TCRAP_Public/150225.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

         Wednesday, February 25, 2015, Vol. 18, No. 039


                            Headlines


A U S T R A L I A

EASTMARK HOLDINGS: First Creditors' Meeting Set For March 3
MARNONG PTY: First Creditors' Meeting Slated For March 3
MISSION NEWENERGY: Successfully Completes Transformation Plan
VOCATION LTD: Expects Up to AUD240MM Writedown; To Sell Assets


C H I N A

KAISA: Creditors Need to Allow Payment Halt, Sunac Manager Says
KAISA GROUP: Warns of 'Substantial Decline' in FY14 Earnings
MAOYE INTERNATIONAL: Moody's Alters 'Ba2' CFR Outlook to Negative
PARKSON RETAIL: Moody's Cuts CFR to 'Ba3', Outlook to Stable
WINLAND OCEAN SHIPPING: Court Issues Ch. 11 Stay Order

WINLAND OCEAN SHIPPING: Needs Until March 30 to File Schedules
WINLAND OCEAN SHIPPING: Seeks to Use CMB Cash Collateral


I N D I A

AI COTTON: CARE Reaffirms B+ Rating on INR14.22cr LT Bank Loan
AJAY HI-TECH: CRISIL Assigns B+ Rating to INR80MM Cash Credit
AKCT CIDAMBARAM: CRISIL Reaffirms B+ Rating on INR135MM Loan
ASHUTOSH CHAWAL: CARE Reaffirms B+ Rating on INR8cr LT Bank Loan
CUVV AUTOMOTIVES: ICRA Suspends D Rating on INR11cr Bank Loan

DECCAN ENGINEERING: CRISIL Puts B Rating on INR40MM Bank Loan
DJH TRADEX: CRISIL Assigns B Rating to INR35MM Bank Loan
ETISALAT DB: Bombay High Court Appoints Liquidator
FARMS INDIA: ICRA Suspends B+ Rating on INR5.46cr Bank Loan
GAHIR PAPER: CARE Assigns B+ Rating to INR4.70cr LT Bank Loan

GAYATRI IRON: ICRA Reaffirms B+ Rating on INR22.75cr LT Loan
HAVELI RESTAURANT: CARE Reaffirms B+ Rating on INR43.96cr Loan
HIMGHAR UDYOG: ICRA Assigns B- Rating to INR3.50cr Cash Credit
JAI SHIV: ICRA Reaffirms B Rating on INR15.50cr LT Loan
JINDAL TEXOFAB: ICRA Ups Rating on INR4cr Cash Credit to B-

KRISHNA GRUH: CRISIL Assigns B Rating to INR30MM Term Loan
LABDHI COTTON: CARE Assigns B+ Rating to INR5.42cr LT Bank Loan
MURLIDHAR PRINTERS: CARE Assigns B+ Rating to INR8.50cr LT Loan
P G SETTY: CARE Assigns B+ Rating to INR10.80cr LT Bank Loan
RAHUL TEXO: ICRA Assigns B+ Rating to INR5.80cr LT Loan

RIGA SUGAR: CARE Reaffirms B Rating on INR140.73cr LT Bank Loan
ROYAL PROPTECH: CARE Reaffirms B Rating on INR3cr LT Bank Loan
RUBY TRADELINK: CRISIL Cuts Rating on INR48MM Cash Loan to B+
SELVALATHA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
SERVOCONTROLS AEROSPACE: ICRA Reaffirms B Rating on INR2.9cr Loan

SHREENATHJI OIL: CARE Reaffirms B Rating on INR5cr LT Bank Loan
SHRI INDHIRA: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
SHRI SHANKER: ICRA Revises Rating on INR26.91cr LT Loan to B
SIVADHARSHINI PAPERS: CARE Reaffirms B Rating on INR18.78cr Loan
SUDHIR AGRO: ICRA Reaffirms B+ Rating on INR4cr Cash Credit

VAIBHAV GINNING: ICRA Reaffirms B+ Rating on INR65cr Cash Credit
VARDAAN EXPORTS: CARE Assigns B+ Rating to INR12cr LT Bank Loan
VELS INSTITUTE: CRISIL Reaffirms B+ Rating on INR430MM Term Loan
WATERLINE HOTELS: ICRA Reaffirms B- Rating on INR27cr Term Loan


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Director Must Repay NZ$174,000 of Legal Aid
HIGHFIELD PARK: Facing Liquidation Bid Over Unpaid Debt


                            - - - - -


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


EASTMARK HOLDINGS: First Creditors' Meeting Set For March 3
-----------------------------------------------------------
Philip Carter and Marcus Ayres of PPB Advisory were appointed as
administrators of Eastmark Holdings Pty Limited on Feb. 19, 2015.

A first meeting of the creditors of the Company will be held at
Wesley Conference Centre, 220 Pitt Street, in Sydney, on March 3,
2015, at 10:30 a.m.


MARNONG PTY: First Creditors' Meeting Slated For March 3
--------------------------------------------------------
Glenn Jeffrey Franklin and Glenn Jason Stone of PKF Melbourne were
appointed as administrators of Marnong Pty. Ltd. on Feb. 19, 2015.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
March 3, 2015, at 10:30 a.m.


MISSION NEWENERGY: Successfully Completes Transformation Plan
-------------------------------------------------------------
Mission NewEnergy Limited has successfully completed the company
transformation plan commenced in 2012. Management have continued
to improve the balance sheet and restructure the Company's
operations achieving major milestones in 2013 and 2014.

Mission announced the achievement of the final step of the
transformation plan being:

   * Completion of the sale of its 250,000 tpa biodiesel refinery
     for US$22.5 million

   * Settlement of all outstanding convertible note debt of
     approximately A$25 million

   * Retention of a 20% stake in a highly prospective Joint
     Venture with the world's largest oil palm plantation company
     and one of the United States' most promising disruptive
     fuels technology providers

   * Retention of approximately two years in general working
     capital to cover operational and legal expenses

Mission has added 40.28 cents per share of asset value on a fully
diluted basis from this Transaction including 10.44 cents per
share of cash and enterprise value of Mission's interest in the
Joint Venture of 29.84 cents per share.

Being well capitalized and with all debt removed, the company is
focused on driving its Joint Venture interest and is now capable
of executing on new opportunities.

As a result of the transaction all secured claims (including SLW
International and Mission) on Mission Biofuels Sdn Bhd and the
refinery have been unconditionally and fully released. Mission
also expects to show an impairment reversal of A$27.5 million in
the half year financials to Dec. 31, 2014.

About Convertible Note Settlement:

Note holders agreed to the settlement of the entire outstanding
amount of convertible notes of approximately A$25 million in
exchange for US$12 million (approximately A$15.4 million) from the
proceeds of the sale of the refinery, 100% of Mission's ownership
in Oleovest Pte Ltd and Mission Agro Energy Ltd and a contingent
claim on any proceeds returned to Mission from contractual
deposits held back from the sale of the refinery. Both Oleovest
and Mission Agro are dormant company with negative shareholders'
funds.

About Mission's Joint Venture:

The Joint Venture is expected to generate significant free
cashflow for Mission through the production and sale of low cost
sustainable biofuels into mandated markets of the United States
and Malaysia once the plant is refurbished and retro-fitted with
Benefuel's ENSEL technology.

The 20% in the joint venture comes from re-investment of US$2.85
million in cash from the sale of the refinery proceeds to the
Joint Venture.

The remaining cash from the proceeds of the refinery sale have
been utilised to comply with a consent order recorded by the high
court of Malaysia, settle secured inter company loans, other
contractual deposits as part of the sale agreement and the balance
to be used for general working capital purposes.

Share Issue

Mission has issued 15,000,000 shares pursuant to shareholder
approval on Oct. 27, 2015, and ASX waiver announced on Feb. 9,
2015.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


VOCATION LTD: Expects Up to AUD240MM Writedown; To Sell Assets
--------------------------------------------------------------
Kylar Loussikian at The Australian reports that Vocation Ltd is
expected to book a writedown of up to AUD245 million on goodwill
as it prepares to sell off parts of its business and launch a
turnaround strategy to stabilise the struggling business.

But no long-term deal was struck with the company's banks --
National Australia Bank, the Commonwealth Bank and Westpac -- with
the new arrangement only allowing for the completion of its
strategic review, The Australian relates.

According to the report, Vocation has until the end of May to
"materially deleverage" its balance sheet, which would require
asset sales.  Any future capital raising will have to be
immediately applied toward reducing debt before use for
acquisition or other activities, says The Australian.

Last month Vocation put itself and assets on the auction block
after announcing an expected AUD27 million loss for the first six
months of the year, The Australian discloses.

The Australian relates that Brett Whitford, the company's largest
shareholder and former executive, has opposed selling off assets
and said it seemed like the banks were "calling the shots".

Around 30 expressions of interest have been received for assets in
a process being run by 333 Capital. The most likely asset to be
sold is the Endeavour Learning Group, which Vocation acquired in
an AUD84 million all-debt deal completed in July, the report
notes.

The report discloses that the college, which offers courses in
natural health, could now be valued at about AUD60 million.

Vocation said it anticipated it would complete any sale processes
by the end of April, and "expects to have a viable ongoing
business after this," the report adds.

Vocation Limited (ASX:VET) -- https://vocation.com.au/ -- delivers
education and training services to corporate clients, individuals,
and ancillary services to third party VET providers in Australia.



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


KAISA: Creditors Need to Allow Payment Halt, Sunac Manager Says
---------------------------------------------------------------
Bloomberg News reports that Kaisa Group Holdings Ltd.'s creditors
need to allow suspension of payments to enable a debt agreement
and avoid a bankruptcy that could wipe out their investments, said
a manager hired by the company buying the Chinese homebuilder.

Meeting interest and principal obligations might derail debt
restructuring talks because Kaisa can't honor all payments, said
Wu Jiesi, a restructuring manager appointed by Sunac China
Holdings Ltd., the developer buying Kaisa.  A "satisfactory"
resolution of Kaisa's debts is a precondition to completing the
acquisition, he told Bloomberg News.  Mr. Wu was hired in January
as Sunac's chief M&A and restructuring officer, Bloomberg notes.

Kaisa, which is embroiled in an anti-graft probe, missed a coupon
payment in January on dollar bonds due in 2020. It avoided
becoming the first Chinese homebuilder to default on such
securities when it met the obligation at the end of a 30-day grace
period earlier this month. Two more bond coupons come due on March
18 and March 19.  According to Bloomberg, Mr. Wu said decisions on
any noteholder losses will be made only after a Deloitte & Touche
LLP audit of Kaisa's books and "there are many possibilities."

"Sunac's acquisition of Kaisa is a commercial action and needs to
be in line with all Sunac shareholders' interest," Mr. Wu said by
phone from Shenzhen on Feb. 21, Bloomberg relays. "The interests
of Kaisa creditors are also very important, and the best
protection is Kaisa sustaining its operations."

Bloomberg recalls that Sunac Chairman Sun Hongbin said in a
Feb. 4 interview that even as he didn't want creditors to suffer
losses, he needs time and revisions to some debt terms, without
specifying.

A "reasonable" deal with creditors should give Kaisa a sustainable
debt structure along with the capability for healthy operation and
payment of rearranged debts, Mr. Wu told Bloomberg. Such a deal
would strike a balance between Kaisa's creditors, minority
shareholders and Sunac, Mr. Wu said, as cited by Bloomberg. It
would also treat onshore and offshore investors equally and be
timely enough to avoid value destruction, he added.

"Wu definitely wants to protect Sunac shareholders while having
discussions with creditors and the Shenzhen government, who might
have an important role in the backdrop," Bloomberg quotes
Nicolas Chan, an analyst who focuses on special situations at
Louis Capital Markets (Hong Kong) Ltd, as saying. "Sunac has the
discretion to waive all conditions for the offer, including
successful resolution of debt obligations. I'm optimistic about
issues being resolved through further talks."

                        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
Feb. 11, 2015, Moody's Investors Service placed Kaisa Group
Holdings Ltd's Ca corporate family and senior unsecured debt
ratings under review for upgrade.

On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.

On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.

The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.


KAISA GROUP: Warns of 'Substantial Decline' in FY14 Earnings
------------------------------------------------------------
Lee Meixian at The Business Times reports that Kaisa Group
Holdings on Feb. 24 warned that is likely to report a slump in
FY14 earnings compared to the previous year.

"The board wishes to inform the shareholders of the company and
the potential investors that, based on a preliminary review of the
financial information that is currently available to the
management of the company, it is expected that the group will
experience a substantial decline in its consolidated net profit
attributable to owners of the company for the year ended 31
December 2014 as compared with the year ended 31 December 2013,"
Kaisa said in a filing to Singapore Exchange, the report relays.

Last week, the company disclosed that its debts totalled more than
US$10 billion and said it needed to urgently restructure its
borrowings in order for a proposed rescue deal (by way of a
conditional mandatory cash offer) from Sunac China Holdings to
proceed, according to The Business Times.

Kaisa's shares are listed on the Hong Kong Stock Exchange, but it
has bonds which are traded in Singapore. Last month, it failed to
make a US$26 million interest payment on its bonds due to mature
in 2020, the report notes.

                        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
Feb. 11, 2015, Moody's Investors Service placed Kaisa Group
Holdings Ltd's Ca corporate family and senior unsecured debt
ratings under review for upgrade.

On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.

On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.

The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.


MAOYE INTERNATIONAL: Moody's Alters 'Ba2' CFR Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service revised Maoye International Holdings'
rating outlook to negative from stable.  Moody's has also affirmed
Maoye's Ba2 corporate family rating and Ba3 senior unsecured bond
rating.

"The change in outlook primarily reflects Maoye's higher than
expected financial leverage for 2014," says Lina Choi, a Moody's
Vice President and Senior Analyst.

"The rating also incorporates our expectation that Maoye's
financial leverage will remain elevated over the next 12-18 months
in the absence of large-scale earnings and cash flow from its
property business, given the challenging property market in
China," says Choi.

Maoye's adjusted EBITDA fell 10% year-on-year to RMB1,610 million
in 2014 from RMB1,793 million in 2013 and its adjusted EBITDA
margin declined to 37.0% in 2014 from 39.2% in 2013, because
earnings in its property business deteriorated materially over the
year.  The decreased earnings resulted from a challenging property
market, especially for the lower-tier cities where most of Maoye's
inventory is located.

However, the company's reported operating profit for its retail
business increased to RMB1.3 billion in 2014 from RMB1.2 billion
in 2013--excluding a one-off non-cash gain of RMB1.05 billion--
because of good cost control and rationalization of its
merchandizing mix.  This was despite a 4.6% year-on-year decline
in retail revenue, which was driven by weak retail sentiment and
intensifying competition from other retail formats.

Maoye's adjusted debt grew 32% year-on-year to RMB11.3 billion at
end-2014 mainly because it took on sizeable incremental debt to
fund land prepayments and construction costs for its property
projects. Moody's estimates up to 80% of Maoye's reported debt
relates to its property business.

As a result of the weakened earnings and the debt increase,
Maoye's adjusted debt/EBITDA increased to 7.0x at end-2014 from
4.7x in 2013. This leverage level is weak for its Ba2 CFR
category.

Moody's expects Maoye's adjusted debt/EBITDA to remain above 6x
over the next 12-18 months, unless the company can quickly
monetize its property inventory. But a large-scale monetization is
unlikely, given the persistently weak property market conditions
in China.

This view is also based on the assumption that a further increase
in its debt will be limited, given that its estimated capital
spending of around RMB1.5 billion for the year ahead will be
largely met by its operating cash flow.  Maoye indicated that it
would not incur meaningful expenditure to purchase new land bank.

While Moody's expects the overall retail environment to remain
challenging in the next 12-18 months, Maoye's ownership of a large
percentage of its stores and history of maintaining an optimal
product mix should help stabilize its retail earnings.

Maoye's liquidity remains weak.  It had RMB717 million cash and
equivalents at end-2014, insufficient to cover its short-term debt
of RMB1,825 million.  However, Maoye has a strong onshore
financing ability. In January 2015, the company issued RMB800
million in medium-term notes at 5.2%.

Near-term upgrade pressure will be limited, given the negative
outlook.  However, the outlook could return to stable if the
company (1) successfully implements its business plan; and (2)
improves operating cash flow and generates positive free cash
flow; and (3) improves its credit metrics, such that adjusted
debt/EBITDA falls below 5.0-5.5x.

Downgrade pressure could arise if (1) Maoye is unable to sell its
development properties; (2) it invests in additional new projects
that further delay deleveraging; (3) it records a material
deterioration in sales and cash flows at its existing stores, or
takes longer than expected to break even at its new stores; or (4)
its liquidity weakens materially.

Credit metrics indicating downgrade pressure include adjusted
debt/EBITDA that exceeds 5.5-6.0x.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.

Maoye International Holdings Limited is one of the leading
department store operators in China (Aa3 stable).  Headquartered
in Shenzhen, Guangdong Province, the company has built a strong
position in its home market, while strategically expanding
elsewhere in the country.

Since the opening of its first department store in 1997, the
company has progressively expanded its business to 40 stores in 18
cities across China's four main regions.  The fast expansion has
resulted in a geographically balanced portfolio of relatively
young stores.


PARKSON RETAIL: Moody's Cuts CFR to 'Ba3', Outlook to Stable
------------------------------------------------------------
Moody's Investors Service downgraded Parkson Retail Group
Limited's corporate family rating and senior unsecured bond
ratings to Ba3 from Ba2.

The outlook for the ratings is revised to stable from negative.

"The rating downgrade mainly reflects Parkson's weaker than
expected financial results in 2014 and our expectation that its
profitability and financial leverage will remain weak over the
next 12-18 months, given the challenging retail market
conditions," says Lina Choi, a Moody's Vice President and Senior
Analyst.

Parkson's adjusted EBIT margin fell to 20.5% in 2014 from 22.2% in
2013, the fourth consecutive year-on-year decline since 2011.  The
fall in its adjusted EBITDA was less severe at about 2 percentage
points.

The weaker results were mainly driven by a 4.2% decline in gross
sales proceeds (GSP), which in turn resulted from intensifying
competition from online retailing and the increasing number of
shopping malls.  The profitability of its mature stores declined
as a result, while it will take longer for its new stores to start
contributing profit.  The weakening results also reflected
increased rental expenses and selling, general and administrative
costs, because of its lease stores-centered store mix.

Moody's expects the company's adjusted EBIT margin to stay weak at
18%-20% over the next 12-18 months, because the challenging
competitive landscape and increasing rental expenses will offset
Parkson's cost cutting efforts.  This level of profitability is no
longer in line with the Ba2 rating category. In addition, Moody's
expects Parkson's GSP to decline by a further 3%-5% over the next
12-18 months.

Parkson's adjusted debt/EBITDA grew to about 6.0x in 2014 from
5.4x in 2013, because of lowered earnings and increased adjusted
debt.  The increase in adjusted debt was a result of higher rental
expenses -- which Moody's treats as adjusted debt -- and sizeable
capital expenditure to fund its store expansions.

Moody's expects Parkson's adjusted debt/EBITDA to remain elevated
at 6.0x-6.5x over the next 12-18 months, given its lowered
earnings and investments to increase self-owned stores.  This
level of leverage is more consistent with the Ba3 rating category.

At the same time, Parkson's Ba3 ratings continue to be supported
by its competitive position in China's fragmented department store
industry, its low inventory risk and good liquidity stemming from
its large liquidity holdings.

The stable outlook reflects Moody's expectation that Parkson's
overall financial profile will remain stable and that it will
maintain its solid liquidity over the next 12-18 months.

The rating could experience upgrade pressure if Parkson curbs the
deterioration in same-store-sales at its mature stores and turns
around the profitability of its new stores.

Metrics that Moody's will consider for an upgrade include (1)
adjusted EBIT margin above 22%-24%; and (2) adjusted debt/EBITDA
below 5.5x on a sustained basis.

The rating could experience downward pressure if Parkson fails to
stabilize its profitability and financial metrics due to (1)
rising competition; (2) reduced bargaining power over its
concessionaires/suppliers; or (3) large investments in store
expansion.

Credit metrics indicative of downgrade pressure include adjusted
EBIT margin below 16%-18% and adjusted debt/EBITDA above 7.0x-7.5x
on a sustained basis.

Furthermore, any sign that the company is extending financial
support to its parent, the Lion Group (unrated), will also
pressure Parkson's corporate family rating.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China.  At end-2014, Parkson owned 58 stores and managed
two stores.  The 60 stores were spread across 37 Chinese cities.
The company targets the middle- and middle-upper end of the
Chinese retail market. It is 52.1%-owned by Parkson Holdings
Berhad (unrated), an affiliate of Malaysia's Lion Group.


WINLAND OCEAN SHIPPING: Court Issues Ch. 11 Stay Order
------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas, Victoria Division, issued an order enforcing
and restating automatic stay so that all persons, including but
not limited to China Merchants Bank Co. Ltd., Grand Capital
International Limited, Milestone Shipping, S.A., and Citic Bank
Co., Ltd., are stayed, restrained and enjoined from:

   (a) commencing or continuing any judicial, administrative, or
       other action or proceeding against the Debtors that was or
       could have been commenced before the commencement of the
       Debtors' Chapter 11 cases or recovering a claim against
       the Debtors that arose before the commencement of the
       Debtors' Chapter 11 cases;

   (b) enforcing, against the Debtors or against property of
       their estates, a judgment or order obtained before the
       commencement of the Debtors' Chapter 11 cases;

   (c) taking any action to obtain possession of property of the
       Debtors' estates or to exercise control over property of
       the estates or interfere in any way with the conduct by
       the Debtors of their businesses, including, without
       limitation, attempts to interfere with deliveries or
       events or attempts to arrest, seize or reclaim any
       vessels, ships, equipment, supplies or other assets the
       Debtors use in their businesses;

   (d) taking any action to create, perfect or enforce any lien
       against property of the Debtors' estates;

   (e) taking any action to create, perfect or enforce against
       property of the Debtors any lien to the extent that that
       lien secures a claim that arose prior to the Petition
       Date;

   (f) taking any action to collect, assess or recover a claim
       against the Debtors that arose prior to the Petition Date;

   (g) offsetting any debt owing to the Debtors that arose before
       the Petition Date against any claim against the Debtors;
       and

   (h) commencing or continuing any proceeding before the U.S.
       Tax Court concerning the Debtors.

                   About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia. Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007). The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas. The petition was signed by Robert E. Ogle, chief
restructuring officer.


WINLAND OCEAN SHIPPING: Needs Until March 30 to File Schedules
--------------------------------------------------------------
Winland Ocean Shipping Corporation, et al., ask the U.S.
Bankruptcy Court for the Southern District of Texas, Victoria
Division, to extend to March 30, 2015, the time to file schedules
of assets and liabilities and statements of financial affairs.

Ruth E. Piller, Esq., at Okin & Adams LLP, in Houston, Texas,
tells the Court that the size and complexity of the bankruptcy
cases, the number of Debtors and the volume of material that must
be compiled and reviewed by the Debtors' staff to complete the
Schedules and Statements for each of the Debtors during the early
days of the Chapter 11 cases provide ample cause justifying this
requested extension. Indeed, Ms. Piller notes, the original
records are in China, the documents are in Chinese and a
significant portion of the Debtors' staff do not speak English. In
addition, the fourteen-hour time difference between Houston and
China makes communication with the Chinese office onerous, Ms.
Piller says.

                   About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia. Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007). The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas. The petition was signed by Robert E. Ogle, chief
restructuring officer.


WINLAND OCEAN SHIPPING: Seeks to Use CMB Cash Collateral
------------------------------------------------------
Winland Ocean Shipping Corporation, et al., seek authority from
the U.S. Bankruptcy Court for the Southern District of Texas,
Victoria Division, to use cash collateral securing their
prepetition indebtedness from China Merchants Bank Co., Ltd., as
working capital in the operation of their business.

The Debtors' acquisition of two of the Vessels -- M.V. Fon Tai and
M.V. Rui Lee -- was partially financed with funds loaned by CMB.
By a certain facility agreement dated March 26, 2010, made by and
among CMB, as lender, Fon Tai and Won Lee, as joint and several
borrowers, SkyAce, as corporate guarantor, and Li and Xue as
individual guarantors, CMB made available to Fon Tai and Won Lee a
secured loan facility of $37 million for the finance and
construction of M.V. Fon Tai and M.V. Rui Lee.

As of June 30, 2011, the Debtors drew down $37 million from the
CMB Facility for the purpose of commencing the building of these
two vessels. Currently, there is approximately $25.9 million
outstanding in principal plus accrued interest on the CMB
Facility.

As adequate protection for the diminution in value of Cash
Collateral, the Debtors will (i) provide an existing equity
cushion, (ii) maintain the value of their business as a
going-concern, (iii) provide replacement liens upon now owned and
after acquired cash to the extent of any diminution in value of
Cash Collateral, and (iv) provide superpriority administrative
claims to the extent of any diminution in value of Cash
Collateral.

                   About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia. Winland Ocean Shipping is based in Sheung Wan,
Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007). The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas. The petition was signed by Robert E. Ogle, chief
restructuring officer.



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


AI COTTON: CARE Reaffirms B+ Rating on INR14.22cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of AI
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.22      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of AI Cotton Industries
(ACI) continues to remain constrained on account of its presence
in the fragmented cotton industry with limited value addition and
weak financial risk profile marked by its modest scale of
operations, thin profitability, leveraged capital structure and
weak debt coverage indicators.

The rating continues to be constrained on account of volatility
associated with the raw material prices, its presence in a
competitive industry with seasonality associated with raw material
availability, susceptibility to the change in government policies
and its constitution as proprietorship firm resulting in limited
financial flexibility of the firm. The rating factors in the
decline in operating income and cash accruals and elongation of
working capital cycle along with slight moderation in leverage
position during FY14 (refers to the period April 1 to March 31).

The above constraints continue to outweigh the benefits derived
from the promoters' experience in the cotton ginning business and
location advantage in terms of proximity to the cotton-growing
region in Gujarat.

The ability of ACI to increase its scale of operations and move up
in the cotton value chain thereby improving its overall financial
profile and better working capital management are the key rating
sensitivities.

ACI, established in December, 2007 as a sole proprietor ship firm
by Mr Rasiklal Thakker, is engaged in the cotton ginning and
pressing activity in Kutch (Gujarat). It has installed capacity of
5,940 Metric Tonnes per Annum (MTPA) for cotton bales, 11,031 MTPA
for cotton seeds and 160 MTPA for Cotton wash oil at its sole
manufacturing unit located in Kutch, Gujarat.

As per the audited results for FY14, ACI reported net profit of
INR0.08 crore on a total operating income (TOI) of INR27.94
crore as against PAT of INR0.09 crore on a TOI of INR48.12 crore.
As per the provisional results for 9MFY15, ACI registered a
turnover of INR35.41 crore.


AJAY HI-TECH: CRISIL Assigns B+ Rating to INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Ajay Hi-Tech Agro Foods (AHAF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable
   Long Term Loan        20        CRISIL B+/Stable

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

Outlook: Stable

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

Set up in 2007 as a partnership firm, AHAF mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. S. Raja and his family members and is based out of
Karaikudi (Tamil Nadu).

AHAF reported a profit after tax (PAT) of INR3.6 million on net
sales of INR408.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.7 million on net sales
of INR329.5 million for 2012-13.


AKCT CIDAMBARAM: CRISIL Reaffirms B+ Rating on INR135MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of AKCT
Cidambaram Cotton Mill Pvt Ltd (ACCMPL; part of the AKCT group)
continues to reflect the AKCT group's below-average financial risk
profile, marked by moderate gearing and weak debt protection
metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           135        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     37.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              15        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the group's large working capital
requirements and exposure to supplier concentration risk. These
rating weaknesses are partially offset by its promoters' extensive
experience in the textiles industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shri Indhira Cotton Mills Pvt Ltd (Shri
Indhira), ACCMPL, and its newly acquired subsidiary DPN Spinners
Pvt Ltd (DPN). This is because the three compzanies, together
referred to as the AKCT group, have common promoters, operate in
the same line of business, and have financial fungibility.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit over
the medium term from its established position in the textiles
industry. The outlook may be revised to 'Positive' if the group
improves its scale of operations and profitability, leading to
sustained and significant improvement in its cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or large working capital
requirements or aggressive debt-funded expansion, leading to
weakening of the group's financial risk profile.

Update
The AKCT group's operating income declined to INR823 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR878 million in 2012-13 on account of decline in trading
activity. The group's operating margin declined to 4.1 per cent
during 2013-14 from 10.1 per cent during 2012-13 on account of
trading losses. However, the group's performance is expected to
improve gradually over the medium term. The group reported revenue
of INR382 million and operating margin of 11.3 per cent for the
six months through September 2014. CRISIL believes that the AKCT
group's revenue will grow moderately over the medium term
supported by moderate demand growth.

The AKCT group's financial risk profile is marked by moderate
capital structure and constrained by weak debt protection metrics.
The group had a net worth of INR247 million and gearing of 1.35
times as on March 31, 2014. However, on account of decline in
operating profitability, its interest coverage declined to 0.88
times during 2013-14 from 1.71 times in 2012-13. With expected
recovery in its operating profitability, the group's debt
protection metrics are expected to improve over the medium term.
CRISIL believes that the AKCT group's financial risk profile will
remain moderate over the medium term, on account of limited
accretion to reserves.

The group has moderate liquidity. Its annual cash accruals are
expected in the range of INR  28 million to INR35 million against
debt obligation of INR14 million to INR18 million per annum, over
the medium term. It utilised its bank limits moderately, at an
average of 84 per cent during the 12 months through September
2014. CRISIL believes that the AKCT group will have adequate
liquidity over the medium term with sufficient cash accruals.
Shri Indhira was established in 1956 in Chennai (Tamil Nadu).
ACCMPL was incorporated in Chennai (Tamil Nadu) in 2006. These
companies manufacture 100 per cent polyester yarn. In 2012-13,
ACCMPL acquired DPN, which also manufactures 100 per cent
polyester yarn.


ASHUTOSH CHAWAL: CARE Reaffirms B+ Rating on INR8cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Ashutosh
Chawal Udyog.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.00       CARE B+ Reaffirmed

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 withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The rating continues to remain constrained on account of weak
financial risk profile of Ashutosh Chawal Udyog (ACU) marked by
thin profitability margins, highly leveraged capital structure and
moderately stressed liquidity profile. The rating is, further,
constrained on account of its presence in a highly fragmented and
regulated industry and seasonability associated with the business.

The rating, however, continues to derive strength from the
experience of management in the industry and its established track
record of operations with proximity to raw material sources. The
ability of the firm to increase its scale up operations along-with
improvement in the profitability and capital structure amidst
growing competition are the key rating sensitivities.

Bundi-based (Rajasthan) ACU was formed in 1981 as a proprietorship
concern by Mr Chouthmal Maheshwari for carrying out the business
of trading and processing of paddy to produce rice. However, due
to death of the proprietor in February 2013, the constitution of
the firm was changed to partnership. Currently, there are four
partners in the firm, viz, Mr Vijendra Kumar Maheshwari, Mr Satya
Narayan Jajoo, Mr Chetanya Kumar Jajoo and Mr Narendra Kumar Jajoo
sharing profit and loss equally.

Over the years, ACU expanded its installed capacity for processing
of rice by installing new machineries and had an installed
capacity of 43,800 metric tonne per annum (MTPA) as on March 31,
2014. Its rice mill is located in Bundi and spread across 2,623
sq. meter area. The firm sells rice under the brand name of
'Double Katar' and 'Basant Bahar'.

Furthermore, the firm also sells by-products of rice, viz, husk
and rice bran. As per the audited results for FY14 (refers to the
period April 1 to March 31), ACU has reported a total operating
income of INR36.47 crore as against INR27.02 crore during FY13 and
PAT of INR0.29 crore during FY14 as against INR0.65 crore during
FY13.


CUVV AUTOMOTIVES: ICRA Suspends D Rating on INR11cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR11.00 crore bank facilities of CUVV Automotives Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

CUVV Automotives Private Limited was established in 2008 and
commenced operations from January 2009 as a dealer for Tata Motors
passenger vehicles for Palakkad district of Kerala.

The Company traces its roots to M/s Vijay Motors, a partnership
firm promoted by three of the directors of CUVV. Vijay Motors
started in 2000 as a Tata authorised service point, which
subsequently upgraded in 2004 to a Tata authorised service centre
and in 2008, it was awarded the dealership of passenger vehicles
for Palakkad district. The three promoters of the partnership firm
-- Mr. A P Vijayan, Mr. A P Unnikrishnan and Mr. A P Vinod along
with Mr. T P Chakrapani, a Dubai based businessman and a relative
of directors formed the current company -- CAPL.


DECCAN ENGINEERING: CRISIL Puts B Rating on INR40MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Deccan Engineering Constructions Pvt Ltd
(DECPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft      30         CRISIL B/Stable
   Facility
   Bank Guarantee         30         CRISIL A4
   Proposed Long Term
   Bank Loan Facility     40         CRISIL B/Stable

The ratings reflect the company's modest scale of, and working-
capital-intensive, operations in the civil construction industry.
These rating weaknesses are partially offset by the extensive
industry experience of DECPL's promoters.

Outlook: Stable

CRISIL believes that DECPL will continue to benefit over the
medium term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations and profitability, or if it improves its working
capital management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
DECPL records a decline in its accruals, or if substantially large
working capital requirement weakens its financial risk profile.

DECPL is a Chennai-based civil contractor. The company's day-to-
day operations are managed by its director Mr. V V D Murali.

For 2013-14 (refers to financial year, April 1 to March 31), DECPL
reported net profit of INR3.04 million on contract receipts of
INR68.56 million; the company reported net profit of INR4.91
million on contract receipts of INR96.54 million for 2012-13.


DJH TRADEX: CRISIL Assigns B Rating to INR35MM Bank Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of DJH Tradex Pvt Ltd (DJHTPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            15         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     35         CRISIL B/Stable

The rating reflects DJHTPL's small scale of operations in the
intensely competitive textile trading industry and average
financial risk profile, marked by high total outside liabilities
to tangible net worth (TOLTNW) ratio and small net worth. These
rating weaknesses are partially offset by its promoters' extensive
experience in the textile trading industry and established
relationship with its customers and suppliers.

Outlook: Stable

CRISIL believes that DJHTPL will benefit from its promoters'
extensive experience in the textile industry. The outlook may be
revised to 'Positive' in case its financial risk profile improves
supported by equity infusion by promoters or increase in revenue
and operating profitability. Conversely, the outlook may be
revised to 'Negative' if DJHTPL's financial risk profile,
particularly liquidity, weakens on account of further decline in
its revenue and profitability, or large debt-funded capital
expenditure, or increase in working capital requirements.

DJHTPL, incorporated in November 2013 by the New Delhi-based
Singhi family, commenced operations in February 2014. It trades in
grey and hosiery fabric. Mr. Bikash Singhi and his wife, Ms.
Dimple Singhi manages its day-to-day operations.


ETISALAT DB: Bombay High Court Appoints Liquidator
--------------------------------------------------
Mumbai Mirror reports that Etisalat DB Telecom Private Ltd, a
joint venture between DB and the UAE government-controlled
Etisalat Mauritius Limited, has been placed in liquidation.  The
Bombay High Court has ordered that the company be wound up, the
report says.

Etisalat DB is one of the companies embroiled in the 2G
controversy and its directors, Mumbai-based Shahid Balwa and Vinod
Goenka, are facing criminal proceedings along with former
Telecommunications Minister A Raja, says Mumbai Mirror.  All three
are on bail, the report notes.

According to Mumbai Mirror, Justice S J Kathawalla, while passing
the judgement last week, also confirmed the appointment of an
Official Liquidator, who will now take care of the expenses of the
company till all its creditors are paid off.

Usually, promoters are at liberty to seek revival of the company,
if they have a concrete revival scheme. In this case, one revival
plan has already been rejected by the HC, the report states.

Mumbai Mirror says Etisalat Mauritius Limited's petition, which
held over 44 per cent stake in the Indian venture, was defended
mainly by Majestic Infracon Pvt Ltd, which held over 45 per cent
stake.  Majestic is 100 per cent owned and controlled either
directly or indirectly by Balwa and Goenka, according to the
judgement cited by Mumbai Mirror.

Etisalat Mauritus also pointed out to the court that the Majestic
was earlier known as Tiger Trustees Pvt. Ltd, which, CBI alleged,
was an associated company of Reliance, the report states.

Mumbair Mirror adds that the court observed while Reliance
Infratel and Reliance Communications had filed petitions before
the Telecom Disputes Settlement and Appellate Tribunal for claims
amounting to INR1,679 crore against Etisalat DB, they did not
support the winding-up petition before the HC admitted it and
later did not make any submissions.

As per the last "list of claims" provided to the court, Etisalat
DB owed INR4,186 crore to its various creditors as on April 12,
2013, the report discloses.  "Lack of faith between major
shareholders" has been cited as an important reason for winding-up
of the company, according to Mumbai Mirror.


FARMS INDIA: ICRA Suspends B+ Rating on INR5.46cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.46 crore bank facilities of Farms India Chicken. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

Established in 1987, Farms India Chicken (FIC) is engaged in
hatchery operations and manufacturing of poultry feeds. FIC was
promoted by Mr. T.S Pramod who is the managing partner of the
firm. His brother, Mr. T.S Praveen and brother in law, Mr. Bini
E.G are the other partners of the firm. The firm has a breeding
unit and feed unit in Pollachi, Tamil Nadu. FIC's revenue mainly
come from sale of feeds. The firm sells all hatchable eggs and
feeds to its sister concern -- Sree Vinayaka Feeds and PTS
Agencies. FIC Group at present has 350 franchisees with an area of
more than 10 lacs Sq.ft. and a rearing capacity of 1 lac birds per
week.


GAHIR PAPER: CARE Assigns B+ Rating to INR4.70cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Gahir Paper Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4.70       CARE B+ Assigned
   Short term Bank Facilities    2.00       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Gahir Paper Mills
Limited (GPM) are constrained by GPM's relatively small scale of
operations with low net worth base, weak financial risk profile
marked by declining profitability margins, leveraged capital
structure, weak coverage indicators and working capital-intensive
nature of operations. The ratings are further constrained by
highly competitive industry along with susceptibility of margins
to volatility in the prices of raw material.

The ratings, however, favourably take into account the experienced
management and stable demand indicators from enduser industry.

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

GPM is a closely-held limited company incorporated in 1988. It is
currently being managed by Mr Suresh Kumar Gupta, Mr Pulkit Gupta
and Mr Lakshay Gupta. The company is engaged in the manufacturing
of writing paper and printing paper at its manufacturing facility
located in Sunam, Punjab, with total installed capacity of 9,000
ton per annum (TPA) as on March 31, 2014. The main raw material is
waste paper, which is procured from dealers and agents across the
India. The company sells its products, ie, kraft paper, kraft
board and duplex board directly to wholesalers and
traders/distributors on pan India basis.

For FY14 (refers to the period April 01 to March 31), GPM reported
a total income of INR15.84 crore with PBILDT and PAT of INR1.37
crore and INR0.22 crore, respectively, as against the total income
of INR10.43 crore with PBILDT and PAT of INR1.04 crore and INR0.21
crore in FY13. Furthermore, during FY15, the company had achieved
total operating income of INR14.50 crore till October 31, 2014.


GAYATRI IRON: ICRA Reaffirms B+ Rating on INR22.75cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR22.75 crore long term fund based limits and INR5.25 crore term
loans of Gayatri Iron & Steels.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund         22.75         [ICRA]B+; (reaffirmed)
   Based Limits
   Term Loan               5.25         [ICRA]B+; (reaffirmed)

ICRA's rating takes into account the year-on-year decline in the
firm's operating income for FY2014 along with a decline in its
capacity utilization levels. The rating continues to factor in the
firm's relatively moderate scale of operations, limited track
record, vulnerability to raw material price volatility and the
cyclicality inherent in the steel industry. This coupled with
limited pricing flexibility on the back of high competitive
intensity in the industry has continued to exert pressure on the
firm's profitability. Additionally the working capital intensity
of the business has continued to remain relatively high; leading
to full utilisation of the working capital limits. The rating also
continues to factor in the firm's high gearing level and modest
debt protection metrics; and risks inherent in a partnership firm
like risks of withdrawal, dissolution etc. The rating however
derives comfort from the extensive experience of the promoter
group in the industry, strong relationships with its customers
resulting in repeat orders and fiscal benefits available to the
firm in the form of excise duty exemptions.

Going forward, the ability of the firm to increase its scale of
operations and maintain its profitability amid competitive
pressures; and a sustained improvement in its capital structure,
will remain the key rating drivers.

GIS is a partnership firm set up in 2010 by Mr. Sharad Goel and
Mr. Amit Singhal. GIS primarily manufactures mild steel (MS)
Ingots and rolled steel products like channels, bars, angles, etc.
The firm's manufacturing facility in Roorkee, Uttrakhand, has an
installed capacity of 39,000 tonnes per annum (TPA) for ingots and
36,000 TPA for rolled products.

GIS reported a net profit of INR0.95 crore on an operating income
of INR121.03 crore in FY 2013-14 as compared to a net profit of
INR1.03 crore on an operating income of INR127.54 crore in the
previous year.


HAVELI RESTAURANT: CARE Reaffirms B+ Rating on INR43.96cr Loan
--------------------------------------------------------------
CARE revokes the suspension and reaffirms the ratings assigned to
the long-term bank facilities and assigns 'CARE A4' rating to the
short-term bank facilities of Haveli Restaurant & Resorts Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    43.96       CARE B+ Reaffirmed
   Long term Bank Facilities    10.00       CARE A4 Assigned

Rating Rationale
The rating continues to be constrained by the small scale of
operations of Haveli Restaurants & Resorts Limited (HRRL), weak
solvency position and working capital intensive nature of
operations. The rating is further constrained by the funding risk
towards setting up of the new restaurant with debt yet to be fully
tied-up and highly fragmented and competitive intensity of the
business. The above constraints are, however, partially mitigated
by the strengths derived from the experienced promoters of HRRL,
revenue diversification from multiple favourably located
properties and favourable prospects for the food service industry
in India.

Going forward, the ability of HRRL to scale up the operations
while maintaining its profitability margins and improving capital
structure along with timely completion of the new restaurant
within the envisaged costs & time estimates shall remain the key
rating sensitivities.

Incorporated in 1997, HRRL was originally known as Asha Builders
Limited. The company is a closely held public limited company and
is promoted by Mr Satish Jain and other family members. HRRL is in
the hospitality business and is operating three restaurants and
four banquet halls. It operates under the brand name "Haveli",
which has been well recognized in Northern India for nearly 17
years.

Two of the restaurants and four of the banquets are located at
Jalandhar, Punjab, and remaining one restaurant is situated at
Murthal, Haryana. The restaurants and banquets have an ambience of
a modern dhaba representing Punjabi heritage. The banquets are
used for family functions and weddings and can accommodate upto
1,000 persons at once.

In FY14 (refers to the period April 1 to March 31 -- audited) HRRL
reported net profit of INR2.21 crore on the total income of
INR40.40 crore as against net profit of INR1.87 crore on a total
operating income of INR34.40 crore in FY13.


HIMGHAR UDYOG: ICRA Assigns B- Rating to INR3.50cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR6.02
crore fund based bank facilities of Himghar Udyog Private Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based - Seasonal     3.50         [ICRA]B- Assigned
   Cash Credit
   Fund Based - Working      0.27         [ICRA]B- Assigned
   Capital Term Loan
   Fund Based - Working      0.75         [ICRA]B- Assigned
   Capital Loan
   Fund Based - Term Loan    1.50         [ICRA]B- Assigned

The assigned rating takes into account HUPL's adverse financial
risk profile as reflected by high gearing, depressed coverage
indicators and subdued return on capital employed, its high
working capital intensity of operations that exerts pressure on
the liquidity position, and the regulated nature of the industry,
making it difficult to pass on increase in operating costs in a
timely manner, leading, in turn, to downward pressures on
profitability.

The rating also takes into consideration the company's exposure to
agro-climatic risks, with its business performance being entirely
dependent upon a single agro commodity, i.e. potato. Further, ICRA
notes that the loans extended to farmers by HUPL may lead to
delinquency, if potato prices fall to a low level. The rating
takes note of the long track record of the promoters in the
management of cold storages and the favourable location of the
company's cold storage unit in West Bengal, a state with large
potato production. In ICRA's opinion, the ability of the entity to
improve its profitability while managing its working capital
requirements would be a key rating sensitivity going forward.

Incorporated in 1986, Himghar Udyog Private Limited is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis. The facility of the company is located in Bankura
district of West Bengal having an annual storage capacity of
12,141 metric tonnes.

HUPL reported a profit after tax (PAT) of INR0.02 crore on an
operating income of INR1.66 crore during FY14 as compared to a PAT
of INR0.01 crore on an operating income of INR2.27 crore during
FY13.


JAI SHIV: ICRA Reaffirms B Rating on INR15.50cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR15.50 crore (enhanced from INR12.00 crore) fund-based bank
facilities and its short term rating of [ICRA]A4 on the INR0.01
crore non-fund based bank facilities of Jai Shiv Food Products
Private Limited. ICRA has also assigned its short term rating of
[ICRA]A4 to the INR0.50 crore fund based facility of JSF.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund          15.50        [ICRA]B; reaffirmed
   Based Limits
   Short-Term Non-Fund      0.01        [ICRA]A4; reaffirmed
   Based Limits
   Short-Term Fund          0.50        [ICRA]A4; assigned
   Based Limits

ICRA's ratings continue to factor in JSF's weak profitability and
modest cash accruals in relation to its scheduled debt repayments.
Recent debt funded capital expenditure for setting up the plant
and high working capital requirements have kept the overall debt
levels elevated, thus keeping the debt coverage indicators at
modest levels. Further, the liquidity of the company is likely to
remain stretched given the scheduled repayments and high working
capital requirements. The ratings are further constrained by the
high competitive intensity resulting from the fragmented nature of
the rice industry and exposure to agro climatic and raw material
price fluctuation risks. However, the ratings derive comfort from
the extensive experience of the promoters in the rice milling
industry and the favorable location of the company's milling plant
in Gwalior district of Madhya Pradesh, enabling easy availability
of paddy.

Going forward, the ability of the company to improve its
profitability and optimally manage its working capital cycle will
remain the key rating sensitivities.

Incorporated in April,2012, JSF is engaged in milling and
processing of parboiled basmati rice of Pusa 1121 variety. The
manufacturing facilities of the company are located at Dabra
(district Gwalior), Madhya Pradesh, and commenced operations in
February 2013. The company has an installed capacity of processing
51,840 metric tonnes per annum (MTPA) of paddy and rice processing
capacity of 40,000 MTPA.

During FY-2014, the company reported a Profit After Tax (PAT) of
INR0.6 crore on an Operating Income (OI) of Rs.97.9 core.


JINDAL TEXOFAB: ICRA Ups Rating on INR4cr Cash Credit to B-
-----------------------------------------------------------
ICRA has revised the long term rating assigned to INR4.00 crore
fund based cash credit facility and the INR4.11 crore term loan
facility of Jindal Texofab Limited from [ICRA]D to [ICRA]B-. ICRA
has also revised the short term rating assigned to JTL's INR0.50
crore short term non-fund based facilities from [ICRA]D to
[ICRA]A4.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limit       4.00       [ICRA]B- Upgraded

   Term Loan               4.11       [ICRA]B- Upgraded

   Non Fund Based-         0.50       [ICRA]A4 Upgraded
   Letter of Guarantee

The rating revision reflects the regularity in principal and
interest servicing by Jindal Texofab Limited in last eight months.
The ratings also favorably consider the long track record of
operations and steady performance of the group companies which
augurs well for the growth of the company.

The ratings however continue to be constrained by JTL's stretched
working capital cycle and tight liquidity position resulting in
consistently high working capital limit utilization. The ratings
further factor in the weak financial profile of JTL characterised
by low net profitability and high gearing levels of the company;
The ratings also take into consideration the high dependence of
JTL's financial and operational performance on Jindal group
companies and vulnerability of profitability to any adverse
fluctuation in raw material prices.

JTL is a backward integration of Jindal group company - Jindal
Worldwide Limited (JWL). JWL is involved in manufacturing of made-
ups like bed sheets, curtains, pillows etc. and also of denim
products. JTL does the processing of grey cloth (washing,
bleaching, cutting and printing) mainly for JWL along with other
textile companies either by purchasing grey cloth on its books or
on job work basis.

For the year ended 31st March, 2014, JTL reported an operating
income of INR44.95 crore and profit after tax of INR0.17 crore.


KRISHNA GRUH: CRISIL Assigns B Rating to INR30MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Krishna Gruh Udyog (KGU).

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

The rating reflects KGU's modest scale of operations in the
intensely competitive extruded snacks segment, its working-
capital-intensive nature of operations, and the susceptibility of
its margins to raw material price fluctuations. These rating
weaknesses are partially offset by the firm's diversified product
portfolio.

Outlook: Stable

CRISIL believes that KGU will continue to benefit over the medium
term from its diversified product portfolio. The outlook may be
revised to 'Positive' if the firm improves its scale of operations
while sustaining its operating margin, or if its proprietor
infuses substantial capital, leading to a significant improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if KGU's accruals are low, its working
capital cycle is stretched, or if it undertakes a large debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

KGU, a Kutch (Gujarat)-based proprietorship firm, was established
in 2013. It manufactures ready-to-eat snacks such as namkeens,
potato chips, and fryums. Its day-to-day operations are managed by
its proprietor, Mr. Ramesh Mavji Kara.

For 2013-14 (refers to financial year, April 1 to March 31), KGU
reported a net profit of INR0.67 million on net sales of INR65.64
million.


LABDHI COTTON: CARE Assigns B+ Rating to INR5.42cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Labdhi
Cotton Agro Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    5.42        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Labdhi Cotton Agro
Private Limited (LCAPL) is primarily constrained on account of its
relatively modest scale of operations in highly fragmented and
volatile cotton ginning & pressing industry with thin
profitability and weak solvency and debt coverage indicators. The
rating is, further, constrained on account of operating margins
susceptible to cotton price fluctuation and seasonality associated
with the availability of raw material, ie, raw cotton.

The rating, however, favourably takes into account the experienced
management in the cotton ginning & pressing industry and location
advantage being present in the cotton growing region with ease
access of raw material and labour. The ability of the company to
increase its scale of operations along with improvement in
profitability and solvency position would be the key rating
sensitivities.

LCAPL, incorporated in 2010 as Arham Fibres Private Limited
(AFPL), was promoted by Mr Poonam Jain along with his father, Mr
Mangilal Jain to set up cotton ginning unit at Sendhwa district,
Madhya Pradesh, with an installed capacity of 15,000 metric tons
per annum (MTPA). However, in the year 2014, the company changed
its name to present one. LCAPL completed its green-field project
and started commercial production by end of August 2013. It
incurred total cost of INR3.15 crore towards the project which was
funded through term loan of INR2.20 crore and remaining through
share capital and unsecured loans.

The company sells cotton bales to textile units located in Madhya
Pradesh as well as in South India, Punjab and Haryana.
It procures raw material directly from farmers as well as from
mandis.

During FY14 (A; refers to the period April 1 to March 31), LCAPL
has reported a total operating income of INR31.88 crore
(FY13: INR8.19 crore) and PAT of INR0.11 crore (FY13: INR0.001
crore).


MURLIDHAR PRINTERS: CARE Assigns B+ Rating to INR8.50cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Murlidhar
Printers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.50       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Murlidhar Printers
Private Limited (MPPL) is primarily constrained on account of its
modest scale of operations, fluctuating profitability, stretched
liquidity with elongated collection period, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained on account of susceptibility of margins to volatility
in raw material prices, presence in the highly competitive textile
industry and stabilization risk associated with its recently
completed debt funded project.

The rating, however, derives comfort from the experienced
promoters, established track record of the entity and presence of
MPPL in the industrial hub of Gujarat with ease of access to raw
material. MPPL's ability to stabilize its operations and achieving
envisaged level of sales and profitability, improvement in capital
structure along with efficient management of working capital
requirement is the key rating sensitivity.

Rajkot-Gujarat based MPPL was established in 1997 as a private
limited company by three promoters led by Mr Chandrakant Keralia
and Mr Dineshbhai Keralia. MPPL is engaged in the trading business
of sarees and salwar suits.

During FY14 (refers to the period April 1 to March 31), MPPL has
undertaken a project with an objective to start dyeing, printing
and processing of fabric with an installed capacity of 195 lakh
meters per annum. The total cost of the project is INR7.05 crore
which was funded through term loan of INR4.74 crore, equity of
INR1.92 crore and balance from internal accruals. Till FY14 98% of
the total operating income was from trading business however from
FY15 majority of the income will be from manufacturing sales.

As per the audited results for FY14, MPPL reported a net profit of
INR0.31 crore on a total operating income (TOI) of INR23.31 crore
as against net profit of INR0.32 crore on a TOI of INR22.62 crore
in FY13. As per the provisional results for 9MFY15, MPPL
registered a turnover of INR22 crore.


P G SETTY: CARE Assigns B+ Rating to INR10.80cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of P G Setty Construction Technology Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.80      CARE B+ Assigned
   Short-term Bank Facilities    12.00      CARE A4 Assigned

The ratings assigned to the bank facilities of P G Setty
Construction Technology Private Limited (PCTPL) are constrained by
its order book concentration risk coupled with risk of delay in
project execution, volatile input prices and its small size with
declining scale of operation & profitability in a challenging
business environment faced by the construction industry. The
ratings also factor in its working capital intensive nature of its
operations leading to leveraged capital structure and moderate
debt service indicators. The ratings, however, derive strength
from the experience of the promoters with its established track
record of operations and moderate order book position indicating a
near term revenue visibility.

The ability of the company to ensure steady flow of orders &
timely execution of the same with regular receipt of contract
proceeds and effective management of its working capital will be
the key rating sensitivities.

Incorporated in 1999, Karnataka-based PCTPL was promoted by Mr P
Gopalasetty. PCTPL was initially established as a proprietorship
concern as M/s. PG Setty during 1964. During 1970s, the family
business was converted to a partnership firm in the name of M/s. P
Gopalasetty, registered as class I contractor for Government of
Karnataka. Subsequently in 1999, the firm was converted to a
private limited company with its current name. Currently, PCTPL is
engaged in the business of civil contractor for execution of low
cost houses and layout construction services. It also undertakes
government projects under Mass Housing Schemes and slum
development projects for economically weaker section. PCTPL
renders services of traditional and modern architecture,
reinforced cement concrete (RCC) structure, structural steel and
composite structures, moderately high rise structures, large span
RCC and structural steel domes, structural steel space frames,
heritage structures restoration and green-buildings.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), PCTPL reported PBILDT & PAT of INR1.44 crore
(Rs.2.14 crore in FY13) and INR0.06 crore (Rs.0.59 crore in FY13),
respectively, on the total operating income of INR12.24 crore
(Rs.25.47 crore in FY13).


RAHUL TEXO: ICRA Assigns B+ Rating to INR5.80cr LT Loan
-------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR5.8 crore long-
term fund-based bank facilities of Rahul Texo Print.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term; Fund         5.80         [ICRA]B+; assigned
   Based Limits

ICRA's rating is constrained by the highly competitive nature of
the fabric processing industry owing to its fragmented nature and
the low value added nature of the firm's business; exposure to
risks arising from fluctuations in prices of fabric; and the
modest financial profile of the entity characterized by low
profitability and high working capital intensity. Further, the
ratings also factor in the risks inherent to its proprietorship
constitution, in terms of risk of capital withdrawal etc. However,
the ratings favourably take into account the established track
record and extensive experience of the promoters in the textile
industry and the favourable location of the facility in Balotra,
Rajasthan, which is a hub for processing of Poplin, Rubia etc,
thereby facilitating easy access to raw material and labour. Going
forward, the ability of the firm to improve the profitability of
its operations and prudently manage its working capital cycle
along with increase in scale of operations will be the key rating
sensitivities. Any major debt funded capital expenditure would
also be a key monitorable.

Rahul Texo Print, is a proprietorship firm, set up by Mr. Vinod
Singhvi in 2009 and is engaged in fabric processing at its unit in
Jasol near Balotra, Rajasthan. Mr. Singhvi has been involved in
this line of business for more than two decades. The firm has an
installed capacity for processing around 1.5 million meters of
fabric per month.

The firm reported a net profit of INR0.2 Crore on an operating
income of INR29.4 Crore in 2013-14 as against net profit of INR0.1
Crore on an operating income of INR14.3 Crore in the previous
year.


RIGA SUGAR: CARE Reaffirms B Rating on INR140.73cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Riga
Sugar Company Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    140.73      CARE B Reaffirmed
   Short-term Bank Facilities     1.76      CARE A4 Reaffirmed

Rating Rationale
The rating continues to be constrained by weak financial risk
profile marked by high gearing ratios & erratic profitability
margins, working capital intensive nature of the business,
susceptibility of sugar industry to the vagaries of nature,
cyclicality associated with the sugar industry and the regulated
outlook of the same. The rating however takes into account
experience of the promoters & long track record of the company,
forward integration initiatives taken by the company and support
from the government. Ability of the company to improve its
financial risk profile would be critical for the performance of
the company in future.

Riga Sugar Company Limited (RSCL), incorporated in September,
1980, the flagship company of DHANUKA GROUP, currently has Sugar
Plant (5,500 TCD), Distillery (50 KLPD), Ethanol Plant (45 KLPD),
Power plant (8 MW) & DAP/ Organic Fertilizer plant at Riga, North
Bihar. RSCL is currently managed by Shri O P Dhanuka (Chairman cum
MD) who has 42 years of experience in the Sugar Industry and has
also been the President of Indian Sugar Mills Association.

RSCL earned PBILDT and Net loss of INR 15.9 crore & INR3.0 crore
respectively on a total income of INR163.3 crore in FY14
against PBILDT and Net loss of INR 19.6 crore and INR3.2 crore
respectively on total income of INR 198.4 crore in FY13.


ROYAL PROPTECH: CARE Reaffirms B Rating on INR3cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Royal
Proptech Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3         CARE B Reaffirmed

Rating Rationale
The rating assigned to the Non-Convertible Debenture (NCD) of
Royal Proptech Limited (RPL) is constrained by the limited track
record of the company's operations and nascent stage of the
project leading to high execution and off take risk. The rating is
further constrained by high funding risk as the debt is not tied
up and a major portion of the promoters' funds are yet to be
infused. The rating, however, derives strength from the diverse
business experience of the promoters, though their experience in
the real estate sector is limited.

Going forward, the ability of the promoters to timely infuse
funds, achieve financial closure of the project and ensure smooth
project execution while also achieving the estimated sales
projections would be the key rating sensitivities.

Incorporated in 2011, RPL has interests in development of
residential/group housing project in Varanasi. RPL has been
promoted by Mr Harish C Rai and Mr Pankaj Gupta. Mr Rai has
business experience of 12 years in various fields like
Finance, Insurance & Real Estate construction industry and Mr
Gupta has an experience of 4 years in auditing and taxation with
various corporate. The company proposes to develop a group housing
project on a land measuring 25,265 sq ft in Varanasi with total
saleable area of approximately 0.73 lakh square feet (lsf) and
intends to raise INR3 crore of NCD issue for the same.

The total estimated project cost of INR16.31 crore is proposed to
be funded by promoter's contribution of INR0.95 crore, debt/NCD of
INR3 crore and the remaining from customer advances. During FY14,
RPL registered a total income of INR0.30 crore and a PAT of
INR0.02 crore as compared to INR0.26 crore of total income and
INR0.00 crore of PAT during FY13.


RUBY TRADELINK: CRISIL Cuts Rating on INR48MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ruby Tradelink Pvt Ltd (RTPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           48        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in RTPL's financial
risk profile. Although the company's turnover in 2013-14 (refers
to financial year, April 1 to March 31) increased by 14.5 per cent
year-on-year, its cash accruals remained flat at INR2.02 million
during the year. Consequently, its interest coverage ratio
declined to 1.35 times in 2013-14 from 1.86 times in the previous
year. Furthermore, the company had a small net worth of INR18.4
million as on March 31, 2014 which limits its financial
flexibility. Its liquidity too has been stretched as reflected in
its high bank limit utilisation at around 95 per cent during the
12 months through December 2014.

The rating reflects RTPL's weak financial profile, marked by a
small net worth, and its low operating profitability. These rating
weaknesses are partially offset by the company's diversified
customer base and the benefits it derives from the limited
fluctuation in prices of the products it distributes.
Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the medium
term from its diverse and established customer base and its
association with Nokia Corporation. The outlook may be revised to
'Positive' if the company's business risk profile improves,
supported by higher revenue, or its financial risk profile,
particularly its liquidity, strengthens, driven by large cash
accruals, infusion of fresh capital by promoters, or better
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of further deterioration in RTPL's financial
risk profile, particularly its liquidity, most likely on account
of a stretch in its working capital cycle or significant debt-
funded capital expenditure.

RTPL was set up in 2011-12 by the Bhubaneshwar-based Nanda family.
It is an exclusive distributor of Nokia mobiles and accessories in
and around Bhubaneshwar. The Nanda family obtained the Nokia
mobiles distributorship in August 2011. Until April 2013, the
business was operated under a partnership firm owned by the Nanda
family. However, from May 2013, the business was transferred to
RTPL.

RTPL reported a profit after tax (PAT) of INR2.02 million on net
sales of INR400.2 million for 2013-14, as against a PAT of INR2.20
million on net sales of INR355.9 million for 2012-13.


SELVALATHA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Selvalatha Industries
(SI) continue to reflect SI's small scale of operations, its
susceptibility to customer concentration risk in revenue profile,
working-capital-intensive operations and below-average financial
risk profile, marked by modest net worth. These rating weaknesses
are partially offset by the extensive industry experience of SI's
promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    36.9      CRISIL B+/Stable (Reaffirmed)

   Term Loan              3.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive industry experience in
asafoetida processing business. The outlook may be revised to
'Positive' if SI's scale of operations and profitability improve
significantly leading to substantial cash accruals and improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
SI generates considerably low cash accruals, or the working
capital stretches further or if the firm incurs significant debt-
funded capital expenditure leading to weakening in financial risk
profile.

SI was established in 2002 and manufactures compounded asafoetida
which is used as a flavouring agent. The firm is managed by Mr. T
Rajavel who has an extensive experience of marketing and
processing in the spice industry.


SERVOCONTROLS AEROSPACE: ICRA Reaffirms B Rating on INR2.9cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR2.90 crore term loan, INR2.75 crore long term-fund based
limit, INR0.90 crore (revised from INR0.60 crore) long term-
proposed fund based limit and INR1.70 crore (revised from INR2.00
crore) long term - interchangeable limits of Servocontrols
Aerospace India Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR3.45 crore
(revised from INR3.75 crore) short term- non-fund based limits.
The long term-interchangeable limits are sub-limits of the short
term-non-fund based limits.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              2.90         [ICRA]B reaffirmed

   Long Term-Fund Based    2.75         [ICRA]B reaffirmed
   Limit

   Long Term-Proposed      0.90         [ICRA]B reaffirmed
   Fund Based Limit

   Long Term-Inter-       (1.70)        [ICRA]B reaffirmed
   changeable Limit

   Short Term - Non-Fund   3.45         [ICRA]A4 reaffirmed
   Based Limit

The reaffirmation in ratings take into account the promoter's
extensive experience in the engineering industry and SAIPL's
reputed client base supporting its business prospects. The ratings
also take into account the favourable outlook for defence and
aerospace verticals and the company's healthy order book position
supporting its revenue growth in the near term. The ratings,
however, are constrained by the company's modest scale of
operations limiting its operational and financial flexibility and
highly working capital intensive nature of operations (owing to
high inventory requirements). The ratings also factor in the
volatility in the company's revenues and margins over last few
years owing to project specific requirements of its customers and
moderately weak financial profile of the company characterized by
thin accruals and stretched debt protection metrics.

Incorporated in 2008, Servocontrols Aerospace India Private
Limited is primarily engaged in machining and fabrication of
precision engineering components finding applications in Aerospace
and Defence sectors. The company is promoted by Mr. Deepak Dhadoti
and his brother who are both qualified engineers with extensive
experience in the engineering industry (aerospace and defense
sectors). The company started its operations in 2008 and has over
last few years added several renowned customers from aerospace and
defense sectors. Some of its clientele include The Tata Power SED
(Tata), Air bus (Goodrich U.K.), Nabtesco.-Japan and Liebherr-
Germany, Rafael Advance Defense Systems Ltd, Axis Aerospace &
Technologies Ltd, Nova integrated Systems, Israel Aerospace
Industries Limited (IAI) - Israel. The company presently is
operating out of a leased premise with a manufacturing set up
built over 6000 sqft of area and its machining centre is equipped
with imported CNC Machines. However, with ramp up in order book
over last few years the company started setting up its own plant
on a 60,000 sqft land in Hattargi area of Belgaum in order to
scale up its operations. The plant is almost complete and the
company shall shift its operations to the new plant by April 2015.

The company reported a net profit of INR0.1 crore on an operating
income of INR3.8 crore during the financial year 2013-14, as
against a net profit of INR0.1 crore on an operating income of
INR1.6 crore during 2012-13.


SHREENATHJI OIL: CARE Reaffirms B Rating on INR5cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Shreenathji Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.00       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Shreenathji Oil
Industries (SOI) continues to remain constrained on account of its
modest scale of operations, low profitability, low net worth base
with a decline in FY14 (refers to the period April 1 to March 31)
and weak solvency position. The rating further continues to be
constrained on account of its proprietorship nature of
constitution, susceptibility of operating margins to raw-material
price fluctuation and its presence in the highly fragmented cotton
industry.

The rating continues to draw strength from vast experience of the
promoter and group companies engaged in a similar line of
business.

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

SOI was established in 2002 by Mr Shivji K Chhabhadiya at Anjar,
Kutch. SOI was mainly engaged into the business of extracting oil
out of oil cake; however from 2011 onwards SOI has gradually
reduced its oil processing operations and has started selling off
its machineries which it completed during FY14. Till FY13, the
total operating income of SOI includes the income generated from
the sale of cotton seed oil, however from FY14 onwards it is only
engaged in the trading of cotton bales and seeds while the oil
processing activity has been completely shut down.

SOI also has two associate concerns namely Shreenathji Cotton
Industries (SCI; rated CARE BB-) and Shree Krishna Cotton
Industries (SKCI) wherein Mr Shivji Chhabhadiya is a partner. Both
the associate concerns are engaged in the business of cotton
ginning & pressing and primarily deal in the production of cotton
bales.

During FY14, SOI earned a net profit of INR0.23 crore on a total
operating income (TOI) of INR21.53 crore as against net profit of
INR3.42 crore on a TOI of INR3.64 crore during FY13.


SHRI INDHIRA: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Indhira
Cotton Mills Pvt Ltd (Shri Indhira; part of the AKCT group)
continues to reflect the AKCT group's below-average financial risk
profile, marked by moderate gearing and weak debt protection
metrics. The rating also factors in the group's large working
capital requirements and exposure to supplier concentration risk.
These rating weaknesses are partially offset by its promoters'
extensive experience in the textiles industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          120         CRISIL B+/Stable (Reaffirmed)
   Standby Line of       15         CRISIL A4(Reaffirmed)
   Credit


For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shri Indhira, AKCT Cidambaram Cotton
Mill Pvt Ltd (ACCMPL), and its subsidiary DPN Spinners Pvt Ltd
(DPN). This is because the three companies, together referred to
as the AKCT group, have common promoters, operate in the same line
of business, and have financial fungibility.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit over
the medium term from its established position in the textiles
industry. The outlook may be revised to 'Positive' if the group
improves its scale of operations and profitability, leading to
sustained and significant improvement in its cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or large working capital
requirements or aggressive debt-funded expansion, leading to
weakening of the group's financial risk profile.

Update
The AKCT group's operating income declined to INR823 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR878 million in 2012-13 on account of decline in trading
activity. The group's operating margin declined to 4.1 per cent
during 2013-14 from 10.1 per cent during 2012-13 on account of
trading losses. However, the group's performance is expected to
improve gradually over the medium term. The group reported revenue
of INR382 million and operating margin of 11.3 per cent for the
six months through September 2014. CRISIL believes that the AKCT
group's revenue will grow moderately over the medium term
supported by moderate demand growth.

The AKCT group's financial risk profile is marked by moderate
capital structure and constrained by weak debt protection metrics.
The group had a net worth of INR247 million and gearing of 1.35
times as on March 31, 2014. However, on account of decline in
operating profitability, its interest coverage declined to 0.88
times during 2013-14 from 1.71 times in 2012-13. With expected
recovery in its operating profitability, the group's debt
protection metrics are expected to improve over the medium term.
CRISIL believes that the AKCT group's financial risk profile will
remain moderate over the medium term, on account of limited
accretion to reserves.

The group has moderate liquidity. Its annual cash accruals are
expected in the range of INR28 million to INR35 million against
debt obligation of INR14 million to INR18 million per annum, over
the medium term. It utilised its bank limits moderately, at an
average of 84 per cent during the 12 months through September
2014. CRISIL believes that the AKCT group will have adequate
liquidity over the medium term with sufficient cash accruals.

Shri Indhira was established in 1956 in Chennai (Tamil Nadu).
ACCMPL was incorporated in Chennai (Tamil Nadu) in 2006. These
companies manufacture 100 per cent polyester yarn. In 2012-13,
ACCMPL acquired DPN, which also manufactures 100 per cent
polyester yarn.


SHRI SHANKER: ICRA Revises Rating on INR26.91cr LT Loan to B
-------------------------------------------------------------
ICRA has revised its long term rating from [ICRA]B+ to [ICRA]B on
the INR26.91 crore fund based bank facilities of Shri Shanker
Gauri Agro Product Private Limited. ICRA has also reaffirmed its
short term rating of [ICRA]A4 on the INR2.81 crore unallocated
bank facilities of SGPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term Fund-        26.91        [ICRA]B; revised from
   Based Limits                        [ICRA]B+

   Short- Term             2.81        [ICRA]A4; reaffirmed
   Unallocated Limits

The revision of the rating takes into account the muted growth in
the financial year 2013-14 and expected decline in turnover in the
current financial year on account of weak demand prospects mainly
in the export market. The rating also takes into account the high
intensity of competition in the rice milling industry and agro
climatic risks which can affect the availability of paddy in
adverse weather conditions. The rating has also factored in the
consistently high debtors which are exceeding six months and may
have to be written off as bad debts coupled with increase in the
unsold inventory level which are likely to exert pressure on the
profitability margins of the firm in future. Further, the rating
is also constrained by increase in the gearing level arising out
of substantial debt funding of large working capital requirements
along with weak coverage indicators. The rating however, favorably
takes into account the extensive experience of the promoters in
the industry along with proximity of the mill to major rice
growing area which results in easy availability of paddy.

Going forward, the ability of the company to achieve healthy
growth in the revenue, maintaining the profitability level, and
managing its cash conversion cycle by turning around the unsold
inventory and collecting money stuck in the form of receivables
will be the key rating areas.

Business was established in 1973 by Mr. Radheshyam Maheshwari by
the name of Shanker Udyog. However, in 2004 it was converted into
a private limited company with the name Shri Shanker Gauri Agro
Product Private Limited. Mr. S.N. Maheshwari and Mrs. Seema
Maheshwari are the managing directors of the company. SGPL is
engaged in processing and trading of basmati rice, poha, wheat
Dalia and pulses. It has a milling capacity of 4 tonnes per hour
of paddy for production of sella basmati rice. Head office and
factory of the company is located at Nainwa road, Bundi Rajasthan.

SGPL reported a net profit of INR0.45 crore on an operating income
of INR93.41 crore for 2013-14, as against a net profit of INR0.32
crore on an operating income of INR92.30 crore for the previous
year.


SIVADHARSHINI PAPERS: CARE Reaffirms B Rating on INR18.78cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sivadharshini Papers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    18.78       CARE B Reaffirmed

Rating Rationale
The rating of Sivadharshini Papers Private Limited (SPPL) is
constrained by the nascent stage of operations of the company,
debt-funded green-field project, delay in commencement of
commercial production and resultant restructuring of debt. The
rating is further constrained by the susceptibility of profit
margins to volatile raw material prices, the small scale and
working capital intensive nature of operations.

The rating, however, derives comfort from the long experience of
the promoters in the paper industry and growth potential for the
user industry i e packaging industry despite the intense
competition.

Going forward, the ability of the company to stabilize its
operations and use its capacity effectively would be the key
rating sensitivities.

SPPL was established in 2008 by Mr K Ganeshan, his wife, Ms
Malarvizhi, and Mr Sakthivel and is engaged in the manufacturing
of kraft packaging paper. The promoters have more than two decades
of experience in the related field and are involved in managing
the day-to-day operations of the company.

Though the company was incorporated in 2008, it started its
commercial production from August 2013. The green-field project,
to establish manufacturing capacity of 80 tonnes per day in
Madathukulam, Tirupur district, was started in January 2012 and
was completed in March 2013 at a planned cost of INR21.51 crore
funded through term loan of INR13.51 crore and the remaining
through own funds. Despite receiving all other approvals,
commercial production was delayed owing to delay in getting power
connection. SPPL produces and sells kraft paper in the range of
80-180 GSM.

SPPL reported a net loss of INR1.48 crore on a total operating
income of INR15.66 crore in FY14 (refers to the period April 1 to
March 31).


SUDHIR AGRO: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 on the INR20.00 crore bank facilities of
Sudhir Agro Oils Private Limited.

                          Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit Limit         4.00       [ICRA]B+; reaffirmed
   Non-Fund Based Limits    16.00       [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account the decline in the
company's revenues (17% Year-on-Year) in 2013-14, due to the lower
trading activities undertaken during the year, on account of
significant volatility in the foreign exchange rates. The ratings
continue to be constrained by the company's weak financial profile
characterized by thin profitability, stressed capital structure,
weak coverage indicators and its stretched liquidity position, as
reflected in high utilization of working capital limits. The
ratings also factor in the high competitive intensity in the
edible oil industry owing to low entry barriers and vulnerability
to fluctuations in commodity prices and foreign exchange rates.
However, the ratings favourably factor in the company's order
driven procurement policy, the extensive experience of the
promoters in the edible oil industry, and favourable growth
prospects for edible oil in India.

Going forward, the ability of the company to optimally manage its
working capital cycle and thereby effect an improvement in its
capital structure and liquidity position, will be the key rating
sensitivities.

SAOPL was incorporated in 1993 and is engaged in the trading of
edible oils. It trades primarily in Crude Palm Oil, Mustard Oil,
Cotton Seed Oil, Sunflower Oil and Soya Oil. The company does not
have any warehousing facility for storage of traded products. The
promoter, Mr. Prem Kumar's family has been involved in the edible
oil trading business for three generations.

During 2013-14, SAOPL reported an operating income (OI) of
INR68.20 crore and a profit after tax (PAT) of INR0.31 crore as
against an OI of INR82.02 crore and a PAT of INR0.42 crore during
2012-13.


VAIBHAV GINNING: ICRA Reaffirms B+ Rating on INR65cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR65.00 crore cash credit facility and the INR50.75 crore
term loan facility of Vaibhav Ginning & Spinning Mill Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR3.40 crore short-term non-fund based
limit of VGSMPL.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit            65.00         [ICRA]B+ reaffirmed
   Term Loans             50.75         [ICRA]B+ reaffirmed
   Non-fund Based,         3.40         [ICRA]A4 reaffirmed
   Short-term facilities

The reaffirmation of the ratings factors in VGSMPL's limited track
record in spinning operations, given the commencement of facility
from September 2014, as well as highly leveraged capital structure
on account of debt funded capital expenditure and high working
capital intensive nature of operations. ICRA also notes that the
company's ability to achieve profitability from spinning
operations remains critical, with term loan repayments scheduled
to commence from April 2015. The ratings also take into account
the tight liquidity position of the company as reflected in the
near full utilization of its working capital bank facilities. The
ratings also factor in the highly fragmented nature of the
industry characterized by intense competitive pressures; and the
vulnerability of the company's profitability to raw material
(cotton) prices, which are subject to seasonality, crop harvest
and regulatory risks with regards to Minimum Support Price (MSP)
and imposition of any restriction on cotton exports by Government
of India (GoI).

The ratings, however, favourably factor in the long standing
experience of the company's promoters in the cotton industry and
favourable location of the company's manufacturing facility in
Gondal (Rajkot) giving it an easy access to quality raw cotton.
The ratings also take into consideration the successful
commissioning of the company's spinning unit from September 2014
with no major cost overrun albeit after delay of approximately two
months from the original envisaged date of commercial production
(July 2014). The company also stands to benefit from various
fiscal benefits in terms of interest subsidy given by the central
and state government for new spinning units.

Vaibhav Ginning & Spinning Mill Private Limited (VGSMPL) was
incorporated in the year 2010 to take over the running business of
Shri Nath Cotton Industries. Till FY 2014, VGSMPL was engaged in
the business of ginning and pressing of raw cotton. However in FY
2014 and FY 2015, the company set up a spinning unit at its
manufacturing facility located at Gondal (Rajkot) in Gujarat for
manufacturing of cotton yarn. The new facility which commenced
commercial operations from September 2014 has a ginning unit with
48 ginning machines and a spinning unit with 26,112 spindles. The
product profile of the company consists of cotton bales, cotton
seeds and cotton yarn in the count range of 20's to 40's. The
company is promoted by Mr. Raj N. Lotiya, Mr. Nirav G. Radadiya,
Mr. Lalit V. Radadiya, Mr. Virji U. Vekaria, Mr. Mahesh V.
Vekaria, Mr. Piyush C. Vasoya and other relatives. The promoters
of the company have extensive experience in the cotton industry
through associate concerns like Kinjal Cot-Gin Private Limited,
Raj Cotton Corporation and Vaibhav Oil Industries.

During FY 2014, VGSMPL reported operating income of INR269.86
crore and profit after tax of INR0.85 crore as against an
operating income of INR265.40 crore and profit after tax of
INR0.76 crore during FY 2013. Further during ~9M FY2015 (April 1,
2014 to January 12, 2015), VGSMPL reported an operating income of
INR211.50 crore (as per provisional financials).


VARDAAN EXPORTS: CARE Assigns B+ Rating to INR12cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Vardaan Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      12        CARE B+ Assigned
   Short-term Bank Facilities      3        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Vardaan Exports
(VEX) are primarily constrained by its relatively short track
record of operations coupled with modest small scale of
operations, low profitability margins and leveraged capital
structure. The ratings are further constrained by working capital
intensive nature of operations, partnership nature of constitution
and its presence in a highly competitive and fragmented agro-
processing business with a high level of government control.

The ratings, however, draw strength from the experienced partners
and family members in the agro-processing industry, growing scale
of operations and proximity of its processing unit to the paddy-
growing areas. Going forward, VEX's ability to scale-up its
operations while improving its profitability margins and capital
structure along with effective working capital management would be
the key rating sensitivities.

Vardaan Exports (VEX) was established as a partnership firm in
2009 by Mr J B Bansal and Ms Poonam Garg with profit sharing ratio
of 30:70. The firm is engaged in milling, processing and trading
of basmati and non-basmati rice with an installed capacity of
52,560 metric ton per annum (MTPA) as on March 31, 2014. The firm
commenced commercial production in September, 2009. VEX procures
paddy from local grain markets through dealers and agents mainly
from the state of Punjab. VEX sells its product under the brand
name of 'Satkar' in Northern India viz. Haryana, Himachal, Delhi,
Rajasthan and Uttar Pradesh through commission agents. The firm
also does exports to Dubai and Saudi Arabia.

For FY14 (refers to the period April 01 to March 31), VEX achieved
a total operating income (TOI) of INR105.63 crore with PBILDT and
profit after tax (PAT) of INR2.62 crore and INR0.30 crore,
respectively. The firm has achieved total income of INR77 crore
till January 31, 2015.


VELS INSTITUTE: CRISIL Reaffirms B+ Rating on INR430MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vels Institute
of Science Technology & Advanced Studies (VISTAS) continues to
reflect VISTAS's susceptibility to a high degree of regulation by
government agencies. This rating weakness is partially offset by
the extensive experience of the trust's promoter in the
educational services segment, and its above-average financial risk
profile, marked by moderate capital structure and debt protection
metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL B+/Stable (Reaffirmed)
   Term Loan            430        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VISTAS will continue to benefit over the
medium term from its established position across various
educational streams. The outlook may be revised to 'Positive' if
VISTAS reports sustained improvement in its scale of operations
while maintaining its healthy surplus levels, resulting in a
significant improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if the trust's financial risk
profile, particularly its liquidity, deteriorates, because of
large debt-funded capital expenditure, or if its revenue declines
because of regulatory changes, or if it extends significant
funding support to group entities.

Set up in 2007 in Chennai by Mr. Ishari K Ganesh, VISTAS offers
courses in commerce, computing science, management, pharmaceutical
sciences, physiotherapy, hotel and catering, maritime studies,
engineering, life sciences, pure sciences, visual communications,
languages, dentistry, and nursing.


WATERLINE HOTELS: ICRA Reaffirms B- Rating on INR27cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR27.0
crore fund based limits of Waterline Hotels Private Limited at
[ICRA]B-.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans             27.00         [ICRA]B- Reaffirmed

The rating re-affirmation takes into account the continued weak
financial profile of the company characterised by net-losses
resulting in erosion of net-worth, stretched capital structure and
negative cash accruals. Currently, the company is undertaking the
Miraya Rose project, which is in mid-stages of development,
resulting in exposure towards execution risk, customary to the
nature of such real estate projects. The rating assigned is also
constrained on account of losses in the hotel operations, which is
yet to achieve profits. Further, the assigned rating also factors
in the competition from the on-going projects of reputed large
scale developers in the vicinity of upcoming project,
susceptibility to inherent cyclicality of the hotel industry and
high competitive intensity in the hotel location (Whitefield,
Bangalore).

The rating, however, derives comfort from the strong management
tie-up of the hotel, group support and promoter background with
presence in hospitality and real estate. The rating assigned
positively factors in the strong booking and collection levels for
the Miraya Rose project, giving cash flow visibility in the short
to medium term. Further, the rating assigned also takes comfort
from the relatively low repayment obligations, falling due in
short to medium term, post restructuring of the SBI term loan
(availed to part fund the hotel construction) and ballooning
repayment profile of the term loan availed to part fund the
construction of the on-going project, Miraya Rose.

Going forward, healthy sales velocity and collection efficiency
for Miraya Rose project coupled with timely execution and
stabilization in hotel operations will be the key rating
sensitivities.

Incorporated on 28th March, 2008, Waterline Hotels Private Limited
owns the 122-room 5-star Alila Bangalore hotel at Whitefield in
Bangalore which is operated under a management contract with Alila
Hotels & Resorts Pte Limited, Singapore. The property has been
operational since August, 2011. The construction for the hotel was
done by UKN Properties Private Limited, a Group entity, as a mixed
development project with first five floors of the 14-storeyed
building occupied by the hotel while the remaining sold off as
residential apartments. WHPL is currently also constructing a
residential cum commercial project at Whitefield (Bangalore) under
the name of Miraya Rose in a 60:40 joint development agreement
with the land owners.

WHPL is a part of the UKN Group of companies with ~62.05% stake in
the company held by UKN Properties Private Limited (UPPL). The
Group is primarily engaged in real estate development and has till
date developed over 1.5 million square feet of commercial,
residential and hospitality projects. Mr. Gautam U Nambisan, who
is specialised in hotel management, remains the Managing Director
of the Group since 2003.

During FY14, the company reported a net loss of INR12.81 crore on
an operating income of INR28.96 crore as against a net loss of
INR11.04 crore on an operating income of INR12.25 crore during
FY13.



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


BRIDGECORP LTD: Ex-Director Must Repay NZ$174,000 of Legal Aid
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that jailed
former Bridgecorp Ltd director Rob Roest must repay NZ$174,000 of
legal aid for his unsuccessful defence, a High Court judge has
ruled.

The legal services commissioner, who is ultimately in charge of
legal aid, earlier this month appealed a decision from the legal
aid tribunal over the calculation of Mr. Roest's repayment amount,
the report recalls.

The Herald says Mr. Roest was an undischarged bankrupt at the time
he applied for legal aid in 2011, which was granted just before
his trial for misleading investors.

Together with Bridgecorp's managing director Rod Petricevic,
Mr. Roest was found guilty on all charges and jailed in 2012 for
more than six years, the Herald notes.

He was declined parole for a second time last month but could be
released when his case comes back before the parole board in
April, the Herald relates.

According to the Herald, Mr. Roest got legal aid in 2011 despite
his interest in a family trust that, at the time, had net assets
of NZ$440,000.

Legal aid, made available to those who are deemed unable to afford
a lawyer, is a loan that must be repaid.  A recipient must repay
the lesser of either the legal aid or a prescribed amount based on
their assets less their liabilities, the report notes.

The Herald relates that in Mr. Roest's case, the cost of legal
services was NZ$174,033 and this prescribed amount was NZ$219,808,
with the now-jailed director being liable for smaller amount.

But Mr. Roest appealed this decision to the legal aid tribunal,
which found the commissioner had not correctly assessed the
prescribed repayment amount because it had not deducted the former
Bridgecorp director's bankruptcy debts, which were around NZ$422
million, the Herald states.

If these debts were deducted the prescribed repayment figure would
be zero and Mr. Roest would not have to pay back any legal aid,
the report says.

The Herald adds that the legal services commissioner wanted
Mr. Roest to repay the NZ$174,033 and appealed the matter to the
High Court, where it was considered by Justice Raynor Asher
earlier this month.

In a decision on Feb. 24, the judge said he "respectfully"
differed from the tribunal's conclusion, the Herald reports.

According to the Herald, the judge said a bankrupt's debts did not
have the characteristic of actual debts and that personal exposure
for a claim was missing when someone was declared bankrupt.

"If a person like Mr Roest, who because his debts are frozen will
not have to pay the debts personally, has them taken into account
to assess his ability to pay for legal aid, the purpose of the
[Legal Aid Service Act] is defeated," the report quotes Justice
Asher as saying.  "If the tribunal's approach to the meaning of
'actual debts' was correct, it would mean that if a bankrupt had
trust assets of $1 million and on adjudication debts of $1
million, that bankrupt if given legal aid could on discharge rely
on the $1 million indebtedness to be exempt from repayment, but
not have to repay his debts as a bankrupt. This is clearly not a
result intended the legislation," he said.

The judge fixed the final repayment amount at NZ$174,003, adds the
Herald.

                       About Bridgecorp

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


HIGHFIELD PARK: Facing Liquidation Bid Over Unpaid Debt
-------------------------------------------------------
Liz McDonald at The Press reports that Highfield Park subdivision
has been thrown into doubt by the threat of liquidation.

According to the report, engineering company Tonkin and Taylor has
applied to the High Court to have developers Highfield Park Ltd
put into liquidation over an unpaid debt. If the bid is
successful, the court will appoint liquidators to wind up the
development company, the report says.

Highfield Park Ltd has planned but not yet built the subdivision,
which would be bigger than Hagley Park and house over 5,000
residents, The Press discloses.  The site is 260 hectares of
farmland between Redwood, Mairehau and Marshlands.

Last year the company put the project on hold while it looked
offshore for funds or a joint-venture partner, the report recalls.
It is understood they had struggled to get the financing and
construction partners needed to get the expensive project off the
ground, according to The Press. In the meantime their options to
purchase some land needed to complete the development expired, the
report notes.

Highfield Park Ltd is co-owned by the project's founder,
Christchurch engineer Roy Hamilton, his business partner Brian
Thompson, plus other investors, the report discloses.

Mr. Hamilton told The Press there were no buyers' deposits at
risk. The company had previously "reversed" all transactions from
intending buyers, he said. What happened next depended on "what we
can put in place, anything is on the table."



                             *********

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
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***