TCRAP_Public/150129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, January 29, 2015, Vol. 18, No. 020


                            Headlines


A U S T R A L I A

CANBERRA EYE: First Creditors' Meeting Set For Feb. 6
KEEFORCE GROUP: Ferrier Hodgson Appointed as Administrators
LEADING EDGE: Five Stores in Doubt as Parent Files Liquidation
LIMITED EDITION: First Creditors' Meeting Slated For Feb. 5
LYNAS CORP: Shareholders Facing Wipe-Out, UBS Warns


C H I N A

CAR INC: Tie-Up With UCAR to Enhance Business Profile, Fitch Says
CHINA BAK: Crowe Horwath (HK) Expresses Going Concern Doubt
KAISA GROUP: Bonds Rallied Amid Shenzhen-Led Takeover Plans
KAISA GROUP: Fails to Unblock Sales During Talks With Shenzhen
KAISA GROUP: Home Buyers Protest, Demand Government Protection


I N D I A

A.C.P. EDUCATIONAL: CRISIL Suspends D Rating on INR850MM Loan
AADARSH EXTRUSION: CARE Rates INR6.45cr LT Bank Loan at B+
ADILAXMI INDUSTRIES: CARE Reaffirms B+ Rating on INR13.18cr Loan
AKSHATA POLYMERS: ICRA Suspends B/A4 Rating on INR5.70cr Loan
AMBARWADIKAR INDUSTRIES: ICRA Rates INR100.50cr Cash Credit at B+

ANNAI APPLIANCES: CRISIL Suspends B Rating on INR50MM Cash Loan
ASCENT HOTELS: CARE Reaffirms C Rating on INR5cr LT Bank Loan
BIOTECH INT'L: CRISIL Cuts Rating on INR115MM Cash Loan to B
C DOCTOR: CARE Reaffirms B/A4 Rating on INR20.20cr Bank Loan
CHANDRA AUTOWHEELS: CARE Revises Rating on INR5cr LT Bank Loan

CHAWLA SONS: ICRA Suspends B+ Rating on INR7cr Cash Credit
D.B. MACHINE: ICRA Reaffirms B+ Rating on INR5.50cr Loan
DHARTI COTTON: CARE Revises Rating on INR12cr LT Bank Loan to B+
DILISO CERAMIC: CRISIL Rates INR72.5MM LT Loan at 'B+'
EN EN ELECTRICAL: CARE Assigns B+ Rating to INR9.80cr LT Loan

FAST FLOW: CRISIL Suspends B+ Rating on INR110MM Term Loan
G.D. INDUSTRIES: ICRA Suspends B+ Rating on INR15cr LT Loan
GARG AND COMPANY: CARE Reaffirms B+ Rating on INR11.69cr LT Loan
IDEA SALES: CARE Reaffirms B Rating on INR13cr LT Bank Loan
IENERGIZER LTD: S&P Affirms 'B' CCR; Outlook Stable

IONISATION FILTRATION: CRISIL Suspends B Rating on INR60MM Loan
JAI HIND: CRISIL Cuts Rating on INR70MM Cash Credit to 'D'
JSS BUILDCON: CRISIL Suspends B Rating on INR500MM Bank Loan
KAILASH MOTORS: ICRA Reaffirms B Rating on INR15.71cr Cash Loan
KANKAI PIPES: CARE Reaffirms 'B' Rating on INR3.83cr LT Loan

KAVERI GINNING: CARE Assigns B Rating to INR21cr LT Bank Loan
M.D.J. TEXCO: CRISIL Assigns B+ Rating to INR60MM Cash Credit
MADHAV COTTON: CARE Revises Rating on INR24cr LT Bank Loan to D
MADHAV GINNING: CARE Revises Rating on INR20cr Loan to 'B+/A4'
MALWA AUTOMOBILES: ICRA Reaffirms B+ Rating on INR17cr Loan

MARUTI DEVELOPERS: CARE Assigns B+ Rating to INR8cr LT Bank Loan
METCAST METALS: CRISIL Suspends D Rating on INR60MM Term Loan
NARESH SINGHAL: CARE Assigns B+ Rating to INR2.50cr LT Loan
NEW LAXMI: ICRA Cuts Rating on INR11cr Cash Credit to B+
PACIFIC PAPER: CARE Cuts Rating on INR9.74cr LT Loan to 'D'

PANDIT AUTOMOBILES: ICRA Reaffirms B+ Rating on INR8cr Loan
PARAS MOTOR: CRISIL Suspends B+ Rating on INR25MM Bank Loan
PREMIER CONVEYORS: ICRA Withdraws C+ Rating on INR4.10cr Loan
R K ELECTRICAL: ICRA Suspends D Rating on INR24cr Fund Based Loan
RACHANA SEEDS: CARE Reaffirms B+ Rating on INR10.05cr LT Loan

RAMA NEWSPRINT: ICRA Withdraws C Rating on INR94.16cr LT Loan
RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7cr LT Loan
REDSTONE GRANITO: CARE Assigns B+ Rating to INR14cr LT Loan
SABAR FLEX: CARE Lowers Rating on INR8cr LT Bank Loan to D
SAKET PROMOTERS: CRISIL Suspends B+ Rating on INR450MM Bank Loan

SHUBHKAMNA BUILDTECH: CRISIL Suspends B Rating on INR1.3BB Loan
SJS MOTORS: ICRA Reaffirms B Rating on INR8.75cr Cash Credit
SMART CARD: CARE Assigns B+ Rating to INR46cr LT Bank Loan
SOLACE ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Loan
TECPRO ENGINEERS: CRISIL Suspends B+ Rating on INR200MM Loan

TECPRO INFRA-PROJECTS: CRISIL Suspends B+ Rating on INR100MM Loan
TIRUPATI COTEX: ICRA Reaffirms B- Rating on INR6cr Cash Credit
TRANSAFE SERVICES: ICRA Withdraws B Rating on INR295cr Bank Loan
UNITECH AUOTMOBILES: CARE Reaffirms B Rating on INR60cr LT Loan
VIKROMAITIC STEELS: CRISIL Cuts Rating on INR60MM Cash Loan to D


N E W  Z E A L A N D

B'ON FINANCIAL: Investors Paid Before Bust Face Claw Back Case


P H I L I P P I N E S

SECURITY BANK: S&P Assigns 'BB+' Rating on Sr. Unsecured Notes


T A I W A N

SEMILEDS CORP: Posts $4.37-Mil. Net Loss for Third Quarter


                            - - - - -


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


CANBERRA EYE: First Creditors' Meeting Set For Feb. 6
-----------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Canberra Eye Hospital Pty Limited on Jan. 27,
2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15,
88 Pitt Street, in Sydney, on Feb. 6, 2015, at 10:00 a.m.


KEEFORCE GROUP: Ferrier Hodgson Appointed as Administrators
-----------------------------------------------------------
Ferrier Hodgson's Brendan Richards, Will Colwell, and Tim Michael
have been appointed Voluntary Administrators of Brisbane-based
linehaul carriers, Keeforce Group and Fresh Produce Logistics
(FPL).

Keeforce is one of Queensland's largest express linehaul carriers
servicing the East Coast and Darwin on behalf of a number of major
transport providers. It has additional locations in Melbourne and
Sydney and operates a very modern transport fleet. Fresh Produce
Logistics is a refrigerated freight business located in Bundaberg
and also operates a modern fleet. The business has additional,
strategically located operating premises including a dry
warehouse, cold storage and hand stand facilities. The Group was
established in 2002 and turnover is approximately $75 million.

"The decision to enter voluntary administration has been made in
the best interests of protecting the considerable assets of the
company and maximizing the opportunity for it to continue as a
going concern under new ownership. In the short-term Keeforce
Group and Fresh Produce Logistics will continue to trade while
arrangements are made to protect the interests of the employees,
suppliers, and creditors," Ferrier said in a statement.

Mr. Richards, Head of Ferrier Hodgson Logistics practice, said he
was sad to see another family owned, Australian, transport
business fail.

"This is further evidence of the competitive pressures the
Australian transport industry has to contend with and how hard it
is to successfully manage the task of juggling low margins with a
huge capital investment. In making an early call to go in to
voluntary administration the Directors have provided the best
possible chance of achieving a going concern sale. A timely
response is critical to making the best of a bad situation," said
Mr. Richards.

Ferrier Hodgson will be seeking expressions of interest for both
the business and assets of Keeforce Group and Fresh Produce
Logistics with a resolution expected within 1-2 weeks.


LEADING EDGE: Five Stores in Doubt as Parent Files Liquidation
--------------------------------------------------------------
William Maher at CRN Australia reports that the fate of five
Leading Edge Telecoms stores in Queensland is in doubt after
parent company Cap Coast Telecoms Pty Ltd filed for liquidation.

A decision was made to voluntarily wind up Cap Coast Telecoms on
Jan. 20 with liquidator Mark Hutchins from advisory firm Cor
Cordis appointed, according to CRN.

Six business names are registered under Cap Coast Telcoms,
according to an ABN search. They include Leading Edge Telecoms in
Yeppoon, Rockhampton, Gracemere, Gladstone City and Emerald.
Leading Edge Telecoms general manager Eugene De Francesco
confirmed to CRN that these five businesses had gone into
liquidation.

A Telstra spokesperson also confirmed that the Yeppoon,
Rockhampton, Gracemere, Gladstone City and Emerald Leading Edge
Telecoms businesses had gone into liquidation, CRN says.

Leading Edge Telecoms is one of Australia's largest Telstra
dealers, with over 85 members, according to its web site. Leading
Edge Telecoms businesses are independently owned; Cap Coast
Telecoms is a member of the Leading Edge Telecoms buying group.

"Customers affected by this sudden and unexpected closure are
encouraged to contact our friendly and helpful Telstra store teams
in Rockhampton, Gladstone, Emerald and Yeppoon," Telstra said in a
statement cited by CRN.  "Our teams will work closely with
affected customers to ensure minimal disruption and inconvenience
and the fulfilment of any outstanding repair orders."

According to CRN, Local newspaper The Morning Bulletin reported on
Jan. 20, that the stores had closed, with some employees
reportedly receiving text messages at 2am telling them they were
out of a job.

Also registered under Cap Coast Telecoms is Leading Edge Telecoms
Ipswich, which CRN was told was not previously operating.


LIMITED EDITION: First Creditors' Meeting Slated For Feb. 5
-----------------------------------------------------------
Richard Albarran, Brent Kijurina and Cameron Shaw of Hall Chadwick
were appointed as administrators of Limited Edition Luxury Homes
Pty Ltd on Jan. 23, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, on
Feb. 5, 2015, at 10:30 a.m.


LYNAS CORP: Shareholders Facing Wipe-Out, UBS Warns
---------------------------------------------------
Brian Robins at The Sydney Morning Herald reports that
shareholders in troubled rare earths producer Lynas Corp might be
wiped out unless it boosts its weak cashflow before a heavy round
of loan repayments in the year ahead, UBS has warned.

According to SMH, shares in Lynas Corp dived 19 per cent on
Jan. 27 after the company warned that the improvement in cash flow
evident in the December quarter would not be sustained. It blamed
renewed weakness in market prices stemming from mixed signals
emerging from China and ongoing production glitches. In trading on
Jan. 28, the shares were flat at 5c, the report notes.

SMH relates that weighing on sentiment is the fact that revenue in
the December quarter totalled AUD45.1 million, which failed to
cover the operational and administrative costs of AUD48.3 million
booked in the quarter.

At the same time, Lynas has begun ramping up production at its
phase two processing unit, which is also a drag on costs, while
restricting revenue, says SMH.

According to the report, Lynas is in a scramble to lift cash flow
before it must pay US$80 million in loan repayments in the year
ahead.

"While production has shown signs of improvement, our concern is
that it may be too late for equity holders, as the forecast free
cash flow remains weak," UBS told its clients on Jan. 27, SMH
relays. "However, Lynas's debt holders, namely [Japan's] JOGMEC,
have shown a particular willingness to give Lynas further chances
to cut costs and lift volume by extending debt repayment terms.

"The next 12 months could see Lynas scrape by if further
improvements are made, but still falling short of meeting
principal repayments and therefore leading Lynas to potentially
refinance, again."

SMH notes that the bugbear is weak cash flow, with UBS estimating
Lynas had negative free cash flow of about AUD9 million in the
December quarter.  According to the report, the company is
forecasting cash flow to weaken in the March quarter, while
uncertainty over Chinese government policy towards rare earths
production there is weighing on product prices globally.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in
Australia.  The Company's activities are focused primarily on the
exploration and development of rare earths deposits and
exploration for other mineral resources.  Lynas Corporation
Limited is also engaged in the planning, design and construction
of a concentration plant and advanced materials processing plant.
The Company's subsidiaries include Lynas Malaysia Sdn Bhd, Lynas
Transales Pty Ltd, Mt Weld Niobium Pty Ltd, Mt Weld Holdings Pty
Ltd, Mt Weld Rare Earths Pty Ltd, Lynas Chemet Australia Pty Ltd
and Mt Weld Mining Pty Ltd.

                          *     *     *

The company incurred three consecutive annual net losses of
AUD102.61 million, AUD143.55 million and AUD345.48 million for the
years ended June 30, 2012, 2013 and 2014.



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


CAR INC: Tie-Up With UCAR to Enhance Business Profile, Fitch Says
-----------------------------------------------------------------
Fitch Ratings said that CAR Inc.'s (CAR: BB+/Stable) entry into
the chauffeured car service market via a business collaboration
with UCAR, an independent third-party service provider, is credit
positive for CAR in the long term, but it has no significant
impact in the short term.

Under the agreement, UCAR will rent cars from CAR on both long-
term and short-term bases and be responsible of hiring drivers and
other tasks.  The chauffeured car service will be cobranded,
allowing UCAR to leverage CAR's strong brand awareness, fleet size
and geographic coverage to compete with other players.

Fitch sees huge market potential for the chauffeured car service
industry in China, with growth driven by demand for premium and
differentiated transportation from high-end customers.  However,
the healthy development of the industry is highly dependent on
related regulations.  On Jan. 9, 2015, China's Ministry of
Transport announced a nationwide policy on taxi-hailing apps that
expressed support for the chauffeured car industry while banning
apps like Uber, Didi and Kuaidi from using unlicensed private cars
and drivers.  This move encourages the use of rental cars,
however, there is still a lot of regulatory uncertainty in the
chauffeured car industry.  Fitch believes CAR, as the leading car
rental company in China, would play an important role in
standardising and promoting industry best practices.

The collaboration with UCAR would also enhance CAR's financial
profile.  A long-term rental customer would help CAR reduce its
cash inflow volatility and increase the long-term rental margin.
At the same time, the short-term rental contract with UCAR would
optimize CAR's fleet utilization.

Fitch expects long-term rental to have contributed to less than
15% of CAR's total gross profit and its gross margin to have been
27% in 2014, which is much lower than that of short-term rental
margins of above 40%.  The bulk purchase and allotment of cars to
UCAR rather than tailored contracts with individual long-term
rental customers would give CAR more bargaining power when it buys
vehicles from car manufacturers, which would expand the segment's
margins.  At the same time, CAR would optimise the utilisation of
its short-term rental fleet by deploying idling vehicles to UCAR
for short-term chauffeured service.


CHINA BAK: Crowe Horwath (HK) Expresses Going Concern Doubt
-----------------------------------------------------------
China BAK Battery, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K for the fiscal
year ended Sept. 30, 2014.

Crowe Horwath (HK) CPA Limited expressed substantial doubt about
the Company's ability to continue as a going concern, citing that
the Company has net liabilities, a working capital deficiency,
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Sept. 30, 2014.

The Company reported net income of US$37.8 million on US$123
million of net revenues for the fiscal year ended Sept. 30, 2014,
compared with a net loss of US$116 million on US$186 million of
net revenues in the prior year.

The Company's balance sheet at Sept. 30, 2014, showed US$44.0
million in total assets, US$48.3 million in total liabilities, and
a stockholders' deficit of US$4.33 million.

A copy of the Form 10-K is available at:

                       http://is.gd/z4KOgf

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters.  The BAK International business was foreclosed on
June 30, 2014.  Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries primarily
for electric vehicles when its Dalian, China manufacturing
facilities start to operate in the first quarter of 2015.


KAISA GROUP: Bonds Rallied Amid Shenzhen-Led Takeover Plans
-----------------------------------------------------------
Bloomberg News reports that bonds of Kaisa Group Holdings Ltd.
rallied for a fourth day on speculation the local government is
seeking buyers for the homebuilder after it missed a coupon
payment.

The company's 8.875 percent notes due 2018 jumped 4.91 cents to
61.59 cents on the dollar as of 3:41 p.m. [Jan. 27] in Hong Kong,
according to Bloomberg-compiled prices. Its 10.25 percent debt due
2020 advanced 5.30 cents to 61.56 cents on the dollar. The
securities fell to record lows below 30 cents on Jan. 7.

Bloomberg says the rebound follows reports the Shenzhen local
government is seeking new investors to take over the developer
based in the southern Chinese city after founder and ex-chairman
Kwok Ying Shing quit on Dec. 31.  Bloomberg, citing two people
familiar with the matter, relates that Kaisa is being probed over
alleged links to Jiang Zunyu, the former security chief of
Shenzhen taken into custody in a graft probe.

"The Kaisa situation took a major turn to the positive, with the
expected government-orchestrated investment finally appearing to
be in motion," Bloomberg quotes Owen Gallimore, a Singapore-based
credit analyst at Australia & New Zealand Banking Group Ltd., as
saying in a note to clients on Jan. 27. "The large cities, and
Shenzhen in particular, are currently seeing strong demand for
land and the developers such as Kaisa clearly have valuable
assets."

                        About Kaisa Group

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

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

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

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



KAISA GROUP: Fails to Unblock Sales During Talks With Shenzhen
--------------------------------------------------------------
James Pomfret at Reuters reports that Kaisa Group failed to remove
a local government block on sales at its Shenzhen projects during
talks with public officials on Jan. 26, a company source familiar
with the discussions said.

Kaisa's top executives held a high-level meeting with senior
Shenzhen government officials on Jan. 26 in the Longgang district
in northern Shenzhen, where two of Kaisa's new projects are
blocked, according to the source, Reuters relays.

"There was no progress at all in the meeting," the report quotes a
Kaisa executive as saying.

A Shenzhen official told homeowners that the government "needs
some time to resolve this incident" as the Kaisa case was linked
to China's crackdown on corruption, according to the pro-Beijing
Wen Wei Po newspaper on Jan. 26, citing a deputy director of a
government bureau that deals with public complaints, reports
Reuters.

The Kaisa source told Reuters he wasn't at the meeting in person
but was briefed on the discussions by those who were. Negotiations
are continuing, Reuters notes.

According to Reuters, a Kaisa spokeswoman said she wasn't aware of
the talks.  Shenzhen's Urban Planning, Land and Resources
Commission was not available for comment, the report notes.

Kaisa is struggling after a string of senior executives left
unexpectedly and authorities blocked sales at some of its projects
in Shenzhen late last year.

The company failed earlier this month to make a $26 million
interest payment on its bonds due to mature in 2020, and now has
until Feb 9 to pay that coupon or else become the first Chinese
real estate firm to default on its offshore debt, Reuters notes.

According to Reuters, the source dismissed a report in the Apple
Daily newspaper on Jan. 27 that Shenzhen authorities would end the
moratorium on unsold units at several Kaisa projects within two
weeks, a prospect that has buoyed investor sentiment in the
troubled firm.

"I haven't heard anything about that," the source, as cited by
Reuters, said.

Kaisa's bond prices came off their day's highs after Reuters
reported the company had failed to remove the sales block, traders
said.

                        About Kaisa Group

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

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

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

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


KAISA GROUP: Home Buyers Protest, Demand Government Protection
--------------------------------------------------------------
James Pomfret at Reuters reports that Kaisa Group's problems have
left buyers of apartments in their upcoming developments unsure as
to whether they will get their flats or suffer hefty financial
losses if the firm goes bust.

On Jan. 24, some 2,000 Kaisa home buyers wearing white T-shirts
with the slogan "I want my home", staged a protest to demand
authorities protect their rights, Reuters says.

According to the report, police set up barricades preventing
protesters from getting close to Shenzhen's government
headquarters, as some demonstrators called on authorities to
protect their rights amid president Xi Jinping's pledge to fight
"tigers and flies" in China's high-profile crackdown on graft.

Reuters' source, however, suggested a deeper political dimension
that couldn't be easily resolved. "It's a Central Government order
to keep the blockage -- so even the Shenzhen government has no
means to resolve this on its own."

Kaisa is also said to be in talks about a possible large equity
investment into the company or selling off some of its assets,
says Reuters.

Last week, a source told Reuters a number of developers have
approached the company about possibly buying some of its holdings.

Reuters relates that the chatter resumed on Jan. 26 after
financial news website Tencent Finance reported that Sunac China
Holdings, which last month terminated a deal to acquire a majority
stake in developer Greentown China Holdings, is in talks to buy
part of Kaisa.

The report said that Sunac carried out due diligence on Kaisa over
the weekend, adds Reuters.

                        About Kaisa Group

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

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

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

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



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

A.C.P. EDUCATIONAL: CRISIL Suspends D Rating on INR850MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A.C.P. Educational Trust (ACPT).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan         150         CRISIL D
   Proposed Term Loan     850         CRISIL D

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

ACPT, established in 1997, operates five colleges, offering
courses in the fields of engineering, polytechnic and teacher
training. The day-to-day operations of the trust are managed by
its managing trustee, Mr. C Thayaparan.


AADARSH EXTRUSION: CARE Rates INR6.45cr LT Bank Loan at B+
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Aadarsh
Extrusion Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.45       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Aadarsh Extrusion
Private Limited (AEPL) is primarily constrained on account of its
project stabilization risk, susceptibility of profit margins to
volatility in raw material price and presence in the highly
fragmented and competitive aluminium extrusion industry.

The ratings, however, take comfort from the vast experience of the
promoters in the aluminium industry through associate entities in
a similar line of business.

The ability of AEPL to stabilize its business operations by
achieving envisaged level of capacity utilization and scale of
operations are the key rating sensitivities.

Vadodara-based (Gujarat) AEPL was incorporated in October 2012 by
Mr Himmatmal Jain. AEPL has completed a Greenfield project to
manufacture aluminum extruded profile with an installed capacity
of 1800 Metric Tons Per Annum (MTPA) at Vadodara during mid-
September 2014. Aluminium extruded profiles find application in
wide range of industries such as automobile, furniture, real
estate, home interior, electrical appliances etc. and can be used
as alternative of wood and mild steel. AEPL plans to sell its
products through network of the dealers all over India. The
promoters have also promoted Neer Extrusion Private Limited which
is also engaged in a similar line of business activities.

AEPL incurred total cost of INR8.45 crore which was funded through
debt equity ratio of 1.11 times (considering unsecured loans from
the promoters as quasi capital). AEPL has commenced commercial
production from September 20, 2014 with a delay of five months.


ADILAXMI INDUSTRIES: CARE Reaffirms B+ Rating on INR13.18cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Adilaxmi Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.18      CARE B+ Reaffirmed

Rating Rationale

The rating of Adilaxmi Industries continues to remain constrained
by low profitability and leveraged capital structure owing to
working capital intensive nature of operations. The rating is
further constrained by seasonal availability of paddy, presence in
a highly fragmented and competitive industry due to low entry
barriers and regulated by Government and partnership nature of
constitution. The rating factors in the increase in total
operating income and cash accruals and improvement in debt
coverage indicators along with deterioration in capital structure
during FY14 (refers to the period April 1 to March 31).

However, the rating continues to derive strength from the
experience of the partners in the industry, increasing demand
for rice and proximity to raw material (paddy) growing region in
Andhra Pradesh.

The ability of the firm to increase its operating income, improve
profit margins in the midst of the competition and improvement in
capital structure while managing its working capital requirements
efficiently are the key rating sensitivities.

Adilaxmi Industries (ALI), a partnership firm, was started in
January 2000. The firm is engaged in milling and processing of
rice and also participates in trading of related products such as
paddy, sago, starch powder etc. from time to time. The managing
partner, Mr Goli Dharma Raju has around 26 years of experience in
rice milling and related activities. The mill is situated in
Vetlapalem village in East Godavari District, Andhra Pradesh,
where more than 600 rice mills are operating. ALI currently has
paddy de-husking capacity of 60,000 MTPA. The firm is mainly
supplying levy rice to Food Corporation of India, apart from
which, it supplies non-levy rice to wholesalers in Kerala, West
Bengal and bran to oil companies in Mandapeta, East Godavari
District, A.P.

During FY14, Adilaxmi Industries reported a PAT of INR0.07 crore
on a total operating income of INR62.52 crore as compared to a PAT
of INR0.28 crore on a total operating income of INR57.73 crore in
FY13.


AKSHATA POLYMERS: ICRA Suspends B/A4 Rating on INR5.70cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR5.70 crore bank facilities
of Akshata Polymers Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


AMBARWADIKAR INDUSTRIES: ICRA Rates INR100.50cr Cash Credit at B+
-----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the
INR100.50 crore cash credit facility of Ambarwadikar Industries
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   Based-Cash Credit    100.50        [ICRA]B+ Assigned

The assigned rating takes into consideration experience of the
promoters in the sugar industry along with presence in multiple
business segments such as real estate and construction,
hospitality, infrastructure, educational institutes and petroleum
dealership. The operations of the company are forward integrated
with distillery unit; however in the past the company has resorted
to direct sale of majority of molasses instead of processing it
into alcohol owing to high variable operating charges for
distillery unit coupled with high realization of molasses making
direct sale of molasses financially more viable. The company
benefits from limited initial cash outflow due to lease model of
operations and the same providing financial flexibility for
funding operating overheads. The promoters and directors have
established relations with farmers ensuring adequate availability
of cane.

The rating also factors in abolishment of levy sugar quota and
monthly release mechanism along with recent sugar export subsidy
and interest free loans to repay cane arrears granted by the
government thus favouring the operating environment.

The rating however remains constrained by stretched financial
profile of the company marked by high gearing and weak coverage
indicators. Delay in start of crushing in current season owing to
delay in finalization of cane prices is expected to shorten the
crushing period which in turn is expected to result in decline in
overall sugar production. The rating also considers expected
pressure on profitability due to higher cane costs expectations
and hence recovery of sugar prices in the domestic market along
with government support (such as continuation of sugar export
subsidy) will remain crucial for viability of operations. ICRA
also takes note of company's modest scale of operations, absence
of co-generation unit limiting the profitability potential and
high working capital intensity prevalent in the sugar industry. On
account of sizeable fixed lease rental charges the operating
leverage for the company remains high. Further, the company
remains exposed to regulatory risks regarding cane pricing, export
regulations and agro climatic risks and cyclical trends inherent
in the sugar industry. Going forward, ensuring adequate crushing
period, managing the cane cost and maintaining adequate inventory
levels will be the key ratings sensitivities.

Incorporated in 2008, AIPL is involved in the manufacturing of
sugar and its allied products. The company operates a sugar mill
of 1250 TCD forwarded integrated with distillery unit of 30 KLPD
located at Niphad taluka in Nashik district of Maharahstra. Both
sugar mill and distillery unit are taken on sub-lease of six years
(2012-13 to 2017-18) from Chhatrapati Sambhaji Raje Sakhar Udyog
Limited while the plant is owned by K.K. Wagh Sahakari Sakhar
Karkhana Limited. The company is part of 'Ambarwadikar Group'
based out of Aurangabad, Maharashtra having presence in various
business segments including real estate and construction,
hospitality, infrastructure, educational institutes and petroleum
dealership.

Recent Results
AIPL has reported OPBDIT of INR2.55 crore in FY14 on an operating
income of INR73.58 crore. The company has reported PAT of INR0.41
crore during the same period.


ANNAI APPLIANCES: CRISIL Suspends B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Annai Appliances Manufacturing Private Limited (AAMPL).

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

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

Incorporated in 2007, AAMPL; formerly known as Maneesh Gas
Appliances Private Limited is engaged in the manufacturing and
sale of household appliances, primarily LPG stoves. The company is
promoted by Mr. Chelladurai and his son, Mr. Kailesh Raja


ASCENT HOTELS: CARE Reaffirms C Rating on INR5cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Ascent
Hotels Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5         CARE C Reaffirmed
   Short term Bank Facilities    23         CARE A4 Reaffirmed

Rating Rationale

The rating reaffirmation factors in the ongoing delays in
repayment of loans (which is not rated by CARE) and servicing of
interest thereon by Ascent Hotels Pvt Ltd (AHPL) and continuing
losses from the hotel operations. The ratings continue to be
constrained by weak financial profile characterized by high
financial leverage and stressed debt coverage indicators, excess
supply of hotel room inventory in Pune and the resultant adverse
impact on RevPAR (revenue per available room) for the industry as
a whole.

The ratings, however, are strengthened by the experienced promoter
group -- the Jatia group and tie-up with the Hyatt group (Hyatt)
for marketing-cum-management of the hotel under "Hyatt Regency"
brand.

Going forward, need-based funding support from the promoters, the
ability of AHPL to stabilize hotel operations, to commence
operations of Service Apartments as per envisaged schedule are the
key rating sensitivities.

Ascent Hotels Private Limited (AHPL) is promoted by the Jatia
group (81% holding) and Vascon Engineers Limited (VEL, 19%
holding). The Jatia group has over two decades of experience in
the hospitality industry and VEL is a leading Pune based
construction company.

AHPL established a 5-star deluxe hotel with 222 rooms (operational
since October 2010) along with 81 service apartments (operational
in February 2013) and a retail office space of 20,000 sq.ft at
Weikfield Estate, Nagar Road, Pune under the "Hyatt Regency"
brand. The hotel is developed on a land area of 1.85 lakh sq. ft.
with a total built up area of 6.00 lakh sq. ft. AHPL has entered
into management-cum-marketing arrangement with Hyatt Group
(Hyatt). The hotel is fully operational with service apartments
becoming operational in February 2013.

For FY14, AHPL reported an operating income of INR 58.27 crore and
after-tax loss of INR48.55 crore.


BIOTECH INT'L: CRISIL Cuts Rating on INR115MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Biotech International Ltd (BIL) to 'CRISIL B/Stable' from
'CRISIL BB-/Negative', while reaffirming its rating on the
company's short-term facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)
   Cash Credit          115        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Negative')
   Letter of Credit      65        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    58        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Negative')

The rating downgrade reflects CRISIL's belief that BIL's financial
risk profile will remain constrained over the medium term by the
consistent pressure on its profitability, and the company's
working-capital-intensive operations.

BIL's revenue ranged between INR320 million and INR350 million
over the three years ended 2013-14 (refers to the financial year,
April 1 to March 31); and its operating profitability sequentially
declined to around 2.4 per cent from around 5.6 per cent over the
same period.

The company reported significantly low revenue growth over the two
years ended 2013-14, as the sales agreement with Clarke Mosquito
Control Products Inc for long-lasting insecticidal mosquito bed
nets project failed to materialise. BIL's business risk profile
was constrained by delays in orders by the authorised agents,
affecting overall demand. The company's inability to pass on raw
material price hikes to its customers and adverse movement in
foreign exchange (forex) rates led to a decline in its operating
margin.

BIL's financial risk profile deteriorated because of an erosion in
its net worth, led by losses of around INR29.7 million over the
two years ended 2013-14. Moreover, the company's debt increased
over the past few years following an increase in its working
capital requirements. Consequently, gearing increased to around
1.90 times as on March 31, 2014, from around 1.10 times as on
March 31, 2012. BIL's gearing may increase over the medium term as
well, with large working capital requirements, that may need debt-
funding .The company's debt protection metrics also deteriorated
with significantly weak interest coverage and net cash accruals to
total debt ratios of around 0.40 times and negative 0.04 times,
respectively, for 2013-14, because of subdued improvement in
operating margin.

CRISIL believes that though BIL's sales will increase at a modest
rate over the medium term, margins will improve on account of
expected price revision over the medium term to counter the raw
material price increase and adverse forex rate movement.

The ratings reflect BIL's below average financial risk profile
marked by weak debt protection metrics, continued pressure on
BIL's profitability, stagnant revenue restricting the company's
scale of operations, its large working capital requirements, and
exposure to risks inherent in the agrochemical market in India.
These rating weaknesses are partially offset by the extensive
experience of BIL's promoters in the bio-chemicals sector and the
diversity in the company's product profile, which prevents revenue
concentration.

Outlook: Stable

CRISIL believes that BIL will continue to benefit over the medium
term from its promoters' extensive industry experience and the
company's diverse product profile. However, the company's
financial risk profile is expected to remain weak during the same
period because of its large working capital requirements. The
outlook may be revised to 'Positive' if BIL's financial risk
profile improves with fresh equity infusion or sustained
improvement in its operating margin and substantial increase in
its revenue, thereby easing pressure on its liquidity. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile, particularly its liquidity, deteriorates
because of significantly low revenue and profitability, thereby
impacting its cash accruals; or if its working capital management
weakens further.

BIL was set up in 1993 by Mr. Vivek Singhal and his two sons, Mr.
Ravi Singhal and Mr. Saurabh Singhal. The company manufactures
bio-larvicides and bed-nets for the public health sector and bio-
insecticides, bio-pesticides, growth promoters, and bio-
fertilisers for the agriculture sector. BIL has a portfolio of 30
products, of which two cater to the public health sector and the
rest to the agriculture sector. BIL has products that treat
various crops and pests.


C DOCTOR: CARE Reaffirms B/A4 Rating on INR20.20cr Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
C Doctor and Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2         CARE B Reaffirmed

   Long-term/Short-term Bank     20.20      CARE B/CARE A4
   Facilities                               Reaffirmed

   Short-term Bank Facilities     5.15      CARE A4 Reaffirmed

Rating Rationale

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

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

CDCPL was originally established as a partnership firm as 'C.
Doctor and Company' by Mr Chinubhai Mehta and Mr Vadibhai Mehta
during 1915. Later on during 1944, it was converted to a private
limited company with its present name.  CDCPL is engaged in the
business of supply and erection of heating, ventilation (including
tunnel ventilation) and air conditioning system on turnkey basis.
Mr Suhas Mehta, Mr Saurabh Mehta, Ms Chhaya Mehta and Mr Sisir
Chakraborty are the present directors of CDCPL. The registered
office of the company is situated at Ahmedabad (Gujarat) and it
has plants at five different locations in India. The clientele of
the company includes players from both the Government as well as
private sector players.

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

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


CHANDRA AUTOWHEELS: CARE Revises Rating on INR5cr LT Bank Loan
--------------------------------------------------------------
CARE revises rating to the bank facilities of Chandra Autowheels
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Chandra Autowheels Private Limited
(CAPL) takes into account deterioration of profitability with the
company registering operating and cash losses in FY14 (refers to
the period April 1 to March 31). The rating, further, continues to
remain constrained on account of the modest scale of operations in
a highly competitive automobile dealership industry and limited
bargaining power with principal automobile manufacturers.

The rating, however, favourably takes into account the experience
of the management in the dealership business and its association
with Ashok Leyland Limited (ALL) and Ashok Leyland John Deere
Construction Equipment Company Private Limited (ALJD).

The ability of the company to improve its overall financial risk
profile with an improvement in the scale of operations,
profitability and efficient management of working capital will be
the key rating sensitivity.

Udaipur-based (Rajasthan) CAPL was incorporated in 2003 by Mr
Rajendra Singh Kachhawa along with his wife, Mrs Geeta Devi
Kachhawa. However, CAPL remained dormant till 2010; subsequent to
which, it started dealership business activities after getting a
letter of intent from ALL in August, 2011. The company entered
into an agreement with ALL for dealership of Light Commercial
Vehicles (LCVs) for Udaipur and Jodhpur division. Furthermore, in
FY13, the company entered into an agreement with ALJD for
dealership of construction equipments for entire Rajasthan. The
company's showrooms are located at Udaipur and Jodhpur equipped
with 3-S (Sales, Service and Spare parts) facilities. It has its
branch office at Jaipur and a team of 30 sales executives to look
after the marketing activities.

As per the Audited results for FY14, CAPL has reported a total
operating income of INR34.86 crore as against INR23.37 crore
during FY13 and net loss of INR2.72 crore and INR0.35 crore during
FY14 and FY13 respectively.


CHAWLA SONS: ICRA Suspends B+ Rating on INR7cr Cash Credit
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.0
crore cash credit fund based facility and the [ICRA]A4 rating
assigned to the INR3.5 crore fund based sublimit of cash credit
facility of Chawla Sons. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

CS promoted by late Mr. Ajitsingh Chawla started its business as
proprietorship concern in 1978. The corporate status of the entity
was converted to partnership firm in 2010. The firm started its
business as a trader in aluminium scrap & metals alloys and
gradually in 2008 the firm started its own manufacturing unit with
an installed capacity of 15,600 MTPA for manufacturing aluminium
ingots and base alloys. The firm has its registered office in
Thane and manufacturing unit in Bhiwandi, Maharashtra.


D.B. MACHINE: ICRA Reaffirms B+ Rating on INR5.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR8.00 crore fund based bank limits of D.B. Machine Tools
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Packing Credit        2.50         [ICRA]B+ reaffirmed

   Fund Based Limits-
   FDBP (under LC)       5.50         [ICRA]B+ reaffirmed

The rating continues to factor in DBMTPL's small scale of
operations with stagnating turnover in the last three years, low
operating profitability owing to limited value addition in the
trading business and DBMTPL's exposure of the business to
geographical concentration risk since the entire revenue of the
company is derived from export to one country viz. Bangladesh.
ICRA notes that the cyclical nature of the steel industry the end
user of its products, may lead to volatility in cash flows of the
company. The rating derives comfort from the experience of the
promoter of around two decades in export of sponge iron and
industrial plant and machinery and established relationship with
the primary manufacturers of steel in Bangladesh, which enables
the company to secure repeat orders.

D.B. Machine Tools Private Limited was incorporated in 2006 and is
a 100% export oriented company based in Kolkata. The company
exports almost all its products to Bangladesh. DBMTPL is a closely
held company. The promoter has a business experience of around two
decades in export trade.

Recent Results
The company reported an operating income (OI) of INR53.02 crore
and a PAT of INR0.47 crore during FY14 as compared to an OI of
INR51.56 crore and a PAT of INR0.48 crore during FY13. As per the
provisional results of 8MFY15, the company has reported a profit
before tax of INR0.66 crore on an operating income of INR39.06
crore.


DHARTI COTTON: CARE Revises Rating on INR12cr LT Bank Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Dharti Cotton Private Limited.

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Dharti Cotton Private Limited (DCPL) was primarily on account
of overall improvement in the financial risk profile marked by
increase in its total operating income (TOI) coupled with
improvement in net profit and debt coverage indicators during FY14
(refers to the period April 1 to March 31).

The rating, however, continues to remain constrained on account of
its moderately leveraged capital structure, weak debt coverage
indicators and modest liquidity indicators along with its presence
in a highly competitive and fragmented cotton industry. The rating
is also constrained on account of susceptibility of profits to
changes in government policies and fluctuations in cotton prices
along with seasonality associated with cotton industry.

The rating, however, continues to take comfort from the benefits
derived from the vast experience of the promoters in the cotton
ginning business and proximity to the cotton producing region of
Gujarat along with support from group entity present in similar
business.

The ability of DCPL to increase its scale of operations with
improvement in profitability and liquidity position along with
better working capital management is the key rating sensitivity.

DCPL was incorporated in 2009 at Jasdan, near Rajkot. The company
was promoted by Mr Mansukhbhai Boghara with three other directors.
Later in October 2010, the company was sold off to the Kakadia
family who is involved in the same line of business through their
business entity, named Madhav Ginning & Pressing Private Limited
(MGPL; rated 'CARE B+/CARE A4' in January 2015). DCPL is engaged
in the business of cotton ginning and pressing to produce cotton
bales and cotton seeds. The product is mainly used in the
manufacturing of cotton yarn in the textile industry. DCPL has
installed capacity to produce 42,000 cotton bales and 12,870
metric tonnes per annum (MTPA) for cotton seeds as on March 31,
2014.

During FY14, DCPL reported the profit after tax of INR0.17 crore
on a TOI of INR80.95 crore as against the profit after tax of
INR0.06 crore on a TOI of INR53.13 crore in FY13. As per the
provisional result of 9MFY15, the company has registered the
TOI of INR51.76 crore.


DILISO CERAMIC: CRISIL Rates INR72.5MM LT Loan at 'B+'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Diliso Ceramic (DC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Long Term
   Bank Loan Facility    7.5        CRISIL B+/Stable

   Long Term Loan       72.5        CRISIL B+/Stable

   Bank Guarantee       15          CRISIL A4

   Cash Credit          30          CRISIL B+/Stable

The ratings reflect DC's start-up nature and modest scale of
operations in the highly competitive ceramics industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters, and the proximity of its manufacturing
facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that DC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises its
operations in a timely manner, leading to larger-than-expected
cash accruals. Conversely, the outlook maybe revised to 'Negative'
if DC's accruals are lower than expectations due to reduced order
flow or profitability, or if its' financial risk profile
deteriorates, most likely because of a stretch in its working
capital cycle or substantial debt-funded capital expenditure.

DC, incorporated in 2013, is promoted by the Morbi (Gujarat)-based
Shri Bharat Patel and Shri Bhavik Sanaja. The company will be
manufacturing glazed wall and floor tiles at its facilities, in
Morbi. It is likely to begin commercial operations in January
2015.


EN EN ELECTRICAL: CARE Assigns B+ Rating to INR9.80cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' ratings to bank facilities of
En En Electrical Engineers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.80      CARE B+ Assigned
   Short-term Bank Facilities     1.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of En En Electrical
Engineers Private Limited (EEEPL) are constrained by its small
scale of operations, financial profile marked by low
profitability, moderate capital structure and debt coverage
indicators and presence in highly fragmented industry
characterized by intense competition. The ratings however, derive
strength from the established track record of operations of the
company, experienced promoter supported by strong management team,
growth in total operating income during last three years ended
FY14 (refers to period April 1 to March 31) and moderate order
book. The ratings further derive strength from moderate operating
cycle, reputed and established customer base and favourable demand
outlook for electrical goods.

The ability of the company to increase its scale of operations and
improve its profitability in light of competition and manage its
working capital efficiently are the key rating sensitivities.

En En Electrical Engineers Private Limited (EEEPL) was originally
established in the year 1994, as sole proprietorship concern by
Mr.T.Aswaratha Reddy. However, it was later converted to EEEPL in
1997 with Mr.T.Aswaratha Reddy and Mrs. I. Jaya Sree as the
directors of the company. EEEPL is 'A' Grade Electrical Contractor
and is engaged in electrical works such as erection, installation,
commissioning and repairs of transformers; construction of 220 KV
sub-stations and transmission lines. EEEPL operates from its
registered office located at Anantapur, Andhra Pradesh with
branches located at Hyderabad (Kondapur) and Chennai.

The company renders services to both private organizations and
government bodies in three states (Karnataka, Gujarat and Andhra
Pradesh).

During February-14, the company started wind mill project for
power generation and entered into agreement for power supply of
2.1 MW with Southern Power Distribution Company of A.P. Limited on
September 1, 2014.


FAST FLOW: CRISIL Suspends B+ Rating on INR110MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Fast Flow Distributors Pvt Ltd (FFDPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            110         CRISIL B+/Stable

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

FFDPL was set up in July 2006 by Kolkata-based Mrs. Anu Agarwal
and Mrs. Sita Agarwal for trading in fast-moving consumer goods.
However, no such operations were undertaken and the company
remained defunct. Later, in 2011, the current owner of FFDPL, the
Dutta family, took over the company. FFDPL is currently developing
a residential real estate project-Falta Riverside Housing and
Resort'along with a hotel in Falta. The total built-up area of the
project is around 0.165 million sq ft consisting of 19 residential
buildings of ground+3 floors, 15 duplex cottages, a banquet hall,
and a hotel.


G.D. INDUSTRIES: ICRA Suspends B+ Rating on INR15cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore fund based limits of G.D. Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facilities     15.00         [ICRA]B+ (Suspended)

G.D. Industries (GDI) was incorporated in June 2003 and is engaged
in wholesaling and retailing of gold, silver and diamond
jewellery. It is a partnership firm promoted by Mr. Sunil Sharma
along with Mr. Robin Sharma and Ms. Neelam Sharma. GDI offers a
wide range of gold and diamond jewellery, such as necklaces,
earrings, bangles, rings and anklets, in a number of designs and
it operates through its single store in Chandni Chowk.
The company develops the jewellery designs in-house as well as
replicates the emerging design trends in the market. The firm does
not have its own manufacturing unit and gets the work done on job
work basis.


GARG AND COMPANY: CARE Reaffirms B+ Rating on INR11.69cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Garg and Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.69      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Garg and Company
(GOC) continues to be constrained by its small scale of
operations, low profitability margins, leveraged capital structure
and weak coverage indicators. The rating is further constrained by
susceptibility of the firm's profitability margins to fluctuation
in the steel prices, presence in a highly competitive steel
industry and its constitution as a partnership firm.

The rating, however, continues to take comfort from the experience
of the partners and direct sourcing from reputed suppliers.

Going forward, the ability of GOC to increase its scale of
operations while improving its capital structure and profitability
margins will be the key rating sensitivities.

Garg & Company (GCO) was initially constituted as a proprietorship
firm in 1972 by Mr Harish Kumar Garg and in 2009, it was converted
into a partnership concern with Mr Lokesh Jain, Mr Kailash Jain
and Mr Harish Kumar Garg as the partners having profit sharing
ratio of 33%, 33% and 34% respectively. Mr Lokesh Jain and Mr
Kailash Jain have an experience of more than a decade while Mr
Harish Kumar Garg has more than three and half decades of
experience in the trading of steel products.

GCO is a family managed business and the firm is engaged in the
trading of steel products, mainly CR strips, HR strips, HR coils
and HR strips. The firm sells the products mainly in Punjab. In
September 2013, the firm also started manufacturing Electric
Resistance Welded (ERW) pipes with total installed capacity of
12,000 tonne per annum.

For FY14 (refers to the period April 01 to March 31), GOC reported
a total operating income of INR53.33 crore and net loss of INR0.31
crore as against a total operating income of INR56.20 crore and
PAT of INR0.10 crore for FY13. Furthermore, during FY15, the firm
had achieved total sales of INR31.57 crore till December 31, 2014.


IDEA SALES: CARE Reaffirms B Rating on INR13cr LT Bank Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Idea Sales Agencies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.00      CARE B Reaffirmed
   Short-term Bank Facilities     1.35      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Idea Sales Agencies
Private Limited (ISAPL) continue to be constrained by its short
track record and small scale of business, working capital-
intensive nature of operations, leveraged capital structure and
weak debt service coverage indicators. The ratings are further
constrained by the volatility associated with the coal prices and
highly fragmented and competitive nature of the industry.  The
ratings, however, continue to derive support from the experienced
promoters.

The ability of ISAPL to increase its scale of operations while
improving its profitability margins and effectively managing
its working capital requirements shall be the key rating
sensitivities.

Incorporated in 2008, ISAPL was promoted by Mr Subhash Chand
Tulsyan and Mr Yogesh Kumar. ISAPL is engaged in the trading of
coal. It commenced its commercial operations in August 2012 and
FY14 (refers to the period April 1 to March 31) was the first full
year of operations. It procures coal domestically from the traders
as well as through direct auctions and sells mainly to the
domestic power producers and brick manufacturing companies.

For FY14, ISAPL achieved a total operating income (TOI) of
INR51.78 crore with PAT of INR0.44 crore as against TOI of
INR25.27 crore with PAT of INR0.58 crore in FY13. During FY15, the
company had achieved sales of INR36.56 crore in 8MFY15 (refers to
the period April 1 to November 30).


IENERGIZER LTD: S&P Affirms 'B' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on iEnergizer Ltd. The outlook is stable.
S&P also affirmed its 'B' long-term issue rating on the India-
based business process outsourcing (BPO) company's U.S. dollar-
denominated secured bank loan.

S&P affirmed that ratings because it believes that iEnergizer will
continue to be a fairly small player with its aggressive growth
strategy in India's competitive and fragmented BPO.  S&P expects
iEnergizer's stable client relationships and recurring business to
help the company sustain its profitability over the next 12
months.

"We do not expect any material change in iEnergizer's market
position over the next one to two years even with its aggressive
growth strategy," said Standard & Poor's credit analyst Katsuyuki
Nakai.  "That's because we believe the company will continue to
face strong competition from domestic and international BPO
service providers.  In addition, we expect iEnergizer's
profitability could be volatile, given the company's limited
customer and geographical diversity."

S&P believes iEnergizer's firm client relationships in non-voice
segments and the recurring nature of BPO revenues will temper the
concentration risk and enable the company to sustain its
profitability over the next 12 months.  The company has an average
client tenor of more than eight years, with 350 clients as of June
2014.  In addition, S&P expects existing clients to continue to
contribute 75%-80% of iEnergizer's revenues over the next one to
two years.

"The stable outlook reflects our expectation that iEnergizer will
maintain steady revenue growth and EBITDA margins of 24%-26% over
the next 12-24 months," Mr. Nakai said.

S&P believes the company will maintain financial discipline
despite its aggressive growth strategy, such that the ratio of
funds from operations (FFO) to debt stays at 20%-30% over the next
12 months.

S&P may lower the rating if iEnergizer's competitive position and
profitability weaken, which could be because of intensifying
competition, or if the company's liquidity position materially
deteriorates.  S&P could also lower the rating if iEnergizer makes
a large acquisition, which lowers its FFO-to-debt ratio to
significantly below 20%.

S&P may raise the rating if iEnergizer improves its market
position by increasing its scale of operations or follows more
conservative financial policies.  An upgrade trigger could be the
FFO-to-debt ratio exceeding 30% on sustainable basis.


IONISATION FILTRATION: CRISIL Suspends B Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ionisation Filtration Industries Private Limited (IFI).

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       60          CRISIL A4
   Cash Credit          60          CRISIL B/Stable
   Term Loan            50          CRISIL B/Stable

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

IFI was incorporated in 2001, by Mr Vivek Joshi and his wife Mrs.
Swati Joshi and is headquartered in Pune. The company manufactures
air pollution control equipment mainly bag filters and
electrostatic precipitators.


JAI HIND: CRISIL Cuts Rating on INR70MM Cash Credit to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jai Hind Spinning Mills Pvt Ltd (JHSML) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'. The rating downgrade reflects
instances of delay by JHSML in servicing its term debt; the delays
have been caused by the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit
   Bill Discounting      50        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Long Term Loan        22        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

JHSMPL also has modest scale of operations and large working
capital requirements, and is exposed to the risk of geographic
concentration in its revenue profile. However, the company
benefits from its promoter's experience in the textile industry.

Set up in 1992 by the late Mr. P M Pichai Chettiar, JHSML
manufactures combed cotton yarn at its manufacturing unit in
Namakkal (Tamil Nadu). The company's operations are currently
managed by the founder's son, Mr. Muthuswamy


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


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

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

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

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

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

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


KAILASH MOTORS: ICRA Reaffirms B Rating on INR15.71cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B and short term
rating of [ICRA]A4 for the INR32.6 Crore(enhanced from INR30.0
crore) bank facilities of Kailash Motors.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           15.71        [ICRA]B reaffirmed
   Overdraft             13.85        [ICRA]B/[ICRA]A4 reaffirmed
   Unallocated            3.04        [ICRA]B/[ICRA]A4 assigned

The rating reaffirmation takes into consideration the strength
derived from KM's dealership of Tata Motors Limited (TML), which
is the market leader in the commercial vehicles (CV) industry in
India. ICRA also favorably factors in the firm's wide network
comprising of one 3S facilities and five 1S facilities in the
state of Uttar Pradesh. Further, the extensive experience of the
promoters in the automobile dealership business continues to
provide comfort to the rating. However, the rating is constrained
by the cyclicality of commercial vehicles industry as the business
prospects of the firm are closely linked to the demand for CVs.
The CV industry has been undergoing a downturn for the past couple
of years, which has affected the performance of the firm. Although
the trend is reversing and sale of HCVs has started improving
FY15. The same is expected to impact SAPL's revenue and
profitability in the near-term. In addition, the company faces
competition for sales due to the presence of other OEM dealerships
and for service and spares due to the presence of other TML
dealership in the vicinity. Going forward, the company's ability
to increase the scale of business, raise the share of service and
spares income and improve the financial risk profile would be the
key rating sensitivities.

Kailash Motors (KM) started as a partnership company in 1958 as a
dealership of the then Tata Engineering & Locomotive Co. Ltd. (now
Tata Motors Ltd). At present, it deals in the entire range of
heavy commercial vehicles of TML in addition to some of its MUVs
and spare parts. Kailash Motors currently has dealerships in six
districts with coverage in eight districts namely Kanpur, Kanpur
Dehat, Fatehpur, Banda, Farrukhabad, Lalitpur, Mahoba, and
Kannauj. The business is managed by two partners namely Dr. Ishwar
Chandra and Mr. Vineet Chandra.


KANKAI PIPES: CARE Reaffirms 'B' Rating on INR3.83cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kankai Pipes & Fittings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.83      CARE B Reaffirmed
   Long-term/Short-term Bank
   Facilities                     3.00      CARE B/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Kankai Pipes &
Fittings Private Limited (KPFPL) continue to remain constrained on
account of its short track record of operations, presence in
highly fragmented and competitive polyvinyl chloride (PVC) pipe
industry, leveraged capital structure, weak debt coverage
indicators and susceptibility of profit margin to fluctuations in
the raw material prices.

However, the ratings continue to derive strength from the
experience of the promoters in the industry. Furthermore, the
ratings also take into consideration the stabilization of the
manufacturing operations of KPFPL with increase in the operating
income during 9MFY15 (refers to the period April 1 to March 31).

KPFPL's ability to increase its scale of operations, improvement
in the profit margins and capital structure along with better
working capital management are the key rating sensitivities.

Rajkot-based (Gujarat) KPFPL was incorporated in October 2012 by
Mr Kalpesh Meghani, Mr Mahendra Talpada and Mr Dhaval Ghadiya.
KPFPL is engaged in the manufacturing of plastic pipes & fittings
(mainly cPVC pipes & fittings). KPFPL undertook implementation of
green-field project for setting up plant for manufacturing of
plastic pipes & fittings with an annual installed capacity of
2,400 metric tons per annum (MTPA). KPFPL commenced commercial
production from August 2013. The products manufactured by KPFPL
are used in residential, commercial as well as industrial units.

During FY14, KPFPL reported total operating income (TOI) of
INR1.92 crore and net loss of INR0.40 crore. As per 9MFY15
(provisional) financials, KPFPL has reported TOI of INR8.22 crore.


KAVERI GINNING: CARE Assigns B Rating to INR21cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Kaveri Ginning
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       21       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Kaveri Ginning
Industries Private Limited (KGIPL) is primarily constrained on
account of implementation and stabilization risk associated with
its green field cotton ginning project and presence in highly
fragmented and competitive cotton ginning industry. The rating is
further constrained due to susceptibility of operating margins to
cotton price fluctuation, seasonality associated with the cotton
availability and susceptibility to the change in the government
policies.

The rating however, derives strength from the experience of
promoters for more than two decades in cotton ginning industry,
location advantage with presence in major cotton-growing belt of
Telanagana and operational synergies with established group
companies.

The ability of the company to stabilize operations and achieve the
envisaged level of production and profitability in light of the
competitive nature of the industry while managing its working
capital requirement efficiently are the key rating sensitivities.

Incorporated in 2014, Nalgonda-based (Telanagana), KGIPL is
promoted by Mr. K. Ramesh and Mr. J. Srinivas.

The company is setting up a processing unit for undertaking cotton
ginning and pressing business with a proposed installed capacity
of 75000 number of bales per annum and 2,50,000 quintals of seeds.
The company has purchased 48 machines and plans to run in 3 shifts
per day during the period October to July due to seasonal nature
of business. The company is planning to purchase the raw material
(raw cotton) from local farmers located in and around Nalgonda.
The company is planning to sell its products to mills located in
Tamil Nadu , Andhra Pradesh, Maharashtra , Haryana and Punjab.

The total cost of project was INR14.19 crore, which was funded
through term loan of INR6.00 crore and rest of INR8.19.crore
through equity. The company has started its commercial operations
from January 2015.


M.D.J. TEXCO: CRISIL Assigns B+ Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of M.D.J. Texco Fab Pvt Ltd (MTFPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable
   Term Loan             45        CRISIL B+/Stable

The ratings reflect MTFPL's limited track record of operations in
a fragmented industry, the geographical concentration in its
revenue profile, and its weak financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
MRFPL's promoters in the textile industry.

Outlook: Stable
CRISIL believes that MTFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if MTFPL increases its scale
of operations and profitability resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens further
because of large borrowings for funding working capital
requirements.

Established in October 2013, MTFPL manufactures polar fabric rolls
used in producing blankets, bed sheets, muffler, and suits, among
other products. MTFPL's manufacturing unit is in Alipur Karnal
(Haryana). The company is managed by brothers Mr. Ajay Jain and
Mr. Vijay Jain.


MADHAV COTTON: CARE Revises Rating on INR24cr LT Bank Loan to D
---------------------------------------------------------------
CARE revises rating assigned to bank facilities of Madhav Cotton
Ginning and Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      24        CARE D Revised from
                                            CARE B+

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Madhav Cotton Ginning and Pressing Factory (MCGPF) takes into
account the on-going delay in debt servicing on its bank
facilities due to its stretched liquidity arising out of increased
working capital intensity of its operations.

MCGPF is a partnership entity engaged in the business of cotton
ginning & pressing and trading of cotton seeds. The partnership
firm was constituted in 1995 amongst the key promoter Mr Madhavji
Zanzarukiya and his family members.

MCGPF operates with 36 cotton ginning machines and one pressing
machine which enables the firm to produce 400 bales of processed
cotton per day (1 bale is approximately 170 Kgs).

As per the provisional results for FY14 (refers to the period
April 1 to March 31), MCGPF reported a total operating income of
INR165.99 crore (FY13: INR129.20 crore) and a PAT of INR1.02 crore
(FY13: INR0.07 crore).


MADHAV GINNING: CARE Revises Rating on INR20cr Loan to 'B+/A4'
--------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Madhav Ginning & Pressing Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/ Short-term       20        CARE B+/CARE A4 Revised
   Bank Facilities                       from CARE B/ CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Madhav Ginning & Pressing Private Limited (MGPL) was primarily on
account of overall improvement in the financial risk profile
marked by increase in its total operating income (TOI) coupled
with improvement in net profit, capital structure and debt
coverage indicators during FY14 (refers to the period April 1 to
March 31).

The ratings, however, continue to remain constrained on account of
its weak debt coverage indicators and modest liquidity indicators
along with working capital-intensive nature of operations and its
presence in a highly competitive and fragmented cotton industry
with limited value addition and prices and supply for cotton being
highly regulated by government. The ratings are also constrained
on account of susceptibility of profits to fluctuations in cotton
prices along with seasonality associated with cotton industry.

The ratings, however, continue to take comfort from the benefits
derived from the experience of the promoters in the cotton ginning
business and proximity to the cotton producing region of Gujarat.

The ability of MGPL to increase its scale of operations with
improvement in profitability and liquidity position along with
better working capital management is the key rating sensitivity.

MGPL was incorporated in 2005 by Mr Chhaganbhai Kakadiya, at
Rajkot district, Gujarat, and is engaged in the cotton ginning and
pressing business. As on March 31, 2014, MGPL had a total
installed capacity of 13,000 bales of cotton and 24,000 metric
tonnes per annum (MTPA) of cotton seeds per annum. MGPL was also
engaged in the trading of cotton bales and cotton seeds which
constituted around 66% of the total operating income (TOI) during
FY13, however, during FY14, MGPL have not generated any revenue
from the trading of cotton bales and cotton seeds.

During FY14, MGPL reported the profit after tax of INR0.18 crore
on a TOI of INR110.54 crore as against the profit after tax
of INR0.06 crore on a TOI of INR82.23 crore in FY13. As per the
provisional result of 9MFY15, the company has registered
the TOI of INR74.79 crore.


MALWA AUTOMOBILES: ICRA Reaffirms B+ Rating on INR17cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR17.0 crore long term bank facilities of Malwa Automobiles
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           17.00       [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the decline in
revenues registered by the company in 2013-14 owing to decline in
passenger vehicle sales in FY14 coupled with reduction in market
share of its principal, Tata Motors Ltd. ICRA's rating continues
to be constrained by the low margins of the company, inherent to
automobile dealerships; weak financial profile characterized by
high gearing and weak coverage indicators; stretched liquidity
position due to the high working capital intensity of the company;
and high competitive intensity from dealers of other OEM's leading
to pressure on sales and profitability.

ICRA's ratings, however, positively factor in the extensive track
record of the company as a dealership of Tata Motors Limited(TML),
in addition to the vast experience of the promoters in the
automobile dealership business; through their dealerships of
Hyundai Motor India Limited, General Motors India Private Limited
(GMIPL), Nissan Motor India Private Limited and Honda Motorcycle &
Scooter India Pvt. Ltd.

Going forward, the company's ability to increase the scale of
operations and maintain the profitability while optimally managing
its working capital cycle, will remain the key rating
sensitivities.

MAPL has been operating as a Tata Motors dealership since 1999 in
Karnal, Haryana. The company has a sales showroom cum service
workshop, in Karnal as well as Panipat, Haryana (since 2006). As a
result of successful running of the operations in Karnal and
Panipat, the promoters have opened a new showroom in Rohini
(Delhi), which commenced operations this year. In addition to the
automobile dealership business, the company also has a HPCL fuel
pump located in Kundli, Haryana. The promoters of the company are
highly experienced in the field of automobiles and have been
engaged in this business for 35 years. Apart from MAPL, the group
also has dealerships of Hyundai Motors India Limited, Nissan Motor
India Private Ltd, Chevrolet (GM) and Honda Motorcycle & Scooter
India Pvt. Ltd. in Karnal and Delhi.


MARUTI DEVELOPERS: CARE Assigns B+ Rating to INR8cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Maruti
Developers.

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

Rating Rationale

The rating assigned to the bank facilities of Maruti Developers
(MDV) is primarily constrained on account of its constitution as a
proprietorship firm, nascent stage of project implementation with
low booking status, low level of receipt of customer advances
against the value of booked units and its presence in a cyclical
and highly fragmented real estate industry.

The rating, however, takes comfort from the vast experience of the
proprietor in real estate development business. The ability of MDV
to successfully complete its on-going real estate project and
timely receipt of booking advance and sale of balance units at
envisaged prices are key rating sensitivities.

Established in 2007, Ahmedabad-based (Gujarat) MDV is engaged in
real estate development and is currently executing a residential-
cum-commercial project at Ahmedabad, Gujarat, namely, "Maruti
Heights". Mr Akshay Thakkar is the proprietor and manages the day-
to-day operations of MDV. The project has 330 residential units
and 16 shops with total saleable area of the project 244,656 sq.
ft. The project is expected to complete by September 2016.
Necessary regulatory approvals such as commencement certificate,
plan approvals have been received by MDV. During 2010-2014, MDV
has executed seven residential projects with aggregate
construction area of 1.95 lakh square feet (Sq. ft). Moreover, MDV
has recently completed a residential project "Maruti VII" which
has 80 flats consisting total salable area of 77,310 sq. ft.


METCAST METALS: CRISIL Suspends D Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Metcast
Metals Pvt Ltd (MMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           15         CRISIL D
   Letter of Credit      15         CRISIL D
   Term Loan             60         CRISIL D

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

Incorporated in 2007, and promoted by Mr. Rakesh Shrivastav and
his son Mr. Rahul Shrivastav, MMPL manufactures stainless steel
and alloy steel castings used in the steel, power, and engineering
industries. The company started its operations from April 2012 and
has its foundry at Khurda (Odisha).


NARESH SINGHAL: CARE Assigns B+ Rating to INR2.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Naresh Singhal & Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.50      CARE B+ Assigned
   Short-term Bank Facilities     4.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Naresh Singhal &
Company (NSC) are primarily constrained by its small scale of
operations, declining profitability margins on y-o-y basis in last
three financial years (FY12-FY14 [refers to the period April 01 to
March 31]) and leveraged capital structure. The ratings are
further constrained by customer concentration risk coupled with
concentrated order book and proprietorship nature of constitution
and its presence in highly fragmented and competitive industry.

The ratings, however, draws strength from the experienced
proprietor in execution of civil contracts and long track record
of operations of the firm and moderate operating cycle. Going
forward, NSC's ability to scale-up its operations while
stabilizing its profitability margins and capital structure along
with successful execution of projects within the estimated time
and costs would be the key rating sensitivities.

NSC was established as a proprietorship firm in 1992 by Mr Naresh
Singhal. The firm is engaged execution of civil contracts, viz,
laying of sewage water pipelines, construction of overhead tanks
and water treatment facilities mainly in the Noida region. The
majority of the contracts are obtained from Public Works
Department (PWD) and Municipal Corporation through competitive
bidding process. Most of the contracts are fixed price contracts
with an execution tenor of 6-18 months.

For FY14 (refers to the period April 01 to March 31), NSC achieved
a total operating income (TOI) of INR12.10 crore with PBILDT and
profit after tax (PAT) of INR0.96 crore and INR0.71 crore,
respectively, as against TOI of INR2.42 crore with PBILDT and PAT
of INR0.29 crore and INR0.16 crore, respectively, in FY13. The
firm has achieved total income of INR16 crore till December 24,
2014.


NEW LAXMI: ICRA Cuts Rating on INR11cr Cash Credit to B+
--------------------------------------------------------
ICRA has revised downwards the long term rating of INR11.00 crore
cash credit and INR6.86 term loan of New Laxmi Steel & Power
Private Limited from [ICRA]BB- to [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.00       Downgraded to [ICRA]B+
   Term Loan              6.86       Downgraded to [ICRA]B+

The revision in the rating primarily reflects the deterioration in
the financial risk profile of the company during 2013-14 as
reflected by negative operating margins on account of significant
increase in operating cost primarily power cost as well as
consumables expenses, high gearing and weakening of coverage
indicators. ICRA notes that although the company incurred
operating losses in its steel business in FY14, it was able to
post net profits largely driven by profits from trading of
commodity derivatives.

The rating also takes into account the vulnerability of the
profitability to adverse movement in raw material prices, the
working capital intensive nature of operations that adversely
affects the company's liquidity position and the company's
exposure to the cyclicality associated with the steel industry,
which is passing through a downturn at present. The rating,
however, favourably takes into account the long track record of
the promoters in the steel industry, lower cost of manufacturing
as compared to the standalone rolling mills due to backward
integration into manufacturing of ingots and billets, and
favourable location of the plant in Odisha, which is in proximity
to sponge iron manufacturing belt, thereby leading to low freight
cost. The rating also takes into account the manufacturing
franchisee arrangement with Kamdhenu Ispat Limited to sell the
entire production of TMT bars under the "Kamdhenu" brand, with the
latter being an established player having a strong brand image in
the TMT bar industry.

NLSPPL has been promoted by Mr. Pawan Kumar Gupta and Rahul
Agarwal, who have experience in diverse sectors including steel,
granite, and infrastructure. Incorporated in 2007, NLSPPL has been
engaged in the manufacturing of steel ingots, billets and TMT bars
with its manufacturing facility located at Khurda, Bhubaneswar.
The company has an installed capacity of 15,000 TPA of induction
furnace and a 29,700 TPA rolling mill. The company is also engaged
in trading of mild steel rods, scrap, etc and transportation
through its truck and trailer.

Recent Results
The company reported an operating income (OI) of INR71.54 crore
and a PAT of INR0.17 crore during FY14 as compared to an OI of
INR87.16 crore and a PAT of INR0.19 crore during FY13.


PACIFIC PAPER: CARE Cuts Rating on INR9.74cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Pacific Paper Products.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.74      CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities     3.00      CARE D Revised from
                                            CARE A4

   Long-term/Short-term Bank      5.00      CARE D/CARE D Revised
   Facilities                               from CARE BB-/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Pacific Paper Products (PPP) takes into account the delays in
debt servicing by PPP due to its stressed liquidity position.

Pacific Paper Products (PPP) is a partnership concern established
in 2006 by Mrs Snigdha Jhunjhunwala and Mrs Payal Bhutani. The
firm is engaged in the manufacturing and trading of paper
products. The manufacturing units are located in Rudrapur
(Uttrakhand), Delhi and Noida (Uttar Pradesh). The units located
at Delhi and Noida provide offset printing support to its main
manufacturing facility at Rudrapur. The firm has an installed
capacity to manufacture 2.60 crore sheets of computer stationary
leaves per annum, 0.90 crore sheets of plain copier paper/photo
copier/inkjet paper per annum and 1.00 crore sheets of multicolor
offset printed forms, books, covers, leaflets, posters, pads, and
other notebooks per annum. The products are sold to government
departments, banks, insurance companies, school and colleges. The
firm also exports composition notebooks and other products to
United States of America, United Arab Emirates, Iraq, South Africa
and Malawi.

For FY14 (refers to the period April 1 to March 31), PPP achieved
a total operating income of INR38 crore with net profit of INR0.96
crore as compared to the total operating income of INR28.49 crore
with net profit of INR0.31 crore in FY13.


PANDIT AUTOMOBILES: ICRA Reaffirms B+ Rating on INR8cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.10 crore long term fund based bank facilities of Pandit
Automobiles Private Limited. ICRA has also reaffirmed its short
term rating of [ICRA]A4 on the INR0.40 crore short term fund based
bank facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00       [ICRA]B+; reaffirmed
   Unallocated           0.40       [ICRA]B+/[ICRA]A4; reaffirmed
   Non Fund Based
   Bank Guarantee        1.00       [ICRA]B+; reaffirmed

ICRA's ratings continue to be constrained by the company's thin
profit margins and weak coverage indicators. Further, apart from
susceptibility to slowdown in the passenger vehicles (PV) segment,
PAPL is also subject to high competitive intensity, with pressure
to pass-on discounts to end customers. ICRA, however, positively
factors in PAPL's presence as an authorised dealer of Maruti
Suzuki India Limited (MSIL), the leader in the PV market in India,
as well as the extensive experience of its promoters. The ratings
also take into account the increasing operating income of PAPL,
aided by opening of new outlets in its territory.

PAPL's ability to scale up revenues and improve its capital
structure and debt protection metrics will be the key rating
sensitivities.

PAPL, a private limited company, was incorporated by Mr. Jitender
Sharma in 1998. The company is an authorized dealer of passenger
vehicles for MSIL. Mr. Sharma is the CEO of the company and
handles its day to day affairs. Currently PAPL operates a 3S
(sales, service and spares) outlet in Jagadhri in Yamunanagar
District of Haryana and has branches at Radaur, and Bilaspur in
Haryana along with a workshop in Yamunanagar city.

Recent results
In 2013-14, PAPL reported an operating income of INR72.5 crore and
a net profit of INR0.1 crore as against an operating income of
INR62.1 crore and a net profit of INR0.1 crore in the previous
year.


PARAS MOTOR: CRISIL Suspends B+ Rating on INR25MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Paras Motor Industries (PMI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        60         CRISIL A4
   Cash Credit           15         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    25         CRISIL B+/Stable


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

Set up in 1997, PMI is a proprietorship firm of Mr. Adish Jain; it
is engaged in the fabrication and manufacture of bus bodies. The
firm's plant is at Faridabad (Haryana).


PREMIER CONVEYORS: ICRA Withdraws C+ Rating on INR4.10cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]C+ assigned to
the INR4.10 crore fund-based facilities and the short-term rating
of [ICRA]A4 assigned to the INR4.00 non-fund-based facilities of
Premier Conveyors Private Limited, which were under notice of
withdrawal. The ratings are withdrawn as the period of notice of
withdrawal is completed.


R K ELECTRICAL: ICRA Suspends D Rating on INR24cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR24 crore fund
based limits of RK Electrical Industries (India) Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

R K Electrical Industries (India) Private Limited (RKEIPL) was
incorporated in the year 1974 by Mr. R.K Sethi and is engaged in
the business of manufacturing wires and cables. The company's
product profile includes Low Tension power cable, control cables,
instrumentation cables, low tension Aerial bunched cables (ABC).
The company also manufactures Signalling and quad cables for
Indian Railways.


RACHANA SEEDS: CARE Reaffirms B+ Rating on INR10.05cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Rachana
Seeds Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.05      CARE B+ Reaffirmed
   Short term Bank Facilities    30.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rachana Seeds
Industries Private Limited (RSIPL) continue to remain constrained
on account of fluctuating turnover coupled with weak financial
risk profile marked by thin profit margin, highly leveraged
capital structure, weak debt coverage indicators and stressed
liquidity position. The ratings further continue to remain
constrained due to susceptibility of its profit margins to
fluctuations in the raw material prices and foreign exchange rates
and its presence in a highly fragmented and seasonal agro-
commodity industry. The ratings factor in the decline in total
operating income and debt coverage indicators and elongation of
operating cycle along with improvement in profitability and
capital structure during FY14 (refers to the period April 1 to
March 31).

The ratings, however, continue to take into account vast
experience of the promoters, long track record of the company
in the groundnut processing industry and its proximity to the raw
material source.

RSIPL's ability to improve its profit margins in light of the
volatile raw material prices coupled with improvement in the
capital structure and debt coverage indicators remain the key
rating sensitivities. Furthermore, better management of
working capital thereby improving liquidity position would also
remain crucial.

RSIPL was formed in 1985 as a partnership firm Rachana Seeds
Industries (RSI) by Mr Vikram Duvani along with his mother Mrs
Sarojben Duvani. However, in February 2011, five new partners,
relatives of Mr Vikram Duvani, joined the business. Later in
October 2011, the firm was reconstituted into a private limited
company under its current name. RSIPL is engaged in the business
of processing and trading of agro commodities mainly groundnut
seeds. The company generates more than 90% of its revenue from
processing of groundnut seeds. RSIPL operates from its facility
located at Junagadh (Gujarat). RSIPL sells groundnut and groundnut
seeds in the domestic markets as well as exports it to Japan,
Ukraine, Netherland, Canada, Indonesia and Pakistan. Exports sales
comprised about 56% of the total sales of the company in FY14.

During FY14, RSIPL reported a total income of INR93.53 crore with
a PAT of INR0.53 crore as against a total income of INR116.97
crore and PAT of INR0.62 crore during FY13. During 9MFY15, RSIPL
has achieved TOI of INR112.45 crore.


RAMA NEWSPRINT: ICRA Withdraws C Rating on INR94.16cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the long term rating [ICRA]C assigned to the
INR94.16 crore long term loans & INR73 crore fund-based facilities
and A5 rating assigned to the INR60 crore short-term non-fund
based facilities of Rama Newsprint & Papers Limited, as the notice
period of three years since suspension of rating has expired.


RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the long term
fund based facilities of INR8.75 crore of Rameshwar Industries.

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

   Long Tern Fund
   Based-Term Loan        1.75        [ICRA]B reaffirmed

The reaffirmation of the rating continues to take into account the
relatively new and small scale of firm's operations; its weak
financial risk profile characterized by leveraged capital
structure and moderate coverage indicators; and the vulnerability
of firm's profitability to adverse movements in raw material
prices which are subject to seasonality and crop harvest. The
rating also takes into account the limited value additive nature
of firm's operations; the highly competitive and fragmented
industry structure given the low entry barriers as well as the
exposure to regulatory risks with regard to MSP for raw cotton and
cotton exports. ICRA also takes note of RI's constitution as a
partnership concern and the risks inherent in a partnership firm
with respect to capital withdrawals and its potential impact on
credit profile as well as on continuity of organization.
The rating, however, continues to favorably take into account the
longstanding experience of the partners in cotton industry; firm's
favorable location in Tankara, Gujarat- an area with easy
availability of raw cotton and the moderately diversified product
profile due to its presence in the crushing operations.

Established in May 2013, Rameshwar Industries (RI) is engaged in
cotton ginning, pressing and cotton seed crushing at Tankara,
Rajkot in Gujarat. The facility is equipped with 24 ginning
machines, 1 pressing machine and 5 crushing machines with
processing capacity of 17,740 metric tonnes of finished cotton and
13,140 metric tonnes oil annually. RI is a partnership firm with
the promoters having an extensive experience in the cotton
industry. RI commenced its commercial operations from January
2014.

Recent Results
For the year ended March 31st, 2014, RI reported an operating
income of INR6.82 crore and a profit before tax of INR0.14 crore.


REDSTONE GRANITO: CARE Assigns B+ Rating to INR14cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Redstone Granito Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.00      CARE B+ Assigned
   Short term Bank Facilities     6.00      CARE A4 Assigned

Rating Rationale

The ratings are constrained due to susceptibility of Redstone
Granito Pvt. Ltd.'s (RGPL's) profitability to volatile input
prices, high working capital intensity, modest scale of
operations, stressed debt protection indicators, high leverage and
its presence in the highly competitive ceramic tile manufacturing
industry which has close linkages to the cyclical real estate
sector.

The ratings, however, derive strength from the wide experience of
the promoters of RGPL in the tiles industry, its strategic
presence in the ceramic tile cluster of Gujarat and established
marketing and distribution network.

RGPL's ability to scale up its operation along with sustenance of
its profitability in the wake of rising fuel and power cost and
effective working capital management are the key rating
sensitivities.

Incorporated in December 2010, RGPL is engaged in manufacturing of
vitrified ceramic tiles. RGPL was promoted by Mr. Jagjivan
Varmora, Mr. Vishal Raiyani, Mr. Nilesh Bhalodia and Mr. Ramesh
Ranipa. Subsequently Mr. Jagjivan Varmora's stake was bought out
by Mr. Maganlal Kasundra. RGPL commenced production from November
2011 at its manufacturing facility located at Wankaner in Rajkot
district of Gujarat, which is a ceramic tile hub. RGPL has an
installed capacity of 70,000 Metric Tonne Per Annum (MTPA) as on
March 31, 2014. Also RGPL has commissioned its wall tiles
manufacturing facility in October 2014 with an installed capacity
of 19,000 MTPA.

During FY14 (refers to the period April 1 to March 31), RGPL
reported a total operating income of INR68.17 crore (FY13:
INR86.84 crore) with a PAT of INR3.39 crore (FY13: INR0.34 crore).
As per the provisional results for H1FY15, RGPL has reported a
total operating income of INR40.35 crore with a PBT of INR2.19
crore.


SABAR FLEX: CARE Lowers Rating on INR8cr LT Bank Loan to D
----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sabar Flex
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.00      CARE D Revised from
                                            CARE BB

   Short term Bank Facilities     0.50      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sabar Flex Industries (SFI) is primarily driven by a delay in debt
repayment due to weak liquidity position as well as delay in
receipt of subsidy from the government.

Establishing a clear debt servicing track record with an
improvement in the liquidity position and increase its scale of
operation with an improvement in profit margins and capital
structure are the key rating sensitivities.

Established during March 2007, SFI is a partnership firm promoted
by Mr Udesinh A. Parmar, Mr Chandrakanth H Patel, Mr Hikmat
Bahadur K Kunwar, Mr Ramesh Patel, Mr Vasant Patel, Mr Vinod Patel
and Mr Ramesh Shah. SFI is engaged in manufacturing of packaging
material like multi-layer laminated wrappers, stand up pouches for
all type of FMCG products, cosmetic products, automobile lubricant
packaging, etc. SFI's manufacturing is located at Himatnagar and
has an installed capacity of 2,300 Metric Tonne Per Annum (MTPA)
of L.D. Films and 2425 MTPA of laminated pouch printed bags as on
March 31, 2014. L.D. films are mainly used for manufacturing of
printed bags and pouches which in turn find application as a
packing material for salts, pesticides, insecticides and other
agri products.

During FY14 (refers to the period April 1 to March 31), SFI
reported a TOI of INR32.14 crore and PAT of INR0.80 crore as
against TOI of INR34.45 crore and PAT of INR1.03 crore during
FY13. During 9MFY15, SFI achieved a TOI of INR16 crore.


SAKET PROMOTERS: CRISIL Suspends B+ Rating on INR450MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Saket
Promoters Ltd (SPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility     450        CRISIL B+/Stable

   Proposed Short Term
   Bank Loan Facility     150        CRISIL A4


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

Incorporated in 2002, SPL is involved in real estate development
and execution of civil construction projects in Kolkata (West
Bengal). The company's day-to-day activities are being managed by
Mr. Sashi Kant Khetan.


SHUBHKAMNA BUILDTECH: CRISIL Suspends B Rating on INR1.3BB Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shubhkamna Buildtech Pvt. Ltd. (SBPL; part of the Shubhkamna
group).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility    1,300        CRISIL B/Stable

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

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

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

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


SJS MOTORS: ICRA Reaffirms B Rating on INR8.75cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR8.75 Crore
working capital facilities of SJS Motors at [ICRA]B. ICRA has also
assigned its rating of [ICRA]B to the INR1.25 crore unallocated
limits of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.75        ICRA]B; reaffirmed
   Unallocated           1.25        [ICRA]B; assigned

ICRA's ratings continue to be constrained by SJS' weak financial
risk profile marked by thin margins, high gearing and below
average debt protection metrics; although the firm's capital
structure has registered a slight improvement in 2013-14, relative
to the previous year. The rating reaffirmation also takes into
account the cyclicality in the commercial vehicles (CV) industry
as the business prospects of the firm are closely linked to the
demand for CVs. The CV industry was in a downturn for the past
couple of years, and this had affected the performance of the
firm, however the trend is reversing now and sale of HCVs has
started improving in FY15, this is expected to impact SJS' revenue
and profitability in the near-term. In addition, the firm faces
competition for sales from other OEM dealerships and for service
and spares from other Tata Motor Ltd's (TML's) dealerships in the
vicinity.

ICRA's ratings, however, positively factor in the strength derived
from SJS' dealership of TML, which is the market leader in the CV
industry in India. ICRA also factors in the firm's extensive
network comprising of seven sales, service and spares (3S)
facilities and around 10 touch points in the state of Uttar
Pradesh. Further, the extensive experience of the promoters in the
automobile dealership business continues to provide comfort to the
rating.

Going forward, the company's ability to increase its scale of
business, increase the proportion of service and spares income in
its overall operating income and attain a sustained improvement in
its leverage and coverage metrics, would be the key rating
sensitivities.

SJS came into existence in 2003 with Mr. Dhyan Singh, Ms. Narendra
Kaur, Mr. Rajveer Singh, and Mr. Udaiveer Singh as partners, to
carry on the business of sale of commercial vehicles, manufactured
by Tata Motors limited (TML). The partners have been in the
transportation business since the last six decades. The firm has
3S facilities in Daurala, Rithani in Meerut, and Hapur, Baghpat,
Saharanpur, Shamli and Muzaffarnagar in the adjoining regions. In
addition, the firm also has about 10 touch points in interior
towns of western UP.

Recent Results
In 2013-14, SJS reported a Profit after Tax (PAT) of INR0.1 Crore
on an Operating Income (OI) of INR269.2 Crore, against a PAT of
INR0.5 Crore on an OI of INR347.5 Crore for the previous year.


SMART CARD: CARE Assigns B+ Rating to INR46cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Smart Card IT Solutions Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      46        CARE B+ Assigned
   Short term Bank Facilities      6        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Smart Card IT
Solutions Limited (SCISL) are constrained by the limited track
record and relatively moderate scale of operations along with its
tight liquidity position. The ratings, also factor in the
operational risks involved in the execution of government-
sponsored projects along with presence of limited formal agreement
with clients rendering low revenue visibility.

The ratings, however, derive strength from the experienced
Director on board and support from the promoter in the form
of equity infusion along with SCISL's strategy to diversify in the
smart card segment minimizing the risk of technological
obsolescence. The ratings further take comfort from the growing
scale of operations of SCISL along with its healthy profitability
margins.

Going forward, the ability of SCISL to secure new work orders on a
consistent basis in a competitive environment and prudent working
capital management in light of the growing scale of operations are
the key rating sensitivities.

SCISL was incorporated as a public limited company in March, 2010
and is promoted by Mr Jitendra J Mehta (Chairman) and Mr Deven J
Mehta (Managing Director). Prior to incorporating SCISL, Mr
Jitendra J Mehta was heading 'SJ Impex' a sole proprietorship
concern engaged in the business of export license trading. SCISL
is engaged in complete process relating to manufacturing of smarts
cards from raw material procurement to smart cards personalization
at its manufacturing facility located at Sanaswadi Pune,
Maharashtra. SCISL has an installed capacity to manufacture 300
million cards per year. SCISL operates primarily into two segments
'Telecommunications segment' which includes Subscriber Identity
Module (SIM) Card and Removable User Identity Module (RUIM) Cards
and 'Government identity cards segment' which includes Driving
License Card (DLR), Vehicle Registration Card and membership cards
for government schemes like 'Financial Inclusion' and 'Rashtriya
Swasthya Bima Yojna (RSBY)'. SCISL is currently undertaking an
expansion project at its facility at Sanaswadi Pune, catering to
both the segments at a total cost of INR36 crore which is expected
to be completed by March 2015.

SCISL reported a total operating income of INR88.42 crore with a
PBILDT and PAT of INR9.93 crore and INR4.05 crore respectively in
FY14 (refers to the period April 1 to March 31) as against a total
operating income of INR41.16 crore with a PBILDT and PAT of
INR7.03 crore and INR1.47 crore respectively in FY13.


SOLACE ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Solace Engineers
(Mktg.) Pvt Ltd (SEPL) continue to reflect SEPL's small scale of
operations in the highly fragmented engineering industry and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that SEPL derives from its
promoters' extensive industry experience.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL A4 (Reaffirmed)
   Cash Credit          50         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive experience in the engineering
industry. The outlook may be revised to 'Positive' if SEPL
significantly scales up its operations, improves its working
capital management, and maintains its profitability. Conversely,
the outlook may be revised to 'Negative' in case of decline in the
company's revenue or profitability or weakening of its financial
risk profile because of low accruals or large debt-funded capital
expenditure or deterioration in liquidity driven by further
stretch in its working capital cycle.

Update
For 2013-14 (refers to financial year, April 1 to March 31), SEPL
registered net sales of INR129.4 million, compared with net sales
of INR83.2 million for 2012-13. For 2014-15, the company
registered sales of about INR140 million till December 2014 and is
likely to register sales of more than INR170 million for the year.
SEPL's operating profitability remains healthy, at 18.7 per cent
for 2013-14. The company reported a net profit of INR6.1 million
for 2013-14, as against INR2.2 million for 2012-13. With expected
improvement in sales, the company is likely to sustain its healthy
profitability over the medium term.

SEPL's operations remain working capital intensive, marked by
gross current assets (GCAs) of about 550 days as on March 31,
2014. The GCAs remained above 500 days over the four years ended
March 31, 2014, and are driven by large debtors and inventory.
CRISIL expects SEPL's GCAs to improve, but remain above 300 days,
over the medium term. In spite of large working capital
requirements, the company's financial risk profile remains
comfortable for the rating category, marked by gearing of about
0.6 times as on March 31, 2014.

Supported by healthy profitability, the company's interest
coverage ratio remains comfortable, at about 3.5 times for 2013-
14. On account of stretched working capital cycle, the company's
bank limit utilisation remains high, averaging 99 per cent over
the 10 months through September 2014. The company does not have
any term loan obligation, which supports its liquidity. Any
improvement in working capital cycle and liquidity will remain a
rating sensitivity factor.

Incorporated in 1988, SEPL is promoted by Vadodara (Gujarat)-based
Ghosh family. The company manufactures pharmaceutical machinery
such as sifters, post bin blenders, tablet auto coaters, fluid bed
processors, and rapid mixer granulators.


TECPRO ENGINEERS: CRISIL Suspends B+ Rating on INR200MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tecpro Engineers Ltd (TEL [formerly, Tecpro Engineers Pvt Ltd];
part of the Tecpro Engineers group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        500        CRISIL A4
   Cash Credit           200        CRISIL B+/Negative
   Working Capital
   Term Loan             150        CRISIL B+/Negative

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TEL with that of its wholly owned
subsidiary, Tecpro Infra-Projects Ltd (TIPL), together referred to
as the Tecpro Engineers group.

TEL, established in 2006, offers site services such as fabrication
and erection of civil structures and material-handling equipment,
and operation and maintenance for clients in the power sector. The
company was reconstituted as a public limited entity in February
2012. TIPL was established in 1981 as BESL Infra Projects Ltd,
TIPL is a contractor, catering primarily to the infrastructure
segment. The company is involved in the laying of water, oil, and
gas pipelines, fabrication work for industrial customers, and
civil construction. TEL and TIPL are part of the Tecpro group of
companies, which has business interests in manufacturing material-
handling equipment, boilers used in the power sector, cement, and
infrastructure.


TECPRO INFRA-PROJECTS: CRISIL Suspends B+ Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tecpro
Infra-Projects Limited (TIPL; part of the Tecpro Engineers group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       400         CRISIL A4
   Cash Credit          100         CRISIL B+/Negative

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TIPL and its parent, Tecpro Engineers
Limited (TEL), together referred to as the Tecpro Engineers group.

TEL, established in 2006, offers site services such as fabrication
and erection of civil structures and material-handling equipment,
and operation and maintenance for clients in the power sector. The
company was reconstituted as a public limited entity in February
2012. TIPL was established in 1981 as BESL Infra Projects Ltd,
TIPL is a contractor, catering primarily to the infrastructure
segment. The company is involved in the laying of water, oil, and
gas pipelines, fabrication work for industrial customers, and
civil construction. TEL and TIPL are part of the Tecpro group of
companies, which has business interests in manufacturing material-
handling equipment, boilers used in the power sector, cement, and
infrastructure.


TIRUPATI COTEX: ICRA Reaffirms B- Rating on INR6cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR6.00 crore (enhanced from INR4.00 crore) cash credit facility
and INR1.00 crore (reduced from INR1.67 crore) term loan facility
of Tirupati Cotex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B- reaffirmed
   Term Loan             1.00        [ICRA]B- reaffirmed

Rating Rationale

The reaffirmation of the rating factors in TC's modest scale of
operations with healthy growth in operating income in FY 2014 and
weak financial profile as reflected from thin profit margins,
stretched capital structure and poor debt coverage indicators. The
rating is further constrained by the highly competitive and
fragmented industry structure owing to low entry barriers; and the
vulnerability of the firm's profitability to raw material (i.e.
cotton) prices, which are subject to seasonality, crop harvest and
regulatory risks. ICRA also notes that as TC is a partnership
firm; any significant withdrawals from the capital account by the
partners would adversely affect its net worth and thereby its
capital structure; this remains a key rating sensitivity.

The assigned rating, however, favourably factors in the long track
record of the firm in the cotton ginning business, favourable
location of the firm's manufacturing facility in Falla, Jamnagar
in Gujarat, giving it an easy access to quality raw material and
healthy growth in TC's operating income in FY 2014.

Tirupati Cotex (TC) was established as a partnership firm in 2011
and is engaged in the business of ginning and pressing of raw
cotton. The firm commenced operations from February 2012. The
firm's manufacturing facility is located at Falla, Jamnagar in
Gujarat and is equipped with twenty four ginning machines and one
pressing machine. The firm is currently promoted by Mr. Gopal
Raithatha and five other partners.

Recent Results
During FY 2014, TC reported an operating income of INR35.27 crore
and profit after tax of INR0.22 crore as against an operating
income of INR15.14 crore and profit after tax of INR0.10 crore
during FY 2013.


TRANSAFE SERVICES: ICRA Withdraws B Rating on INR295cr Bank Loan
----------------------------------------------------------------
ICRA has withdrawn the suspended ratings of "[ICRA]B" and
"[ICRA]A4" assigned to the INR295 crore bank lines of Transafe
Services Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the ratings in case the ratings remain suspended for more
than three years.


UNITECH AUOTMOBILES: CARE Reaffirms B Rating on INR60cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Unitech
Auotmobiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      60        CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Unitech Automobiles
Private Limited (UAPL) continue to be tempered due to dealership
nature of automobile business and consequent limitation in growth
of profitability, high working capital intensive nature of
operations and highly leveraged capital structure. Besides, the
cyclicality of the automobile sector and the competitive Indian
automobile market constitute the other rating constraints. The
aforesaid risks are partially set off against the strength derived
from promoter and management's experience in the auto dealership
business, demonstrated financial support by the promoters and over
a decade long association with TML. The future prospects further
supported by a gradual improvement in industry are the other key
rating positives. Nevertheless, the ability of UAPL to maintain a
reasonable scale of operations amidst burgeoning competition and
receive continued financial support from the promoters comprises
the key rating sensitivities.

UAPL, incorporated in 1984 was co-founded by Mr Vinod Sharma, Mr
R.P. Mungrikar, Mr S. Premkumar and Mr N. Subramanium. UAPL is an
authorized dealer of Tata Motors Ltd (TML, Rated CARE AA) for
Mumbai, Thane and Raigad districts of Maharashtra region. It
offers the entire range of TML's commercial vehicles (light,
medium & heavy), spare parts and services. UAPL has one showroom
located on rented premise at Andheri, Mumbai and five rented sales
outlets in Raigad District. It also has a stockyard in Panvel.
Furthermore, UAPL has three service workshops in Nerul, Andheri
and Turbhe out of which the workshops at Nerul and Turbhe are
owned and the workshop at Andheri is rented.

During FY14 (refers to period April 1 to March 31), UAPL reported
a total income of INR575.90 crore and PAT of INR0.40 crore as
compared to a total income of INR821.88 crore and PAT of INR0.64
crore respectively during FY13. Furthermore, during H1FY15, UAPL
reported a total income of INR258.80 crore.


VIKROMAITIC STEELS: CRISIL Cuts Rating on INR60MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vikromaitic Steels Pvt Ltd (VSPL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

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

   Proposed Long Term    23        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan              7        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects VSPL's delay in repayment of its
term loans; the delay is on account of the company's weak
liquidity.

Also, VSPL is vulnerable to cyclicality in the steel industry
because of its small scale of operations. However, the company
benefits from its promoters' extensive experience in the steel
industry.

Incorporated in 1996, VSPL is promoted by Mr. Jaiprakash Choudhary
and his family members. The company has a manufacturing facility
in Deogarh (Jharkhand) with capacity of 15,000 tonnes per annum
(tpa) of thermo-mechanically treated (TMT) bars and a furnace with
capacity to produce 21,000 tpa of mild steel ingots.



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


B'ON FINANCIAL: Investors Paid Before Bust Face Claw Back Case
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the
liquidators of fraudster Jacqui Bradley's failed business are
mulling whether to try to claw back NZ$2 million from eight
investors who were paid out before her Ponzi scheme folded.

NZ Herald recalls that Ms. Bradley was sentenced to seven years
and five months' jail in 2012 for her prolonged and premeditated
defrauding of clients of B'On Financial Services, which she ran
with her now-deceased husband, Mike.

The former financial adviser, in her mid-60s, swindled 28
investors out of about NZ$15.5 million and was found guilty of 75
fraud-related charges, NZ Herald relates.

According to NZ Herald, Ms. Bradley's clients were told their
money was securely invested with a Macquarie Bank fund in
Australia, or had been used to buy New Zealand Government stock
and gold futures.  But these investments didn't exist. Instead,
client money was in a Ponzi-like scheme, being used by the
Bradleys to repay other B'On investors and fund the couple's
lifestyle, the report says.

It was spent on school fees, clothes shopping, payments on a BMW
and the mortgage on a Remuera home valued at $4.7 million in 2008,
NZ Herald recalls.

NZ Herald notes that B'On shut its doors in December 2009 and more
than five years later liquidators are considering trying to claw
back funds from investors paid out two years before the collapse.

"We have written to eight investors who received payments in [the]
two-year period prior to liquidation," NZ Herald quotes liquidator
Brian Mayo-Smith -- brian.mayo-smith@bdo.co.nz -- as saying in a
report released last week. "The total amount of the payments
detailed in these letters is NZ$2.04 million. At the date of this
report, we continue to assess the responses received and are
taking legal advice on the merits of pursing any claims further."

NZ Herald relates that Mr. Mayo-Smith said he was watching with
interest the claw-back test case involving Ross Asset Management,
but would not necessarily wait for its conclusion if starting his
own action.

Wellington-based RAM cost investors about NZ$115 million when it
collapsed in November 2012.  Investors are likely to get only a
fraction of this money back.  Its director, David Ross, ran the
country's largest Ponzi scheme and was sentenced to 10 years and
10 months' jail in 2013, NZ Herald notes.

The report says the firm's liquidators, John Fisk and David
Bridgman, have taken High Court action against three investors who
got payouts before the collapse.

The first of these test cases, where NZ$3.8 million is at stake,
is due to be heard in Wellington this March, NZ Herald says.

While several of Ross' victims welcome the claw-back, one burned
Bradley investor was against B'On's liquidators taking similar
action, according to NZ Herald.

The investor, who did not want to be named, lost hundreds of
thousands of dollars with the Bradleys and was concerned money
could have been funnelled overseas. He said the liquidators should
focus on recovering funds such as those instead of money from
investors, the report relates.

                     About B'On Financial

B'On Financial Services Limited was placed into voluntary
receivership on Dec. 22, 2009, owing approximately NZ$29 million
to approximately 86 investors.

In December 2010, the Serious Fraud Office laid 87 charges under
the Crimes Act against Michael John Bradley and Jacqueline
Lyndsay Bradley, the co-directors of B'On Financial Services Ltd,
for what is alleged to be the defrauding of approximately 85
investors of over NZ$15 million. The investigation identified
over 85 investors, but the charges relate to 24 investors in the
period 2003 to 2009.



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


SECURITY BANK: S&P Assigns 'BB+' Rating on Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to senior unsecured notes that Security Bank Corp.
(SBC: BB+/Stable/B; axBBB/axA-3) proposes to issue.

The notes will constitute direct, unsecured, and unsubordinated
obligations of SBC and shall rank equally with all other unsecured
obligations.



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


SEMILEDS CORP: Posts $4.37-Mil. Net Loss for Third Quarter
----------------------------------------------------------
SemiLEDs Corporation filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $4.37 million on $2.93 million of net revenue for the
three months ended Nov. 30, 2014, compared to a net loss of $6.35
million on $3.42 million for the same period during the prior
year.

The Company's balance sheet at Nov. 30, 2014, showed $50.3 million
in total assets, $11.5 million in total liabilities and total
stockholders' equity of $38.8 million.

The Company has suffered losses from operations of $24.8 million
and $42.7 million, gross losses on product sales of $11.3 million
and $14.7 million, and net cash used in operating activities of
$15.7 million and $14.5 million for the years ended Aug. 31, 2014
and 2013, respectively. Loss from operations, gross loss on
product sales and net cash used in operating activities for the
three months ended Nov. 30, 2014 were $4.4 million, $1.5 million
and $2.7 million, respectively. Further, at Nov. 30, 2014, the
Company's cash and cash equivalents is down to $8.7 million. These
facts and conditions raise initial substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/RoqGlE

SemiLEDs Corporation develops, manufactures and sells LED chips
and LED components that are among the industry-leading LED
products on a lumens per watt basis. The Company's products are
used primarily for general lighting applications, including street
lights and commercial, industrial and residential lighting. The
Company's LED chips may also be used in specialty industrial
applications, such as ultraviolet, curing of polymers, LED light
therapy in medical/cosmetic applications, counterfeit detection,
and LED lighting for horticulture applications. The Company is
based in Miao-Li County, Taiwan.



                             *********

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
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                 *** End of Transmission ***