TCRAP_Public/150312.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 12, 2015, Vol. 18, No. 050


                            Headlines


A U S T R A L I A

BOLTONS FURNITURE: Closes Doors After 80 Years
KIMPAL PTY: First Creditors Meeting Slated For March 19
LAMIO MASONRY: First Creditors Meeting Set For March 18
TOWNSVILLE CROCODILES: Placed in Administration
* AUSTRALIA: Throws Ailing Auto Industry AUD500 Million Lifeline


C H I N A

SHIMAO PROPERTY: Fitch Rates Proposed US$ 7-Yr. Sr. Notes BB+
ULTRASONIC AG: Files For Insolvency


I N D I A

A ONE CERAMIC: ICRA Suspends B+ Rating on INR2.55cr Term Loan
AFTAB STEELS: CRISIL Assigns B Rating to INR27.5MM Cash Credit
AMBESH GINNING: ICRA Suspends B+ Rating on INR6.5cr Cash Credit
AMBICA TIMBERTRADE: CRISIL Reaffirms B Rating on INR62.5MM Loan
AMIYA STEEL: ICRA Assigns C- Rating to INR17.70cr Cash Credit

AMRAPALI PRINCELY: ICRA Revises Rating on INR87.5cr Loan to D
ARTEMIS AUTO: CRISIL Reaffirms B Rating on INR60MM Cash Credit
AUTODECOR PRIVATE: CARE Cuts Rating on INR38.57cr LT Loan to D
BALARKA FABRICON: CARE Ups Rating on INR6.94cr LT Loan From B
BHANU FARMS: CRISIL Cuts Rating on INR150MM Term Loan to D

BHARATHI SPINTEX: CARE Assigns B+ Rating to INR46cr LT Loan
BNAZRUM AGRO: CRISIL Ups Rating on INR70MM LT Loan to B
DOVE APPAREL: ICRA Assigns B+ Rating to INR6.25cr Long Term Loan
GAGAN AGRO: CRISIL Assigns B+ Rating to INR103MM Term Loan
GLAZETECH INDUSTRIES: CARE Reaffirms B+ Rating on INR3.75cr Loan

GOYAL ENGINEERING: ICRA Lowers Rating on INR60cr ST Loan to D
INO FLEX: ICRA Assigns 'B' Rating to INR4.28cr Term Loan
K.K. COTEX: ICRA Suspends B+ Rating on INR22cr Cash Credit
LATE SMT.: ICRA Suspends B+ Rating on INR170.92cr Bank Loan
MEHRAB N IRANI: CRISIL Reaffirms B Rating on INR60MM Cash Loan

METECNO INDIA: CRISIL Assigns B- Rating to INR175.8MM LT Loan
NANDI GRAIN: CARE Downgrades Rating on INR69.3cr LT Loan to D
NEC PACKAGING: CRISIL Assigns B Rating to INR50MM Cash Credit
R.E.C. ISPAT: CARE Reaffirms B+ Rating on INR25cr LT Loan
RADHEYA MACHINING: CRISIL Ups Rating on INR70MM Cash Loan to B

RAJASTHAN EDUCATION: CARE Assigns B+ Rating to INR7.27cr LT Loan
RANI AQUA: CARE Reaffirms B+ Rating on INR8.8cr LT Loan
RIVERGROW VYAPAR: CRISIL Assigns B+ Rating to INR14MM Loan
S.P.Y. AGRO: CARE Lowers Rating on INR230.02cr LT Loan to D
SAMRAT PLYWOOD: ICRA Cuts Rating on INR24.80cr Cash Credit to B+

SANTOSHI RICE: CARE Assigns B+ Rating to INR7cr LT Bank Loan
SATYAM COTTEX: CARE Reaffirms B+ Rating on INR6.19cr LT Loan
SHARDA TIMBERS: CRISIL Reaffirms B Rating on INR58.5MM Cash Loan
SHREE BHAVANI: CARE Reaffirms B Rating on INR12.86cr LT Loan
SHYAM POLYSPIN: CARE Reaffirms B+ Rating on INR14cr LT Loan

SOUTH INDIA: CARE Lowers Rating on INR10cr ST Bank Loan to D
SREE GENGA: CRISIL Assigns B Rating to INR36MM Rupee Term Loan
SRI RAGHURAMACHANDRA: CRISIL Rates INR43MM Cash Credit at B+
SRM SPINNERS: CARE Reaffirms B+ Rating on INR29.10cr LT Loan
SUNIL AND COMPANY: CARE Reaffirms B Rating on INR7.5cr LT Loan

SYNCO INDUSTRIES: CARE Reaffirms B- Rating on INR5cr LT Loan
TOKAI ENGINEERING: CRISIL Puts B+ Rating on INR40MM Cash Loan
UNIVERSAL POLYSACK: CARE Reaffirms B Rating on INR13.6cr LT Loan
VISHAKHA IRRIGATION: CRISIL Reaffirms B+ Rating on INR180MM Loan


J A P A N

SHARP CORP: To Expand LCD Sales For Business Products


N E W  Z E A L A N D

SOLID ENERGY: Expects More Job Losses, Another Loss This Year
VALIANT HOMES: Collapses Into Liquidation & Receivership


                            - - - - -


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


BOLTONS FURNITURE: Closes Doors After 80 Years
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Boltons Furniture,
one of the oldest businesses in Maryborough, has closed its doors.
The company has shut down its operation after 80 years of
existence, the report says.

The business has been operating since 1935. The application to
liquidate the company was heard on February 23 in the Queensland
Supreme Court, according to Dissolve.com.au.


KIMPAL PTY: First Creditors Meeting Slated For March 19
-------------------------------------------------------
Andrew Reginald Yeo and David Raj Vasudevan of Pitcher Partners
were appointed as administrators of Kimpal Pty Ltd on March 6,
2015.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 19, 15 William Street, in Melbourne, on
March 19, 2015, at 10:00 a.m.


LAMIO MASONRY: First Creditors Meeting Set For March 18
-------------------------------------------------------
Sule Arnautovic of Jirsch Sutherland was appointed as
administrator of Lamio Masonry Services Pty Ltd on March 6, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
March 18, 2015, at 10:00 a.m.


TOWNSVILLE CROCODILES: Placed in Administration
-----------------------------------------------
The National Basketball League advises that the Townsville
Crocodiles have decided to place themselves into Voluntary
Administration, effective March 10.

NBL said in a statement that it has worked closely with the club
over the past few months and it was decided this process would
grant the club the greatest flexibility to explore their options.

The club's Board of Directors have appointed Moira Carter --
moira.carter@briferriernq.com.au -- of BRI Ferrier as
Administrator of the company and have a strong premise for the
2015/16 season, having already secured funding for a new court at
the Townsville Entertainment Centre.

Townsville Crocodiles Chairman Darren Finlay said:  "With the
continued support of the local community, we believe that the
Crocodiles will come out of Administration in a strong position
and build a sustainable business model as part of the NBL."

The NBL has provided significant financial support to the club
over the past few seasons, however in order for the NBL to grow,
it requires all clubs to be self-sufficient and commercially
viable in order to move forward.

NBL Chairman Graeme Wade said: "Our priority is the long-term
viability of clubs. We know that clubs operating in regional areas
can be successful, but they have to be able to operate
independently.

"Similar to the move for the Wollongong Hawks, it is an
opportunity for the local community and businesses to rally
together and demonstrate their passion for their team.

"We know this is achievable. In recent years the League has worked
closely with the Cairns Taipans and they have capitalised through
strong management and community engagement on financial support
from the NBL.

"The Taipans have just finished one of their most successful
seasons ever, with their Finals tickets selling-out in a matter of
minutes and they are not the only club to have achieved this
feat."


* AUSTRALIA: Throws Ailing Auto Industry AUD500 Million Lifeline
----------------------------------------------------------------
Agence France-Presse reports that the Australian government threw
the country's ailing auto industry a lifeline on March 10,
reinstating AUD500 million (US$383 million) in funding to ensure
it can continue until it shuts for good in 2017.

All three of Australia's key car manufacturers -- Toyota, Ford and
Holden -- plan to cease production by the end of 2017 at the
latest, citing high costs and the small domestic market, AFP says.

Cuts in taxpayer subsidies to the industry were outlined in last
year's federal budget, but Industry Minister Ian Macfarlane said
the government was now concerned that withdrawing funding would
hurt component manufacturers, according to the report.

This, he added, could potentially force car makers to shut up shop
earlier than expected, AFP relates.

The news agency quotes Mr. Macfarlane as saying that: "It's a
reflection that we want the car industry to continue until the day
Holden close their doors," Mr. Macfarlane told reporters, AFP
relays.

"And what Holden was saying to us and what Toyota was saying to us
and to a lesser extent Ford, was that they couldn't be sure their
components suppliers were going to be in business in 2017.

"So this gives not only certainty to the components suppliers but
it gives the car industry manufacturers the opportunity to pass
some of this money through to the components suppliers to ensure
they're continuing until the end of 2017."

According to AFP, Mr. Macfarlane added that "we know the car
industry is going to close in Australia".

"The reality is, though, that we need to make sure the industry
continues right up to the end of 2017."

Since coming to power in 2013, the conservative government has
adopted a hard line on industry assistance, warning last year that
the "age of entitlement" is over when it comes to taxpayer-funded
handouts, the report states.




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


SHIMAO PROPERTY: Fitch Rates Proposed US$ 7-Yr. Sr. Notes BB+
-------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Shimao
Property Holdings Limited's (BB+/Stable) proposed US dollar
denominated seven-year senior unsecured notes an expected rating
of 'BB+(EXP)'.

The bonds are rated at the same level as Shimao's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The final ratings are
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Contracted Sales Increased: Despite weak market conditions,
Shimao's contracted sales rose 5% to CNY70bn in 2014, as expected
by Fitch.  Its 2014 contracted sales by gross floor area (GFA)
rose 10% to 5.79 million sqm, but the average selling price fell
5% to CNY12,130 per sqm.  Fitch believes the company's improved
internal management through eight key regions and the
implementation of an SAP IT system allow better day-to-day
management of regional operations and sales.

Region-focused Player: Shimao has become a leading player in the
Yangtze River Delta region while maintaining operations across
China.  Shimao continued to focus on key cities such as Hangzhou,
Shanghai, Ningbo, the Fujian province and the Jiangsu province.
These accounted for 70% of contracted sales in 1H14 and 2013
respectively, compared with 64% in 2012.  Fitch believes Shimao
can leverage on market leadership, brand reputation, local know-
how and operational efficiency in these regions.  In 1H14, around
50%-60% of its 36.9 million sqm land bank was in the above cities.

Shift of Product Mix: To improve contracted sales Shimao adjusted
its residential property development mix to focus on first-time
home buyers and upgraded the quality of housing stock.  Shimao
continues to focus on small- to medium-sized units of below 90 sqm
to 140 sqm, which accounted for 75% to 80% of its units available
for sale in 2012, 2013 and 1H14.

Stable EBITDA Margins: Shimao had EBITDA margins of 29% for 2012
and 2013 and 26.6% in 1H14.  This is lower than its historical
margins of above 30%, as Shimao shifted its product mix to first-
time buyers and upgraders.  However, its EBITDA margin is still
higher than its 'BB'-rated peers' of 20% to 25%.  Fitch expects
Shimao to maintain its EBITDA margin at around the current level
for the next two years, but it may decline as competition
intensifies in the sector.

Delivery of Prudent Financial Strategy: During the challenging
operating environment in 2011, Shimao demonstrated operational
flexibility and prudent financial management.  It slowed down land
acquisitions to conserve cash, and it was able to depend on strong
support from over 10 onshore and offshore banks, which continue to
support the company.  In 2013 and 2014, Shimao actively managed
its offshore debt maturity profile by refinancing its debt ahead
of maturity. This has resulted in interest costs falling to around
7.4% in 2013 from over 8% in 2012.  Fitch expects this to trend to
continue.  Management's focus on maintaining both ample liquidity
and ready access to various funding channels further supports its
ratings.

Stable Operating Performance: Fitch expects Shimao to maintain a
stable operating performance and prudent financial policies in the
short to medium term.  A large and well-located land bank of 36
million sqm across China and its proven track record in selective
expansion in third-tier cities and tourism properties also support
Shimao's rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch's rating case for the issuer
include:

   -- Contracted sales by gross floor area to increase by 5% over
      2015-2017;
   -- Average selling price for contracted sales to increase by 3%
      for 2015-2017;
   -- Fitch estimates the EBITDA margin at around 23-25% in 2015-
      2017

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- continued weakening of the operating environment, leading
      to EBITDA margin erosion below 20% (26.6% at end-June 2014
      and 29.0% at end-2013)

   -- aggressive debt-funded expansion leading to net debt-to-
      inventory sustained above 40% (38.5% at end-June 2014 and
      30.1% at end-2013)

   -- Contracted sales/gross debt below 1.25x (0.94x at end-June
      2014 and 1.3x at end-2013) on a sustained basis

   -- Tightening liquidity due to a sustained fall in free cash
      flows, or weakened access to financing channels

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Longer track record of operating as a nationwide developer
      with leadership in multiple cities with a sound financial
      profile


ULTRASONIC AG: Files For Insolvency
-----------------------------------
Reuters reports that Germany-listed Chinese shoemaker Ultrasonic
AG said on March 10 that negotiations with its lending banks have
failed and that in consequence, the management board was forced to
file for insolvency.

Frankfurt-listed Ultrasonic said in September its top executives
and most of its cash reserves in China and Hong Kong had
disappeared, Reuters relates.

Ultrasonic AG engages in the design, production, and sale of
footwear products primarily in the People's Republic of China.
The company markets its products to the manufacturers of footwear
and sports related apparel products, and trading companies under
the Ultrasonic and Happy Dog brand names through its regional
distributors.


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


A ONE CERAMIC: ICRA Suspends B+ Rating on INR2.55cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR5.05
crore long term fund based limits and [ICRA]A4 rating to INR0.85
crore short term non fund based limits of A One Ceramic Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based: Cash Credit    2.50         [ICRA]B+ suspended

   Long Term Fund
   Based: Term Loan      2.55         [ICRA]B+ suspended

   Short term Non
   Fund Based: Bank
   Guarantee             0.85         [ICRA]A4 suspended

   Total Limits          5.90         [ICRA]B+/A4 suspended

A One Ceramic Private Limited (AOCPL) is engaged in manufacturing
of wall tiles with its plant situated at Morbi, Gujarat. The
company was established in July 2009 while the operations
commenced in January 2010. AOCPL is promoted by Mr. Sanjay
Nayakpara along with other directors. The plant has an installed
capacity of 21600 MTPA. It currently manufactures wall tiles of
size 12"x18", 10"x13"and 12"x12" with the current set of
machineries and production facilities.


AFTAB STEELS: CRISIL Assigns B Rating to INR27.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aftab Steels Pvt Ltd (ASPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                27          CRISIL B/Stable
   Bank Guarantee            3.4        CRISIL A4
   Cash Credit            27.5          CRISIL B/Stable

The ratings reflect ASPL's below-average financial risk profile
because of its initial stages of operations. The above-mentioned
weaknesses are partially offset by the promoters' extensive
experience in the steel industry.

Outlook: Stable

CRISIL believes that ASPL will maintain a stable credit risk
profile on account of its promoters' extensive experience in steel
industry. The outlook may be revised to 'Positive' in case the
company significantly improves its scale of operations and
profitability, leading to sizeable cash accruals while it
maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' in case the company undertakes a large
capital expenditure or if there is a weakening in ASPL's financial
risk profile, particularly its liquidity, because of its larger-
than-expected working capital requirements.

ASPL, a private limited company, was incorporated in 2013 and is
promoted by the Gujarat-based Bloch family. The directors of ASPL
are Mr. Firoz Bloch and his brother, Mr. Imtiaz Bloch. The company
manufactures mild steel (MS) ingots at Jamnagar (Gujarat). The
operations started in March-2014 with a capacity of 100 tonnes per
day.


AMBESH GINNING: ICRA Suspends B+ Rating on INR6.5cr Cash Credit
---------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR6.50
crore long term fund based limits of Ambesh Ginning and Oil
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based: Cash Credit     6.50        [ICRA]B+ suspended

   Total Limits           6.50        [ICRA]B+ suspended

Established in 1997, Ambesh Ginning & Oil Industries is engaged in
cotton ginning, pressing and crushing operations. The business is
owned and managed by Mr. Bhailal Patel and other family members.
The firm's manufacturing facility is located in Kadi, Dist
Mehsana. The firm has 32 ginning machines, one pressing machine
and five expellers with a processing capacity of 150 TPD of raw
cotton.


AMBICA TIMBERTRADE: CRISIL Reaffirms B Rating on INR62.5MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ambica
Timbertrade Pvt Ltd (ATPL; part of the Sharda group) continues to
reflect the Sharda group's weak financial risk profile, marked by
weak debt protection metrics; the ratings also factor in the
firm's large working capital requirements, and susceptibility to
fluctuations in foreign exchange (forex) rates. These weaknesses
are partially offset by the extensive experience of the group's
promoters in the timber processing industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             62.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit       257.5      CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sharda Timbers (ST) and ATPL. This is
because the two entities, together referred to as the Sharda
group, have significant business linkages and common promoters,
and are in the same line of business.

Outlook: Stable

CRISIL believes that the Sharda group will continue to benefit
over the medium term from the extensive industry experience of its
promoters and its diverse customer base. Its financial risk
profile may, however, remain weak over this term, due to large
working capital requirements. The outlook may be revised to
'Positive' in case of improvement in the group's financial risk
profile, backed by equity infusion and sustained improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' if the group's capital structure weakens due to
withdrawal of capital by the partners or sizeable working capital
requirements, or if there is decline in its profits.

Set up in 1995 by Mr. Raj Kumar Bansal, ST is a proprietary
concern based in New Delhi. It processes and trades in imported
timber. Incorporated in 2011, ATPL took over the existing business
of Ambica Timbers, a proprietary concern set up by Mr. Ishwar
Chand Bansal, brother of Mr. Raj Kumar Bansal. It is in the same
line of business as ST. Ambica International, a proprietary
concern of Mr. Praveen Bansal (son of Mr. Raj Kumar Bansal) was
also merged with ATPL as on April 1, 2013.


AMIYA STEEL: ICRA Assigns C- Rating to INR17.70cr Cash Credit
-------------------------------------------------------------
ICRA has assigned an [ICRA]C- rating to the INR17.70 crore cash
credit facility of Amiya Steel Private Limited. ICRA has also
assigned an [ICRA]A4 rating to the INR4 crore non-fund based bank
facility of ASPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           17.70        [ICRA]C- assigned

   Non-Fund Based
   Limit-Bank Guarantee   4.00        [ICRA]A4 assigned

The assigned ratings primarily take into account ASPL's stretched
financial profile as reflected by operating losses, adverse debt
coverage metrics and leveraged capital structure. The company
suffered net loss in 2013-14 despite the support of substantial
non-operating income. The ratings also factor in the company's
adverse liquidity and cash flow position, as well as risks of
inventory loss arising from its high level of raw material stock,
the limited value addition and lack of vertical integration in
ASPL's standalone sponge iron manufacturing business, making
margins sensitive to input and output prices, and the company's
dependence on creditor funding to meet the working capital
requirements that has resulted in an increase in the total outside
liabilities relative to networth. Moreover, the profits and cash
flows of players like ASPL are likely to remain volatile due to
the ongoing weakness and cyclicality inherent in the steel
industry. The ratings factor in the proximity of the company's
manufacturing facility to raw material sources leading to low
inward freight costs, and fixed supply of a portion of coal
requirement obtained from Eastern Coalfields Ltd by virtue of fuel
supply agreements, which insulates the company to an extent from
risks of unavailability of coal and adverse movements in market
price of the same. Ability to improve profitability and manage its
working capital requirements effectively would be the key rating
sensitivity going forward.

Incorporated in August 2002, ASPL is engaged in the manufacturing
of sponge iron, with an installed capacity of 60,000 tons per
annum. The company's manufacturing facility is located at Tarapur
Village in the Bankura district of West Bengal. S.M.Cold Storage
Private Limited, a company under the same management and engaged
in the business of storage and preservation of potatoes is rated
at [ICRA]B and [ICRA]A4.

Recent Results
During the first nine months of 2014-15, the company registered an
operating income of INR42.20 crore (provisional). In 2013-14, ASPL
reported a net loss of INR0.09 crore on an operating income of
INR101.81 crore.


AMRAPALI PRINCELY: ICRA Revises Rating on INR87.5cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR87.5
crore (Rs 100 crore earlier) term loans and INR62.5 crore
(enhanced from INR50 crore) unallocated limits of Amrapali
Princely Estate Private Limited (APEPL) from [ICRA]B+ to [ICRA]D.

                    Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            87.50       [ICRA]D; Revised
   Unallocated Limits    62.50       [ICRA]D; Revised

The rating revision factors in the delays by APEPL in debt
servicing in the current financial year. This could be attributed
to the cash flow mismatches in the past primarily due to slowdown
in bookings and collections post National Green Tribunal's (NGT)
direction to the Noida Authority in Oct 2013 to stop construction
activity within 10 km of the Okhla wildlife sanctuary. Owing to
this the company has shifted the CoD of the project from March
2014 to March 2015 and has also got its debt repayments deferred
by one year post payment of first quarterly installment in June
2014. ICRA notes that while the project is in final stages of
construction, the addition of two new towers in the project after
change is its FAR would increase the execution risk to some
extent. Further the market risk for the incremental area would
remain high given the substantial supply in the region. As a major
part of project funding is envisaged from customer advances the
incremental bookings and collection efficiency remain critical for
successful implementation of the project. In addition to this,
APEPL could require funding support form promoters (including
realization of advances to group companies) in case an exit is
provided to the PE investor in near term.

Going forward, the company's ability to timely service the debt,
realize advances from group companies, improve bookings and
adherence to the construction schedule will be amongst the key
rating sensitivities.

Incorporated in February 2010, APEPL is a SPV promoted by Amrapali
Group for developing a group housing project called "Amrapali
Princely Estate" over 15.15 acre of plot in Sector-76, Noida. The
company expects the project to be completed by March 2016. The
total saleable area in the project is 2.8 million square feet out
of which about 76% has been booked so far. The total cost for the
project including land is estimated to be INR747 crore. The land
has been secured on lease basis from New Okhla Industrial
Development Authority (NOIDA).


ARTEMIS AUTO: CRISIL Reaffirms B Rating on INR60MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Artemis Auto India Pvt
Ltd (AIPL) continue to reflect AIPL's working-capital-intensive
operations and exposure to intense competition in the automobile
dealership industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          30        CRISIL A4 (Reaffirmed)
   Cash Credit             60        CRISIL B/Stable (Reaffirmed)
   Long Term Loan          16        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      14        CRISIL B/Stable (Reaffirmed)

The ratings also reflect the company's weak financial risk
profile, marked by a highly leveraged capital structure and weak
debt protection metrics. These rating weaknesses are partially
offset by AIPL's relationship with its principal, Volvo Auto India
Pvt Ltd (VAIL), and the entrepreneurial experience of the
company's promoters.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if substantial improvement in
sales volumes and operating margin or sizeable equity infusions by
the promoters result in a better capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of revenue de-growth or reduced profitability,
or any large debt-funded capex weakens its financial risk profile.

AIPL was set up in 2010 by Mr B Umamaheswari as a private limited
company. The company runs dealership of VAIL cars. The company
operated two showrooms, with one each in Coimbatore and Chennai
(both in Tamil Nadu).


AUTODECOR PRIVATE: CARE Cuts Rating on INR38.57cr LT Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Autodecor Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     38.57      CARE D Revised from
                                            CARE B
   Short-term Bank Facilities     8.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in rating assigned to the bank facilities of
Autodecor Private Limited (ADPL) takes into account the delays in
debt servicing due to stretched liquidity.

Incorporated on February 18, 1984, ADPL is engaged in
manufacturing thermo plastic injection moulds which find
application mainly in the automobile industry with the modest
supply to non-automotive segment. The company produces automobile
components, viz, speedometers, chain cover, trim desk, brake tail
light, dash boards, bumper parts and other interior parts for both
four-wheelers as well as two-wheelers segments. In the non-
automotive segment, the company manufactures plastic injection
moulds that are utilised in UPS, inverter, home appliances such as
AC and washing machine, etc. ADPL has total of four manufacturing
facilities with two units located at Manesar (Haryana), and one
each at Gurgaon (Haryana) and Rudrapur (Uttarakhand).


BALARKA FABRICON: CARE Ups Rating on INR6.94cr LT Loan From B
-------------------------------------------------------------
CARE revises/reaffirms rating assinged to the bank facilities of
Balarka Fabricon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.94       CARE BB- Revised from
                                            CARE B

   Long-term Bank Facilities     1.00       CARE A4 Reaffirmed

Rating Rationale
The revision in the ratings of Balarka Fabricon Private Limited
(BPL) factors in stabilization of business operations of newly
setup manufacturing facility resultant into the increase in the
total operating income coupled with improvement in the capital
structure during FY14 (refers to the period April 1 to March 31).
The ratings continue to derive strength from vast experience of
the promoters in iron and steel industry.

The ratings, however, continue to be constrained by its small
scale of operations, leveraged capital structure and its working
capital-intensive nature of operations. The ratings are further
constrained by susceptibility of its margins to fluctuation in the
raw material prices, highly competitive industry.

Going forward, the ability of the company to increase its scale of
operations while improvement in its profitability margins and
capital structure coupled with effective working capital
management shall remain the key rating sensitivities.

BPL was incorporated in 2009 by Mr Surendra Kumar Gulati and Mr
Lalit Kumar. The company is engaged in the manufacturing of hoist
and cranes, mild steel (M.S.) structures and construction of pre
engineering buildings (PEB) and also does job work for galvanising
the steel products. The company undertakes turnkey projects in the
field of construction, telecommunication, infrastructure, etc. BAL
has its manufacturing facilities located in Bahadurgarh, Haryana.
The raw material used in manufacturing of the products is
iron/steel sheet, bar, round, angle, pipe, etc, which is procured
by the company domestically from Haryana and nearby regions. The
manufacturing processes of the company are ISO 9001:2008
certified.

BPL has reported a profit after tax (PAT) of INR0.21 crore on a
total operating income (TOI) of INR16.33 crore during FY14 as
against PAT of INR0.13 crore on a TOI of INR14.37 crore during
FY13. During FY15, the company achieved total operating income of
around INR16 crore till December 31, 2014.


BHANU FARMS: CRISIL Cuts Rating on INR150MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bhanu
Farms Ltd (BFL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          41.2         CRISIL D (Downgraded from
                                        'CRISIL A4')

   Cash Credit             60           CRISIL D (Downgraded from
                                        'CRISIL B-/Stable')

   Proposed Long Term       2.3         CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL B-/Stable')

   Term Loan              150           CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

The rating downgrade reflects the delay by BFL in timely servicing
of its term loan and short term debt; the delays were caused by
the company's weak liquidity, driven by its modest scale of
operations and low accruals.

BFL also has working-capital-intensive operations in the highly
competitive food processing industry. However, the company
benefits from the extensive industry experience of its promoters
and the funding support it receives from them.

BFL was incorporated in May 2010 as a closely held public limited
company by Mr. Anant Bangur, Dr. R Shyam Rungta, and Mr. Gokul
Chand Biyani. The company has an integrated cold chain facility at
Ghunsor village in Jabalpur (Madhya Pradesh), consisting of two
individual quick freezing processing plants and one pulping plant
for fruit and vegetables, with a combined installed capacity of
35,000 tonnes per annum.  Mr. Bangur manages the company's day-to-
day operations.


BHARATHI SPINTEX: CARE Assigns B+ Rating to INR46cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Bharathi
Spintex India Limited.

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

Rating Rationale
The rating assigned to the bank facilities is constrained by the
limited track record of operations of Bharathi Spintex India
Limited (BSIL), volatile raw material costs, BSIL's presence in a
highly competitive spinning industry & weak financial profile of
the company with low profit margins & moderate overall gearing.
The rating, however, derives strength from the improved operating
performance of the company on account of stabilisation of
operations and improvement in capacity utilisation.

Going forward, the ability of the firm to continue to increase
turnover, improve profit margins & capital structure would be the
key rating sensitivities.

BSIL was incorporated in 2011 by Mr K K Rajendran along with his
relatives & friends. The company is involved in the manufacture &
selling of Yarn. The Company has recently commissioned a state of
the art Spinning mill in Pallipalayam with about 300 employees.
The full scale operations of the unit started in September 2012.
As on December 31, 2014, BSIL has an installed capacity of 22,000
spindles. The company primarily manufactures Cotton Yarn (40s &
30s), but also runs a small operation to produce Viscose stable
Fibre (VSF) Yarn.

During FY14 (refers to the period April 1 to March 31), BSIL
generated a total operating income of INR49.36 crore and a
net profit of INR0.18 crore.


BNAZRUM AGRO: CRISIL Ups Rating on INR70MM LT Loan to B
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bnazrum Agro Exports Pvt Ltd (BAEPL) to 'CRISIL B/Stable' from
'CRISIL C', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         80        CRISIL A4 (Reaffirmed)
   Long Term Loan           70        CRISIL B/Stable (Upgraded
                                      from 'CRISIL C')
   Overdraft Facility       10        CRISIL A4 (Reaffirmed)
   Packing Credit           90        CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that the steady
improvement in BAEPL's business risk profile will sustain over the
medium term. BAEPL is likely to report revenue of INR700 million
for 2014-15 (refers to financial year, April 1 to March 31),
registered a compound annual growth rate of 39 per cent over the
five years through March 2015. The company's operating
profitability improved to 15.6 per cent for 2013-14 from 11.2
percent in 2012-13, driven by its entry into the high-margin
bottled gherkin segment. The operating margin is expected to
remain healthy over the medium term. The stronger business risk
profile has resulted in improvement in BAEPL liquidity, with the
company likely to generate cash accruals of INR46 million to INR50
million in 2014-15, sufficient to meet its debt obligations for
the year.

The ratings reflect BAEPL's susceptibility to fluctuations in
foreign exchange rates and in the availability of gherkins. These
rating weaknesses are partially offset by BAEPL's established
market position in the gherkin-processing industry.

Outlook: Stable

CRISIL believes that BAEPL will continue to benefit over the
medium term from its established market position in the gherkin-
processing industry. The outlook may be revised to 'Positive' if
the company reports substantial revenue growth and maintains its
operating margin, supported by efficient debtor management,
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if BAEPL's working capital management
weakens, most likely because of stretch in debtors, or if any
large debt-funded capital expenditure results in pressure on its
liquidity.

BAEPL, incorporated in 1998, processes and exports gherkins. Its
day-to-day operations are managed by its promoter, Mr. K S M
Mohammed Saleem.

For 2013-14, BAEPL reported a profit after tax (PAT) of INR4.27
million on net sales of INR419.89 million, against a PAT of
INR10.40 million on net sales of INR379.31 million for 2012-13.


DOVE APPAREL: ICRA Assigns B+ Rating to INR6.25cr Long Term Loan
----------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR6.5 crore long-term
fund-based facilities of Dove Apparel Private Limited. The outlook
on the rating is 'Stable'.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term; Fund
   Based Limits          6.25         [ICRA]B+; assigned

   Term Loan             0.25         [ICRA]B+; assigned

The assigned rating is constrained by highly competitive nature of
the garment manufacturing industry owing to its fragmented nature
and low value added nature of the business with half of the
revenues coming from trading sales. The rating is constrained by
modest financial profile characterised by low profitability; high
gearing and high working capital intensity which is on account of
high inventory holding requirements. Nevertheless, while assigning
the rating, ICRA has favourably factored in the established track
record and extensive experience of the promoters in the garment
manufacturing business and diversified customer base which helps
reduce product off-take risk. Going forward, the ability of the
company to improve profitability of its operations and prudently
manage its working capital cycle will be the key rating
sensitivities.

DAPL is in the business of manufacturing and trading of women
clothes with main focus on woollen clothes. The manufacturing
facility and head office of the company is located in Ludhiana.
The company has manufacturing capacity of around 3 lac pieces per
annum. The company sells its product under brand name 'DOVE' and
'MADRONA' through ~000 Multi Brand Outlets (MBOs) located across
North India and e-retailers.

The company was partnership firm till March 31, 2013 and was
converted into private limited company from April 1, 2013.

Recent Results
The company reported a net profit of INR0.15 Crore on an operating
income of INR22.38 Crore in FY14 as compared to a net profit of
INR0.31 Crore on an operating income of INR16.91 Crore during
FY13.


GAGAN AGRO: CRISIL Assigns B+ Rating to INR103MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gagan Agro & Rice Exporters (GARE).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               103         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        2         CRISIL B+/Stable

   Cash Credit              45         CRISIL B+/Stable

   Pledge Loan             100         CRISIL B+/Stable

The rating reflects GARE's initial stage of and expected modest
scale of operations in the highly fragmented rice industry,
susceptibility to volatility in raw material prices and to adverse
regulatory changes, and to erratic climatic conditions. The rating
also factors in below-average financial risk profile of the firm
marked by aggressive capital structure and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of GARE's partners in the rice industry, and
their established relations with suppliers and customers.

Outlook: Stable

CRISIL believes that GARE will benefit over the medium term from
its promoters' extensive industry experience and established
relationship with its customers. The outlook may be revised to
'Positive' if GARE efficiently manages its working capital
requirement or reports substantial increase in revenue and
profitability, resulting in sizeable cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of weakening of
financial risk profile, particularly liquidity because of lower
cash accruals resulting from decline in revenue or profitability,
or stretch in its working capital cycle.

Incorporated in 2014, GARE mills, processes and exports Basmati
rice. GARE is a partnership firm promoted by Mr. Sumit Singla, Mr.
Rahul Garg and Mr. Amandeep Kaur. The manufacturing unit of the
firm is in Badrukhan in Sangrur (Punjab) with an installed rice
milling capacity of 5000 tonnes per month. The unit commenced
operations in January 2015.


GLAZETECH INDUSTRIES: CARE Reaffirms B+ Rating on INR3.75cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Glazetech Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.75       CARE B+ Reaffirmed
   Short-term Bank Facilities    4.60       CARE A4 Reaffirmed

Rating Rationale
The ratings continue to be constrained by the financial risk
profile of Glazetech Industries Private Limited (GIPL) marked
by small scale of operations, leveraged capital structure, weak
debt coverage indicators and elongated working capital
cycle leading to stressed liquidity position. The ratings,
further, remain constrained due to its presence in highly
competitive and fragmented industry, along with susceptibility of
profitability margins to volatile raw materials prices.

The ratings, however, continue to derive strength from the wide
experience of the promoters.

The ability of GIPL to increase the scale of operations and
profitability amidst slowdown in real estate sector and
intensifying competition along with efficient management of
working capital cycle remain the key rating sensitivities.

Incorporated in 2004, Glazetech Industries Private Limited (GIPL)
is promoted by Mr Brijesh Ghiya and is engaged into manufacturing
of Aluminium Composite Panels (ACP) & trading of aluminium coils
which find application in the real estate industry (interior and
external designs used in high rise buildings, shopping malls,
etc), infrastructure industry and automobile industry. During
FY14, the company has also started manufacturing of Zinc Composite
Panels (ZCP). The company has an installed capacity of 36 Lakh
square feet per annum for manufacturing of ACP's and ZCP's with
manufacturing facility located at Jaipur, Rajasthan.

During FY14, GIPL earned around 57.60% of its total revenue from
domestic sales and remaining from export sales. The company export
mainly to Nepal. Further, it meets its raw material requirement
from import.

During FY14 (refers to the period April 1 to March 31), GIPL has
reported a total operating income of INR 24.49 crore (FY13:
INR11.43) with a PAT of INR 0.08 crore (FY13: INR 0.08 crore).


GOYAL ENGINEERING: ICRA Lowers Rating on INR60cr ST Loan to D
--------------------------------------------------------------
ICRA has revised ratings on the INR130 crore bank facilities of
Goyal Engineering Polymers Private Limited (GEPPL) to [ICRA]D from
the long-term rating of [ICRA]B+and short-term rating of [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           40.00        [ICRA]D; revised from
                                      [ICRA]B+

   Non-fund based,       60.00        [ICRA]D; revised from
   Short-term                         [ICRA]A4
   Facilities

   Unallocated Limits    30.00        [ICRA]D; revised from
                                      [ICRA]B+/[ICRA]A4

The ratings revision is driven by the company's stretched
liquidity position which has resulted in delays in debt servicing.
The ratings continue to factor in the vulnerability of the
company's profitability to foreign exchange fluctuations, given
that the company does not hedge its foreign exchange exposure;
exposure to supplier and customer concentration risks and
dependence of the company's revenues on the automobile sector,
which renders its performance vulnerable to the business cycle of
the sector. However, ICRA also notes the long experience and
established track record of the promoters in the industry; the
favourable demand for engineering plastics in the domestic market
and the established customer and supplier base of the company
comprising reputed companies.

Going forward, a track record of timely debt servicing and a
sustained improvement in the company's liquidity position will be
the key rating sensitivities.

GEPPL is an importer and distributor of engineering plastic raw
materials, primarily for the automotive industry. The company was
incorporated as a proprietorship earlier in 2002 (named Goyal
Polymers) and was taken over by Goyal Engineering Polymers Private
Limited on April 1, 2011; the latter was originally a Goyal Group
company with limited operations. GEPPL imports a range of
engineering plastic raw materials such as Acrylonitrile Butadiene
Styrene (ABS), Acrylonitrile Styrene Acrylate (ASA),
Polycarbonates, Polyamides, Polypropylene-based compounds, etc.
from various reputed global engineering plastic suppliers. It has
eleven warehouses in seven states in India -- Delhi, Haryana,
Rajasthan, Uttarakhand, Uttar Pradesh, Maharashtra and Tamil Nadu
and supplies to a number of Tier-1 and Tier-2 auto ancillaries
across India.


INO FLEX: ICRA Assigns 'B' Rating to INR4.28cr Term Loan
--------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR7.28 crore long
term fund based facilities of Ino Flex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Term Loan              4.28        [ICRA]B; assigned

   Fund Based Limits-
   Cash Credit            3.00        [ICRA]B; assigned

ICRA's assigned ratings are constrained by the small scale and
limited track record of operations of the company (with operating
income of INR11.80 crore during 2014-15). The ratings also factor
in the highly leveraged capital structure of the company with
gearing of 34.45 times as on March 31, 2014 and weak coverage
indicators with interest coverage at 1.72 times, NCA/total debt at
6% and total debt/OPBDITA at 5.85 times during 2014-15. Further,
the ratings also take into account the vulnerability of company's
profitability to fluctuations in raw material prices and the high
competitive intensity in the packaging industry. However, the
ratings favourably factor in the long and established track record
of promoters through presence of group companies in packaging
business and the favourable demand prospects for the packaging
industry in the domestic market driven by increasing consumerism,
fast growing retail sector, changing lifestyle and rising demand
from the rural sector. Going forward the ability of the company to
increase its scale of operations while maintaining moderate
gearing levels and debt coverage indicators would remain the key
rating sensitivities.

Incorporated in November 2007, IFPL is promoted by Chordia Family
of Indore. It belongs to a well established group having long
standing of around two decades in packaging industry. The company
manufactures low-density polyethylene (LDPE) foils, aluminium
foils, laminates and pouches for pharma and food packaging. The
basic raw materials include aluminium foils, polyester and blister
foil which are procured from the local markets.

During 8 months 2013-14 (August 2013 to March 2014), IFPL reported
a net loss of INR0.17 crore on an operating income of INR11.80
crore.


K.K. COTEX: ICRA Suspends B+ Rating on INR22cr Cash Credit
----------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR22.00
crore long term fund based limits and [ICRA]A4 rating to INR40.00
crore short term fund based limits of K.K. Cotex. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based: Cash Credit    22.00        [ICRA]B+ suspended

   Short tern Fund
   Based: PCFC           40.00        [ICRA]A4 suspended

   Total Limits          62.00        [ICRA]B+/A4 suspended

K. K. Cotex was formed in 2007 as a partnership firm by Mr.
Kishorbhai S Patel and Mrs. Bhavitaben K Patel, with more than a
decade of experience in the cotton industry. The firm has set up a
unit for cotton ginning and pressing at Hadamtala, District Rajkot
with 1 pressing and 48 ginning machines.


LATE SMT.: ICRA Suspends B+ Rating on INR170.92cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR170.92
crore bank facilities of Late Smt. Vidyawanti Labhu Ram Foundation
for Science Research and Social Welfare. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


MEHRAB N IRANI: CRISIL Reaffirms B Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings continue to reflect Mehrab N Irani and Company's
(MNIC) below-average financial risk profile, marked by a small net
worth, high gearing, and subdued debt protection metrics. The
ratings also factor in the firm's modest scale and working-
capital-intensive operations. These rating weaknesses are
partially offset by extensive experience of MNIC's promoters in
the liquor distribution business and the firm's established
relations with its principals.

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

Outlook: Stable

CRISIL believes that MNIC will continue to benefit from its
promoters' extensive experience in the liquor distribution
business, over the medium term. The outlook may be revised to
'Positive' in case of significant and sustained improvement in the
firm's cash accruals or a sizable capital infusion by the
promoters leading to improvement in the firm's financial risk
profile and liquidity. Conversely, the outlook may be revised to
'Negative' in case of further pressure on its liquidity on account
of lower cash accruals or a stretch in its working capital cycle.


MNIC was set up as a proprietorship firm, by Mr. Mehrab Irani in
1981 as a wholesale distributor for liquor. The firm currently is
an exclusive dealer for Diaggeo India, Carlsberg India, Sula
Vineyards, Red Bull and Allied Blenders and Distillers for Pune
(Maharashtra).

MNIC has been reconstituted as a partnership firm from August 1,
2014 with addition of four other partners along with Mr. Mehrab
Irani.


METECNO INDIA: CRISIL Assigns B- Rating to INR175.8MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Metecno India Pvt Ltd (MIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan         175.8        CRISIL B-/Stable
   Letter of Credit       140          CRISIL A4
   Funded Interest
   Term Loan               28.4        CRISIL B-/Stable
   Bank Guarantee          40          CRISIL A4
   Cash Credit            130          CRISIL B-/Stable

The ratings reflect MIPL's below-average financial risk profile,
marked by subdued debt protection metrics and working-capital-
intensive operations. It also reflects MIPL's vulnerability to
volatility in raw material prices. These rating weaknesses are
partially offset by the promoters' extensive experience in the
building-products industry and established relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes that MIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significant increase
in its revenue and operating margin, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is weakening in its working capital management
or if there is a decline in cash accruals leading to further
weakening of its financial risk profile.

Incorporated in 2005, in Chennai, MIPL manufactures and installs
sandwich poly urethane foam (PUF) panels, used in industrial
buildings as walls, roof and insulators.

MIPL reported a net loss of INR87 million on revenue of INR514.7
million for 2012-13 (refers to financial year, April 1 to
March 31) against a net loss of INR55.1 million on revenue of
INR796.3 million for 2011-12.


NANDI GRAIN: CARE Downgrades Rating on INR69.3cr LT Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Nandi
Grain Derivatives Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    69.30       CARE D Revised from
                                            CARE B+ (Single B
                                            Plus)
   Short-term Bank Facilities    0.50       CARE D Revised from
                                            CARE A4 (A Four)

Rating Rationale
The revision in the ratings of Nandi Grain Derivatives Private
Limited (NGDPL) is on account of delays in servicing of debt
obligations owing to the stretched liquidity position of the
company.

Established in June 2010, NGDPL is part of the Nandi Group of
Industries based out of Nandyal in Andhra Pradesh. The group has
diversified presence in several businesses such as cement, dairy,
PVC pipes, construction, TMT bars, etc. NGDPL is engaged in the
manufacturing of liquid starch using maize (wet milling process)
as raw material with an installed milling capacity of 400 tons per
day. Gluten, germs, corn steep soluble and fibre are the other by-
products produced in the wet milling process which constitutes
about 35% of the throughput.

During FY13 (refers to the period April 1 to March 31), the
company has reported a net loss of INR0.23 crore on total
operating income of INR10.75 crore.


NEC PACKAGING: CRISIL Assigns B Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of NEC Packaging Limited (NEC).

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

The ratings reflect NEC's working-capital-intensive nature of
business, modest scale of operations and low profitability. These
rating weaknesses are partially offset by the extensive experience
of NEC's promoter in packaging paper industry and NEC's above-
average financial risk profile marked by moderate leverage and
average debt protection metrics.

Outlook: Stable

CRISIL believes that NEC will continue to benefit from the
extensive industry experience of its promoter and its established
relations with customers. The outlook may be revised to 'Positive'
in case the company generates significantly higher-than-expected
cash accruals while maintaining its working capital requirements
prudently. Conversely, the outlook may be revised to 'Negative' if
the company undertakes larger-than-estimated debt-funded capital
expenditure programme, leading to deterioration in its capital
structure, or if it reports significantly lower-than-expected cash
accruals.

Incorporated in 1979, NEC manufactures packaging materials such as
printed corrugated cartons, unprinted laminated films, blister
foils & bulk drug bags, printed pvc shrink labels, cold formed
foils etc. It has its manufacturing unit in Mohali (Punjab) and is
managed by Mr Vivek Kumar Gupta.


R.E.C. ISPAT: CARE Reaffirms B+ Rating on INR25cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
R.E.C. Ispat Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     25         CARE B+ Re-affirmed

Rating Rationale
The rating continues to remain constrained by the lower profit
level and cash accruals in view of the trading nature of business,
concentrated client base, leveraged capital structure with weak
debt coverage indicators, susceptibility to price fluctuation risk
on its inventory and working capital intensive nature of business.
The rating also factors in reduced sales, profit level and margin
during FY14 (refers to the period April 1 to March 31) and further
weakening of the capital structure. The rating is, however,
underpinned by the experienced promoters, satisfactory track
record of the company and moderate scale of operation. The ability
of the company to improve the profitability, cash accrual and
capital structure and continue to manage the working capital
requirements are the key rating sensitivities.

Incorporated on January 29, 2004, R.E.C. Ispat Private Limited
(RIPL) has been promoted by Mr Subhash Bhararia and Mr Surya
Sudhakar. The company is based at Vishakhapatnam, Andhra Pradesh
and is engaged in the trading of iron & steel, coal and cement.
RIPL's shareholding lies with Mr Bhararia (Managing Director,
25.59%), Mr Sudhakar (Director, 25.59%), Ms O Sharda (friend of
MD, 25.80%) and the remaining with family members & friends.

During FY14, RIPL reported PBILDT of INR3.64 crore (FY13: INR1.92
crore) and PAT of INR0.45 crore (FY13: INR1.63 crore) on a total
operating income of INR187.63 crore (FY13: INR200.73 crore).

During 9MFY15 (provisional), the company has reported sales of
INR165.25 crore.


RADHEYA MACHINING: CRISIL Ups Rating on INR70MM Cash Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Radheya Machining Ltd (RML) to 'CRISIL B/Stable' from 'CRISIL D'.

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

   Rupee Term Loan          30         CRISIL B/Stable (Upgraded
                                       from 'CRISIL D')

   Working Capital          20         CRISIL B/Stable (Upgraded
   Demand Loan                         from 'CRISIL D')

The rating upgrade reflects the improvement in RML's liquidity,
marked by timely servicing of debt for the nine months through
December 2014. The improvement was driven primarily by healthy
cash accruals and refinancing of debt, resulting in adequacy of
cash accruals for servicing of term debt. However, RML's liquidity
is expected to remain stretched on account of tightly matched net
cash accruals against its debt obligations and on account of its
working-capital-intensive operations.

The rating reflects RML's exposure to small scale of operations
and limited revenue diversity, and moderate financial risk
profile. These rating weaknesses are partially offset by the
company's established position in automotive transmission
components segment.

Outlook: Stable

CRISIL believes that RML will continue to benefit over the medium
term from its established position in the auto transmission
components segment. The outlook may be revised to 'Positive' if
the company's financial risk profile improves significantly
because of fresh equity infusion, stable profitability, and
improved working capital management. Conversely, the outlook may
be revised to 'Negative' if large, debt-funded capital expenditure
materially constrains the company's capital structure and debt
servicing ability or in case of a stretched working capital cycle.

Incorporated in 2001, RML manufactures machined auto transmission
components. The company, promoted by Mr. Sanjay Joshi, Mr.
Dhananjay Bhargav, and Mr. Santosh Joshi, has two manufacturing
units at Sanaswadi near Pune (Maharashtra). RML has four group
concerns: Yashwant Forgings Pvt Ltd, Bhargav Gears, Prachay Auto
Parts Pvt Ltd, and Aagneya Heat Treatment Technologies Pvt Ltd.
These companies, in close association with RML, are involved in
forging, machining, and heat treatment of auto components.


RAJASTHAN EDUCATION: CARE Assigns B+ Rating to INR7.27cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Rajasthan
Education Institute & Health Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.27       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Rajasthan Education
Institute & Health Society (REIHS) is primarily constrained
on account of its low enrolment ratio and modest scale of
operations in the highly competitive and regulated education
industry, moderate solvency and weak liquidity position. The
rating, however, favourably takes into account the experienced
management, diversified revenue stream and healthy surplus
margins.

The ability to increase its scale of operations through increase
in enrolment of students, maintain its surplus margins alongwith
the better management of liquidity profile would be the key rating
sensitivities.

Dausa (Rajasthan) based REIHS, formed by Dr C.L. Meena and Dr.
R.S. Nagar, was registered as a society on Feb. 22, 2000, for
imparting education in the field of engineering, teaching, nursing
and science at Dausa. REIHS operates four colleges under its
umbrella i.e. engineering and polytechnic college, B.Ed. college,
Science college and nursing college.

REIHS offers civil engineering, computer science, electrical
engineering, electronics & communication and mechanical
engineering degree courses in its engineering college whereas
offers diploma in civil engineering and electrical engineering
courses in polytechnic college. In science college, it offers
B.Sc. graduation course whereas in nursing college, it offers
General Nursing & Midwifery (G.N.M) course.

The engineering & polytechnic college for degree courses are
affiliated from Rajasthan Technical University (RTU) and All
India Council for Technical Education (AICTE), whereas, diploma
courses are affiliated from RTU and Board of Technical Engineering
of Rajasthan (BTER). B. Ed college is affiliated from Rajasthan
University (RU) and approved by National Council for Teacher
Education (NCTE). Science college is affiliated from Rajasthan
University of Health and Science (RUHS) and GNM college is
affiliated from Indian Nursing Council (INC) and Rajasthan Nursing
Council (RNC).

During FY14 (A; refers to period April 1 to March 31), REIHSL has
reported a total operating income of INR5.28 crore (FY13: INR5.06
crore) and net surplus of INR0.74 crore (FY13: INR0.36 crore).


RANI AQUA: CARE Reaffirms B+ Rating on INR8.8cr LT Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Rani
Aqua Feeds Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    8.80        CARE B+ Reaffirmed

Rating Rationale
The rating of Rani Aqua Feeds Private Limited (RAFL) remains
constrained by the short track record and small scale of
operation, low profitability and cash accruals with profitability
susceptible to volatility in the raw material prices, working
capital-intensive nature of the business and intense competition
in the industry. The rating also factors in growth in the business
operation during FY14 (refers to the period April 01 to March 31)
and improvement in the capital structure. The rating is
underpinned by the satisfactory track record of the promoters,
presence in the aqua culture zone with proximity to the raw
material sources, diversified product portfolio and moderate
industry growth prospects. The ability of the company to expand
the scale of operation with improvement in profitability and
manage the working capital requirement efficiently are the key
rating sensitivities.

RAFL, promoted by Mr KV Surendra and Mr N Ravi, was incorporated
as Pallavi Industries Private Limited (PIPL) on April 02, 2006,
and was subsequently renamed as RAFL on September 02, 2013. RAFL
manufactures and sells processed rice, rice bran crude oil (for
further processing to edible oils) and de-oiled rice bran (DOB).
The installed capacity of the plant is 100 TPD for rice milling
and 150 TPD for the solvent extraction plant.

PIPL was dormant from the date of inception and commenced
operation from November 2012 with acquisition of assets of
Chaitanya Oil Ltd. (COL), a company engaged in rice milling and
solvent extraction.

During FY14, RAFL posted PBILDT of INR0.75 crore (FY13: INR0.88
crore) and PAT of INR0.10 crore (FY13: INR0.07 crore) on a total
operating income of INR19.02 crore (FY13: INR6.49 crore).


RIVERGROW VYAPAR: CRISIL Assigns B+ Rating to INR14MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rivergrow Vyapar Pvt Ltd (RVPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility        6           CRISIL B+/Stable

   Cash Credit              14           CRISIL B+/Stable

   Letter of Credit         80           CRISIL A4

The ratings reflect the company's limited track record of
operations in the highly competitive timber trading industry, low
operating margin which is susceptible to raw material price and
foreign exchange rate fluctuation, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of RVPL's promoters in the timber industry
and the company's moderate net worth leading to a moderate capital
structure.

Outlook: Stable

CRISIL believes that RVPL will continue to benefit from its
promoters' extensive industry experience and its moderate capital
structure over the medium term. The outlook may be revised to
'Positive' if the company substantially improves its scale of
operations and profitability, or it shortens its working capital
cycle, leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if RVPL generates low cash
accruals, or in case of sizeable working capital requirements,
resulting in pressure on its financial risk profile, especially
liquidity.

RVPL is a Gandhidham (Gujarat)-based company that trades in and
saws timber. The company started commercial operations in February
2014. It deals in the pine variety of timber. Its operations are
managed by Mr. Ramesh Chinaria, who has about two decades of
experience in the timber trading industry.

For 2013-14 (refers to financial year, April 1 to March 31), RVPL
reported a profit after tax of INR0.14 million on an operating
income of INR27 million.


S.P.Y. AGRO: CARE Lowers Rating on INR230.02cr LT Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of S.P.Y.
Agro Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    230.02      CARE D Revised from
                                            CARE C

   Short-term Bank Facilities    25.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings takes into account delays in servicing
of debt obligations owing to the stretched liquidity position of
the company.

Incorporated in May 2005, SPY Agro Industries Limited (SPYAI) is
part of the Nandi Group of Industries based out of Nandyal in
Andhra Pradesh. The group has a presence in diversified businesses
since 1978 such as cement, dairy, PVC pipes, construction, TMT
bars etc. SPYAI commenced its commercial operations from FY09
(refers to the period April 1 to March 31). The company has a
grain-and-molasses-based distillery plant at Nandyal with a
capacity of 145 kilo litres per day. ENA is the main raw material
in the manufacture of Indian Made Foreign Liquor.

During FY13 (refers to period April 01 to March 31), the company
reported PBILDT of INR27.79 crore and PAT of INR7.15 crore on
total operating income of INR157.19 crore.


SAMRAT PLYWOOD: ICRA Cuts Rating on INR24.80cr Cash Credit to B+
----------------------------------------------------------------
ICRA has revised the long term rating on the Rs.24.80 crore cash
credit of Samrat Plywood Limited (SPL) to [ICRA]B+ from
[ICRA]BB-. ICRA has re-affirmed the short term rating of [ICRA]A4
for INR8.20 crore non fund based bank facilities of SPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           24.80        [ICRA]B+; Downgraded
   LC/BG Limits           8.20        [ICRA]A4; reaffirmed

The revision in the ratings takes into account firm operating at
nearly 100% of installed capacity which limits the operational
flexibility and scaling up of operations. The revision also
factors the deteriorating capital structure of the company on
account of high working capital requirements of the business,
which has resulted in full utilisation of the working capital
limits. Additionally SPL's profitability also remains exposed to
volatility in raw material price given the levels of inventory
maintained and to volatility in foreign exchange rates given that
part of the raw material requirement is met through imports. The
ratings also continue to factor in the high competitive intensity
of the plywood and laminates industry; and increasing competition
from substitutes like particle/ medium density fibre (MDF) board.
However the ratings derive comfort from the steady revenue growth
achieved by the company on the back of increase in production
volumes, also supported by wide distribution network and
relatively well established brand. Also the ratings continue to
take into consideration the long experience of the promoters and
the company's established operational track record in the
industry. Going forward, increase in the SPL's scale of operations
and improvement in its capital structure will be the key rating
sensitivities.

Samrat Plywood Limited (SPL) is a public limited company engaged
in the manufacturing of plywood and laminates. The company is
promoted by Mr. Suresh Singhal and his three sons (Mr. Rajiv
Singhal, Mr. Anand Singhal and Mr. Puneet Singhal). The company
produces plywood at its Derabassi (Punjab) unit with an installed
annual capacity of 1,200,000 square metres and laminates at its
Nalagarh (Himachal Pradesh) unit, with an installed annual
capacity of 991,500 units.

Recent Results
In 2013-14, SPL reported a Profit after Tax (PAT) of INR0.6 Crore
on an Operating Income (OI) of INR80.5 crore, as compared to a PAT
of INR0.5 crore on an OI of INR64.0 crore for the previous year.


SANTOSHI RICE: CARE Assigns B+ Rating to INR7cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Santoshi
Rice And General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7         CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Santoshi Rice and
General Mills (SRM) are primarily constrained by its small scale
of operations, low profitability margins and leveraged capital
structure. The rating is 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
in the agro-processing industry and long track record of operation
of the entity, growing scale of operations and proximity of its
processing unit to the paddy-growing areas.

Going forward, SRM'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.

SRM was established as a partnership firm in 1986. The firm
currently has two partners, Mr Pawan Kumar and Mr Kanti Prasad,
with equal profit sharing. They collectively look after the
overall operations of the firm. The firm is engaged in the
processing of paddy at its manufacturing unit is located at
Karnal, Haryana, with total installed capacity of 32,000 metric
ton per annum (MTPA) as on March 31, 2014. SRM procures paddy from
local grain markets through dealers and agents mainly from the
state of Haryana. The firm sells its products, ie, basmati and
non-basmati rice in the states of Delhi, Haryana and Punjab
through a network of commission agents and traders.

For FY14 (refers to the period April 01 to March 31), SRM achieved
a total operating income (TOI) of INR29.44 crore with net profit
of INR0.01 crore, respectively, as compared with a TOI of INR24.77
crore with net profit of INR0.01 crore, respectively, for FY13.
The firm has achieved total income of INR26 crore till Dec. 31,
2014.


SATYAM COTTEX: CARE Reaffirms B+ Rating on INR6.19cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Satyam
Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.19       CARE B+ Re-affirmed

Rating Rationale
The rating assigned to the bank facilities of Satyam Cottex
(Satyam) continues to remain constrained by weak financial risk
profile characterised by thin profit margins, moderately leveraged
capital structure and moderate debt coverage indicators. The
rating further continues to remain constrained on account of
seasonality associated with the procurement of raw material,
susceptibility of profitability to cotton price fluctuation and
changes in the government policy coupled with its presence in the
highly fragmented industry with limited value addition and working
capital-intensive nature of operations. The rating also factors in
the stabilisation of operations with increase in the operating
income during 10MFY15 (refers to the period April 1 to March 31).

The rating, however, continues to derive comfort from the vast
experience of the partners in the cotton industry and locational
advantage in terms of proximity to the cotton-growing regions in
Gujarat.

Satyam's ability to increase its scale of operations coupled with
improvement in profit margins in light of competitive nature of
industry and fluctuating raw material prices, along with
improvement in capital structure and managing its working capital
requirements efficiently remain the key rating sensitivities.

Satyam was setup as a partnership firm in April 2013 by Mr Mehul
R. Sanghani, Mr Ashok K. Bhagiya, Mr Mansukhbhai V. Sanghani and
Mr Bhaveshbhal G. Chandat, along with five other non-executive
partners, based out of Rajkot, Gujarat. The firm is engaged in the
business of cotton ginning and pressing to produce cotton bales
and cotton seeds. The products are mainly used in the
manufacturing of cotton yarn in the textile industry and oil
extraction companies. The manufacturing unit of the firm is
located at Tankara, Gujarat. The unit commenced commercial
production from November 2013 with an installed capacity to
produce 5,850 metric tonnes per annum (MTPA) for cotton bales and
11,925 MTPA for cotton seeds.

During FY14, Satyam reported TOI of INR17.42 crore and PAT of
INR0.02 crore. However, during 10MFY15, Satyam achieved a total
income of INR26.58 crore


SHARDA TIMBERS: CRISIL Reaffirms B Rating on INR58.5MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sharda Timbers (ST; part
of the Sharda group) continues to reflect the Sharda group's weak
financial risk profile, marked by weak debt protection metrics;
the ratings also factor in the firm's large working capital
requirements, and susceptibility to fluctuations in foreign
exchange (forex) rates. These weaknesses are partially offset by
the extensive experience of the group's promoters in the timber
processing industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            58.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      156.5       CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sharda Timbers (ST) and Ambica
Timbertrade Pvt Ltd (ATPL). This is because the two entities,
together referred to as the Sharda group, have significant
business linkages and common promoters, and are in the same line
of business.

Outlook: Stable

CRISIL believes that the Sharda group will continue to benefit
over the medium term from the extensive industry experience of its
promoters and its diverse customer base. Its financial risk
profile may, however, remain weak over this term, due to large
working capital requirements. The outlook may be revised to
'Positive' in case of improvement in the group's financial risk
profile, backed by equity infusion and sustained improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' if the group's capital structure weakens due to
withdrawal of capital by the partners or sizeable working capital
requirements, or if there is decline in its profits.

Set up in 1995 by Mr. Raj Kumar Bansal, ST is a proprietary
concern based in New Delhi. It processes and trades in imported
timber. Incorporated in 2011, ATPL took over the existing business
of Ambica Timbers, a proprietary concern set up by Mr. Ishwar
Chand Bansal, brother of Mr. Raj Kumar Bansal. It is in the same
line of business as ST. Ambica International, a proprietary
concern of Mr. Praveen Bansal (son of Mr. Raj Kumar Bansal) was
also merged with ATPL as on April 1, 2013.


SHREE BHAVANI: CARE Reaffirms B Rating on INR12.86cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Shree
Bhavani Power Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.86      CARE B Reaffirmed

Rating Rationale
The rating of bank facilities of Shree Bhavani Power Projects Ltd
(SBPPL) continues to be constrained by the small scale and limited
track record of company's operations, its leveraged capital
structure, weak liquidity position and debt coverage indicators.
The rating is also constrained by the inherent hydrological risk
associated with the run-of-the-river based hydel projects and risk
associated with delayed realization of dues from SBPPL's power
off-taker.  However, the rating derives strength from the healthy
operational efficiencies of the company's power plant and revenue
visibility backed by fixed price long-term Power Purchase
Agreement (PPA) with Himachal Pradesh State Electricity Board Ltd
(HPSEBL) and stable demand outlook for power sector.

Going forward, the company's ability to achieve the envisaged
operational parameters and timely realization of dues from
its power off-taker shall be the key rating sensitivities.

Shree Bhavani Power Projects Ltd (SBPPL) was incorporated on
June 21, 2006 for setting up a small hydro power project with a
capacity of 4.50 MW (2x 2.25 MW) at Mangladkhad, a tributary of
River Satluj in Shimla, Himachal Pradesh. As per the
Implementation Agreement (IA) signed between Government of
Himachal Pradesh and SBPPL on April 24, 2007, the company has been
accorded rights to establish, own, operate and maintain the said
project for a period of 40 years from commercial operation date.
The first unit of project was commissioned on June 2, 2010
followed by the commissioning of second unit on August 5, 2010.


SHYAM POLYSPIN: CARE Reaffirms B+ Rating on INR14cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Shyam
Polyspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      14        CARE B+ Reaffirmed
   Short term Bank Facilities      2        CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Shyam Polyspin
Private Limited (SPPL) continue to remain constrained by its
financial risk profile marked by thin profitability, leveraged
capital structure and weak debt coverage indicators. The ratings
further continue to remain constrained on account of its working
capital-intensive operations in the highly competitive and
fragmented cotton ginning industry with limited value addition due
to the trading nature of operations and volatility associated with
the raw material (cotton) prices.

The ratings, however, continue to favourably take in to account
the wide experience of the promoters and diversified client
profile. The ratings factor in the increase in the total operating
income and cash accruals during FY14 (refers to the period April 1
to March 31).

The ability of SPPL to increase the scale of operations with
improvement in profitability and capital structure while
managing working capital efficiently is the key rating
sensitivity.

SPPL was established in 1990 at Ahmedabad and is engaged in the
cotton trading business. SPPL is also working as a commission
agent in the cotton yarn trading business. Commission income
constitutes less than 1% of the total operating income (TOI) of
FY14.

During FY14, SPPL reported a total operating income of INR106.72
crore (FY13: INR73.89 crore) and a PAT of INR0.49 crore (FY13:
INR0.35 crore). The company has clocked a turnover of INR94.08
crore till February 15, 2015.


SOUTH INDIA: CARE Lowers Rating on INR10cr ST Bank Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of South
India Exim Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2         CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities     10        CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings is on account of delays in servicing
of debt obligations owing to the stretched liquidity position of
the company.

South India Exim Private Limited (SIEPL), incorporated in March
2013, has been promoted by the Nandi group of Kurnool, Andhra
Pradesh (AP). SIEPL commenced business from May 2013 and is
engaged in the trading of Polyvinyl Chloride (PVC)/Chlorinated
Polyvinyl Chloride (CPVC) Resin, Coal and PVC /CPVC pipes and
fittings.

As per unaudited working results for 8MFY14, the company has
reported net sales of INR67.03 crore with a PBILDT of INR5.87
crore and PAT of INR4.17 crore.


SREE GENGA: CRISIL Assigns B Rating to INR36MM Rupee Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sree Genga Mills Pvt Ltd (SGMPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Working Capital          15          CRISIL B/Stable
   Term Loan
   Rupee Term Loan          36          CRISIL B/Stable
   Cash Credit              20          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        9          CRISIL B/Stable

The rating reflects SMGPL's modest scale of operations in the
fragmented textile industry, susceptibility of its operating
margin to volatility in raw material prices, and its below-average
financial risk profile, marked by a modest net worth. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.

Outlook: Stable

CRISIL believes that SGMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its revenue and profitability, resulting in a
considerable improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SGMPL's
cash accruals decline considerably, or it undertakes a large debt-
funded capital expenditure programme, or its working capital
management weakens, deteriorating its financial risk profile.

SGMPL, incorporated in 1999, manufactures cotton yarn. Its day-to-
day operations are managed by Mr.  R Srinivasan.


SRI RAGHURAMACHANDRA: CRISIL Rates INR43MM Cash Credit at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Sri Raghuramachandra Rice Industries (SRRI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              43         CRISIL B+/Stable
   Long Term Loan           11         CRISIL B+/Stable

The rating reflects SRRI's weak financial risk profile, marked by
modest net worth and high gearing, 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 SRRI's proprietor in the rice milling business.

Outlook: Stable

CRISIL believes that SRRI will continue to benefit over the medium
term from its proprietor'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 SRRI 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 2011 as a proprietorship firm, SRRI mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. A. Raghuram and is based out of Raichur
(Karnataka).

SRRI reported a profit after tax (PAT) of INR1.3 million on net
sales of INR206.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR163.6 million for 2012-13.


SRM SPINNERS: CARE Reaffirms B+ Rating on INR29.10cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
SRM Spinners Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      29.10     CARE B+ Reaffirmed

Rating Rationale
The rating continues to remain constrained on account of nascent
stage of operations of SRM Spinners Limited (SSL), highly
leveraged capital structure due to recent completion of debt-
funded greenfield project for manufacturing of synthetic yarn and
its presence in the highly competitive and fragmented textile
industry.

The rating, however, favourably takes into account the vast
experience of the promoters in the textile industry as well as
benefits from group entities and location advantage due to
presence in the textile hub with easy access to customer and
labour.

The ability of the company to scale up operations along-with
achievement of envisaged profitability levels amidst growing
competition are the key rating sensitivities.

Incorporated in October 2012, Bhilwara-based (Rajasthan) SSL was
promoted by seven promoters, including Mr Shyam Sunder Somani, Mr
Vishal Agarwal and Mr Rajendra Prasad Agarwal who are the key
promoters of the company. SSL has completed its green-field
project at Bhilwara for manufacturing of synthetic blended yarn
which will have 10 spinning machines with 1296 spindles each in
July 2014 at a total cost of INR37 crore funded through debt-
equity ratio of 3.23 times.

The company will manufacture synthetic blended yarn from 15 counts
to 30 counts and sources its raw material requirement from mainly
Reliance Industries Limited, Grasim Industry Limited and Pashupati
Polytex Private Limited.

Furthermore, the company markets its product directly as well as
through 6 agents in the local markets of Bhilwara and in other
places of India like Mumbai, Ludhiana, Indore, Amritsar and
Ahmedabad.


SUNIL AND COMPANY: CARE Reaffirms B Rating on INR7.5cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sunil and Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    7.50        CARE B Reaffirmed

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

The long term rating continues to be constrained by modest scale
of operation of the firm along with its constitution as a
partnership firm and financial risk profile marked by low
profitability and weak solvency position. The rating is further
constrained due to limited bargaining power of the firm with
principal automobile manufacturers and its presence in a
competitive industry.

The rating, however, continues to derive strength from the
experienced partners and authorized dealership of Tata Motors for
passenger cars.

SC's ability to improve its overall financial profile through
better profitability with increased revenues from automobile
division and management of working capital are the key rating
sensitivities.

Jodhpur (Rajasthan) based Sunil & Company (Sunil) was formed in
August 1984 as a partnership concern formed by four partners. In
March 2011, there was a change in the partners and currently, the
firm is owned by four partners' viz. Mr. Johri Lal Sancheti, Mr.
Tribhuvan Raj Bhandari, Mr. Sudeep Raj Bhandari and Mr. Trideep
Raj Bhandari. Mr. Tribhuvan Raj Bhandari has over three decades of
industrial experience through association with the group company,
Synco Industries Limited (SIL, Rated: 'CARE B-/ CARE A4') which is
engaged in the business of extraction of edible oil and
manufacturing of engineering equipments. Sunil held 74.80% share
in SIL as on March 31, 2014.

Sunil is involved in the automobile dealership for passenger cars
of Tata Motors Limited (TML). Sunil has one showroom located at
Jodhpur, Rajasthan. Sunil also provides after sales services and
sells TML's passenger car spare parts and accessories at its
outlet. Further, from FY13, Sunil also started trading of edible
oil and De-oiled Cake (DOC).

During FY14, (refers to the period April 1 to March 31), SC has
reported a total operating income of INR76.89 crore (FY13 :
INR67.91) with a PAT of INR0.46 crore (FY13: -INR1.25).


SYNCO INDUSTRIES: CARE Reaffirms B- Rating on INR5cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Synco Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.00       CARE B- Reaffirmed
   Short-term Bank Facilities    2.25       CARE A4 Reaffirmed

Rating Rationale
The ratings continues to be constrained by the financial risk
profile of Synco Industries Limited (SIL) marked by low
profitability, highly leveraged capital structure and stressed
liquidity position. The ratings, further, remain constrained due
to vulnerability of margins to volatile raw material prices,
intense competition in the fragmented edible oil industry and
seasonal nature of operations.

The ratings, however, continue to derive strength from the wide
experience of the promoters in the edible oil extraction industry
and its diversified product portfolio.

Improvement in the overall financial risk profile with improvement
in the profitability in oil division of the company, improvement
in solvency position and increasing the market presence with
widening of product portfolio is the key rating sensitivity.

Jodhpur (Rajasthan) based Synco Industries Limited (SIL) was
originally established as a private limited company in 1982 as
'Synco Textiles Private Limited' for carrying out dyes and
chemicals manufacturing activity. Later in 1992, it was
reconstituted into public limited company as 'Synco Textiles
Limited'. However, with discontinuation of its dyes and chemical
manufacturing business and commencement of oil extraction
business, on January 24, 1995, the name of the company was changed
to SIL. Theereafter, in the year 1996, SIL diversified into
manufacturing of engineering equipments.

As on March 31, 2012, SIL has solvent extraction plant of 250
Tonnes Per Day (TPD) capacity to manufacture crude oil and
De-Oiled Cake (DOC) and an oil refining mill with 285 TPD
capacity. SIL is promoted by Mr Tribhuwan Raj Bhandari and
currently his sons Mr Sudeep Raj Bhandari and Mr Trideep Raj
Bhandari have also joined the board of SIL. At present, 74.80 % of
shareholding in SIL is held by its group concern, Sunil & Company
(SC, rated 'CARE B') which is a partnership firm engaged in the
dealership of automobiles for Tata Motors since 1984.

During FY14, (refers to the period April 1 to March 31), STIPL has
reported a total operating income of INR 70.61 crore
(FY13: INR51.25) with a PAT of INR 0.36 crore (FY13 : INR 0.22).


TOKAI ENGINEERING: CRISIL Puts B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facility of Tokai Engineering Private Limited
(TEPL). The ratings reflect TEPL's small scale of operations, high
working capital requirements, and below average financial risk
profile marked by high gearing. These rating weaknesses are
partially offset by the extensive industry experience of TEPL's
promoters and moderate operating margins.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Rupee Term Loan          20         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       10         CRISIL B+/Stable

   Bank Guarantee           10         CRISIL A4

   Cash Credit              40         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that TEPL would continue to benefit over the
medium term from its promoters' extensive industry experience;
however its business risk profile would remain constrained on
account of small scale of operations. The outlook may be revised
to 'Positive' if the company enhances its scale of operations and
net-worth while sustaining its profitability. Conversely, the
outlook may be revised to 'Negative' if TEPL's profitability
declines steeply, or if company's working capital requirements
deteriorates or if it undertakes a large, debt-funded, capital
expenditure (capex) programme, thereby leading to deterioration in
its financial risk profile.

Incorporated in 2006, TEPL is engaged in the manufacturing of Jigs
and fixtures, testing machines, and other special purpose machines
for auto components. TEPL plant is located in Manesar, Haryana.
TEPL's promoters are Mr. Rajesh Khanna and his wife Mrs. Shilu
Khanna.

TEPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR105.2 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR118.9 million for 2012-13.


UNIVERSAL POLYSACK: CARE Reaffirms B Rating on INR13.6cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assinged to the bank facilities of
Universal Polysack India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.60      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Universal Polysack
India Private Limited (UPPL) continued to remain constrained
primarily on account of the nascent stage of operations of its
greenfield unit for manufacturing of woven sack bags which is pre-
dominantly debt-funded and lack of experience of the promoters in
the packaging industry. The rating, further, remains constrained
on account of its financial risk profile marked by operating and
net losses in FY14 (refers to the period April 1 to March 31),
weak solvency position and stressed liquidity position,
vulnerability of margins to volatile input prices and its presence
in the highly fragmented industry.

The rating, however, continues to takes into account the
experience of the promoters in the mineral industry.

The ability of the company to stabilize its newly established
facility and increase the scale of operation with improvement in
profitability and better management of working capital are the key
rating sensitivities.

Beawar-based (Rajasthan) UPPL, incorporated in February 2010 was
promoted by Mr Govind Goyal along with Mr Hitesh Goyal. UPPL was
incorporated with an objective to set up a greenfield plant for
manufacturing of woven sack bags at its sole manufacturing
facility located at Beawar (Rajasthan). The company completed its
project and started commercial operations from July 29, 2013. The
plant was set up at an aggregate cost of INR13.05 crore, which was
funded with a debt equity mix of 1.82:1. The plant has an
installed capacity of 4,752 Metric Tonnes Per Annum (MTPA) as on
March 31, 2014.

Woven sack bags are manufactured from Polypropylene (PP) or High
Density Polyethylene (HDPE) and find their application in
packaging salt, cement, rice, seeds and cattle feed etc. UPPL
supplies woven sack bags mainly to cement manufacturing companies
located in & around Rajasthan and procures raw material from Del
Cadre Agents of Reliance Industries Limited.

During FY14, the company has registered Total Operating Income of
INR11.71 crore and net losses of INR1.90 crore.


VISHAKHA IRRIGATION: CRISIL Reaffirms B+ Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vishakha
Irrigation Pvt Ltd (VIPL) continue to reflect VIPL's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and its large working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        20         CRISIL A4 (Reaffirmed)
   Cash Credit          180         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     120         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     7.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             72.5       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the vulnerability of the company's
operations to changes in government policies on micro-irrigation
systems (MIS). These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the irrigation
industry and its improving business risk profile, marked by an
increase in sales of polyvinyl chloride (PVC) pipes.

Outlook: Stable

CRISIL believes that VIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, most likely through reduction in its
working capital cycle or large equity infusion. Conversely, the
outlook may be revised to 'Negative' if VIPL's liquidity
deteriorates on account of a decline in its profitability, a
stretch in its working capital cycle, or large debt-funded capital
expenditure.

Incorporated in March 2008 as a wholly owned subsidiary of
Vishakha Industries, VIPL is a 50:50 joint venture between the
Doshi family and Adani Agro Pvt Ltd. VIPL manufactures MIS, used
in farming. The company, based in Ahmedabad (Gujarat), commenced
commercial production in April 2009.

VIPL reported a profit after tax (PAT) of INR3.24 million on net
sales of INR811.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.7 million on net sales
of INR736.9 million for 2012-13.



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


SHARP CORP: To Expand LCD Sales For Business Products
-----------------------------------------------------
Kazuaki Nagata at The Japan Times reports that Sharp Corp. said
March 10 it aims to expand sales of LCD panels for business
products to establish a more stable portfolio rather than depend
on highly volatile consumer products.

The struggling Osaka-based firm still has a technological edge in
the LCD panel business, allowing it to provide high-added-value
products, it said during a news conference in Tokyo, the report
relays.

At the event, it showed off cutting-edge LCD technologies,
including clear and touch-sensitive panels that allow people to
draw on them with a brush and panels with unique designs,
including a round one, according to The Japan Times.

The Japan Times relates that Norikazu Hoshin, senior executive
managing officer overseeing Sharp's device business, said LCDs
will remain Sharp's core business segment.

According to the report, the LCD unit is expected to post JPY40
billion operating profit for the year ending in March but will not
meet the original forecast of JPY55 billion due to competition in
China.

"I wouldn't say that the LCD business has sunk to a level where it
is struggling," the report quotes Mr. Hoshin as saying.

Last week, it was reported that Sharp expected to post a massive
net loss from JPY100 billion to JPY200 billion, far deeper than
the JPY30 billion it previously announced, as it moves to close
more plants and withdraw from solar panel production, The Japan
Times discloses.

The report adds that Mr. Hoshin did not address the closure rumors
and said Sharp would come up with a new three-year business plan
in May.

                       About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2015, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+'.  The ratings
remain on CreditWatch with negative implications.  S&P lowered its
short-term corporate credit and commercial paper program ratings
on Sharp to 'C' and placed them on CreditWatch with negative
implications.  S&P also lowered its long-term corporate credit
rating on Sharp's overseas subsidiary Sharp International Finance
(U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative
implications.  S&P lowered its short-term corporate credit and
commercial paper program ratings on Sharp International Finance to
'C' and placed the ratings on CreditWatch with negative
implications.  On Feb. 4, 2015, S&P placed the long-term ratings
on Sharp and its subsidiary on CreditWatch with negative
implications following Sharp's announcement of a steep cut in
forecast earnings.

The downgrades and CreditWatch placements reflect S&P's view that
Sharp is more likely than previously to ask its main lender banks
for support in a form S&P defines as 'SD' (selective default),
such as a debt-for-equity swap, modifications to existing debt, or
a debt waiver.  S&P may further lower its ratings on Sharp by more
than one notch if in the next few months S&P sees a greater
likelihood of lender bank support in a form it deems as 'SD'.



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


SOLID ENERGY: Expects More Job Losses, Another Loss This Year
-------------------------------------------------------------
Radio New Zealand News reports that Solid Energy said it is
possible there will be more redundancies.

The company appeared before the Finance and Expenditure Select
Committee on March 11, the report says.

According to Radio NZ, Solid told MPs the company is solvent and
marginally cash positive, but looking at another significant loss
this year.

Radio NZ relates that Chief executive Dan Clifford said the
falling international price of coal continued to make things
difficult for the company.

"I think in the current market conditions and movements towards
reducing our activity and therefore reducing the negative margin
tonnes in the market, that reductions will be inevitable on the
basis of those plans," the report quotes Mr. Clifford as saying.

Earlier, acting chairman Andy Coupe told the committee the company
was solvent and marginally cash positive, but looking at another
loss this year, Radio NZ reports.

Radio NZ relates Mr. Coupe said Solid Energy had reduced its costs
by 30% over the past 18 months, but the falling international
price of coal continued to make life difficult.

"The business is marginally cash positive and we forecast that
we'll maintain that position through to the end of the financial
year, 30 June 2015," the report quotes Mr. Coupe as saying.
"However after non-cash costs and interest we are looking at
another significant loss."

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.

BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31.  The company's board doesn't anticipate it will return
to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.


VALIANT HOMES: Collapses Into Liquidation & Receivership
--------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Valiant
Homes was placed into liquidation and receivership last week. The
company owes nearly NZ$5 million to creditors, the report says.

According to the report, the company mostly took up building
contracts with related parties.  However, liquidator Grant
Reynolds said in his first report that these related parties
lacked the funding to pay the company so it, in turn, could pay
subcontractors and suppliers, the Herald relates.

Mr. Reynolds' report said Subbies walked off the job and suppliers
stopped providing goods when they weren't paid, the Herald relays.

The Herald says the company's landlord also terminated its lease
and it then had no office to operate from.

Liquidators were appointed by the company's shareholder, Hamish
Clarke, on March 4.  Receivers were appointed the next day, the
report discloses.

Suppliers are claiming NZ$1.48 million from the company and Inland
Revenue is claiming NZ$40,000, according to the liquidators'
report cited by the Herald.

The Herald relates that the company had office equipment and
furniture worth around NZ$500 and co-liquidator Pritesh Patel said
they were assessing whether money was owed by related companies.
"This is not a simple liquidation. This is quite a mammoth task,"
the report quotes Mr. Patel as saying.

Creditors who had security over specific assets such as diggers
had already taken possession of them, Mr. Patel, as cited by the
Herald, said.

According to the Herald, PKF's Chris McCullagh, one of the
receivers appointed by Savings & Loans, said the lender was owed
about NZ$3.3 million.

He believed the company was working on at least 15 sites around
Auckland before it folded, the report adds.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***