating is
further constrained by the firm's weak financial profile
characterized by thin margins and leveraged capital structure on
account of primarily debt funded nature of the project resulting
in modest debt coverage indicators. ICRA also notes that LC is a
partnership firm and any significant withdrawals from the capital
account could affect its net worth and thereby its capital
structure.

The rating, however, favourably factors in the longstanding
experience of the promoters in the cotton industry and the
favourable location of the firm in Rajkot, Gujarat in proximity to
raw material suppliers and downstream processing units.

Established in May 2013 as a partnership firm, Laxmikant Cotton
(LC) is engaged in ginning and pressing of raw cotton. The
manufacturing facility is located in Rajkot, Gujarat and is
equipped with 24 ginning machines having an input capacity of
~12,000 MTPA. The commercial operations commenced in December
2013. The firm is promoted and managed by Mr. Rupsingh Zala and
Mr. Mansukh Baraiya along with other family members and relatives.

Recent Results
During FY 2014 (4M), the firm reported an operating income of
INR13.84 crore and net loss of INR0.17 crore. Further during the
first eight months of FY 2015, the firm reported an operating
income of INR9.23 crore and profit before depreciation and tax of
INR0.01 crore (as per provisional unaudited financials).


M. VENKATARAMA: ICRA Reaffirms B+ Rating on INR9cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR9.00
crore (enhanced from INR700 crore) fund based bank facilities of
M. Venkatarama Reddy (MVR) at [ICRA]B+. ICRA has also reaffirmed
the short term rating [ICRA]A4 to the INR9.00 crore short term non
fund based facilities of MVR.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based limits         9.00        [ICRA]B+/Reaffirmed
   Non fund based limits     9.00        [ICRA]A4/Reaffirmed

The reaffirmation in the rating takes into account the gradual
improvement in the revenue in FY2014. ICRA also notes the
established track record of undertaking projects for Public Works
Department (PWD), National Highways, Karnataka Industrial
Development Board (KIDB), and Bangalore Development Authority
(BDA). ICRA also draws comfort from the comfortable capital
structure characterized by low gearing of 0.59x and healthy
coverage indicators as indicated by interest coverage of 2.84x and
DSCR of 2.39x as on 31st March, 2014. ICRA also notes the
comfortable order book for FY2015, which provides visibility on
revenues.

The ratings are, however, constrained by the stretched liquidity
position as reflected by high working capital intensity which is
mainly on account of the stressed inventory position as on March
31, 2014 due to the delays in project execution due to external
factors such as land acquisition issues. The ratings also factor
in MVR's high geographical, sectoral, & client concentration risks
and the modest scale of operations which restricts operational and
financial flexibility to an extent.

Going forward, the firm's ability to diversify its client base as
well as scale up its operations, while maintaining its
profitability and ensure timely collections of receivables would
be the key rating sensitivities.

M. Venkatarama Reddy, based at Bangalore is a construction firm
promoted by Mr. Venkatarama Reddy. It is a sole proprietorship
concern which began its operations in 1998. The firm mainly caters
to clients such as Bruhat Bengaluru Mahanagara Palike (BBMP),
Bangalore Development Authority (BDA) and Public Works Department
(PWD). It is a registered Class I Contractor in government
departments such as PWD, BDA and BBMP. The nature of works
undertaken by the firm mainly includes improving, widening,
strengthening and asphalting of roads. The firm over the years has
executed many major projects as prime contractors.

Recent results
The firm reported a net profit of INR2.5 crore on an operating
income of INR36.86 crore during FY 2013-14 (as per the provisional
numbers) as against a net profit of INR2.2 crore on an operating
income of INR34.86 crore during FY 2012-13.


MALLIKARJUN CONSTRUCTION: CRISIL Reaffirms C INR20M Loan Rating
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Mallikarjun Construction
Co. (MCC) continues to reflect MCC's delay in servicing its
equipment loans (not rated by CRISIL). The delays have been caused
by the firm's stretched liquidity owing to the stretched
receivables.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          70         CRISIL A4 (Reaffirmed)
   Cash Credit             20         CRISIL C (Reaffirmed)

The rating also reflects MCC's small net worth, moderate gearing,
and exposure to risks relating to geographical concentration in
its revenue profile, its small scale of operations, and intense
competition in the construction industry. These rating weaknesses
are partially offset by the extensive experience of MCC's
promoters in the construction business.

MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury
Chuinchu Reddy. It constructs roads and bridges. In December 2004,
it was reconstituted as a partnership firm, with Mr. Reddy's sons,
Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.


MANGAL SHANTI: CARE Assigns B Rating to INR10cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Mangal
Shanti Development Corporation.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long term Bank Facilities       10        CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Mangal Shanti
Development Corporation (MSDC) is constrained on account of
the project implementation risk, saleability risk for the project
given the low booking status, cyclical nature of real estate
industry and presence in a competitive real estate market of Pune.

The rating, however, derives comfort from the wide experience of
the promoters in the real estate business, established
presence of the group, location advantage of the project and
attainment of project approvals.

The ability of the firm to complete the project within the
envisaged time and cost frames, and improve its booking status
is a key rating sensitivity.

Established in the year 2010, MSDC is a partnership firm of the
members of the Gundecha and Bathiya family. The firm is
a part of the Pune-based Mangal-Shanti group, which is engaged in
real estate sector for the past three decades. Earlier
engaged as real estate investors and aggregators, the group
ventured into real estate development over the past five
years.

Project Details:

MSDC is currently developing a residential project named, "Mansha"
in Wagholi, Pune. The project comprises 1.5BHK & 2BHK flats, with
a total saleable area of 2.32 lakh square feet (lsf), which
includes three buildings with a total of 223 flats.

The estimated project cost is about INR56.71 crore and is proposed
to be funded with debt of INR10 crore, promoter's funds of INR10
crore and customer advances of INR36.71 crore. The construction of
the project commenced from May 2014, and is expected to be
completed by November 2017. As on September 30, 2014, the firm had
expensed about INR9.59 crore, funded by the promoter's
contribution.


MATHURA FIBRES: ICRA Puts B+ Rating on INR8.80cr Unallocated Loan
-----------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR12.00 crore fund
based limits of Mathura Fibres & Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              3.20        [ICRA]B+; Assigned
   Unallocated            8.80        [ICRA]B+; Assigned

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. 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 1.61x and NCA-to-Total
Debt of 1.72% 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 (Adilabad District)
resulting in good availability of raw cotton.

Mathura Fibres and Cotton Industries was incorporated in April
2013 and started its operations in November 2013. The firm
acquired Balaji Fibres & Cotton Industries which added 22 gins
further to the existing capacity of 60 gins. The firm started
operations only in the month of November, 2013.

According to audited FY14 financials, the firm registered an
operating income of INR78.33 Cr and operating profit of INR1.60
Cr.


MOHAN RAO: ICRA Reaffirms B Rating on INR10cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR10 crore
(enhanced from INR7.00 crore) fund based and INR2 crore (enhanced
from nil) unallocated limits of Mohan Rao and Company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.00       [ICRA] B; Reaffirmed
   Unallocated            2.00       [ICRA] B; Reaffirmed

The rating reaffirmation takes into account the highly fragmented
and competitive nature of the industry which limits the ability of
the firm to pass on the hike in input costs. ICRA notes that the
firm is exposed to agro climatic and regulatory risks which 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 NCA-to-Total Debt of
4.06% and OPBITDA-to-Interest & Finance Charges of 1.44x as on
31st March, 2014. The rating also takes into account the decrease
in the operating income of the company by 41% (y-o-y basis) during
FY14 owing to low availability of kapas in the Adilabad region and
the volatility of the profit margin owing to volatility in raw
material prices. The rating however, favourably factors in the
experience of promoters in the cotton industry as well as
established relationships with suppliers and customers which help
them in procuring better raw materials.

Mohan Rao & Co. (MRC) was established in 1972 as cotton merchant
and commission agent for cotton bales, seed, and cakes at Bhainsa
in Adilabad district of Andhra Pradesh promoted by Ms.Laxmi Bai,
Mr. Mohan Rao Patel and Mr. Akhilesh Bhosle. Later the firm
started operating in on job works basis in its sister concern firm
named Bhainsa Ginning & Pressing Factory. The firm only operates
for 6-7 months during the peak season for the cotton business i.e,
during October to April of the year. The group entities have
established relationships of more than 20 years with suppliers and
customers.

According to audited FY14 financials, the firm registered an
operating income of INR23.92 Cr and operating profit of INR0.54 Cr
as compared to operating income of INR40.44 Cr and operating
profit of INR0.68 Cr. during FY13.


PADMAVATHI CLOTHS: ICRA Suspends C Rating on INR6cr Cash Credit
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to
INR6.00 crore fund based Cash Credit limits and INR1.00 crore
unallocated limits of M/s Padmavathi Cloths Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


POKARNA LTD: CRISIL Upgrades Rating on INR405MM Loan to 'C'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pokarna
Ltd (Pokarna; part of the Pokarna group) to 'CRISIL C/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              100        CRISIL C (Upgraded from
                                       'CRISIL D')

   External Commercial      405        CRISIL C (Upgraded from
   Borrowings                          'CRISIL D')

   Foreign Documentary      170        CRISIL C (Upgraded from
   Bills Purchase                      'CRISIL D')

   Letter of Credit         140        CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Packing Credit           130        CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Proposed Long Term       285.7      CRISIL C (Upgraded from
   Bank Loan Facility                  'CRISIL D')

   Term Loan                 79.3      CRISIL C (Upgraded from
                                       'CRISIL D')

The rating upgrade factors in Pokarna's timely servicing of its
rated debt by over the last six months ended December 31, 2014.
The rating upgrade reflects the final redemption of Pokarna's zero
coupon foreign currency convertible bonds (FCCBs) on December 19,
2014; these were due for redemption on March 29, 2012 - the FCCBs
issued by the company have now been fully redeemed and therefore,
cease to exist. However, there have been instances of delay by the
company's wholly owned subsidiary, Pokarna Engineered Stone Ltd
(PESL), in servicing its debt.

The ratings reflect the Pokarna group's stretched liquidity with
its cash accruals expected to closely match its term debt
obligations, and its below-average financial risk profile marked
by its high gearing and weak debt protection metrics. The ratings
are also constrained by the group's large working capital
requirements, and the susceptibility of its profitability margins
to fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the granite and apparel industries.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Pokarna and PESL. This is because both
entities together referred to as the Pokarna group, have a common
management team, and have significant inter-corporate financial
transactions.

Pokarna, set up in 1991, exports granites, and owns granite
quarries in Andhra Pradesh and Tamil Nadu. The company also
manufactures ready-made garments, which it sells under the brand
'Stanza'. PESL manufactures engineered quartz (also known as
engineered stone), under the brand - 'Quantra'. The group derives
around 70 per cent of its revenue from the sale of granite, 25 per
cent from sale of engineered quartz, and the balance from the sale
of apparel.


PRANSHU FOODS: CRISIL Reaffirms B Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating continues to reflect Pranshu Foods Pvt Ltd's
(PFPL's) below-average financial risk profile, marked by its small
net worth, high gearing and weak debt protection metrics. The
rating also factors in PFPL's low operating margin and its modest
scale of operations in the fragmented rice industry. These rating
weaknesses are partially offset by the benefits that PFPL derives
from the promoters' extensive industry experience and their
funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B/Stable (Reaffirmed)
   Warehouse Financing     40        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoters' extensive experience in the rice
industry, and their funding support. The outlook may be revised to
'Positive' if there is an improvement in the company's financial
risk profile, particularly its liquidity, due to substantial
improvement in scale of operations and profitability along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile,
particularly its liquidity, weakens due to low cash accruals, a
stretched working capital cycle, or any debt-funded capital
expenditure programme.

PFPL was incorporated in Sangrur (Punjab) in October 2013. It is
promoted by Mr. Pradeep Garg, Mr. Ajay Kumar Garg and Mr. Ravinder
Jain. The company mills and sorts basmati rice at its facility in
Sangrur; which is on lease from its group entity, Durga Foods.


SAHNI SALES: CARE Assigns B Rating to INR9.80cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' & 'CARE A4" ratings to bank facilities of
Sahni Sales Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.80       CARE B Assigned
   Short term Bank Facilities    0.20       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sahni Sales Private
Limited (SSPL) are constrained by the small scale of operations
with low networth base and limited negotiation capability with
manufacturers, weak financial profile characterized by thin
profitability inherent to trading business, leveraged capital
structure and weak debt coverage metrics. The ratings are further
constrained by working capital-intensive nature of operations and
intense competition on account of the fragmented auto component
industry.

The ratings, however, derive strength from the long experience and
resourcefulness of the promoter, established track record of
operations, long association with reputed clients and diversified
customer base and healthy growth in income in during FY12-FY14
(refers to the period April 1 to March 31).

Going forward, the ability of the company to grow its revenues and
improve its profitability and capital structure and manage its
working capital requirements prudently are the key rating
sensitivities.

SSPL was incorporated in 1998 by Mr Surinder Singh Sahani (the
managing director). The company is engaged in the
trading/distribution of automobile spares and accessories. SSPL is
also engaged in the distribution of auto electrical products and
some accessories are branded in the name of 'Sahni'. It deals with
automobile spares of all major brands and the products include
Sony car audios, Roots Horns, GKN Invel drive shafts, Philips
halogen bulbs, Siemens VDO (Continental) instruments and other
accessories like foot mats, mud flaps, side bearings, body covers,
fog lamps, etc. SSPL is a distributor for HPCL Automotive and
Industrial Lubricants. It is also a Super Distributor for Emric
Power Solutions Pvt. Ltd. to distribute Emric brand UPS, invertors
and batteries for Andhra Pradesh since 2013. SSPL has a network of
1,500 dealers spread over the 13 districts of Andhra Pradesh and
10 districts of Telangana.

SSPL enters into distribution agreements with manufacturers for
one year which is renewed every year based on its performance. The
company sells its products to retailers, wholesalers and to
vehicle showrooms.

During FY14 (audited), SSPL reported a PAT of INR0.30 crore on a
total operating income of INR45.16 crore as compared with a PAT of
INR0.19 crore on a total operating income of INR27.01 crore in
FY13.


SAINOR PHARMA: ICRA Reaffirms B+ Rating on INR3.81cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ to the INR3.81 crore (revised from
INR4.15 crore) long term fund based limits of Sainor Pharma
Private Limited. ICRA has reaffirmed [ICRA]A4 to the INR4.00 crore
short term non-fund based limits of SPPL. ICRA has also reaffirmed
[ICRA]B+/[ICRA]A4 to the INR4.19 crore (revised from INR3.85
crore) unallocated limits of SPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits           3.81       [ICRA]B+ Reaffirmed

   Short Term Non
   Fund Based Limits      4.00       [ICRA]A4 Reaffirmed

   Long/Short Term
   Unallocated Limits     4.19       [ICRA]B+/[ICRA]A4 Reaffirmed

The re-affirmation of ratings takes into account the small scale
of SPPL's operations limiting economies of scale with high
concentration of Omeprazole pellets contributing 90% of the total
revenues. The ratings further takes into account the low vale
additive nature of product and high exposure to mature antiulcer
therapeutic segment resulting in limited pricing power and decline
in realization on account of reduction in API prices due to
competitive pressures, new pricing policy and product mix.

The ratings also takes into account fluctuations in foreign
exchange due to absence of hedging policy, however with more than
50% export sales, it provides natural hedging to an extent. The
ratings are further constrained by the high customer concentration
with top 10 customers contributing 76% of total sales. ICRA also
notes that SPPL has been extending support to its group company
Sainor Life Sciences Pvt. Ltd. in terms of raw material
procurement and capital infusion. The ratings however draw comfort
from the long standing experience of promoters and top management
in the pharmaceutical industry and established relationships with
customers as reflected in repeat orders over the years. The
ratings also take into account comfortable gearing of 0.93 times
as on 31st March 2014.

Sainor Pharma Private Limited (SPPL), incorporated in March 2004,
is involved in the manufacture of drug loaded pellets (Semi
formulation/Pelletisation). The company is primarily engaged in
pelletisation of anti-ulcer drugs like Omeprazole and
Lansoprazole. The company markets its products to domestic
pharmaceutical companies, pharmaceutical traders for exports
besides direct exports to countries like Thailand, Bangladesh and
China. The company's facility is cGMP (Current Good Manufacturing
Pratice) and WHO GMP certified.

Recent Results
As per Audited financials for FY14, SPPL reported an operating
income of INR39.35 crore and a net profit of INR0.24 crore as
against INR32.22 crore of Operating Income with net profit of
INR0.20 crore in FY13.


SATYA SURYA: ICRA Assigns 'B' Rating to INR4.07cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR4.07
crore fund based limits and ICRA has also assigned [ICRA]B/A4 to
the INR0.53 crore unallocated limits of Satya Surya Towers Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     4.07         [ICRA]B assigned
   Unallocated           0.53         [ICRA]B/[ICRA]A4 assigned

The ratings assigned take into account intense competition in a
highly fragmented cashew processing industry with little product
differentiation which limits the pricing flexibility. Further, the
revenues and margins of the company will remain susceptible to the
raw material price movement which is dependent on agro-climatic
conditions, global demand-supply scenario and foreign exchange
fluctuations. ICRA notes that the timely commencement and ramp up
of the facility is critical for the company as the debt repayment
starts from April-2015. The rating however, positively factors in
experience of promoters in cashew processing and low funding risk
for the project as the entire equity has been brought in and the
debt has been tied up.

Satya Surya Towers Private Limited, was incorporated in the year
2011 to take up the project for processing of cashew nuts with a
total capacity of 2400MT per annum. The unit has obtained
registration certificate from the District Industries Centre
(DIC), Vizianagram. The total project cost is expected to be
INR4.80 crore which is to be funded by INR1.53 crore of equity,
INR0.75 crore of unsecured loans and INR2.02 crore of debt. The
company has already incurred INR2.28 crore of the project fully
funded through the equity and unsecured loans.


SHANTHA EDUCATIONAL: ICRA Suspends D Rating on INR3.58cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR1.00 crore fund based Cash Credit limits, INR3.58 crore term
loans and INR0.42 crore unallocated limits of Shantha Educational
Society. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHARMA BROTHERS: ICRA Assigns B+ Rating to INR5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR6.04
crore bank facilities of Sharma Brothers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             1.04         [ICRA]B+; Assigned
   Fund Based-Cash
   credit                5.00         [ICRA]B+; Assigned

ICRA's ratings are constrained on account of the firm's thin
margins (operating margin of 1.03% in 2013-14) owing to the
trading nature of business and its high leverage (debt-equity
ratio of 2.87 times as on March 31, 2014), which together have
resulted in modest coverage indicators (Total Debt/OPBDITA* at
6.43 times and NCA/Debt of 3.43% in FY 2013-14). This apart, the
rating factors in the firm's critical dependence on the
performance of Patanjali products and the firm's partnership
constitution which subjects it to risk of capital withdrawals,
risk of dissolution etc. However, the ratings favorably factor in
the extensive experience of the promoters in the distribution
business and the exclusive distribution rights available for the
sale of Patanjali products in 17 of the 33 districts of Rajasthan.
The ratings also take into account the firm's healthy revenue
growth as reflected in a compound annual growth rate of 20.6% for
the period between FY2011-2014.

Going forward, the ability of the firm to improve its capital
structure, while sustaining its growth rate, will be the key
rating sensitivity.

Incorporated in FY 2008-09, Sharma Brothers is a registered
distributor for Patanjali Yogpeeth's Ayurvedic products in the
North Eastern part of Rajasthan. The firm operates through own
managed warehouse located at Badharna, Jaipur.

Recent Results
The firm reported an operating income of INR62.34 crore and a net
profit of INR0.12 crore for 2013-14 as against an operating income
of INR51.84 crore and a net profit of INR0.12 crore for the
previous year.


SHIKHAR PRINTERS: CRISIL Assigns B+ Rating to INR38MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shikhar Printers & Publisher (SPP).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter of Credit       22.5       CRISIL A4
   Bank Guarantee          3         CRISIL A4
   Cash Credit            38         CRISIL B+/Stable

The ratings reflect SPP's modest scale of operation in a
competitive and tender-based business, and its below-average
financial risk profile marked by weak capital structure and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of SPP's proprietor
in the printing industry.

Outlook: Stable

CRISIL believes that SPP will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of sustainable and
significant improvement in scale of operations and continued
moderate profitability leading to sizeable cash accruals for the
firm. Conversely, the outlook may be revised to 'Negative' if the
firm's financial risk profile, especially liquidity, deteriorates
because of low cash accruals or increased working capital
requirements.

SPP is a proprietorship firm set up in 2005 in Jhansi (Uttar
Pradesh) by Mr. Vikash Jain. It prints text books, work books,
question papers, brochures, pamphlets, magazines, application
forms, and bank forms, among other products.


SHYAM FIBERS: CRISIL Assigns B Rating to INR40MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shyam Fibers.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              40         CRISIL B/Stable
   Long Term Loan           26         CRISIL B/Stable

The rating reflects Shyam Fibers' small scale of operations, low
operating profitability, and susceptibility to volatility in
cotton prices and to intense competition in the cotton ginning
industry. The rating also factors in the firm's below-average
financial risk profile, marked by a weak capital structure. These
rating weaknesses are partially offset by the extensive industry
experience of Shyam Fibers' proprietor and the funding support it
receives from him.

Outlook: Stable

CRISIL believes that Shyam Fibers will continue to benefit over
the medium term from its proprietor's extensive industry
experience, and his funding support for ramping up operations at
its new unit. The outlook may be revised to 'Positive' in case of
significant improvement in the firm's revenue and profitability,
leading to a substantial increase in its cash accruals, along with
capital infusion and improved working capital management,
resulting in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if Shyam Fiber's revenue or
profitability is low, or if its working capital requirements
increase considerably, or it undertakes a large debt-funded
capital expenditure programme, thus exerting pressure on its
liquidity and significantly impacting its debt servicing ability.

Established in 2005, Shyam Fibers is engaged in ginning and
pressing of cotton. It is a sole proprietorship firm owned by Mr.
Sumit Agrawal and is managed by him with the help of his brother,
Mr. Shyam Agrawal. The firm operates a cotton ginning and pressing
unit at Borad village in Nandurbar district (Maharashtra) with a
total installed capacity of around 250 cotton bales per day. Its
capacity was recently enhanced through the setting up of a new
ginning unit, which commenced operations in November 2014.


SNEH QUALITY: CRISIL Reaffirms B Rating on INR60MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sneh Quality
Spices Pvt Ltd (Sneh) continues to reflect Sneh's weak financial
risk profile marked by a small net worth and weak debt protection
metrics, and its small scale of operations in the highly
fragmented industry. These rating weaknesses are partially offset
by the extensive experience of Sneh's promoters in the spices
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           10         CRISIL B/Stable (Reaffirmed)
   Term Loan             60         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sneh will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the company's financial risk profile is expected to remain weak
over this period, with a modest net worth, weak debt protection
metrics, and high gearing. The outlook may revised to 'Positive'
in case of a significant improvement in Sneh's financial risk
profile, marked by an improvement in its working capital
management and capital structure. Conversely, the outlook may
revised to 'Negative' if the company's liquidity weakens
significantly, most likely because of low cash accruals or
substantial debt-funded capital expenditure.

Sneh, incorporated in 2010, is engaged in trading and processing
of different kinds of spices mainly cumin and turmeric powder,
chilli, black pepper, and ajwain under the brand name, Jai Pujari.
It is based in New Delhi.


SONAPUR HERBAL: ICRA Reaffirms 'D' Rating on INR16cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR16.00 crore term loan of Sonapur Herbal Centre Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     16.00        [ICRA]D reaffirmed
   Term Loan

The reaffirmation of rating primarily takes into account SHCPL's
unsatisfactory track record in timely servicing of debt
obligations. The rating is also constrained by the small scale of
current operations on account of single property based in Assam
and intensely competitive nature of the hospitality market in the
region marked by the presence of several renowned international
and domestic players. The rating also takes into account the
significant delay witnessed in the implementation of the ongoing
project, which has resulted in time as well as major cost overrun
and also the funding risk as debt required for the additional
capital expenditure is yet to be tied-up. The rating, however,
favourably considers the continued financial support extended by
the promoters and the favourable location of the resort in
proximity to the central business area of Assam. Going forward,
timely completion of the project without any further cost overrun
and achieving required occupancy level, while maintaining its
profitability, would be the key rating sensitivities.

Incorporated in 2000, SHCPL currently owns and operates a twenty
room resort "Spring Valley Resort" located at Sonapur, Assam. The
company is in the process of converting the existing resort into a
four star hotel-cum-resort, which would house sixty rooms/
cottages (including the existing twenty cottages) with a multi-
cuisine dining-cum-restobar, coffee shop, spa cum saloon,
conference room, banquet hall and swimming pool. The refurbished
facility is scheduled to commence operations in January 2016.

Recent Results
During the first eight months of 2014-15, the company has reported
an operating income of INR1.36 crore (provisional). The company
reported a net profit of INR0.30 crore on an operating income of
INR2.91 crore in 2013-14.


SPICEJET LTD: Mumbai Airport Asks Carrier to Settle Dues
--------------------------------------------------------
The Hindu BusinessLine reports that Mumbai International Airport
Ltd (MIAL) has sent a notice to SpiceJet Ltd asking it to settle a
part of the pending dues or stop operating from the airport.

The no-frills airline is estimated to owe about INR20 crore to
MIAL. This includes a bank guarantee of INR15 crore (which
SpiceJet has exhausted) and dues of INR5 crore against parking and
landing fees. MIAL wants the airline to pay at least INR2 crore
immediately.

MIAL, which is a joint venture between a GVK-led consortium and
Airports Authority of India (AAI), has asked SpiceJet to clear the
dues by February 1. If the airline is unable to pay, it may be
asked to stop operating from the airport, according to the report.

Usually, airports allow airlines to operate on 'cash and carry'
mode once they exhaust the credit line, which essentially means
that airlines are required to pay airport fee for every flight,
the report notes. In December, the AAI had asked all airports to
allow SpiceJet to continue operations by paying 50 per cent of the
daily charges for a set period, the BusinessLine recalls.

The BusinessLine notes that recently, the cash-strapped airline
had its third change of ownership in a decade, with control coming
back to original co-promoter Ajay Singh.  Singh and JPMorgan Chase
are to infuse INR1,500 crore in three instalments of INR500 crore
each while exiting promoters (the Sun Group) retain a minority
stake in the carrier, the report relates.
According to the BusinessLine, sources said that "In a
communication that went out to SpiceJet on Jan. 20, MIAL told the
airline that continuation of credit cannot be linked to fund
infusion and new investors coming on board."

A MIAL spokesperson did not comment on the development, the
BusinessLine says. Without giving details, a SpiceJet spokesperson
said it has sorted out the issue with MIAL, the report states.

SpiceJet's total liability stands at over INR2,000 crore,
including dues to the AAI, the BusinessLine adds.

                          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.


SPICEJET LTD: Laid-off Staff to be Preferred in Future Hiring
-------------------------------------------------------------
The Times of India reports that SpiceJet Ltd may see some
'temporary' layoffs as the low-cost carrier (LCC) begins its
difficult flight to recovery under new owner and co-founder
Ajay Singh.  To minimize the pain, Singh is learnt to have decided
that the retrenched staff will be preferred for being hired again
with the airline as it increases its fleet size, the report says.

TOI notes that the LCC currently has 17 Boeing 737s and this
number will go up to 26 by April 1 -- by when it is supposed to
receive INR1,500 crore in three equal monthly tranches.  Along
with 15 Bombardier Q400, the LCC would have a fleet of 41 planes
on April 1 and the new team will now decide on the required size
of the airline staff, the report says. It currently employs about
5,000 people. The fleet will grow -- as would staff strength --
and 'eventually' return to its original size of 35 Boeing 737s,
the report states.

According to TOI, sources close to Singh said SpiceJet will change
radically in coming months as it returns to its roots -- a pure
budget airline. This will include having a small network with more
flight frequencies between the stations and greater online sale of
tickets to cut distribution costs, the report relays.

While Singh would prefer to have a single aircraft fleet of Boeing
737s, a source said a decision will have to be taken on the 15
Q400s the airline has bought, according to TOI. "They can't be
wished away. We will see if it makes commercial sense to have them
or not," said the source.

TOI says management changes could follow as Singh is reportedly
unhappy with the constant fire sales that SpiceJet offered last
year. "LCCs have low advance fares and spot fares are higher. You
cannot have spot fares on sale too as those are dilutive. SpiceJet
did that last year and suffered doubly due to that," the source,
as cited by TOI, said.

When contacted, Singh said, "Survival of SpiceJet is in everyone's
interest. The situation is extremely tough but I am confident of
coming out of it. The government is very supportive. We have to
get back in the culture of a startup LCC," TOI relays.

                          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.


SREEMA MAHILA: CRISIL Reaffirms B+ Rating on INR210MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Sreema Mahila
Samity (Sreema Mahila) continues to reflect Sreema Mahila's small
scale of operations with geographic concentration, low
capitalisation, and exposure to risks inherent in the microfinance
industry. These rating weaknesses are partially offset by the
benefits that Sreema Mahila derives from its promoters' extensive
experience in microfinance and developmental activities and its
improving asset quality.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             210      CRISIL B+/Stable (Reaffirmed)
   Long Term Bank Facility   2      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sreema Mahila will continue to benefit from
its trustees' extensive experience in microfinance and
developmental activities and maintain its stable asset quality
over the medium term. However, the society's scale of operations
is expected to remain modest and geographically concentrated. The
outlook may be revised to 'Positive' if Sreema Mahila
substantially increases the scale and diversity of its operations
and improves its capitalisation levels without compromising on its
asset quality. Conversely, the outlook may be revised to
'Negative' if the society reports deterioration in its asset
quality or profitability, thereby pressurising its capital
position.

Sreema Mahila was originally set up in 1972 as a not-for-profit-
making organisation primarily engaged in activities like providing
education and healthcare, poverty alleviation, disaster
management, and rural development, with the motive of uplifting
lives of women in rural West Bengal. The society operates in three
districts of West Bengal, namely, Nadia, North 24 Parganas, and
Murshidabad. It started its microfinance activities in 2000 by
lending to self-help groups. Post 2007, the society transitioned
gradually to the joint liability group lending model. As on March
31, 2014, Sreema Mahila had around 37,433 borrowers across 4,352
groups, and an outstanding loan portfolio of INR238 million.

Sreema Mahila reported a net surplus, of INR13 million on a total
income of INR57 million during 2013-14 (refers to financial year,
April 1 to March 31), against a net surplus of INR10 million on a
total income of INR46 million for 2012-13. For the half year ended
September 30, 2014 Sreema Mahila reported a net surplus of INR6.8
million on a total income of INR32 million.


SRI JAIBALAJI: ICRA Assigns B- Rating to INR18.25cr LT Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B- to the
INR18.25 crore fund based bank facilities of Sri Jaibalaji Steel
Rolling Mills Private Limited.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-    18.25        [ICRA]B-; Assigned
   Long Term

ICRA's ratings are constrained by SJB's presence in a highly
fragmented and competitive industry, which coupled with the
cyclical nature of the steel industry, exposes it to raw material
price fluctuations. These factors, along with the power costs
which are highly dependent on the state government's policies,
imbue volatility to the profitability margins of the firm. The
ratings also take into account the company's stretched liquidity
position as evidenced by full utilization of its working capital
limits in the past, high and increasing amount of receivables, and
low cash accruals in the past. Further, the ratings also take note
of the company's relatively high gearing and moderate coverage
indicators. The ratings, however, derive comfort from the positive
demand outlook, healthy growth in the company's operating income
and the extensive track record of the promoters in the industry.

Going forward the company's ability to manage its working capital
cycle, build up adequate liquidity and attain a sustained
improvement in its profitability will be the key rating
sensitivities.

SJB was established in 2008 and is promoted by Mr. Shashank Jain,
Mr. Akask Kumar and Mr. Gaurav Swarup, along with members of their
family. The company commenced commercial operations from 2010 and
manufactures thermo mechanically treated bars at its facility
located in Muzaffarnagar, Uttar Pradesh, with an installed
capacity of 60,000 metric tonnes per annum.

Recent Results
SJB reported a net profit of INR0.55 crore on an operating income
of INR125.25 crore for 2013-14, as against a net profit of INR0.38
crore on an operating income of INR105.25 crore for the previous
year.


SRI VAISHNAVI: ICRA Assigns B+ Rating to INR7cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR7.00
crore fund based limit and INR0.32 crore long term non fund based
limits of Sri Vaishnavi Spintex Private Limited. ICRA has also
assigned the short term rating of [ICRA]A4 to the INR2.68
unallocated limits of the company.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits         7.00        [ICRA]B+ assigned
   Non-Fund Based Limits     0.32        [ICRA]B+ assigned
   Unallocated Limits        2.68        [ICRA]A4 assigned

The ratings assigned take into account the company's modest scale
of operations in a fragmented industry which restricts the ability
of the company to pass on hike in input costs. Further, the
company is exposed to the agro-climatic and regulatory risks which
could affect the availability and procurement price of cotton. The
ratings are also constrained by the weak financial profile of the
company characterized by high gearing resulting into stretched
coverage indicators as reflected in OPBITDA-to-Interest & Finance
Charges of1.74 times and NCA/Total Debt of 7.38% as on 31st March,
2014.

The rating however, positively factors in the location of the
spinning mill in proximity to cotton growing areas of Vijaywada
and Guntur which results into easy availability of raw materials
reduce logistics cost and the interest subsidy received by the
company under government scheme of TUFS which results into reduced
interest cost. The ratings also take into account the healthy
increase of 71% (y-o-y) in the operating income of the company
during FY14 primarily backed by improved capacity utilization.

Sri Vaishnavi Spintex (I) Private Limited was established in
village of Kolanapalli, kalla mandalam during year 2010-11. The
company started in the month of March, 2012 with an initial
capacity of 14400 spindles and subsequently added 2880 spindles
which were operational since August, 2013 and thus currently
functioning with a capacity of 17280 spindles.

The founder of this organization Sri Vanapalli Baburao has an
experience of 30 years in various industrial fields like Rice
Mills & Iron Industry and Aqua Farming (Fish Ponds).

Recent results
As per provisional financials for FY14, the company reported
profit before tax of INR0.71 crore on operating income of INR53.08
crore as compared to profit before tax of INR0.40 crore on
operating income of INR31.03 crore for FY13.


SRI VENKATESWARA: ICRA Puts B+ Rating on INR7cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the fund based
limits of INR7.00 crore and short term rating of [ICRA]A4 to the
non fund based limits of INR5.00 crore for Sri Venkateswara
Constructions.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits        7.00         [ICRA]B+ assigned
   Non-Fund Based Limits    5.00         [ICRA]A4 assigned

The ratings assigned factor in small sale of operations in a
highly competitive industry which keeps the margins under
pressure. The ratings also take into account the high geographic
and sectoral concentration of the firm on irrigation projects in
the state of Andhra Pradesh. Further the largest project
contributes to 66% of the total order book as on June 09, 2014.
ICRA also takes into account the inherent risk associated with a
partnership firm, including risk of capital withdrawal as
reflected in the past.

The ratings however positively factor in long standing experience
of promoters in construction sector and healthy increase in
operating income with CAGR of 37.55% during FY11-FY14 on account
of higher work order inflow and healthy pace of execution and it's
established relationship with clients as reflected in repeat
orders. The ratings also take into account healthy unexecuted
order book of INR63 crore as on June 09, 2014 which is 3.32 times
the OI in FY14 and provides visibility of revenue for the medium
term.

Sri Venkateswara Constructions is a partnership firm by M.Venkata
Narayana Reddy, M. Rajayalaxmi, M. Pattabhi Rami Reddy, M.
Syamalamma and M. Sarat Chandra Reddy. The Partnership firm was
incorporated in 2003 and was subsequently reconstituted in 2008
after retirement of a partner Mr. M Sivakumar Reddy.
SVC executes the Public works department contracts in the area of
Irrigation such as Canal Works, Drainage works and check dam
works. The company generally executes projects for government
departments.

Recent Results
As per provisional financials for FY14, the firm reported profit
before tax of INR1.03 crore on operating income of INR18.95 crore
as compared to profit before tax of INR0.72 crore on operating
income of INR11.44 crore for FY13.


TEJRAJ PROMOTERS: CRISIL Ups Rating on INR150MM Bank Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Tejraj Promoters and Builders (TPB) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Fund-Based      150        CRISIL B+/Stable (Upgraded
   Bank Limits                         from 'CRISIL B/Stable')

The rating upgrade follows the 100 per cent booking and completion
of construction of TPB's ongoing redevelopment projects. Backed by
its established brand, the firm has received healthy customer
advances against bookings of all its flats. Consequently, TPB has
generated cumulative surplus (post servicing debt obligations) of
about INR145 million till November 2014. With planning of new real
estate projects underway, the rating shall remain sensitive to the
quantum and funding pattern of same.

The rating reflects TPB's exposure to implementation-related risks
on the planned projects, accentuated susceptibility to downturns
and inherent risks in the Indian real estate industry, and
constrained financial risk profile, marked by modest net worth.
These rating weaknesses are partially offset by the benefits that
the firm derives from its proprietor's long track record in the
real estate industry and the funding support it receives from him.

Outlook: Stable

CRISIL believes that TPB will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may be
revised to 'Positive' if the firm's receives significant bookings
and customer advances in its upcoming projects without there being
large debt funding. Conversely, the outlook may be revised to
'Negative' if TPB's liquidity comes under increased pressure, most
likely caused by time or cost overrun in upcoming projects or
slower bookings, or if the present surplus is deployed in a group
company with TPB relying on debt to fund the upcoming projects.

TPB, established in September 2009, is a proprietorship firm of
Mr. Tejraj Patil. The firm remained non-operational until the
first-half of 2009-10 (refers to financial year, April 1 to
March 31), when it started its first real estate project. The
projects executed by the firm are primarily redevelopment
projects, undertaken in association with the occupants of the
property to be redeveloped. TPB plans to start residential real
estate projects in Balewadi and Pirangut (Pune, Maharashtra).


UNI STYLE: CRISIL Ups Rating on INR67.5MM Cash Credit to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Uni Style Images Pvt Ltd (USI) to 'CRISIL B-/Stable' from 'CRISIL
C'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             67.5        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

   Proposed Long Term      25.0        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL C')

The rating upgrade reflects USI's timely servicing of its debt
obligations supported by steps taken to revive the business by
converting its own stores to franchise model to cut down expenses
and change in inventory policy to order back manufacturing. The
rating upgrade also factors in CRISIL's belief that USI's cash
accruals will increase and will be sufficient to meet its maturing
debt obligations over the medium term.

The rating reflects USI's weak liquidity on account of high
working capital requirements, exposure to intense market
competition, and susceptibility to changes in fashion trends.
These rating weaknesses are partially offset by the company's
established brand presence and the promoters' extensive experience
in the ready-made garment industry.
Outlook: Stable

CRISIL believes that USI will continue to benefit over the medium
term from its promoters' extensive experience in the readymade
garment industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves driven by high cash
accruals or better working capital management. Conversely, the
outlook may be revised to 'Negative' in case USI's liquidity
deteriorates owing to low cash accruals, or large working capital
requirements or higher than expected debt-funded capital
expenditure.

USI was set up in 1994 by Mr. Ashwinder Singh and his family
members in Delhi. It manufactures and retails ready-made garments
in the domestic market under the USI brand.


VARDHAMAN COTTEX: ICRA Assigns B Rating to INR4cr Cash Credit
-------------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR1.25 crore Term Loan
facilities and INR4.0 crore Cash Credit facility of Vardhaman
Cottex.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term-Term Loan         1.25       [ICRA]B Assigned
   Long term-Cash Credit       4.00       [ICRA]B Assigned

The assigned rating takes into consideration location advantage of
the firm having adequate availability of raw cotton. The firm has
established healthy customer relationships which are providing
repeat orders over last two to three fiscals. The rating is
however constrained by modest scale of operations due to initial
years of operations and limited track record. The firm is
susceptible to possibility of inventory losses due to high
inventory holding and fluctuations in raw material prices. The
high working capital intensity also puts pressure on liquidity
position of the company. The rating also takes into account the
low value adding nature of the ginning industry and intense
competition which restricts pricing flexibility resulting in thin
profitability. Going forward, scaling up operations by improving
capacity utilization as well as adequate inventory management will
be the key rating sensitivities.

Vardhman Cottex was incorporated in 2011 as cotton ginning and
pressing firm and commenced operations in FY12. The operations of
the firm are procuring raw cotton from local farmers and traders,
ginning it to separate the seeds from the cotton lint and pressing
the cotton to form cotton bales. The firm sells cotton bales and
cotton seeds to spinning mills and oil extraction units
respectively. Till last year, the firm was also engaged in oil
extraction business which has been discontinued in order to focus
on ginning business. The plant of the firm is located in Beed
district of Maharashtra with an installed annual capacity of
30,000 bales per year.


VASISHTA CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR56cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Vasishta
Constructions Pvt Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    56.00       CARE B+ Reaffirmed
   Long term/Short term Bank   162.50       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings of Vasishta Constructions Pvt. Ltd. (VCPL) continue to
remain constrained by the stretched liquidity position with
persistent high utilization of bank borrowings, concentrated order
book position and, limited experience in executing the projects of
relatively large size. Furthermore, it takes into consideration
decline in the scale of operation, drop in PBILDT & PAT level and
margins in FY14 (refers to the period April 01 to March 31). The
ratings are, however, underpinned by the experience of the
promoters, satisfactory order book position, improved capital
structure and moderate industry outlook. The ability of the
company to manage growth and ensure timely execution of projects
and recovery of contract proceeds in timely manner and improve the
liquidity profile with effective management of working capital
requirements are the key rating sensitivities.

Incorporated in October 1991, VCPL is engaged in construction
activities spanning irrigation & flood control, roads & bridges,
building & structures, etc. As on November 1, 2014, the company
had an order book of INR930.38 crore, of which four key projects
comprised approximately 62% of the total works in hand.

VCPL is promoted by Mr M Naga Raju, Mr M Sivarama Raju, Mr M S
Subba Raju and Mr D Ravi Kumar. The promoters have around 25-30
years of experience in executing civil contracts for government
entities and private players in the aforesaid segments.

During FY14, VCPL reported a total operating income of INR213.53
crore (INR261.08 crore in FY13) with PBILDT of INR28.77 crore
(INR36.22 crore in FY13) and PAT of INR8.22 crore (INR12.22 crore
in FY13).  In H1FY15 (half year ended September 30, 2014), as per
the unaudited results, the company has achieved a total
operating income of INR118.84 crore with PBILDT of INR14.85 crore
and PAT of INR4.91 crore.


VINITA INTERNATIONAL: ICRA Rates INR5cr LT Loan at 'B'
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore long-term fund-based limits of Vinita International. ICRA
has also assigned a short-term rating of [ICRA]A4 to the INR2.50
crore short-term, non-fund based limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund        5.00        [ICRA]B assigned
   based working
   capital facilities

   Short-term, non-       2.50        [ICRA]A4 assigned
   fund based working
   capital facilities

The ratings take into account the established experience of the
promoters in the chemical trading business and long standing
relationship with customers. The ratings, however, are constrained
by Vinita International's stretched financial risk profile
indicated by high gearing levels, weak debt protection metrics and
high utilization of working capital limits. The ratings are
further constrained by vulnerability of margins to foreign
currency fluctuations and commodity price risk. The ratings also
factor in the high competitive pressures faced by Vinita
International, inherently low value addition and correspondingly
modest margins owing to the trading nature of the business. ICRA
also takes into account the inherent risk of capital withdrawals
in a partnership firm.

Established in 2000, Vinita International is a partnership firm
engaged in the business of trading of chemicals, polyester fabrics
and machinery used in manufacturing of plastic products.

Recent results:
Vinita International recorded a profit after tax (PAT) of INR0.17
crore on an operating income of INR24.69 crore in FY14 as against
a PAT of INR0.40 crore on an operating income of INR22.30 crore in
FY13.


VISA POWER: CARE Reaffirms B+ Rating on INR1,964cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Visa Power Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   1,964.00     'CARE B+' Reaffirmed

Rating Rationale

The rating is constrained by the significant increase in cost of
the project being implemented by Visa Power Ltd. (VPL) for which
full financial closure is yet to be achieved and delay in
implementation of the project alongwith de-allocation of captive
coal block. The rating is also constrained by the fact that
implementation of such large scale Greenfield power project is a
new venture for the group and counterparty risk. The rating,
however, derives strength from the long business experience of the
promoters and Power Purchase Agreement (PPAs) signed with DISCOMS
for majority of the power to be generated. Achievement of
financial closure for enhancement in project cost, timely equity
infusion by promoters & strategic investors, successful project
completion without further time & cost overrun and allocation of
the coal block are the key rating sensitivities.

VPL, incorporated in October 2005, was promoted by the Kolkata-
based VISA group. VPL is currently setting up a 600 MW thermal
power plant in Raigarh district of Chhattisgarh at a cost of
INR3,930 crore (increased from INR2,618.6 crore) and expects it to
be operational by September, 2015. The project is being financed
at debt-equity ratio of 3:1. The company has already tied up debt
of INR1,964 crore and for the balance INR984 crore of debt, it has
approached its bankers. Till September 30, 2014, the company spent
INR1,822 crore on the project, majority of which is financed
through equity/unsecured loan infusion by promoters (INR367.24
crore) and term loans from banks (1,139.31 crore).

VISA group is engaged in manufacturing of steel related products &
ferrochrome and trading of coal & coke for more than a decade.



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

SONY CORP: To Close All 14 Sony Stores in Canada
------------------------------------------------
Kyodo News reports that Sony Corp. will shut down all 14 Sony
Store outlets in Canada within about two months, a company
official said on Jan. 20, as the struggling electronics giant
tries to turn itself around.

It has already reduced the number of stores in the United States
by about two-thirds, closing 20 last year, the report says. Sony
Stores sell products such as LCD televisions and digital cameras.

According to Kyodo, the company has said it will pay no dividend
for the current business year through March, for the first time
since it went public in 1958, as it now anticipates a bigger-than-
expected net loss of JPY230 billion due to fierce competition in
the smartphone market.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.



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


MOLLY MALONES: Irish Bar Closes Doors
-------------------------------------
Dominion Post reports that popular Irish bar Molly Malones, in
Courtenay Place, has closed. Molly Malones (Wellington) Ltd was
put into liquidation on Jan 20.

The company operating the bar is understood to owe over NZ$100,000
in rent, the report says.  Large sums are also understood to be
owed to the Inland Revenue Department and liquor suppliers.

Built in 1907 -- and originally called the Clarendon Hotel -- the
three-storeyed freehold property is on a 306-square-metre site and
has a net lettable area of 919sqm, including balconies, Dominion
Post discloses.

The report relates that company director Ewan Henderson is a
former director of the Heritage Property Group which sold the
building on the Taranaki St corner in 2011 to Wellington property
investor Charlie Zheng.

Rent on the premises was more than NZ$300,000 a year, the report
notes.


SHANTON FASHIONS: Owes Unsecured Creditors Nearly NZ$4 Million
--------------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that Shanton Fashions Ltd
owes almost NZ$4 million to unsecured creditors, but the company's
administrator is confident it will continue to keep its doors
open.

Shanton entered voluntary administration this month after its
bankers pulled its line of credit, the report discloses.

Stuff.co.nz says about 80 people attended a creditors meeting in
Auckland on Jan. 21, where the full extent of the company's debt
was revealed.

Almost NZ$4 million is owed to about 220 unsecured creditors, with
a projected shortfall of NZ$693,159 expected to grow as the
investigations continue, the report discloses.

According to the report, the 37-store chain employs about 240
staff, who have been told they will continue to be paid, although
holiday pay and unpaid wages will become preferential claims.

Stuff.co.nz relates that Bryan Williams of BWA Insolvency was
officially affirmed as administrator and said both Shanton
employees and the IRD would be paid outstanding entitlements.

Mr. Williams said viability was the key to the plan for the
business and he intended to formalise "reconstruction plans"
immediately, the report relays.

"We can report that customers of Shanton continue to support the
brand, with sales activity continuing to rise," Stuff.co.nz quotes
Mr. Williams as saying.

Customers with gift vouchers and laybys will have to contact the
administrator to register as creditors, the report adds.

Bryan Williams -- bryan@bwainsolvency.co.nz -- of BWA Insolvency
was appointed as administrator of Shanton Fashions Limited on Jan.
11, 2015.

Shanton Fashions Ltd operates a well-known women's fashion chain.
It has 37 stores across New Zealand and employs approximately 240
people.



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


MOBILESTATS TECHNOLOGIES: Owner to Close Firm Over Patent Rights
----------------------------------------------------------------
Howard Lee at The Online Citizen reports that facing a long-drawn
and uphill lawsuit with the Ministry of Defence over a patent
issue, Dr Ting Choon Meng, an innovator and medical professional,
decided to withdraw his case due to mounting legal costs and a
battle for which he saw no end in sight.

Even worse, given that Mindef is now demanding about SGD580,000 in
legal fees, to have his patent revoked and assign the rights to
the Ministry, Dr Ting is looking at the very grim prospects of
closing down his company Mobilestats Technologies Pte Ltd, the
company holding the patent rights to his invention, the Station
With Immediate First-Aid Treatment (SWIFT) vehicle, according to
The Online Citizen.

"I am completely disheartened," the report quotes Dr Ting as
saying. "After this incident, suffice to say that I have lost
confidence in Singapore's ability to be a global IP hub."

The Online Citizen says what made his case even more poignant is
that Dr Ting was appointed to the board of directors for the
Intellectual Property Office of Singapore (IPOS) since
April 2013. He has since stepped down in January 2014, after he
withdrew his case against Mindef, the report states.

"It has come to a point whereby I am honestly convinced that there
is no true conviction right at the top of our government for
Singapore to be transformed into a Global IP Hub," he had written
in his resignation letter, The Online Citizen relays.

"Recent events and processes in my own encounter have
unfortunately shown me that without real conviction and
internalization from the top, what we are trying to do in IPOS are
but lip service."

Dr Ting and his partners invented SWIFT, effectively a quick-
deployment first aid station for crisis use, after the
Sept. 11, 2001 attacks on the US, the report says. Television
footage of 9/11 made him realise that a vehicle-based medical
facility would be a great game-changer in managing casualties
during crises, The Online Citizen notes.



=============
V I E T N A M
=============


* VIETNAM: Hanoi Corporate Bankruptcy Up 1.5% in 2014
-----------------------------------------------------
VIETNAMNET Bridge reports that 735 enterprises went bankrupt in
Hanoi, Vietnam in 2014, up 1.5 percent.  The report says that more
than 2,400 enterprises registered to suspend operations, down 11.5
percent.

The number of enterprises changing their business type was nearly
32,300, up 28 percent. Two enterprises had their business licences
revoked for submitting fake business registration dossiers, the
report says.

In 2014, the city attracted 418 new foreign invested projects with
a total registered capital of nearly US$1.4 billion, up
26 percent on the year and 7.4 percent more than the target of 1.3
billion USD.


                             *********


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.



                 *** End of Transmission ***