TCRAP_Public/150408.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, April 8, 2015, Vol. 18, No. 068


                            Headlines


A U S T R A L I A

PENRICE SODA: Faces Liquidation; Creditors Lose Out
RHA AUSTRALIA: Placed Into Liquidation


C H I N A

CLOUD LIVE: Defaults on Onshore Bond


I N D I A

20 MICRONS: ICRA Cuts Rating on INR4.50cr Cash Credit to D(SO)
AMBALA AUTOMOBILE: ICRA Assigns B Rating to INR5cr Inventory Loan
BANSAL LUMBERS: ICRA Assigns B Rating to INR2cr Fund Based Loan
BHAVI INT'L: CRISIL Rates INR17cr Loan at B+; Suspension Revoked
CHHAPARIA INDUSTRIES: CARE Reaffirms D Rating on INR29.45cr Loan

D.R. COATS: ICRA Reaffirms B+ Rating on INR12cr Fund Based Loan
DEEPAK HARDWARE: ICRA Assigns B Rating to INR8cr Working Capital
DIVAY ANGELS: ICRA Reaffirms B- Rating on INR15cr Term Loan
DURGA RICE: CARE Assigns B+ Rating to INR5cr LT Bank Loan
FRONTIER LOGISTICS: ICRA Assigns B Rating to INR4cr Cash Credit

GOYAL FOOD: CRISIL Suspends D Rating on INR100MM Cash Credit
GYANJEET SEWA: CARE Reaffirms B+ Rating on INR180cr LT Bank Loan
HANUMAN COTTON: CARE Reaffirms B+ Rating on INR8.15cr LT Loan
HIMAT GLAZE: CRISIL Reaffirms B+ Rating on INR24.5MM Term Loan
KGF COTTONS: CRISIL Suspends D Rating on INR325MM LOC

KOHINOOR EXPORT: CRISIL Suspends B Rating on INR40MM Cash Loan
KUMAR INFRASTRUCTURE: CRISIL Rates INR110MM Overdraft Loan at B
KUSHAL BAGH: ICRA Reaffirms C Rating on INR6.32cr Bank Loan
MAHASHAKTI CHEMICALS: CARE Rates INR7.52cr LT Bank Loan at B+
MIRAMBICA AGRO: ICRA Assigns B+ Rating to INR4.5cr Cash Credit

NAHALCHAND LALOOCHAND: CRISIL Puts B+ Rating on INR200MM Loan
NORTHERN ELECTRIC: CRISIL Rates INR64MM Cash Credit at B+
PARKER BUILDERS: ICRA Suspends B Rating on INR36.36cr Term Loan
R D COTLINK: CARE Reaffirms B Rating on INR5.70cr LT Bank Loan
RAJ KESARI: CARE Reaffirms B+ Rating on INR5.73cr LT Bank Loan

RAJASTHAN POWERGEN: CARE Revises Rating on INR7.18cr Loan to B+
RAMNATH LIFESPACE: CARE Assigns B+ Rating to INR30cr LT Bank Loan
REWA SHIKSHA: ICRA Upgrades Rating on INR6cr Term Loan to B
SAMOJ COTTON: CARE Reaffirms B+ Rating on INR6.51cr LT Loan
SHREE KRISHNA: ICRA Reaffirms C+ Rating on INR56cr FB Loan

SHREE SIDDHI: CARE Assigns B+ Rating to INR10.73cr LT Bank Loan
SHRIRAMKRUPA FIBERS: ICRA Assigns B Rating to INR4cr Term Loan
SHYAM POLYSPIN: CARE Reaffirms B+ Rating on INR18cr LT Loan
SIDDHARTHA PROCESSORS: CARE Reaffirms B+ Rating on INR7cr LT Loan
SRI MITTAPALLI: ICRA Suspends B Rating on INR9cr Bank Loan

TAPAN SOLAR: ICRA Reaffirms B- Rating on INR6cr Cash Credit
THOUSU PERIYAKKAL: CRISIL Reaffirms D Rating on INR189.4MM Loan
VIPUL LIMITED: ICRA Cuts Rating on INR70cr LT Loan to B+
VISHWANATH SPINNERZ: ICRA Reaffirms D Rating on INR69.01cr Loan


J A P A N

CAFES 1 TRUST: Moody's Lowers Rating on 2 Classes of Notes to B3


N E W  Z E A L A N D

MANA RECOVERY: To Close Recycling Depot; 35 Jobs at Risks


S O U T H  K O R E A

* SOUTH KOREA: Insurers' Financial Status Worsens in Q4


                            - - - - -


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


PENRICE SODA: Faces Liquidation; Creditors Lose Out
---------------------------------------------------
Simon Evans at The Australian Financial Review reports that
hundreds of creditors to the failed ASX-listed Penrice Soda
Holdings are facing a disastrous outcome, with administrators
warning they won't receive any of the money owed to them.

Two big banks, National Australia Bank and Westpac will also face
a significant shortfall on the combined AUD111 million they are
owed, with administrators McGrath Nicol outlining a bleak
situation in a creditors' report, according to AFR.

AFR says McGrath Nicol is recommending a liquidation of Penrice,
which collapsed in early April with total debt of AUD150 million-
plus.

AFR relates that the news is equally as bad for more than 180
former employees. The report says the administrators have
concluded there are insufficient assets "to meet the claim for
employee entitlements on liquidation," AFR relays.

McGrath Nicol said that former employees will be forced to lodge a
claim with the federal government's Fair Entitlement Guarantee
scheme "for the majority of outstanding employee entitlements,"
AFR relays.

It marks a final shameful chapter in the life of Penrice Soda,
which suffered the ignominy in early 2013 of becoming Australia's
first ASX-listed company to get a second strike in the
controversial "two strikes" legislation that was introduced in a
bid to curb excessive executive pay in Australia, AFR notes.

According to AFR, McGrath Nicol outlines that proceeds from the
sale of assets won't go anywhere near to paying back the two big
banks, NAB and Westpac, and "as such, there will be no return" to
unsecured creditors. It also outlines that even if the
administrators tried to pursue directors in potential legal claims
built around the possibility of a case for insolvent trading, the
likely returns will be minimal and lower than half a cent in the
dollar, AFR reports.

AFR adds that McGrath Nicol outlines in an "estimated outcomes for
creditors" section, that total claims by the two big banks,
secured and unsecured creditors so far amount to AUD126.1 million.
They estimate the possible returns range from a "high" scenario if
everything went right from now on, of 3.172 cents in the dollar,
to a "low" scenario of 0.396 cents in the dollar, AFR relays.

But that scenario is predicated on a successful legal claim, which
they believe to be unlikely, AFR states.

AFR adds that McGrath Nicol has outlined in the creditors report
that the viability of potential insolvent trading claims may be
investigated, but to pursue them will come at a cost. They also
warn that if any legal proceedings were initiated it was likely to
be at least two years before any judgement would be obtained, AFT
says.

A second meeting of creditors is planned for July 31 in Adelaide,
where the administrators will ask creditors to vote on liquidating
what is left of Penrice, AFR discloses. Creditors will also be
asked to approve at the meeting the payment for the work that
McGrath Nicol has undertaken so far and prospective fees running
up until July 31, which total AUD4.69 million, AFR adds.

                         About Penrice Soda

Australian-based Penrice Soda Holdings Limited (ASX:PSH ) --
http://www.penrice.com.au/-- is engaged in the manufacture,
distribution and sales of soda ash and sodium bicarbonate and the
mining, distribution and sale of quarry and mineral products.

McGrathNicol announced on April 11, 2014, that partners
Sam Davies, Peter Anderson, and Thea Eszenyi have been appointed
joint and several Voluntary Administrators to Penrice Soda
Holdings Ltd and its subsidiaries.  The Penrice Group consists of:

PSH;
Penrice Soda Products Pty Ltd;
Penrice Pty Ltd;
PSP SPV Pty Ltd;
Penrice Finance Pty Ltd;
Penrice Holdings Pty Ltd; and
Penrice Soda JV Pty Ltd.


RHA AUSTRALIA: Placed Into Liquidation
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that RHA Australia Pty
Ltd has been placed into liquidation. Paul Eric Nogueira and John
William Cunnningham of Worrells Solvency and Forensic Accountants
were appointed liquidators of the company on March 23, 2015.

Dissolve.com.au says the development resulted in concerns for the
Chinchilla Trunk Drainage Project in Zeller St that the contractor
holds. According to the report, the contractor is currently
looking for legal advice on how they can continue with works.

Although the council attempted to resolve the problem, pipes, wide
trenches and other building materials reportedly remain dormant at
the construction site, Dissolve.com.au relates.

RHA Australia Pty Ltd is a Noosa-based contractor.



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


CLOUD LIVE: Defaults on Onshore Bond
------------------------------------
The South China Morning Post reports that Cloud Live Technology
Group defaulted on bond interest and bond repurchase commitments
on April 7, making it the second mainland-listed firm to have done
so after Shanghai Chaori Solar Energy Science & Technology's bond
default last year.

Chaori was the first company to default in the mainland's onshore
bond market, SCMP notes.

According to the report, Cloud Live said in a filing to Shenzhen's
stock exchange on April 7 that it had only been able to raise
CNY161.4 million (HK$202.8 million) to repay debt, CNY240.63
million short of the amount needed to meet its repayment
obligations on April 7.

"The company and its controlling shareholder plan to raise funds
via third-party financing and continue to chase trade
receivables," it said, the report relays.

SCMP notes that Cloud Live said in its preliminary results report
that it had unaudited net assets of CNY26.55 million at the end of
last year, but did not rule out the possibility it could have had
negative net assets.

It expected to post a net loss of CNY40 million to CNY60 million
in the first quarter of this year, after an unaudited net loss of
CNY562.5 million last year, its second annual loss in two years.



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


20 MICRONS: ICRA Cuts Rating on INR4.50cr Cash Credit to D(SO)
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR3.80 crore (reduced
from INR6.33 crore) cash credit facilities and INR4.50 crore
(enhanced from INR3.65 Cr.) term loans of 20 Microns Nano Minerals
Limited  in line with the revision made in the ratingof the
guarantor 20 Microns Limited (TML).

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              4.50       Revised to [ICRA]D(SO)
                                       from [ICRA]BB+(SO)

   Term Loans               3.80       Revised to [ICRA]D(SO)
                                       from [ICRA]BB+(SO)

The SO (Structured Obligation) rated facilities are credit
enhanced by an unconditional and irrevocable corporate guarantee
issued by 20 Microns Limited (TML). An SO rating is specific to
the rated issue, its terms, and its structure. "SO" ratings do not
represent ICRA's opinion of the standalone credit quality of the
issuers concerned.

The rating takes into consideration the corporate guarantee
extended by TML ([ICRA]D /[ICRA]D) for the entire bank facilities
of TMNML. The above rating addresses the servicing of the loan to
happen as per the underlying terms of the loan and the guarantee
arrangement. The rating assumes that the guarantee will be duly
invoked, as per the terms of the underlying loan and guarantee
agreement, in case there is a default in payment by the borrower.

TMNML's (20 Microns Nano Minerals Ltd.) was originally
incorporated under the name of Speciality Minerals Pvt. Ltd. on
October 28, 1993. and the name was changed to its current form on
November 12, 2008 w.e.f February 3, 2010, TMNML became a
subsidiary of TML (20 Microns Ltd.) by way of acquisition of
99.17% of its shares by TML, prior to which it was an associate
company of TML.

TMNML is engaged in the manufacturing and trading of micronized
minerals which are used as functional fillers, extenders and
binders in industries as diverse as oil & gas, paints, rubber,
paper, adhesives, ceramics, and construction. TMNML has an
installed capacity of 9.900 metric tonnes per annum (MTPA) which
is spread across two manufacturing locations in Gujarat &
Rajasthan viz. Nandesari, Alwar and Waghodia.

Guarantor's Profile - 20 Microns Limited (TML)

Incorporated in 1987, 20 Microns Limited (TML) was promoted by Mr.
Chandresh Parekh and Mr. Bhanu Patel and is currently engaged in
the production of a wide range of micronized, sub-micronized
minerals and specialty chemicals which are used as functional
fillers and extenders in various industries like textile, paper,
plastic, paints, adhesive, rubber, ceramics etc. The company has
six captive mines and seven ISO 9001:2008 certified manufacturing
locations spread across the country.

The company has a centralized in-house R&D centre at Vadadla,
Vadodara focused on developing minerals for diverse applications.
For the year ended March 31, 2014, TML reported an operating
income of INR290.45 Cr. and profit after tax of INR0.13 Cr. as
against an operating income of INR277.10 Cr. and profit after tax
of INR3.24 Cr. for FY13. During 9M FY15 (provisional), TML
reported an operating income of INR238.77 Cr. and net loss of
INR1.17 Cr.

Recent Results
For the year ended March 31, 2013, TMNML reported an operating
income of INR26.91 crore and net loss of INR0.35 crore as against
an operating income of INR26.91 crore and profit after tax of
INR0.35 crore for FY13. During 9M FY15 (provisional), TMNML
reported an operating income of INR19.19 crore and a net loss of
INR1.06 crore.


AMBALA AUTOMOBILE: ICRA Assigns B Rating to INR5cr Inventory Loan
-----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR6
crore working capital facilities of Ambala Automobile India
Limited. ICRA has also assigned its long term rating of [ICRA]B to
the INR1 Crore unallocated limits of the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Inventory Funding         5.0       [ICRA]B; assigned
   Cash Credit               1.0       [ICRA]B; assigned
   Unallocated limits-
   fund based                1.0       [ICRA]B; assigned

ICRA's rating is constrained by the nascent stage of operations of
the company, which commenced operations in October, 2013, as well
as the high competitive intensity due to the presence of
dealerships of other OEMs in Ambala and Panchkula districts. The
rating also takes into account the company's thin profitability,
typical of automobile dealerships, which results in thin interest
coverage and weak NCA/TD. However, the ratings derive comfort from
the company's experienced management, healthy growth in operating
income in FY15 and low debt repayment obligations.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while maintaining optimal
working capital intensity, will be the key rating sensitivities.

AAIL was incorporated in FY12 as a public limited company with Mr.
Ashwani Oberoi and Mr. Sunil Oberoi as promoter directors, to
carry out the business of automotive dealership of Chevrolet Sales
India Pvt Ltd (CSIPL)for Ambala and Panchkula districts of
Haryana. The company commenced operations in October 2013.
Currently, it has one sales showroom and one workshop in Ambala
and one retail outlet in Naraingarh (Ambala), all on rental basis.
The company plans to open its own showroom and workshop in the
near future.

Recent results
AAIL achieved an operating income of INR8.7 crore and a profit
after tax of INR0.1 crore in 2013-14 in its initial six months of
operations. For FY 15, till March 24, 2015, the company reported,
on a provisional basis, an operating income of INR23 crore.


BANSAL LUMBERS: ICRA Assigns B Rating to INR2cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR2
crore fund based facilities of Bansal Lumbers Private Limited.
ICRA has also assigned its short term rating of [ICRA]A4 to the
INR14 crore non fund based facilities of BLPL.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund based facilities        2         [ICRA]B; Assigned
   Non fund based facilities   14         [ICRA]A4; Assigned

ICRA's rating is constrained by BLPL's moderate scale of
operations, which, coupled with the high competitive intensity in
the industry, has led to low operating margins and profits. The
ratings are further constrained by the company's weak financial
profile as reflected in its low net worth, high TOL/TNW, elevated
Total debt/OPBDITA and modest debt coverage indicators. The
ratings also take into account the vulnerability of the company's
profitability to adverse fluctuations in exchange rates,
given the company's reliance on imports. The rating, however,
favourably factors in the extensive experience of the promoters in
trading of timber and the company's low debt repayment
obligations.


Going forward, the company's ability to scale up its operations in
a profitable manner while optimally managing its working capital
intensity, will be the key rating sensitivities.

BLPL was incorporated in 2003 and deals in timber, which finds
application mainly in furniture making and light construction
work. The firm imports timber from Ghana, Nigeria and Ecuador and
sells the timber to clients located in the National Capital
Region.

Recent Results
The company reported a net profit of INR0.19 crore on an operating
income of INR24.77 crores in FY14 as against net profit of INR0.18
crore on an operating income of INR33.2 crores in FY13.


BHAVI INT'L: CRISIL Rates INR17cr Loan at B+; Suspension Revoked
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bhavi International Private Limited (BIPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to these
facilities.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           17       CRISIL B+/Stable (Assigned;
                                  Suspension revoked)

   Packing Credit        60       CRISIL A4 (Assigned; Suspension
                                  revoked)

   Proposed Long Term    16       CRISIL B+/Stable (Assigned;
   Bank Loan Facility             (Assigned; Suspension revoked)

   Term Loan              7       CRISIL B+/Stable (Assigned;
                                  Suspension revoked)

CRISIL had suspended the ratings on May 9, 2013, as BIPL had not
provided the necessary information for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to its bank facilities.

The rating reflects BIPL's promoter's extensive experience in the
dyes and intermediaries industry. These rating strengths are
partially offset by BIPL's small scale of operations and average
financial risk profile marked by low net worth.

Outlook: Stable

CRISIL believes that Bhavi International Private Limited (BIPL)
will continue to benefit from its promoters extensive experience
in the industry. The outlook may be revised to 'Positive' in case
the company registers substantial and sustained increase in scale
of operations and profitability resulting in higher than expected
cash accruals. Conversely, the outlook may be revised to
'Negative' if it generates lower than expected cash accruals or
there is a stretch in working capital requirements leading to
stress on liquidity.

BIPL was incorporated in the year 1994 and is based out of Mumbai.
BIL trades in organic dyes and chemicals mainly used in the paper
industry. The company is chiefly into exports.


CHHAPARIA INDUSTRIES: CARE Reaffirms D Rating on INR29.45cr Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Chhaparia Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     29.45      CARE D Reaffirmed
   Short-term Bank Facilities     1.00      CARE D Reaffirmed

Rating Rationale
The ratings of Chhaparia Industries Private Limited (CIPL)
continue to be driven by the stressed liquidity position as
reflected by the ongoing delays in debt servicing along with
devolvement in the Letter of Credit account.

Chhaparia Industries Private Limited (CIPL) was incorporated as
Chhaparia Thermoplast (India) Private Limited in 1998 to
manufacture moulded plastic articles at Daman, which are used for
industrial as well as domestic purpose. During June 2007, CIPL
further established its engineering division for making electrical
control panels, cabinets and moulds, used by the plastic division.

The liquidity profile of the company continues to be strained due
to a delay in realization of debtors. Moreover it has been
observed that there has been continuous devolvement in LC.


D.R. COATS: ICRA Reaffirms B+ Rating on INR12cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ assigned to
INR2.44 crore (reduced from INR3.06 crore) term loans and INR12.0
crore (enhanced from INR6.0 crore) fund based limits and the
short-term rating at [ICRA]A4 assigned to INR2.00 crore fund based
limits and INR9.40 crore (enhanced from INR6.40 crore) non-fund
based limits of D.R. Coats Ink & Resins Private Limited.

The reaffirmation of ratings takes into account DRCPL's low
profitability, modest debt protection metrics, high total outside
liabilities to tangible networth and high working capital limit
utilisations. The ratings are further constrained by the
competitive business environment due to the fragmented nature
of the industry with presence of large number of players in the
organised and unorganised segment, and the susceptibility of the
company's profitability and cash flows to volatility in prices of
raw materials. The ratings also incorporate the project
implementation and commercial risks associated with the large
sized greenfield project proposed to be implemented by the
company. The ratings, however, favourably consider the established
track record of the promoters in the chemicals business and the
company's reputed customer profile as well as its established
relationships with its foreign suppliers.

D.R. Coats Ink & Resins Private Limited (DRCPL) was incorporated
in the year 2003. The company is in the business of manufacturing
Synthetic Resins such as polyamides, ketonic resins and epoxy
resins, which mainly find applications in paint & ink
manufacturing, production of adhesives, wood polish and acrylic
production. The paint & adhesives segments account for nearly 60-
65% of the total sales of the company over the past four-five
years, followed by ink segment contributing 15-20% and remaining
15-20% of the demand being from furniture and acrylic industry.
The company has steadily expanded its capacity over the years from
around 360 MTPA in 2006 to current levels of about 10,000 MTPA.

Recent Results
During FY 2014, the company reported Profit after Tax (PAT) of
INR1.57 crore on an operating income of INR88.4 crore. During the
9 month period in FY 2015, the company report profit before tax of
INR4.33 crore on an operating income of INR76.9 crore (unaudited).


DEEPAK HARDWARE: ICRA Assigns B Rating to INR8cr Working Capital
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR8
crore bank facility of Deepak Hardware Industries Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Business Purpose Loan      8.0       [ICRA]B; assigned
   (working capital)

ICRA's rating is constrained by DHIPL's modest scale of operations
and its high dependence on the performance of its group company-
D.P.Garg and Company Private Limited (DPGPL, rated [ICRA]BB
(Stable)), as more than 90% of its revenue is derived from job
work for DPGPL. The rating also factors in the company's highly
leveraged capital structure due to its low net worth, its weak
coverage indicators, as well as the company's high working capital
intensity, with NWC/OI at 156%, for FY2014.

However, the ratings derive comfort from the extensive experience
of the promoters and their established relationships with key
customers, as well as the diversified product mix of DPGPL.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while maintaining a comfortable
capital structure and attaining an optimal level of working
capital intensity will be the key rating sensitivities.

DHIPL was incorporated in 2012 by Mr. S M Garg, who looks after
the operations of the company, along with his son, Mr. Sandeep
Garg. The company's facility is located in Greater Noida in Uttar
Pradesh and primarily undertakes job work for group company,
DPGPL, which accounts for more than 90% of its revenues. DPGPL is
engaged in manufacturing and export of building hardware products
such as hinges, fasteners/screws, brass architectural fittings,
and door handles.

Recent Results
The company reported a net profit of INR0.04 crore on an operating
income of INR2.12 crore in FY14 as against a net profit of INR0.12
crore on an operating income of INR1.23 crore in the previous
year.


DIVAY ANGELS: ICRA Reaffirms B- Rating on INR15cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR15.00 crore
term loan of Divay Angels Realtor Private Limited at [ICRA] B-.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                 15        [ICRA]B-; reaffirmed

The rating reaffirmation reflects the established track record of
DARPL's promoter's in the real estate sector in Noida/Ghaziabad
(Uttar Pradesh) region, low approval risk and satisfactory
progress on the execution of its only project 'Arc Angels'. The
rating is, however, constrained by the substantial market
risk for the project's un-booked area (76% of total saleable area
as on Feb 2015 end), which is further accentuated by significant
real estate supply in the area, thereby resulting in poor sales
velocity. ICRA notes that the Floor Area Ratio (FAR) for the
project increased in Q4, FY15, resulting in additional
saleable area and increased overall project cost. The company is
yet to finalize the funding pattern for the incremental cost; in
the absence of incremental debt the project would remain dependent
on promoter's contribution or customer advances, which have
remained very low so far owing to poor collection efficiency.
Consequently, the company remains exposed to significant funding
risks for the ongoing project.

Going forward, the ability of the company to tie up funding in
order to support the incremental cost, complete the project within
estimated timelines, sell incremental area and improve collection
efficiency will remain the key rating sensitivities.

DARPL was incorporated in December 2011 and was promoted by Mr
Chanderjeet Pathak, Mr Himashu Uppal and Mr Sandeep Gupta, who
have been involved in the real estate sector, through their own
ventures for the past 7-8 years, they decided to collaborate and
started this company with the objective of developing a larger
project. The company is developing its first and only project 'Arc
Angels' with a saleable area of 2.52 lakh square feet in Raj Nagar
Extension, Ghaziabad, Uttar Pradesh at an estimated cost of INR74
crore, which was recently revised from INR54 crore, after the FAR
for the project was increased. As a result of increase in FAR the
company launched an incremental 0.60 lakh square feet area, with
the number of floors for the under construction tower
increased from 11 to 16. By end December, 2014, DARPL had received
bookings for 45810 square feet having a sales value of INR12
crore, and had collected advances worth INR5.08 crore.


DURGA RICE: CARE Assigns B+ Rating to INR5cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Durga Rice
Mills.

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

Rating Rationale

The rating assigned to the bank facilities of Durga Rice Mills
(DRM) is primarily constrained by its small scale of
operations, low profitability margins and leveraged capital
structure. The ratings are further constrained by working
capital intensive nature of operations, partnership nature of
constitution and its presence in a highly competitive and
fragmented agro-processing business.

The rating, however, draw strength from the experienced partners
and family members in the agro-processing industry, its growing
scale of operations and proximity of its processing unit to the
paddy-growing areas.

Going forward, DRM's ability to scale-up its operations while
improving its profitability margins and capital structure
along with effective working capital management would be the key
rating sensitivities.

DRM was established as a partnership firm in 2001 by Mr Ashok
Kumar, Mr Surinder Kumar and Mr Ravi Kumar with equal profit
sharing ratio. They collectively look after the overall operations
of the firm. The firm is engaged in milling, processing and
trading of basmati and non-basmati rice with an installed capacity
of 35,000 metric ton per annum (MTPA) as on March 31, 2014. The
firm normally operates in two shifts of 12 hours each for 24
hours. DRM procures paddy from the local grain markets through
dealers and agents mainly from the state of Punjab. DRM sells its
product in Northern India viz. Haryana, Himachal, Delhi, Rajasthan
and Uttar Pradesh through commission agents.

For FY14 (refers to the period April 1 to March 31), DRM achieved
a total operating income (TOI) of INR12.73 crore with net profit
of INR0.04 crore as compared to TOI of INR8.57 crore and net
profit of INR0.03 crore during FY13. The firm has achieved total
income of INR10 crore till February 28, 2015.


FRONTIER LOGISTICS: ICRA Assigns B Rating to INR4cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its rating of [ICRA] B to the INR7.50 crore long
term bank facilities (including unallocated limits) of M/S
Frontier Logistics (Frontier).

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long Term Fund Based
   Limits-Cash Credit         4.00       [ICRA] B, Assigned

   Long Term Fund Based
   Limits - Term Loan         3.07       [ICRA] B, Assigned

   Long Term - Unallocated    0.43       [ICRA] B, Assigned

ICRA's rating takes into account the firm's thin margins on
account of the intense competition among pharma distributors and
the highly fragmented and unorganized nature of the pharma retail
industry, which is currently dominated by small chemists, limiting
the ability of most distributors to retain margins. The margins
are also constrained due to the firm's limited pricing flexibility
given the regulated nature of product prices and low value add
nature of operations The rating also factors in the firm's weak
financial profile characterized by a leveraged capital structure
and weak coverage indicators. The firm's liquidity is
significantly stretched as is evident in the consistent over-
utilisation of its working capital limits. The rating also takes
into account the firm's constitution as a partnership concern,
exposing it to inherent risks like potential significant
withdrawals from the capital account, limited ability to raise
capital, risk of dissolution etc. However, the rating favourably
consider the extensive experience of Frontier's partners and their
established position in the pharma retail industry in the area,
through Frontier Stores, a group entity. Leveraging on Frontier
Stores' established relationships with industry players, Frontier
Logistics has been able to consistently register strong growth by
handling larger volumes for clients, along with addition of fresh
clients. The rating also takes into account the availability of
contiguous land in the vicinity of the company's warehouses, which
can facilitate cost effective volume expansion.

Going forward, Frontier's ability to improve profitability margins
and thus, accretion to reserves in order to reduce dependence on
outside sources to meet working capital requirements would be the
key rating sensitivities

Recent Results

For 9M FY15, the firm achieved revenue of ~Rs 24 crore; the
management expects to achieve revenue of ~Rs. 35 crore with
slightly improved profitability margins in FY15.

Established in 2012 as a partnership firm, Frontier has been
engaged in the distribution of pharmaceutical drugs in Madhya
Pradesh, along with earning comparatively minor income from acting
as a C&F service provider and as rental income. The Frontier Group
is a business house in Madhya Pradesh founded by Mr. J.K. Wadhwa
over 30 years ago with the entity 'Frontier Stores' having more
than 30 years of operations in wholesale pharmaceutical trading.


GOYAL FOOD: CRISIL Suspends D Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Goyal Food Stuff Industries (GFSI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.9        CRISIL D
   Cash Credit          100.0        CRISIL D
   Foreign Letter of      7.0        CRISIL D
   Credit
   Term Loan             32.1        CRISIL D

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

GFSI is a partnership firm set up in 2010 by Mr. Vijay Kumar and
his brother Mr. Ranjeev Kumar. The firm, based in Punjab,
processes paddy into rice; basmati rice contributes to about 50
per cent of its total sales.


GYANJEET SEWA: CARE Reaffirms B+ Rating on INR180cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gyanjeet Sewa Mission Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    180.00      CARE B+ Reaffirmed
   Long-term/Short-term Bank      9.50      CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings of Gyanjeet Sewa Mission Trust (GSMT) continue to be
constrained by its predominantly debt-funded green field project
for setting up a hospital and a medical college at Jabalpur in
Madhya Pradesh. The ratings, further, continue to be constrained
by lack of experience of the trustees in managing / operating a
hospital / medical college, risk related to delay in receipt of
regulatory approvals and proposed enhancement in project size for
which debt is yet to be tied up.

The ratings factor in commencement of phase I of commercial
operations.

The above constraints continue to be partially offset by
resourcefulness of the trustees and their experience in the
construction sector, sound track record of various project
consultants appointed by GSMT.

GSMT's ability to ensure timely implementation of subsequent
phases of the project within envisaged cost parameters, obtain
requisite regulatory approvals and commence commercial operations
with optimum utilisation of its facilities would be the key rating
sensitivities. Furthermore, debt tie-up for proposed enhancement
in facilities would remain critical.

Formed in August 2004, Gyanjeet Sewa Mission Trust (GSMT) is a
private trust formed by Mr Baljinder Singh Khanna (Patron and
Chairman of GSMT) and his family members. GSMT belongs to the
'Sukh Sagar' group of Jabalpur which is engaged in businesses like
real estate, automobile dealership, etc.

Sukh Sagar Group (SSG) has a presence in the real estate segment
through entities like Khanna Properties and Infrastructure Pvt.
Ltd. (KPIPL) and Khanna Builders & Developers (KBD). Furthermore,
SSG also has a presence in the automobile dealership segment
through Sukh Sagar Motors Pvt. Ltd. (SSMPL; rated: CARE B+).

GSMT is implementing a green field project to set up a Medical
College and Hospital named 'Sukh Sagar Medical College and
Hospital (SSMCH)' at Jabalpur, Madhya Pradesh. SSMCH would include
a multi-specialty hospital with 900 beds (earlier 800 beds) and a
medical college with an annual intake of 150 seats (i e peak
capacity of 750 seats at the end of five years). The medical
college is envisaged to have an annual intake of 150 seats (i e
peak capacity of 750 seats at the end of five years). The
hospital, medical college, students' hostel and staff quarters
would all be located in the same premises. The estimated cost of
project has increased from INR285 crore to INR382 crore on account
of proposed enhancement in its facilities. The additional cost of
INR97 crore is proposed to be funded by a term loan of INR60 crore
and balance through corpus fund. Out of the revised cost of INR382
crore, GSMT had already incurred INR281.20 crore till January 31,
2015.


HANUMAN COTTON: CARE Reaffirms B+ Rating on INR8.15cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hanuman Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.15       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Hanuman Cotton
Industries (HCI) continues to remain constrained on account of the
small scale of operations in the fragmented cotton industry with
limited value addition, weak financial risk profile marked by thin
profitability, moderately leveraged capital structure and weak
debt coverage indicators. The rating is further constrained on
account of volatility associated with the raw material prices and
susceptibility to the change in the government policies. The
reaffirmation of the rating factors in stable turnover and capital
structure along with elongation of operating cycle during FY14
(refers to the period April 1 to March 31).

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

The ability of HCI to increase its scale of operations and move-up
in the cotton value chain thereby improving its overall financial
profile are the key rating sensitivities.

Hanuman Cotton Industries (HCI) was constituted in March 2006 as a
partnership firm by the Vekaria family based out of Amreli
(Gujarat) by eight partners with unequal profit and loss sharing
agreement among them. HCI is primarily engaged in cotton ginning &
pressing activities with an installed capacity of 10,886 Metric
Tonnes Per Annum (MTPA) for cotton bales, 18,380 metric tonnes per
annum (MTPA) for cotton seeds and oil-seed crushing facility with
a capacity of 1381 MTPA as on March 31, 2014 at its manufacturing
facility located at Savarkundla in Amreli district (Gujarat).

As per the audited results for FY14, HCI reported net profit of
INR0.06 crore on a total operating income (TOI) of INR39.72
crore as against net profit of INR0.05 crore on a total operating
income of INR39.32 crore. As per the provisional results for
11MFY15, HCI registered a turnover of INR30 crore.


HIMAT GLAZE: CRISIL Reaffirms B+ Rating on INR24.5MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on Himat Glaze Tiles (HGT) continue to reflect
its modest scale of operations in the highly competitive ceramics
industry and the firm's average capital structure marked by its
modest net worth.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        11       CRISIL A4 (Reaffirmed)
   Cash Credit           20       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     4.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan             24.5     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the ceramics industry and
the proximity of its manufacturing facilities to raw material and
labour resources.

Outlook: Stable

CRISIL believes that HGT will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the firm improves its scale of operations while
maintaining its profitability, leading to larger-than-expected
cash accruals, or if the promoters infuse substantial capital
leading to significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accruals, stretch in the working capital
management, or if it undertakes any large debt-funded capital
expenditure leading to deterioration in the overall financial risk
profile.

Update
Revenue of the firm increased by around 70 per cent year-on-year
in 2013-14 (refers to financial year, April 1 to March 31) to
reach INR126 million on the back of installation of new machinery
and introduction of larger tiles in its product mix. Operating
profitability of the company registered a slight increase to 11.2
per cent in 2013-14 from 10.6 per cent in 2012-13 on the back of
decrease in its material cost. Consequently, the firm posted
accruals of INR8.6 million in 2013-14, up from negative accruals
of INR1.60 million in 2012-13. The accruals were negative in 2012-
13, on account of capital withdrawn by the partners. The firm has
recorded revenue of INR153.40 million for the ten months ended
January 31, 2015, and CRISIL expects the firm to post revenue of
about INR170 million in 2014-15. CRISIL expects the operating
profitability of the firm to remain in the range of 10.5 to 11 per
cent.

HGT's operations are expected to remain working capital intensive
marked by gross current asset days of around 159 days as on
March 31, 2015 (increasing from 148 days as on March 31, 2013), on
the back of increased debtors. The firm is, however, able to
manage its working capital primarily through trade credit. Backed
by its promoters' experience, the firm is able to secure credit of
234 days as on March 31, 2014, from its suppliers. This has
resulted in the firm's low utilisation of its bank lines of around
20 per cent for the nine months ended December 31, 2014. Liquidity
of the firm is further supported by unsecured loans from the
promoters of INR10.2 million as on March 31, 2014. CRISIL expects
the firm to post cash accruals of around INR12.50 million in 2014-
15 against repayment obligations of INR5.40 million over the
corresponding period.

Treating unsecured loans as neither debt nor equity (as they are
expected to remain in the business), HGT's adjusted gearing
improved to 1.30 times as on March 31, 2014, from 1.91 times in
2012-13 primarily due to lower dependence on bank borrowings for
funding working capital requirements and equity infusion by the
promoters of INR2.50 million. CRISIL believes that HGT's gearing
will decline further to 1.24 times as on March 31, 2015, on
account of repayment of term loan. HGT had modest net worth of
about INR20 million as on March 31, 2014. The debt protection
metrics of the firm remain comfortable with interest coverage and
net cash accruals to total debt of 3.20 times and 0.33 times,
respectively, in 2013-14 on the back of increased accruals and
limited reliance on bank debt.

HGT, established in 1996, is promoted by Morbi (Gujarat)-based
Gami family and others. The firm manufactures wall tiles of
various sizes at its facilities in Morbi, with installed capacity
of 30,000 tonnes per annum.

For 2013-14, HGT booked profit of INR1.72 million on net sales of
INR126 million against book profit of INR2.2 million on net sales
of INR74.48 million for 2012-13.


KGF COTTONS: CRISIL Suspends D Rating on INR325MM LOC
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KGF Cottons Private Limited (KCPL; part of the Good Health group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           236        CRISIL D
   Letter of Credit      325        CRISIL D
   Term Loan              60        CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KCPL, Good Health Agro Tech Pvt Ltd,
and Nikhil Refineries Pvt Ltd. This is because these companies,
collectively referred to as the Good Health group, operate under a
common management, are in the same line of business with
operational linkages, and have fungible cash flows.

The Good Health group is primarily engaged in the refining of
edible oils. The group also undertakes cotton ginning, which
contributes around 7 per cent of its revenues.


KOHINOOR EXPORT: CRISIL Suspends B Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kohinoor Export and Import Private Limited (KEIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable Suspended
   Letter of Credit      80        CRISIL A4 Suspended

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

KEIPL, promoted in 1993, by Mr. S.P. Jain and his family members,
is engaged in trading of synthetic rubber. The company imports the
products from countries like Korea and Japan and sells to traders
as well as to tyre and rubber chappal manufacturers in and around
Punjab. The company has its administrative office in Jalandar.


KUMAR INFRASTRUCTURE: CRISIL Rates INR110MM Overdraft Loan at B
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kumar Infrastructure Development Pvt Ltd
(KIDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     110        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      80        CRISIL B/Stable

The rating reflects KIDPL's small scale of operations in the
highly fragmented logistics industry and its large working capital
requirements. The rating also factors in the company's expected
average financial risk profile, marked by average gearing and a
modest net worth. These rating weaknesses are partially offset by
the extensive industry experience of KIDPL's promoters.

Outlook: Stable

CRISIL believes that KIDPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and their strong relationships with customers. The
outlook may be revised to 'Positive' if the company improves its
capital structure either by equity infusion or a substantial
increase in its cash accruals, backed by improvement in its scale
of operations and operating profitability, while it betters its
working capital management. Conversely, the outlook may be revised
to 'Negative' if KIDPL's financial risk profile, particularly its
liquidity, deteriorates, most likely on account of a decline in
its revenue and profitability, or large debt-funded capital
expenditure, or increase in its working capital requirements.

KIDPL was established in 1989 by Mr. Shiv Kumar Agarwal. The
company engages different logistics entities for providing
logistics management for clients of LSC Infratech Ltd (LSC).
KIDPL is part of the Kumar group, which has interests in rice
milling, solvent extraction, agro forestry, horticulture, stone
grit, gravel, and crushed sand. LSC's stone-crushing units in
Uttrakhand at Haldwani, Kishanpur, Bannakhera, and Ajeetpur, and
in Uttar Pradesh at Saharanpur, are being served by KIDPL.

For 2013-14 (refers to financial year, April 1 to March 31), KIDPL
reported a net profit of INR4.04 million on net sales of INR212.92
million, against a net loss of INR0.01 million on net sales of
INR28.78 million for 2012-13.


KUSHAL BAGH: ICRA Reaffirms C Rating on INR6.32cr Bank Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]C and short term
rating of [ICRA]A4 on the INR7.00 crore fund based and non-fund
based bank facilities of Kushal Bagh Marbles Pvt Ltd.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund-based bank
   Facilities                6.32      [ICRA]C; reaffirmed
   Non Fund Based bank
   Facilities                0.68      [ICRA]A4; reaffirmed

ICRA's ratings continue to be constrained on account of KMPL's
stretched liquidity position, due to high working capital
intensity and limited accruals. The company's high working capital
intensity is due to its high levels of inventory and the advance
payments that it makes for raw marble imports. The ratings also
factor in KMPL's low value additive nature of operations resulting
in modest profitability and cash accruals. ICRA also notes that
KMPL has investments of INR3.25 crore in its group companies,
which are not yielding any returns, leading to depressed return
indicators. This apart, the ratings also factor in the high
competitive intensity of business due to the presence of a large
number of players, as well as substitute products like vitrified
tiles, and the vulnerability of the company's profitability to
adverse movements in exchange rates. The ratings, however factor
in the extensive experience of the promoters in the marble
processing business and increase in its license quota of raw
marble imports since December 2014, which may help improve its
operating scale.

Going forward, KMPL's ability to improve its liquidity by managing
the working capital cycle efficiently, arrange higher working
capital limits commensurate with its scale of operations and
attain a sustained improvement in profitability, shall be the key
rating sensitivities.

Established in 1985 in Rajasthan, KMPL is engaged in the
procurement and processing of natural stone. The company started
its stone processing operations in 1994 and supplies natural
stones like marble stone, sandstone, limestone, and granite,
including slates, cobble stone, pebble stone and mosaics, along
with a variety of kitchen countertops, construction stones and
other building stones.

The company also imports stones for its higher quality products.
The company belongs to the Banswara based Agrawal group, which has
interests in stone mining, processing and IT services.

Recent Results

The company reported a net profit of INR0.09 crore on an operating
income of INR33.35 crore in FY 2013-14, as against a net loss of
INR0.04 crore on an operating income of INR20.51 crore in the
previous year. As per the provisional, unaudited results, shared
by the company, KMPL reported revenues of INR16.24 crore in the
first seven months of 2014-15.


MAHASHAKTI CHEMICALS: CARE Rates INR7.52cr LT Bank Loan at B+
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities Mahashakti
Chemicals And Fertilizers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.52       CARE B+ Assigned

The rating assigned to the bank facilities of Mahashakthi
Chemicals and Fertilizers Private Limited (MCFPL) is constrained
its nascent stage of operations with project stabilization risk,
working capital intensive nature of operations and high
competition from other players. The rating, however, derives
strength from the experience of the promoters in the industry and
long term relationship with supplier and customers.

The ability of the company to stabilize its operations and
generate revenue and profits as envisaged in a competitive
environment are the key rating sensitivities.

Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL),
formerly known as Shree Chamundeswari Fertilizers and Chemicals
Private Ltd was incorporated in November, 2012 and started its
commercial operations from January, 2015. MCFPL is engaged in the
business of trading and manufacturing of granulated fertilizers
and soil conditioner. MCFPL product profile includes NPK
(Nitrogen, potassium and phosphorus) of different grades like
17:17:17, 20:20:0, 20:10:10, 18:18:10, 10:20:10, 14:6:21 and
15:05:05. The company started its commercial production from
January 2015 and started its trading business from April 2014.

During 11MFY15, company has achieved INR8.5 crore of revenue of
which 80% of the revenue was generated through trading of
fertilizers and the rest 20% from manufacturing of fertilizers.


MIRAMBICA AGRO: ICRA Assigns B+ Rating to INR4.5cr Cash Credit
--------------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR4.50
crore cash credit facility and INR1.72 crore term loans of
Mirambica Agro Industries.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              4.50       [ICRA]B+ assigned
   Term Loans               1.72       [ICRA]B+ assigned

The assigned ratings are constrained by MAI's highly leveraged
capital structure and its low profitability owing to the low value
additive nature of business and highly competitive and fragmented
industry structure arising out of low entry barriers. The ratings
further take into account the vulnerability of the firm's
profitability to fluctuations in raw material (paddy) prices and
the susceptibility of its operations to variation in crop harvest
as well as presence of regulatory risks with regards to Minimum
Support Price (MSP) fixed by the government and restrictions on
rice exports. ICRA notes that Mirambica Agro Industries is a
partnership firm and any withdrawal from the capital account could
impact the capital structure and thereby the gearing levels.

The ratings however favourably factor in the longstanding
experience of the promoters in the agro commodity trading business
and the favourable demand prospects for rice which is a staple
food grain in the country with India being its second largest
producer and consumer in the world.

Mirambica Agro Industries (MAI), promoted by Mr. Manhardan Gadhavi
along with his family members, commenced commercial operations
from October 2012 by taking over a non-operational rice mill. It
is engaged in processing of various agro commodities such as rice,
wheat, pulses etc.; however majority of its revenues are derived
from milling of rice. The firm operates from its processing unit,
having an installed capacity of 4 Metric tonnes per hour (MTPH),
located at Bavla in the Ahmedabad district of Gujarat. The key
promoter has a long standing experience in the trading of agro
commodities.

Recent Results
For the year ended March 31, 2014, Mirambica Agro Industries
reported an operating income of INR15.90 crore and profit after
tax of INR0.14 crore as against an operating income of INR2.51
crore and profit after tax of INR0.005 crore for the year ended
March 31, 2013 (6 months of operations).


NAHALCHAND LALOOCHAND: CRISIL Puts B+ Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nahalchand Laloochand Pvt Ltd (NLPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             200        CRISIL B+/Stable

The rating reflects NLPL's exposure to risks related to
saleability and implementation of its ongoing projects. The rating
also factors in the company's vulnerability to cyclicality
inherent in the Indian real estate sector. These rating weakness
are partially offset by the extensive experience of NLPL's
promoters in the real estate business.

Outlook: Stable

CRISIL believes that NLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company receives
higher-than-expected customer advances backed by healthy booking
rates. Conversely, the outlook may be revised to 'Negative' if the
company faces a significant time or cost overrun in the execution
of its ongoing projects, most likely due low customer advances, or
it avails higher than expected debt for its projects, leading to
deterioration in financial risk profile.

Incorporated in 1948, NLPL mainly develops residential real estate
property in Mumbai. The company is promoted by the Himatlal family
which has been engaged in diversified business activities such as
textiles, film processing, and sugar.

NLPL has two ongoing residential projects in Mumbai and plans to
undertake another residential project over the near term.


NORTHERN ELECTRIC: CRISIL Rates INR64MM Cash Credit at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Northern Electric Cables Private Limited
(NECPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             64         CRISIL B+/Stable
   Overdraft Facility      46         CRISIL A4

The rating reflects NECPL's weak financial risk profile marked by
a high total outside liabilities to tangible net worth ratio
(TOLTNW) and weak debt protection metrics, and working-capital-
intensive operations. These rating weaknesses are partially offset
by its promoter's extensive experience in the trading in
electrical goods.

Outlook: Stable

CRISIL believes that NECPL will maintain its business risk profile
over the medium term on the back of its promoters' industry
experience. However its financial risk profile would remain
constrained on account of high TOLTNW and weak debt protection
metrics. The outlook may be revised to 'Positive' if NECPL
improves its capital structure, and if its revenue and
profitability increase significantly. Conversely, the outlook may
be revised to 'Negative' in case of a decline in company's revenue
and profitability; or if the company undertakes any large debt-
funded capital expenditure programme, thereby adversely affecting
its capital structure; or in case of deterioration in its cash
accruals.

Set up in 2000 by Mr. Amit Maggo, Mr. Kapil Maggo, Mr.Ginni Maggo,
Mr. Azad Kumar Maggo and Mr. Subhash Chander, NECPL is engaged in
trading of industrial electrical equipment such as wires, cables
and other related electric products. The company has its
headquarters in Delhi and it is majorly catering to the
construction industry.

NECPL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR476 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.3 million on net sales
of INR404.6 million for 2012-13.


PARKER BUILDERS: ICRA Suspends B Rating on INR36.36cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B rating outstanding on the INR37.76
crore fund based and non fund based facilities of Parker Builders
Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan               36.36       [ICRA]B; Suspended
   Fund Based Facility      1.40       [ICRA]B; Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.


R D COTLINK: CARE Reaffirms B Rating on INR5.70cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
R D Cotlink Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.70       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of RD Cotlink Private
Limited (RDCPL) is primarily constrained on account of its
presence in the cotton ginning business which is highly fragmented
in nature, limited value addition nature of business with
susceptibility of operating margin to cotton price fluctuation,
seasonality associated with cotton availability and adverse
changes in government regulation. The reaffirmation of the rating
factors in timely completion of debt funded project for cotton
ginning and pressing unit and commencement of production from
February, 2014.

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

The ability of RDCPL to achieve the envisaged level of scale of
operations and managing raw material price volatility risk
and working capital requirement are the key rating sensitivities.

Amreli-based (Gujarat), R D Cotlink Pvt. Ltd. (RDCPL) was
incorporated in June 2013. RDCPL is promoted by Vekariya and
Patel family based out at Amreli (Gujarat). RDCPL has setup cotton
ginning and pressing facility with an installed capacity of 3,371
Metric Tons Per Annum (MTPA) for Cotton Bales and 6,604 MTPA for
Cotton Seeds at its facilities located at Amreli district which is
the cotton producing belt of Gujarat. RDCPL commenced operations
from February, 2014.

As per the audited results for FY14 (refers to the period April 1
to March 31), RDCPL reported net loss of INR0.11 crore on
a total operating income (TOI) of INR4.39 crore. As per the
provisional results for 11MFY15, RDCPL registered a turnover
of INR14.19 crore.


RAJ KESARI: CARE Reaffirms B+ Rating on INR5.73cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Raj Kesari Electrodes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.73       CARE B+ Reaffirmed
   Short-term Bank Facilities    1.18       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
relatively modest scale of operations of Raj Kesari Electrodes
Private Limited (RKEPL) in the highly competitive and fragmented
welding electrodes industry and its financial risk profile marked
by fluctuating profitability, moderately leveraged capital
structure and working capital intensive nature of operations. The
ratings, further, remain constrained on account of susceptibility
of the company's profitability to fluctuations in the raw material
prices.

The ratings, however, continue to draw strength from the long
standing experience of RKEPL's promoters along with its
established track record of operations of more than two decades in
the industry and its diversified product portfolio and, customer
base.

RKEPL's ability to increase its scale of operations with
improvement in profitability in light of the volatile raw material
prices and effective working capital management are the key rating
sensitivities.

Udaipur-based (Rajasthan) RKEPL, was incorporated in 1988 by Mr
Pratap Singh Darda along with his family members.

RKEPL is primarily engaged in the business of manufacturing of
various types of welding electrodes, wires and plugs, which find
its application in Shielded Metal Arc Welding (SMAW), used
primarily for repairs and maintenance works in diverse industries.
The company operates from its sole manufacturing facility located
in Udaipur (Rajasthan) with an installed capacity of 6,800 Metric
Tonnes Per Annum (MTPA) as on March 31, 2014. RKEPL caters to the
domestic market and sells its products directly all over India
with sales concentrated predominantly in Gujrat, Maharashtra and
Rajasthan.

It procures its key raw material i e Steel and Iron from remounted
steel manufactures in India.

During FY14 (refers to the period April 1 to March 31), RKEPL has
reported a total operating income of INR23.32 crore (FY13:
INR24.06 crore) with a PAT of INR0.29 crore (FY13: INR0.27 crore).


RAJASTHAN POWERGEN: CARE Revises Rating on INR7.18cr Loan to B+
---------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Rajasthan Powergen Trasformers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.18       CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities    4.00       CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating of Rajasthan Powergen
Transformers Private Limited (RPTL) takes into account the
stabilisation of operations of its green-field project for the
manufacturing of transformers leading to increase in the scale
of operations and improvement in profitability.

The ratings, however, continue to be constrained primarily on
account of the susceptibility of its profitability margins to
volatile raw material prices and the fragmented nature of industry
leading to stiff competition from the organised and
unorganised players. The ratings are, further, constrained due to
leveraged capital structure and stressed liquidity position.

The ratings, however, continue to derive strength from the
experienced management of the company.

RSTPL's ability to ramp up its sales volume leading to further
increase in the scale of operations while maintaining/improving
its profitability margins and improvement in liquidity position
are the key rating sensitivities.

RPTL was incorporated in 2010 with an objective to set up a green-
field plant for the manufacturing of transformers for power
transmission and distribution ranging from 10 Kilovolt Ampere
(KVA) to 1,000 KVA and cross arm angles. RTPL has completed its
project and started commercial operation from January 2013. The
plant was set up at a total cost of INR5.87 crore, which was
funded through debt-equity ratio of 2.14:1 times. The
manufacturing plant of the company is located at Sanchore
(District Jalore, Rajasthan) with the total installed capacity of
18,000 pieces per annum for transformers and 120,000 sets per
annum for cross arm angles as on March 31, 2014. RPTL participates
in the tenders for supply and repair of transformers invited by
State Electricity Boards (SEBs) in Rajasthan and Gujarat.

As per the audited results of FY14 (refers to the period April 1
to March), RPTL reported a total income of INR10.38 crore
(FY13: INR1.52 crore) with a net loss of INR0.10 crore (FY13: net
loss of INR0.50 crore).


RAMNATH LIFESPACE: CARE Assigns B+ Rating to INR30cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ramnath
Lifespace Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ramnath Lifespace
Private Limited (RLPL) is constrained by moderate funding and
execution risk, significant marketing risk and cyclical nature of
the real estate industry.

The rating however derives strength from the experienced promoters
and favorable location of the project.

Ability of RLPL to timely execute the balance project without any
cost overrun and thereby successfully monetize the balance space
shall be critical from a credit perspective.

Incorporated in 2011, Ramnath Lifespace Private Limited (RLPL) is
into developing of real estate properties.

Currently the company is executing a residential township named
"Ramnath City" at Nagpur with total saleable area of 2.61 lakh
square feet. The township will comprise of 148 units of row
houses, villas and 2, 2.5, 3, 3.5 BHK apartments. The project was
started in 2011, bookings commenced since April 2014 and is
expected to be completed by June 2016.

The total project is estimated to be INR105.64 crore to be funded
in the ratio of 0.26: 0.38:0.36 [equity: debt: customer advances].
Till October 10, 2014 the company has already incurred total cost
of INR63.48 crore which was funded through promoters' contribution
of INR26.43 crore, term debt of INR29 crore and balance through
customer advances.

Furthermore as on October 30, 2014 RLPL has already booked 32
flats (out of the total 148 flats) and received customer advances
amounting to INR11.54 crore.


REWA SHIKSHA: ICRA Upgrades Rating on INR6cr Term Loan to B
-----------------------------------------------------------
ICRA has upgraded its long-term rating on the INR6.50 crore, fund
based limits of Rewa Shiksha Samiti (RESS) to [ICRA]B from
[ICRA]B-.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities    6.00       [ICRA]B; Upgraded from
   - Term Loan                         [ICRA]B-

   Unallocated              0.50       [ICRA]B; Upgraded from
                                       [ICRA]B-

The rating upgrade takes into account RESS' improving surpluses as
a result of fee revisions and lower administration costs, the
healthy occupancy levels in its engineering courses, and the
healthy leverage and coverage indicators (Debt equity ratio of
0.15x as on March 31, 2014, Debt/Operating Surplus of 0.56 times
in FY 2014). The rating also factors in the established position
of the trust's institutes in Jabalpur, Madhya Pradesh and the
satisfactory faculty profile of the colleges. The rating is
however constrained by the periodic cash flow mismatches owing to
the timing of fee receipts as compared to operating expenses and
debt repayments, which can result in temporary strain on
liquidity. Nevertheless, the completion of bulk of the trust's
expansion (towards college roads, labs, lab equipment) lends
better flexibility to the trust in managing its cashflows. The
rating also takes into account the weak operating performance of
the MBA and MCA courses offered by the trust, which have led to
closure of these courses in some of the colleges. Further, the
rating continues to factor in the modest scale of operations of
the trust and its exposure to adverse changes in regulations in
the education sector.

Going forward, the trust's ability to improve the overall
occupancy and thus the operating scale, along with maintaining
surplus margins and debt coverage indicators will be the key
rating sensitivities. This apart, it will be critical for the
trust to manage the cash flows prudently to avoid any cash flow
mismatches and will continue to be a key rating sensitivity.

Incorporated on September 08, 1999 by members of Karsoliya family,
RESS manages the Shri Ram Group of Institutes based in Jabalpur,
Madhya Pradesh. The trust is managed by Mr. Ram Vinay Karsoliya
who is the Chairman of the trust and his brothers. The group is
operating since July, 2001 and currently manages 8 institutions
offering under graduate and post graduate engineering courses,
MCA, MBA and pharmacy courses at an integrated campus, with total
student strength of 6,079. The Trust also offers hostel and
transportation facilities to its students.

Recent Results
RESS reported a net surplus of INR6.80 crore on revenue receipts
(RR) of INR25.96 crore in FY2014 as against a net surplus of
INR5.04 crore on RR of INR22.88 crore in FY2013.


SAMOJ COTTON: CARE Reaffirms B+ Rating on INR6.51cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Samoj Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.51       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Samoj Cotton
Industries (SCI) continues to remain constrained on account of
its presence in highly competitive and fragmented cotton ginning
business with limited value addition resulting into thin
profitability and partnership form of constitution leading to
limited financial flexibility. The rating is further constrained
on account of financial risk profile marked by moderately weak
debt coverage indicators, moderate liquidity position and
declining profitability which continues to remain susceptible to
fluctuations in raw material prices, seasonality associated
with availability of cotton and impact of changes in government
policies on cotton. The reaffirmation of the rating factors
in the increase in the operating income and decline in
profitability during FY14 (refers to the period April 1 to
March 31).

The rating, however, continues to take comfort from the promoter's
experience in the cotton ginning industry and location advantage
of being situated within the cotton producing belt of Gujarat
along with consistent increase in its scale of operations and
improvement in the capital structure during FY14.

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

SCI was incorporated in June 30, 2009, as a partnership firm which
was reconstituted in November 2010 after the exit of two partners.
The present partners Mr Poorvsingh Vaghela and Mr Khanji Vaghela
have long track record of experience in the industry and look
after overall operations of the firm. SCI is engaged in the cotton
ginning and pressing activity with an installed capacity of 10,644
metric tonnes per annum (MTPA) for cotton bales, 11,031 MTPA for
cotton seeds at its sole manufacturing unit located at Harij in
Patan district of Gujarat.

The partners also have a group company, namely, Kshem Kalyani
Industries (KKI: rated 'CARE B+' in March 2014) which is
also engaged in the cotton ginning and pressing business with a
total installed capacity of 17,850 MTPA of cotton bales
and 30,000 MTPA of cotton seed as on March 31, 2014, at Harij,
Patan. The commercial production of the facilities started
on August 2012.

During FY14, SCI reported a TOI of INR44.39 crore and PAT of
INR0.05 crore as against TOI of INR41.28 crore and PAT of
INR0.05 crore during FY13. As per 11MFY15 (provisional)
financials, SCI has reported turnover of INR41.72 crore.


SHREE KRISHNA: ICRA Reaffirms C+ Rating on INR56cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating for INR56.00 crore
(reduced from INR66.00 crore) fund-based bank facilities of
Shree Krishna Paper Mills & Industries Limited (SKPMIL) at [ICRA]
C+. ICRA has also reaffirmed the long term rating for INR5.00
crore Cumulative Redeemable Preference Shares at [ICRA] C+. ICRA
has reaffirmed the short term rating assigned for INR14.00
crore non fund-based bank facilities of SKPMIL at [ICRA] A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-Term Fund-Based
   Facilities               56.00      [ICRA] C+ (Reaffirmed)

   Cumulative Redeemable
   Preference Share          5.00      [ICRA] C+ (Reaffirmed)

   Short-Term Non Fund-
   Based Facilities         14.00      [ICRA] A4 (Reaffirmed)

The rating reaffirmation takes into account continued weakness in
financial profile, which is characterized by weak debt servicing
ability due to sizeable repayment burden in FY16 and FY17. For
FY15, the DSCR is expected to remain below 1.0x, which has also
resulted in tight liquidity during the year. The weakness in
financial profile is driven by continued decline in the capacity
utilization levels of the coated paper and Thermal Sensitive Paper
(TSP) segment during FY15 due to cheaper imports and plans of the
management to shift these products to the PWP (Printing and
writing paper) unit to achieve better cost structure. This coupled
with pressure on profitability of newsprint segment in FY15 due to
decline in realizations is expected to drive de-growth in
turnover, profits and accruals, and will hence result in weakened
debt coverage indicators for FY15. This is also indicated by
increase in Total Debt/OPBDITA to 5.4x for six month period ending
Sep'14 from 4.05x for FY14. The OPBDITA margins for six month
period ending Sep'14 were 7.4% vis-a-vis 9.4% during FY14. The
rating continues to remain constrained on account of high debt
levels due to accumulated losses which results in adverse capital
structure as reflected by negative net-worth position. The rating
is also constrained by history of debt restructuring, latest being
in August 2009. However, ICRA notes improvement in operational as
well as financial profile of the company since the company had
made reference to Corporate Debt Restructuring.

Going forward, ability of the company to sustain healthy capacity
utilization while achieving satisfactory profitability margins
will remain key determinant of its debt servicing ability and
liquidity profile, and hence will remain key rating sensitivities.

Shree Krishna Paper Mills & Industries Limited (SKPMIL) was
incorporated by Pasari Group in the year 1972. The Company
manufactures newsprint paper, and printing and writing Paper (PWP)
at its Kotputli (Rajasthan) plant, and coated paper and thermal
Sensitive Paper (TSP) at Bahadurgarh (Haryana) plant. The coated
paper manufacturing unit at Bahadurgarh, Haryana was acquired from
Bansal Paper Mills in the year 1974, while the printing and
writing paper unit at Kotputli was commissioned in FY06.

The company had availed a sizeable term loan to fund the capex at
Rajasthan unit. However, as the production did not commence as
planned due to technical issues, the company suffered huge losses,
thereby resulting in complete erosion of its net worth.
Subsequently, the company made references to corporate debt
restructuring in the year 2007 and in the year 2009, whereby its
debt was rescheduled.

In FY14, SKPMIL reported an Operating Income (OI) of INR158.2
crore, Operating Profit before Depreciation, Interest, Taxes and
Amortization (OPBDITA) of INR14.8 crore and Profit after Tax (PAT)
of INR2.7 crore against an OI of INR147.8 crore, OPBDITA of
INR11.8 crore and net loss of INR7.6 crore reported in FY13.
Subsequently, during the nine month period ending Dec'14, SKPMIL
has achieved an OI of INR107.5 crore, OPBDITA of INR7.6 crore and
net profit of INR1.24 crore on a provisional basis as against an
OI of INR121.3 crore, OPBDITA of INR11.9 crore and net profit of
INR2.4 crore in previous corresponding period.


SHREE SIDDHI: CARE Assigns B+ Rating to INR10.73cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Siddhi Vinayak Induction Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.73      CARE B+ Assigned
   Short-term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Siddhi
Vinayak Induction Private Limited (SSVIPL) are primarily
constrained on account of its relatively modest scale of
operations in the highly competitive and fragmented steel
industry and its weak financial risk profile marked by significant
decline in the total operating income (TOI) along with operating
losses and cash losses in FY14 (refers to the period April 1 to
March 31), its leveraged capital structure and stressed liquidity
position. The ratings are further constrained on account of the
vulnerability of the company's profitability to fluctuations in
the raw material prices and its short track record of operations.

The ratings, however, derive strength from the experienced
management in the steel industry.

The ability of the company to increase its scale of operations
while improving profitability in light of volatile raw material
prices along with improvement in the solvency position coupled
with efficient working capital management are the key rating
sensitivities.

Jaipur-based (Rajasthan) SSVIPL was initially incorporated in 1997
as 'Siddhi Vinayak Iron Trade and Rolling Mills Private Limited'
promoted by Mr Ashok Dharendra. However, the company started its
commercial production from 2008 onwards and subsequently; in 2009,
the company changed its name to its current form. Initially,
SSVIPL was primarily engaged in the business of manufacturing mild
steel (MS) Ingots, however, during FY12, the company undertook a
project where the end product of the company was changed from MS
Ingots to MS billets with an total installed capacity of 19,600
metric tonnes per annum (MTPA) at its sole manufacturing facility
located at Jaipur (Rajasthan). The company caters to domestic
market with sales concentrated predominantly in Rajasthan. It
procures scrap/sponge, key raw material, from Gujarat and local
market as well as through imports.

During FY14, SSVIPL has reported a total operating income of
INR42.15 crore (FY13: INR84.41 crore) with net loss of INR3.56
crore (FY13: PAT of INR0.55 crore). As per the provisional results
of 10MFY15, the company has reported total operating income of
INR34 crore.


SHRIRAMKRUPA FIBERS: ICRA Assigns B Rating to INR4cr Term Loan
--------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B to the INR6.00 crore fund
based facilities of Shriramkrupa Fibers.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                4.00       [ICRA]B assigned
   Cash Credit              2.00       [ICRA]B assigned

Rating Rationale
The assigned rating factors in SKF's limited track record with
operations started from January 2015, and heavy reliance on debt
for funding the project cost which is likely to keep the capital
structure stretched in the near to medium term. Further, the
rating is constrained by the highly competitive and fragmented
nature of the cotton ginning industry which is likely to keep the
profitability levels low and the firm's exposure to volatility in
prices of raw cotton which are subject to seasonality, crop
harvest and regulatory risks. ICRA also notes that SKF is a
proprietorship concern and any significant withdrawals from the
capital account would affect its net worth and thereby the capital
structure.

However, the rating favourably factors in the prior experience of
the proprietor in trading of raw cotton, cotton bales & other agro
commodities, favourable location of the firm's manufacturing
facility in Wardha (Maharashtra) giving it easy access to quality
raw cotton, and stable demand outlook for cotton and cottonseeds
in the domestic as well as international market.

Shriramkrupa Fibers (SKF) was incorporated in June 2013 by
proprietor Mr. Sachin Sharma and is involved in the business of
ginning and pressing of raw cotton. The firm has set up a
Greenfield cotton ginning plant in Wardha district of Maharashtra
having production capacity of 200 bales per day. The commercial
production from this plant has commenced from January 21,2015.


SHYAM POLYSPIN: CARE Reaffirms B+ Rating on INR18cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shyam Polyspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      18        CARE B+ Reaffirmed
   Short term Bank Facilities      2        CARE A4 Reaffirmed

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

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

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

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

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


SIDDHARTHA PROCESSORS: CARE Reaffirms B+ Rating on INR7cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Siddhartha Processors Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Siddhartha
Processors Private Limited (SPPL) continues to remain constrained
on account of its modest scale of operations in a highly
competitive textile industry, its limited presence in the textile
value chain and vulnerability of its margins to fluctuations in
the raw material prices. The ratings, further, remain constrained
due to its financial risk profile marked by leveraged capital
structure and moderately stressed liquidity position.

The rating, however, continues to derive strength from the long
track record of operations with vast experience of the promoters
in the textile industry. The ratings further takes comfort from
SPPL's presence in the textile cluster of Bhilwara with easy
access to raw material and labour.

SPPL's ability to improve its scale of operations and improvement
in capital structure & liquidity position would be the key
rating sensitivities.

Bhilwara-based (Rajasthan) SPPL was incorporated in 1995.
Initially, SPPL was promoted by Melana and Bohara family and was
later taken over by Samdani and Porwal family in November 2009.

The new promoters had acquired land and building of SPPL and
accumulated losses at the time of purchase and added second hand
sulzer looms which became operational in January 2011. Currently,
the company has installed 34 sulzer looms at its plant located at
Bhilwara with an installed capacity of 36 Lakh Meters Per Annum
(LMPA) as on March 31, 2014. It is engaged in the business of
manufacturing of synthetic grey fabrics from polyester yarn and
gets the processing work done on grey fabrics from other
processors on job work basis. The company also carry out trading
of grey and finished fabrics. SPPL's operations are mainly focused
in the domestic market and sold through agents. There are around
10-15 agents spread across Rajasthan and few other states.

During FY14 (refers to the period April 1 to March 31), SPPL
reported a Total operating income of INR22.66 crore (FY13:
21.84 crore) with a PAT of INR0.09 crore (FY13: 0.29 crore).
During 11MFY15, SPPL has reported a total operating income of
INR20.20 crore.


SRI MITTAPALLI: ICRA Suspends B Rating on INR9cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to INR9.00 crore
bank facilities of Sri Mittapalli Trust. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.


TAPAN SOLAR: ICRA Reaffirms B- Rating on INR6cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- for the
INR10.00 crore fund based limits of Tapan Solar Energy Private
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit-
   Cash Credit              6.00       [ICRA]B- reaffirmed

   Fund Based Limit-
   Term Loan                4.00       [ICRA]B- reaffirmed

ICRA's reaffirmation of the rating takes into account TSEPL's weak
financial profile characterized by small scale of operations, low
profitability and high gearing levels at 6.29 times as on 31st
March, 2014.

The rating is also constrained by low capacity utilization of
module manufacturing unit with average utilization of around 31%
during CY2014. Further, the rating factors in the company's
exposure to exchange rate fluctuations, as no hedging is employed
against foreign currency raw material purchases and also as these
purchases are not order backed. ICRA notes that solar PV panel
industry remained highly competitive due to domestic overcapacity
and cheaper imports.

The rating, however, derives comfort from the location advantage
for TSEPL's manufacturing facility, in terms of excise duty
exemption and VAT exemption for sales in Rajasthan. The rating
also positively factors in the established sales & distribution
network of the company with presence of 300 dealers, fully
automated assembling process ensuring high quality output and
supportive policies of Government of India by promoting the use of
indigenous Solar PV modules in projects implemented under JNNSM
(Jawaharlal Nehru National Solar Mission).

Tapan Solar Energy (P) Ltd. (TSEPL) was incorporated on 3rd
August, 2010 by Mr. Kailash Nath Harlalka and Mr. Rajendra Mittal
& Mr Surendra Harlalka. TSEPL is engaged in the manufacturing of
crystalline solar photovoltaic module (sizes ranging from 3W to
290W), under the brand name of 'ELECSSOL'. In addition the company
is also engaged in manufacturing of solar lantern, installation
and commissioning of solar PV systems as system integrator and
trading of solar home lighting system, solar street lights and
solar water heaters. The manufacturing plant is located at
Neemrana, Rajasthan, and is spread over 30,000 Sq.Ft. with a
capacity of 20 MW. The company's clientele comprises predominantly
EPC contractors and the manufacturers of solar systems.

Recent Results
In FY 2014, TSEPL reported operating income of INR23.26 crore and
net profit of INR0.71 crore as against operating income of Rs13.41
crores and net loss of INR2.83 crore in FY 2013.


THOUSU PERIYAKKAL: CRISIL Reaffirms D Rating on INR189.4MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank continues to reflect
instances of delays by Thousu Periyakkal Educational Health and
Charitable Trust (TPHCT) in servicing its term debt obligations;
the delays have been caused by weak liquidity, arising from the
mismatch in the trust's cash flows.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           16        CRISIL D (Reaffirmed)
   Long Term Loan       189.4      CRISIL D (Reaffirmed)
   Overdraft Facility    27        CRISIL D (Reaffirmed)

TPHCT also has a below-average financial risk profile, marked by
high gearing, and is susceptible to adverse regulatory changes and
intense competition in the educational sector. The trust, however,
benefits from the healthy demand prospects for education offerings
in India and the extensive experience of its promoter in the
education industry.

Update
TPHCT has been delaying in servicing its term debt because of its
weak liquidity; the delays are mainly on account of mismatch in
its cash flows. The trust receives majority of its revenue in the
months of August and September (most of the fees for the
engineering colleges are received immediately after the counseling
in Tamil Nadu). However, the repayments are on monthly basis
spread across the entire year. Also, the trust has huge operating
costs such as salaries that are to be paid on a monthly basis. As
a result, there is a mismatch in the cash flows, which results in
tight liquidity during some months of the year. CRISIL believes
that liquidity of TPHCT will remain stretched over the medium term
on account of stretch in receivables and cash flow mismatches.

TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B
Selvaraj as a trust registered under the Indian Trust Act,
1881.The trust offers undergraduate, post-graduate, and diploma
courses in engineering and teacher education courses.


VIPUL LIMITED: ICRA Cuts Rating on INR70cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B+ from the earlier
[ICRA]BB- assigned to INR70 crore long term debt programme of
Vipul Limited (Vipul). ICRA has also revised the long term rating
to [ICRA]B+ from the earlier [ICRA]BB- assigned to INR30 crore
fund based limits, INR45.12 crore non-fund based limits and
INR4.88 crore unallocated limits of Vipul.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Debt                70.00      [ICRA]B+ (Downgraded)

   Fund Based Facilities         30.00      [ICRA]B+ (Downgraded)

   Non-Fund Based Facilities     45.12      [ICRA]B+ (Downgraded)

   Unallocated                    4.88      [ICRA]B+ (Downgraded)

The rating revision reflects deterioration in Vipul's financial
profile marked by declining sales and profits as well as weakening
of debt coverage indicators. The sales declined from INR404 crore
in FY13 to INRRs. 270 crore in FY14 and stood at INR194 crore at
the end of 9MFY15. Over the same period the net profits declined
from INR16.23 crore to INR3.17 crore and further Vipul reported a
net loss of INR5.78 crore at the end of 9MFY15. Also, the interest
coverage and NCA/Total Debt weakened from 2.09 times and 11%
respectively at the end of FY13 to 0.52 times and -4% at the end
of 9MFY15. In addition, Vipul has significant land payments and
debt repayments in the near to medium term which may lead to
liquidity constraints in absence of any new launches given that
majority of its projects are at completion stage and the committed
receivables remain modest. ICRA has taken cognizance of the order
passed by Hon'ble Supreme Court in favour of Vipul pertaining to a
land parcel located in Sector 53, Gurgaon. Vipul has plans to
launch a luxury group housing project on this land parcel; which
however remains at nascent stage of planning with major approvals
pending.

Ability to launch the project in a timely manner coupled with the
market response to it will remain a critical credit monitorable.
These risks apart, ICRA notes the continued reliance of the
company on short term loans and believes inability to achieve
adequate bookings and maintain collections will expose the company
to refinancing risk. Moreover, the rating continues to factor in
the exposure to market risk for the unsold area (~1.12 mn sq.ft),
risk of which is further accentuated in the backdrop of real
estate slowdown given that a large part of the cost is expected to
be funded from customer advances.


VISHWANATH SPINNERZ: ICRA Reaffirms D Rating on INR69.01cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR69.01 crore fund based limits and INR5.99 crore unallocated
limits of Vishwanath Spinnerz India Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund
   Based Limits             69.01      [ICRA]D reaffirmed

   Long Term Un-
   allocated Limits          5.99     [ICRA]D reaffirmed

The rating reaffirmation continues to factor in the delays in
repayment of term loan instalments by VSIL which led to
restructuring of term loans during FY15 as the plant had commenced
its operations during January 2013. The rating is further
constrained by the weak financial profile as reflected in high
gearing of 2.84 times as on 31st March 2014 and stretched
liquidity due to delays in sanctioning of working capital during
FY14 which resulted in delays of term loan instalments. Going
forward, timely servicing of debt obligations and improvement in
liquidity would constitute key rating sensitivities.

VSIL which was incorporated in the year 2000 is a cotton spinning
mill located at Peddavoora in Nalgonda district of Telangana. The
company is promoted by Mr. K. Sridhar Reddy who is the Managing
director of the company. The company has spindle capacity of 26112
spindles increased from 25920 spindles in FY15 and is involved in
manufacture of yarn of counts 20's to 40's. The 21's count has
dominated VSIL's product profile in FY14 and H1, FY15.

Recent Results
As per audited financials for FY14, VSIL reported an operating
income of INR103.05 crore with net loss of INR0.53 crore as
against INR17.83 crore of operating income with net profit of
INR0.24 crore in FY13.



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


CAFES 1 TRUST: Moody's Lowers Rating on 2 Classes of Notes to B3
----------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for the Class A-1
through D-2 Trust Certificates issued by Cafes 1 Trust.

The affected ratings are:

  Class A-1, downgraded to A2 (sf); previously on Jan. 7, 2015,
  A1 (sf) placed under review for downgrade
  Class A-2, downgraded to A2 (sf); previously on Jan. 7, 2015,
  A1 (sf) placed under review for downgrade
  Class B, downgraded to Baa3 (sf); previously on Jan. 7, 2015,
  Baa1 (sf) placed under review for downgrade
  Class C-1, downgraded to Ba3 (sf); previously on Jan. 7, 2015,
  Ba1 (sf) placed under review for downgrade
  Class C-2, downgraded to Ba3 (sf); previously on Jan. 7, 2015,
  Ba1 (sf) placed under review for downgrade
  Class D-1, downgraded to B3 (sf); previously on Jan. 7, 2015,
  B1 (sf) placed under review for downgrade
  Class D-2, downgraded to B3 (sf); previously on Jan. 7, 2015,
  B1 (sf) placed under review for downgrade

Deal Name: Cafes 1 Trust

  Class: Class A-1 through D-2 Trust Certificates
Issue Amount (Initial): JPY53.2 billion
Dividend: Fix/Floating
Issue Date (Initial): July 21, 2006
Final Maturity Date: May 31, 2018
Underlying Asset (Initial): A non-recourse loan backed by an
office property in Tokyo

Originator: Credit Agricole CIB, Tokyo Branch

Arranger: Credit Agricole Securities Asia BV, Tokyo branch

RATINGS RATIONALE

The rating action reflects Moody's concern about a possible
deterioration in cash flow derived from the underlying property
when the current lease from the single tenant expires during the
tail period of the transaction, which is between the expected and
legal final maturity of the trust certificates.  Such
deterioration will affect the property value and refinancing
activities before the loan maturity date.

The loan is backed by an office building located in Tokyo.  The
property is occupied by a single tenant and its lease agreement
will expire during the tail period.

Although market rents of properties in the same area have been on
the rise, the rent paid by the current tenant is still higher than
the upper range of the market rents.

Based on Moody's revised assumption on rent when the current lease
expires during the tail period, the property value will decrease
by a further 11% from Moody's current assumption.  The rating
action reflects the revised loan-to-value (LTV) ratio of each
class of trust certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
(Japanese) published in September 2010.  Factors that would lead
to an upgrade or downgrade of the rating:

The key rating driver of the deal is the LTV ratio, because the
credit quality of the rated tranches is supported by the sales
proceeds of the underlying property.  A decrease or increase in
the LTV ratio for each rated tranche may lead to upward or
downward rating pressure.



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


MANA RECOVERY: To Close Recycling Depot; 35 Jobs at Risks
---------------------------------------------------------
Kris Dando at Kapi-Mana News reports that thirty-five staff, many
with mental health problems, will lose their jobs when Porirua
recycling depot Trash Palace closes its doors later this monrth.

According to the report, the depot is run by Mana Recovery Trust,
which employs dozens of people with mental health problems. In
March, the trust was forced into liquidation when the Hutt Valley
District Health Board withdrew funding, the report recalls.

The trust told its 35 employees it would cease operating on April
21, Kapi-Mana News says.

A Mana Recovery employee, who spoke to Kapi-Mana News on condition
of anonymity, said he and his colleagues were hurting following
the organisation's announcement last month that it was going into
voluntary liquidation, "I have no idea what the hell I'm going to
do now."

He is concerned about not being paid redundancy or holiday pay,
notes the report.

"They've left us high and dry. Decisions have been made elsewhere
in the business that have not made sense," the employee said,
notes Kapi-Mana News. "It's [liquidation] meant a large number of
people have nowhere to go."

Kapi-Mana News relates that many of the staff could not read or
write, or had other deficiencies, he said, and he hoped a new
model adopted by Capital & Coast District Health Board towards
mental health support would be able to assist them.

Mana Recovery issued a media statement on March 24, saying funding
from the district health board -- which made up about 22 per cent
of its revenue -- ceased in 2014, leaving the recycling and
grounds maintenance part of the business as the basis for its
income, according to the report.

But "increasingly competitive markets" had meant the organisation
had to be wound up, Mana Recovery chairman Alan Ellis said, the
report relays.

"We have tried various initiatives to continue our services, [but]
we operate in highly competitive environments and have reluctantly
accepted it is no longer feasible to continue our services without
ongoing funding support," the report quotes Mr. Ellis as saying.



====================
S O U T H  K O R E A
====================


* SOUTH KOREA: Insurers' Financial Status Worsens in Q4
-------------------------------------------------------
Yonhap News reports that South Korean insurance companies'
financial health worsened in the fourth quarter of last year from
three months earlier on strict regulations for loss reserves amid
a low interest rate trend, the financial watchdog said on
April 7.

The risk-based capital ratio of 56 life and nonlife insurers
averaged 292.3 percent at the end of December, down 13.5
percentage points from the previous quarter, Yonhap relates citing
the Financial Supervisory Service.

Yonhap notes that the RBC ratio measures an insurer's ability to
absorb losses and pay insurance to policyholders, and is the key
gauge of financial stability. Local insurers are required to
maintain an RBC ratio of 100 percent or above.

According to Yonhap, the figure had risen for three consecutive
quarters since the last three months of 2013, starting from 278.4
percent and peaking at 305.7 percent in the third quarter of last
year.

Life insurers posted 310.4 percent on average in the quarter
through December, with that of nonlife organizations standing at
256.3 percent, the report discloses.

The FSS said the on-quarter decline came as insurers had to secure
additional required capital of KRW2.4 trillion ($2.2 billion)
against potential losses as financial authorities tightened
standards for interest rate risks amid a low-rate trend, Yonhap
adds.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***