TCRAP_Public/150126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, January 26, 2015, Vol. 18, No. 017


                            Headlines


A U S T R A L I A

BRUCK TEXTILES: Under ASIC Probe Over 58 Job Losses
EMECO HOLDINGS: Moody's Downgrades Corporate Family Rating to B3
INTEGRATED LEGAL: Quahe Buys Back Civic Legal Unit from ILH
NORTER PTY: First Creditors' Meeting Slated For Feb. 3
ORIGIN ENERGY: Moody's Ba1 Stock Rating on Review for Downgrade

PAID INTERNATIONAL: First Creditors' Meeting Set For Feb. 4
REMOTE ASSET: First Creditors' Meeting Slated For Feb. 3


C H I N A

ANTON OILFIELD: Fitch Cuts Issuer Default Rating to 'BB-'


I N D I A

AJANTA OFFSET: CRISIL Assigns D Rating to INR278.9MM Loan
ALANKIT LIFE: CARE Reaffirms B Rating on INR6.97cr LT Bank Loan
ANDHRA BARYTE: CRISIL Reaffirms D Rating on INR95MM LT Loan
ANNPOORNA OVERSEAS: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
ASHIYANA CONSTRUCTION: CRISIL Rates INR20MM Cash Credit at 'B'

ASHOK MOTORS: CARE Reaffirms B+ Rating on INR15cr LT Bank Loan
B L FOUNDRY: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
BAGHAULI SUGAR: CRISIL Reaffirms D Rating on INR1.62BB Term Loan
BAYA WEAVER: CARE Assigns B+ Rating to INR120cr LT Bank Loan
BELL MATCH: CRISIL Rates INR60MM Loan at D; Suspension Revoked

BHANSALI DIAMONDS: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
BHOLENATH RICE: CARE Assigns B+ Rating to INR5.93cr LT Bank Loan
D. H. KHANDELWAL: CRISIL Reaffirms B+ Rating on INR120MM Loan
DHANLAXMI SOLVEX: ICRA Cuts Rating on INR156.52cr ST Loan to D
ENCORE THEME: CARE Rates INR10cr LT/ST Bank Facilities at 'B/A4'

GENTLEMAN SUITINGS: CARE Reaffirms B+ Rating on INR10.58cr Loan
HARMAN COTTEX: ICRA Reaffirms B+ Rating on INR14cr LT Loan
HK COTTON: CARE Reaffirms B+ Rating on INR8.89cr LT Bank Loan
IBC LTD: CRISIL Assigns B- Rating to INR185MM Mortgage Loan
INDIA FILES: CARE Reaffirms B Rating on INR9.9cr LT Bank Loan

K. K. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR26.5MM Loan
KAYNES HOTELS: ICRA Withdraws C+ Rating on INR31cr Bank Loan
KIRLOSKAR ELECTRIC: CARE Assigns C(FD) Rating to INR56cr LT Loan
M. A. AMEER: CRISIL Assigns B Rating to INR35MM Cash Credit
MAK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR12.5cr LT Loan

MARKETING TIMES: CRISIL Cuts Rating on INR230MM Cash Credit to D
MEENAR INDUSTRIES: ICRA Assigns B Rating to INR22.25cr Term Loan
MVR GAS: ICRA Assigns B+ Rating to INR7.00cr LT Fund Based Loan
NADHI BIO: CRISIL Reaffirms 'D' Rating on INR400MM Term Loan
NANZ MED: ICRA Revises Rating on INR9cr Cash Credit to 'B+'

NORTH-COTT GINNING: ICRA Assigns B Rating to INR7.50cr LT Loan
OASIS COMMERCIAL: CARE Assigns B+ Rating to INR109.47cr LT Loan
P N PAPER: CRISIL Cuts Rating on INR86MM Cash Credit to 'D'
R.B. RICE: ICRA Assigns B Rating to INR13.50cr Fund Based Loan
RAJIB CASHEW: CARE Assigns B+ Rating to INR6.5cr LT Bank Loan

RAMA HANDICRAFTS: CARE Reaffirms D Rating on INR8.50cr ST Loan
RANI CONSTRUCTIONS: CRISIL Reaffirms D Rating on INR700MM Loan
SAISUDHIR ENERGY: CARE Assigns B+ Rating to INR175cr LT Loan
SARAVANA GLOBAL: ICRA Reaffirms C- Rating on INR28.7cr LT Loan
SATYAM KRISHNA: ICRA Assigns D Rating to INR6.50cr Term Loan

SECURE PRINT: CRISIL Reaffirms B- Rating on INR100MM Cash Credit
SHAH PACKWELL: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SHREE KRISHNA: CRISIL Reaffirms B Rating on INR545MM Term Loan
SHREE RADHEYSHYAM: CRISIL Reaffirms B+ Rating on INR190MM Loan
SHRI VARDHMAN: CARE Reaffirms B Rating on INR12.15cr LT Bank Loan

SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr FB Loan
SKC INFRATECH: CRISIL Reaffirms B+ Rating on INR80MM Overdraft
SKS BUILDTECH: CARE Assigns B+ Rating to INR20cr LT Bank Loan
SPICEJET LTD: DGCA Lifts Ban on Forward Sales
SRI SHIVA: ICRA Assigns B+ Rating to INR7.59cr Fund Based Loan

SRI VAKIRAKAALIAMMAN: CRISIL Reaffirms D Rating on INR300MM Loan
SUKATA TRACTOR: CARE Assigns B+ Rating to INR9.50cr LT Bank Loan
TARACHAND INT'L: CARE Reaffirms B/A4 Rating on INR50cr Loan
TEXPLAS INDIA: CARE Cuts Rating on INR4.63cr Term Loan to 'D'
TRIPURARI AGRO: ICRA Assigns B Rating to INR5.0cr Cash Credit

UNION ENTERPRISES: ICRA Cuts Rating on INR11.78cr Term Loan to D
USHA PRABHA: CARE Assigns B+ Rating to INR7.87cr LT Bank Loan
V. T. ENGINEERING: CARE Assigns D Rating to INR5.25cr LT Loan
VE-7 CERAMIC: CRISIL Assigns B+ Rating to INR69.5MM LT Loan
VEPARSEVA HEALTHCARE: CARE Rates INR15.75cr Loan B+

VINA ELECTRICALS: CARE Assigns B+ Rating to INR12cr LT Bank Loan
VIRAL BUILDCON: CARE Rates INR9cr LT/ST Bank Facilities at B+/A4
WHISTLE MEDIA: CARE Assigns B Rating to INR25cr LT Bank Loan


J A P A N

ARROWS MORTGAGE: Moody's Ba1 RMBS Rating on Review for Upgrade
YMOBILE CORP: S&P Puts 'BB' CCR on CreditWatch Positive


T A I W A N

TAIWAN HIGH: Ex-Transportation Minister Criticizes DPP


                            - - - - -


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


BRUCK TEXTILES: Under ASIC Probe Over 58 Job Losses
---------------------------------------------------
Stephen Drill at Herald Sun reports that a clothing company that
collapsed leaving 58 staff out of a job is under investigation for
potential corporations law breaches.

Herald Sun says the directors of Bruck Textiles Technologies,
Philip Bart and Geoffrey Parker, were referred to the Australian
Securities and Investments Commission.

The watchdog has provided funding to liquidators to investigate
the way the company was closed, with a report to be delivered next
month, the report relates.

According to Herald Sun, Michele O'Neil, national secretary of the
Textile, Clothing and Footwear Union, said the investigation was
"about time".

"We want answers to how a company that had received millions of
Federal and State Government taxpayers' dollars could sell its
assets for AUD1 . . . and leave workers with nothing," the report
quotes Mr. O'Neil as saying.

Herald Sun notes that the investigation is probing how Bruck
Textiles Technologies went into liquidation on July last year, but
sold its assets to a new company, Australian Textile Mills, which
opened the following day.

But 58 former Bruck employees lost their jobs in the shake-up,
with the Federal Government left to pick up a AUD3.845 million
bill for their entitlements, the report says.

Herald Sun quotes Mark Wells, a spokesman for Bruck, as saying
that: "The former directors of (Bruck Textiles Technologies) are
very confident that no adverse findings will be levied against
them by any current or future inquiry."

Federal Employment Minister Eric Abetz urged ASIC to hasten its
investigations. "I am concerned that the liquidation occurred in
circumstances which were questionable," the report quotes Mr.
Wells as saying.  "The liquidation report raises concerns of
potential breaches of the Corporations Act."

Bruck Textiles Technologies made specialist products for the
Australian Defence Force and the car industry, but it was losing
money after losing contracts to supply Ford and Holden, as well as
having smaller orders from the ADF, Herald Sun discloses.

According to the report, liquidator HLB Mann Judd claimed in its
report released this month that the two directors of Bruck may be
in breach of section 596AB of the Corporations Law Act.

The act says it is an offence to make a transaction to prevent
employees from receiving their full entitlements, the report
notes.


EMECO HOLDINGS: Moody's Downgrades Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded Emeco Holdings Limited's
(Emeco) Corporate Family Rating (CFR) to B3 from B2. At the same
time, Moody's downgraded Emeco Pty Ltd's senior secured rating to
B3 from B2. The outlook and all ratings was changed to negative
from stable.

Ratings Rationale

"The rating downgrade reflects the continued significant weakness
in key commodity prices which is pressuring Emeco's credit profile
to a level that is no longer consistent with the previous rating",
says Saranga Ranasinghe, a Moody's Analyst. "The steep drop in oil
prices is also constraining the outlook on Emeco's Canadian oil
sands operations" adds Ranasinghe.

"Our expectation is that operating conditions for mining services
companies will remain weak through 2016, increasing uncertainty
around Emeco's ability to improve earnings and delever." adds
Ranasinghe.

Prices of coal, copper and iron ore, which are key products for
Emeco, are trading at very weak levels due to poor fundamentals,
and Moody's do not expect any material improvement in the near
term. Furthermore, Emeco generates about 30% of revenue from oil
sands operations in Canada. With the collapse of crude oil prices,
there is increased uncertainty around Emeco's ability to extend
contracts following the current winter works program and improve
earnings in FY16, which was a major underpin for the previous
rating.

"We expect Emeco's credit metrics to remain pressured over the
period with the ratio of debt-to-EBITDA between 5.5-6.0x for the
fiscal year ending 30 June 2015 (FY15), compared to the 5.5x
threshold set for the previous rating " says Ranasinghe.

The negative outlook reflects these concerns and Moody's view that
there could be risk to the downside with potential contract
deferrals and/or cancellations.

The B3 rating acknowledges Emeco's ability to reduce operating
costs and capital spending on its rental fleet in periods of
declining utilization as well as the company's ability to dispose
of unutilized equipment to right size its rental fleet and
supplement operating cash flow generation.

The ratings could face further negative pressure if the
challenging market conditions deteriorate beyond Moody's current
expectations, further hindering Emeco's revenue and earning
generating ability, and leading to Debt/EBITDA ratio exceeding
6.5x on a consistent basis.

The outlook could revert to stable if Emeco secures new contracts
and increases revenue and earnings, such that gross adjusted debt-
to-EBITDA remains comfortably below 6.5x on a consistent basis.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.


INTEGRATED LEGAL: Quahe Buys Back Civic Legal Unit from ILH
-----------------------------------------------------------
Chris Merritt at The Australian reports that the administrators
now running listed legal practice Integrated Legal Holdings have
sold one of the company's stronger firms, Perth's Civic Legal, to
family interests associated with Civic's managing principal,
Anthony Quahe.

Civic, a major supplier of legal services to local governments in
Western Australia, is the first of ILH's practices to return to
independent ownership after the holding company slipped into
administration on December 18 after a disastrous trading year, the
report says.

Administrator Michael Brereton of Korda Mentha was unavailable to
discuss the fate of the other legal practices that are part of
ILH, according to The Australian.

Under the brand Rockwell Olivier, ILH also operates wholly owned
legal practices in Sydney as well as a 49 per cent-owned practice
in Melbourne. It has a network of 15 practices across the Pacific
known as Pacific Legal Network, the report discloses.

According to The Australian, Mr. Quahe, who founded Civic Legal,
said the practice had been part of the ILH group from
February 2011, and it was serendipitous that he had been able to
return it to independent ownership after negotiations over the
Christmas-New Year period.

He said the experience of being part of the ILH group had been
"like being on a roller-coaster," The Australian relays.

While ILH lost AUD8.9 million last year, he said Civic had traded
in the black throughout the period in which it had been owned by
ILH, the report relates.

"If anyone were to put me up on stage and ask me to give a talk
about the rights, wrongs, opportunities and dangers of that
structure, I am sure I would have a lot to say," the report quotes
Mr. Quahe a saying.

He said the talks that culminated in the sale of Civic started on
December 17 with Perth directors of Rockwell Olivier who were
assisted by the administrators, The Australian relates.

According to the report, direct talks with the administrators
started on January 4 when Rockwell Olivier's Perth subsidiary also
went into administration.  The transaction was signed off on
January 13, the report recalls.

The Australian relates that Mr Quahe, who was not a director of
ILH or Rockwell Olivier in Perth, said Civic Legal had quickly
been identified as one of the successful practices within ILH. It
has six lawyers, two paralegals and six support staff. Civic has
also been joined by Gray Porter, who was formerly part of the
insurance and workplace team at Rockwell Olivier in Perth, the
report discloses.

According to The Australian, the ILH administration comes after
several high-profile departures late last year.

The report says former director Stephen Moss resigned in August as
part of a plan in which he was buying back the underperforming
Eaton Capital, which is a consultancy to law firms.

This was followed in October by the resignation of ILH chairman
John Dawkins -- a former federal treasurer; and the departure in
December of ILH managing director Graeme Fowler, the report
relates.

The Australian notes that the unexpected poor performance by Eaton
Capital was a factor in ILH's loss last year of
AUD8.9 million, which forced it to renegotiate terms for a
AUD12.6 million loan after it breached its lending covenant.

The move into administration comes soon after ILH appointed
consultants 333 Capital to examine options for a refinancing and
to help the company review its structure and direction, The
Australian adds.

ILH Group Limited offers legal services, corporate advisory and
wealth management services.  Michael Brereton and Clifford Rocke
of KordaMentha Restructuring were appointed as administrators of
the company on December 17, 2014.


NORTER PTY: First Creditors' Meeting Slated For Feb. 3
------------------------------------------------------
Mark Hutchins and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Norter Pty Limited, trading as
Pattison's Heavy Machinery Maintenance Pty Limited, on
Jan. 21, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Feb. 3, 2015, at 11:00 a.m.


ORIGIN ENERGY: Moody's Ba1 Stock Rating on Review for Downgrade
---------------------------------------------------------------
Moody's has placed Origin Energy Limited's Baa2 issuer and senior
unsecured ratings, and its P-2 short term issuer rating on review
for downgrade.

At the same time, Moody's has also placed on review for downgrade
Origin Energy Finance Limited's Baa2/(P)Baa2 senior unsecured and
Ba1 preference stock ratings.

Origin has a 37.5% interest in APLNG, which is developing a two-
train LNG project in Queensland that has the capacity to produce
up to 9 million tonnes of liquefied natural gas (LNG) upon
completion. The remaining equity interest in the project are held
by ConocoPhillips (37.5%, A1 stable) and China Petroleum and
Chemical Corporation (Sinopec, 25%, Aa3 stable).

Ratings Rationale

"The rating action primarily reflects the sustained decline in oil
prices and Moody's recent revision of its oil price base case
assumptions", says Spencer Ng, a Moody's Vice President and senior
analyst, "The weak oil price environment will lead to lower cash
flows that Moody's expect Origin to receive when the large LNG
project (APLNG) commences production later this year."

The recent weakness in oil price environment is occurring at a
time when Origin is near the peak of its investment cycle, and
when its financial metrics are already weak at its rating level.

Accordingly, the review reflects the uncertainty about Origin's
ability over the next two years to maintain financial metrics at
levels that are appropriate for its Baa2 rating, including
FFO/Debt staying above 20%, and FFO/Interest exceeding 4.0x on a
consistent basis. Prior to Moody's recent revision in oil price
assumptions, Origin's rating outlook was negative, reflecting the
already limited headroom within the rating.

The review will focus on any countermeasures that Origin could
implement in response to the lower oil prices. A lower oil price
will reduce Origin's LNG revenue.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Origin is an integrated Australian-based company involved in
energy retailing, power generation, and gas and oil exploration
and production. The company is listed on the Australian Securities
Exchange. Origin Energy Finance Limited is a wholly owned
subsidiary of Origin Energy Limited and a financing vehicle for
the group.


PAID INTERNATIONAL: First Creditors' Meeting Set For Feb. 4
-----------------------------------------------------------
Ian Charles Francis and John Richard Park of FTI Consulting were
appointed as administrators of PAID International Limited on
Jan. 22, 2015.

A first meeting of the creditors of the Company will be held at
Level 6, 30 The Esplanade, in Perth, Feb. 4, 2015, at 11:00 a.m.


REMOTE ASSET: First Creditors' Meeting Slated For Feb. 3
--------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Remote Asset Services Pty Ltd on
Jan. 21, 2015.

A first meeting of the creditors of the Company will be held at
Boardroom of Master Builders NT, 11/396 Stuart Hwy, in Winnellie,
NT, on Feb. 3, 2015, at 9:00 a.m. (Darwin Time).



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ANTON OILFIELD: Fitch Cuts Issuer Default Rating to 'BB-'
---------------------------------------------------------
Fitch Ratings has downgraded Anton Oilfield Services Group's Long-
Term Issuer Default Rating and senior unsecured rating to 'BB-'
from 'BB'. The Outlook on the IDR remains Negative.

The rating downgrade follows a further profit warning from the
company on 18 January 2015, which shows that the challenging
market conditions are impacting Anton's performance more severely
than previously expected. The delays in the launches of upstream
oil and gas exploration and production (E&P) projects and margin
compression in the industry are not likely to reverse in the near
future.

The Negative Outlook captures uncertainties in the oilfield
services sector, with low oil prices leading to capex cuts by
upstream companies and pressuring rates charged by oilfield
service providers.

KEY RATING DRIVERS

Challenging Industry Conditions: The rapid decline of oil prices,
by some 30% during 4Q14, has resulted in project cancellations and
downsizing. The impact of this on Anton is a reduction in its
order book to CNY1.7bn at end-December 2014 from CNY2.1bn at end-
September 2014. The decline in orders was more severe in China
than in its overseas operations. An increasing number of
competitors added to downward pricing pressure, while more
technically challenging services led to increases in costs. Fitch
does not expect such competitive pressure to dissipate over the
next 12 months.

Longer Working Capital Cycle, Weaker Margins: Anton's management
indicated its 2H14 margins have declined from those in 1H14, and
no significant improvement is expected in 2015. Fitch expects the
company's EBITDA margin to remain at 15%-20% in the near term,
compared with 27% in 2013. In addition, accounts receivable
turnover remained at over 200 days, compared to 130 days in 2013.
Historically Anton's receivable turnover has been shorter than
that of its domestic peers. While collection days could moderately
improve in 2015, Anton's working capital cycle is likely to remain
elevated compared with prior levels.

Near-Term Liquidity Adequate: Anton has debt maturing within one
year of CNY690m compared with CNY850m of cash balances as at 31
December 2014. Among the debt maturing in 2015 are bonds of
CNY300m due in May 2015, and the company plans to refinance these
bonds with a loan. Anton has a low maintenance capex requirement,
and investment capex can be adjusted down with high flexibility.
Management indicated 2015 capex would be mainly for maintenance
purposes only. While the company has recently acquired interests
in oilfield chemical and technology assets, Fitch does not expect
Anton to conduct further sizeable acquisitions.

Medium-Term Business Prospects: The state mandates for China's
large national oil companies to increase their production remain
intact, and increasingly China is looking to unconventional
resources to achieve these targets. This should provide business
flows to oilfield service providers such as Anton, which are able
to provide high-end services in the unconventional energy field.
Despite difficult market conditions, Anton was able to lock in new
contracts of CNY457.6m during 4Q14 and about CNY200m year-to-date
in 2015, according to management. While Fitch expects oil prices
to increase from current levels over the course of 2015 and 2016,
margin pressures on oilfield services companies are unlikely to
recover in tandem with any recovery of oil prices.

Limited Rating Headroom: Fitch estimates Anton's FFO net leverage
at over 4x for 2014, compared with 1.1x in 2013. The higher
leverage was due to margin compression and higher working capital
requirements, leading to year-on-year deterioration of its cash
position. Forecast credit metrics for 2015 are weak for the
ratings; however, Fitch believes business volumes should recover
over the medium term, which should ease the pressure on the
company's credit profile.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a downgrade include:
- FFO-adjusted net leverage of over 3x or FFO fixed charge cover
less than 4x on a sustained basis
- EBITDA margin sustained below 20%
- A continued decline in order backlog
- Weakening of liquidity
- A material weakening of its competitive position in China

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable include:
- FFO-adjusted net leverage below 3x or fixed charge cover
  above 4x
- EBITDA margin at about 20% on a sustained basis
- Sustainable improvements in order backlog



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AJANTA OFFSET: CRISIL Assigns D Rating to INR278.9MM Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Ajanta Offset and Packagings Ltd (AOPL), and has
assigned its 'CRISIL D/CRISIL D' ratings to these facilities.
CRISIL had, on September 15, 2014, suspended the ratings as AOPL
had not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      50        CRISIL D (Assigned; Suspension
                                   Revoked)

   Cash Credit          230        CRISIL D (Assigned; Suspension
                                   Revoked)

   Letter of Credit      70        CRISIL D (Assigned; Suspension
                                   Revoked)

   Proposed Long Term   278.9      CRISIL D (Assigned; Suspension
   Bank Loan Facility              Revoked)

   Term Loan            192.3      CRISIL D (Assigned; Suspension
                                   Revoked)

   Working Capital
   Term Loan            218.8      CRISIL D (Assigned; Suspension
                                   Revoked)

The ratings reflect instances of delay by AOPL in servicing its
debt; the delays have been caused by the company's weak liquidity
driven by inadequate cash accruals and large working capital
requirements.

AOPL also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. However,
the company benefits from the extensive experience of its
promoters in the printing industry.

Incorporated in 1969 and promoted by Mr. G P Todi, AOPL offers
comprehensive print management solutions, including pre-press,
press, and post-press services, and is listed on the Delhi Stock
Exchange. The company has three units at Faridabad (Haryana) and a
unit in New Delhi.


ALANKIT LIFE: CARE Reaffirms B Rating on INR6.97cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Alankit Life Care Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.97       CARE B Reaffirmed
   Short term Bank Facilities    0.25       CARE A4 Reaffirmed

Rating Rationale
The ratings of the bank facilities of Alankit Life Care Ltd (ALCL)
are constrained by the volatility in its revenues, low
profitability margins due to the trading nature of business,
business risk associated with recent change in the revenue
model, working capital-intensive nature of operations and highly
competitive and fragmented nature of the industry.

These constraints are, however, partially offset by the strength
derived from the experienced promoters and moderate solvency
position of the company. The ratings also factor in the
opportunity of cross selling to the large customer base of
the group companies.

Going forward, the ability of the company to stabilise its
business model while improving its profitability margins and
effective working capital management, remain the key rating
sensitivities.

ALCL was originally constituted as a private limited company in
September 1996 and was later converted into a public limited
company in February 2003. ALCL is a part of the Alankit group,
promoted by Mr Alok Kumar Agarwal. ALCL is engaged in the retail
and wholesale trading of pharmaceutical products such as
medicines, cosmetics and fast moving consumer goods/health goods
(FMCG/FMHG). Currently, ALCL operates through a company-owned
warehouse-cumstore at Delhi and is increasingly focusing on online
sales.

During FY14 (refers to the period April 1 to March 31), majority
of the sales were contributed by the sale of FMCG/FMHG products
which contributed 99.97% of sales. The company also provides
online storage and access of electronic health records (EHR)
through its initiative "recordxpert.com". The proportion of sales
from this segment is currently miniscule with 0.03% contributed in
FY14.

In FY14, the company achieved a total income of INR256.02 crore
and a net loss of INR0.21 crore as against a total income of
INR478.11 crore and a PAT of INR0.21 crore in FY13.


ANDHRA BARYTE: CRISIL Reaffirms D Rating on INR95MM LT Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Andhra Baryte Corporation
Pvt Ltd (ABCPL) continues to reflects instances of delay by ABCPL
in servicing its term debt obligations; the delays have been
caused by the company's weak liquidity owing to start-up nature of
operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL D (Reaffirmed)
   Long Term Loan         95        CRISIL D (Reaffirmed)
   Proposed Term Loan     55        CRISIL D (Reaffirmed)

ABCPL also has a below-average financial risk profile, marked by a
highly leveraged capital structure and weak debt protection
metrics, and a concentrated supplier profile; also its operations
are vulnerable to downturns in end-user industry. However, the
company benefits from the extensive experience of its promoters in
the mining industry.

ABCPL, incorporated in 2008, is involved in the beneficiation of
barytes. The company is a joint venture between IBC Ltd and Andhra
Pradesh Mineral Development Corporation Ltd. The daily operations
of the company are managed by Mr. Rajamohan Reddy.

ABCPL reported a loss of INR30 million on total revenue of INR32
million for 2013-14 (refers to financial year, April 1 to March
31) as against a loss of INR31 million on total revenue of INR20.1
million for 2012-13.


ANNPOORNA OVERSEAS: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR13.00 crore fund based bank facilities of Annpoorna Overseas.
The rating suspension of May 2014 has been revoked.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           13.00        [ICRA]B+; reaffirmed

ICRA's rating continues to factor in the moderate scale of
operations of the firm, which coupled with the high intensity of
competition in the rice milling industry has resulted in low
profitability and weak debt coverage indicators. The rating also
takes into account the working capital intensive nature of rice
milling business arising out of the need to maintain substantial
inventories, in line with the industry trends.  The funding of
working capital requirements, primarily through bank borrowings
has led to relatively high gearing for the firm. The rating
factors in agro climatic risks, which can affect the availability
of paddy in adverse conditions. ICRA however positively factors in
the extensive experience of the promoters in the rice industry,
healthy growth in the firm's operating income, proximity of the
mill to major rice growing areas, which results in easy
availability of paddy and stable demand outlook for rice, in both
Indian and foreign markets.

Going forward, the ability of the firm to scale up its revenues
while maintaining adequate profitability, optimally manage its
working capital cycle and maintain a prudent capital structure,
will be the key rating sensitivities.

Annpoorna Overseas was established as a partnership firm in 2003
by Mr. Neeraj Batra and his brother. The partners and their family
members have been involved in the rice milling business since
1968. The firm's plant located in Karnal (Haryana) has a milling
capacity of ~15 metric tonnes per hour.

Recent Results
The firm reported a net profit of INR0.26 crore on an operating
income of INR41.67 crore in FY2014 as against a net profit of
INR0.24 crore on an operating income of INR37.51 crore in the
previous year.


ASHIYANA CONSTRUCTION: CRISIL Rates INR20MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Ashiyana Construction (AC).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Cash          10         CRISIL B/Stable
   Credit Limit

   Proposed Bank          20         CRISIL A4
   Guarantee

   Cash Credit            20         CRISIL B/Stable

   Letter of credit &     30         CRISIL A4
   Bank Guarantee
The ratings reflect the firm's modest scale of operations in the
civil construction industry and its large working capital
requirements. These ratings weaknesses are partially offset by the
extensive experience of AC's partners in the civil construction
industry.

Outlook: Stable

CRISIL believes that AC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly increases
its scale of operations and profitability or improves its working
capital management, thereby improving its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lengthening of
working capital cycle, debt-funded capital expenditure, or low
accruals, leading to weakening of AC's liquidity.

Formed in 1995, AC undertakes construction of buildings for
government departments. The firm is based in Ranchi (Jharkhand)
and its day-to-day operations are managed by partners Mr. Abdul
Jabbar and Mr. Agsar Ali.


ASHOK MOTORS: CARE Reaffirms B+ Rating on INR15cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Ashok
Motors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE B+ Reaffirmed

Rating Rationale
The rating of Ashok Motors (ASHOK) continues to remain constrained
by its weak financial risk profile marked by low profitability
margins, highly leveraged capital structure, stretched liquidity
position and weak debt coverage indicators. The rating is also
constrained by limited bargaining power with the principal
manufacturer and dependence on volume momentum, renewal-based
dealership agreement, increasing competition in automobile sector
and its proprietorship form of constitution with inherent risk of
withdrawal of capital in time of contingency and risk of
dissolution on account of poor succession planning.

The rating, however, draws comfort from the longstanding
experience of the proprietor in the automobile dealership
business, its long track record of operations and the advantage of
being an authorised dealer of M&M in the four districts of Assam.

The ability of the entity to further grow its scale of operations
along with improvement in profitability margins and capital
structure while managing its working capital requirements
efficiently shall remain the key rating sensitivities.

ASHOK was set up as a proprietorship entity in the year 1945 by
late Mr Biswanath Tibrewal of Tezpur, Assam, initially commenced
as dealer of British company's passenger vehicles. Later in 1950,
it switched to the dealership of Hindustan Motors (HM).
Subsequently in 1996, the entity discontinued the dealership of
HM's vehicles owing to fall in demand and became the authorised
dealer of Mahindra & Mahindra Limited (M&M). After the demise of
Mr Biswanath Tibrewal in 1998, the entity has been spearheaded by
his son Mr Pradip Kumar Tibrewal.

The entity offers utility vehicles, commercial vehicles and three
wheelers of M&M through its showrooms (self-owned) equipped with
3-S facilities (sales, service and spare-parts) at Tezpur, Assam,
along with five selling outlets (one each in Mangaldoi, Biswanath
Chariali, North Lakhimpur, Gohpur and Odalguri Town of Assam).
Apart from this, the entity also purchases and sells pre-owned
cars. It has a stock-yard (self-owned) in proximity to the
showroom, having a capacity to store around 200 vehicles.

During FY14, ASHOK had reported a total operating income of
INR114.82 crore (as against INR104.10 crore in FY13) and a
PAT (after deferred tax) of INR0.14 crore (as against INR0.07
crore in FY13). Furthermore, in 9MFY15 (provisional), the
entity has achieved TOI of INR78.85 crore.


B L FOUNDRY: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of B L Foundry Pvt Ltd (BFPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term bank facility at 'CRISIL A4'.

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

   Letter of Credit        50        CRISIL A4 (Reaffirmed)

   Term Loan               18.4      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the expected deterioration in BFPL's
financial risk profile, particularly its liquidity. The company
generated modest cash accruals of INR7.0 million, as against
repayment obligations of around INR16 million, in 2013-14 (refers
to financial year, April 1 to March 31). Though the cash accruals
are expected to improve to between INR7 million and INR8 million
in 2014-15, they will remain inadequate to meet the expected
repayment obligations of around INR10 million during the year.
However, the company's liquidity is expected to be supported by
unsecured loans from the promoters in 2014-15. BFPL's cash
accruals are expected to improve marginally in 2015-16. The
company's bank limits were utilised at an average of 96 per cent
over the 12 months through March 2014.

BFPL's liquidity is stretched because of deterioration in its
profitability. It reported operating income of INR328 million for
2013-14 as against INR345 million for 2012-13; however, its
operating margin declined to 5.2 per cent from 7.8 per cent over
this period because of volatility in raw material prices and
intense competition in the metal products industry. BFPL recently
changed its product portfolio to brass products and targeted end-
user industry like sanitation, automotive industry etc; this is
expected to lead to improvement in its operating margin over the
medium term. CRISIL believes that BFPL's business risk profile
will improve on account of the change in its business focus in
terms of products and client portfolio; however will remain modest
over this period.

The ratings reflect BFPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its modest
scale of operations. The ratings also factor in the company's
exposure to cyclicality in the competitive metal products
industry, and the susceptibility of its margins to fluctuations in
raw material prices. These rating weaknesses are partially offset
by the extensive industry experience of BFPL's promoters and its
established market position.

Outlook: Stable

CRISIL believes that BFPL will continue to benefit over the medium
term from its established position in the metals industry and the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations and profitability, leading to higher cash
accruals and, hence, to improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' if BFPL's capital structure deteriorates
significantly, most likely because of a substantial increase in
its working capital requirements or large debt-funded capital
expenditure.

BFPL, promoted by Mr. Mahavir Prasad Jain, commenced operations in
2008-09. The company manufactures copper products including
strips, besides brass strips, brass rods, and brass pipes. Its
manufacturing facility is at Kundli, Sonepat (Haryana).


BAGHAULI SUGAR: CRISIL Reaffirms D Rating on INR1.62BB Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Baghauli Sugar and
Distillery Ltd (BSDL) continues to reflect instances of delay by
BSDL in servicing its debt; the delays have been caused by the
company's weak liquidity. The company's liquidity is weak because
of intense industry competition and large manufacturing costs
resulting in high operating losses.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           460        CRISIL D (Reaffirmed)
   Funded Interest
   Term Loan             174.3      CRISIL D (Reaffirmed)
   Term Loan           1,624.1      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan             250        CRISIL D (Reaffirmed)

The rating also factors the weak financial risk profile of the
company marked by weak debt protection measures and the hhigh
degree of regulatory risk and cyclical nature of sugar industry.
However the company benefits from its completely integrated plant.

BSDL was incorporated in 2006. It has a sugar plant with cane
crushing capacity of 3500 tonnes per day and a bagasse-based 12-
megawatt cogeneration power plant in Hardoi (Uttar Pradesh). The
sugar mill and the power plant were commissioned in January 2009.
As a part of the integrated sugar unit, BSDL is setting up a 100-
kilolitre per day distillery and a blending unit. The company has
obtained licence from the Government of Uttar Pradesh for
manufacturing country liquor for government channels in the state.
Hence, BSDL is setting up a bottling unit with the distillery. In
2011-12 (refers to financial year, April 1 to March 31), the
company was acquired by the Sahara group.


BAYA WEAVER: CARE Assigns B+ Rating to INR120cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Baya
Weaver Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      120       CARE B+ Assigned

Rating Rationale
The rating assigned to the proposed bank facilities of Baya Weaver
Limited (BWL) is constrained by the initial stage of project
development with substantial execution risk, pending key approvals
and limited experience of the promoter group in the real estate
development. These rating constraints are, however, partially
offset by the strength derived from the experience of the
promoters in real estate consultancy, brokerage, valuation and
other related services, location advantage by being situated at a
prominent location in Noida and tie-ups with reputed agencies for
project execution.  Going forward, achieving envisaged sales along
with timely infusion of funds from sales and debt availment as
well as ability of the company to timely execute the project
within cost would be the key rating sensitivities.

BWL is a Delhi based real estate developer which is engaged in the
construction and development of a commercial project in Noida. BWL
is a part of BOP group [Better Option Propmart] which is in real
estate advisory through real estate consultancy, brokerage,
valuation etc. The group was established by Mr Amit Mavi and his
family members in 2007 through BOP Private Limited (BPL). The
group has entered in the real estate development business by
launching its first real estate project "Oh My God! (OMG)" under
BWL.

OMG project is at the initial stage of development. The total
project cost is INR1,017 crore with INR60 crore incurred as on
September 30, 2014. The project is expected to be completed by
FY18 (refers to the period April 1 to March 31).


BELL MATCH: CRISIL Rates INR60MM Loan at D; Suspension Revoked
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of The Bell Match Company (BMC), and has assigned its
'CRISIL D/CRISIL D' ratings to the facilities. CRISIL had, on July
26, 2014, suspended the rating as BMC had not provided necessary
information required to maintain a valid rating. BMC has now
shared the requisite information, enabling CRISIL to assign a
rating to the bank facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Packing Credit        60         CRISIL D (Assigned;
                                    Suspension Revoked)

   Term Loan             10         CRISIL D(Assigned;
                                    Suspension Revoked)

The ratings reflect instances of delay by BMC in servicing its
debt; the delays have been caused by the firm's weak liquidity,
driven by its large working capital requirements.

BMC has a below-average financial risk profile, marked by subdued
debt protection metrics. BMC, however, benefits from its
promoters' extensive experience and its established market
position in the niche segment of premium safety matches.

Established as a partnership firm in 1998, Sivakasi (Tamil Nadu)-
based BMC manufactures safety matches.

BMC reported a net profit of INR18.3 million on total sales of
INR222.4 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net profit of INR12.1 million on total sales
of INR186.9 million for 2012-13.


BHANSALI DIAMONDS: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.50 crore fund based facilities of Bhansali Diamonds.

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

The rating reaffirmation continues to factor in promoters'
experience and operating track record of over two decades in the
diamond trading business. The rating, however, continues to be
constrained by the exposure to intense competition from a large
number of organized as well as unorganised players and the
relatively small scale of operations. The rating also factors in
the exposure to foreign exchange risk due to un-hedged import
payables and less regulatory controls and risk of capital
withdrawal due to partnership nature of the firm.

Set up in 1992, Bhansali Diamonds is a partnership firm engaged in
trading of cut and polished diamonds. The firm procures rough
diamonds indigenously as well as from international markets i.e.
Africa, Belgium, Russia and Israel. It outsources the cutting and
polishing work to job workers based in Mumbai, Surat and
Bhavnagar. The major international markets for the firm are USA,
Hong Kong, UAE and Belgium, Thailand and Australia. Apart from
export of diamonds, the firm is also in the business of power
generation. In 2006, it installed a 1.25 MW windmill at Dhule,
Maharashtra. It supplies the generated electricity to MSEB under a
15 year power purchase agreement.

Recent results
As per its audited results for FY2014, Bhansali Diamonds reported
profit after tax (PAT) of INR1.27 crore on an operating income of
INR62.91 crore.


BHOLENATH RICE: CARE Assigns B+ Rating to INR5.93cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bholenath
Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.93       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Bholenath Rice Mills
(BRM) is constrained by the small scale of operations, weak
financial risk profile marked by low profitability along with weak
solvency position, working capital-intensive operations due to
seasonal availability of paddy. The rating is further constrained
by the fragmented nature of industry, high level of government
regulations, and constitution of the entity as a partnership firm
which limits its financial flexibility.

The rating, however, derives strength from the wide experience of
the partners in rice milling business and locational advantage
emanating from proximity to paddy growing area.

The ability of firm to increase its scale of operations along with
overall improvement in the financial risk profile is the key
rating sensitivity.


D. H. KHANDELWAL: CRISIL Reaffirms B+ Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of D. H. Khandelwal
Commercial Pvt Ltd continue to reflect DH Khandelwal's modest
scale of operations and average financial risk profile, marked by
average net worth and debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in the gold jewellery business.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     73.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               6.5      CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that DH Khandelwal will continue to benefit from
its promoter's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the the company
achieves significant revenue growth, while maintaining its
profitability and working capital cycle thus improving its
liquidity and financial profiles. Conversely, the outlook may be
revised to 'Negative' if capital structure and liquidity
deteriorate, most likely because of a large debt-funded capital
expenditure or in case of lower-than-expected sales and
profitability, leading to a weaker financial risk profile.

Update
DH Khandelwal's revenue declined marginally to INR379.4 million in
2013-14 (refers to financial year, April 1-March 31), primarily on
account of sluggish demand. This was accompanied by a 90 basis
point reduction in operating margin to 8.7 per cent in 2013-14.
This resulted in net cash accruals of the company declining to
INR5.4 million from INR8.1 million during the same period. The
revenue growth achieved by the company over the medium term while
maintaining its operating profitability remains a key rating
sensitivity factor as it could determine the financial and
liquidity profiles.

The company's operations continued to remain working capital
intensive on account of its large inventory holding. The company's
gross current assets (GCAs) remained large, albeit stable, at
about 320 days as on March 31, 2014 as it maintains an inventory
of more than 300 days. While the company follows a replenishment
model for inventory, CRISIL notes that the sizeable stock held by
the company exposes the profitability to sharp fluctuations in
international gold prices.

The promoters infused equity capital of INR38.9 million in the
company in 2013-14, which reduced reliance on external debt for
its working capital requirements by about INR26 million to INR146
million as on March 31, 2014. This is reflected in the improved
capital structure with total outside liabilities to tangible net
worth ratio (TOL/TMW) improving to 2.3 times as on March 31, 2014
from nearly 5 times a year ago. CRISIL expects that the company's
working capital intensity will continue to drive the reliance on
external funding, although sustained increase in accruals is
expected to minimize the dependence.

Incorporated in 2011, DH Khandelwal is a retailer of gold, silver,
and diamond jewellery in Nagpur. The company started operations in
April 2011 under the name, Khandelwal Jewellers. The showroom is
managed by the promoter, Mr. Rajesh Khandelwal, his father, Mr.
Dhanraj Khandelwal, and wife, Mrs. Radhika Khandelwal.

For 2013-14 (refers to financial year, April 1 to March 31), DH
Khandelwal reported a profit after tax (PAT) of INR2.1 million on
net sales of INR371.5 million against profit after tax (PAT) of
4.3 million on net sales of 385.1 million in 2012-13.


DHANLAXMI SOLVEX: ICRA Cuts Rating on INR156.52cr ST Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]D and
the short term rating from [ICRA]A4 to [ICRA]D on the INR315.00
crore bank limits of Dhanlaxmi Solvex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            5.34        Downgraded from [ICRA]B
                                     to [ICRA]D

   Unallocated Term      3.14        Downgraded from [ICRA]B
   Loans                             to [ICRA]D

   Long term Fund      150.00        Downgraded from [ICRA]B
   Based Limits                      to [ICRA]D

   Short term Non      156.52        Downgraded from [ICRA]A4
   Fund Based Limits                 to [ICRA]D

The ratings revision is on account of the delay in servicing of
debt obligations by the company owing to losses incurred in FY14
and FY15 on account of the large inventory losses leading to
considerable strain on the liquidity position of the company. Due
to stretched liquidity position there were delays in servicing of
term loan obligations besides which the LCs of the company
devolved which were debited to the fund based facilities leading
to overutilization of the same for extended periods of time. ICRA
expects the company's financial performance to continue to remain
weak in the near term. Besides, the ratings continue to be
constrained by the high business risks inherent in the edible oil
business including high fragmentation leading to thin
profitability, vulnerability of profitability to import pressure,
changes in the import duty differential between crude and refined
oil, volatility in global price movements of both oil and soymeal,
forex risks, and agro-climatic risks associated with the
availability of oilseeds. Nevertheless the ratings favourably
factor in the promoters' experience and fairly long track record
in the edible oil business; the established market position of the
company in the industry; the company's locational advantages being
situated in the soya belt of the country; favourable demand
prospects for edible oil and the moderately integrated operations
of the company.

Incorporated in January 2006, Dhanlaxmi Solvex Pvt. Ltd. (DSPL) is
promoted by the Manglani group. Mr Nandlal Manglani, the Chairman,
also started a brokerage firm dealing in soya oil and soya deoiled
cake by the name of Manglani & Sons in 1964.

DSPL procured its first plant which was a sick unit at Shajapur
(Madhya Pradesh) in 2006 and commenced commercial production from
this plant in 2007. Subsequently the promoters procured sick units
at Kareli (M.P.) in 2007 and at Dewas (M.P.) in 2008 and commenced
commercial production from these plants in 2007 and 2008
respectively. In 2009 the company set up a 100 TPD edible oil
refinery at its Shajapur plant, set up a green field solvent
extraction unit at Harda (M.P.) and procured a flour mill at
Ratlam (M.P.). The Harda unit of the company began commercial
production in 2010. The combined capacity of all the edible oil
units combined is 2800 TPD (solvent extraction) and 150 TPD
(refining capacity). Refining capacities are available only at
Shajapur and Kareli plants of 100 TPD and 50 TPD respectively. The
flour mill at Ratlam is now mostly used as a warehouse and is not
engaged in production.

Recent Results
In FY14, DSPL reported a net loss of INR125.94 crore on an
operating Income of INR1155.48 crore as against a net profit of
INR12.00 crore on an operating income of INR876.89 crore in FY13.


ENCORE THEME: CARE Rates INR10cr LT/ST Bank Facilities at 'B/A4'
----------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to the bank facilities of
Encore Theme Technologies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.66       CARE B Assigned

   Long-term/Short-term Bank
   Facilities                   10.00       CARE B/CARE A4
                                            Assigned

Rating Rationale
The ratings assigned to the bank facilities of Encore Theme
Technologies Private Limited (ETTPL) are constrained by its
short track record of operations and small-sized revenues, working
capital-intensive nature of business due to elongated collection
period and moderate capital structure and coverage indicators. The
ratings are further constrained by susceptibility of profitability
to forex fluctuation risk and ETTPL's presence in a highly
competitive industry.

The ratings, however, favourably factor in the long experience of
the promoter in providing IT solutions to Banking and Financial
Services (BFS) segment, reputed clientele acquired within short
span of time, growth in the income from operations during the
period FY11-FY14 (refers to the period April 1 to March 31),
improving PBIDLT margin and the favourable industry prospects.

Going forward, the ability of the company to expand the customer
base and improve collection period from the customers along with
efficient management of the working capital will be the key rating
sensitivities.

ETTPL was established in 2006 with the objective of providing
range of IT solutions to BFS segment. ETTPL's products focus on
retail banking and also provide solutions for non-banking
financial companies. ETTPL was originally established as Theme
Technologies Private Limited, 2006 by Mr Kanthimathinathan -- who
is the managing director and chief executive officer of ETTPL.
Encore Operating Partners -- Holding Co, a global technology
company acquired 51% equity in 2010 and renamed the company as
Encore Theme Technologies Private Limited. In 2006, ThemePro
solutions a conventional license plus implementation model in BFS
segment was launched. In 2007, the company become a premier select
partner for Misys Banking system. Misys is a global IT solutions
provider for BFS segment. Through this partnership,
ETTPL started implementing core banking solution and trade finance
software to BFS clients.

ETTPL's offering includes core banking/financial solution for co-
operative banks, NBFCs and niche tools for Tier 1 and Tier 2 banks
to meet the requirements of housing finance, trading finance,
micro finance and corporate lending automation. ETTPL has setup a
branch office in United Arab Emirates in May 2011 to support
business in Middle East and Africa. The employee profile of ETTPL
is made up 40% of bankers (with 25-30 years of experience in the
banks) and 60% being technically qualified IT professionals.


GENTLEMAN SUITINGS: CARE Reaffirms B+ Rating on INR10.58cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gentleman Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.58      CARE B+ Reaffirmed

Rating Rationale
The rating continues to remain constrained on account of the
relatively modest scale of operations of Gentleman Suitings
Private Limited (GSPL) in the highly competitive and fragmented
textile industry and its weak financial risk profile marked
by fluctuating profitability, moderately leveraged capital
structure and working capital intensive nature of operations. The
rating, further, remains constrained on account of the
susceptibility of the company's profitability to fluctuations in
theraw material prices.

The rating, however, continues to draw strength from the long
standing experience of GSPL's management along with its
established track record of operations of around two decades in
the textile industry and location advantage by way of
proximity to the raw material as well as customers due to its
presence in the textile cluster.

GSPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices and
efficient management of working capital is the key rating
sensitivities.

Bhilwara-based (Rajasthan) GSPL was initially incorporated as a
proprietorship concern in the name of M/s Gentleman Suitings in
1987 by its key promoter, Mr Dolat Mal Bharaktya. However in 1994,
the constitution was changed into private limited with MrsNirmala
Bharaktya, wife of the promoter joining the business. GSPL is
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing
work required for the manufacturing of finished fabrics on a job
work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics. The company caters to the domestic market and sells its
products through the network of its agents located all over India
under the brand name of "Gentleman Plus".

During FY14 (refers to the period April 1 to March 31), to improve
its operating efficiency, GSPL has replaced eight obsolete double
width sulzer looms with 10 second hand rapier at a total cost of
INR1.26 crore, financed through internal funds. Furthermore,
during FY15, GSPL took another replacement project and replaced 14
double width sulzer looms with four second hand single width
sulzer looms at a cost of INR0.12 crore financed internally. GSPL
completed the replacement project in August, 2014 bringing the
total no of sulzer/rapier looms to 48, having total installed
capacity of 30 Lakh Meters Per Annum (LMPA) as on January, 2015,
reduced from 48 Lakh Meters Per Annum (LMPA) in FY13.

During FY14, GSPL has reported a total operating income of
INR41.71 crore (FY13: INR39.07 crore), with a PAT of INR0.09
crore (FY13: INR0.07 crore).


HARMAN COTTEX: ICRA Reaffirms B+ Rating on INR14cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating on INR14.0 Crore fund
based bank facilities of Harman Cottex at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits           14.0        [ICRA]B+;(reaffirmed)

The rating continues to be constrained by the low value added
nature of the firm's operations, commoditized nature of the
product and the fragmented industry structure resulting in limited
pricing power and weak profitability levels. The profitability of
the firm remains vulnerable to any adverse movement in cotton lint
realizations coupled with inventory carrying risks as the domestic
cotton lint prices remain under pressure owing to the current
demand supply dynamics. Further, the rating also remains
constrained by the augmented working capital requirements during
the peak season which are largely funded by bank debt resulting in
weak interest coverage which continued to witness deterioration
during FY2014. However, the rating derives comfort from the steady
growth in firm's operating income from INR78.4 crore in FY2012 to
INR95.2 crore in FY2014 and the extensive experience of the
promoters in the cotton ginning and trading industry.

Going forward, ability of the entity to improve profitability of
its operations and prudently manage its working capital cycle
during the peak season to reduce dependence on debt funding, will
remain key rating sensitivities.

Established in the year 2007 as a proprietorship concern by Mr.
Rasdeep Singh Chawla, Harman Cottex is part of Puneet Group of
Khargone, which has over 25 years of experience in the Cotton
Trade. The firm is primarily engaged in cotton ginning at its
facility in Khargone, Madhya Pradesh. The facility is equipped
with 44 ginners which translates into processing capacity of 3.0
lac quintal seed cotton per annum. The firm also has automatic
bailing press and other ancillary machinery installed at its
facility.

Recent Results
In FY2014, Harman Cottex reported an Operating Income (OI) of
INR95.2 crore and a Profit Before Tax (PBT) of INR0.6 Crore
against an OI of INR88.9 Crore and a PBT of INR0.5 Crore reported
in FY2013.


HK COTTON: CARE Reaffirms B+ Rating on INR8.89cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
HK Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.89       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of HK Cotton Industries
(HCI) continues to remain constrained on account of its weak
financial risk profile marked by thin profit margins, leveraged
capital structure, weak debt coverage indicators, moderate
liquidity position along with its presence in highly competitive
and fragmented cotton-ginning business and partnership nature of
constitution. The rating also remained constrained on account of
the limited value addition, volatility associated with the raw
material prices, working capital intensive operations and
susceptibility to changes in the government policy for cotton. The
ratings factors in the increase in the total operating income and
deterioration in capital structure and debt coverage indicators
during FY14 (refers to the period April 1 to March 31). The
rating, however, continues to favourably take into account the
experience of the partners in the cotton ginning business and its
proximity to the cotton-producing region of Gujarat.

The ability of HCI to increase its scale of operations and
presence in the value chain, thereby improving its profitability
and capital structure along with managing its working capital
requirement efficiently remains the key rating sensitivity.

Chhindwara-based (Madhya Pradesh) HCI was formed in 2007 as a
partnership firm. HCI is into the business of cotton ginning &
pressing of cotton bales and cotton seeds. Currently, HCI is
managed by four partners with equal profit and loss sharing
agreement between them. The partners are also involved in the
trading and retailing of fertilizers, seeds and pesticides in the
name of a partnership firm 'Hemendra Kumar & Co'. HCI operates
from its sole manufacturing facility located in Chhindwara (Madhya
Pradesh) and has an installed capacity of 3,400 MTPA for cotton
bales and 6,400 MTPA for cotton seed as on March 31, 2014. HCI has
set up a new unit for cotton seed oil extraction in the FY 2013-14
and it became operational from December 2013. HCI markets its
products in the states of Madhya Pradesh, Punjab and Andhra
Pradesh.

As per the audited results for FY14, the company reported a total
operating income of INR40.16 crore (FY13: INR34.65 crore) and a
net profit of INR0.03 crore (FY13: INR0.23 crore).


IBC LTD: CRISIL Assigns B- Rating to INR185MM Mortgage Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of IBC Ltd (IBCL).

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Proposed Short Term         5      CRISIL A4 (Assigned)
   Bank Loan Facility

   Mortgage Loan Facility    185      CRISIL B-/Stable (Assigned)

   Export Packing Credit     210      CRISIL A4 (Assigned)

   Bank Guarantee             70      CRISIL A4 (Assigned)

   Cash Credit                20      CRISIL B-/Stable (Assigned)

The ratings reflect the company's below-average financial risk
profile, primarily marked by an average capital structure, subdued
debt protection metrics, and stretched liquidity due to highly
working-capital-intensive operations and large advances extended
to associates. The ratings also factor in IBCL's exposure to
supplier concentration risk in the revenue profile, and to risks
related to cyclicality in end-user industry. These rating
weaknesses are partially offset by the extensive experience of
IBCL's promoters in the barytes business, its proximity to a
quality barytes mining region, and its long-standing relationships
with customers.

Outlook: Stable

CRISIL believes that IBCL will benefit over the medium term from
its promoters' extensive experience in the barytes industry. The
outlook may be revised to 'Positive' in case of significant
improvement in cash accruals while efficiently managing the
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if there is further pressure on IBCL's
financial risk profile, particularly liquidity, on account of
lower cash accruals, higher-than-expected working capital
requirements, or additional support to associates.

Incorporated as a partnership firm Indian Barytes and Chemicals in
1972, the firm was converted into a public limited company, IBCL,
in 1985. The company is engaged in the business of mining and
processing barytes. It largely sells barytes to oil-well-drilling
companies; IBCL derives majority of its revenue from export. The
day-to-day operations of the company are managed by Mr. Rajamohan
Reddy, the managing director and chief executive officer.

For 2013-14, IBCL reported, a profit after tax (PAT) INR34 million
on an operating income of INR718 million, against a profit after
tax of INR26 million on an operating income of INR627 million for
2012-13.


INDIA FILES: CARE Reaffirms B Rating on INR9.9cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
India Files Manufacturing Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.90       CARE B Reaffirmed
   Short-Term Bank Facilities    3.25       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of India Files
Manufacturing Company (IFMC) continue to be constrained by its
limited track record of operations coupled with highly leveraged
capital structure and susceptibility of margins to volatility in
the prices of raw material. The ratings are further constrained by
the foreign exchange fluctuation risk, highly competitive and
fragmented nature of the hand tools industry and constitution of
the entity as a partnership firm. These rating constraints are
partially offset by the experienced promoters and established
group presence in the hand tools and striking tools industry.

Going forward, the ability of IFMC to achieve the envisaged
revenue and profitability margins and register improvement
in capital structure along with continued support from the
promoter group remain the key rating sensitivities.

IFMC is a partnership firm established in 2011 by Mr Gautam Kapoor
and his relatives, Mr Sarat Chopra and Mr Mukul Dutt having a
profit-loss sharing ratio of 45%, 45% and 10% respectively. The
firm is engaged in the business of manufacturing and exporting of
hand tools, primarily steel files used for cutting and shaping
metal, wood or plastic. The firm sells its products under its
registered brand name 'Filex' majorly to dealers located in
countries like the United States and Canada.

The firm has its manufacturing facility located in Una, Himachal
Pradesh with an installed capacity of manufacturing 84 lakh pieces
of steel files per annum.

For FY14 (Audited; refers to the period April 1 to March 31) IFMC
reported net loss of INR5.8 crore on a total operating income of
INR11.2 crore as against net loss of INR0.6 crore on a total
operating income of INR0.8 crore in FY13.


K. K. CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR26.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of K. K. Construction
Company (KKCC) continue to reflect KKCC's modest scale of
operations in the highly competitive electrical contractor
industry, with geographical concentration in its revenue, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of KKCC's
promoters and their funding to the firm.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        27         CRISIL A4 (Reaffirmed)
   Cash Credit           26.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    18.6       CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KKCC will continue to benefit over the medium
term from its promoters' extensive experience in executing turnkey
projects involving erection of sub-stations and electrification.
The outlook may be revised to 'Positive' if the firm scales up its
operations significantly and improves its working capital
management, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
delays in project execution leading to a stretch in the firm's
working capital cycle, resulting in weakening of its financial
risk profile, particularly liquidity.

Update
KKCC's operating income increased significantly to INR150.7
million for 2013-14 (refers to financial year, April 1 to March
31) from INR31.1 million during 2012-13 because of execution of a
few large orders during the previous year. In 2014-15, the revenue
is expected to be range bound between INR120 million to INR150
million, backed by current order book. KKCC's operating
profitability remained at 8.1 per cent in 2013-14, in line with
the industry trend, and is expected in the range of 8 to 9 per
cent over the medium term. The firm's business is working capital
intensive, as reflected in its gross current assets (GCAs) of 160
days as on March 31, 2014, as against 732 days a year earlier.
Though the GCAs have improved, they are expected to remain high
because of the firm's inherently working-capital- intensive
operations on account of large security deposit, earnest money
deposit, and performance guarantee requirements and substantial
inventory. The GCAs are expected at around 200 days over the
medium term.

KKCC has a moderate financial risk profile, marked by moderate
gearing and healthy debt protection metrics, albeit constrained by
a modest net worth. The net worth was at INR35.8 million and
gearing was at 0.82 times as on March 31, 2014. The firm's
interest coverage ratio was 2.39 times and net cash accruals to
total debt ratio was 0.21 times in 2013-14.

The firm generated net cash accruals of INR6.1 million in 2013-14
as against INR2.3 million in 2012-13. Though the cash accruals
from operations are low, KKCC's liquidity remains sufficient in
the absence of any major term debt and debt-funded capital
expenditure plan. The liquidity is also supported by the firm's
moderate bank limit utilisation and comfortable current ratio.

KKCC, a partnership firm, was formed by the Khoobchandani and
Daryani families in 2002. The firm is engaged in the electrical
contractor business, primarily for the Chhattisgarh State
Electricity Board (CSEB). KKCC has two factories, in Mova and
Nainpur (both in Chhattisgarh), for manufacturing plain cement-
concrete (PCC) poles. Its day-to-day operations are managed by Mr.
Ashok Khoobchandani.


KAYNES HOTELS: ICRA Withdraws C+ Rating on INR31cr Bank Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]C+ rating assigned to the INR31.00
crore bank facilities of Kaynes Hotels Private Limited.  The
ratings have been withdrawn at the request of the company as the
loan has been repaid in full. There is no amount outstanding
against the rated instrument.


KIRLOSKAR ELECTRIC: CARE Assigns C(FD) Rating to INR56cr LT Loan
----------------------------------------------------------------
CARE assigns CARE C (FD) ratings to the fixed deposit programnme
of Kirloskar Electric Company Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-
   Fundbased                       56       CARE C (FD) Assigned


Rating Rationale
The ratings assigned to the Fixed Deposit Programme of Kirloskar
Electric Company Limited (KECL) factors in the stretched liquidity
position of the company as evidenced in the instances of
devolvement of Letter of Credit (LC) commitments and overdrawals
in cash credit account since September 2014 notwithstanding the
company meeting its fixed deposit (FD) obligations in a timely
manner.

Kirloskar Electric Company Limited (KECL) headquartered in
Bangalore was incorporated in 1946 and is one of the leading
players in the domestic electric equipment industry. The company's
product lines is spread across various segments of the industry
namely rotating machines, static equipment, switchgears,
transformers and transmission lines which find application in wide
range of industries such as power generation, steel, cement,
sugar, textile, mining, paper, petrochemical plants, and public
services such as railways and defense.

KECL is engaged in the manufacturing of AC Motors, DC Motors,
Transformers, Switchgear and Electronics through its manufacturing
units located at Govenahalli (Karnataka), Hubli (Karnataka),
Mysore (Karnataka), Tumkur (Karnataka), Pune (Maharashtra),
Gurgaon (Haryana) and Jaladulagarh (Kolkata). The day to day
operations of the company are looked after by Mr Vijay Kirloskar
(Chairman), who is adequately supported by a group of
professionals having rich business experience.

KECL registered a net loss of INR41 crore (FY13 [refers to the
period April 1 to March 31]: PAT of INR4.2 crore) on total
income of INR679.8 crore (FY13: INR801.9 crore). During H1FY15
KECL made a net loss of INR49.9 crore on a total income of
INR251.3 crore.


M. A. AMEER: CRISIL Assigns B Rating to INR35MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of M. A. Ameer (AMA).

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

The ratings reflect AMA's modest scale of operations in the
fragmented civil construction segment and its large working
capital requirements. These rating weaknesses are partially offset
by the promoters' extensive experience in the civil construction
segment.

Outlook: Stable

CRISIL believes that AMA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly while improving its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AMA reports low revenue or profitability, or if its working
capital management deteriorates resulting in weak liquidity, or if
it undertakes a large debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.

Set up as a proprietorship firm and based in Kasargod (Kerala),
AMA undertakes civil contracts - primarily road construction
projects - for various government entities in Kerala. The firm was
founded and is managed by Mr. M A Ameer.

AMA reported a profit after tax (PAT) of INR3.5 million on revenue
of INR62.8 million for 2013-14 (refers to financial year, April 1
to March 31), as compared to a PAT of INR3.1 million on revenue of
INR58.1 million for 2012-13.


MAK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR12.5cr LT Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR12.50
crore fund based facilities of MAK Constructions.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based facilities      12.50        [ICRA]B+ assigned

The assigned rating takes into account the long standing
experience of the promoters and established track record of the
firm in the construction of roads and bridges for various
government agencies.

The ratings are further supported by the healthy order book
position of the firm, providing revenue visibility. ICRA also
notes that while orders from government sector/government-funded
projects ensure low counter party risk, it also exposes the firm
to potential delays in receivables. The ratings are constrained by
the small scale of the firm's operations, which limits its ability
to participate in large-sized orders; as well as the high working
capital intensity of its operations, in line with industry trends.
The ratings also take note of the risks associated with being a
partnership firm.

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and
Mrs. R. Mekhala as partners. This firm undertakes small scale
infrastructure projects and is primarily focused on the laying and
maintenance of roads (national highways, state highways and
private roads) and bridges. MAK undertakes projects within a 100
km radius of Madurai, Tamil Nadu, and is currently involved in
road projects.

The managing partner, Mr. S.R. Chandra Mohan, has been involved in
the construction segment as a proprietor since 1989; while his
partner, Mr. R.T. Venkatesh Kumar, began his stint as a
construction contractor in 1995.


MARKETING TIMES: CRISIL Cuts Rating on INR230MM Cash Credit to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Marketing Times Automobiles Pvt Ltd (MTAL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          230        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Overdraft Facility    70        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by MTAL in
servicing its debt; the delays have been caused by significant
deterioration in MTAL's liquidity, mainly on account of bad debts.

The rating downgrade also reflects its average financial risk
profile and susceptibility to intense competition in the
automotive dealership market. However, these rating weaknesses are
partially offset by established presence in the automotive
dealership industry and promoters' extensive industry experience.

MTAL was set up in 2003 by Mr Deepak Kapoor and his family
members. The company was appointed as a dealer for Maruti Suzuki
India Ltd (MSIL; CRISIL AAA/Stable/CRISIL A1+) and commenced
operations in 2004. Currently, MTAL has one showroom and two
workshops in New Delhi. The company also sells used vehicles
through a true-value showroom in New Delhi, and trades in spare
parts for MSIL vehicles.


MEENAR INDUSTRIES: ICRA Assigns B Rating to INR22.25cr Term Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR29.751
crore fund-based bank facilities of Meenar Industries Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.50        [ICRA]B; assigned
   Term Loans            22.25        [ICRA]B; assigned

ICRA's rating factors in the risks associated with project
stabilization of MIL's man-made yarn manufacturing facility, which
is scheduled to commence commercial operations from January 2015.
As the term loan repayments commence from February 2015, this
leaves little room for missteps in capacity stabilization and
production ramp up, and the company's ability to generate
satisfactory production levels and profitability would be critical
to generate adequate accruals for debt servicing. The rating is
also constrained by the commoditized nature of the product and
intense competition in a fragmented industry which limits the
company's pricing power.

The rating, however, derives comfort from the extensive track
record of the promoters in yarn trading, which has helped them
establish their marketing channels, and assured off-take, albeit
of a small fraction of the capacity being installed in MIL, by a
group entity, Meenar Polydyed Yarns Limited (rated [ICRA]BB-
(Stable)), which is engaged in yarn processing.

Going forward, MIL's ability to ramp up its operations, while
maintaining adequate profitability and liquidity, will be the key
rating sensitivities.

Incorporated in 2007, MIL is setting up a green-field polyester
yarn manufacturing facility at Varanasi, Uttar Pradesh with a
total capacity of 15,000 metric tonnes per annum (MTPA). The
project is being executed in two phases, with commissioning of
phase I, with a capacity of 7500 MTPA, scheduled for January 2015
and phase II with an equal capacity, scheduled to be commissioned
by the first quarter of 2015-16. The promoter family has
experience of over three decades in trading of yarns and also
operates a yarn processing house.


MVR GAS: ICRA Assigns B+ Rating to INR7.00cr LT Fund Based Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR7.00
crore fund based facilities of MVR Gas and the short-term rating
of [ICRA]A4 to the INR1.50 crore non-fund based bank limits of MVR
Gas. ICRA has also assigned the long-term rating of [ICRA]B+ and
short-term rating of [ICRA]A4 to the INR3.50 crore proposed bank
facilities.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based facilities      7.00         [ICRA]B+ assigned

   Short-term, non-
   fund based limits     1.50         [ICRA]A4 assigned

   Proposed limits       3.50         [ICRA]B+/A4 assigned

The assigned rating takes into account the long standing
experience of the promoter in this industry and the established
track record of the company. The ratings are further supported by
the low working capital intensity and the favorable demand for the
cylinders. The ratings, are however, constrained by the firm's
small scale of operations, highly geared capital structure and
stressed cash flows. The ratings also take note of the regulatory
risks and the risk of capital continuity associated with a
partnership firm.

M/s.MVR Gas is a proprietorship concern, established in the year
1999 by Mr. B.V.Sadanand. The proprietor has an experience of 28
yrs in the oil and gas industry and is looking after the entire
operations. The concern is engaged in the business of bottling and
marketing of LPG for domestic use as well for use in commercial
establishments such as hotels, restaurants and industries. The
concern purchases LPG from domestic suppliers, does bottling in
its own centre near Bangalore and supplies them to end users
through distributors.

Mr. B.V.Sadanand, a Commerce graduate, is the proprietor of the
firm, has an experience of about 30 years in the oil and gas
industry and looks after the overall administration and fund
management functions. He also runs one more proprietorship concern
by name M/s.MVR Chemicals and Oils, which is engaged in
distillation of solvents and oils.


NADHI BIO: CRISIL Reaffirms 'D' Rating on INR400MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nadhi Bio
Products Pvt Ltd (Nadhi) continues to reflect stretched liquidity
on account of delay in commencement of operations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             400        CRISIL D (Reaffirmed)

Nadhi is also exposed to risks related to the start-up nature of
its operations. Moreover, its operating margin is vulnerable to
the volatility in input prices and to unfavorable government
regulations. However, Nadhi benefits from the favorable demand
situation for extra neutral alcohol (ENA).

Update
Nadhi has completed the capex, and commenced the production from
October 2013 (against expectation of April 2013). For 2013-14
(refers to financial Nadhi has reported a sales of Rs 92 million
against a expectation of INR700 Million on account of delay of
approval from authorities (Pollution control Board and Ministry of
Environment and Forests), which resulted in delayed commencement
of operations.

While operating profitability was higher than CRISIL's expectation
at around 23.5 per cent for 2013-14, its financial risk profile is
constrained by the sizeable working capital requirements. Nadhi
has a weak financial risk profile, marked by low net worth and
weak debt protection metrics in 2013-14. The company's interest
coverage and net cash accruals to total debt (NCATD) were low at
1.36 times and 1 per cent respectively for 2013-14.

The company's liquidity is constrained by its modest cash
accruals, which are expected to be lower than the sizeable
repayment obligations. Nadhi is expected to generate net cash
accrual of around 20 to 25 million against debt repayment
obligation of Rs 60.0 million in the near-term. While the
promoters have infused equity in 2013-14, to support liquidity,
CRISIL expects that timely repayment of debt obligations will
remain vulnerable to the availability of continuous finding
support.

Nadhi was set up in September 2009 by Mr. B Krishna Kanth, Mr.
Ajay Pinapati, Mr. D Srinivasulu, Mr. B Murali Krishna Murthy, and
Mr. Suresh Pinapati. It manufactures grain-based ENA. The
company's manufacturing facility is in Mahboobnagar (Andhra
Pradesh).


NANZ MED: ICRA Revises Rating on INR9cr Cash Credit to 'B+'
-----------------------------------------------------------
ICRA has upgraded its long term rating on the INR11.90 crore bank
facilities of Nanz Med Science Pharma Private Limited to [ICRA]B+
from [ICRA]B. ICRA has reaffirmed its short term rating on the
INR6.10 crore of bank facilities of NMSP at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            2.63        Revised to [ICRA]B+
                                     from [ICRA]B

   Cash Credit           9.00        Revised to [ICRA]B+
                                     from [ICRA]B

   Non Fund Based        6.10        [ICRA]A4; Reaffirmed
   Limits

   Unallocated           0.27        Revised to [ICRA]B+
                                     from [ICRA]B

The rating revision is primarily driven by an improvement in the
company's operating margins to 8.1% in 2013-14, from 4.3% for the
previous year, primarily on account of higher realization from its
products compared to previous year. The improved profitability has
translated into improved coverage ratios for the company, with the
interest coverage registering an improvement to 2.8x in 2013-14
from 1.7x, for the year ago period, and NCA*/Debt improving to
10.2% from 5.6%. The rating action also takes note of the
increased diversity in the company's client base with the addition
of Cipla and Piramal Labs to the company's clientele. ICRA
continues to factor in the extensive experience of the promoters
in the field leading to continued revenue growth for NMSP.

The rating is, however, constrained by the company's moderate
scale of operations, despite the healthy growth registered over
the last few years. Further, the company's high dependence on
Povidone-iodine and products based on Povidone-iodine leads to
revenue concentration risk, with these contributing to more than
60% of the total sales. Further, the company's profitability
remains vulnerable to iodine prices, and also to foreign exchange
fluctuations on account of dependence on imports for raw
materials, while the ability to pass on the adverse foreign
exchange movement remains limited. NMSP's ability to increase its
scale of operations, attain a sustained improvement in its
profitability and liquidity will continue to be the key rating
sensitivities.

NMSP, a subsidiary of Medscience Canada Inc, was founded by Mr.
L.P. Singh and manufactures pharmaceutical bulk drugs,
formulations, diagnostics kits, creams and specialty chemicals.
The major product produced by the company is Povidone-iodine, a
raw material for antiseptics and ointments. The company's
manufacturing plant (which is approved by the World Health
Organisation) is located in a tax free zone in Himachal Pradesh
and has production capacities for manufacturing ointments and
liquids along with Povidone-iodine and products based on Povidone-
iodine. The company also trades in diagnostic kits for various
medical issues such as pregnancy and HIV tests; these kits are
imported from Ind Diagnostics Inc, Canada.

Recent Results
In 2013-14, NMSP reported an Operating Income (OI) of INR44.6
crore, Profit before Depreciation, Interest and Tax (PBDIT) of
INR3.6 crore and a net profit of INR0.5 crore, as compared to an
OI of INR42.9 crore, PBDIT of INR1.9 crore and a net loss of
INR0.1 crore in the previous year.


NORTH-COTT GINNING: ICRA Assigns B Rating to INR7.50cr LT Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR7.5
crore cash credit facility of North-Cott Ginning and Trading Co
Private Limited. ICRA has also assigned its short term rating of
[ICRA]A4 to the INR7.5 crore bill discounting facility of NCGT.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Facilities       7.50        [ICRA]B; Assigned

   Short-term Fund
   Based Facilities       7.50        [ICRA]A4; Assigned

ICRA's ratings take into account the company's moderate scale of
operations in an intensively competitive and fragmented industry,
which has resulted in thin and volatile operating profit margins.
The thin margins, coupled with the company's leveraged capital
structure due to high working capital borrowings, has resulted in
weak coverage metrics with the interest coverage for 2013-14 at
1.31 times and net cash accruals/debt at 1%. ICRA's ratings also
take into account the dynamic regulatory environment that the
company operates in and its susceptibility to agro-climatic risks,
the impact of which was visible in the steep year-on-year decline
in the company's operating income in 2013-14.

The ratings, however, favourably factor in the long track record
of the promoters in the cotton trading business and the order
backed procurement of raw materials which reduces the inventory
risk for the company.

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

Incorporated in 1992, NCGT is promoted by the Tayal family and is
engaged in the trading of cotton bales in the domestic market, to
yarn manufactures and cotton exporters. The company procures
cotton bales from local ginners in Haryana and nearby regions and
sell those across India through its distributor network to reputed
clients like the Nahar Group, Sportking Industries Ltd, Vardhman
Group, Aarvee Denims and Exports Ltd, Raymond etc. The company is
a part of the Tayal group, which has also promoted another
company-Tayal Sons Limited, which is in the same line of business
and has a larger scale of operations.


OASIS COMMERCIAL: CARE Assigns B+ Rating to INR109.47cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Oasis Commercial Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     109.47     CARE B+ Assigned
   Short-term Bank Facilities      3.00     CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Oasis Commercial
Private Limited are constrained by the limited track record
of operations, weak financial risk profile, working capital
intensive operations and highly regulated ENA industry with high
competition. The ratings however, derive strength from the strong
promoter group with experience in a similar line of business,
group synergy in selling & distribution and strategic location of
the unit.

Going forward, the ability of the company to achieve growth in the
scale of operations and improve profitability margins while
effectively managing working capital requirements would be the key
rating sensitivities.

Oasis Commercial Private Limited (OCPL) is part of the Malhotra
Group, founded by Mr Omprakash Malhotra has its presence in
distillery/ liquor business and Hotels. Currently, Mr Deep
Malhotra, son of Mr Omprakash Malhotra, looks after the overall
operations of the group and is actively involved in the day to day
operations of OCPL. The company is engaged in the production and
marketing of liquor and has its distillation unit in Ambala,
Haryana producing Extra Neutral Alcohol (ENA) of 120 Kilo Liter
per day, part of which is used to manufacture in-house brands
(20%) and the remaining is sold to other liquor companies (80%).
OCPL has undertaken another project for installation of dryer and
grain storage silo at a total cost of INR16 crore to be completed
by June 2015.

In FY14 (refers to the period April 1 to March 31), OCPL reported
a total income of INR36.10 crore and a loss of INR5.66 crore.
Furthermore, during 9MFY15 (provisional, refers to the period
April 1 to December 31), the company reported a total income of
INR112 crore and a PAT of INR11 crore.


P N PAPER: CRISIL Cuts Rating on INR86MM Cash Credit to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of P N Paper Mills Pvt Ltd (PNPM; part of the PN group) to 'CRISIL
D' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           86         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan             70.9       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by the PN group
in servicing its term debt; the delays are on account of the
group's weak liquidity driven by a stretch in its debtors. The
group's debtors were at 166 days as on March 31, 2014, and
stretched to 177 days as on November 30, 2014. The group's weak
liquidity is also reflected in its almost full bank limit
utilisation.

The PN group has small scale of operations and below-average
financial risk profile, marked by average net worth, high gearing,
and weak debt protection metrics. Also, the group has large
working capital requirements. The group, however, benefits from
its promoters' extensive industry experience.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PNPM and P.N. Pulp and Paper Industries
(PNPPI). This is because both the entities, together referred to
as the PN group, are in the same line of business, are managed by
the same promoters, and have inter-company stake holdings.

PNPM, incorporated in 2004 by Mr. Ajay Aggarwal, manufactures
duplex card boards. PNPPI, established in 2008, manufactures
writing and printing paper. The group's plants are in Uttarakhand.

PNPM reported a profit after tax (PAT) of INR8.3 million on net
sales of INR336 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR202 million in 2012-13.


R.B. RICE: ICRA Assigns B Rating to INR13.50cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to INR13.50 crore
(enhanced from INR12.50 crore) fund based facilities of R.B. Rice
Industries.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based facilities      13.50      [ICRA]B (Assigned)

The rating action factors in weak financial profile and stretched
liquidity position of the firm as reflected by low profitability,
high working capital limits utilization and high gearing level.
The rating continues to be constrained by high intensity of
competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
ICRA has also taken note of the risks inherent in a partnership
firm like limited ability to raise equity capital, risk of
dissolution due to death/retirement/insolvency of partners etc.
The rating, however favorably takes into account long standing
experience of promoters in rice industry and the proximity of the
mill to major rice growing area which results in easy availability
of paddy.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based out of Fazilka, Punjab with an
installed capacity of 4 tons/hr. The firm purchases paddy from the
local markets in and around Jalalabad. The firm is also involved
in export of rice to countries like Iran, UAE and Iraq.

Recent Results
The firm reported a PAT of INR0.19 crore on an operating income of
INR53.22 crore in FY2014 against PAT of INR0.15 crore on an
operating income of INR29.92 crore in FY2013.


RAJIB CASHEW: CARE Assigns B+ Rating to INR6.5cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Rajib Cashew
Processing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.5       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Rajib Cashew
Processing Private Ltd (RCPL) is constrained by its short track
record with small scale of operations and low profit margins,
exposure to volatility in cashew nut prices, presence in a
competitive and fragmented industry and its working capital-
intensive nature of operations leading to moderate capital
structure with moderate debt coverage indicators. The rating
constraints are partially offset by the satisfactory experience of
the promoters and their established relations with its customers.

The ability to increase its scale of operations with an
improvement in profit margins and effective management of the
working capital would be the key rating sensitivities.

RCPL was incorporated on April 18, 2012, by Mr S K Nuruddin, Ms
Anar Bibi and Mr S K Rajib Uddin of Purba Medinipur, West Bengal.
After remaining dormant for about a year, the company has
commenced operations since April 2013. The company has been
engaged in processing of cashew-nut at its plant located at Purba
Medinipur, West Bengal with aggregate installed capacity of 6,480
metric ton per annum. RCPL sells its products in domestic market
only in the states like West Bengal, Rajasthan, Delhi, Uttar
Pradesh, etc.

During FY14 (refers to the period April 1 to March 31), RCPL
reported a PBILDT and a PAT of INR0.76 crore and INR0.13 crore,
respectively, on a total income of INR22.19 crore. Furthermore,
the company has achieved a total operating income of INR33 crore
during 9MFY15.


RAMA HANDICRAFTS: CARE Reaffirms D Rating on INR8.50cr ST Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Rama
Handicrafts.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.03       CARE D Reaffirmed
   Short-term Bank Facilities    8.50       CARE D Reaffirmed

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

Rating Rationale
The ratings assigned to the bank facilities of Rama Handicrafts
(RHC) continue to remain constrained on account of ongoing delays
in servicing of interest of its term loan owing to weak liquidity
position.

Jaipur-based (Rajasthan) RHC was formed in 1978 as a partnership
concern by the members of the Chippa family. RHC is primarily
engaged in the business of manufacturing and export of garments,
made ups and home furnishing items to Japan. It has its plant
located at Jaipur and has an installed capacity of manufacturing
21 lakh pieces per annum of garments as on March 31, 2014, from
around 500 sewing machines. It has utilised around 91% of its
capacity in FY14 (refers to the period April 1 to March 31).
Furthermore, RHC is also engaged in the electricity generation
through its three owned wind mills situated in Maharashtra and
supplies electricity to Maharashtra Electricity Board. It has
operation and maintenance agreement with Suzlon Energy Limited.

The group concern of RHC includes Radhey Rama Landfarms Developers
Private Limited (incorporated in 2007) engaged in the
manufacturing and export of garments, Gajanan Towers Private
Limited (incorporated in 2002) engaged in real estate business and
Vanke Bihari Construction Private Limited (incorporated in 1987)
engaged in the real estate business.

During FY14, RHC has reported a total operating income of INR19.28
crore (FY13: INR14.93 crore) with a PAT of INR1.62 crore (FY13:
INR1.34 crore).


RANI CONSTRUCTIONS: CRISIL Reaffirms D Rating on INR700MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Rani Constructions
Private Limited (RCPL; formerly known as Rani Infrastructure
Development Limited), continues to reflect deterioration in RCPL's
liquidity resulting in regular instances of over-utilisation of
cash credit limit for more than 30 days; due to weak liquidity of
the company. Liquidity continuous to remain stretched marked by
fully utilised bank limits on account of stretched receivables
against low cash accruals that are inadequate to meet the
company's working capital requirements and debt obligations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          700        CRISIL D (Reaffirmed)
   Cash Credit             140        CRISIL D (Reaffirmed)

Also, RCPL has a below average financial risk profile marked by
low networth, high gearing and weak debt-protection metrics. The
rating also remained constrained due to working-capital-intensive
operations of the company. These weaknesses are partially offset
by RCPL's healthy order book and successful track record in the
irrigation and road construction space.

Update
RCPL continues to overutilise its working capital limits owing to
further deterioration in its stretched liquidity. Liquidity
continuous to remain stretched marked by fully utilised bank
limits and low cash accruals that are inadequate to meet the
company's working capital requirements and debt obligations. Low
cash accruals from operations against working capital intensive
operations, results in higher reliance on working capital limits
to fund its incremental working capital requirements, further
resulting in to high bank limit utilisation levels with instances
of overdrawals in the account over the past 12 months.  The
liquidity is expected to remain weak over the medium term with
expected low cash accruals and high utilisation of bank limits
against inherently working capital intensive operation of the
company.

RCPL, promoted in 1983 by Mr. G Gundiah, undertakes infrastructure
projects, primarily roads and irrigation works. The company's
clients include various state and central government bodies.


SAISUDHIR ENERGY: CARE Assigns B+ Rating to INR175cr LT Loan
------------------------------------------------------------
CARE assigns rating of 'CARE B+' to the bank facilities of
Saisudhir Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    175.00      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Saisudhir Energy
Limited (SEL) is constrained by the strained liquidity position
in the past owing to delayed commissioning of 20 MW power plant
coupled with low generation in the initial months of operations
and interest rate risk. The rating is, however, underpinned by the
experienced promoter group, satisfactory operational performance
upon stabilisation and presence of long-term power purchase
agreement with NTPC Vidyut Vyapar Nigam Limited (NVVNL).

The ability of the company to improve its operational performance
further and overall effective cash flow management are the key
rating sensitivities.

SEL was incorporated in 2010 by Mr Sreedhar Reddy to set up solar
power plants in the Anathpur District in the state of Andhra
Pradesh. SEL has successfully commissioned two solar photovoltaic
power plants of 5 MW and 20 MW, respectively, in Anathapur
district of Andhra Pradesh. The 5-MW project was commissioned on
January 5, 2012, within stipulated timelines. The 20-MW plant was
started in April 2013 vis-a-vis the scheduled date of
February 23, 2013.

For FY14 (refers to the period April 1 to March 31), SEL
registered total income of INR33.50 crore with net loss of INR3.74
crore. Furthermore, for H1FY15 (refers to the period April 1 to
September 30), SEL registered income of INR19.78 crore.


SARAVANA GLOBAL: ICRA Reaffirms C- Rating on INR28.7cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]C- rating to the INR57.5 crore term
loans and fund based long term facilities of Saravana Global
Energy Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR22.5 crore fund based and non-fund based limits
of the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, term loans      28.7       [ICRA]C- reaffirmed

   Long-term, cash credit     25.0       [ICRA]C- reaffirmed
   facilities
   Long-term, proposed         3.8       [ICRA]C- reaffirmed
   Facilities
   Short-term, bills          10.0       [ICRA]A4 reaffirmed
   discounting facilities
   Short-term, letters of     12.5       [ICRA]A4 reaffirmed
   credit/bank guarantees

The rating reaffirmation considers the weak financial profile of
the company with poor cash flows and the continued default in the
repayment of loans (that remain unrated) owing to the delay in
raising funds through the sale of assets/divestment of stake which
was proposed to be applied towards the One Time Settlement of
foreign currency borrowings. The ratings are also constrained by
the insulator industry remaining vulnerable to cyclicality in the
end-user industry and the weak credit profile of SEBs who remain
the principal buyers; and, the intense competition in the
insulator industry from domestic organized players with threat
from Chinese imports expected to recede only gradually.

The ratings, nevertheless, factor in the organized and well
established presence of the company in the domestic insulator
manufacturing business; reputed clientele and supplies to major
power transmission companies including SEBs; favorable long term
opportunities for the insulator industry despite slowdown in the
recent past on account of market disruptive imports from China;
and, the current duty protection to the domestic industry in the
form of imposition of safeguard duty.

The company reported an operating income of INR46.3 crore,
operating profit of INR2.8 crore and net loss of INR33.1 crore in
FY 2014 (October 2012- March 2014; 18 months) as against an
operating income of INR48.3 crore, operating loss of INR14 crore
and net loss of INR38.5 crore in FY 2012 (September-ended).

Saravana Global Energy Limited (SGEL, formerly known as Saravana
Insulators Limited) was incorporated in 2003 by acquiring the
assets of Seshasayee Industries Limited, a sick unit. SGEL
manufactures alumina porcelain insulators in Unit I located at
Cuddalore, Tamil Nadu, with capacity of 15,000 tons per annum
(mtpa) and, polymer insulators in Unit II located in
Madhurandhakam, Tamil Nadu, with capacity of ~27,000 pieces per
annum for application in transmission lines, power equipment
manufactures, and railway electrification projects. The company
also has a separate division, Global Power Research Institute, a
National Accreditation Bureau of Laboratories (NABL) recognized
extra high voltage (EHV) testing lab in Cuddalore. The promoters
hold ~80% of the stake in the company in their personal capacity
while the remaining is held by a private equity investor.


SATYAM KRISHNA: ICRA Assigns D Rating to INR6.50cr Term Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR6.50 crore term loan
of Satyam Krishna Infraproject Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-     6.50         [ICRA]D assigned
   Term Loan

The assigned rating primarily takes into account SKIPL's
unsatisfactory track record in timely servicing of debt
obligations, leading to overdue interest and principal on the term
loan. The rating is also impacted by significant delay witnessed
in commissioning of its project in the absence of requisite
statutory approvals, and any further delay in the commissioning
might lead to an increase the overall project costs and also
impact the cash flows negatively.

The rating also considered SKIPL's exposure to project related
risks, including risks associated with the stabilization of the
shopping mall cum multiplex as per expected operating parameters,
post-commencement of operations. ICRA also take note of lack of
experience of the promoters in real estate business and
susceptibility of real estate sector to economic cycles. The
rating, however, derives comfort from the favourable location of
the shopping mall cum multiplex in Tezpur, Assam.

SKIPL was incorporated in August 2008 with an object to set-up a
shopping mall cum multiplex at Mission Chariali in the district of
Tezpur, Assam. The shopping mall would be constructed on a land
admeasuring 17,800 Sq ft. The proposed shopping mall would host a
multiplex, restaurants, food court, shops, offices, etc.


SECURE PRINT: CRISIL Reaffirms B- Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Secure Print Solutions
Private Limited (SPSPL) continue to reflect its working capital
intensive operations, exposure to intense competition in the
variable data printing segment, and low bargaining power with its
customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Bill Discounting       10        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience and
its established track record in the data printing industry and
average financial risk profile marked by moderate capital
structure and adequate debt protection metrics.

For arriving at the ratings, CRISIL has discontinued combining the
financial and business risk profiles of SPSPL with its wholly
owned subsidiary, Secure Offset Pvt Ltd (SOPL). This is on the
back of stated posture by management that no further support will
be extended to SOPL from SPSPL.

Outlook: Stable

CRISIL believes that the SPSPL's liquidity profile will remain
constrained by working capital intensive operations over the
medium term. The outlook may be revised to 'Positive' in case of
significant growth in turnover and profitability with controlled
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of lengthening of working capital cycle or
large debt funded capex plans leading to weakened liquidity.

SPSPL, located in Kolkata, is promoted by Mr. Rajneesh Jain and
Mr. Rahul Jain. The company was incorporated in 2002 and is
engaged in variable data printing for prepaid scratch cards for
various telecom players. SOPL is in the same line of business and
started commercial operations in July 2011.

For 2013-14, SPSPL reported a profit after tax (PAT) of INR5.1
million on net sales of INR354 million; the company reported a PAT
INR7.2 million on net sales of INR382 million for 2011-12.


SHAH PACKWELL: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Shah Packwell
Industries (SPI) continues to reflect SPI's modest scale and
working capital intensity of operations in the intensely
competitive packaging industry, and below-average financial risk
profile, marked by modest net worth, high gearing and average debt
protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          100         CRISIL B+/Stable (Reaffirmed)
   Term Loan             25         CRISIL B+/Stable (Reaffirmed)

The rating also factors in vulnerability of SPI's operating
performance to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
SPI's partners in the packaging industry, and their established
relationships with suppliers and customers.
Outlook: Stable

CRISIL believes that SPI will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience and diversified customer base. The outlook may
be revised to 'Positive' if the firm has higher-than-expected cash
accruals, while improving its working capital cycle leading to
improvement in financial risk profile or in case of significant
infusion of capital resulting in an improvement in its capital
structure. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accruals or any further stretch in
working capital cycle or if the partners withdraw capital from the
firm leading to deterioration in its financial risk profile.

Update
In 2013-14 (refers to financial year, April 1 to March 31), SPI's
revenues marginally declined to INR252.7 million from INR278.9
million during 2012-13; however the decline in scale of operations
was accompanied with a rise in operating margins to 12.6 per cent
during 2013-14 from 10.9 per cent during 2012-13. The marginal
decline in scale of operations was driven by a fall in sales
volumes amidst an intensely competitive and subdued business
environment whereas the improvement in operating margins was on
account of volatility in prices of kraft paper. However, SPI
registered healthy revenues of INR200 million for the seven months
ended October 2014; reflecting an improvement in the business
environment.

There was a rise in the firm's working capital requirements with
gross current assets at 348 days as on March 31, 2014 from 284
days as on March 31, 2013, mainly driven by an increase in
inventory to 305 days as on March 31, 2014 from 242 days as on
March 31, 2013. While the firm will likely achieve growth over the
near-medium term, CRISIL believes that the working capital
intensity will limit the improvement in operating performance and
financial risk profile.

SPI's financial risk profile and liquidity remain constrained by a
modest net worth of INR51.7 million as on March 31, 2014, high
total outside liabilities to adjusted net worth ratio estimated at
around 4.28 times as on March 31, 2014 and weak debt protection
metrics with interest coverage at 1.69 times during 2013-14
coupled with moderate cash accruals of INR11.1 million for 2013-14
on a provisional basis. CRISIL believes that the firm's financial
and liquidity profile will continue to remain constrained on
account of modest level of net worth and high levels of external
borrowings over the medium term.

Set up as a partnership firm in 1996, SPI commenced commercial
operations from 1997. The firm manufactures corrugated boxes using
kraft paper. The firm is promoted by Mr. Kapoor Shah, and his son
Mr. Khilin Shah. The firm has a 5-ply automatic board plant in
Bhilad and a manual plant at Dadra.

For 2013-14 (refers to financial year April 1 to March 31), SPI
reported a profit after tax (PAT) of INR2.8  million on net sales
of INR252.7 million on a provisional basis as against a PAT of
INR6 million on net sales of INR278.9 million during 2012-13.


SHREE KRISHNA: CRISIL Reaffirms B Rating on INR545MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Krishna
Buildcon Pvt Ltd(SKBPL) continues to reflect its susceptibility to
risks relating to funding and completion of its large ongoing
project.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B/Stable (Reaffirmed)

   Term Loan            545        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile, and its vulnerability to inherent risks such as
cyclicality in demand in the Indian real estate sector. These
rating weaknesses are partially offset by the extensive experience
of SKBPL's promoters in the real estate market in Korba
(Chhattisgarh), and their funding support, and the benefits
expected from itscommercial mall project, the first of its kind in
Korba.

Outlook: Stable

CRISIL believes that SKBPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' if
completion of project on schedule and within the budgeted cost,
and healthy customer advances enhance SKBPL's liquidity.
Conversely, the outlook may be revised to 'Negative' if the
liquidity deteriorates due to time or cost overruns on the
project, low advances from customers, or launch of any large,
debt-funded project.

Update
Implementation of SKBPL's commercial project, Palm Mall, continues
to progress as per schedule.The project is expected to cost around
INR1.07 billion.The mall will have corporate offices and banquet
halls, restaurants, hotels, cafeteria, multiplexes, gaming zone, a
hyper market, gymnasium, spa and massage parlour. The management
will have a hotel on the 4th floor, with around 36 rooms,a bar,
and a restaurant.The ground floor is complete and approval for the
remaining floors have been received.The construction is being
funded by the promoters' contribution, bank debt, and customer
advances. As on March 31, 2014, the promoters have brought in
INR166.7 million, reflecting their strength and commitment. Of the
bank term loan of INR545 million,SKBPL has availed of INR147
million so far, with repayment scheduled to begin in the first
quarter of 2017-18 (refers to financial year, April 1 to March
31). However, the bookings and customer advances continue to be
modest at 5 per cent and INR9 million, respectively. Offtake is
expected to pick up once 50 to 60 per cent of the project is
completed. The booking status and pace of offtake will,
nevertheless,remain key rating sensitivity factors over the medium
term.

SKBPL was incorporated in 2004, promoted by the Agrawal and Goyal
families of Korba. The company is developing a commercial real
estate project, Palm Mall, at Korba. The total area is 231,218
square feet and the expected cost is around INR1.07 billion. The
project is expected to be completed in 2017-18.


SHREE RADHEYSHYAM: CRISIL Reaffirms B+ Rating on INR190MM Loan
--------------------------------------------------------------
CRISIL's rating on bank facilities of Shree Radheyshyam Syn-Fab
Private Limited (SRSPL) continues to reflect SRSPL's average
financial risk profile, marked by high total outside liabilities
to tangible net worth ratio, and average interest coverage ratio.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            190       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      35       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's working capital intensive
operations, and susceptibility to intense competition in the
fabric industry. These rating weaknesses are partially offset by
the extensive industry experience of the promoters.

Outlook: Stable

CRISIL believes that SRSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
improvement in the company's business risk profile led by
substantial improvement in revenue and operating margin leading to
healthy accruals, and consequently, better liquidity, or if there
is improvement in interest coverage ratio led by improvement in
margins or if TOLTNW ratio of company improves this will also lead
to revision in outlook to positiveConversely, the outlook may be
revised to 'Negative' in case of a significant increase in SRSPL's
working capital requirements marked by stretched receivables, or
large debt-funded capital expenditure (capex) leading to
deterioration in its financial risk profile.

Update
SRSPL on provisional basis reported net sales of INR1.25 billion
for 2013-14 (refers to financial year, April 1 to March 31), as
against INR1.08 billion during the previous year. SRSPL's
operating margin is low, at 2.35 per cent for 2013-14, on account
of intense competition leading to pricing pressure. CRISIL
believes that with no major change in revenue mix, company will
maintain operating margin at around 2.4 per cent over the medium
term. SRSPL continues to have large working capital requirements,
led by considerable receivables and moderate inventory of around
150 days and 40 days, respectively as on March 31, 2014. CRISIL
believes that SRSPL's gross current assets will remain around 190
days over the medium term led by large credit period extended to
agents and moderate inventory on account of a varied product
portfolio.

SRSPL's gearing remains moderate, at 1.25 times as on March 31,
2014, on account of large working capital requirements funded
through debt. CRISIL expects SRSPL's gearing to stay at around 1.2
times over the medium term led by moderate accretion to reserves.

SRSPL's liquidity is moderate marked by high bank line utilisation
of 97 per cent on an average over the 12 months ended October 31,
2014. The company is likely to generate adequate cash accruals of
around INR7 million as against nil term debt obligations.

Incorporated in 2009, SRSPL is engaged in trading and processing
of fabrics (mainly cotton). Currently, there are three directors
on board-Mr. Pawan Kumar Agrawal, Mr. Vinit Agrawal and Mr. Gaurav
Agrawal.

SRSPL on provisional basis reported a net profit of INR6.3 million
on net sales of INR1.25 billion for 2013-14, against a net profit
of INR4.9 million on net sales of INR1.08 billion for 2012-13.


SHRI VARDHMAN: CARE Reaffirms B Rating on INR12.15cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Shri Vardhman
Rice Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.15      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Shri Vardhman Rice
Mills Private Limited (SRML) continues to be constrained by its
small scale of operations, low profitability margins, leveraged
capital structure and weak debt service coverage indicators. The
rating is further constrained by susceptibility of SRML's margins
to fluctuation in raw material prices, dependence on vagaries of
monsoon and fragmented nature of the industry. The rating,
however, draws comfort from its experienced promoters, favorable
manufacturing location and growing scale of operations.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and
capital structure as well as efficient management of working
capital requirements shall be the key rating sensitivities.

Shri Vardhman Rice Mills Private Limited (SRML) was initially
incorporated as CSJ Organics Private Limited in March 2009
by Mr Ram Bhaj Jain, and later on its name was changed to SRML.
Till March 31, 2013, the company was not operational and on April
01, 2013, the company took over the existing business of Shri
Vardhman Rice Mills (a partnership firm established in 2010). The
company is engaged in milling and processing of rice. The
processing facility is located in Gohana (Haryana) with an
installed capacity of 70,080 tonnes per annum (TPA) as on
March 31, 2014. SRML procures paddy directly from local grain
markets mainly from Uttar Pradesh, Haryana and Punjab. The company
mainly sells its products in the domestic market (mainly in Delhi)
and also exports to Saudi Arabia and United Arab Emirates (UAE).

The company reported a total operating income (TOI) of INR88.35
crore with a PAT of INR0.12 crore for FY14 (refers to the
period April 1 to March 31) as against INR57.31 crore with a PAT
of INR0.17 crore. The company has achieved a TOI of approximately
INR20 crore till October 31, 2014.


SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr FB Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR16.63 crore (enhanced from INR15.50 crore) fund based bank
limits of Signet Conductors Private Limited. ICRA has also
reaffirmed its short term rating of [ICRA]A4 on the INR3.10 crore
non fund based bank limits of SCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       15.00       [ICRA]B+; Reaffirmed
   Term Loan                1.63       [ICRA]B+;Assigned
   Non Fund Based Limits    3.10       [ICRA]A4;Reaffirmed

ICRA's ratings continue to take into account the limited scale of
operations of the company in the highly competitive and fragmented
conductor manufacturing industry, resulting in modest economies of
scale and modest profitability indicators. The ratings continue to
factor in the high gearing of the company led by funding of
working capital requirements primarily through bank borrowings.
The ratings also take into account the company's high client
concentration risk (given that its top 5 customers accounted for
76% of the total revenues in FY2014) and vulnerability of its
profitability to raw material price fluctuations. However, the
ratings favourably factor in the extensive experience of the
promoters in the industry. Further ICRA also takes note of the
fact that higher job work income and modernization of machinery in
FY2015 is expected to improve the company's operating
profitability over the medium term.

Going forward, the ability of the company to increase its scale of
operations, achieve better capacity utilization and efficiently
manage its working capital cycle will be the key rating
sensitivities.

SCPL was set up in 1991 as a private limited company by Mr. D.S.
Sahni, who has more than two decades of experience in the
industry. The company manufactures bare and paper insulated
aluminium and copper conductors which find application in electric
motors, power generators and attenuators for transmission and
distribution of power. The company's manufacturing facility is
located in Rewa, Madhya Pradesh and has a licensed capacity of
1800 metric tonnes per annum.

Recent Results
SCPL reported a Profit After Tax (PAT) of INR0.07 crore on an
operating income of INR31.17 crore in FY 2014 as against a PAT of
INR0.13 crore on an operating income of INR33.68 crore in the
previous year.


SKC INFRATECH: CRISIL Reaffirms B+ Rating on INR80MM Overdraft
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SKC Infratech Private
Limited (SKC) continue to reflect SKC's weak liquidity driven by
large working capital requirements and limited scale of operations
with low profitability.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          150      CRISIL A4 (Reaffirmed)
   Overdraft Facility       80      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of SKC's promoters and moderate financial risk
profile, marked by average gearing and debt protection metrics.
Outlook: Stable

CRISIL believes that SKC will benefit over the medium term from
the extensive industry experience of its promoters and its healthy
order book. The outlook may be revised to 'Positive' on higher-
than-expected sales while the company maintains its profitability,
capital structure, and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if there is slowdown in
revenue or deterioration in profitability, capital structure, or
debt protection metrics.

SKC undertakes civil construction works and was set up as a
proprietorship concern, Seth Kishan Chand, in 1985 by Mr. Kishan
Chand Bansal. The firm was reconstituted as a private limited
company, Seth Kishan Chand & Associates Pvt Ltd, in 1996. The
company was renamed SKC in 2012. SKC's registered office is in
Gurgaon (Haryana).


SKS BUILDTECH: CARE Assigns B+ Rating to INR20cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SKS
Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       20       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of SKS Buildtech
Private Limited (SKS) is primarily constrained by its small scale
of operations with low net-worth base and declining PBIDLT margin,
working capital-intensive nature of operations with higher
inventory holding period. The rating is further constrained by the
geographical and customer concentration risk and highly
competitive industry with presence of several organized and
unorganized players.

However, the rating draws comfort from the experienced promoters,
moderate capital structure and moderate order book position.

Going forward, the company's ability to increase the scale of
operations while maintaining the profitability margins and timely
execution of the projects shall be the key rating sensitivities.

Uttar Pradesh-based SKS was incorporated in 2005 as a private
limited company by Mr Shiv Kumar Sharma, Ms Sunit Sharma (wife of
Mr Shiv Kumar Sharma), Mr Abhishek Sharma (son of Mr Shiv Kumar
Sharma) and Mr Sidharth Sharma (son of Mr Shiv Kumar Sharma).

The company is engaged in the construction of roads, canals and
EPC works which involves erecting and construction of a power
house. The company executes the projects mainly for Public Work
Departments (PWD), Noida Development Authority (NDA) and Uttar
Pradesh Power Transmission Corporation Limited (UPPTCL) in Uttar
Pradesh region.

For FY14 (refers to the period April 1 to March 31) SKS achieved a
total operating income of INR27.66 crore and PAT of INR1.19 crore
as compared with a total operating income of INR6.31 crore and PAT
of INR0.28 crore for FY13. The company has achieved a total
operating income of around INR18 crore till December 15, 2014.


SPICEJET LTD: DGCA Lifts Ban on Forward Sales
---------------------------------------------
The Times of India reports that the Directorate General of Civil
Aviation (DGCA) on Jan. 22 lifted the ban on forward sales, a day
after the government cleared SpiceJet Ltd co-founder Ajay Singh's
rescue-cum-takeover plan for the airline.  The aviation regulator
allowed SpiceJet to sell tickets for travel up October 24, the
report says.

According to the report, the regulator had earlier restricted
SpiceJet's ticket sales to a month; then extended it to March 31
and now allowed it to sell for the entire summer schedule till
October 24. "SpiceJet bookings open till the end of the summer
schedule (Oct 24, 2015), 280 flights a day, schedule is online,"
SpiceJet COO Sanjiv Kapoor tweeted, TOI relays.  The summer
schedule this year will be in force from March 29 to October 24,
the report says.

TOI notes that SpiceJet currently operates 230 daily flights, down
from last summer figure of 345.  According to the report, Ajay
Singh will pump in INR1,500 crore in three tranches by March-end.
The report says the LCC currently has 17 Boeing 737s and this
number will go up to 26 by April 1. Along with 15 Bombardier Q400,
the LCC would have a fleet of 41 planes on
April 1, the report discloses.

An Ajay Singh-led consortia that consists of a unit of US-based
JPMorgan Chase will now takeover the entire 58% stake held by
Kalanithi Maran and his KAL Airways, says TOI.  According to the
report, since this would have triggered open offer, aviation
ministry sources said the airline can ask stock market regulator
Securities and Exchange Board of India (Sebi) to exempt it from
the same.  Sources said Sebi has a provision to exempt open offer
if stake change in a company is taking place to prevent it from
closure, TOI 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.


SRI SHIVA: ICRA Assigns B+ Rating to INR7.59cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR7.59 crore
fund based limits and INR0.41 crore unallocated limits of Sri
Shiva Durga Rice Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits      7.59        [ICRA]B+ assigned
   Unallocated Limits     0.41        [ICRA]B+ assigned

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

Going forward, the ability of the firm to strengthen its financial
profile by improving its profitability and efficiently managing
its working capital requirements remains the key rating
sensitivity.

Founded in the year 2007 as a partnership firm, Sri Shiva Durga
Rice Industries (SSDRI) is engaged in the milling of paddy and
produces raw & boiled rice. The firm has a milling unit in
Bebbigudem village of Nalgonda district of Telangana with an
installed capacity of 4 tons per hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.08 crore
for operating income of INR26.18 crore as against profit after tax
of INR0.08 crore for operating income of INR14.89 crore in FY2013.


SRI VAKIRAKAALIAMMAN: CRISIL Reaffirms D Rating on INR300MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Vakirakaaliamman
Spinning Mills Pvt Ltd (SVS) continue to reflect instances of
delay by SVS in servicing its debt; the delays have been caused by
the company's weak liquidity.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             300        CRISIL D (Reaffirmed)
   Letter Of Guarantee       6.5      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       19.5      CRISIL D (Reaffirmed)
   Term Loan                89        CRISIL D (Reaffirmed)

SVS also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics, and large working
capital requirements. However, the company benefits from its
promoters' experience in the textile industry.

Update
SVS continues to delay servicing its term debt because of weak
liquidity, which has, in turn, been driven by inadequate cash
accruals. CRISIL believes that SVS's liquidity will remain weak
over the medium term, because of its weak cash accruals.

SVS manufactures hosiery yarn. Its manufacturing unit is in
Dindigul (Tamil Nadu); its administrative office is in Tirupur
(Tamil Nadu).


SUKATA TRACTOR: CARE Assigns B+ Rating to INR9.50cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sukata
Tractor Parts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.50       CARE B+ Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sukata Tractor
Parts Private Limited (STP) are constrained by the modest scale
of operations with low net worth base, working capital intensive
nature of operations, below average financial risk profile
characterised by moderate profitability margins, leveraged capital
structure and, weak coverage indicators. The rating is further
constrained by customer concentration risk and STP's presence in
the highly fragmented and competitive industry. The ratings,
however, favourably take into account experienced management.

The ability of the company to increase the scale of operations and
improve the profitability margin, improve the capital structure &
managing the working capital requirements efficiently would be the
key rating sensitivities.

Sukata Tractor Parts Private Limited (STP) was incorporated in
April 1996 and is currently being managed by Mr Manish Arora and
Mr Kunal Arora. Earlier the business operations were being managed
through a partnership firm under the name of "Sukata Industrial
Corporation" since 1972 and the business was subsequently taken
over by STP in 1996. The company is engaged in manufacturing of
tractor parts which includes mainly tractor seats as well as other
parts and railway seats at its manufacturing units situated in
Panchkula, Haryana. Major raw material includes cold rolled
sheets/hot rolled sheets, shock absorber, springs and rexene which
are procured domestically from manufactures and traders. The
company sells its products in the domestic market mainly to
Original Equipment Manufacturers. The company also gets contract
through competitive bidding process (tender basis) for Rail Coach
Factory located in Kapurthala, Punjab.

For FY14 (Provisional; refers to the period April 01 to March 31),
STP reported a total operating income of INR15.78 crore with
PBILDT and PAT of INR1.48 crore and INR0.24 crore, respectively,
as against a total income of INR14.20 crore with PBILDT and PAT of
INR1.40 crore and INR0.17 crore, respectively, in FY13. During
FY15, the company had achieved a total operating income of
INR12.34 crore till October 15, 2014.


TARACHAND INT'L: CARE Reaffirms B/A4 Rating on INR50cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tarachand International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           50        CARE B/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Tarachand
International Private Limited (TIPL) continues to be constrained
by relatively modest scale of operations with low capitalization
and working capital-intensive nature of operation leading to
leveraged capital structure and weak debt coverage indicators. The
ratings further continue to be constrained by presence in the
highly fragmented industry with exposure to volatile steel prices
and foreign exchange fluctuation risk.

The above constraints are partially offset by strength derived
from experienced management.  The ability of the company to
improve the overall scale of operations amidst the intense
competition coupled with efficient management of working capital
cycle are the key rating sensitivities.

TIPL is into the business of steel trading (viz, sheets, plates,
channels, angels and others) and ship breaking.  The company was
incorporated in FY11 (refers to the period April 1 to March 31)
and started trading operations in FY12. The company was
established mainly to take over the business of Kainya Steel
Corporation (KSC, a group concern) with effect from October 1,
2012. TIPL has its registered office in Mumbai and carries
out the ship breaking activity from the Mumbai port.

During FY14, TIPL reported a total operating income of INR113.14
crore (vis-…-vis INR33.15 crore in FY13) and PAT of INR0.36 crore
(vis-…-vis INR0.05 crore in FY13). Furthermore, till H1FY15, TIPL
has posted a total income of INR63.31 crore and net profit of
INR0.19 crore.


TEXPLAS INDIA: CARE Cuts Rating on INR4.63cr Term Loan to 'D'
-------------------------------------------------------------
CARE revokes suspension and revises and reaffirms rating assigned
to the bank facilities of Texplas India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.63       CARE D Rating
   (Term Loan)                              suspension revoked
                                            and revised from
                                            CARE B+

   Long-term Bank Facilities     12.50      CARE C Rating
   (Cash Credit)                            suspension revoked
                                            and revised from
                                            CARE B+

   Long-term/Short-term           4.00      CARE C/CARE A4 Rating
   Bank Facilities                          suspension revoked
                                            and revised from
                                            CARE B+

Rating Rationale
The revision in the rating (i) of the bank facilities of Texplas
India Private Limited (TIP) takes into account the ongoing
delays in servicing the debt obligations by the company.
The revision in rating (ii) and (iii) takes into account the
deterioration in financial risk profile marked by small and
fluctuating scale of operations, leveraged capital structure,
stretched operating cycle and weak debt service coverage
indicators. The rating continues to take into account working
capital-intensive nature of operations, substantial offbalance
sheet exposure in the form of corporate guarantee extended to
group associates and the exposure to raw material price
volatility.

The ratings take note of the experienced promoters of TIP, long
track record of operations, moderate profitability margins and
association with reputed customer base.

The ability of TIP to improve its debt servicing track record
while improving its capital structure as well as debt service
coverage indicators and efficiently manage its working capital
requirements shall be the key rating sensitivities.

TIP incorporated in September 1975 is a venture of the Texplas
group and being managed by Mr J. C. Jain, his son, Mr Shriyance
Jain and his wife, Mrs Sunita Jain. TIP presently has three
product lines which include composite materials, plastic moulding
products and polymer-based insulators. The products have
application in various industries like thermal power, home
appliances, chemical industry and general engineering industries.

The company utilises variety of raw materials which includes
polyester resins, copper sheet, fibre glass, etc, which are
procured domestically. Besides TIP, the Texplas group consists of
Texplas Composites (India) Private Limited engaged in the
manufacturing of plastic products, Texplas Lifestyle (India)
engaged in manufacturing home appliances, Texplas Textile India
Private Limited engaged in manufacturing of woolen yarn & worsted
yarn and Vardhman Industrial, a partnership firm engaged in
infrastructure-related activities.

For FY14 (refers to the period April 1 to March 31), TIP achieved
a Total Operating Income (TOI) of INR26.26 crore with PAT of
INR0.48 crore, respectively, as against TOI of INR24.25 crore with
PAT of INR0.35 crore, respectively, in FY13. During FY15, the
company had achieved a total operating income of INR17 crore for
8MFY15 (refers to the period April 1 to November 30).


TRIPURARI AGRO: ICRA Assigns B Rating to INR5.0cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.00
crore cash credit limit and INR4.25 crore term loan of Tripurari
Agro Pvt. Ltd.

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

   Term Loan Limits         4.25        [ICRA]B; Assigned

ICRA's ratings are constrained by the firm's weak financial and
operational risk profile due to its first year of operations. The
rating is further constrained by the low value additive and highly
competitive nature of the rice milling industry which has impacted
the firm's profitability indicators. ICRA also factors in the agro
climatic risks, which can impact the availability of the basic raw
material, namely paddy. The ratings however, favorably takes into
account the long standing experience of the promoters in the
export industry and proximity of the mill to major rice growing
areas, which results in easy availability of paddy.

Tripurari Agro Pvt. Ltd. (TAPL) was incorporated in May, 2013 as a
closely held private limited company and is promoted by Mr.
Balvinder Sharma and his family members. As it is a newly
incorporated company, rice Sheller plant and sortex machine has
started production in December, 2014. The production capacity of
milling plant is 8 ton/ ph. The company sells its product under
the brand name "Shaan E India".

Recent Results
TAPL reported a net profit of INR0.01 crore on an operating income
of INR0.61 crore in FY 2013-14.


UNION ENTERPRISES: ICRA Cuts Rating on INR11.78cr Term Loan to D
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR18.18 crore fund based bank limits of Union Enterprises
(Sachdev Steel Works Private Limited) from [ICRA]C to [ICRA]D.
ICRA has also revised downwards the ratings assigned to the
INR2.00 crore non fund based bank facility and INR2.71 crore
unallocated bank lines of UE from [ICRA]C/[ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-      6.40         [ICRA]D downgraded
   Cash Credit

   Fund Based Limits-     11.78         [ICRA]D downgraded
   Term Loan

   Non Fund Based          2.00         [ICRA]D downgraded
   Limits-Letter of
   Guarantee

   Unallocated             2.71         [ICRA]D downgraded

The rating action takes into account the recent delays made by the
company in meeting its debt service obligations.

Union Enterprises (UE) has been in the business of manufacturing
TMT bar and rod since 1975. The production facility is located in
the Adityapur Industrial Area in Jamshedpur, Jharkhand. UE
currently produces TMT bars where billets/pencil ingots are used
as the major raw material. The company has recently installed a
fully automated structural mill with a capacity of 57,600 tpa.
This is in addition to the existing 14,400 tpa rebar mill.


USHA PRABHA: CARE Assigns B+ Rating to INR7.87cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Usha Prabha Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.87       CARE B+ Assigned
   Short term Bank Facilities    0.20       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Usha Prabha
Industries (UPI) are constrained by the nascent stage of
operations of the firm, susceptibility of profits to volatility in
raw material prices, presence in the highly fragmented industry
and fortunes linked to the automobile industry. The ratings,
however, derive strength from experience of the partners in the
auto component industry.

Ability of the firm to increase its scale of operations along with
overall improvement in the financial risk profile is the key
rating sensitivity.

Ushaprabha Industries (USI) was established on May 15, 2012. The
firm is promoted by Mr Prasanna Kulkarni and his brother Mr Parag
Kulkarni. The firm is engaged in the business of manufacturing
auto components for commercial vehicles. The major raw materials
used for manufacturing the said products are M.S. scrap and pig
iron. The products offered by the firm include clutch housing and
hydraulic lift housing of different ranges for tractors. The firm
does not have any long term contract with the suppliers while it
has a tie-up with Mahindra and Mahindra Limited (M&M; rated
CARE AAA/ CARE A1+) for assured off-take of the firm's products.

During FY14 (refers to the period April 1 to March 31), the firm
registered a PAT of INR0.80 crore as against the total operating
income of INR20.46 crore.


V. T. ENGINEERING: CARE Assigns D Rating to INR5.25cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of V. T.
Engineering.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.25       CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of V. T. Engineering
(VTE) takes into account delay in debt servicing by VTE due
to its weak liquidity position.

VTE is a proprietorship concern established by Mr Manoj V. Jaiswal
in 2002. The firm is engaged in the manufacturing of sheet metal
and fabricated components, viz, automotive press parts, dies, jigs
and fixtures and also carries out computer numerical control (CNC)
machining work on job work basis. The firm has two manufacturing
units located at Bhosari (Pune) and Rudrapur (Uttarakhand), which
started commercial operations in 2002 and 2010, respectively. The
raw material used in manufacturing are steel products like mild
steel sheet, hot rolled sheet and hot rolled flat, which the firm
procures locally. The products are sold directly to original
equipment manufacturers (OEMs) in automobile industry located in
Uttarakhand and Pune. Jaiswal Automotive India Private Limited is
a group company of VTE engaged in the manufacturing of auto-
components.

For FY14 (refers to the period April 1 to March 31), VTE achieved
a total operating income (TOI) of INR4.31 crore with PBILDT and
PAT of INR1.06 crore and INR0.07 crore, respectively, as against
TOI of INR12.86 crore with PBILDT and PAT of INR1.27 crore and
INR0.56 crore, respectively, in FY13. As per provisional results,
the firm had achieved the sales of INR1 crore in Q1FY15 (refers to
the period April 1 to June 30).


VE-7 CERAMIC: CRISIL Assigns B+ Rating to INR69.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of VE-7 Ceramic (VE-7).


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan       69.5        CRISIL B+/Stable (Assigned)
   Bank Guarantee       26.5        CRISIL A4(Assigned)
   Cash Credit          30          CRISIL B+/Stable(Assigned)

The ratings reflect VE-7's start-up phase and expected modest
scale of operations in the highly competitive ceramics industry.
The ratings also factor in the firms large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and the
favourable location of its upcoming factory.

Outlook: Stable

CRISIL believes that VE-7 will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile; and stabilises its operations, leading to substantial
cash accruals. Conversely, the outlook may be revised to
'Negative' if VE-7's financial risk profile weakens with
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

Incorporated in 2014, VE-7 is promoted by the Morbi (Gujarat)-
based Patel family and others relatives. It is setting up a plant
to manufacture wall tiles in Morbi; the plant is expected to
commence operations by mid of January 2015.


VEPARSEVA HEALTHCARE: CARE Rates INR15.75cr Loan B+
---------------------------------------------------
CARE revises the rating assigned to Veparseva Healthcare Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.75       CARE B+ Revised from
                                            CARE B

Rating Rationale
The rating assigned to the bank facilities of Veparseva Healthcare
Pvt Ltd (VHPL) was revised on account of the increased scale of
operations and improved capital structure as well as debt coverage
indicators during FY14 (refers to the period
April 1 to March 31).

The rating continues to remain constrained on account of its
modest scale of operations, leveraged capital structure and weak
debt coverage indicators in a highly competitive medical services
segment.  The rating continues to draw strength from the vast
experience of the promoter.

The ability of VHPL to increase the scale of operations, improve
profitability and capital structure with efficient management of
its working capital requirements remain the key rating
sensitivities.

VHPL was incorporated in June 2007 and has set up a hospital by
the name of 'Saviour Hospital' at Navrangpura in Ahmedabad. VHPL
is promoted by three promoters including one practicing doctor (Dr
Haresh Bhalodiya) with other two promoters (Mr Ashvin Shah and Mr
Pradeep Kothari) being involved in trading and distribution of
medical equipment.

VHPL commenced providing medical services from January 2011
onwards. However, the hospital has become fully operational from
May 2012 and currently has 90 beds. The hospital is multi-
specialty in nature offering tertiary care services.

During FY14, VHPL earned a net profit of INR0.70 crore on a total
operating income (TOI) of INR29.52 crore as against the net profit
of INR0.47 crore on a TOI of INR18.84 crore during FY13.



VINA ELECTRICALS: CARE Assigns B+ Rating to INR12cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vina Electricals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B+ Assigned
   Short term Bank Facilities      8        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Vina Electricals
Private Limited (VEPL) are constrained by the small scale of
operations and declining profitability margins. The ratings are
further constrained by the intense competition from the organized
and urganized players in the segment, moderate solvency indicators
and susceptibility of margins to raw material prices.

The ratings, however, derived strength from the experience of the
promoters in setting substation and electricity distribution line,
and healthy order book position providing revenue visibility in
the medium term.

The ability of the company to improve its scale of operations
along with improvement in solvency position is the key rating
sensitivity.

Incorporated in year 2009, VEPL is promoted by Mr Dilip Gitte
having 15 years of experience in the capacity of electrical
contractor. The company is engaged in the EPC business of
providing turnkey solutions majorly to state utilities for setting
up sub-stations and electrical distribution lines. The company
participates in tender floated by state run entities majorly
Maharashtra State Electricity Distribution Company Limited
[MSEDCL, rated CARE BBB].

During FY14 (refers to the period April 1 to March 31), the
company registered a PAT of INR1.06 crore on total operating
income of INR19.86 crore as against the PAT of INR0.92 crore on
total operating income of INR19.86 crore in FY13.


VIRAL BUILDCON: CARE Rates INR9cr LT/ST Bank Facilities at B+/A4
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Viral Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term
   Bank Facilities                 9        CARE B+/CARE A4
                                            Assigned

Rating Rationale
The ratings assigned to the bank facilities of Viral Buildcon
Private Limited (Viral) are primarily constrained on account of
its short track record of operations with moderate scale of
operations with low networth base restricting its financial
flexibility, low profitability and limited geographic presence of
its operations. The ratings are also constrained by the tender-
driven nature of business with high competitive intensity which
may restrict its profitability going ahead. However, the ratings
derive strength from its widely experienced promoters, strong
order book, comfortable capital structure and moderate liquidity
position.

The ability of Viral to timely execute its ongoing projects, tap
more projects and diversify the client base geographically as
well with increasing profitability while managing its working
capital efficiently are key rating sensitivities.

Viral was established on October 25, 2012, by Mr Vijay Kania and
Ms Bharti Kania. Viral is engaged in the construction and civil
work on contractual basis and has constructed number of
residential, industrial and multistoried buildings. Viral is also
into the plant construction of different products of PSU, Water &
Wastewater Treatment Plant. Viral does not execute much
construction work on its own and primarily gives the contracts on
subcontract basis to various subcontractors

During FY14 (refers to the period April 1 to March 31), Viral
earned a net profit of INR0.62 crore on a total operating
income (TOI) of INR36.32 crore as against a net profit of INR0.03
crore on a TOI of INR3.05 crore in FY13.


WHISTLE MEDIA: CARE Assigns B Rating to INR25cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Whistle Media
Network Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25         CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Whistle Media
Network Private Limited (WMPL) is constrained by high project
execution and funding risk, pending regulatory approval and
presence in the highly competitive media industry.

The aforesaid constraints are partially offset by the experienced
promoters in the media industry coupled with favourable outlook of
the media and entertainment industry.  Ability of WMPL to timely
execute the project and generate sufficient accruals are the key
rating sensitivities.

Incorporated in October 2011, Whistle Media Network Private
Limited (WMPL) was promoted by Mr. K. S. Kalyanasundara and is
setting up a free to air TV music channel viz. 'Whistle TV.' The
channel will be available on Pan India basis through Multi System
Operators (MSO's).  The overall cost for setting-up the channel is
estimated to be INR37.50 crore, to be funded in debt to equity
ratio of 2x. Till October 31, 2014 WMPL has incurred INR4.48 crore
completely through equity infusion.


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


ARROWS MORTGAGE: Moody's Ba1 RMBS Rating on Review for Upgrade
--------------------------------------------------------------
Moody's SF Japan K.K. has placed on review for upgrade seven
tranches from two Japanese RMBS transactions.

The review follows the release of Moody's updated approach to
rating Japanese residential mortgage-backed securities (RMBS).

The affected ratings are as follows:

Transaction Name: Arrows Mortgage Trust 2013

Class B1 Beneficial Interests, Aa1 (sf) Placed Under Review for
Possible Upgrade; previously on Jun 28, 2013 Assigned Aa1 (sf)

Class B2 Beneficial Interests, A1 (sf) Placed Under Review for
Possible Upgrade; previously on Jun 28, 2013 Assigned A1 (sf)

Class B3 Beneficial Interests, Baa1 (sf) Placed Under Review for
Possible Upgrade; previously on Jun 28, 2013 Assigned Baa1 (sf)

Class B4 Beneficial Interests, Ba1 (sf) Placed Under Review for
Possible Upgrade; previously on Jun 28, 2013 Assigned Ba1 (sf)

Transaction Name: Shinsei TB Fund 7917801

Mezzanine Beneficial Interests 2, Aa2 (sf) Placed Under Review
for Possible Upgrade; previously on Mar 7, 2014 Assigned Aa2 (sf)

Mezzanine Beneficial Interests 3, A2 (sf) Placed Under Review for
Possible Upgrade; previously on Mar 7, 2014 Assigned A2 (sf)

Mezzanine Beneficial Interests 4, Baa2 (sf) Placed Under Review
for Possible Upgrade; previously on Mar 7, 2014 Assigned Baa2 (sf)

RATINGS RATIONALE

The review action reflects the positive impact on the ratings when
applying the current capital structure, assumptions on the
collateral, and structural features of the transactions through
the updated methodology.

In addition, the tranches under review have accumulated credit
enhancement through sequential pay down of the trust certificates.
The performance of the collateral in these transactions -- such as
gross loss and prepayment -- has also been within Moody's
expectations.

Moody's will use the updated methodology to assess the impact of
the characteristics of each deal's assets and liabilities on the
potential losses to investors. A majority of the tranches are
expected to be upgraded by one to two notches. Moody's will
conclude the rating review in three months.

Key assumptions and sensitivities have not been updated because
the deal is now under review.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" (Japanese)
published in January 2015.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that could lead to an upgrade or downgrade of the trust
certificate ratings include an improvement or deterioration in the
credit quality of the collateral pool, and the amount of credit
enhancement available for each tranche.


YMOBILE CORP: S&P Puts 'BB' CCR on CreditWatch Positive
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB' long-term corporate credit and debt ratings on Japan-based
telecommunications company Ymobile Corp. (formerly eAccess Ltd.)
on CreditWatch with positive implications.  The CreditWatch
placement follows the announcement by Softbank Corp.
(BB+/Stable/--), the parent company of Ymobile, that it will merge
four domestic telecommunications subsidiaries within the group.
Ymobile will be absorbed into Softbank Mobile Corp. (not rated),
the surviving company, as of April 1, 2015, and dissolved.  S&P
will resolve the CreditWatch status when there are clearer
prospects of the merger progressing as planned, including the
granting of approval from Japan's Ministry of Internal Affairs and
Communications.  In that case, S&P expects to upgrade Ymobile and
its associated bonds to 'BB+', the same level as the rating on
Softbank, in line with S&P's expectation of the credit quality of
the surviving merger entity, Softbank Mobile.

S&P considers that Ymobile owns spectrum that is very important
for maintaining and improving Softbank's mobile communications
business.  However, the size of the company and its profit
contribution are relatively small within the group.  Accordingly,
S&P assess Ymobile as a highly strategic subsidiary of Softbank.
Based on its group status, S&P assigns it a long-term corporate
credit rating one notch below the rating on Softbank.  Meanwhile,
Softbank Mobile, which will be the surviving company after the
merger, generates about half of Softbank's consolidated EBITDA,
and has a stable customer base and expertise in managing mobile
communications.  As such, S&P expects to view the company as a
core subsidiary of Softbank.  Moreover, S&P views that Softbank
Mobile is likely to enhance its position within the group through
the planned acquisition of the three telecommunications
subsidiaries.  Accordingly, S&P expects to equalize the credit
quality of Softbank Mobile with the credit quality of the Softbank
group.

S&P will resolve the CreditWatch status when there are clearer
prospects of the merger progressing as planned, including the
granting of regulatory approval.  In that case, S&P expects to
raise its ratings on Ymobile and associated bonds to 'BB+', the
same level as the rating on Softbank.



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


TAIWAN HIGH: Ex-Transportation Minister Criticizes DPP
------------------------------------------------------
Shelley Shan at Taipei Times reports that former minister of
transportation and communications Yeh Kuang-shih said on Jan. 21
that the Democratic Progressive Party's (DPP) blocking of an
amendment to the Statute for Encouragement of Private
Participation in Transportation Infrastructure was an "undisguised
move" intended to benefit specific corporations.

According to the report, Mr. Yeh is showing no signs of ceasing
his efforts to get the public to focus on the financial quagmire
facing Taiwan High Speed Rail Corp (THSRC), the operator of the
high-speed rail system, following his resignation after the
company's financial restructuring plan failed to secure approval
at the Legislature's Transportation Committee earlier this month.

Since then, he has appeared on two political talk shows to defend
the necessity of enforcing the financial restructuring plan to
save the debt-ridden company, the report says.

Taipei Times relates that Mr. Yeh went on a radio program on
Jan. 21 stressing the urgency of amending the statue.

"The government would have to take over the operation of the high-
speed rail system once THSRC goes bankrupt, but the statute only
authorizes the government to take over the system without listing
its rights or obligations. This is why the Ministry of
Transportation and Communication proposed the amendment to the
statute," the report quotes Mr. Yeh as saying.

The report relates that Mr. Yeh said the amendment was quickly
passed at the legislature's Transportation Committee on Jan. 15.
However, he said that the DPP insisted that the amendment needed
further negotiations, but the talks failed to materialize because
no DPP lawmakers showed up at the meeting.

"This means that the amendment will have to be handled at the next
legislative session," Taipei Times quotes Mr. Ye as saying. "Until
then, DPP can always find another excuse to boycott the
amendment."

"The entire process was because of the party's intent to benefit
certain corporations," Mr. Yeh, as cited by Taipei Times, added.

Mr. Yeh also said that some of the shareholders told reporters
that they would rather go bankrupt and than accept the financial
restructuring plan, according to the report.

Taipei Times relates that Mr. Ye said the DPP is betting on a
result from arbitration over three major disputes involving NT$390
billion [US$12.38 billion], in which the company is to argue
changes in circumstances.  The disputes include subsidies for
elderly and disabled passengers, the 921 Earthquake in 1999 and
overestimation of passenger volumes.

"If the arbitration goes its way, the company could get back
NT$100 billion to NT$200 billion," Mr.Yeh said, adding that the
financial restructuring plan takes all these factors into
consideration.

Mr. Yeh said that the DPP previously seemed undaunted by the
possibility of a government takeover and even accused the
government of benefiting certain operations, but now it is
blocking the amendment that could save them from numerous
lawsuits, adds Taipei Times.

                            About THSRC

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2014, The China Post said Minister of Transportation
and Communications (MOTC) Yeh Kuang-shih on November 5 stated that
deteriorating finances at the Taiwan High Speed Rail Corporation
may result in imminent bankruptcy in March this year.

As of June 2014, the THSR had accumulated losses of
NT$47 billion, and is currently embroiled in 39 lawsuits relating
to redemption of preferred shares by its investors, The China Post
noted.


                             *********

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 ***