TCRAP_Public/150316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, March 16, 2015, Vol. 18, No. 052


                            Headlines


A U S T R A L I A

BULIAN ENTERPRISES: Creditor's Meeting Set For March 23
EXTRAS AGENCY: In Liquidation; 230 Actors Unlikely to Get Paid
LYNAS CORP: Widens Loss to AUD142.2MM in Six Months Ended Dec. 31
SOUTHERN WINE: Creditor's Meeting Set For March 23


C H I N A

CIFI HOLDINGS: Moody's Says 2014 Results Supports 'Ba3' CFR
DRAGON VENTURES: Commences Liquidation Proceedings
* CHINA: Restructuring to Ease Local Governments' Money Troubles


H O N G  K O N G

ARDON MAROON: Commences Wind-Up Proceedings
ARDON MAROON MASTER: Commences Wind-Up Proceedings
BOSHIWA INTERNATIONAL: Placed Under Provisional Liquidation
E28 GLOBAL: Creditors' Proofs of Debt Due March 31
E28 LIMITED: Creditors' Proofs of Debt Due March 31


I N D I A

A K LUMBERS: CRISIL Cuts Rating on INR45MM Cash Loan to B+
AC STEELS: CRISIL Reaffirms B+ Rating on INR90MM Cash Credit
AISHWARYA VIGNAN: CRISIL Puts 'B' Rating on INR70MM LT Loan
ANANDAM TEXTILES: CRISIL Reaffirms B+ Rating on INR26.7MM Loan
ANJANAY RICE: CRISIL Cuts Rating on INR350MM Cash Loan to D

APEX STEEL: CARE Assigns 'B+' Rating to INR12cr LT Bank Loan
ARIHA CHEMICALS: CARE Assigns B+ Rating to INR14.5cr LT Bank Loan
ARUN SPINNING: ICRA Cuts Rating on INR12.20cr LT Loan to D
AUSTIN DISTRIBUTORS: CARE Assigns B Rating to INR34.85cr LT Loan
BADHRI SPINNING: CARE Assigns B- Rating to INR30.51cr LT Loan

BALAJI MEDICAL: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
BANSAL EXTRACTION: CARE Reaffirms B+ Rating on INR5.04cr LT Loan
BHATIA COLONIZERS: ICRA Assigns B+ Rating to INR25cr FB Loan
BORAH AGENCIES: CARE Reaffirms B+ Rating on INR10cr LT Bank Loan
DHEEPTI SPICES: CRISIL Assigns 'B' Rating to INR80MM Bank Loan

GANESH COTTON: ICRA Assigns B+ Rating to INR5.5cr Fund Based Loan
GENESIS RESORTS: CARE Lowers Rating on INR118.91cr LT Loan to D
GHANSHYAM BROS: CRISIL Puts B+ Rating on INR120MM Cash Credit
IMPACT SAFETY: ICRA Reaffirms B Rating on INR21.40cr FB Loan
ISHWAR RAJ: CARE Assigns D Rating to INR9.15cr LT Bank Loan

JAIKA VEHICLE: CRISIL Cuts Rating on INR90MM Cash Loan to B-
JONAS PETRO: ICRA Reaffirms B+ Rating on INR4.5cr Term Loan
KAY KAY: CARE Reaffirms B+ Rating on INR9.5cr LT Bank Loan
KINGFISHER AIRLINES: SBI to Put Kingfisher House on Auction Block
LUCKY AUTOMOTIVES: CARE Cuts Rating on INR5.5cr LT Loan to D

MADHAV METCAST: ICRA Reaffirms B Rating on INR5.5cr Term Loan
METHRA INDUSTRIES: CARE Assigns D Rating to INR13.79cr LT Loan
MICON VALVES: ICRA Assigns D Rating to INR5.41cr Term Loan
MOD AGE: CARE Reaffirms B- Rating on INR25cr NCD Issue
MODULUS COSMETICS: CRISIL Puts B+ Rating on INR70MM Cash Loan

MOULI SPINNER: ICRA Reaffirms B+ Rating on INR7.30cr Term Loan
MRUNMAHA AGRO: CRISIL Puts B- Rating on INR32MM Long Term Loan
NETWORK TRADELINK: CRISIL Reaffirms B+ Rating on INR20MM Loan
NIRMAN DEVELOPERS: CARE Assigns B+ Rating to INR14cr LT Bank Loan
NORTHERN SKY: CRISIL Reaffirms B+ Rating on INR195MM LT Loan

NORTON ALUMINIUM: CRISIL Cuts Rating on INR80MM Bank Loan to D
PEPPERMINT CLOTHING: CARE Assigns B+ Rating to INR8.22cr LT Loan
POONAM POLYMERS: ICRA Assigns B Rating to INR10cr Cash Credit
RADIANT LUBES: CRISIL Reaffirms B Rating on INR137.5MM Cash Loan
ROTOMAC GLOBAL: CRISIL Withdraws 'D' Rating on INR18BB Loan

S.P.S. HOSPITALITY: CARE Rates INR15.75cr LT Bank Loan at 'D'
SAFE-TRONICS: ICRA Reaffirms B+ Rating on INR4.5cr Loan
SAHARA GROUP: High Court Threatens to Appoint Receivers
SEVENHILLS HEALTHCARE: CRISIL Reaffirms 'B+' INR5.10BB Loan
SHAZ PACKAGING: ICRA Reaffirms B Rating on INR8cr Term Loan

SHREE AMBICA: CARE Assigns D Rating to INR2.31cr LT Bank Loan
SIDDHI VINAYAK: CARE Reaffirms B+ Rating on INR6.5cr LT Bank Loan
TRIMURTI CORNS: CRISIL Assigns B- Rating to INR169.7MM LT Loan
TULIPS AMBBIENCE: CRISIL Cuts Rating on INR35MM Term Loan to B
VISHWA INFRASTRUCURES: CARE Ups Rating on INR482.71cr Loan to B

VIVEKANANDA EDUCATIONAL: CARE Reaffirms 'D' INR1.75cr Loan Rating
WEST COAST: CARE Reaffirms B Rating on INR6cr LT Bank Loan
YANTRA KAUSHALYA: ICRA Suspends B- Rating on INR5.25cr Term Loan


I N D O N E S I A

ALAM SUTERA: Fitch Affirms 'B+' Long-Term Issuer Default Rating


J A P A N

DTC FIVE: S&P Lowers Rating on Class D Notes to 'BB+'
DTC THREE: S&P Raises Rating on Class E Notes to BB+


N E W  Z E A L A N D

EHOME NZ: Receiver Optimistic Over Buyer Interest
WINDFLOW TECHNOLOGY: 1H Loss Narrows to NZ$2.3 Million


                            - - - - -


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


BULIAN ENTERPRISES: Creditor's Meeting Set For March 23
-------------------------------------------------------
Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
Joint and Several Liquidators of Bulian Enterprises Pty Ltd on
March 12, 2015.

A meeting of creditors will be held at 10:00 a.m. on March 23,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


EXTRAS AGENCY: In Liquidation; 230 Actors Unlikely to Get Paid
--------------------------------------------------------------
ArtsHub reports that the financially precarious actor's life in
the Australian film industry just got harder this month for
hundreds of Sydney actors who were caught in the shock liquidation
of Extras Agency Pty Ltd, sometimes known as Ken Shepherd
Productions.

Actors at a creditors' meeting on March 10 were told AUD140,000
owed to more than 230 actors by Channel 7, films such as Unbroken
and production companies representing clients such as Armani and
Telstra was unlikely to be ever paid, according to ArtsHub.

ArtsHub says actors are owed an average of less than $1,000 but
there are cases where an individual is owed up to $9,000.

According to the report, agents are required to hold money from
production companies owed to actors in a trust account but it was
revealed in a creditors' meeting on March 12 that Mr. Shepherd's
company did not have a trust account. All money was put into a
general account and was able to be used for other purposes -- or
to disappear, ArtsHub relates.

Liquidator Cliff Sanderson told ArtsHub that he had yet to finish
his investigations so could not yet determine whether there would
be legal action for the recovery of the funds. He said actors
might do better to seek recompense from the original employer. "My
suggestion is that they approach the production companies and see
whether or not they can get their pay directly from them," the
report quotes Mr. Sanderson as saying.

ArtsHub relates that a note written by Mr. Shepherd was attached
to the voluntary liquidation papers presented to the creditors'
meeting in Sydney.  ArtsHub says Mr. Shepherd described the
company's fall from being a successful and established industry
fixture in Sydney since its foundation in the 1980s, to its sudden
liquidation in February this year.

Mr. Shepherd explained the voluntary liquidation as due to a
recent severe downturn in film and TV work and an increase in
agency competition, the report adds.


LYNAS CORP: Widens Loss to AUD142.2MM in Six Months Ended Dec. 31
-----------------------------------------------------------------
Michael Roddan at The Australian reports that Lynas Corporation
Ltd said it is seeing increased demand for its metals, despite
widening its interim loss by nearly AUD60 million.

The group on March 13 reported a net loss of AUD142.2 million for
the six months through December. That compared with a loss of
AUD81.5 million for the same period a year earlier.

According to The Australian, Lynas (LYC) said its first-half loss
widened because of a slower-than-anticipated ramp up of its
Malaysian processing facilities, as the company grapples with a
prolonged downturn in rare-earths prices.

The Australian notes that the miner posted a before tax loss of
AUD103.5 million for the six months to December 31, a substantial
deterioration compared to the prior interim loss of AUD59.3
million.

Revenues for the miner lifted rose to AUD65 million for the first
half of the financial year, up from AUD14.6 million for the prior
corresponding period, The Australian relays.

The Australian says Lynas posted a gross loss of AUD31.5 million
compared to a break-even result last year, which the miner said
reflected the current stage of production ramp up, and lower
selling prices for its rare earths metals.

Sales of rare earths has progressively increased and its cost-
cutting has deepened during the first six months of the financial
year, the company said, the report relays.

The report says the company started operations at its refinery in
Malaysia's Pahang state in late 2012, but has been lifting output
slowly due to weak prices of rare earths and technical challenges
at the plant. Despite their name, rare earths are a relatively
abundant group of 17 elements used in products ranging from iPads
to hybrid cars.

Lynas has laid off workers and shifted its headquarters to
Malaysia to reduce costs, and overhauled its top ranks, The
Australian notes.

"In a difficult market, Lynas focused on growing market share and
market penetration," the miner, as cited by The Australian, said.
The company is working with long-term Japanese partner, Sojitz, to
grow sales in Japan, particularly to magnet manufacturers, the
report states.

The Australian adds that Lynas said it has achieved significant
savings in the first half of the year, rationalising office
locations and reducing contract labour.

Shares in Lynas have fallen from AUD2.55 in April 2011, when rare
earths prices were at their peak, to just 5 cents at March 10's
close, with the original 92 million shares on issue having been
diluted to 3.5 billion in order to survive as a company, according
to The Australian.

The group declined to pay an interim dividend, The Australian
adds.

                         About Lynas Corp

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

                          *     *     *

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


SOUTHERN WINE: Creditor's Meeting Set For March 23
--------------------------------------------------
Simon Miller and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Southern Wine Brokers Pty Ltd on March
12, 2015.

A meeting of creditors will be held at 10:00 a.m. on March 23,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.



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


CIFI HOLDINGS: Moody's Says 2014 Results Supports 'Ba3' CFR
-----------------------------------------------------------
Moody's Investors Service said that CIFI Holdings (Group) Co.
Ltd's 2014 results and financial metrics were in line with Moody's
expectation and support its Ba3 corporate family rating and B1
senior unsecured debt rating.

The ratings outlook is stable.

"CIFI's 2014 results and credit metrics are in line with our
expectations and continue to support its Ba3 rating," says Fiona
Kwok, a Moody's Analyst.

CIFI reported 36% year-over-year revenue growth to RMB16.2 billion
in 2014, on the back of strong contracted sales over the past two
years.

The company achieved RMB21.2 billion in contracted sales in 2014,
up 38% year-over-year, amid a weak property market in China.  This
achievement followed strong 61% year-over-year sales growth in
2013.

As a result, CIFI's revenue/debt (including perpetual capital
instruments) improved to 112% in 2014 from 89% in 2013, even as
its gross debt (including perpetual capital instruments) increased
to RMB14.4 billion at end-2014 from RMB13.4 billion at end-2013.

Furthermore, the company was able to maintain its gross profit
margins stable at 25.9%, compared to 25.8% in 2013, against an
industry trend of declining profit margins.

CIFI's adjusted EBITDA interest coverage also improved to 2.6x in
2014 from 2.1x in 2013, as the 47% year-over-year increase in
EBITDA outpaced the increase in debt.

These metrics are in line with its Ba-rated Chinese property
peers.

Moody's expect CIFI's credit metrics to stabilize over the next 12
months, with revenue/debt and adjusted EBITDA/interest around
1.0x-1.1x and 2.0x-2.5x.  These ratios would position CIFI well at
the Ba3 rating level.

Meanwhile, CIFI has been developing projects with other property
developers and financial investors in 2014, through an increasing
number of joint ventures. Considering the growing importance of
joint ventures for CIFI, Moody's will pro-rata consolidate the key
financials of its joint ventures when their operations become more
significant.

"CIFI's liquidity position is also strong compared to its peers,
which is a result of its disciplined financial management," adds
Kwok.

Its reported cash on hand of RMB7.2 billion at end-2014 covered
about 2.3x its short-term debt.  Moody's expects that its cash
balance and operating cash flow will fully cover its short-term
maturing debt of RMB3.0 billion and committed land payments over
the next 12 months.

Onshore trust and other loans as a percentage of total debt
decreased to 6% at end-2014 from 19% at end-2013, which has helped
lower the company's weighted average interest cost to 8.3% in 2014
compared to 9.2% in 2013.

In addition, the company's liquidity position was further
strengthened by a 3-year USD/HKD dual currency club loan in the
amount of USD120 million, obtained in January 2015.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

CIFI Holdings (Group) Co. Ltd. was listed on the Hong Kong Stock
Exchange in November 2012.  The company focuses on developing
residential and commercial properties, mainly in the Yangtze River
Delta Region.  It has also expanded to the Pan Bohai Rim and the
Central Western Region. It owned more than 60 projects and had an
attributable land bank of 7.4 million square meters as of Dec. 31,
2014.


DRAGON VENTURES: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 11, 2015, the sole shareholder of Dragon Ventures Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gong Yu
          No. 7, Unit 7, Floor 7
          District 14, Heping District
          Chaoyang District, Beijing
          People's Republic of China


* CHINA: Restructuring to Ease Local Governments' Money Troubles
----------------------------------------------------------------
The Economist reports that ever since China's gargantuan stimulus
of 2009, which was unleashed to repel the global financial crisis,
people have worried about how the debts incurred would be repaid.
The report says the finance ministry last week provided a partial
answer, in the form of a scheme to restructure the liabilities of
local governments, the most indebted of China's public
institutions.

Local governments will be allowed to swap CNY1 trillion ($160
billion) of their existing high-interest debts for lower-cost
bonds, the report says. Such swaps could become a feature of
China's fiscal landscape over the next few years, given that local
debts may have reached as much as CNY30 trillion, or 47% of GDP,
The Economist relates citing Wei Yao of Societe Generale, a French
bank.

The report says the restructuring does not reduce these vast
debts, but it does make them much easier to bear. According to the
report, local governments can only borrow with the explicit
permission of the finance ministry, which is usually miserly. They
have responded by setting up companies, which they keep off the
books, to raise money (hence the uncertainty about the scale of
the borrowing). Such opaque entities, naturally, borrow at higher
rates.

The Economist reports that Lou Jiwei, China's finance minister,
calculates that local governments will save CNY40 billion to CNY50
billion this year alone in interest costs thanks to the
refinancing. This implies that they are paying interest rates some
4-5 percentage points above the yield on China's ten-year bonds,
of about 3.5% -- an unnecessarily steep premium. Such high rates
meant the debts were compounding at an alarming rate --something
the swap will slow, the report notes. Creditors will lose some of
their expected returns but will gain greater assurance of
repayment.

According to The Economist, China's other debts, alas, remain a
big concern.  The report says the cabinet has ruled that only a
portion of local governments' concealed liabilities would be
treated as full-fledged government debt. Swaps like this one will
help show what the government stands behind and what it does not,
which may lead to defaults on excluded debt, according to The
Economist.

In any case, the biggest debtors in China in recent years have
been corporate bosses, not local officials, the report states. The
debts of non-financial companies reached 125% of GDP by the middle
of last year, up from 72% in 2007, according to McKinsey, a
consultancy, The Economist relays. The refinancing programme does
not touch them. China's debts may look a little safer, but they
are still large and menacing, The Economist states.



================
H O N G  K O N G
================


ARDON MAROON: Commences Wind-Up Proceedings
-------------------------------------------
On Feb. 13, 2015, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Ardon Maroon Asia Dragon Feeder
Fund.

The company's liquidators are:

          David Griffin
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          John Batchelor
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong


ARDON MAROON MASTER: Commences Wind-Up Proceedings
--------------------------------------------------
On Feb. 13, 2015, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Ardon Maroon Asia Master Fund.

The company's liquidators are:

          David Griffin
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          John Batchelor
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong


BOSHIWA INTERNATIONAL: Placed Under Provisional Liquidation
-----------------------------------------------------------
On Feb. 11, 2015, the Grand Court of the Cayman Islands entered an
order to place Boshiwa International Holding Limited under
provisional liquidation.

The company's liquidators are:

          David Yen Ching Wai
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong

          Keiran Hutchison
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510, Grand Cayman KY1-1106
          Cayman Islands


E28 GLOBAL: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
The creditors of E28 Global Limited are required to file their
proofs of debt by March 31, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 2015.

The company's liquidators are:

          Ho Man Kit
          Zhang Li Jun
          Telephone: +852 29922205
          Unit 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


E28 LIMITED: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
The creditors of E28 Limited are required to file their proofs of
debt by March 31, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 13, 2015.

The company's liquidators are:

          Ho Man Kit
          Zhang Li Jun
          Telephone: +852 29922205
          Unit 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


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


A K LUMBERS: CRISIL Cuts Rating on INR45MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
A K Lumbers Ltd (AKL; a part of the AKL group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           45        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit      82        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Letter of Credit      15        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan              1        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The ratings downgrade reflect CRISIL's belief that the AKL group's
business risk profile will continue to remain under pressure
because of slowdown in demand for its products in the domestic
market on account of lower demand from the construction industry.
The group's sales registered a decline of 30 per cent year-on-year
in 2013-14 (refers to financial year, April 1 to March 31); the
sales are expected to remain at similar levels in 2014-15. The
rating downgrade also reflects stretch in the group's liquidity
because of build-up in inventory levels and slowdown in debtor
realisations due to subdued market sentiments.

CRISIL's ratings continue to reflect the group's modest scale of
operations and its exposure to intense competition in the
fragmented timber industry. The ratings also factor in the group's
weak financial risk profile, marked by high total outside
liabilities to total net worth ratio and weak debt protection
metrics, and stretched liquidity, because of working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of the AKL group's promoters in the
timber trading business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AKL, Punjab Metal Works Pvt Ltd (Punjab
Metal), and Jindal Wood Products Pvt Ltd (Jindal Wood). This is
because the three companies, collectively referred to as the AKL
group, are in the same line of business and are managed and
promoted by the same family. Moreover, AK Lumbers has given
corporate guarantees for the other group companies.

Outlook: Stable

CRISIL believes that the AKL group will continue to benefit over
the medium term from its promoters' extensive experience in the
timber trading business. The outlook may be revised to 'Positive'
if the group scales up its operations and improves its
profitability significantly, leading to higher cash accruals, or
its promoters infuse fresh equity, resulting in improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the AKL group's working capital cycle stretches, or if there is a
steep decline in its profitability, or the group undertakes a
large debt-funded capital expenditure programme, leading to
further weakening of its capital structure and liquidity.

AKL (formerly, AK Traders), set up in 1987 as a proprietary firm,
was reconstituted as a public limited company in 2000. The company
is engaged in trading in and processing of timber logs, mainly
teak and hard wood. Its plant in New Delhi has a processing
capacity of 30 cubic metres per day (cmpd) and its new plant in
Kandla (Gujarat) has a capacity of 60 cmpd.

Incorporated in 1990, Jindal Wood's plant in Kandla caters mainly
to the export market. Punjab Metal was taken over as a sick unit
by the group in 2005 and now manufactures plywood.


AC STEELS: CRISIL Reaffirms B+ Rating on INR90MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of AC Steels
(ACS) continues to reflect ACS's below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics. This rating weakness is partially offset by the extensive
experience of the firm's partners in the secondary steel industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term    20        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that ACS will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of a significant increase in
the firm's revenue and profitability, resulting in large accruals,
or substantial equity infusion, leading to a better capital
structure. Conversely, the outlook may be revised to 'Negative' if
ACS's working capital cycle is significantly stretched, or it
undertakes a debt-funded capital expenditure programme, leading to
deterioration in its liquidity.

Update
ACS's operating income has declined to INR425 million in 2013-14
(refers to financial year, April 1 to March 31), from INR478
million in 2012-13 because of slow demand from end customers.
However, the firm is estimated to have registered an operating
income of around INR320 million for the nine months through
December 2014 despite the closure of its thermo-mechanically-
treated (TMT) bars plant for about three months (September to
November 2014). The operating margins of the firm has improved
marginally to 4.6 per cent as against 4.4 per cent in 2012-13.
CRISIL expects the operating margins of the firm to remain in the
range of 4 to 4.5 per cent over the medium term

ACS's financial risk profile remains below average, marked by a
modest net worth of INR63 million and high gearing of around 1.9
times as on March 31, 2014. Its debt protection metrics were
inadequate, with interest coverage and net cash accruals to total
debt ratios of 1.7 times and 0.07 times, respectively, for 2013-
14. The firm's financial risk profile is expected to remain
constrained over the medium term because of only nominal accretion
to reserves.

ACS's liquidity continues to be stretched, driven by its working-
capital-intensive operations. It has an average inventory of about
140 days and receivables of around 5 days, as against credit of
around 20 days from its suppliers. The high working capital
requirements have resulted in fully utilised bank lines as on
December 31, 2014. The firm's liquidity was, however, supported by
unsecured loans from its promoters (Rs.32 million as on March 31,
2014) and cash accruals of INR8 million, against nil debt
repayment obligations, in 2013-14.

ACS was established in 1988 as a partnership firm by Mr. Rajendra
Kumar Surana, Mr. Ashok Kumar Surana, and Mr. Rahul Surana. The
firm manufactures ingots and TMT steel bars. It has manufacturing
facilities in Raipur (Chhattisgarh).


AISHWARYA VIGNAN: CRISIL Puts 'B' Rating on INR70MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Aishwarya Vignan Educational Society (AVES).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         70        CRISIL B/Stable
   Overdraft Facility     30        CRISIL B/Stable

CRISIL rating continues to reflect AVES's large working capital
requirements, susceptibility to adverse regulatory changes in the
education sector, geographic concentration in revenue profile.
These rating weaknesses are partially offset by AVES's established
regional presence in Nellore (Andhra Pradesh), supported by its
promoters' extensive experience, in the education segment.

Outlook: Stable

CRISIL believes that AVES will continue to benefit over the medium
term from the extensive experience of its promoters in the
education sector and its established regional presence. The
outlook may be revised to 'Positive' if there is significant
improvement in working capital cycle of the society mostly like
because of timely receipt of fees resulting in improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if AVES undertakes a larger-than-expected debt-funded
capital expenditure programme, or records a steep decline in its
revenues and surplus, resulting in deterioration in its financial
risk profile.

Set up in 2000, AVES runs educational institutes. Based out of
Nellore, the society is promoted by Dr. V. Penchalaiah.

AVES has reported a surplus (income over expenditure) of INR69.9
million on an operating income of INR369.6 million for 2013-14
(refers to financial year, April 1 to March 31) as against a
surplus of INR68.9 million on an operating income of INR359.8
million for 2012-13.


ANANDAM TEXTILES: CRISIL Reaffirms B+ Rating on INR26.7MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anandam Textiles (AT)
continue to reflect the firm's modest scale of operations in the
fragmented cotton textile industry; its below-average financial
risk profile, marked by high gearing; and the susceptibility of
its operating profitability to volatility in raw material prices.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       9        CRISIL A4 (Reaffirmed)
   Cash Credit           25        CRISIL B+/Stable (Reaffirmed)
   Key Cash Credit       26.7      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         3.0      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of AT's promoters in the textile industry.

Outlook: Stable

CRISIL believes that AT will continue to benefit over the medium
term from the extensive experience of its promoters in the textile
industry. The outlook may be revised to 'Positive' if the firm
records a considerable increase in its revenues and profitability,
thereby improving its business risk profile. Conversely, the
outlook may be revised to 'Negative' if AT reports considerable
decline in revenues and profitability, or deterioration in its
working capital management, impacting its liquidity, or undertakes
a large, debt-funded capital expenditure (capex) programme,
weakening AT's financial risk profile.

Update
During 2012-13 (refers to financial year, April 1 to March 31), AT
recorded revenues of INR193 million, in line with CRISIL's
expectations. During the six months ended September 30, 2013, the
firm reported revenues of INR103 million; the firm's annualized
revenues during 2013-14 will range between INR210 million and
INR220 million. AT's operating profitability during 2012-13 was
6.1 per cent, in line with CRISIL's expectations. CRISIL believes
that AT will maintain its operating margin in the range of 5 to 7
per cent over the medium term.

The firm does not have any capital expenditure plans over the
medium term. AT's liquidity remains adequate for the rating
category marked by sufficient cash accruals to meet its retiring
debt obligations, though constrained by its working-capital-
intensive operations.

AT reported net profit of INR0.6 million on net sales of INR194
million for 2012-13, vis-a-vis a net profit of INR0.4 million on
net sales of INR175 million for 2011-12.

AT was set up in 1973 by Mr. M. Mahalingam. The firm is a cotton
yarn and grey fabric supplier. AT's operations are currently
managed by the promoter's son-in-law, Mr. A Murugaraj.


ANJANAY RICE: CRISIL Cuts Rating on INR350MM Cash Loan to D
-----------------------------------------------------------
CRISIL had downgraded its ratings on the bank facilities of
Anjanay Rice Mill Pvt Ltd (ARMPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             350        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Standby Line of Credit   45       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects delays by ARMPL in meeting its debt
obligations. The delays were because of the company's weak
liquidity.

ARMPL has a modest scale of operations and a weak financial risk
profile, marked by modest net worth, high gearing, and weak
liquidity. The company is also susceptible to regulatory changes
pertaining to the rice-milling and processing industry. However,
ARMPL benefits from the extensive industry experience of its
promoter.

ARMPL, incorporated in 2006, is promoted by Mr. Krishna Murari
Choudhary. The company processes raw and boiled rice at its unit
in Burdwan (West Bengal).


APEX STEEL: CARE Assigns 'B+' Rating to INR12cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Apex Steel
Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Apex Steel Pvt Ltd
(ASPL) are primarily constrained by its small scale of operation
with thin profit margins, highly fragmented and competitive
industry and leveraged capital structure marked by high overall
gearing and weak debt protection metrics. The above constraints
outweigh the comforts derived from the experience of the promoters
with long track record of operation.

The ability of the company to increase its scale of operation with
improvement in profitability and effective working capital
management would be the key rating sensitivities.

ASPL, incorporated in July 19, 1999, was promoted by Mr Sanjiv
Kumar and Mrs Anju Choudhary (wife of Mr Sanjiv Kumar) of Patna,
Bihar. Since inception, the company has been engaged in the
trading of iron & steel products. The product portfolio of the
company comprises TMT bars and rods, angle, channel, coil, etc.
During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR40.54 crore
(FY13: INR31.49 crore) and a PAT of INR0.05 crore (FY13: INR0.04
crore). Furthermore, the company have achieved turnover of INR9.17
crore during 8MFY15.


ARIHA CHEMICALS: CARE Assigns B+ Rating to INR14.5cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ariha
Chemicals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    14.50       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Ariha Chemicals
Private Limited (ACPL), is constrained by project stabilization
risk and marketing risk. The rating is further constrained by
supplier concentration risk and susceptibility of operating
margins to the fluctuation in raw material prices.

The rating however derives benefits derived from promoters'
experience, Memorandum of Understanding (MOU) with supplier and
patent licensing with reputed principal.

Ability of KPC to stabilize the operations and achieve the
envisaged sales and profitability are the key rating
sensitivities.

Incorporated in 2013, ACPL is currently setting up the plant to
process crude benzoic acid mixture (CBAM) generated by purified
terephthalic acid (PTA) plants. ACPL would recover Benzoic Acid,
Terephthalic Acid & Isophthalic Acid mixture and Benzoic Acid
derivatives from the processing of CBAM which find application in
industries viz. Oil drilling industry, food preservatives,
industrial coatings, pharma and others. The proposed plant will be
using RýR (Residue to Revenue) Technology patented by INVISTA. The
company has a plant located at Taloja Industrial Area, Panvel with
proposed capacity to process 100 metric tonnes (TPD) CBAM per day.
The cost of project is estimated to INR19.27 crore which is to be
funded at debt equity mix of 1.84x, wherein INR12.50 crore is to
be funded through bank loan, INR2.77 crore in the form of
unsecured loans and INR4 crore was infused by the promoters.


ARUN SPINNING: ICRA Cuts Rating on INR12.20cr LT Loan to D
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.38 crore term loans and INR12.20 crore long term fund based
facilities of Arun Spinning Mills Private Limited to [ICRA]D from
[ICRA]C. ICRA has also revised the rating outstanding on the
INR1.60 crore short term fund based facilities and INR5.00 crore
short term non fund based facilities of the company to [ICRA]D
from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans             5.38          [ICRA]D from [ICRA]C

   Long term fund        12.20          [ICRA]D from [ICRA]C
   based facilities

   Short term fund        1.60          [ICRA]D from [ICRA]A4
   based facilities

   Short term non fund    5.00          [ICRA]D from [ICRA]A4
   based facilities

The rating revision reflects the delays witnessed in debt
servicing owing to tight liquidity conditions arising from delays
in collection from its customers and also due to slow down in
order flows in the current fiscal. The ratings are also
constrained by ASMPL's small scale of operations and the high
competitive intensity in the industry which restricts the pricing
flexibility to an extent. Going forward, the Company's ability to
improve its accruals and efficiently manage its working capital
cycle will be critical for making meeting its debt obligations and
early regularization of debt servicing is a key rating
sensitivity.

Arun Spinning Mills Private Limited was incorporated in 1997 with
an initial capacity of 5,000 spindles which was gradually
increased to the current levels of 30,240 spindles. ASMPL
manufactures carded and combed yarn of 20-80 counts. ASMPL markets
its yarn through brokers to traders and consumers located in
Erode, Salem, Karur, Tirupur, Mumbai and Kolkata, among others.
ASMPL also has 300 stitching machines with a capacity to produce
400,000 pieces per month at its facility located in Tirupur, Tamil
Nadu. ASMPL is engaged in manufacturing and export of quality
knitted garments like single and double jersey, fleeced, interlock
and loop knit to Europe, Canada and USA. The Company markets the
finished product through buyer houses located in Tirupur.

During 2013-14, the company has reported a profit after tax of
INR0.1 crore on an operating income of INR67.8 crore as against a
profit after tax of INR0.3 crore on an operating income of INR54.9
crore during the year 2012-13.


AUSTIN DISTRIBUTORS: CARE Assigns B Rating to INR34.85cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Austin
Distributors Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     34.85      CARE B Assigned

Rating Rationale
The aforesaid rating remains constrained by the weak financial
risk profile of the company marked by relatively modest scale of
operations, low profitability levels, working capital intensive
nature of operations, risk associated to the linkages with
fortunes of Hyundai Motors India Ltd. (HMIL), scheduled project
implementation risk and cyclical nature of the highly competitive
auto dealership business. The aforesaid constraints are partially
offset by the extensive experience of the promoters in the
automobile dealership business along with long and established
relationship with reputed principals.

The ability of the company to maintain its relationship with its
existing principals, improve its profitability margins and sustain
comfortable capital structure and liquidity position while
successfully execute its project without any significant time or
cost overrun are the key rating sensitivities.

Austin Distributors Pvt. Ltd. (ADPL) which was incorporated in
Nov.1938 by Britishers, was subsequently taken over by Late Mr.
R.P.Patodia of Kolkata in 1950. ADPL was the first dealership in
India to introduce the Ambassador cars of Hindustan Motors Ltd.
(HML), however such segment is currently discontinued. Currently,
ADPL is engaged in dealership of Passenger Vehicles (PV) of HMIL,
Mitsubishi Motors Corporation (MMC) and FIAT Group Automobiles
India Pvt. Ltd. (FIAT) along with Royal Enfield range of two
wheelers of Eicher Motors Ltd. (EML). Further, the company also
has a presence in both new cars and pre-owned cars segment (for
HMIL) and provides after sales service and deals in accessories &
spare parts of the repective vehicles. The company is currently
managed by Mr.Sanjay Patodia (grandson of Late Mr. R.P.Patodia)
and his son, Mr. Kunal Patodia. The promoters have an overall
experience of more than five decades in the automobile industry.

Further, the company is also undertaking a project which comprises
of building a Basement+Ground+Nine storey commercial building in
New Town, Kolkata, which would be partly used for its showroom and
workshop purposes and the balance units will be either leased out
or sold outrightly.

During FY14, the company reported PAT of INR0.05 crore on a total
operating income of INR99.49 crore as against a PAT of INR0.20
crore on a total operating income of INR131.12 crore in FY13.
Further, the company has reportedly achieved net sales of around
INR70.0 crore and PBT of INR0.30 crore during the half year period
ended as on Sep.30, 2014.


BADHRI SPINNING: CARE Assigns B- Rating to INR30.51cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Badhri
Spinning Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    30.51       CARE B- Assigned

Rating Rationale
The rating assigned to the bank facilities of Badhri Spinning
Private Limited (BSPL) is constrained by short track record with
working capital intensive nature of operations, low profit
margins, highly leveraged capital structure and weak debt coverage
indicators and weak liquidity position. The rating is further
constrained by its presence in the highly fragmented and
competitive textile industry, susceptible of margins to cotton
prices fluctuation and seasonality associated with raw material
availability.

The rating, however, derives strength from the experience of the
promoters in the industry, geographically diversified customer
base, strategically located within the cotton producing area.
The ability of the company to improve its scale of operations,
profitability and capital structure while managing its working
capital requirements efficiently in competitive environment are
the key rating sensitivities.

Badhri Spinning Mills Private Limited (BSMPL) erstwhile known as
Badhri Infratech Pvt Ltd was initially taken over unit in the name
of Priyadarshini Spinning Mill Ltd from Idupulpadu Cotton Mill Pvt
Ltd during November, 2012 and started commercial operations from
December, 2012. The company is managed by Mr Badri Venkata Reddy,
Mr B Siva Reddy Mrs Badri Laxmi Neeraja, Mr T Kishore, Mr Sudhakar
Vemuri. The company is engaged in cotton yarn spinning with 31248
spindles of 3650 Metric tonnes per annum as on March 31, 2014 and
the factory is located at Prakasam district in Andhra Pradesh. The
key raw material being cotton bales is procured from local
suppliers. BSMPL sell the cotton yarn to dealers and traders based
at Maharastra, Tamil Nadu, Telanagana and Andhra Pradesh.

During FY14 (refers to the period April 1 to March 31), BSMPL
reported a PAT of INR0.09 crore on a total operating income of
INR42.02 crore as against PAT of INR0.13 crore and a total
operating income of INR11.70 crore in FY13.


BALAJI MEDICAL: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its' CRISIL B/Stable' rating to the long term
bank facilities of Balaji Medical Agencies (BMA).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B/Stable

The rating reflects BMA's modest scale of operations and its
below-average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by the extensive experience
of BMA's promoters in the pharmaceutical trading industry and
their established customer relationships.
Outlook: Stable

CRISIL believes that BMA will continue to benefit over the medium
term from the extensive experience of its promoters in the
pharmaceutical trading industry. The outlook may be revised to
'Positive' if the firm significantly scales up its operations and
operating profitability, or improves its working capital
management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
BMA records a decline in its cash accruals, or its financial risk
profile weakens owing to large working capital requirements.

Incorporated in 1974, Thrissur (Kerala)-based BMA is a whole sale
dealer of pharmaceutical drugs. The firm's day-to-day operations
are managed by Mr. Sreeram and Mr. Viswanathan.

BMA reported a profit after tax (PAT) of INR2 million on total
revenue of INR374.5 million for 2013-14 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.9 million on total
revenue of INR304.3 million for 2012-13.


BANSAL EXTRACTION: CARE Reaffirms B+ Rating on INR5.04cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bansal Extraction & Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    5.04        CARE B+ Reaffirmed
   Short-term Bank Facilities   3.00        CARE A4 Reaffirmed
   Long-term /Short-term       65.00        CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Bansal Extraction
and Exports Private Limited (BEEPL) continue to remain constrained
due to the limited track record of its operations in soya solvent
extraction and refining business, thin profitability, high
leverage, and weak debt coverage indicators. The ratings are
further constrained by BEEPL's working capital intensive
operations, its presence in a highly fragmented and competitive
domestic edible oil industry and vulnerability of its
profitability to volatile agro-commodity prices.

The ratings, however, derive strength from experience of promoter
group in diverse businesses, BEEPL's integrated manufacturing
operations with value added products and steady growth prospects
for the edible oil industry in India.

BEEPL's ability to improve its profitability by increasing the
share of value-added products in its sales mix and efficiently
manage the volatile raw material prices along with improvement in
capital structure would be the key rating sensitivities.

BEEPL is part of the Bansal Group of Bhopal which has presence in
businesses like construction, iron and steel, education, and
solvent extraction and refining (soyabean). Though, the company
was incorporated in May 2009 the commercial operations commenced
in February 2011.

BEEPL is engaged in the business of soya oil extraction and
refining. BEEPL's manufacturing facility, located in Bhopal, has
an installed capacity of 750 Ton per Day (TPD) for solvent
extraction, 125 TPD for refining and processing facilities to
produce value added products like high protein soya De-Oiled Cake
(DOC) and oil, soya nuggets, soya flour, lecithin and acid oil.
The company sells its soya products under the brand 'Bansal'.

As per the audited results for FY14 (refers to the period April 1
to March 31), BEEPL reported a total operating income of
INR351.10 crore (FY13: INR372.42 crore) and PAT of INR2.62 crore
(FY13: INR2.33 crore). As per the unaudited results for
9MFY15, BEEPL reported a total operating income of INR155.12
crore.


BHATIA COLONIZERS: ICRA Assigns B+ Rating to INR25cr FB Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR25.0
crore fund based bank facilities of Bhatia Colonizers Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based facility   25.0         [ICRA]B+; (Assigned)

ICRA's rating is constrained on account of the residual execution
risks in the company's ongoing projects, as both the projects are
in an intermediate stage of construction (67% cost incurred for
'Land Mark City' and 39% cost incurred for 'Land Mark Crown', till
January,2015). Further, the rating also takes into account the
company's exposure to market risks, given the moderate level of
bookings (40% of the saleable area booked for 'Land Mark Crown'
and 34% for Land Mark City). BCPL's ability to ramp up sales is
critical as it remains reliant on additional bookings for part
funding the project execution (41% of the project cost is planned
to be funded through customer advances). Further, the ability of
the promoters to bring in their contribution remains to be seen
(Rs 7.25 crore has been brought in, of the total envisaged
contribution of INR21.66 crore). ICRA's rating however takes
comfort from the satisfactory initial response to the project and
also the low approval risk for the company's ongoing projects.
Further, the rating derives comfort from the satisfactory
collection efficiency and the fact that the debt for both the
projects has been tied up.

Going forward, the company's ability to execute the project as
planned, achieve adequate bookings and maintain collection
efficiency will remain the key rating sensitivities. Further, the
final terms of the new debt tied up will also be a rating
monitorable.

BCPL is a Kota, Rajasthan based real estate, Special Purpose
Vehicle (SPV) which is developing an integrated township at
Kunhari Bundi Road in Kota. The township comprises of a
residential colony, commercial complex and individual housing
plots on an area admeasuring 13.54 lakh square feet. The total
project cost estimated at INR157.03 crore, is proposed to be
funded by term loan of INR45.0 crore, promoters' contribution of
INR21.66 crore and customer advances of INR65.35 crore.


BORAH AGENCIES: CARE Reaffirms B+ Rating on INR10cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Borah
Agencies Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10         CARE B+ Reaffirmed

The ratings for the bank facilities of Borah Agencies Pvt Ltd
(BAPL) continue to remain constrained by its relatively small size
of operation in the highly fragmented and competitive automobile
industry, risk of nonrenewal of dealership agreement from Hyundai
Motor India Ltd. (HMIL) and Escorts Ltd. (EL), high working
capital intensity and high leverage ratio. The ratings, however,
draw comfort from satisfactory experience of the promoters in the
automobile industry and sole authorized dealer of HMIL for one
district of Assam and four districts of Arunachal Pradesh and EL
for two district of Assam.

Going forward, the ability of the company to improve its scale of
operation and profit margins along with the ability to manage its
working capital effectively would be the key rating sensitivities.

Borah Agencies Private Limited (BAPL) was incorporated in
September, 2007 by one Mr Prodip Borah of Dibrugarh, Assam,
commenced as an authorized dealer of Hyundai Motor India Ltd.
(HMIL) for its passenger vehicles, spares & accessories for
Tinsukia district of Assam and four districts of Arunchal Pradesh.
Subsequently in February 2013, the company entered into dealership
agreement with Escorts Ltd (EL) for its commercial vehicles (like
trucks, tractors, etc.), spares & accessories for two district of
Assam & four district of Arunchal Pradesh and started selling the
EL vehicles since May, 2013. The company offers the aforesaid
products through its three showroom (self-owned) equipped with 3-S
facilities (Sales, Service and Spare-parts) located at Assam.

In FY14 (refers to the period April 1 to March 31), the company
has reported a total operating income of INR44.01 crore (as
against INR42.27 crore in FY13) and PAT INR0.30 crore (as against
INR0.28 crore in FY13). Till November 2014, the company has
maintained to have achieved revenue of INR33.89 crore.


DHEEPTI SPICES: CRISIL Assigns 'B' Rating to INR80MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dheepti Spices (DS).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      80         CRISIL B/Stable
   Bank Loan Facility

   Cash Credit             35         CRISIL B/Stable

   Foreign Letter of        5         CRISIL B/Stable
   Credit

The rating reflects DS's modest scale of operations and below
average financial risk profile marked by constrained capital
structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
DS's promoters in the industry.

Outlook: Stable

CRISIL believes that DS will maintain its credit profile over the
medium term aided by the extensive entrepreneurial experience of
the promoter. The outlook may be revised to 'Positive' if the
company substantially improves its scale of operations and
operating profitability on a sustained basis thereby leading to an
overall improvement in its financial profile. Conversely, the
outlook may be revised to 'Negative' if the company's operating
profitability declines further or if the working capital intensity
increases further, thereby leading to deterioration in its
financial profile.

Setup in 2006, DS, is a proprietorship firm that is primarily
engaged in processing of kaspa peas. The day to day operations of
the firm are managed by Mr. Amarnath Jeyaraj.

DS reported net profit of INR1.3 million on net sales of INR189.8
million for 2013-14 (refers to financial year April 1 to
March 31) as against net profit of INR1.4 million on net sales of
INR177.8 million for 2012-13.


GANESH COTTON: ICRA Assigns B+ Rating to INR5.5cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned [ICRA]B+ to the INR5.50 crore long term fund
based limits and INR4.50 crore unallocated limits of Ganesh Cotton
Traders.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund         5.50        [ICRA]B+ assigned
   Based Limits

   Long Term              4.50        [ICRA]B+ assigned
   Unallocated Limits

The rating assigned takes into account the small scale of GCT's
operations and the highly competitive and fragmented industry with
presence of a large number of organized and unorganized players
which limits the pricing power. The ratings also notes that the
firm is vulnerable to regulatory risks with regard to minimum
support price for raw cotton and the inherent risk applicable in
proprietary business. The rating, further takes into account the
weak financial profile of the firm as reflected in gearing of 1.94
times as on 31st March 2014 and stretched coverage indicators as
reflected in OPBIDT/Int. and Fin. Charges at 1.63 times, Total
Debt/OPBIDT at 4.98 times and NCA/Debt at 8% as on 31st March
2014. The rating, however, favourably takes into account the long
track record of the proprietor in the cotton trading and ginning
industry and its proximity to cotton growing areas of Guntur in
the state of Andhra Pradesh which helps the firm in easy
availability of kapas and lower transportation costs.

Ganesh Cotton Traders was set up in the year 2007 and is engaged
in cotton trading, leased ginning and pressing. Prior to formation
of the firm, the proprietor was involved in trading and ginning
activities of kapas, cotton lint and cotton seeds with others
under partnership and later started his own firm in 2007. The
proprietor has an experience of 12 years in this industry. The
firm is located in Guntur region of Andhra Pradesh, which is the
cotton belt of A.P.

As per audited financials for FY14, the firm reported an operating
income of INR94.43 crore with profit after tax of INR0.34 crore as
against INR51.62 crore of operating income with profit after tax
of INR0.17 crore in FY13.


GENESIS RESORTS: CARE Lowers Rating on INR118.91cr LT Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Genesis
Resorts Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   118.91       CARE D Revised from
                                            CARE BB

   Short term Bank Facilities    2          CARE A4 Reaffirmed

Rating Rationale
The revision in the long term ratings factors in the ongoing
delays in servicing of debt obligations by Genesis Resorts Pvt.
Ltd. on account of its weakened liquidity position caused by the
delay in project completion.

M/s Genesis Resorts Pvt Ltd (GRPL) is a private limited company
founded by the promoters of Gajalee Group, a well known
restaurateur group famous for seafood. GRPL was incorporated on
September 10, 2012 to construct a four star hotel in Vile Parle,
Mumbai. The proposed four-star hotel is in the vicinity of
domestic and international airports, and would comprise of 102
rooms, two specialty restaurants, one 24 hour coffee shop, and one
banquet hall, among other facilities. The project was initially
expected to commence operation from April 2014 at an estimated
cost of INR183.81 crore. However, there has been a delay in the
project completion with the total cost of the project being
revised to INR220.33 funded with a D:E of 1.59x.

The Gajalee Group is promoted by three brothers, Mr. Madhukar
Shetty, Mr. Sharad Shetty and Mr. Chandrakant Shetty, each of whom
are pioneers and experienced businessmen in the restaurant
business. Though the promoters have strong experience in the
restaurant industry, GRPL is a new venture in the hospitality
business. However, the company plans to leverage the existing
brand value viz. "Gajalee" to market the hospitality business and
the strong brand recognition of "Gajalee" is expected to help the
hotel in attracting the F&B business, a major component of hotel
revenue.


GHANSHYAM BROS: CRISIL Puts B+ Rating on INR120MM Cash Credit
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Ghanshyam Bros. (GB) and has assigned its 'CRISIL
B+/Stable' rating to the facility.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           120        CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

The rating was suspended by CRISIL vide the Rating Rationale dated
July 22, 2014 since GB had not provided the necessary information
required for a rating review. The firm has now shared the
requisite information, enabling CRISIL to assign a rating to the
firm's bank facilities.

The ratings reflect GB's weak financial risk profile marked by
high gearing and weak debt protection measures, small scale of
operations in a highly fragmented rice industry, and working
capital intensive operations. These rating weaknesses are
partially offset by the extensive experience of GB's promoters in
the rice industry.

Outlook: Stable

CRISIL believes that GB will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if GB's financial risk
profile improves, most likely driven by higher-than-expected net
cash accruals or infusion of equity. Conversely, the outlook may
be revised to 'Negative' if there is significant deterioration in
the firm's liquidity or capital structure, or pressure on its
profitability.

GB was established in 2000 as a partnership firm by Mr. Kulbhushan
Goel and his brother Mr. Rajesh Goel in Karnal (Haryana). At
present, key promoter Mr. Kulbhushan Goel and his son, Mr.
Abhimanyu Goel, look after the day-to-day operations of the firm.
GB is mainly engaged in milling and marketing of both basmati and
non-basmati rice.


IMPACT SAFETY: ICRA Reaffirms B Rating on INR21.40cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR21.40
crore long term fund based facilities of Impact Safety Glass Works
Private Limited at [ICRA]B. ICRA has also assigned the long term
rating of [ICRA]B to the INR0.70 crore term loan facility of
Impact. ICRA has also reaffirmed the short term rating at [ICRA]A4
to the INR13.94 crore short term non-fund based facilities of
Impact.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term- Fund        21.40       [ICRA]B (Reaffirmed)
   Based Facilities

   Long Term- Term         0.70       [ICRA]B (Assigned)
   Loan

   Short Term Non-        13.94       [ICRA]A4 (Reaffirmed)
   Fund Based Facilities

The reaffirmation of the ratings take into account the moderate
scale of operations of the company in an intensively competitive
industry which has resulted in low net margins and modest return
indicators. The ratings are constrained by the stretched financial
profile of the company characterized by high gearing of 1.68x, low
coverage indicators with interest cover of 1.69x and NCA/Total
Debt of 7.40% for FY2013-14 and high working capital intensity of
operations as indicated by a NWC/OI of 67% in FY2013-14 owing to
high inventory levels and stretched receivables. In addition, the
ratings take into account the significant exposure of the company
to the cyclical automotive sector which accounts for the bulk of
the company's sales and thus any variability in the demand from
the sector can adversely impact the company's growth and
profitability as witnessed in the past. The ratings also factor in
the vulnerability of the margins to raw material price
fluctuations with limited scope to pass on the variations to the
customers.

The ratings, however, positively take into account the established
track record of the company and the long standing experience of
the promoters in the industry. ICRA also takes note of the
established relationship of the company with its existing
customers which has enabled it to secure repeat orders from them
in the past and the increase in the client base to include other
reputed commercial vehicle OEM's like Volvo and Hyundai Rotem
India in the current year.

Impact Safety Glass Works Private Limited was founded in 1986 by
Mr. R.K.Dutta. The company is involved in the processing of glass
and caters to the automotive and architectural segments. In the
automotive segment the company is particularly strong in
commercial vehicle segment with limited presence in passenger
vehicle segment. Within the automotive segment, the company
supplies to companies such as Tata Marco Polo Motors Limited,
Force Motors and Hyundai Rotem and in the architectural segment,
it supplies mostly to real estate companies.

Impact reported a profit after tax (PAT) of INR0.07 crore on an
operating income (OI) of INR53.21 crore in FY2013-14 as against a
PAT of INR0.53 crore on an OI of INR67.15 crore in FY2012-13.


ISHWAR RAJ: CARE Assigns D Rating to INR9.15cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Ishwar Raj
Beverages Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.15      CARE D Assigned

Rating Rationale

The rating of Ishwar Raj Beverages Pvt. Ltd. (IRBPL) factors in
the ongoing delays in debt servicing on account of the stressed
liquidity position of the company.

Ishwar Raj Beverages Pvt. Ltd. (IRBPL) incorporated in September
2010, was promoted by one Mr Manish Kumar of Patna, Bihar. IRBPL
is in manufacturing, bottling and distribution of different
carbonated soft drinks & packaged drinking water brands of Parle
Agro Pvt Ltd at its bottling facilities. The company manufactures
well-known brands like "Frooti, Appy, Appy Fizz, Frio, Dhishoom,
Caf‚ Cuba etc for the state of Bihar under the exclusive franchise
agreement with Parle Agro Pvt. Ltd. The bottling plant of the
company is located at Fatuha in Patna having installed capacity of
1,036,800 kilo litters per annum.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR11.68 crore
(FY13: INR6.40 crore) and a net loss of INR0.07 crore (FY13: Net
loss of INR1.70 crore). In 9MFY15, the company has achieved a
total income of INR15 crore.


JAIKA VEHICLE: CRISIL Cuts Rating on INR90MM Cash Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jaika Vehicle Trade Pvt Ltd (JVTPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable', while reaffirming the rating on the short-term
bank facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        80         CRISIL A4 (Reaffirmed)

   Bank Guarantee        50         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Cash Credit           90         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Term Loan             60         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects JVTPL's weak business risk profile
marked by slow ramp up of its service operations, which has
adversely affected the company's accruals and subsequently its
liquidity. The company reported operating loss of INR1.6 million
for 2013-14 (refers to financial year, April 1 to March 31) on
account of its early stage of operations. For the six months
through September 2014, it posted sales of around INR30 million,
lower than CRISIL's earlier expectations. As a result, JVTPL's
cash accruals are likely to remain insufficient for its maturing
debt repayment obligations. However, need-based funding support in
the form of unsecured loans by the promoters is expected to ensure
that the company meets its debt obligations on time. CRISIL
believes that the business risk profile is likely to remain
constrained over the medium term on account of slow ramp up of its
service operations.

The ratings continue to reflect JVTPL's subdued financial risk
profile, marked by high external indebtedness, and a modest
interest coverage ratio. The ratings also reflect the company's
limited track record of operations in the competitive luxury car
dealership segment. These rating weaknesses are partially offset
by the extensive experience of JVTPL's promoters in the automobile
dealership business and the company's association with the Audi
brand.

Outlook: Stable

CRISIL believes that JVTPL will, over the medium term, continue to
benefit from the extensive experience of its promoters in the
automobile dealership segment and its association with the Audi
brand. The outlook may be revised to 'Positive' if the company
reports significant improvement in its revenue and profitability,
while improving its capital structure and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case of a decline in JVTPL's revenue and margins, or if its
working capital cycle stretches, adversely affecting its financial
risk profile.

Incorporated in 1994, JVTPL, a part of the Jaika group, is
promoted by the Kale family based in Nagpur. The company is an
authorised dealer for passenger vehicles of Audi India division of
Volkswagen Group Sales India Pvt Ltd (Audi) in Chhattisgarh and
the Vidharbha region of Maharashtra. JVTPL started dealership for
Audi in March 2012 and currently operates one showroom and one
workshop each in Nagpur (Maharashtra) and Raipur (Chhattisgarh).
The company's day-to-day operations are managed by Mr. Gautam
Kale.

For 2013-14, JVTPL reported net profit of INR8.4 million on net
sales of INR640.3 million, against net loss of INR29.2 million on
net sales of INR392.8 million for 2012-13.


JONAS PETRO: ICRA Reaffirms B+ Rating on INR4.5cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR4.50
crore1 term loan and INR1.00 crore cash credit limits of Jonas
Petro Products Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to INR1.50 crore non-fund based
limits of JPPPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            4.50          [ICRA]B+ reaffirmed
   Cash Credit          1.00          [ICRA]B+ reaffirmed
   Bank Guarantee       0.75          [ICRA]A4 reaffirmed
   Letter of Credit     0.75          [ICRA]A4 reaffirmed

The ratings are constrained by the weak financial profile as
characterized by modest scale of operation, losses at PAT level,
high gearing and weak debt protection metrics. Further, the
ratings are constrained by the low capacity utilization of the
plant owing to limited availability of raw material in the absence
of any long term agreement with the suppliers. These apart, the
ratings continue to take into consideration the high threat of
substitutes mostly from conventional fuels which has impacted the
demand of recycled fuel oils adversely in past.

The ratings however take comfort from the long track record of the
promoters in the oil trading business; in-house laboratory for
quality testing of raw materials used in the oil recycling process
and diversified client profile with clients from various
industries.

Jonas Petro Products Private Limited (JPPPL) was established in
the year 2010 by Mr Sunil Jonas and Ms Sandhya Jonas. JPPPL is
engaged in recycling and processing of waste oil and converting it
into recycled fuel oil. The company's plant is located at a
strategic location in Mangalore, Karnataka and it has started
operations from April 2012. JPPPL has a storage capacity of 12000
kilo litres/annum.

As per the provisional results for 6m FY2015, the company reported
PAT of INR0.04 crore on turnover of INR1.13 crore as against net
loss of INR0.18 crore on turnover of INR3.34 crore during FY2014.


KAY KAY: CARE Reaffirms B+ Rating on INR9.5cr LT Bank Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Kay
Kay Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    9.50        CARE B+ Reaffirmed
   Short-term Bank Facilities   2.40        CARE A4 Reaffirmed

Rating Rationale
The ratings of Kay Kay Exports (KKE) continue to be constrained by
its small size of operations, relatively thin profitability owing
to limited value addition to the products, perishable nature of
raw materials, working capital-intensive nature of operations, and
the constitution of the entity as a proprietorship. The ratings
are further constrained by the firm's weak financial risk profile,
characterized by high gearing and weak coverage indicators as well
as exposure to forex risk with almost 97% of the sales being
exports.

The ratings, however, favourably factor in the long experience of
the proprietor, the established operational track record of the
firm, its strong association with customers and suppliers and the
continuous growth in income over the last 3-year period from FY12
(refers to the period April 1 to March 31) to FY14.

Going forward, the ability of the firm to improve its scale of its
operation and sustain its profitability would be the key rating
sensitivity.

KKE is a proprietorship concern engaged in the processing and
export of sea food products such as shrimp, cuttle fish, squid,
octopus, fish, seafood mix, primarily to the USA and Europe. The
firm was promoted by Mr K. Krishna Kumar in 1991. KKE has a
processing facility at Kannamaly, Kochi, Kerala, with an installed
capacity of 2,000 MT per annum for processing of seafood and a
cold storage facility with a capacity of 1,000 MT for preserving
processed seafood.

The firm has also obtained the internationally accepted
certifications, namely, British Retail Consortium (BRC), ISO
22000: 2005, International Food Standard (IFS) Version 6 and Best
Aquaculture Practices Seafood Certification. The firm utilizes
about 63% of the installed processing capacity. The capacity
utilization varies as high value items like Vannamei require more
time to freeze than the low value items like shrimp and black
tiger.

The firm achieved a PAT of INR0.44 crore on total operating income
of INR42.08 crore in FY14 as compared with a PAT of INR0.37 crore
on total operating income of INR33.23 crore in FY13.


KINGFISHER AIRLINES: SBI to Put Kingfisher House on Auction Block
-----------------------------------------------------------------
The Times of India reports that enthused by the widespread
response to its mega auction of INR1,200 crore worth properties
belonging to defaulters, State Bank of India is planning to
include on the e-auction block Kingfisher House in the next round.

The report says the bank on March 13 put on the block 300 pieces
of industrial and residential properties across the countries
which it had attached from defaulters in a bid to recover bad
debts.

Until now SBI had been selling assets of defaulters in a piecemeal
basis, TOI relates. As a result the response was also localized
and most of the response came from a select group of people who
specialized in purchasing stressed assets at a discount. Now with
the economy turning around, the bank hopes that investors from
across India will be drawn to mega auction there will be a genuine
price discovery based on demand and supply, according to TOI.

"It was too early for us to include Kingfisher House in this
auction and we plan to include this during the next auction. We
want a good business house to buy it rather than have a reseller
come in. Our valuation of this was quite dated and we are doing a
fresh valuation which is expected to be through in a couple of
days," the report quotes PK Malhotra, deputy managing director,
SBI, as saying.

The auction included residential units and industrial plots across
the country, the report notes. While there was a good response to
the residential properties, SBI expects some work on the larger
industrial plots. "We are expecting to get over 10-15% (over the
asking price). Some of the industrial properties are very good
with all the infrastructure available. It is like a 'plug and
play' asset for any entrepreneur," Mr. Malhotra, as cited by TOI,
said.

The report adds that the sale of the assets is expected to add a
few hundred crores to SBI's bottomline for the third quarter as
successful bidders have to make full payment by March 29. The
extent of profits would depend on the level of provisions made by
the bank. If the asset has been fully written off the entire
realizations would add to the bank's bottomline. According to the
report, Mr. Malhotra said there was good interest in the bank's
auction because the properties have clear title and buyers see
value in them.

Kingfisher House is one of the prime real estates of the airline,
which was once touted as the most luxurious carrier in the country
and one of the crown jewels of Mallya-led UB Group, TOI noted. The
airline was grounded in October 2012 while its flying permit was
cancelled in December that year. The other collateral left with
the bank is Kingfisher Villa in Goa, which has a market value of
under INR90 crore, added TOI.

                   About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


LUCKY AUTOMOTIVES: CARE Cuts Rating on INR5.5cr LT Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Lucky
Automotives Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.50       CARE D Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of
Lucky Automotives Private Limited (LAPL) takes into account recent
delays in servicing the debt obligations by the company due to
technical problem with the sudden change in payment mode by the
banker.

Establishing a clear debt servicing track record is the key rating
sensitivity.

Lucky Automotives Pvt Ltd (LAPL) was incorporated in the year 2010
by Mr. Sandeep Usman and Mr. MD Usman at Vijayawada, Andhra
Pradesh. Later in the year 2014 Mrs. S. Radhika is included as
director. LAPL has entered into a dealership agreement with Nissan
Motors India Private Limited (NMIPL's) and is an authorized dealer
for sale of Nissan cars. LAPL is engaged in the business of sale
of Nissan passenger cars segment such as Micra, Sunny, Xtrail,
Teana, Evalia, 370Z etc. LAPL has two showrooms located at
Vijayawada and Nellore along with service centres which provides
after sales services and spare parts and its accessories for NMIPL
located at its outlet. The showroom and service centre is
supported by financers and insurance service providers. LAPL is
the sole dealer of NMIPL's passenger vehicles in Vijayawada and is
having diversified product mix from different classes' viz.
Supermini, Mid-size, SUVs and sports car. LAPL has sold around 491
four wheelers during FY14 (against 1137 in FY13 and 835 in FY12)
and is supported & assisted by NMIPL in terms of its Management,
Sales, Marketing, Human resources, etc.


MADHAV METCAST: ICRA Reaffirms B Rating on INR5.5cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B rating to the INR5.50 crore term
loan and INR2.00 crore cash credit facilities of Madhav Metcast
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          2.00          [ICRA]B; reaffirmed
   Term Loan            5.50          [ICRA]B; reaffirmed

The rating continues to be constrained by Madhav Metcast Private
Limited's limited track record of operations and weak financial
profile as evident by thin profit margin, adverse capital
structure on account of aggressively debt funded capex and weak
coverage indicators impinged by high finance costs in the initial
years. Further, the assigned ratings are constrained by highly
competitive and fragmented nature of the Steel industry with
competition from both unorganized and established players and
vulnerability of MMPL's operating profitability to fluctuations in
cost of key raw material i.e. steel prices given the company's
limited ability to pass on the same to its customers.  The ratings
however favorably consider MMPL's affiliation with Madhav group -
having presence in ship breaking since last three decades which
provides sourcing benefits to MMPL and its experienced promoters
with long track record in steel industry.

Incorporated in 2012 as a private limited company, Madhav Metcast
Private Limited was promoted by Mr. Odhav Patel, Mr. Arvind Patel,
Mr. Nilesh Patel and Mr. Talshi Patel and is engaged in the
manufacturing of Mild Steel Ingots through Induction furnace
route. The company has an installed capacity of 18000 TPA of ingot
manufacturing at its manufacturing unit in Bhavnagar. Mr. Odhav
Patel and Mr. Talshi Patel have promoted "Madhav Group" which
includes other entities like Madhav Industrial Corporation, Madhav
Ispat Rolling Mill and Madhav Steels.

For the year ended 31st March, 2014, MMPL reported an operating
income of INR39.78 crore and net loss of INR0.59 crore.


METHRA INDUSTRIES: CARE Assigns D Rating to INR13.79cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Methra
Industries India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    13.79       CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Methra Industries
Private Limited (MIPL) factors in the ongoing delays in meeting
the debt obligations, owing to the tight liquidity position
arising out of the losses incurred by the company.

Methra Industries India Private Limited (MIIPL) was established in
April 2010 by Mr. P.Venkatesan and Mrs. Saraswathy
Venkatesan with the objective of manufacture of Autoclaved Aerated
Concrete (AAC) blocks which are eco-friendly under the brand name
"CELL O CON" using German technology. In addition to the
manufacture of AAC blocks, MIIPL also trades in gypsum material
which is used in plastering of building. Before establishing this
company, the promoter was engaged in undertaking government
contract works through different entities. Other companies in the
Methra Group include Methra Infratech Pvt. Ltd., in Bangalore and
Methra Constructions Consortium India Pvt Ltd. in Chennai, both
engaged in real estate business. All the companies are managed by
promoters themselves.

The key clients of MIIPL are CasaGrande, Amaraprakash, Shobha
Realities, Malles Constructions, Appasamy Realities,
SPRRG, Virgo, Alliance etc. located in South India.
The key raw material, lime is purchased from Jodhpur, Rajastan.
All the other materials are sourced in South India from the large
manufacturers of cement, gypsum etc.

The company incurred net loss of INR3.19 crore on total operating
income of INR16.05 crore in FY14 as compared to a loss of INR6.75
crore on total operating income of INR4.82 crore in FY13.


MICON VALVES: ICRA Assigns D Rating to INR5.41cr Term Loan
----------------------------------------------------------
ICRA has assigned [ICRA]D rating for the INR12.00 crore bank
facilities of Micon Valves Pvt. Ltd.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based - Cash        3.00       [ICRA]D; assigned
   Credit

   Fund Based - Term        5.41       [ICRA]D; assigned
   Loan

   Non Fund Based -         2.00       [ICRA]D; assigned
   Letter of Credit

   Non Fund Based -         1.50       [ICRA]D; assigned
   Bank Guarantee

   Unallocated Amount       0.09       [ICRA]D; assigned

The assigned ratings takes into account the delays in interest
servicing on account of liquidity pressure being faced by MVIPL
primarily due to significant delays in sales realizations. The
rating also takes into consideration MVIPL's weak financial risk
profile, as characterised by thin profitability, weakened coverage
indicators and high customer concentration risks, with top three
customers accounting for around 41% of the company's revenues in
2013-14. The ratings are further constrained by the company's
small scale of operations, the inherent cyclicality associated
with the steel industry which is likely to make cash flows and
margins volatile and its limited bargaining power against large
corporate clients. Nevertheless, the ratings favourably factor in
MVIPL's reputed client profile which indicates good product
quality; and the long experience of promoters in the industrial
valves manufacturing business.

Incorporated in the year 1998, MVIPL is promoted by Mr. Mohd.
Ilyas Yusuf Sheikh and is engaged in the manufacture of industrial
valves of varied grades and sizes. The manufacturing facility of
MVIPL is located at Rabale in Navi Mumbai, Maharashtra and its
products mainly find application in the power, petrochemical and
fertilizer industries. The company caters to reputed customers
which include Bharat Heavy Electricals Limited and Hindustan
Petroleum Corporation Limited etc.

MVIPL recorded a net profit of INR0.15 crore on an operating
income of INR9.26 crore for the year ending March 31, 2014.


MOD AGE: CARE Reaffirms B- Rating on INR25cr NCD Issue
------------------------------------------------------
CARE reaffirms the rating assigned to the NCDs of Mod Age
Consultants & Advisory Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture     25         CARE B- Reaffirmed
   Issue

Rating Rationale
The rating assigned to the NCD issue of Mod Age Consultants &
Advisory Services Private Limited (Mod Age), an investment
company, continues to be constrained by its weak financial profile
with no operational cash flows. Also, although the market value of
the shares of Jyoti Structures Limited (JSL) which are issued as a
collateral security to the NCD issue have increased in their value
since the date of issue as security; however, further
deterioration in the credit profile of JSL, may result in an
adverse impact on the market value of the shares.

The rating, however, continues to derive strength from the
financial resourcefulness of its promoters.

The increase in the stable income of the promoters to enable
timely support to fulfil debt obligations of Mod Age and no major
decline in the value of the collateral security are the key rating
sensitivities.

Incorporated on January 21, 2008, Mod Age; erstwhile known as Mod
Age Investment Private Limited, name changed in December 2013, is
a strategic investment holding company of the promoters of JSL. Mr
K. R. Thakur and Mr P. K. Thakur, shareholders and directors in
JSL, each hold 50% shareholding in Mod Age.

As Mod Age is only an investment holding company, it does not have
own operational cash flows. On October 30, 2013, the company
issued NCDs of INR25 crore for investment in shares and offering
loans to group companies. The company has placed 1.18 crore shares
of JSL as collateral against the NCD issue.

The funds raised by the NCD issued are utilised for investment
into shares of Surya India Fingrowth Private Limited, a group
company.


MODULUS COSMETICS: CRISIL Puts B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Modulus Cosmetics (MDC).

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term         10        CRISIL B+/Stable
   Bank Loan Facility

   Long Term Bank Facility    10        CRISIL B+/Stable

   Bill Discounting under     30        CRISIL A4
   Letter of Credit

   Cash Credit                70        CRISIL B+/Stable

The ratings reflect MDC's initial phase of operations, limited
bargaining power due to high customer concentration in its revenue
profile, and its exposure to risks related to volatility in input
prices. These rating weaknesses are partially offset by the demand
prospects in the soap noodle's industry and its average financial
risk profile.

Outlook: Stable

CRISIL believes that MDC's business risk profile will benefit from
increasing demand for its product and tie-ups with large
corporates. The outlook may be revised to 'Positive' in case of
early ramp up in operations and efficient working capital
management leading to substantial cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of low capacity
utilisation, pressure on profitability, or large reliance on debt
to fund its working capital requirements, leading to deterioration
in its financial risk profile.

MDC is a proprietorship firm started in 2010. It manufactures soap
billets at its unit in Taksal (Himachal Pradesh). The day-to-day
operations of the firm are managed by the owner Mr. Rajan Dhir.
The plant has installed capacity of 150 tonnes per day.


MOULI SPINNER: ICRA Reaffirms B+ Rating on INR7.30cr Term Loan
--------------------------------------------------------------
ICRA has re-affirmed long-term rating outstanding on the INR7.30
crore term loan facilities and the INR3.00 crore fund based
facilities of Mouli Spinner Limited at [ICRA]B+. ICRA has also re-
affirmed short-term rating outstanding on the INR1.70 crore non-
fund based limits of MSL at [ICRA]A4.  ICRA has also reaffirmed
the long-term/short-term rating of [ICRA]B+/[ICRA]A4 for the
INR3.00 crore proposed facilities of MSL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT - Term Loan          7.30        [ICRA]B+ re-affirmed
   Facilities

   LT - Fund based         3.00        [ICRA]B+ re-affirmed
   Facilities

   ST - Non Fund based     1.70        [ICRA]A4 re-affirmed
   facilities

   LT/ST - Unallocated     3.00        [ICRA]B+/[ICRA]A4
   Facilities                          Re-affirmed

The ratings reaffirmation considers the experience of the
promoters in the industry and the Company's established
relationship with its domestic customers which lend stability to
the volumes to some extent. ICRA also takes note of the marginal
de-growth in the revenues in 2013-14 on the back of lower volume
of sales and the stress on operating margin on account of higher
employee and manufacturing expenses, although the same was
moderated to an extent by lower power costs. While there was some
improvement in the capital structure in 2013-14 with reduced debt
levels, the debt protection metrics witnessed some deterioration
due to the stress on operating profit. The ratings, however,
remains constrained by the Company's modest scale of operations
which limits benefits from economies of scale, the intense
competition in the business which limits pricing flexibility to an
extent and the high supplier concentration with Grasim Industries
Limited exposing the Company to risk of supply constraints.
Although the company does not have any significant capital
expenditure plans in the medium term, with sizeable debt repayment
obligations falling due in the near term, the ability of the
company to maintain its scale and working capital intensity while
improving its margins remains critical.

MSL is a small scale spinning company based out of Pallipalayam
(Erode), Tamil Nadu with a total capacity of ~13, 000 spindles.
The Company's product profile includes viscose and modal yarn
largely in the count yarn range of 20s to 60s and markets its
products to woven and hosiery fabric manufacturers in the domestic
market. MSL is promoted by Mr. Paneerselvam and is currently
managed by Mr. Gowrishankar. The Company commenced operations in
the year 2006.

The Company reported net profit of INR0.01 crore on operating
income of INR40.3 crore during the financial year 2013-14, against
net profit of INR0.3 crore on operating income of INR41.3 crore
for the financial year 2012-13.


MRUNMAHA AGRO: CRISIL Puts B- Rating on INR32MM Long Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Mrunmaha Agro Foods Pvt Ltd (MAFPL; part of the
Trimurti group).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      13         CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit              5         CRISIL B-/Stable

   Long Term Loan          32         CRISIL B-/Stable

The rating reflects the Trimurti group's subdued financial risk
profile, marked by stretched liquidity, driven by its ongoing
debt-funded capital expenditure (capex), limited ramp up in
operations, and depressed profitability. The rating also factors
in the group's small scale of operations and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the Trimurti group's promoters in
the sweet corn and other agro-commodities processing industry, and
their continued funding support.

For arriving at the rating, CRISIL has combined the business and
the financial risk profile of MAFPL and Trimurti Corn Agro Foods
Pvt Ltd (TCAFPL). This is because these two companies, together
referred as the Trimurti group, are under a common management, are
engaged in a similar line of business, and have operational and
financial linkages. Furthermore, both these companies have given
corporate guarantees for each other's bank facilities.

Outlook: Stable

CRISIL believes that the Trimurti group will continue to benefit
over the medium term from its promoters' extensive industry
experience and continued funding support. The outlook may be
revised to 'Positive' in case of significant improvement in the
group's financial risk profile, especially its liquidity, driven
by higher cash accruals or infusion of substantial funds by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of further pressure on the Trimurti group's liquidity on
account of lower cash accruals or a stretch in its working capital
cycle, impacting the group's ability to service its debt.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen,
and ready-to-eat products. TCAFPL and MAFPL have a combined
processing capacity of 38 tonnes per day (tpd) at their
manufacturing units in Pune (Maharashtra). The group has
undertaken a capex programme to increase its processing capacity
by 145 tpd; the enhanced capacity is expected to be commissioned
by April 2015.


NETWORK TRADELINK: CRISIL Reaffirms B+ Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Network Tradelink Pvt
Ltd (NTPL) continue to reflect NTPL's large working capital
requirements and below-average financial risk profile marked by
modest net worth, high gearing, moderate debt protection metrics,
along with stretched liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
the textiles industry.

Outlook: Stable

CRISIL believes that NTPL will continue to benefit over the medium
term from its promoters' extensive experience in the textiles
industry. The outlook may be revised to 'Positive' if the company
reports increase in its revenue and profitability, or improvement
in its working capital management, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
NTPL undertakes a large debt-funded capital expenditure programme
or reports deterioration in its working capital management.

NTPL, incorporated in 2009, is promoted by Kolkata-based Jhawar
family; the company trades in, and processes, grey fabrics. The
company procures grey fabric from across India. The processing of
fabrics, including bleaching and dyeing, is outsourced by the
company to job workers in Surat (Gujarat), Mumbai, Kolkata, and
other locations.


NIRMAN DEVELOPERS: CARE Assigns B+ Rating to INR14cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Nirman
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14         CARE B+ Assigned

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

Rating Rationale
The rating assigned to the bank facilities of Nirman Developers
(ND) is constrained on account of the implementation risk
associated with its ongoing real estate project along with high
dependence on customer advances, competition from other real
estate players in the region, and constitution of the firm as a
partnership concern.

The aforementioned constraints far outweigh the strengths derived
from the considerable experience of the partners in the real
estate industry and strategic location of the project.

Completion of the ongoing project without any time and cost
overrun and the ability to sell the space in a highly competitive
scenario at the envisaged prices and in a timely manner are the
key rating sensitivities.

Established in the year 1993, Nirman Group of companies is a Pune-
based real estate group and promoted by two partners -- Mr Sandeep
Maheshwari and Mr Shashikant Sule. The group comprises five firms
-- ND, Nirman Associates, Nirman Homes, Nirman Properties and
Nirman Trimurti Developers which is a joint venture (JV) between
Mr Maheshwari, Mr Sule and Mr Ramesh Bhatia. The group was
initially engaged in executing construction projects on
contractual basis.

However, from October 2003 onwards, the group has been engaged in
developing residential projects on its own. The group has
completed more than 20 lakh square feet (lsf) of projects
including residential complexes, hotels and luxurious villas
across various locations in Pune. ND is currently developing a
residential project, viz, Nirman Ajinkyatara at Sinhagad
Road in Pune. The project has a total saleable area of about 1.46
lsf with a total project cost of about INR52.78 crore and is
envisaged to be funded with a bank debt of INR14 crore, partner's
capital of INR9. crore and the balance of INR29.78 crore through
customer advances. The project undertaken is to target mid segment
customers and is offering 2&3BHK houses.

The project has commenced in October 2014 and is projected to be
completed by March 2018 and for which all the required approvals
are in place. Out of the total saleable area of 1.46 lsf,
residential space is about 1.08 lsf, while the commercial space
consists of 0.38 lsf. The company has incurred a total cost of
INR3.58 crore which is funded by the partner's capital.


NORTHERN SKY: CRISIL Reaffirms B+ Rating on INR195MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Northern Sky
Properties Pvt Ltd (NSPPL) continues to reflect NSPPL's below-
average financial risk profile, marked by a modest net worth and
high gearing, and its susceptibility to risks related to
completion and saleability of the other towers in its ongoing
residential real estate project in Mangalore (Karnataka). These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters in the Mangalore real estate
industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       195        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    55        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NSPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NSPPL achieves strong
growth in its cash flows, driven most likely by early completion
of its ongoing project and faster realisation of advances from its
residential properties. Conversely, the outlook may be revised to
'Negative' if the company faces delays in completion of its
ongoing project or in receipt of payments from customers, or if it
is unable to sell its ongoing residential project at profitable
rates.

NSPPL was established in April 2011. The company is developing a
residential complex at Mangalore. It is promoted by Mr. Dheeraj
Amin and his family.


NORTON ALUMINIUM: CRISIL Cuts Rating on INR80MM Bank Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Norton Aluminium India Pvt Ltd (NAIPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-          30        CRISIL D (Downgraded from
   Discounting Facility              'CRISIL B/Stable')

   Cash Credit             70        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit        10        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term      80        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The rating downgrade reflects NAIPL's continuously overdrawn cash
credit account for more than 30 days, and its delays in interest
payment; this was on account of the company's weak liquidity.

NAIPL has a small scale of operations and a weak financial risk
profile, and is exposed to intense industry competition. However,
the company benefits from its promoters' extensive experience in
the aluminium industry.

NAIPL manufactures aluminium alloys in the form of ingots,
primarily used in the automobile and aerospace industries, from
aluminium scrap. The company was incorporated in April 2007 as a
wholly owned subsidiary of Norton Aluminium Ltd. (U.K.) (NALUK),
which also manufactures aluminium alloys and aluminium castings,
catering mainly to the automobile and aerospace industries. NAIPL
has set up an aluminium alloy manufacturing facility in Khopoli
(Maharashtra), with a capacity of 15,000 tonnes per annum.
Commercial production at the plant commenced in May 2010.


PEPPERMINT CLOTHING: CARE Assigns B+ Rating to INR8.22cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CAREA4' ratings to the bank facilities of
Peppermint Clothing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    8.22       CARE B+ Assigned
   Short-term Bank Facilities   2          CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Peppermint Clothing
Private Limited (PCPL) are constrained on account of its moderate
scale and working capital intensive operations, moderately
leveraged capital structure, customer concentration risk,
susceptibility of profit margins to volatile raw material prices
and presence in a highly fragmented apparel industry.
The ratings, however, derive strength from the established
presence of the company with wide experience of the promoters in
the textile industry, reputed clientele, moderate financial risk
profile marked by growth in revenues and satisfactory
profitability margins, and robust demand for apparels.
The ability of the company to manage its working capital needs
efficiently, while improving its scale of operations is a key
rating sensitivity.

Promoted by the Kataria brothers, Pune-based, PCPL was
incorporated in 2007 for the manufacturing of kids garments.
The company is engaged in the manufacturing of readymade garments
for girls in the age group of 0 to 14 years. Having a capacity of
10 lakh units per annum, the company commenced its commercial
operations from February 2011. The company derives its income from
large format stores, which are large retail stores in malls and
multi brand outlets, which are local retail outlets and stores in
malls. Prime customers of the company are Lifestyle International
Private Limited, Pantaloons India Retail Limited (PIRL), Shoppers
Stop Limited (rated 'CARE A/CARE A1'), Jaibaba Trading Company
among others.

The company procures fabric, and undertakes in-house designing,
dyeing, stitching and finishing of the garments. Major raw
material, which includes fabric, buttons and packing material, are
procured from suppliers based in Maharashtra.

In FY14, PCPL earned PAT of INR0.74 crore on a total operating
income of INR35.79 crore against PAT of INR 0.49 crore on a total
operating income of INR27.53 crore in FY13.


POONAM POLYMERS: ICRA Assigns B Rating to INR10cr Cash Credit
-------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B to the INR10.0 crore
fund based bank facilities of Poonam Polymers Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund       10.0          [ICRA]B; Assigned
   Based Facility-
   Cash credit

ICRA's rating is constrained by PPPL's low profit margins due to
the trading nature of business and due to the intense competition
in the industry with the presence of a large number of players.
ICRA's rating also takes into account the vulnerability of the
company's profitability to commodity price risk which is partially
mitigated by prudent inventory management. The rating also factors
in the weak financial profile of the company characterised by high
gearing and low coverage indicators. However, the rating
favourably factors in the extensive track record of the promoter,
through proprietorship firm Shiv Trading, in trading and
distribution of Biaxially Oriented Polypropylene (BOPP) films and
polyester films, the company's established relationship with
domestic and international suppliers on account of the promoter's
long presence in the industry and the favourable demand outlook
for its products.

Going forward, the ability of the company to scale up the volumes
traded while improving its margins will be the key rating
sensitivity.

PPPL was incorporated in December 2012 and is promoted Mr Amit
Singhal, a first generation entrepreneur, who has been involved in
the trading business for about 17 years through his proprietorship
concern -- Shiv Trading. The company is engaged in the
distribution and trading of BOPP films, Bi-axially Oriented Poly-
Ethylene Terephthalate (BOPET) films (or polyester films), copper
wires, cables, Aluminium wires and paper. BOPP films and polyester
films contribute to the bulk of the company's revenues. The
company is an authorized distributor of companies like Max India
Limited, Polyplex Limited, Jindal Polyflims, etc.

PPPL reported an operating income of INR70.10 crore and a profit
after tax of INR0.20 crore in 2013-14, as against an operating
income of INR22.62 crore and a profit after tax of INR0.12 crore
in the previous year.


RADIANT LUBES: CRISIL Reaffirms B Rating on INR137.5MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Radiant Lubes Pvt Ltd
(RLPL) continue to reflect the company's below-average financial
risk profile and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the petrochemicals and polymer trading segments. The
ratings also reflect the company's stable business risk profile on
the back of its established relationships with suppliers and
customers.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         52.5       CRISIL A4 (Reaffirmed)
   Bill Discounting       30         CRISIL A4 (Reaffirmed)
   Cash Credit           137.5       CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has treated an unsecured loan
of INR32.8 million extended to RLPL by its promoters as on
March 31, 2014 as neither debt nor equity. This loan is
subordinated to bank debt and is expected to be retained in the
business.

Outlook: Stable

CRISIL believes that RLPL will maintain its stable business risk
profile over the medium term, on the back of its established
relationships with suppliers and customers, and the promoters'
experience in the petrochemicals and polymer trading segments. The
outlook may be revised to 'Positive' if the company improves its
profitability or receives an equity infusion leading to a
substantial improvement in its capital structure and debt
protection metrics. The outlook may be revised to 'Negative' if
RLPL's revenue growth reduces or in case of a significant decline
in its profitability, or an increase in its working capital
requirements.

Update
RLPL's revenue is expected to increase 25 per cent year-on-year in
2014-15 (refers to financial year, April 1 to March 31) to about
INR1.2 billion, backed by continued demand for its petrochemical
products and contribution from the polymer trading division.
Though the petrochemical refining segment contributes to about 50
per cent of total revenue, its contribution to operating profit is
minimal owing to low value addition involved. The polymer business
continues to drive RLPL's operating profitability.

While the company's operating income declined by 14 per cent in
2013-14, gross sales from del-credre business increased to INR1.8
billion in the year. Moreover, with increased proportion of
higher-margin del-credre business, RLPL's operating margin
increased to 3.2 per cent in 2013-14, from 2.5 per cent the
previous year. CRISIL believes that while the company will likely
achieve net sales of about INR1.3 billion over the medium term,
with continued focus on the polymer trading segment, RLPL is
expected to generate an operating margin of about 3.5 per cent.

The company's operations are working capital intensive, as
reflected in its gross current assets of 142 days as on March 31,
2014 emanating from high level of receivables and inventory.
Furthermore, its average bank limit utilisation was moderate at
around 79 per cent for the 12 months ended November 30, 2014.
CRISIL believes that RLPL's operations will remain working capital
intensive over the medium term.

With moderate accruals, RLPL's net worth is expected to remain low
at INR53 million as on March 31, 2015. Furthermore, high
dependence on bank limits for working capital requirements is
expected keep the ratio of total outside liabilities to tangible
net worth high at 4 times as on March 31, 2015. Also, its debt
protection metrics remain below average, with interest coverage
ratio estimated at 1.3 times, for 2014-15.

RLPL is a private limited company, incorporated in Nagpur
(Maharashtra) in 2000; it was founded by Mr. Deepak Bharadwaj and
Mr. Vijay Jindal. The company refines petrochemicals, recycles
oils, and trades in polymers, and is a del-credre agent for Indian
Oil Corporation Ltd. RLPL has a manufacturing unit in Nagpur.

RLPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR873.1 million for 2013-14, vis-a-vis a PAT of INR0.8
million on net sales of INR1.01 billion for 2012-13.


ROTOMAC GLOBAL: CRISIL Withdraws 'D' Rating on INR18BB Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Rotomac Global Pvt Ltd (RGPL, a part of the Rotomac group) at the
company's request; the rating was earlier placed on notice of
withdrawal for 60 days, in line with CRISIL's policy on withdrawal
of bank loan ratings.  The rating on RGPL's term loan remains
suspended.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bank Guarantee            200        CRISIL D (Withdrawal)
   Cash Credit               200        CRISIL D (Withdrawal)
   Export Packing Credit     380        CRISIL D (Withdrawal)
   Letter of Credit       18,000        CRISIL D (Withdrawal)
   Packing Credit            350        CRISIL D (Withdrawal)
   Term Loan                 120        Suspended

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Rotomac Global Pvt Ltd (RGPL), Crown
Alba Writing Instruments India Pvt Ltd (Crown Alba), Rotomac
Exports Pvt Ltd (REPL), Rotomac Exim Pvt Ltd (REL), Rotomac
Polymers Pvt Ltd (RPPL), Kothari Food and Fragrances (KFF), and
West Coast Extrusion Pvt Ltd (WCEPL). This is because all these
entities, collectively referred to as the Rotomac group herein,
are in the same line of business, have a common management, and
share fungible cash flows.

The Rotomac group trades in various commodities, including
foodgrain, tiles, industrial equipment, edible oil, industrial
fuels, iron ore, diamonds, and polymers. Under RGPL and Crown Alba
Writing Instruments India Pvt Ltd, the Rotomac group manufactures
pens, which are sold under the Rotomac, Designmate, and Inglish
brands.


S.P.S. HOSPITALITY: CARE Rates INR15.75cr LT Bank Loan at 'D'
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of S.P.S.
Hospitality And Entertainment Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    15.75       CARE D Assigned

Rating Rationale
The rating takes into account instances of delay in debt servicing
by S.P.S. Hospitality and Entertainment Private Limited (SPL) in
the past due to its weak liquidity position.

Incorporated in 2012, SPL is promoted by Mr Sanjeev Kumar and Ms
Savita Kumar. The company is presently operating a Hotel at Alwar,
Rajasthan under the name 'SPS Hospitality' which was commissioned
in February 2014. The hotel consists of 42 rooms and a banquet
hall with 300 person capacity. The hotel has been purchased by the
company from its associate concern i e Jagrit Infrastructure
Private Limited with the total purchase consideration of INR16.07
crore funded with the term loan of INR14.75 crore and the rest
through equity contribution.

For FY14 (refers to the period April 01 to March 31), based on 2
months of operations, SPL reported Total Operating Income (TOI) of
INR0.20 crore with net loss of INR0.04 crore. During FY15, as per
provisional results, the company had achieved the total income of
INR0.87 crore till December 31, 2014.


SAFE-TRONICS: ICRA Reaffirms B+ Rating on INR4.5cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR4.50 crore (enhanced from INR4.00 crore) Fund based (Cash
Credit) bank facilities of Safe-Tronics Automation Private Limited
(SAPL). ICRA has also reaffirmed the short term rating of [ICRA]A4
to the INR9.50 crore (enhanced from INR8.00 crore) Non Fund based
bank facilities of SAPL

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           4.50         [ICRA]B+/ Reaffirmed
   Bank Guarantee/       9.50         [ICRA]A4/ Reaffirmed
   Letter of Credit

The reaffirmation of ratings takes into consideration long
experience of SAPL's promoters in execution of turnkey projects
related to Fire & Gas (F&G) detection systems, the exclusive
supply arrangement with Detector Electronics Corporation, USA,
which has a leading position in F&G detection system domain and
satisfactory growth in operations witnessed in FY14, primarily on
account of better execution. The rating is however constrained by
sharp decline in order book, which exposes it to volatility in
revenues, fixed price nature of contracts, which exposes the
company to risk of cost escalations, and exposure to forex
fluctuation risks, given its dependence on imports. The rating
also factors in the modest scale of operations at present and high
working capital intensive nature of operations.

For the financial year ending March 2014, SAPL reported an
operating income of INR16.20 crore and a net profit of INR0.86
crore as compared to operating income of INR12.79 crore and net
profit of INR0.57 crore in the previous year.

Incorporated in 2007, SAPL is involved in providing turnkey
solutions for Fire and Gas (F&G) Detection Systems. SAPL is an
exclusive representative for products of Detector Electronics
Corporation (part of United Technologies Corporation, USA) and
Norriseal (part of Dover Corporation, USA). SAPL receives its
orders from other large EPC contractors or directly from the
customers, through a tender based contract award system. Most of
the customers of SAPL are large companies in oil and gas industry.


SAHARA GROUP: High Court Threatens to Appoint Receivers
-------------------------------------------------------
The Times of India reports that the Supreme Court on March 13
threatened to appoint a receiver for the entire Sahara group of
companies after being irked by repeated failure of the group to
comply with the court's direction to return INR24,000 crore with
interest to investors.

A bench of justices T S Thakur, A R Dave and A K Sikri gave one
final chance to Sahara group to raise the preliminary money of
INR10,000 crore for the release of its chief Subrata Roy by
finalizing the deal on three hotels in London and New York,
according to TOI.

The report relates that the SC said if the deal did not fructify,
like it had not on two occasions before, then it would appoint
receivers to auction Sahara group properties to raise the money as
was required to be done as per apex court orders.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SEVENHILLS HEALTHCARE: CRISIL Reaffirms 'B+' INR5.10BB Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of SevenHills Healthcare
Pvt Ltd (SHPL) continues to reflect SHPL's below-average financial
risk profile, marked by weak liquidity and high gearing, and its
exposure to risks arising out of any adverse regulatory order.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Funded Interest        564.4     CRISIL B+/Stable (Reaffirmed)
   Term Loan

   Overdraft Facility     500       CRISIL B+/Stable (Reaffirmed)

   Term Loan            5,101.1     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term   1,068.1     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

These rating weaknesses are partially offset by the extensive
experience of SHPL's promoters in the healthcare industry, the
improving occupancy at its Mumbai-based hospital, and continued
funding support from AIRRO (Mauritius) Holdings I, Mauritius
(AIRRO; a fund affiliated to JP Morgan).

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the medium
term from the extensive industry experience of its promoters, and
the increasing demand for healthcare services in India. Its
financial risk profile will, however, remain constrained over this
period by its stretched liquidity. The outlook may be revised to
'Positive' if the occupancy at the company's Mumbai hospital
increases further, leading to higher revenue and profitability and
hence to positive internal cash accruals. Conversely, the outlook
may be revised to 'Negative' if the increase in occupancy does not
materialise as anticipated, most likely because of regulatory
pressures. The absence of timely funding support from AIRRO,
leading to further weakening of SHPL's liquidity, may also result
in an outlook revision to 'Negative'.

Update
For 2013-14 (refers to financial year, April 1 to March 31), SHPL
reported an operating loss of INR142.1 million on an operating
income of INR1766 million. In 2014-15, the company is expected to
break even at the operating profit level, with estimated operating
profit of over INR200 million on an operating income of just over
INR2.3 billion. This would translate into a year-on-year revenue
growth of around 35 per cent, supported by increase in occupancy
at the Mumbai hospital to 330 beds from 290 beds. However, due to
high depreciation and interest expense, SHPL will continue to
report a net loss, estimated at over INR1.0 billion in 2014-15,
against a net loss of INR1.5 billion in the previous year.

SHPL's financial risk profile remains constrained due to losses,
thus negatively impacting its capital structure and debt
protection metrics. Its net worth is expected to decline to about
INR721 million as on March 31, 2015, from INR1085 million as on
March 31, 2014. The losses have been funded by regular equity
infusions by the company's private equity partner. There was fresh
capital infusion of INR572 million in 2014-15. The gearing is
expected to be high, at about 12.44 times as on March 31, 2015, an
increase from 7.8 times as on March 31, 2014. SHPL's debt
protection metrics will be inadequate, with negative net cash
accruals to total debt and interest coverage ratios.

SHPL's liquidity remains stretched due to fixed repayment
obligations and high working capital requirements. Its working
capital bank lines remain almost fully utilised. The company's
outstanding term loan of INR2.14 billion from Axis Bank has been
restructured with effect from January 1, 2014. With this
restructuring, along with the restructuring of all the other loans
from various banks, the entire principal and major interest
components have been back-ended thus alleviating pressure on the
company's liquidity.

SHPL, incorporated in 2004, is currently operating two super-
speciality hospitals under the name of Sevenhills Hospital; one is
in in Visakhapatnam (Andhra Pradesh) and other in Andheri, Mumbai.
Sevenhills Hospital, Visakhapatnam was started in 1988 by
Sevenhills Hospitals Pvt Ltd, which was later merged with SHPL in
2009. Sevenhills Hospital, Mumbai, commenced operations in 2009.
SHPL is currently promoted by Dr. Jitendra Das Maganti, his wife,
Dr. Renuka Jitendra Maganti, and AIRRO.


SHAZ PACKAGING: ICRA Reaffirms B Rating on INR8cr Term Loan
-----------------------------------------------------------
The long-term rating of [ICRA]B has been reaffirmed to the INR1.50
crore cash credit facility and INR8.00 crore term loan of Shaz
Packaging LLP. The short term rating of [ICRA]A4 has also been
reaffirmed to the INR0.15 crore non fund based facilities of SP.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          1.50          [ICRA]B reaffirmed
   Facility

   Term Loan            8.00          [ICRA]B reaffirmed

   Credit Exposure      0.15          [ICRA]A4 reaffirmed
   Limit

The reaffirmation of ratings takes into account the firm's
relatively small scale of current operations and the high
competitive intensity of the business with the established
presence of large organized players. The ratings further take into
account the debt servicing liability which coupled with the
gestation period associated with the establishment of its products
and scaling up of operations is expected to keep the credit
profile constrained over the medium term. The ratings continue to
remain constrained by the vulnerability of the firm's
profitability to raw material price fluctuations in view of the
major raw material (PP resin) being a crude oil derivative.
The ratings, however, favourably factor in the completion of the
project within the estimated cost, the experience and network of
the promoters in the packaging industry and the favourable demand
outlook for injection in-mold labeled (IML) containers given the
growth in organized retail leading to increased demand for product
convenience and aesthetics.

Shaz Packaging LLP (SP), established as a limited liability
partnership firm in September 2012, commenced commercial
operations from May 2014. The key promoter Mr. Sameer Shah has an
experience of about two decades in the packaging industry through
his association with Shaz Enterprise, engaged in trading of kraft
paper and corrugated boxes. The firm is engaged in manufacture of
injection in-mold labeled (IML) containers in three sizes --
500 grams, 125 ml (along with its lid) and 200 grams. These
containers find application in packaging of butter, ice cream,
cheese spread, curd and other food products.

For the seven month period of FY 2015 from May 2014 to
November 2014 (provisional financials), Shaz Packaging LLP
reported an operating income of INR1.80 crore and profit before
depreciation and taxation of INR0.005 crore.


SHREE AMBICA: CARE Assigns D Rating to INR2.31cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' ratings assigned to the bank facilities of
Shree Ambica Board Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term Bank Facilities    2.31       CARE D Assigned
   Short-term Bank Facilities    3          CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Shree Ambica Board
Industries (SABI) are primarily constrained on account of the
instances of delay in debt servicing due to its stretched
liquidity position.

Establishing a clear track record of timely servicing of debt
obligations alongwith an improvement in the liquidity position is
the key rating sensitivity.

Sabarkantha-based (Gujarat) SABI was established in March 2008 as
a partnership firm by Mr Haribhai Patel, Mr Prakashbhai Bhagat, Mr
Sandipbhai Patel, Ms Champaben Bhagat, Ms Bhavnaben Patel and Ms
Ilaben Patel. SABI is engaged into the manufacturing of decorative
veneer plywood. SABI belongs to the Ahmedabad-based Silicon Group
(SG) which consists of three other entities, namely, Sterling Lam
Limited, Silicon Jewel Industries Private Limited (rated 'CARE D';
assigned in September 2014) and Shree Laxmi Wood Industries. These
entities are engaged in the manufacturing of wood-based products
such as laminates, veneers, ply-board and doors. SABI manufactures
decorative veneers ply of 8x4 sizes with an installed capacity of
360 sheets per day. SABI's manufacturing plant is located at
Sabarkantha (Gujarat), SABI sells its veneers under the brand name
of 'Silicon'. SABI imports major raw material, i.e., plywood from
Malaysia, Indonesia.

During FY14 (A; refers to the period April 1 to March 31), SABI
reported a net profit of INR0.05 crore on a total operating income
(TOI) of INR8.32 crore as against a net profit of INR0.01 crore on
a TOI of INR7.76 crore in FY13. As per the provisional result of
10MFY15, SABI has achieved a turnover of INR9 crore.


SIDDHI VINAYAK: CARE Reaffirms B+ Rating on INR6.5cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Siddhi Vinayak Cottsin.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    6.50        CARE B+ Reaffirmed

The rating assigned to the bank facilities of Siddhi Vinayak
Cottsin (SVC) continues to remain constrained on account of its
financial risk profile marked by low profit margins, leveraged
capital structure and weak debt coverage indicators.

Furthermore, the rating continues to remain constrained on account
of its partnership nature of constitution, presence in the highly
fragmented and seasonal cotton ginning industry with limited value
addition, prices and supply for cotton being highly regulated by
the government and susceptibility of operating margins to
fluctuation in cotton prices. The rating also takes into
consideration significant increase in total operating income (TOI)
along with slight deterioration in capital structure and debt
coverage indicators during FY14 (refers to the period
April 1 to March 31).

The rating, however, continues to derive comfort from the long
experience of the partners in the cotton industry and location
advantage in terms of proximity to the cotton growing region of
Maharashtra.

The ability of SVC to improve its overall financial risk profile
by moving up in the value chain and thereby improving profit
margins and overall financial risk profile are the key rating
sensitivities.

Established in July 2010, SVC is a partnership firm formed by two
partners named Mr Kishanlal Padamdas Swami and Mr Sanjay
Trilokchand Goyal. SVC is engaged into cotton ginning and pressing
activity and it operates from its sole manufacturing facility
located at Ralegaon (Maharashtra) with an installed capacity to
process 475 cotton bales per day as on March 31, 2014.

In addition to SVC, other associate entities also operates in
other cotton processing units named Riddhi Siddhi Cotex
Private Limited (RSCPL; rated CARE BB-) and Rishi Fibers Private
Limited (RFPL; rated CARE BB-) in Ahmednagar district and
Aurangabad district of Maharashtra respectively. Furthermore, two
proprietorship firms namely Riddhi Siddhi Enterprises and Riddhi
Siddhi Cotton Corporation in Sendhwa District of Madhya Pradesh
are engaged in trading of cotton bales and cotton seeds.

During FY14, SVC reported a TOI of INR73.75 crore and PAT of
INR0.16 crore as against a TOI of INR39.73 crore and a PAT of
INR0.19 crore during FY13. During 11MFY15, SVC has reported TOI of
INR40 crore.


TRIMURTI CORNS: CRISIL Assigns B- Rating to INR169.7MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Trimurti Corns Agro Foods Pvt Ltd (TCAFPL; part
of the Trimurti group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          169.7      CRISIL B-/Stable
   Cash Credit              25        CRISIL B-/Stable
   Export Packing Credit    20        CRISIL B-/Stable

The rating reflects the Trimurti group's subdued financial risk
profile, marked by stretched liquidity, driven by its ongoing
debt-funded capital expenditure (capex), limited ramp up in
operations, and depressed profitability. The rating also factors
in the group's small scale of operations and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the Trimurti group's promoters in
the sweet corn and other agro-commodities processing industry, and
their continued funding support.

For arriving at the rating, CRISIL has combined the business and
the financial risk profile of TCAFPL and Mrunmaha Agro Foods Pvt
Ltd (MAFPL). This is because these two companies, together
referred as the Trimurti group, are under a common management, are
engaged in a similar line of business, and have operational and
financial linkages. Furthermore, both these companies have given
corporate guarantees for each other's bank facilities.

Outlook: Stable

CRISIL believes that the Trimurti group will continue to benefit
over the medium term from its promoters' extensive industry
experience and continued funding support. The outlook may be
revised to 'Positive' in case of significant improvement in the
group's financial risk profile, especially its liquidity, driven
by higher cash accruals or infusion of substantial funds by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of further pressure on the Trimurti group's liquidity on
account of lower cash accruals or a stretch in its working capital
cycle, impacting the group's ability to service its debt.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen,
and ready-to-eat products. TCAFPL and MAFPL have a combined
processing capacity of 38 tonnes per day (tpd) at their
manufacturing units in Pune (Maharashtra). The group has
undertaken a capex programme to increase its processing capacity
by 145 tpd; the enhanced capacity is expected to be commissioned
by April 2015.


TULIPS AMBBIENCE: CRISIL Cuts Rating on INR35MM Term Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tulips Ambbience Pvt Ltd (TAPL) to 'CRISIL B/Stable from
'CRISIL B+/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            27.5       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        3.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term     14.5       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan              35.0       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in TAPL's financial
risk profile on account of a cash loss incurred in 2013-14 (refers
to financial year, April 1 to March 31), capital expenditure
(capex) over the past two years on new showrooms, and large
working capital requirements. The company's revenue declined to
INR105.7 million in 2013-14 from INR118.4 million in the previous
year due to the overall slowdown in demand, given the weak
economic environment. Furthermore, the company incurred large
overheads for its new Bengaluru showroom, while the ramp up of
sales at this showroom was limited. This has led to TAPL suffering
a loss of INR25.7 million in 2013-14, resulting in an erosion in
its net worth to INR5.4 million as on March 31, 2014, vis-a-vis
INR31 million a year earlier. Its gearing too deteriorated to over
10 times from 2 times over this period. Consequent to the loss,
the company's debt protection metrics were highly weakened.

TAPL's scale of operations and profitability are expected to
improve during 2014-15, supported by increased orders,
stabilisation of operations of its new showrooms, primarily the
Bengaluru showroom. However, its capital structure is likely to
remain weak over the medium term due to its small expected net
worth and high debt levels. Moreover, the company has large
working capital requirements, adversely affecting its liquidity,
as reflected in its fully utilised bank lines and its tightly
matched cash accruals with its debt repayments. The extent of cash
accruals generated and management of working capital requirements
will remain key rating sensitivity factors over the medium term.

The ratings reflect TAPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics,
and its modest scale of operations in the fragmented soft-
furnishing industry. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
soft-furnishing business and the funding support that it receives
from them.

For arriving at the ratings, CRISIL has treated TAPL's unsecured
loans of INR44.3 million (outstanding as on January 31, 2015),
extended to the company by its promoters, as neither debt nor
equity. This is because these loans are interest-free, and the
promoters have undertaken to keep these loans in the business over
the medium term.

Outlook: Stable

CRISIL believes that TAPL will continue to benefit over the medium
term from its promoters' extensive industry experience and the
funding support it receives from them. The outlook may be revised
to 'Positive' if the company improves its financial risk profile,
backed by a considerable increase in its cash accruals, or further
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if TAPL's financial risk profile, especially
its liquidity, deteriorates, most likely because of low cash
accruals, a substantial increase in its working capital
requirements, or large debt-funded capex.

Incorporated in 2001, TAPL is engaged in the design and execution
of customised soft furnishings for retail and corporate clientele.
The company has its workshop facilities in Pune (Maharashtra) and
showrooms in Pune, Bengaluru and Mumbai. It is promoted by Mrs.
Raajkumarri Mutha, who has been in this line of business for over
two decades.


VISHWA INFRASTRUCURES: CARE Ups Rating on INR482.71cr Loan to B
---------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Vishwa Infrastrucures And Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    482.71      CARE B Revised from
                                            CARE C

   Long term/Short term Bank    494.00      CARE B/CARE A4
   Facilities                               Revised from CARE
                                            C/CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Vishwa Infrastructures and Services Private Limited (VISPL) is
primarily on account of approval and implementation of Corporate
Debt Restructuring (CDR) package for rescheduling of loans in FY14
(refers to the period April 01 to March 31) which has resulted in
improvement in the liquidity position of the company. The ratings
continue to be constrained by the company's limited experience in
executing large-size orders and large number of small-size orders
stretching the resources, high debtor collection period resulting
in stretched working operating cycle and further deterioration in
the financial risk profile in FY14 albeit recent improvement in
liquidity position with implementation of CDR package. The ratings
are, however, underpinned by the experience of the promoters and
management team in the construction sector and satisfactory order
book position albeit high geographical and segment concentration.
The ability of the company to successfully execute the projects in
hand, improve the overall financial risks profile and efficiently
manage working capital requirements are the key sensitivities.

VISPL started its operations as Vishwa Construction Company (VCC)
in 1992 and was converted into private limited in December 2004.
VCC was started by Mr Yerra Srinivas, Mr M. L. Sridhar Reddy, Mr
J. Vikram and Mr K. Vijay Kumar. The company is mainly into
execution of water supply and sewerage infrastructure projects.
VISPL is also into manufacturing of Mild Steel (MS) Pipes, Pre-
Stressed Concrete (PSC) Pipes and Reinforced Cement Concrete (RCC)
Pipes. The company specialises in executing pipe line contracts,
water treatment plants, sewage treatment plants, water reservoirs,
pump houses, installation of electro mechanical equipments, etc.
The company primarily operates by engaging in the business of
commission high-end infrastructure projects through item rate
contracts, turnkey projects, design-build-own-operate contracts.
It has its operations in 18 states and UTs across India with an
order book of over INR1,366.92 crore as on December 31, 2014. The
other infrastructure verticals that the company operates in are
Roads and Power Transmission.

In FY14, the company has registered a total income of INR520.93
crore (INR566.90 crore in FY13) with a net loss of INR75.02 crore
(INR25.40 crore in FY13).


VIVEKANANDA EDUCATIONAL: CARE Reaffirms 'D' INR1.75cr Loan Rating
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vivekananda Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1.75        CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Vivekananda
Education Trust (VET) continue to remain constrained by continuous
ongoing delays in servicing the debt obligations in the recent
past due to stressed liquidity position of the trust caused by
delays in reimbursement of fee from Telangana state government.

Establishing a clear debt servicing track record with improvement
in its liquidity position is the key rating sensitivity.

VET was formed in the year 2000 by Dr Satchidananda Rao and his
family members. VET is registered as a Public Charitable Trust and
has established Engineering and Management College under the name
of Vivekananda Institute of Technology & Science (N9) in the year
2000 with its campus located at Karimnagar district, Andhra
Pradesh. The trust operates under the group name of the VITS
group. The VITS group has three colleges with the name Vivekananda
Educational Society, Satchidananda Educational Society and
Vivekananda Educational Trust. Presently, VET has stopped
admissions into graduation courses in engineering and started
offering post-graduation courses (MBA and M. Tech.) with total
annual intake capacity of 150 students for Academic Year (AY)
2014-2015. All the current batch engineering students are
transferred to Vivekananda Educational Trust. The courses offered
under M.Tech. in VET include Computer Science (CS), Embedded
Systems, Power Electronics (PE), Control Systems Engineering (CSE)
and Very Large Scale Integrated Circuits (VLSI).

During FY14 (refers to the period April 1 to March 31), VET
reported a surplus of INR0.13 crore on a total operating income of
INR3.07 crore as against a surplus of INR0.50 crore on a total
operating income of INR4.13 crore in FY13.


WEST COAST: CARE Reaffirms B Rating on INR6cr LT Bank Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of West
Coast Ingots Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6         CARE B Reaffirmed
   Short term Bank Facilities    11         CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of West Coast Ingots
Private Limited (WCIPL) continue to be constrained by operational
linkage with its group company, Mohit Ispat Limited (MIL), which
has a weak financial risk profile, as well as its own weak
financial risk profile characterised by the small scale of
operations, low profitability, high leverage and weak liquidity
position. The ratings also factor in the cyclical nature of the
steel industry, and susceptibility of operating margin to
volatility in raw material prices.

The ratings, however, continue to derive strength from the
company's long track record with experienced promoters and
financial support received from the promoters in the form of
equity infusion.

Any change in the credit profile of MIL and the ability of WCIPL
to improve its overall financial risk profile along with an
improvement in its liquidity position will be the key rating
sensitivities.

Incorporated in 1997, by Mr Harsh Vardhan Mittal, WCIPL is engaged
in the business of manufacturing Mild Steel (MS) ingots with an
installed capacity of 32,000 MTPA. The company procures its main
raw material i.e. pig iron & mild steel (MS) scrap, from the
domestic market and its entire sales are also generated from the
domestic market. The entire sales are to its group company, MIL.
MIL is engaged in the manufacturing of thermo-mechanically-treated
(TMT) bars and the sale of the company is through local
distributors in the states of Goa, Karnataka, Kerala and
Maharashtra.

During FY14 (refers to the period April 1 to March 31), WCIPL
earned a PAT of INR0.39 crore on a total income of INR73.14
crore as against a PAT of INR0.31 crore on a total income of
INR74.40 crore for FY13.


YANTRA KAUSHALYA: ICRA Suspends B- Rating on INR5.25cr Term Loan
----------------------------------------------------------------
ICRA had suspended the long term rating of [ICRA]B- assigned to
the INR5.25 crore term loan facility and INR0.50 crore cash credit
facility of Yantra Kaushalya Engineers Private Limited.  ICRA had
also suspended the short term rating of [ICRA]A4 assigned to the
INR1.55 crore non fund based facility of YKEPL. The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Cash       0.50          [ICRA]B- suspended
   Credit Limit

   Long Term-Term       5.25          [ICRA]B- suspended
   Loan Limit

   Short Term-Letter    1.25          [ICRA]A4 suspended
   of Credit

   FUDBP                0.30          [ICRA]A4 suspended

Yantra Kaushalya Engineers Private Limited (YKEPL) was
incorporated on 26th October 2006, by Mr. Jagrut Bhatt along with
other family members, having an experience of more than two
decades in engineering products industry, in order to acquire and
carry on the existing business of sole proprietorship - Yantra
Kaushalya (YK), formed in the year 1992.The manufacturing premises
are located at Udyognagar, Gujarat and is engaged in manufacturing
ferrous machined components & fittings.



=================
I N D O N E S I A
=================


ALAM SUTERA: Fitch Affirms 'B+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Alam Sutera Realty
Tbk's (ASRI) Long-Term Issuer Default Rating at 'B+' with a Stable
Outlook. Fitch has also affirmed the long-term ratings on the
outstanding US dollar bonds issued by Alam Synergy Pte Ltd and
guaranteed by ASRI at 'B+', with a Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Satisfactory Presales: The affirmation of ASRI's ratings reflects
its satisfactory presales in 2014 amid a somewhat uncertain
domestic environment that delayed planned project launches towards
mid to late 2014. ASRI achieved 85% of its 2014 sales target -
amounting to IDR4.3tn (USD350m) - amid tighter mortgage
regulations for residential property purchases that were enforced
in late-2013, as well as the uncertainty created by Indonesia's
presidential elections in July 2014.

Fitch estimates that ASRI's presales/gross debt ratio slipped to
around 0.7x at end-2014 from 1.0x in 2013, which is lower than the
0.75x threshold below which negative rating action may be
considered. This is marginally weaker than Fitch's previous
expectations. However the agency expects presales to pick up in
2015 on the back of higher economic activity and less uncertainty
in the domestic front. Consequently ASRI's presales / gross debt
should improve to more than 0.8x by end-2015.

Commercial Sales - Diverse but Risky: Commercial land sales
accounted for a little over half of ASRI's 2014 presales, as the
company had the flexibility to alter its strategy in the face of
challenges in the residential markets. Fitch considers this a
credit strength. At the same time the agency notes that a
sustained increase in reliance on commercial property in ASRI's
sales mix will increase the company's business risk, as commercial
property sales are more susceptible to economic cycles. The agency
expects commercial property sales to account for a lower 35%-40%
of 2015 presales.

Improving Investment Property Income: ASRI generates modest
profits from renting out its small investment property portfolio,
which includes its shopping mall in its Alam Sutera township and
its cultural park in Bali. Profits from investment property
rentals are more stable than property development income and
lowers business risk to an extent. Fitch estimates that EBITDA
from investment property rentals covered around 0.2x of ASRI's
total cash interest costs in 2014. The agency expects this to
improve to 0.4x by end-2015 due to improving occupancy in ASRI's
mall, as well as growing visitor arrivals at its cultural park.

Established Track Record: The ratings recognise ASRI's low-cost,
large land bank of over 22 million square meters, strategic
advantages of its main development locations, and track record in
successful project executions. ASRI is one of the pioneers in
developing large-scale townships in Serpong, which is now a
popular alternative to other areas in Greater Jakarta. Fitch
expects ASRI to be able to build on its success in Serpong for its
new project in Pasar Kemis as well as its high-rise residential
and office buildings. For example the company launched a
residential cluster in its Pasar Kemis project in February 2015
and immediately sold 102 units out of a total of 447 on offer. The
project continues to record robust growth in average selling
prices with an annual increase of 32%-42% among its various
clusters during 2014.

KEY ASSUPMTIONS

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

-- 2015 presales increase by 14% from 2014

-- EBITDA margin stays above 50%

-- Sales from commercial properties will account for about
   35%-40% of the total

-- Investment property EBITDA will cover 0.4x of cash interest
    expenses by end-2015

RATING SENSITIVITIES

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

-- A sustained weakening in sales turnover such that the
    presales/gross debt ratio is below 0.75x (2015 projection:
    0.8x) on a sustained basis.
-- A sustained increase in leverage above 60% (end-September
    2014: 48%; 2015 projection: 50%). Leverage is the ratio of
    debt less unrestricted cash and hedging benefits to the sum
    of land and inventory, investment property and advance
    payments for land but excluding sales advances from
    customers.

-- An increase in ASRI's exposure to non-core businesses

Positive rating action is not expected due to the company's small
scale and limited project diversification compared with higher-
rated property developers.

FULL LIST OF RATING ACTIONS

PT Alam Sutera Realty Tbk

-- Long-Term, IDR affirmed at 'B+'; Outlook Stable

Alam Synergy Pte Ltd

-- Outstanding USD235 million 6.95% notes due in 2020, affirmed
    at 'B+' and 'RR4'
-- Outstanding USD225 million 9% notes due in 2019, affirmed at
    'B+' and 'RR4'


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


DTC FIVE: S&P Lowers Rating on Class D Notes to 'BB+'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings on 13 classes of pass-through notes issued by DTC Four
Funding Ltd. (DTC4), DTC Five Funding Ltd. (DTC5), DTC Six Funding
Ltd. (DTC6), DTC Seven Funding Ltd. (DTC7), and DTC Eight Funding
Ltd. (DTC8), and raised its ratings on two classes issued by DTC6.
At the same time, S&P affirmed its ratings on the remaining nine
classes issued by DTC4 to DTC8.  S&P took these rating actions
after its updated criteria for rating Japanese residential
mortgage-backed securities (RMBS) became effective.

The rating actions reflect S&P's views on:

   -- The construction company Daito Trust Construction Co. Ltd.
      entered into a master lease agreement with each obligor of
      the apartment loans underlying these transactions.  The
      obligors continue to repay principal and pay interest on
      the apartment loans using the stable income from the master
      leases.  As a result, the delinquency and default rates of
      the pools of apartment loans underlying these transactions
      have been extremely low since closing.

   -- The vacancy rates of the collateral properties have
      remained stable, even though the age of each property has
      reached around 10 years.

   -- For the mortgage loans currently outstanding, S&P assumed a
      foreclosure frequency of about 4%-6% and projected losses
      (net loss ratio after accounting for recoveries from
      defaulted loans) of around 1% under S&P's base-case
      scenario, and projected losses of about 14%-20% under S&P's
      'AAA' stress scenario.  In calculating foreclosure
      frequency, S&P did not take into account the benefits
      arising from the master lease contracts.

   -- These transactions employ a unique waterfall such that, if
      credit enhancement levels for the notes reach a
      predetermined level for each class, collections after
      deducting the payments, such as notes' interest, are used
      to make principal repayments for the junior notes, in
      addition to repayments for most senior notes.  As a result,
      the credit enhancement levels for the classes except for
      the most junior rated notes are maintained at the
      respective predetermined levels.  In other words,
      accumulation of credit enhancement is limited for the
      senior rated classes, unlike transactions that employ a
      typical sequential payment structure.

   -- Regarding DTC8, an advancing agent has not yet been found
      to replace Lehman Brothers Tokyo Branch, which had acted as
      the advancing agent before it went bankrupt in late 2008.
      On the other hand, DTC8 is structured such that its
      liquidity reserve is maintained at a certain level over the
      course of the transaction.  S&P took these factors into
      consideration in its analysis.

   -- S&P lowered its ratings on classes A-1, A-2, and B issued
      by DTC4, classes A and B issued by DTC5, class A issued by
      DTC6, classes A and B issued by DTC7, and class B issued by
      DTC8.  Based on the assumptions in S&P's stress scenarios,
      the principal on these classes would not have been redeemed
      in full under S&P's stress scenarios for the previous
      rating levels.

   -- S&P's updated criteria for rating Japanese RMBS establish a
      credit support floor for apartment loans for each rating
      category to ensure credit stability in case of defaults on
      large loans.  Based on these assumptions, S&P lowered its
      ratings on class D issued by DTC5, class C issued by DTC7,
      and classes C and D issued by DTC8.

   -- Current credit enhancement available to classes C and D
      issued by DTC6 is sufficient to cover various risks, such
      as credit risk, under stress scenarios commensurate with
      each raised rating.

   -- S&P affirmed its rating on DTC8's class N, which redeems
      mainly through the transaction's excess spread, considering
      S&P's prepayment and default scenario going forward.
      Regarding the other eight classes of DTC4 to DTC8, S&P
      affirmed its ratings because current credit enhancement
      available for each class is sufficient to cover that class'
      various risks such as credit risk under a stress scenario
      consistent with S&P's current rating on the class.

The DTC4 to DTC8 transactions are each backed by a pool of
apartment loans that Lehman Brothers Commercial Mortgage K.K.
originated.  The apartment loans were extended to finance the
construction costs and miscellaneous expenses of newly constructed
rental apartment buildings that Daito Trust Construction built.
Updated loan-by-loan data for these transactions are provided.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

DTC Six Funding Ltd.
JPY30.014 billion pass-through notes due July 2037
Class       To             From           Initial issue amount
C           A+ (sf)        A (sf)         JPY1.26 bil.
D           BBB+ (sf)      BBB (sf)       JPY1.00 bil.
Nonrated class F notes (initial issue amount: about JPY0.844 bil.)
were also issued under this transaction.

RATINGS LOWERED
DTC Four Funding Ltd.
JPY21.198 billion pass-through notes due November 2036
Class       To             From           Initial issue amount
A-1         AA (sf)        AAA (sf)       JPY11.44 bil.
A-2         AA (sf)        AAA (sf)       JPY5.72 bil.
B           AA- (sf)       AA (sf)        JPY0.84 bil.
Nonrated class F notes (initial issue amount: about JPY0.738 bil.)
were also issued under this transaction.

DTC Five Funding Ltd.
JPY20.795 billion pass-through notes due March 2037
Class       To             From           Initial issue amount
A           AA (sf)        AAA (sf)       JPY16.83 bil.
B           AA- (sf)       AA (sf)        JPY0.84 bil.
D           BB+ (sf)       BBB (sf)       JPY0.84 bil.
Nonrated class F notes (initial issue amount: about JPY0.725 bil.)
were also issued under this transaction.

DTC Six Funding Ltd.
Class       To             From           Initial issue amount
A           AA+ (sf)       AAA (sf)       JPY24.61 bil.

DTC Seven Funding Ltd.
JPY27.792 billion pass-through notes due February 2038
Class       To             From           Initial issue amount
A           AA (sf)        AAA (sf)       JPY21.78 bil.
B           AA- (sf)       AA (sf)        JPY1.20 bil.
C           BBB+ (sf)      A (sf)         JPY1.06 bil.
Nonrated class E notes (initial issue amount: about JPY0.512 bil.)
were also issued under this transaction.

DTC Eight Funding Ltd.
JPY44.232 billion pass-through notes due November 2038
Class       To             From           Initial issue amount
B           A (sf)         AA (sf)        JPY1.78 bil.
C           BBB+ (sf)      A (sf)         JPY1.62 bil.
D           BB+ (sf)       BBB (sf)       JPY1.21 bil.
Nonrated class F notes (initial issue amount: about JPY0.482 bil.)
were also issued under this transaction.

RATINGS AFFIRMED
DTC Four Funding Ltd.
Class       Rating         Initial issue amount
C           A+ (sf)        JPY0.87 bil.
D           A (sf)         JPY0.84 bil.
E           BBB+ (sf)      JPY0.75 bil.

DTC Five Funding Ltd.
Class       Rating         Initial issue amount
C           A (sf)         JPY0.84 bil.
E           BB+ (sf)       JPY0.72 bil.

DTC Six Funding Ltd.
Class       Rating         Initial issue amount
B           AA (sf)        JPY1.20 bil.

DTC Seven Funding Ltd.
Class       Rating         Initial issue amount
D           BBB (sf)       JPY0.89 bil.

DTC Eight Funding Ltd.
Class       Rating         Initial issue amount
A           AA (sf)        JPY35.00 bil.
N*          BBB (sf)       JPY3.90 bil.
*Deferrable.


DTC THREE: S&P Raises Rating on Class E Notes to BB+
----------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on class D and affirmed its ratings on the other classes of
pass-through notes issued by DTC One SPC (DTC1), and raised its
ratings on classes D, E, and J, and affirmed its ratings on the
other three classes of pass-through notes issued by DTC Two
Funding Ltd. (DTC2).  At the same time, S&P raised its ratings on
all six classes of pass-through notes issued by DTC Three Funding
Ltd. (DTC3).  S&P took these rating actions after its updated
criteria for rating Japanese residential mortgage-backed
securities (RMBS) became effective.

The rating actions reflect S&P's views on:

   -- The construction company Daito Trust Construction Co. Ltd.
      entered into a master lease agreement with each obligor of
      the apartment loans underlying these transactions.  The
      obligors continue to repay principal and pay interest on
      the apartment loans using the stable income from the master
      leases.  As a result, the delinquency and default rates of
      the pools of apartment loans underlying these transactions
      have been extremely low since closing.

   -- The vacancy rates of the collateral properties have
      remained stable, even though the age of each property
      exceeds 10 years.

   -- For the mortgage loans currently outstanding, S&P assumed a
      foreclosure frequency of about 6%-9% and projected losses
      (net loss ratio after accounting for recoveries from
      defaulted loans) of around 2% under S&P's base-case
      scenario, and projected losses of about 21%-24% under S&P's
      AAA' stress scenario.  In calculating foreclosure
      frequency, S&P did not take into account the benefits
      arising from the master lease contracts.

   -- Regarding DTC3, an advancing agent has not yet been found
      to replace Lehman Brothers Tokyo Branch, which had acted as
      the advancing agent before it went bankrupt in late 2008.
      On the other hand, DTC3 is structured such that its
      liquidity reserve is maintained at a certain level over the
      course of the transaction.  S&P took these factors into
      consideration in S&P's analysis.

   -- Principal redemption for the rated notes has progressed and
      the credit enhancement level of each class has increased,
      as an effect of the sequential payment structure.

   -- Regarding class D of DTC1 and classes D, E, and J of DTC2,
      S&P has raised its ratings on those classes, reflecting an
      increase in credit enhancement levels due to principal
      redemption for the rated notes.

   -- Regarding the other classes of DTC1 and DTC2, S&P affirmed
      its ratings because current credit enhancement available
      for each class is sufficient to cover that class' various
      risks such as credit risk under a stress scenario
      consistent with S&P's current rating on the class.

   -- Regarding DTC3, S&P has raised its ratings on all six
      classes, reflecting an increase in credit enhancement
      levels due to principal redemption for the rated notes as
      well as an improved liquidity position.

   -- S&P's updated criteria for rating Japanese RMBS establish a
      credit support floor for apartment loans for each rating
      category to ensure credit stability in case of defaults on
      large loans.  The principal on class E of DTC3 would be
      redeemed in full under stress scenarios that are consistent
      with higher ratings than the raised rating.  However, S&P
      determined that the 'BB' category would be the highest
      rating for class E based on the amount of mortgage loans
      outstanding and the credit enhancement level for class E
      relative to the credit support floor as of December 2014.

The DTC1, DTC2, and DTC3 transactions are each backed by a pool of
apartment loans that Lehman Brothers Commercial Mortgage K.K.
(formerly, New Century Finance Co. Ltd.) originated.  The
apartment loans were extended to finance the construction costs
and miscellaneous expenses of newly constructed rental apartment
buildings that Daito Trust Construction built.  Updated loan-by-
loan data for these transactions are provided.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

DTC One SPC
JPY6.09 billion pass-through notes due November 2034
Class       To             From          Initial issue amount
D           AA+ (sf)       AA (sf)       JPY0.32 bil.
Nonrated class F notes (initial issue amount: about JPY0.22 bil.)
were also issued under this transaction.

DTC Two Funding Ltd.
JPY18.9 billion pass-through notes due June 2035
Class       To             From          Initial issue amount
D           AA+ (sf)       AA (sf)       JPY0.38 bil.
E           BBB+ (sf)      BB+ (sf)      JPY0.85 bil.
J           AA+ (sf)       AA (sf)       JPY8.69 bil.
Nonrated class F notes (initial issue amount: about JPY0.67 bil.)
were also issued under this transaction.

DTC Three Funding Ltd.
JPY17.312 billion pass-through notes due February 2036
Class       To             From          Initial issue amount
A-1         AA+ (sf)       AA (sf)       JPY8.22 bil.
A-2         AA+ (sf)       AA (sf)       JPY5.61 bil.
B           AA+ (sf)       AA (sf)       JPY0.87 bil.
C           AA+ (sf)       AA (sf)       JPY0.54 bil.
D           AA (sf)        AA- (sf)      JPY0.69 bil.
E           BB+ (sf)       BB (sf)       JPY0.776 bil.
Nonrated class F notes (initial issue amount: about JPY0.61 bil.)
were also issued under this transaction.

RATINGS AFFIRMED
DTC One SPC
Class       Rating         Initial issue amount
A-1         AAA (sf)       JPY0.5 bil.
A-2         AAA (sf)       JPY4.4 bil.
A-3         AAA (sf)       JPY0.02 bil.
B           AAA (sf)       JPY0.32 bil.
C           AAA (sf)       JPY0.18 bil.
E           BB (sf)        JPY0.35 bil.

DTC Two Funding Ltd.
Class       Rating         Initial issue amount
A           AAA (sf)       JPY7.56 bil.
B           AAA (sf)       JPY0.47 bil.
C           AAA (sf)       JPY0.28 bil.



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


EHOME NZ: Receiver Optimistic Over Buyer Interest
-------------------------------------------------
The New Zealand Herald reports that the receiver of eHome NZ Ltd
is optimistic about selling it after 25 parties made their
interest known.

Tony Maginness of McDonald Vague said he was negotiating to sell
eHome and was down to about 10 parties, the Herald says.

According to the Herald, the Kumeu-based housing prefabricator
owes creditors NZ$17.5 million but was put into receivership last
month, leaving many in the sector worried about whether they would
get paid.  That now depends on what price Mr. Maginness gets for
the business, capable of putting up a house on a site within eight
hours, the report notes.

The Herald relates that one creditor said he was owed NZ$25,000
after working with many staff and he is unsure whether he will be
paid.

A former eHome staff member said developers profited at eHome's
expense after contracts were mistakenly under-priced, the report
relays.

Mr. Maginness said he hoped to be able to announce the sale within
three weeks and has had interest from Australia, the Herald
reports.

"We don't know if it will cover all the creditors," the Herald
quotes Mr. Maginness as saying.

eHome NZ Ltd -- http://www.ehome.nz/-- is New Zealand's largest
off-site residential manufacturer. Peri Finnigan and Tony
Maginness of McDonald Vague were appointed as receivers of the
company in February 2015, and laid off 42 of the 100-strong
workforce.


WINDFLOW TECHNOLOGY: 1H Loss Narrows to NZ$2.3 Million
------------------------------------------------------
BusinessDesk reports that Windflow Technology, the unprofitable
wind turbine manufacturer, narrowed its first-half loss but said
it will need to borrow from its shareholders and find new
financing to remain a going concern.

BusinessDesk relates that the Christchurch-based company reported
a loss of NZ$2.3 million in the six months ended December 31,
compared to a loss of NZ$2.8 million a year earlier, it said in a
statement. Operating revenue rose 88% to NZ$700,000 while costs of
sales increased 51% to NZ$783,000.

As at December 31, the company had equity of NZ$1.8 million and
said there is a "significant element of uncertainty to the group's
ability to remain a going concern," according to BusinessDesk. Its
future is contingent on a mix of factors, including being able to
access its shareholder loan facility and further equity injections
from new or existing shareholders, further sales in the UK and
other markets, new finances for more development projects, and
secure a new licensee of the group's technology, BusinessDesk
relays.

"Depending on progress with growing revenue from its various
activities [licensing, engineering services, turbine sales,
turbine project developments and electricity sales], the directors
may or may not carry out further capital raising in 2015," the
company said in the report, BusinessDesk relays.
"Windflow has made some progress and passed positive milestones in
the half-year to 31 December 2014, albeit with some delays."

According to BusinessDesk, the company believes it will eventually
get the traction it has sought in the UK for small-scale
installations of its turbines under a British government-assisted
scheme that offers a guaranteed price for electricity sold back
into the UK national grid for a 20-year period. Windflow installed
three turbines in late 2014 but further projects have been delayed
due to a withdrawn planning process and a production gap for its
turbines, BusinessDesk notes.

In the six-month period, growth in Scotland was offset by a
setback in Texas when a customer ditched plans to enter the wind
business and cancelled orders from Windflow, it said in its
interim report cited by BusinessDesk.

Last year the company widened its loss NZ$4.96 million in the year
ended June, 2014 from NZ$4.24 million a year earlier. Revenue
soared to NZ$1.5 million, from NZ$146,000 a year earlier,
BusinessDesk disclosed.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



                             *********

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 ***