TCRAP_Public/150409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, April 9, 2015, Vol. 18, No. 069


                            Headlines


A U S T R A L I A

ATLAS IRON: S&P Cuts CCR to 'CCC' & Puts on CreditWatch Negative
ATLAS IRON: Facing Debt Challenge, Analysts Say
CRESTAL PETROLEUM: First Creditors' Meeting Set For April 15
HALLY CONCRETING: First Creditors' Meeting Set For April 16
LS NEWCO: S&P Assigns 'BB+' Rating; Outlook Stable

MISSCHU PTY: Nahji Chu Buys Business Back Out of Administration
PARVA INVESTMENTS: First Creditors' Meeting Set For April 16
RAPTIS GROUP: To Resume Trading on Australia Stock Exchange


C H I N A

KAISA GROUP: Woes Persist Despite Removal of Shenzhen Sales Ban


I N D I A

AGARTALA RUBBER: ICRA Suspends D Rating on INR10cr Cash Credit
ANUPAM HOME: CRISIL Assigns B+ Rating to INR50MM Cash Credit
BHALKESHWAR SUGARS: ICRA Raises Rating on INR95.5cr Loan to C-
BHARAT RICE: CRISIL Places 'B' Rating on INR70MM Cash Credit
D.V. EXPORTS: ICRA Reaffirms B+ Rating on INR10cr Cash Credit

DHIRENDRA NARAYAN: ICRA Reaffirms B Rating on INR0.70cr Loan
DHURIA RICE: ICRA Reaffirms B Rating on INR6cr LT Fund Based Loan
FUTURE VISION: CRISIL Reaffirms B Rating on INR60MM Cash Loan
GAGAN RICE: CARE Assigns B+ Rating on INR7.32cr LT Loan
HARSH POLYMERS: CARE Assigns B+ Rating to INR10.83cr LT Loan

HARYANA SURAJ: CRISIL Suspends D Rating on INR70MM Cash Credit
HUBTOWN BUS: CARE Reaffirms B Rating on INR50cr LT Bank Loan
IMPRINT VINIMAY: ICRA Cuts Rating on INR22.5cr Demand Loan to D
INNOVA CHILDREN'S: ICRA Reaffirms D Rating on INR11cr Term Loan
K.P.SAHA PRIVATE: ICRA Reaffirms B+ Rating on INR2.69cr Term Loan

KINGFISHER AIRLINES: Plea vs. INR372cr Tax Demand Rejected
KVS INTERNATIONAL: CARE Reaffirms D Rating on INR10cr ST Loan
LUCASO CERAMIC: CARE Assigns B+ Rating to INR5.37cr LT Loan
MAHARAJA PAPER: CARE Assigns B Rating to INR12cr LT Bank Loan
MDP ENTERPRISES: CARE Cuts Rating on INR11.86cr LT Bank Loan to D

MILESTONE MERCHANDISE: CARE Reaffirms B Rating on INR15r LT Loan
N.H.MATCON: CARE Lowers Rating on INR28cr LT Loan to D
NIDHI MERCANTILES: CARE Reaffirms B+ Rating on INR1.12cr LT Loan
NIRWANA HOTELS: ICRA Reaffirms B Rating on INR6.61cr Term Loan
PARAMOUNT RICE: ICRA Reaffirms B+ Rating on INR15cr LT Loan

PATNI ENTERPRISES: CARE Reaffirms B+ Rating on INR4cr LT Loan
PERIYAR CEMENTS: CRISIL Reaffirms D Rating on INR43MM LT Loan
PRATAP WAHINI: CARE Reaffirms B+ Rating on INR3.58cr LT Loan
PRECISION AUTO: ICRA Cuts Rating on INR13.50cr Loan to B+
RADHEYA MACHINING: CRISIL Reaffirms B Rating on INR350MM Loan

RALCO STEELS: CRISIL Suspends D Rating on INR400MM Cash Loan
ROHIT FABTEX: ICRA Assigns B+ Rating to INR7cr LT Fund Based Loan
SAGAR METALLICS: ICRA Reaffirms B Rating on INR11cr Cash Loan
SAJJALA WOVEN: CARE Assigns D Rating to INR9.48cr LT Bank Loan
SANGHVI FORGING: CARE Lowers Rating on INR129.86cr LT Loan to D

SANGINI CORPORATION: CARE Assigns B Rating to INR10cr LT Loan
SATNAM RICE: CARE Reaffirms B+ Rating on INR15cr LT Loan
SHIVAKS IMPEX: CARE Reaffirms D Rating on INR10cr ST Loan
SHIVEK LABS: CARE Lowers Rating on INR38.07cr LT Loan to D
SRI VENKATESWARA: ICRA Suspends B+ Rating on INR14cr Bank Loan

SRI VENKATESWARA MECHANICAL: ICRA Suspends B+/A4 Loan Rating
SRI VENKATRAMALINGESWARA: ICRA Suspends 'B' INR5.35cr Loan Rating
SUFI STRUCTURAL: CRISIL Reaffirms C Rating on INR60MM Cash Loan
SUPER MULTICOLOR: CARE Lowers Rating on INR55.7cr Loan to 'D'
SVAS INFRA: ICRA Suspends B- Rating on INR28cr Bank Loan

SWEET CERAMIC: CRISIL Reaffirms B+ Rating on INR97.5cr Loan
VEDANTA RESOURCES: S&P Lowers CCR to 'BB-'; Outlook Negative
WESTERN LUMBERS: CARE Cuts Rating on INR46.25cr Loan to D


I N D O N E S I A

GAJAH TUNGGAL: Moody's Says 2014 Fin'l. Results Support B2 CFR
MEDIA NUSANTARA: 2014 Results Can be Accomodated in Ba3 Rating
MNC SKY VISION: Moody's Says Weak 2014 Performance is Credit Neg.


N E W  Z E A L A N D

CK HOSPITALITY: Masala Restaurants Fined Again for Exploitation
SHANTON FASHIONS: Back to Owners' Hands; Future Remains Uncertain
VERITAS INVESTMENTS: Mad Butcher Failure 'Coincidence of Timing'


                            - - - - -


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A U S T R A L I A
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ATLAS IRON: S&P Cuts CCR to 'CCC' & Puts on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on Australian iron ore miner Atlas Iron
Ltd. and the company's senior secured debt to 'CCC' from 'B-'.  At
the same time, S&P placed all ratings on CreditWatch with negative
implications.  The recovery rating on the senior secured debt
remains at the lower end of '3'.

"The downgrade reflects our concerns that the recent rapid fall in
iron ore prices could significantly weaken Atlas Iron's liquidity
position," Standard & Poor's credit analyst May Zhong said.  "We
expect the company to generate losses and negative free operating
cash flows in the current quarter ended March 31, 2015."

As a result, the company would have to draw down its cash holding
(A$169 million at Dec. 31, 2014) to fund its interest payment,
working capital, and capital expenditure.  Although S&P believes
Atlas Iron should have sufficient liquidity to fund its interest
payment due in June 2015, failure to arrest the negative earnings
trend could quickly deplete its cash holding within the next 12
months.

In S&P's opinion, Atlas Iron will be making cash losses at its
current cost position at current iron ore prices--which have
plunged to US$47.50 per dry metric ton based on Platt's 62% index-
-and the Australian dollar remaining at US$0.76.  S&P estimates
that the company's all-in breakeven cost is between the high
US$50s and low US$60s per dry metric ton on a 62% index basis.  As
such, S&P has also revised Atlas Iron's business risk profile to
"vulnerable" from "weak."  In S&P's view, a structural improvement
in Atlas Iron's cost profile is key to its operating efficiency
and its ability to ride out the iron ore downcycle.

As a result of the rapid fall in iron ore prices, Atlas Iron
announced a review of its business.  The company requested a
voluntary suspension in share trading pending the outcome of an
extensive review of the company's operations, financial outlook,
asset sale opportunities, and capital structure.

Ms. Zhong added: "We will resolve the CreditWatch placement in the
next few weeks following the outcome of Atlas Iron's extensive
review, and after we have assessed the rating implications on the
company.  We will also review the company's recovery prospects on
its rated debt following the completion of the strategic review."


ATLAS IRON: Facing Debt Challenge, Analysts Say
-----------------------------------------------
Prashant Mehra at Business Spectator reports that Atlas Iron will
find it hard to sell assets given the plunge in the price of iron
ore, which has forced it to review its business, analysts said.

Business Spectator relates that the warning came as Standard &
Poor's Ratings Service cut Atlas Iron's corporate credit rating to
"CCC" from "B-", while also placing all ratings on CreditWatch
with negative implications.

According to the report, the miner on April 7 went into a
voluntary trading suspension, saying the "the extent and pace" of
the plunge in the iron ore price had forced it to undertake a
comprehensive review of its business.

Atlas, which was once valued at AUD4 billion, has seen its shares
dive 88 per cent in the past 12 months, as the price of iron ore
has dropped below US$50, the report notes.

"Securing a sale price high enough to repay its debt could be
difficult given the poor sentiment for iron ore," Macquarie
analysts said in a client note, Business Spectator relays.

Business Spectator adds that analysts estimated Atlas Iron's
assets need iron ore prices at US$58 a tonne to break even and the
miner would need to cut costs by 20 per cent to break even at
current iron ore prices. The company is losing around
AUD40 million a quarter currently, according to the report.

The report says Atlas is looking increasingly unable to repay a
US$270 million (AUD350 million) debt facility due to mature in
late 2017, and the US financiers who hold the debt facility notes
are understood to be agitating for action.

Standard & Poor's said its downgrade reflected concerns the iron
ore price plunge could "significantly weaken" Atlas Iron's
liquidity position, the report relays.

"We expect the company to generate losses and negative free
operating cash flows in the current quarter ended March 31, 2015,"
the report quotes Standard & Poor's as saying.

                         About Atlas Iron

Australia-based Atlas Iron Limited Atlas Iron Limited (ASX:AGO)
-- http://www.atlasiron.com.au/-- engages in exploration,
development, mining and sale of iron ore. The Company is focused
on the development and feasibility of its Horizon 2 projects,
which include McPhee Creek.


CRESTAL PETROLEUM: First Creditors' Meeting Set For April 15
------------------------------------------------------------
Ozem Kassem, Mark Hutchins and Jason Tang of Cor Cordis were
appointed as administrators of Crestal Petroleum Limited on April
1, 2015.

A first meeting of the creditors of the Company will be held at
Hotel Richmond, 128 Rundle Mall, in Adelaide, on April 15, 2015,
at 11:30 a.m.


HALLY CONCRETING: First Creditors' Meeting Set For April 16
-----------------------------------------------------------
Blair Pleash & Anne-Marie Barley of Hall Chadwick were appointed
as administrators of Hally Concreting Pty Ltd on April 2, 2015.

A first meeting of the creditors of the Company will be held at
the Offices of Hall Chadwick Chartered Accountants, Level 12,
144 Edward Street, in Brisbane, Queensland, on April 16, 2015, at
10:30 a.m.


LS NEWCO: S&P Assigns 'BB+' Rating; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' rating to Australian and New Zealand telecommunication and
infrastructure services provider LS Newco Pty Ltd.  The outlook on
the rating is stable.  At the same time, S&P assigned 'BB+'
ratings to the company's proposed term loan B (TLB) and revolving
credit facility (RCF) with recovery ratings of '4H'.

"The rating on LS Newco reflects our view of the company's leading
position in the niche telecommunication services markets in
Australia and New Zealand, good position within the outsourced
infrastructure operations and maintenance (O&M) market, and
moderately conservative financial policies," Standard & Poor's
credit analyst Graeme Ferguson said.  "However, the company's
small scale and limited diversity compared to peers, and ownership
by a financial sponsor constrain the rating.  We assess LS Newco
to be "moderately strategic" to its joint owner Leighton Holdings
Ltd."

In S&P's view, LS Newco has a "fair" business risk profile,
underpinned by its position as the outright leader in the niche
Australian and New Zealand telecommunication services markets and
its good position within the outsourced O&M market.  Under the
'Visionstream' brand, LS Newco benefits from a strong incumbent
position as a key service provider to the owners of Australia's
and New Zealand's telecommunication infrastructure.  In S&P's
opinion, the company's capability to perform more specialized
tasks within this market segment and its strong incumbent position
provide it with moderate barriers to entry.

Under the 'Infrastructure Services' division, LS Newco has a good
position within the outsourced O&M market covering a broad range
of services.  In S&P's view, LS Newco is well positioned to
capitalize on the ongoing trend toward outsourcing from the
corporate and government sectors.

In S&P's opinion, weighing down LS Newco's overall business risk
profile is its limited scale compared to other engineering and
construction (E&C) and business services contractors.  In
addition, its earnings is weighted toward the telecommunication
services segment, which limits S&P's assessment of LS Newco's
diversity compared to similarly rated peers.

LS Newco's "significant" financial risk profile is a constraint on
the ratings and reflects the company's 50% ownership by a
financial sponsor through funds controlled by Apollo Global
Management LLC (Apollo).  However, S&P views Apollo's ownership of
LS Newco as characteristically different to typical private-equity
transactions, particularly given its joint shareholding with
Leighton Holdings Ltd. (Leighton).  S&P notes that the business
was not in distress and accept that Leighton's decision to partner
with Apollo was motivated by the former's view that Apollo has an
established track record in corporate carve-out transactions and
performance improvement.

Mr. Ferguson added: "The stable outlook reflects our view that LS
Newco will achieve modest contract growth and improved
productivity while maintaining its strong market position,
particularly within the telecommunication services sector.  We
also expect the company's lease-adjusted EBITDA margin will
approach 10% over the next two years, and that its working capital
requirements will not require significant funding needs."

S&P's classification of LS Newco as a financial sponsor-controlled
company caps the financial risk profile at the "significant"
category.  S&P expects the company to operate with adjusted funds
from operations (FFO)-to-debt comfortably more than 20% and
adjusted debt-to-EBITDA of less than 4x.

S&P views LS Newco as part of Leighton's group credit profile,
which itself is an insulated subsidiary of the broader Grupo ACS
group.  S&P assess LS Newco as being "moderately strategic" to
Leighton.  S&P believes that it is unlikely that Leighton will
sell down its 50% interest in the near term, that it will likely
provide financial support should LS Newco encounter financial
difficulty, and that LS Newco has reasonable medium-term
prospects.

Downward rating movement could occur due to a weakening in LS
Newco's earnings or cash flow metrics, in particular if S&P
perceives financial risk appetite to have increased.  Downward
rating pressure could also arise if there is a reduction in volume
or scope of work, or there is underperformance of key NBN
contracts, without being offset by new earnings streams elsewhere.
Although S&P considers it unlikely, negative rating pressure could
also arise from a sizable debt-funded acquisition, large dividend
payments or equity capital returns to the two shareholders that
materially increase the group's financial risk.

S&P could also lower the rating if it no longer views LS Newco as
"moderately strategic" to Leighton or if the corporate credit
rating on Leighton were lowered to 'BB+'.  This could be as a
result of a deterioration of Leighton's stand-alone credit quality
or worsening of the Grupo ACS's group credit profile that affected
our overall view of Leighton's creditworthiness.

LS Newco's classification as a financial sponsor-controlled
company is a constraint on the rating.  To this end, improved
credit metrics are unlikely to prompt upward rating action while
the financial sponsor exercises joint control.  A material equity
sell-down and reduced board influence by the group's private
equity owners, coupled with financial policies consistent with
adjusted debt-to-EBITDA less than 2x and adjusted free operating
cash flow-to-debt greater than 25%, may trigger an upward rating
action.  While less likely, S&P may consider a higher rating under
the existing ownership structure if, over the long term, increased
scale, enhanced market position, and sustainably improved margins
support a "satisfactory" business risk profile.


MISSCHU PTY: Nahji Chu Buys Business Back Out of Administration
---------------------------------------------------------------
Cara Waters at SmartCompany reports that troubled Vietnamese
restaurant chain Miss Chu has been sold to a company controlled by
Miss Chu founder Nahji Chu for an undisclosed price.

KordaMentha confirmed the sale of the Miss Chu business to MissChu
Holdings, a company controlled by the Mawson Group and Nahji Chu,
according to the report.

Rahul Goyal and Janna Robertson of Korda Mentha were appointed as
administrators of Miss Chu in December last year, SmartCompany
notes.

The Miss Chu business operates six retail tuckshops and a catering
business in New South Wales and at its height it was turning over
AUD20 million a year.

The Melbourne MissChu businesses were not affected by the
voluntary administration and the London store closed in January,
the report says.

According to SmartCompany, Ms. Chu fought hard to save her
business, launching a #weneedchu campaign on social media in an
attempt to keep her business afloat.

She has previously blamed the Australian Tax Office for the
collapse of Miss Chu, an allegation the ATO strongly disputed, the
report notes.

According to the report, the sale to Chu followed what KordaMentha
described as an "extensive marketing campaign" where approximately
60 expressions of interest were received.

The report says KordaMentha sought final offers from the preferred
bidders and proceeded to accept the best offer that was able to be
completed.  The settlement is due to take place in about 15
business days.

SmartCompany relates that Mr. Goyal said in a statement that the
administrators conducted an "extensive marketing campaign".

"KordaMentha conducted a broad sale process, and we are pleased
that the business can continue as a going concern and that jobs
could be preserved," the report quotes Mr. Goyal as saying.

SmartCompany adds that Mr. Goyal said a scheduled report to
creditors and second meeting of creditors will provide further
information on the likely outcome for unsecured creditors and
employees from the administration.

Sixty employees were terminated in January, the report notes.

KordaMentha said all the New South Wales outlets would remain
open, adds SmartCompany.


PARVA INVESTMENTS: First Creditors' Meeting Set For April 16
------------------------------------------------------------
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Parva Investments Pty Ltd, trading
as Autobarn Ballarat, on April 7, 2015.

A first meeting of the creditors of the Company will be held at
The offices of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn
East, on April 16, 2015, at 10:00 a.m.


RAPTIS GROUP: To Resume Trading on Australia Stock Exchange
-----------------------------------------------------------
Jenny Rogers at Gold Coast Bulletin reports that veteran Gold
Coast developer Jim Raptis' Raptis Group is set for its third
phoenix-like rise from the ashes of financial disaster.

According to the report, Mr. Raptis said the company intended to
resume trading on the Australian Stock Exchange after an almost
seven-year absence from the bourse.

The Bulletin relates that the chairman of the twice-collapsed
Raptis Group said it has successfully reduced an Australian Tax
Office claim of AUD29.38 million to just AUD6.

He said the company's administrators are ready to distribute
40 million Raptis Group shares they hold in trust, the report
says.

The Bulletin notes that shareholders also have arranged to
underwrite a rights issue to raise AUD1 million cash to provide
the company with working capital.

Mr. Raptis said an undisclosed development project is available to
the company to recommence operations, the Bulletin relays.

The Bulletin notes that the Raptis Group last traded on Sept. 12,
2008.

The company was delisted from the stock exchange owing creditors
about AUD1 billion, the group's second collapse in less than two
decades, the report adds.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AUD940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AUD1 billion in total
liabilities.

The TCR-AP, citing The Australian, reported on April 2, 2009,
that Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31, 2009, by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.



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KAISA GROUP: Woes Persist Despite Removal of Shenzhen Sales Ban
---------------------------------------------------------------
Langi Chiang at The South China Morning Post reports that Shenzhen
authorities have started to lift the sales ban against projects by
Kaisa Group Holdings, but troubles are far from over for the
developer.

SCMP says the city restricted Kaisa from selling thousands of
flats four months ago, which quickly pushed the developer to the
brink of bankruptcy as its cash flow evaporated.

According to the report, the local government's website on
April 7 showed most of the unsold flats were labelled as "frozen
by court" instead of the previous "restricted by the housing
bureau".

Neither the government nor the company has explained the latest
change, just as they have never said why the restriction was
imposed, the report states.

Such a ban was unprecedented in the mainland's property industry,
the report notes. SCMP relates that media reports said Kaisa was
under investigation for its close relations to disgraced former
senior officials in President Xi Jinping's anti-graft campaign.

"It means no change to offshore creditors as they still have no
access to Kaisa's assets, inferior to onshore creditors," the
report quotes Matthew Kong, an analyst at Standard & Poor's, as
saying.

Kaisa last week missed the deadline to file its earnings for last
year because auditors require more time to ascertain the
developer's cash flow, the report recalls.

SCMP says Sun Hongbin, the chairman of rival Sunac China Holdings,
who proposed to acquire Kaisa in February, warned creditors on
March 24 of worse-than-expected results and urged them to
cooperate in order to finish Kaisa's debt restructuring as soon as
possible. Otherwise, Sunac will walk away from the deal.

"Every project is used as collateral to multiple banks - 24 in one
extreme case," Sun told reporters, adding that lifting the sales
ban would not help relieve Kaisa's cash strain as it would still
be unable to sell the projects, SCMP relays.

The report notes that removal of the sales restriction and a
successful debt overhaul are preconditions for Sunac to buy
49.3 per cent of the Kaisa stake held by former chairman Kwok
Ying-shing's family trust for HK$4.55 billion. It will also buy
the rest of Kaisa's shares it does not own at HK$1.80 each.

Investors still want to know what role the Shenzhen government
plays in arranging an end to Kaisa's troubles and whether it
supports a takeover by Sunac, the report says.

According to SCMP, time is running out as Kaisa nears the end of a
one-month grace period to remedy its failed interest payment for
two notes next week. If it fails again as Sun predicted, the
company will become the mainland's third debt defaulter after
Shanghai Chaori Solar Energy Science & Technology and internet
firm Cloud Live Technology Group, the report states.

SCMP notes that Kaisa narrowly escaped a default on an interest
payment earlier this year, which froze the offshore bond market
for mainland developers in January.

The developer had US$2.5 billion in offshore debt and US$7.6
billion in domestic debt at the end of last year. It was facing 80
pending legal cases on the mainland, the report discloses.

Last month, overseas bondholders rejected Kaisa's proposal to
extend maturity by five more years and cut coupon rates by up to
66 per cent, SCMP recalls. Onshore creditors have yet to agree on
a similar haircut plan.

                         About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on March
9, 2015, Moody's Investors Service said that Kaisa Group Holdings
Ltd's proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings.  The
transaction will also help reduce near-term liquidity stress.  The
ratings remain under review for upgrade.

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

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

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



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AGARTALA RUBBER: ICRA Suspends D Rating on INR10cr Cash Credit
--------------------------------------------------------------
ICRA has suspended [ICRA] D rating assigned to the INR2.83 crore
term loan, INR10.00 crore cash credit limits, INR3 crore
interchangeable limits and INR1.80 crore non-fund based limits of
Agartala Rubber Industry. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


ANUPAM HOME: CRISIL Assigns B+ Rating to INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Anupam Home Appliances - Sirmour (AHA; part
of the Anupam group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit      2.5        CRISIL A4
   Bank Guarantee        7.5        CRISIL A4
   Cash Credit          50.0        CRISIL B+/Stable

The ratings reflect the Anupam group's working-capital-intensive
and modest scale of operations. These rating weaknesses are offset
by the group's average financial risk profile marked by average
gearing and moderate net worth and the long-standing presence of
its promoters in the consumer durable industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AHA and its group company Knight Queen
Industries Pvt Ltd (KQIPL). This is because the two entities,
together referred to herein as the Anupam group share a common
management, operations and marketing network.

Outlook: Stable

CRISIL believes that Anupam group will maintain its business
profile over the medium term backed by established relationship
with its customers and suppliers. The outlook may be revised to
'Positive' in case of improvement in its working capital
management or an improvement in the group's capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial profile as a result of
higher-than-expected increase in working capital requirements or
decline in profitability as a result of significant price
volatility of raw material.

Set up in 1984, as a partnership firm, AHA manufactures hurricane
lantern, liquid petroleum gas (LPG) stove, kerosene-wick stove,
LPG geyser, pressure cooker, LED lamps. The group has its
manufacturing facility in Himachal Pradesh and sells its lantern
under the brand name 'Everyday'.

Set up in 1985-86, KQIPL manufactures mosquito repellents like
refills, mats, liquid vaporiser machine and coils. KQIPL also
manufactures LPG stove and pressure cookers. KQIPL sells its
repellent under the 'Knight Queen' brand and the remaining
products under the '3H' brand.


BHALKESHWAR SUGARS: ICRA Raises Rating on INR95.5cr Loan to C-
--------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C- from ICRA]D
for INR95.50 crore term loans of Bhalkeshwar Sugars Limited.

                          Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Term Loan                 95.50        [ICRA]C-; Upgraded

The rating action factors in timely servicing of debt obligations
by BSL during the last three months, due to improved generation of
cash flows in BSL following commencement of the first full year of
crushing operations.

The rating, however continues to be constrained by the exposure of
BSL's operations to agro climatic risk on cane availability, high
regulatory risk inherent in sugar sector and leveraged funding of
the project. The rating is also constrained by the high cane costs
which coupled with the current low sugar realizations are likely
to put pressure on the profitability of the company. Further, the
debt repayment burden remains high and the company's ability to
service its debt obligations critically depends on achieving
healthy capacity utilization (~90%) and healthy contribution
margins. ICRA however, notes the strengths of the company
including integrated nature of operations with cogen unit which is
expected to provide cushion to profitability during cyclical
downturn in the sugar industry, FRP linked sugarcane payments in
Karnataka which insulates in case of downturn in sugar price and
the long experience of promoter and key management personnel in
the sugar sector.

Going forward, the company's ability to achieve adequate operating
parameters (healthy capacity utilization, adequate crushing
volumes, recovery rates and contribution margins), improve its
liquidity position and ensure timely servicing of debt will be the
key rating drivers.

Bhalkeshwar Sugars Limited (BSL) was incorporated in 2000 and is
promoted by Mr. Prakash Khandre. The company is setting up a sugar
plant in Bhalki in Bidar district of North Karnataka. The first
phase of the project is started operations in January 2014, at an
effective project cost of INR147.87 crore. In this first phase,
BSL has commissioned 2500 TCD sugar plant and 14 MW cogeneration
unit, while in the second phase it has plans to expand the sugar
capacity to 5000 TCD and cogen capacity to 30 MW.


BHARAT RICE: CRISIL Places 'B' Rating on INR70MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Bharat Rice Mills (BRM). The rating reflects BRM's
weak financial risk profile marked by high gearing and weak debt
protection metrics, and small scale of operations in a highly
fragmented and competitive industry. These rating weaknesses are
partially offset by BRM's partners' extensive industry experience.

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

Outlook: Stable

CRISIL believes that BRM will continue to benefit from its
partners' extensive experience in the rice mill business, over the
medium term. The outlook may be revised to 'Positive' in case of
significant improvement in its scale of operations and its
profitability, leading to improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
any deterioration in its working capital management, or if it
undertakes a larger-than-expected debt-funded capex programme,
leading to further weakening in its financial risk profile.

BRM, incorporated in 1997 as a partnership firm, is engaged into
milling, processing & selling of basmati and non-basmati rice and
its by-products. The firm is into local as well as export selling
of products. The partnership is maintained between Mr. Sandeep and
Mr. Rakesh.


D.V. EXPORTS: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B+ to the
INR20.00 crore long-term fund based bank facilities of D.V.
Exports.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit               10.00       [ICRA]B+, reaffirmed
   EPC/FBP/FBN/FOBNLC        10.00       [ICRA]B+, reaffirmed

The rating reaffirmation continues to take into consideration the
long experience of the promoters in the cotton business proximity
of the firm to the cotton producing belt of Gujarat, Maharashtra
and Madhya Pradesh resulting in easy access to raw materials and
operational support available being a part of the Manjeet Cotton
group (Manjeet Cotton Private Limited, the flagship company of the
group, is rated [ICRA] BBB- (Stable)/ [ICRA] A3).

The rating is, however, constrained by the susceptibility of
revenue growth to volatility in cotton prices; volatile operating
profitability on account of nature of trading business undertaken;
high working capital requirements, particularly in the second half
of the financial year, inherent to the seasonal nature of business
and restricted financial flexibility on account of stretched
capital structure and modest debt coverage indicators. Going
forward, improvement in profitability indicators, liquidity and
capital structure would be the key rating sensitivity.

DV Exports is a proprietorship concern of Mr. Rajpal Singh S/o
Bhupendra Singh Rajpal, who also holds directorship of Manjeet
Cotton Private Limited, with operations purely in cotton trading.
The firm is a part of Manjeet Cotton Group which consists of
various companies and firms engaged in cotton ginning, cotton
pressing and cotton trading activities. The promoters and other
family concerns are in the various levels of the cotton value
chain and well supported by the Manjeet group which is a
dominant player in cotton trading and ginning business in central
India.

Recent Results
As per audited financials for FY14, the company reported a Profit
after Tax of INR2.6 crore on an Operating Income (OI) of INR76.0
crore. As per the unaudited interim results for 9M FY15, the firm
has reported a net loss of PAT of INR2.2 crore on an OI of INR51.2
crore.


DHIRENDRA NARAYAN: ICRA Reaffirms B Rating on INR0.70cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B to the
INR0.70 crore working capital loan and INR0.30 crore term loans of
Dhirendra Narayan Cold Storage Pvt. Ltd.  ICRA has also re-
affirmed the short term rating of [ICRA]A4 to the INR4.36 crore
seasonal cash credit facility of DNCS.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Seasonal Cash Credit     4.36       [ICRA]A4 re-affirmed
   Working Capital Loan     0.70       [ICRA]B re-affirmed
   Term Loan                0.30       [ICRA]B re-affirmed

The ratings reaffirmation take into account DNCS's adverse capital
structure, depressed coverage indicators, high working capital
intensive nature of operations on account of upfront advances to
be extended to the farmers at the time of loading of potatoes,
which in turn keeps the gearing at a high level. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on increase in operating costs in a
timely manner, leading, in turn, to downward pressures on
profitability and DNCS's exposure to agro-climatic risks, with its
business performance being entirely dependent upon a single agro
commodity, i.e. potato.

Further, ICRA notes that the loans extended to farmers by DNCS may
lead to delinquency, if potato prices fall to a low level. The
rating, however, derives support from the long track record of the
promoters in the management of cold storages, and the locational
advantage of DNCS by way of presence of its cold storage units in
West Bengal, a state with large potato production and the recent
increase in rental by the State Government which is likely to
provide cushion to the profitability of the company in the near to
medium term.

Incorporated in 1971, DNCS is promoted by the Saha and the Shaw
family. It is located in the Hooghly district of West Bengal and
is primarily engaged in the business of storage and preservation
of potatoes. Currently, DNCS has an annual storage capacity of
20,800 tonne.

Recent Results
In FY14, DNCS reported a net profit of INR0.06 crore on the back
of an operating income (OI) of INR2.37 crore, as compared to a net
profit of INR0.02 crore on the back of an OI of INR2.10 crore in
FY13.


DHURIA RICE: ICRA Reaffirms B Rating on INR6cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B to the INR6.00
crore fund based bank facilities of Dhuria Rice Mills.

                          Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund
   Based Limits              6.00       [ICRA]B; reaffirmed

The reaffirmation of the ratings continues to be constrained by
company's weak credit profile as reflected by high gearing arising
out of substantial debt funding of large working capital
requirements and poor coverage indicators due to high interest
cost burden. The capital structure of the company is expected to
remain highly leveraged on account of enhancement in the working
capital borrowings of the firm.

The rating also takes into account the decline in profitability
margins at the operating and net levels due to high intensity of
competition in the rice milling industry, recent slowdown in the
demand for rice in the market and agro climatic risks which can
affect the availability of paddy in adverse weather conditions.
The ratings however, favorably takes into account extensive
experience of promoters with long standing relationships with
several customers and suppliers, and proximity of the mill to
major rice growing area which results in easy availability of
paddy.

DRM was established in 1978 as a partnership firm with Ashok
Kumar, Krishna Devi and Surinder Kumar as partners. In the year
2007 partnership was re-constituted with Mr. Arun Kumar, Mr. Ashok
Kumar and Krishna Devi as partners. In 2012 the partnership firm
was reconstituted again with Mr. Ashok Kumar and Mr. Arun Kumar as
partners in equal ratios. DRM is engaged in the processing and
trading of non basmati rice in the domestic markets. The head
office as well as the manufacturing plant of the company is
located at Fazilka, Punjab with a milling capacity of 2 tonnes per
hour of paddy.

Recent Results
DRM reported a net profit of INR0.07 crore on an operating income
of INR24.32 crore for 2013-14 and a net profit of INR0.06 crore on
an operating income of INR17.39 crore for the previous year.


FUTURE VISION: CRISIL Reaffirms B Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Future Vision
Corporation (FVC) continues to reflect FVC's weak financial risk
profile, marked by a modest net worth and high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive experience of FVC's partners
in the mobile phone dealership business, and the firm's efficient
working capital management.

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

Outlook: Stable

CRISIL believes that FVC will continue to benefit over the medium
term from its partners' extensive business experience. The outlook
may be revised to 'Positive' if the firm registers significant and
sustainable growth in cash accruals generated, leading to
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in FVC's revenue or profitability, or a significant
stretch in its working capital cycle, resulting in further
weakening of its financial risk profile, particularly its
liquidity.

FVC, set up in 2008, is a proprietorship firm of Mr. Deepak Patel.
It is a distributor of the Samsung brand of mobile handsets and
accessories in the Indore region of Madhya Pradesh. The firm is
part of the P Patel group, which has interests in varied sectors
such as automobile dealership, paint distribution, and financial
services, among others.

FVC reported a profit after tax (PAT) of INR0.07 million on an
operating income of INR738.2 million for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.05
million on an operating income of INR644.2 million for 2012-13.


GAGAN RICE: CARE Assigns B+ Rating on INR7.32cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gagan Rice
Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.32      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Gagan Rice Mills
(GRM) is primarily constrained by its small and fluctuating 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, draws strength from the experienced partners
and family members in the agro-processing industry and proximity
of its processing unit to the paddy-growing areas. Going forward,
GRM'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.

GRM was initially established as a proprietorship firm in 2006 by
Mr Joginder Pal. Later on in September 2014, the firm changed its
constitution to a partnership firm with Mr Gagan Goel and Mr
Abhishek Goel joining in as partners 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 18,000
metric ton per annum (MTPA) as on March 31, 2014. The processing
facility is located at Karnal, Haryana. GRM procures paddy from
local grain markets through dealers and agents mainly from the
state of Haryana. GRM sells its product in Northern India, viz,
Haryana, Himachal, Delhi, Rajasthan and Uttar Pradesh through
commission agents.

For FY14 (refers to the period April 01 to March 31), GRM achieved
a total operating income (TOI) of INR23.04 crore with net profit
of INR0.06 crore as compared with TOI of INR11.69 crore and net
profit of INR0.05 crore during FY13. The firm has achieved total
income of INR27 crore till February 28, 2015.


HARSH POLYMERS: CARE Assigns B+ Rating to INR10.83cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Harsh
Polymers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.83       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale The rating assigned to the bank facilities of
Harsh Polymers (HPS) is constrained on account of the nascent
stage of operations of the firm, leveraged capital structure,
susceptibility of operating margins to fluctuation in raw material
prices and presence in highly fragmented and competitive industry.
The rating is further constrained on account of constitution of
the entity as a partnership firm.

The rating, however, draws support from the experience of the
partners and stable outlook for the plastic packaging industry.

The ability of the firm to scale up the operations along with
improvement in profitability and efficient management of the
working capital are the key rating sensitivities.

Established in the year 2012, HPS is promoted by Mr Netaji Yadav
along with his wife Mrs Manisha Yadav. HPS is engaged in the
manufacturing of polypropylene (PP) sacks and commenced with its
commercial operations from January 2014. The firm has its
manufacturing unit located in Sangli, Maharashtra, with an
installed capacity to manufacture about 3,600 metric tonnes of PP
sacks per annum.

PP sacks are used as packaging material for food grains, cement,
sand, chemicals and others. The firm sells its products to various
sugar and cement companies in the state of Maharashtra.
Furthermore, some proportion is also sold to traders, who in turn
sell to the end users. HPS manufactures these woven bags in
standard/customised specifications as provided by these customers.
The key raw material required for manufacturing of PP sacks is
plastic granules and the same is procured from Reliance Industries
Limited (RIL) and other traders.

During FY14, HPS earned a PAT of INR0.27 crore on a total income
of INR4.27 crore.


HARYANA SURAJ: CRISIL Suspends D Rating on INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Haryana Suraj Maltings Limited (HSML).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Cash Credit                   20        CRISIL D
   Proposed Cash Credit Limit    70        CRISIL D
   Working Capital Term Loan     50        CRISIL D

The suspension of rating is on account of non-cooperation by HSML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HSML is yet to
provide adequate information to enable CRISIL to assess HSML's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Incorporated in 1990, HSML manufactures barley malts. It is
promoted by Mr. Mukesh Aggarwal and his family members. The
company has its manufacturing facility at Rewari (Haryana).


HUBTOWN BUS: CARE Reaffirms B Rating on INR50cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Hubtown
Bus Terminal (Adajan) Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities    50.00       CARE B Re-affirmed

Rating Rationale
The rating assigned to the long-term bank facilities of Hubtown
Bus Terminal (Adajan) Pvt Ltd [HBTAPL] continue to be constrained
by significant execution risk due to early stage of development of
saleable area and sales risk for the saleable component in the
present subdued market scenario for real estate sector.

The rating, however, derives strength from the promoters'
experience in the real estate industry, the prime location of the
project and significant construction progress achieved in case of
bus terminal facility (BTF).

The ability of the company to complete the project as per
schedule, achieve the projected sales and mobilise the required
customer advances for the project constitute the key rating
sensitivities.

HBTAPL is a special purpose vehicle formed by Hubtown Ltd.
(formerly known as Akruti City Ltd) with an objective to develop
bus terminal at Adajan, Surat, Gujarat, as per the concession
agreement with Gujarat State Road Transport Corporation (GSRTC).

The Hubtown group is in the business of developing real estate
since two decades. The group commenced operations with the
incorporation of Akruti Nirman Private Limited (ANPL) in February
1989. ANPL was subsequently converted into a public limited
company in April 2002 and renamed as Hubtown Ltd in 2012.

GSRTC floated a tender for the redevelopment of bus terminal at
Adajan (Surat) in 2007. The Hubtown group was allotted the
development rights of the said bus terminal project and the same
is being executed through HBTAPL.

The project under HBTAPL, which comprises development of the bus
terminal facility (BTF) of 0.86 lacs sq.ft (lsf) and other
saleable area (residential and commercial area) of 5.56 lsf, is
located in a prime location of the city, Surat. The saleable area
of the project to be developed is named 'Hubtown Joyos'. The total
cost of the project is estimated at INR147.46 crore.


IMPRINT VINIMAY: ICRA Cuts Rating on INR22.5cr Demand Loan to D
---------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR22.50 crore fund based bank facilities of Imprint Vinimay
Private Limited from [ICRA]BB- to [ICRA]D.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         22.50      [ICRA]D downgraded
   (Demand Loan)

The downward revision in the rating primarily takes into account
IVPL's unsatisfactory track record of timely servicing of debt
obligations due to stretched liquidity position. The rating also
takes into consideration the delay witnessed in implementation of
the project; ICRA notes that the company has significant debt
service obligations in the near term which, in the absence of
sufficient collection of customer advance is likely to lead to
cash flow mismatches. The rating, however, continues to
consider the experience of the promoters in the real estate
business, the favourable location of the upcoming residential
complex at the heart of Siliguri, West Bengal, with good road
connectivity to airport, railway station and other parts of the
city, which strengthens project attractiveness, and low
regulatory risks associated with the project as the company has
obtained most of the statutory approvals for the entire project.

ICRA also notes that a significant portion of the property has
already been booked by the customers, which reduces off-take risk
associated with the project. Nevertheless, real estate sector
remains susceptible to the economic cycles, which along with
intense competition from other players in the region and timely
receipt of customer advance/ proceeds from sale of property
remains critical.

Incorporated in 2005 by the promoters of SBM Group, IVPL is
currently developing a residential complex at Siliguri, West
Bengal. The proposed residential tower 'SBM Height' would house
eighty eight residential flats and one duplex flat in a ground +
11 storey building along with other amenities like, car parking
space, swimming pool, temple, club house, park, landscaped garden,
security systems etc. Currently, the project is scheduled to be
completed by June 2015.


INNOVA CHILDREN'S: ICRA Reaffirms D Rating on INR11cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
INR11.00 crore term loan and INR4.00 crore cash credit facility of
Innova Children's Heart Hospital Private Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based Limit-
   Cash Credit                4.00        [ICRA]D; Reaffirmed

   Fund Based Limit-
   Term Loan                 11.00        [ICRA]D; Reaffirmed

The reaffirmation of the rating takes into account the continued
delays in the debt servicing obligations by ICHHPL owing to
stretched liquidity profile on account of significant build up of
receivables related to patients treated under the Arogyasri
Scheme. The rating continues to be constrained by ICHHPL's
weak financial profile characterized by losses at net level,
leveraged capital structure and weak debt coverage indicators in
FY2014. The rating is further constrained by high competition in
healthcare industry leading to high attrition rate of
consultants/doctors. However, ICRA draws comfort from the
experienced and well reputed promoters/doctors especially Dr. K.
S. Murthy, and the gradual increase revenue from other divisions
which includes adult cardiac surgery, orthopedic and supported by
increase in outpatients consultation on account of increasing
popularity of the hospital.

Going forward, improvement in the liquidity position and timely
servicing of debt obligations by the company are the key rating
sensitivities from credit perspective.

Innova Children's Heart Hospital Private Limited (ICHHPL),
incorporated in 2006, is a quaternary care hospital specializing
in paediatric cardiology. ICHHPL has been set up by a group of
doctors (Dr. Sujanee Murthy, Dr. Naga Rajan, Dr. Anil Kumar) led
by Dr. K. S. Murthy, to provide dedicated care for children
suffering from heart diseases both congenital and acquired, along
with general paediatrics.

Prior to setting up of ICHHPL, Dr. K. S. Murthy worked as a chief
paediatric cardiac surgeon at Apollo Hospitals, Hyderabad and as a
consultant and head of the department of paediatric cardiac
surgery at the institute of cardio vascular diseases, Madras
Medical Mission for 13 years.

In FY 2014, ICHHPL reported operating income of INR21.14 crore and
net loss of INR0.38 crore as against operating income of INR22.46
crore and net loss of INR1.54 crore in FY 2013.


K.P.SAHA PRIVATE: ICRA Reaffirms B+ Rating on INR2.69cr Term Loan
-----------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ to the
INR2.69 crore term loan, INR2.50 crore cash credit and INR0.13
crore bank guarantee facility of K.P.Saha Private Limited Unit:
Maa Bameswari Rice Mill.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loan            2.69        [ICRA]B+ re-affirmed
   Cash Credit          2.50        [ICRA]B+ re-affirmed
   Bank Guarantee       0.13        [ICRA]B+ re-affirmed

While re-affirming the rating, ICRA has considered the standalone
financial performance of the rice mill, since this unit
contributed around 95% to the company's overall turnover during
FY14. The rating re-affirmation takes into consideration the small
scale of current operations of the unit, weak financial
profile as characterized by low profitability, high gearing and
weak coverage indicators of the unit and the intensely competitive
nature of the industry as characterized by a large number of small
players.

ICRA also takes cognizance of the regulated nature of operations
of the company which is subject to Government policies towards
agro based commodities keeping the profitability under pressure
and the agro climatic risks which can affect the availability of
paddy in adverse weather conditions. The rating, however,
favourably takes into account the fact that the mill is located in
a major rice growing region thereby ensuring easy availability of
paddy. ICRA also takes into account the favourable demand
prospects of the industry with rice being a staple food grain and
India being the world's second largest producer and consumer of
rice.

K.P. Saha Pvt. Ltd. was set up in 1989-90 and the unit Maa
Bameswari Rice Mill was set up in 2010 at Dhaniakhali, West
Bengal. It started operations in December 2010. K.P. Saha also
owns two cinema halls at Kalyani and Kolkata, West Bengal. MBRM is
engaged in manufacturing of parboiled rice and has a milling
capacity of 96 MT per day on a double shift basis, translating
into an annual milling capacity of 28800 MTPA.

Recent Results
The unit, Maa Bameswari Rice Mill, reported an operating income
(OI) of INR20.45 crore and a PAT of INR0.08 crore during FY14 as
compared to an operating income (OI) of INR21.79 crore and a PAT
of INR0.11 during FY13.


KINGFISHER AIRLINES: Plea vs. INR372cr Tax Demand Rejected
----------------------------------------------------------
The Times of India reports that the Supreme Court has dismissed
the plea of grounded Kingfisher Airlines Ltd against an order of
the Karnataka high court asking it to pay around INR372 crore to
the Income Tax department for non-payment of TDS, cut from
salaries of its employees.

The report relates that a bench of Justices Ranjan Gogoi and NV
Ramana rejected Vijay Mallya-owned airlines' plea against the high
court's order.

According to the report, the high court had upheld the assessment
order of the IT department for financial years 2010-11, 2011-12
and 2012-13 and that the firm has not paid Tax Deducted at Source
(TDS) from the salaries of employees.

TOI relates that the apex court said there was no "legal and
valid" ground for interference in High court's order and dismissed
the appeal of the airlines.

It also rejected airlines plea to direct IT department to
reconsider facts relating to quantum of TDS payments already
remitted, according to the report.

TOI recalls that the IT department had initiated proceedings
against airlines in 2011 alleging that the carrier failed to remit
the TDS from employees' salaries and other payments with the
government.

The report says the department had finalized the demands at
INR372 crore, around INR302 crore towards TDS and INR70 crore as
interest.  However, the airlines questioned the IT department's
jurisdiction before Income Tax Appellate Tribunal and alleged that
it was not heard.

According to the report, the tribunal quashed the demand orders
and remanded the case back to the tax department. Then the IT
department filed an appeal before the High Court which quashed
tribunal's order and upheld the demands made by it.

Before the apex court, the airline also claimed that it has
already paid INR145 crore out of the total demand, the report
notes.

                   About Kingfisher Airlines

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

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

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

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

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

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


KVS INTERNATIONAL: CARE Reaffirms D Rating on INR10cr ST Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
KVS International Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities      8.87     CARE D Reaffirmed
   Short term Bank Facilities    10.00     CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of KVS International
Private Limited (KVS) continues to remain constrained by the
delays in debt servicing by the company due to stretched
liquidity.

KVS International Private Limited (KVS) was incorporated in June
1998 as a private limited company and FY12 (refers to the period
April 1 to March 31) was the first full year of operations. It is
currently being managed by Mr Varun Grover and Mr Saneer Tikra.
The company is engaged in the trading of readymade garments and
fabrics. The company procures its products mainly from Ludhiana,
Punjab and Tirupur, Tamil Nadu and caters to customers located in
Northern India. Besides KVS, group companies, viz "Amartex
Industries Limited" (AIL) and "Shivaks Impex Limited" (SIL) are
also engaged in similar business.


LUCASO CERAMIC: CARE Assigns B+ Rating to INR5.37cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Lucaso Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    5.37        CARE B+ Assigned
   Short term Bank Facilities   1.50        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Lucaso Ceramic
Private Limited (LCPL) are primarily constrained on account of
stabilisation risk associated with recently completed debt-funded
project, leveraged capital structure, susceptibility of margins to
fluctuation in raw material and fuel prices, presence in a highly
competitive ceramic industry and fortunes linked to demand from
cyclical real estate sector.

The ratings, however, derive comfort from LCPL's experienced
management in the ceramic industry and location in the ceramic hub
with easy access to raw material, fuel and labour.

LCPL's stabilisation of operations with achievement of envisaged
sales levels and profitability along with rationalisation of debt
levels and efficient working capital management are the key rating
sensitivities.

LCPL was incorporated in March 2014, and is promoted by Mr Jayesh
Ganeshbhai Ghodasara, Mr Manglesh Mansukhbhai Kalariya, Mr Pravin
Amarshibhai Rupala, Mr Ramesh Khimjibhai Desai, Mr Jayeshbhai
Nanjibhai Rangpariya. LCPL has set up its green-field project for
manufacturing of ceramic wall glazed tiles with an installed
capacity 25,500 metric tonnes per annum (MTPA) as on December 2014
at Morbi in Gujarat. Currently, the company is manufacturing the
tiles in three different sizes, ie, 12"*12", 12"*15" and 10"*12".
The total cost of the project was INR9.30 crore funded through
equity capital of INR3.50 crore, term loan of INR3.37 crore and
balance of INR2.43 crore through unsecured loan. The company has
commenced its operations from December 2014.


MAHARAJA PAPER: CARE Assigns B Rating to INR12cr LT Bank Loan
-------------------------------------------------------------
CARE assigns ratings of 'CARE B' and 'CARE A4' to the bank
facilities of Maharaja Paper Industries Private Limited.

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

Rating Rationale
The ratings assigned to the bank facilities of Maharaja Paper
Industries Private Limited (MPIPL) is constrained by moderate size
of operations, volatility in raw material prices, weak financial
risk profile with thin profitability margins and highly leveraged
capital structure and cyclical nature of paper and pulp industry.
The ratings are however underpinned by the experienced promoter
and management team, long-standing track record of operations in
the paper industry, geographical presence in the market with
strong marketing and distribution network and increasing scale of
operations.

Going forward, the ability of the company to increase its size of
operation and improve its profitability margins, to improve its
capital structure and ability to manage its working capital
requirements are the key rating sensitivities.

MPIPL was incorporated in 1999, promoted by Mr P.V. Ramkrishna
Raju, Mr I. Ramalinga Raju and Late Mr P.V. Narasimha Raju as
Rolex Paper Mills Limited and later changed name to Maharaja Paper
Industries Pvt. Ltd. MPIPL is engaged in the production of News
Print, Cream Wove and Kraft Paper. The company has an installed
capacity of 28,000 MT per annum.

The company took over a sick paper mill in an auction conducted by
APIDC Ltd in the year 1999.

For FY14 (refers to the period April 01 to March 31), MPIPL
registered a total income of INR47.65 crore (INR35.84 crore in
FY13) with PAT of INR0.17 crore in FY14 (INR0.09 crore in FY13).
During 7MFY15 (Provisional), MPIPL has achieved a PAT of INR0.42
crore on the total income of INR29.22 crore.


MDP ENTERPRISES: CARE Cuts Rating on INR11.86cr LT Bank Loan to D
-----------------------------------------------------------------
CARE Revises the rating assigned to the bank facilities of MDP
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    11.86       CARE D Revised from
                                            CARE BB-

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

The rating assigned to the bank facilities of MDP Enterprises is
constrained by stretched liquidity position resulting in delays in
debt servicing.

Establishing a track record of timely servicing of debt
obligations would be the key rating sensitivity.

Established in January 2012 & commenced operation in December
2013, MDP Enterprises (MDP) is a partnership firm engaged in the
manufacturing and sales of aluminium composite panels (ACP) under
the brand name ' Prime Bond', which finds application in the real
estate (for interior and external designs used in high rise
buildings & shopping malls), infrastructure, railways and
automobile industry. MDP has manufacturing facility located in
Valsad, Gujarat with an installed capacity of 1 crore sq feet.

During four months of operations in FY14 (December 13- March 14),
the total operating income of MDP stood at INR 3.09 crore, while
net loss incurred by the company stood at INR 1.06 crore.


MILESTONE MERCHANDISE: CARE Reaffirms B Rating on INR15r LT Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Milestone Merchandise Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.00       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Milestone
Merchandise Pvt Ltd (MMPL) continues to be constrained by the
strained liquidity position as evident from the instances of
overdrawals in the 12 months ending December 2014. Moreover, the
ratings are further constrained by the company's small size of
operations, fixed-margin business and lack of pricing power
coupled with dependence on United Breweries Group. The ratings
also take into account, the highly regulated nature of the
alcoholic beverages industry which is subjected to high state
taxes and moderate entry barriers in the distribution segment.

Nonetheless, the rating derives strength from the experience of
the promoters in the beverage distribution industry and presence
of reputed brands and institutional customers in the company's
portfolio.

The ability of the company to effectively manage its working
capital and any change in policy by the principals constitutes the
key rating sensitivities.

Incorporated in 1996, Milestone Mercandise Pvt Ltd (MMPL) is
engaged in distribution of alcoholic & non-alcoholic beverages and
is the anchor distributor of the United Breweries Ltd & Nashik
Vintners Pvt Ltd (Sula Wines). MMPL distributes prominent brands
in beer, IMFL and wine category for institutional customers in
Mumbai & Goa regions like star-graded hotels, clubs & pubs, high-
end restaurants and wholesalers. The company has 3 divisions:
Milestone Beer Division, Milestone Wines & Spirits and Milestone
Beverages. These divisions are primarily for administrative
reasons and each division handles different product segment. Also,
each division has its independent accounts, warehouse,
distribution and sales staff.

In FY14, the company reported a PAT of INR0.27 crore (compared to
PAT of INR1.11 crore in FY13) on a total income of INR 126.42
crore (INR119.55 crore in FY13). Moreover, in 9MFY15 (UA) the
company reported a PAT of INR0.15 crore on a total income of
INR109.69 crore.


N.H.MATCON: CARE Lowers Rating on INR28cr LT Loan to D
------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
N.H. Matcon.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     28         CARE D Revised from
                                            CARE BB-

Rating Rationale
The revision in the ratings of bank facilities of N.H.Matcon (NHM)
takes into account the delays in debt servicing by the firm due to
stretched liquidity.

M/s N.H.MATCON (NHM) is a partnership concern established in 2010
by Mr Nitin Bansal and Mr Sunny Bansal as its partners having
equal share in profit and loss. The firm has developed its maiden
residential project named 'Aero Homes' at Zirakpur, Punjab. The
project is being developed in two phases with each phase having
144 residential flats. The group entity i e N.H. Constructions
Private Limited (NHC) is engaged in the construction (highway road
and civil) business.


NIDHI MERCANTILES: CARE Reaffirms B+ Rating on INR1.12cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Nidhi
Mercantiles Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities    1.12        CARE B+ Reaffirmed
   Long Term/Short Term        20.00        CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Nidhi Mercantiles
Ltd (NML) continue to be constrained by its small scale of
operations and significant amount of 'with recourse' nature of
debt of group companies, one of which has stressed liquidity
position.

The above constraints more than offset the strengths derived from
NML's experienced and resourceful promoter group, its improved
overall gearing and cash accruals in FY14 (FY refers to the period
April 1 to March 31) and 9MFY15 and diversification in its
customer profile.

NML's ability to increase its scale of operations and maintain
profitability and capital structure would be the key rating
sensitivities. Further, the performance of group entities whose
debt is guaranteed by NML would be a key rating monitorable.

Established in February 1985, NML is promoted by Mr R P Soni of
the Rajasthan-based Sangam group. NML primarily acts as one of the
investment arms of the Sangam group and, as on December 31, 2014,
held approximately 12.43% equity stake in the group's flagship
company, Sangam India Ltd (engaged in the manufacturing of yarn
and fabric). NML is also engaged in the trading of metal scrap and
TMT bars. Furthermore, NML had 3.5 lakh sq. ft. of land in
Hingoli, Maharashtra as on Dec.31, 2014 and also realizes revenue
from development of this land.

NML reported a total operating income of INR9.73 crore and a
profit after tax (PAT) of INR3.12 crore in FY14 as compared with a
total operating income of INR77.10 crore and a PAT of INR1.68
crore in FY13. Furthermore, as per unaudited results of 9MFY15,
NML earned a total operating income of INR49.19 crore and a PAT of
INR2.57 crore as compared with a total operating income of INR7.94
crore and a PAT of INR1.30 crore in 9MFY14.


NIRWANA HOTELS: ICRA Reaffirms B Rating on INR6.61cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding on
the INR6.61 crore term loans, 0.60 crore fund based facilities,
INR0.02 crore of non-fund based facilities and INR0.02 crore of
proposed term loans of Nirwana Hotels and Resorts Private Limited.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Term Loans                6.61      [ICRA]B/re-affirmed
   Fund Based facilities     0.60      [ICRA]B/re-affirmed
   Non-Fund Based facilities 0.02      [ICRA]B/re-affirmed
   Proposed Term Loans       0.02      [ICRA]B/re-affirmed

The re-affirmation of the rating continues to take into account
the long standing experience of the promoters in the hospitality
business and the favourable location of Hoysala Village Resort,
located close to several heritage sites in Hassan, which enhances
its business prospects. The connectivity that the resort enjoys
from Bangalore, Mysore and Mangalore also supports its occupancy
and draws traffic for meetings and conferences. Apart from
facilities like swimming, indoor sports and trekking which are
complimentary for residential guests, the resort also offers a
spa, a souvenir shop, coffee caf‚ and bar and dining facilities
resulting in multiple avenues for revenue generation in addition
to attracting revenues from local customers. The resort's
different categories of rooms allow it to cater to a broader
range of customers and facilitate higher margin accretion through
luxurious, high-end villas, while supporting occupancy through
mid-range cottages. However, the resort continues to face stiff
competition from cheaper hotels situated in its close vicinity.

The rating continues to be constrained by the single property
concentration and weak financial profile of the company
characterized by relatively lower margins, stretched debt
protection metrics and negative free cash flows. ICRA also notes
that the company has near term plans of establishing a new resort
in Subramanya which is likely enhance its business and revenue
prospects of the company over the medium term. However, debt-
funded capex for the same is likely to adversely impact its
financial profile and further stretch debt protection metrics over
the near term. Going forward, the ability of the company to expand
its operations while improving its profitability and financial
profile would remain key credit monitorables.

Incorporated in 1993, Nirwana Hotels & Resorts Private Limited is
engaged in hospitality services through a 49 room single resort
called "Hoysala Village Resort located in Hassan, Karnataka about
200 Kms from Bangalore. The Resort is spread over 7 acres of land
completely owned by the promoters with about 30 cottages, 10
suites and 9 Jacuzzi Villas. Apart from lodging, Hoysala Village
Resort offers a variety of other facilities like swimming, indoor
sports, massage and trekking facilities to its guests. The Resort
also has multi-cuisine restaurants as well as bar and dining
facilities, a spa, a souvenir shop and coffee caf‚ to cater to
varied preferences of its domestic and foreign guests. The company
is promoted by Mr. K. R Alwa and his family. The promoters have
presence across real estate and agricultural businesses apart from
hospitality services through their other companies viz. Civic
India Housing Pvt Ltd and Civic India Mphar Pvt Ltd.

Recent results

For 2013-14, the Company reported an operating income of INR5.5
crore with a profit before tax of INR0.02 crore as against an
operating income of INR4.1 crore with a profit before tax of
INR0.3 crore during 2012-13.


PARAMOUNT RICE: ICRA Reaffirms B+ Rating on INR15cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR15.00 crore (enhanced from INR12.25 crore) long term fund based
limits and INR6.86 crore( enhanced from INR0.33 crore) term loan
limits of Paramount Rice Pvt. Ltd.  Further the previously
assigned short term rating of [ICRA] A4 has been withdrawn.

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

   Term Loan                 6.86        [ICRA]B+; (reaffirmed)

The rating reaffirmation takes into account the elevated gearing
of the firm due to large working capital requirements, which have
been primarily funded by working capital borrowings. Also, the low
value added nature of operations and the intensely competitive
nature of the rice milling industry have led to low profitability
margins. The low margins coupled with the high gearing have
resulted in weak coverage indicators as reflected in low interest
coverage of 2.01 times during FY 2013-14. ICRA also takes note of
the proposed debt funded expansion plan of PRPL capacity which may
result in material weakening of debt protection metrics of the
company over the short to medium term. However, the ratings
favourably take into account the extensive experience of the
promoters and their strong relationships with several customers
and suppliers, coupled with proximity of the mill to major rice
growing areas, which results in easy availability of paddy. The
ratings also take into account PRPL's significant ongoing capacity
expansion of milling plant at Bundi, Rajasthan. ICRA notes that
the aforementioned expansion will help PRPL to tap the growing
demand of domestic as well as international market.

Business was established by Jhanwar & Nyati family as a
partnership firm, in the name of Rameshwar Industry. However in
the year 2000 partnership firm was converted into a private
limited company with all the partners as shareholders. PRPL is
engaged in milling and trading of rice at its manufacturing
facility located at Chittor Road Bundi (Rajasthan). Further in
FY2015, the company undertakes milling capacity expansion to 45000
MTPA which is being funded by term loan of INR6.65 crore and
balance from promoter's contribution.

Recent Results
PRPL has reported a net profit of INR0.56 crore on an operating
income of INR52.32 crore in FY 2013-14 as compared to a net profit
of INR0.53 crore on an operating income of INR44.92 crore in the
previous year.


PATNI ENTERPRISES: CARE Reaffirms B+ Rating on INR4cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Patni Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4          CARE B+ Reaffirmed
   Short term Bank Facilities    6.35       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Patni Enterprises
Private Limited (PEPL) continue to remain constrained on account
of its weak liquidity position, its modest scale of operations
with fluctuating profitability margins and moderate solvency
position. The ratings further remain constrained on account of
susceptibility of its margins to the fluctuation in raw material
prices and presence in the highly fragmented and competitive
transformer industry.

The ratings, however, favourably take into account the vast
experience of the promoters and established track record of
operations with established customer base.

Improvement in the overall scale of operations along with
improvement in profitability and liquidity position would remain
the key rating sensitivities.

Jaipur-based (Rajasthan) PEPL was incorporated in 1997 by the
Patni family with a purpose to take over the existing business of
erstwhile proprietorship concern i.e. Indian Transformers and
Electricals (ITE). PEPL is engaged in the manufacturing of
transformers of different capacities ranging from 10 Kilovolt
Amperes (KVA) to 10 Megavolt Amperes (MVA). The manufacturing
facility of PEPL is situated in Jaipur with an installed capacity
of 4,500 Transformers Per Annum (TPA). PEPL offers its
transformers to State Electricity Board (SEBs) and also exports it
to South Africa, Sri Lanka, Zimbabwe, however the export sales
were nil during FY14 (refers to the period April 1 to March 31).

During FY14 (FY refers to the period April 01 to March 31), PEPL
reported a total operating income of INR26.31 crore (FY13: 29.09
crore) with a PAT of INR0.35 crore (FY13: 0.20 crore). During
11MFY15, PEPL has reported a total operating income of INR19.83
crore.


PERIYAR CEMENTS: CRISIL Reaffirms D Rating on INR43MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Periyar
Cements Pvt Ltd (PCPL) continues to reflect instances of delay by
PCPL in servicing its term debt; the delays have been caused by
the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL D (Reaffirmed)
   Long Term Loan        43        CRISIL D (Reaffirmed)

PCPL also has a weak financial risk profile, marked by weak debt
protection metrics and capital structure, and large working
capital requirements. However, the company benefits from its
promoter's extensive experience in the cement and sand industry.

Update
PCPL's liquidity is constrained by inadequate cash accruals. The
company has fully utilised its bank limits, with regular instances
of the limits being overdrawn. CRISIL believes that the company's
liquidity will remain weak over the medium term on account of its
working-capital-intensive operations.

Due to minimal accretion to reserves, PCPL's debt protection
metrics has weakened over the years. CRISIL believes that PCPL's
financial risk profile will remain weak over the medium term,
marked by a small net worth and weak debt protection metrics.

Incorporated in 2010 and promoted by Mr. Staisan Davis, PCPL
manufactures cement and sand. The company commercial operations
commenced in October 2012.


PRATAP WAHINI: CARE Reaffirms B+ Rating on INR3.58cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Pratap Wahini Samaj Kalyan Sansthan.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long- term Bank Facilities   3.58        CARE B+ Reaffirmed
   Short-term Bank Facilities   4.80        CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Pratap Wahini Samaj
Kalyan Sansthan (PWSKS) continue to remain constrained on account
of modest scale of operations, moderate enrolment ratio, and
skewed distribution of income and expenses resulting in moderate
liquidity profile and intense competition prevailing in the
education sector and highly restricted regulatory guidelines.
The ratings also take cognizance of the tepid growth in the
operating income with net deficit incurred in FY14 (refers to the
period April 1 to March 31).

The ratings, however, continue to derive strength from the
experienced faculty, good infrastructure set up and diversified
revenue stream.

The ability of PWSKS to increase its scale of operations, improve
its surplus and capital structure in light of competitive nature
of the educational sector will remain the key rating
sensitivities.

Background
Gwalior-based (Madhya Pradesh) PWSKS was formed as an education
society on November 27, 1995 with an objective to impart technical
education. PWSKS set up two colleges, namely, Maharana Pratap
College of Technology (MPCOT) in 1996 and Maharana Pratap College
of Dentistry & Research Centre (MPCOD) in 2003 at Gwalior (Madhya
Pradesh).

MPCOT is affiliated to Rajiv Gandhi Technical University (RGTU),
Bhopal, and runs All India Council for Technical Education
(AICTE)-approved graduation courses in engineering and post-
graduation courses in engineering, management & information
technology streams. MPCOD is affiliated to Jiwaji University,
Gwalior, and runs Dental Council of India (DCI) approved
graduation and post-graduation courses in dentistry. Currently,
Mrs Shantidevi Dhakre and Mr Lokendra Dhakre are Chairman and Vice
Chairman of the society, respectively, and manage the overall
operations of PWSKS.

During FY14, PWSKS reported a deficit of INR0.60 crore on a total
operating income (TOI) of INR13.19 crore as against a surplus of
INR1.13 crore on a TOI of INR12.73 crore in FY13.


PRECISION AUTO: ICRA Cuts Rating on INR13.50cr Loan to B+
---------------------------------------------------------
ICRA has revised its long term rating on the INR19 crore bank
facilities of Precision Auto Engineers (PAE) to [ICRA]B+  from
[ICRA]BB-. ICRA has reaffirmed the short-term rating for the bank
facilities at [ICRA]A4.

                       Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit           13.50       [ICRA]B+; revised from
                                     [ICRA]BB- (Stable)

   Bank Guarantee         3.00       [ICRA]B+; revised from
                                     [ICRA]BB- (Stable)

   Unallocated            2.50       [ICRA]B+;revised from
                                     [ICRA]BB- (Stable)/
                                     [ICRA]A4 reaffirmed

The rating revision takes into account the 18% year-on-year
decline in the firm's operating income in FY14, coupled with a
build up of receivables. The reduced profitability resulted in
deterioration in its coverage indicators, with interest coverage
declining to 1x from 1.5x , an year ago, NCA/TD to 2% from 5% and
TD/OPBDITA increasing to 6.3x from 4.7x. The rating also factors
in the firm's modest profit margins and stretched liquidity
position as reflected in fully utilized working capital limits.

The firm also remains exposed to fluctuation in raw material
prices, with most of its contracts being fixed price in nature.
ICRA also notes that the firm plans to convert its cash credit
limit into a working capital term loan which will result in firm
repayment obligations. These constraints notwithstanding, the
ratings continue to derive comfort from the long experience of the
promoters in the business of manufacturing fasteners as well as
the firm's reputed client base, with the firm being an approved
vendor for a number of companies. The firm has also forayed into
the export market which is expected to improve its revenue
diversity.

Going forward, the firm's ability to improve its liquidity
position as well as debt coverage will remain key rating
sensitivities. The timing and extent of funds infusion by the
promoters will also be a key monitorable.

PAE manufactures various types of fasteners including high
tensile, stainless steel, alloy steel and special purpose
fasteners, at its manufacturing facility in Ludhiana, Punjab. The
firm supplies fasteners to a number of companies, with its
fasteners finding application in various industries such as
automobiles, railways, defense, power, petrochemicals, fertilizer
plants etc.

Recent Results
PAE reported a net profit of INR0.2 crore on net sales of INR49.9
crore in 2013-14 as compared to a net profit of INR2.3 crore on
net sales of INR60.8 crore in 2012-13.


RADHEYA MACHINING: CRISIL Reaffirms B Rating on INR350MM Loan
-------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Radheya
Machining Ltd (RML) continue to reflect RML's exposure to small
scale of operations and limited revenue diversity, and moderate
financial risk profile. These rating weaknesses are partially
offset by the company's established position in automotive
transmission components segment.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          350         CRISIL B/Stable
   Rupee Term Loan      192         CRISIL B/Stable

CRISIL had upgraded its rating on the long-term bank facilities of
RML to 'CRISIL B/Stable' from 'CRISIL D', through its rating
rationale dated March 10, 2015.

The rating upgrade reflected the improvement in RML's liquidity,
marked by timely servicing of debt for the nine months through
February 2015. The improvement was driven primarily by healthy
cash accruals and refinancing of debt, resulting in adequacy of
cash accruals for servicing of term debt. However, RML's liquidity
is expected to remain stretched on account of tightly matched net
cash accruals against its debt obligations and on account of its
working-capital-intensive operations.

Outlook: Stable

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

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


RALCO STEELS: CRISIL Suspends D Rating on INR400MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ralco Steels Private Limited (RSPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      280         CRISIL D Suspended
   Cash Credit         400         CRISIL D Suspended
   Letter of Credit     50         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility   27.5       CRISIL D Suspended
   Term Loan           242.5       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by RSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RSPL is yet to
provide adequate information to enable CRISIL to assess RSPL'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'

RSPL was incorporated in 2011, by Mr. C Ramesh Babu. The company
manufactures pre-engineered (pre-fabricated) steel structures and
also undertakes coil coating primarily for manufacturing
facilities and other real estate structures. The manufacturing
unit is located at Vizianagaram District, Andhra Pradesh. The
overall operations of the company are managed by Mr. James Manohar
Raj who has been associated with the Ralco group since 2005.


ROHIT FABTEX: ICRA Assigns B+ Rating to INR7cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR7.00 crore fund
based facility of Rohit Fabtex.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long Term- Fund Based Limits    7.00      [ICRA]B+; assigned

ICRA's rating is constrained by Rohit Fabtex's moderate scale of
operations and its working capital intensive nature of operations,
resulting in high gearing levels and stretched liquidity. The
rating also takes into account the vulnerability of the firm's
profitability to fluctuations in raw material prices and the
intensely competitive nature of the industry which exerts pressure
on the firm's operating margins.

The rating is further constrained by risks emananting from the
constitution of the firm as a proprietorship form of business,
which exposes it to risks of capital withdrawal, dissolution etc.
However, the rating favourably takes into account the extensive
experience and the long track record of the promoters in the
textile industry and the favourable location of the plant at
Balotra, Rajasthan which is a hub for processing of poplin fabric.

Going forward, the firm's ability to increase its scale of
operations, improve its profitability and efficiently manage its
working capital cycle will be the key rating sensitivities.

Rohit Fabtex was established as a proprietorship firm in 2010 by
Mr. Kishorilal Singhvi to carry out processing of fabric. The unit
of the firm at Balotra, has an installed capacity of ~40,000
meters per day, to produce poplin fabric.

Recent Results
During 2013-14, Rohit Fabtex recorded a net profit of INR0.76
crore on an operating income of INR46.32 crore, as against a net
profit of INR0.61 crore on an operating income of INR35.61 crore
in the previous year.


SAGAR METALLICS: ICRA Reaffirms B Rating on INR11cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR3.96
crore term loans and INR11.00 crore cash credit facilities of
Sagar Metallics Private Limited. ICRA has also assigned rating of
[ICRA]A4 to INR0.50 crore short term sublimits within cash credits
of the company.

                          Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund Based
   - Term Loan               3.96         [ICRA]B Reaffirmed

   Long Term Fund Based
   - Cash Credit            11.00         [ICRA]B Reaffirmed

   Short Term - DAUE
   (sub-limits)             (0.50)        [ICRA]A4 Assigned


The rating reaffirmation take into consideration the company's
small scale of operations and its weak financial risk profile
characterised by thin profitability, stretched capital structure,
weak coverage indicators and moderately stretched liquidity
position. Further, debt funded capital expenditure will further
stretch capital structure of the company. ICRA also takes a note
on vulnerability of margins to raw material price fluctuations as
well as stiff competition within the industry leading to lower
pricing flexibility.

The ratings, however, favourably take into account the established
track record of over two decades of the company's promoters in the
textiles business, diversified customer base and locational
advantages derived by virtue of company's presence in Surat.

Incorporated in December 2009, Sagar Metallics Private Limited
started commercial production in April 2010. The company is
located in Surat and manufactures zari badla catering to power
looms and fabric and textile manufacturers mainly in and around
Surat. The company is currently managed by the Patel family led by
Mr. Sureshbhai Patel (Managing Director) and Mr. Rajubhai Patel
(Director). Other active members of the Patel family engaged with
the company include Mr. Jayantibhai Patel and Mr. Mayank Patel.


SAJJALA WOVEN: CARE Assigns D Rating to INR9.48cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Sajjala
Woven Sacks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.48       CARE D Assigned
   Short-term Bank Facilities    1.00       CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sajjala Woven Sacks
Private Limited (SWS) are constrained by stretched liquidity
position resulting in delays in debt servicing.

Establishing a track record of timely servicing of debt
obligations would be the key rating sensitivity.

Incorporated in 2007, SWS is engaged in manufacturing of high
density polyethylene (HDPE) and polypropylene (PP) based woven
sack, bags and fabric. The company procures entire raw material
from the domestic market and subsequently also has majority of the
sales in the domestic market. SWS has manufacturing facility at
Kadapa with installed capacity of 40 lakhs bags per month and 70
MT of fabric per month.

During FY14 (refers to period from April 1 to March 31), SWS
posted total operating income of INR25.57 crore (as against
Rs.36.85 crore in FY13) and net profit of INR0.50 crore (as
against net loss of INR 2.22 crore in FY13). Further, during
11MFY15 provisional, the company has posted total income of
INR17.41 crore.


SANGHVI FORGING: CARE Lowers Rating on INR129.86cr LT Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Sanghvi Forging & Engineering Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    129.86      CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities     1.05      CARE D Revised from
                                            CARE A4

   Long-term/Short-term Bank     32.00      CARE D/CARE D Revised
   Facilities                               from CARE BB-/CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Sanghvi Forging & Engineering Limited (SFEL) takes into account
the on-going delay in servicing its debt obligations due to its
stretched liquidity position.

Vadodara-based (Gujarat) SFEL, incorporated in 1989, is promoted
by Mr Babulal Sanghvi. SFEL is engaged in the manufacturing of
forged flanges & heavy forgings used in industrial forging and
precision machined components used in the non-automotive sectors
such as oil and gas, petrochemicals, chemicals, fertilizers,
process equipments, desalination & water treatment, ship building,
defense, instrumentation, etc. The company manufactures both
standardized as well as customized products. SFEL had an installed
forging capacity of 18,600 Metric Tonne Per Annum (MTPA) as on
March 31, 2014 with capability to handle a single job of up to 40
MT. SFEL caters to the domestic as well as overseas markets,
mostly in Europe, Middle East, Canada and USA.

As per the audited results for FY14 (refers to the period April 1
to March 31), SFEL reported a total operating income (TOI) of
INR54.25 crore and incurred a net loss of INR7.78 crore as against
a TOI of INR46.05 crore with profit after tax of INR1.37 crore in
FY13. As per the provisional results for 9MFY15, SFEL reported TOI
of INR61.67 crore and reported a loss of INR6.29 crore.


SANGINI CORPORATION: CARE Assigns B Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Sangini
Corporation.

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

Rating Rationale
The rating assigned to the bank facilities of Sangini Corporation
(Sangini) is primarily constrained on account of the
implementation and saleability risk associated with the ongoing
real estate project in light of very low booking status and
advance received, partnership nature of constitution and its
presence in a highly fragmented and cyclical real estate industry
which is currently facing a subdued scenario. However, the rating
derives strength from experienced promoters and established track
record of operations of the group.

The ability of Sangini to successfully complete on-going real
estate project and timely receipt of sale proceeds from customers
at envisaged prices are the key rating sensitivities.

Sangini is a partnership firm formed in April 2010 by 8 partners,
viz, Mr Omprakash Khurana, Mr Dinesh Garg, Mr Nanubhai Patel, Mr
Devrajbhai Patel, Mr Adarsh Patel, Mr Pritesh Patel, Mr
Jigneshbhai Patel and Mr Manharbhai Lakhani. Sangini is involved
in construction of residential and commercial complexes in Surat
region. Sangini group has so far successfully completed 45
projects with total constructed space of 3.5 mn sqft developing
about 3300 residential and 600 commercial units.


SATNAM RICE: CARE Reaffirms B+ Rating on INR15cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Satnam Rice Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15         CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Satnam Rice Mill
(SRM) continues to remain constrained by its modest scale of
operations, low profitability margins, leveraged capital structure
and weak coverage indicators. The rating is further constrained by
working capital-intensive nature of operations, partnership nature
of constitution and its presence in a highly competitive and
fragmented agro-processing business with a high level of
government control.

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

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

Kaithal-based SRM was established as a proprietorship firm by Mr
Sachin Mittal in 2002. The firm is engaged in milling, processing
and trading of basmati and non-basmati rice with an installed
capacity of 35,000 metric tonnes per annum (MTPA). The processing
facility is located in Kaithal, Haryana. The firm procures paddy
from the local grain markets through commission agents. SRM has a
storage capacity of 1,500 tonnes of paddy. The firm operates in
two shifts of 12 hours each. SRM sells its product under the brand
name 'Five Star' mainly in Haryana and Delhi through commission
agents.

SRM has reported a net profit of INR0.28 crore on a total
operating income of INR89.16 crore during FY14 (refers to the
period April 1 to March 31) as compared with a net profit and TOI
of INR0.28 and INR83.89 crore in FY13. During FY15, the firm had
achieved total sales of INR82.00 crore till February 28, 2015.


SHIVAKS IMPEX: CARE Reaffirms D Rating on INR10cr ST Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shivaks Impex Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.50       CARE D Reaffirmed
   Short term Bank Facilities   10          CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Shivaks Impex
Limited (SIL) continue to remain constrained by the delays in debt
servicing by the company due to stretched liquidity.

Shivaks Impex Limited (SIL, formerly known as Amartex
Infrastructure Limited) was incorporated in June 2005 and
commercial operations started from FY12 (refers to the period
April 01 to March 31). The company is engaged in the trading of
readymade garments and fabrics. It is currently being managed by
Mr Karan Grover and Ms Sangeeta Grover.

The company procures its products from both the domestic markets
as well as imports from overseas destination and caters to the
traders and retailers located in Northern India. Besides SIL,
group companies, viz Amartex Industries Limited (AIL) and KVS
International Private Limited (KVS) are also engaged in similar
business.


SHIVEK LABS: CARE Lowers Rating on INR38.07cr LT Loan to D
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Shivek
Labs Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    38.07       CARE D Revised from
                                            CARE BB+

   Short term Bank Facilities   29          CARE D Revised from
                                            CARE A4+

Rating Rationale
The revision in the ratings of Shivek Labs Limited (SLL) takes
into account the ongoing delays in debt servicing due to stressed
liquidity position arising from deterioration in the financial
risk profile.

SLL was incorporated on February 10, 2003, by Mr Harish Gulati for
manufacturing of various pharmaceutical products such as tablets,
syrups, capsules and injectables. Subsequently, the company was
taken over by the current Managing Director, Mr Sunil Guglani,
w.e.f April 11, 2006. The company is engaged in the manufacturing
of generic pharmaceutical products, and over the counter (OTC)
pharmaceutical products and also undertakes contract manufacturing
for various reputed pharmaceutical companies. It manufactures
various finished dosage forms like tablets, capsules and oral
liquids across various therapeutic categories, viz,
cardiovascular, gastrointestinal, infection, neuroscience and
respiratory & inflammation and immunity. SLL's manufacturing
facility is located in Solan, Himachal Pradesh and is Good
Manufacturing Practice and Good Laboratory Practice certified.

SLL registered a total operating income of INR230.07 crore during
FY14 (Aud.) (refers to the period April 1 to March 31) with loss
of INR12.26 crore as compared with total operating income of
INR152.69 crore during FY13 with PAT of INR4.20 crore.


SRI VENKATESWARA: ICRA Suspends B+ Rating on INR14cr Bank Loan
--------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to INR14.00 crore bank facilities of
Sri Venkateswara Aerospace Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SRI VENKATESWARA MECHANICAL: ICRA Suspends B+/A4 Loan Rating
------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to INR15.00 crore bank facilities of
Sri Venkateswara Mechanical and Electrical Engineering Industries
(SVMEEI). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI VENKATRAMALINGESWARA: ICRA Suspends 'B' INR5.35cr Loan Rating
-----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B assigned to INR5.35
crore bank facilities of Venkatramalingeswara Rice & Flour Mill
(SVRFM). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SUFI STRUCTURAL: CRISIL Reaffirms C Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sufi Structural Tubes
Pvt Ltd (SSPL) continue to reflect instances of delay by SSPL in
servicing its machinery loans (not rated by CRISIL). The delays
are caused by its weak liquidity, driven by large debt-funded
working capital requirements.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL C (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)

The ratings also factor in SSPL's small scale of operations and
large working capital requirements with low operating
profitability and a below-average financial risk profile, marked
by modest net worth, high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SSPL's promoters in the galvanised iron
pipes manufacturing industry.

SSPL, incorporated in 2007 by Mr. Saleem Maymon along with his
family members, manufactures galvanised iron pipes used in the
construction sector. The company has a manufacturing facility in
Pune (Maharashtra).


SUPER MULTICOLOR: CARE Lowers Rating on INR55.7cr Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Super
Multicolor Printers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    55.70       CARE D Revised from
                                            CARE BB+
   Short term Bank Facilities   30          CARE D Revised from
                                            CARE A4+
Rating Rationale
The revision in the ratings of Super Multicolor Printers Private
Limited (SMPPL) takes into account the ongoing delays in debt
servicing due to stressed liquidity position arising from
deterioration in the financial risk profile.

Incorporated in 1992, SMPPL is engaged in the manufacturing &
printing of wide variety of packaging products, posters, calendar,
note books, etc. SMPPL has been promoted by Mr Sunil Guglani and
his family members. The manufacturing facilities of the company
are located at Industrial Area, Chandigarh and Kishanpura, Baddi
(H.P). The installed capacity of SMPPL as on March 31, 2014 stood
at 25 MT/Month for manufacturing of foil, 300 MT/Month for
manufacturing of Corrugated Board, 2 lakh SqM/Month for
manufacturing of labels and 25 lakh sheets/Month for manufacturing
of folding box cartons and 150 MT/Month for rotogravure printing.

SMPPL registered a total operating income of INR237.19 crore
during FY14 (Aud.) (refers to the period April 1 to March 31) with
loss of INR16.17 as compared with total operating income of
INR161.85 crore during FY13 with PAT of INR4.42 crore.


SVAS INFRA: ICRA Suspends B- Rating on INR28cr Bank Loan
--------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B- assigned to
INR28.00 crore bank facilities of SVAS Infra Projects Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SWEET CERAMIC: CRISIL Reaffirms B+ Rating on INR97.5cr Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sweet Ceramic Pvt Ltd
(SCPL) continue to reflect the company's exposure to risks
relating to its initial stage of operations in the intensely
competitive ceramic industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        12.5       CRISIL A4 (Reaffirmed)
   Cash Credit           30.0       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    97.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             60.0       CRISIL B+/Stable (Reaffirmed)

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

Update
SCPL started commercial operations from June 2014 and reported
revenue of around INR117.90 million for the nine months ended
February 28, 2015. CRISIL believes that SCPL will post revenue of
around INR135 million in 2014-15 (refers to financial year,
April 1 to March 31), backed by stabilisation in its capacities.
The company reported operating profitability of 15 per cent for
the nine months ended February 28, 2015. The operating margin is
expected to moderate to 12.5 to 13 per cent over the medium due to
intensive competition in the industry. CRISIL believes that SCPL
will post accruals of about INR7.90 million in 2014-15.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive experience in the ceramic
industry. The outlook may be revised to 'Positive' if the company
reports higher-than-expected improvement in revenue and
profitability, leading to higher cash accruals and improved
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if low revenue and operating profitability weakens its
financial risk profile.

Incorporated in July 2013, SCPL manufactures colour digitally
printed wall tiles at Morbi, Rajkot district (Gujarat). The
company is promoted by the Rajkot-based Vadsola and Ghodasara
families. Commercial production began from June 2014.


VEDANTA RESOURCES: S&P Lowers CCR to 'BB-'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
foreign currency long-term corporate credit rating on Vedanta
Resources PLC to 'BB-' from 'BB'.  The outlook is negative.  At
the same time, S&P lowered its long-term issue ratings on the
company's guaranteed notes and loans to 'BB-' from 'BB'.  S&P
removed all the ratings from CreditWatch, where they were placed
with negative implications on Jan. 6, 2015.  Vedanta is a London-
headquartered oil and metals company with most of its operations
in India.

"We downgraded Vedanta because we expect the company's financial
performance to remain weak for at least 12 more months," said
Standard & Poor's credit analyst Mehul Sukkawala.  "Low oil prices
have hit Vedanta's cash flows.  Any delay in the ramp-up of the
company's aluminum production could put additional pressure on the
rating."

S&P expects Vedanta's ratio of funds from operations (FFO) to debt
(on a proportionate consolidation basis) to remain weak at about
10% in fiscal 2016 (year ending March 31), compared with 7.5% in
fiscal 2015.  However, S&P expects the ratio to recover to more
than 13% in fiscal 2017, assuming a stronger performance of
Vedanta's aluminum business.  S&P therefore continues to assess
Vedanta's financial risk profile as "aggressive."

S&P expects Vedanta to commission three potlines at its aluminum
smelter at Jharsuguda (in India's eastern state of Odisha) over
the next two years and one at subsidiary Bharat Alumiunum Co. Ltd.
(Balco) over the next 12 months.  Vedanta's higher zinc production
in India, focus on turning around its Zambia copper operations,
and our projection of a recovery in oil prices should also enhance
the company's operating performance.

Vedanta will continue to be exposed to India's evolving
regulations and operating conditions.  These factors have had an
adverse impact on the company's operating performance in the past.

S&P expects Vedanta to continue to benefit from its low-cost
operations, particularly in the zinc and oil segments.  High
operational risks in some businesses (iron ore and copper in
Zambia), and exposure to volatile commodity prices temper these
strengths.  S&P therefore continues to assess the company's
business risk profile as "fair."

"The negative outlook reflects the risk of a delay in improvement
in Vedanta's operating performance because of challenges,
particularly for the aluminum operations," said Mr. Sukkawala.
This could result in the company's ratio of FFO to debt on a
proportionate basis not recovering to sustainably above 12% over
the next 24 months.  It could also lower the covenant headroom and
lead to refinancing pressure for the company's US$2 billion
maturities in mid-2016.

S&P may lower the ratings if it expects Vedanta's proportionately
consolidated ratio of FFO to debt to remain below 12% on a
sustained basis.  This could happen because of: (1) a significant
delay in ramp-up of production, particularly for aluminum at
Jharsuguda; (2) material weakness in commodity prices, especially
oil, zinc, and aluminum; or (3) organizational restructuring
resulting in significantly higher debt.

S&P could also downgrade Vedanta if: (1) the company faces
difficulties in arranging funds to refinance upcoming maturities;
or (2) covenant headroom reduces on account of a weaker operating
performance than S&P expects.

S&P could revise the outlook to stable if it expects Vedanta to
sustain the FFO-to-debt ratio above 12%.  This could happen if:
(1) the company's operating performance, especially its aluminum
business, improves in line with S&P's expectations over the next
12 months; or (2) Vedanta's organizational restructuring leads to
a limited increase in debt.  Low refinancing risk for the US$2
billion maturities in mid-2016 will also be necessary for the
outlook revision.


WESTERN LUMBERS: CARE Cuts Rating on INR46.25cr Loan to D
---------------------------------------------------------
CARE revises ratings assigned to bank facilities of Western
Lumbers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long/ Short-term Bank        46.25       CARE D Revised from
   Facilities                               CARE B+/CARE A4


Rating Rationale
The revision in the ratings assigned to the bank facilities of
Western Lumbers takes into account the overdrawn Cash Credit (CC)
limit for a period of more than 30 days (i e from August 2014 to
December 2014) due to utilization of CC limits on devolvement of
LCs and elongated working capital cycle on account of delayed
conversion of receivables into cash.

M/s Western Lumbers (WL), a partnership firm registered in 1977,
is a part of Associate group engaged in trading of timber for four
generations since 1909. The group has interests in sourcing of
timber, steel, construction materials and vending value-added end
products through timber processing. Associate Group, a joint
venture between Jawahar Saw Mills (promoted by Agicha family) and
Farouk Sodagar Darvesh group, is also engaged in similar lines of
business.

WL trades in plywood, block boards, MDF boards, chip boards, high
pressure laminates etc. through warehousing/ sale points at three
locations Hyderabad (catering to Maharashtra and Andhra region),
Mangalore (South India up to Hyderabad) and Mankholi
(Maharashtra). Its products find applications in residential
apartments, commercial spaces, modular kitchens, freight
containers and other construction works. The firm also trades in
steel construction materials (steel bars, M.S. Angles, Structures,
Binding Wires, M.S. Plates and M.S. Pipes) used for construction
of different kinds of horizontal and vertical concrete frameworks
in buildings, bridges, beams etc. The firm has suspended the steel
trading business and has not earned any revenue from the steel
segment since FY13 (refers to the period April 1 to March 31) due
to issues on the recovery front and low demand from the
construction industry.

Western Lumbers (WL) had non-fund based limits (Letter of Credit
(LC)/Bank Guarantee (BG)) of INR40 crore with sublimits as Cash
Credit (CC) of INR25 crore and Buyers Credit (BC) of INR15 crore.
As on December 31, 2014, the aforesaid limits have been
restructured to INR31.25 crore term loan with 2 years moratorium
[Rs.25 crore - Working Capital Term Loan (WCTL) for 6 years and
INR6.25 crore - Funded Interest Term Loan (FITL) for 4 years] and
INR15 crore Line of Credit which can be utilised as LC, CC & BC;
thus aggregating INR46.25 crore. The rate of interest has been
increased from 12.25% p.a. to 12.50% p.a.

For FY14, WL has reported a total income of INR30.29 crore and
profit after tax of INR1.54 crore as compared to INR28.00
crore and INR1.43 crore respectively for FY13.



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


GAJAH TUNGGAL: Moody's Says 2014 Fin'l. Results Support B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Gajah Tunggal's (GT) 2014
financial results were mixed, highlighting growing demand from
export markets and rising costs, but continuing to support the B2
corporate family rating.

GT reported a 6% sales increase in 2014 driven by growth in export
sales, which rose 24%. Growth in export sales were seen across key
American (33%), Asian (25%) and European (17%) end-markets. The
robust growth demonstrated in America, which accounts for around
45% of GT's export sales, was driven by the economic recovery in
the US as well as benefits from the weakening of the rupiah
against the US dollar (USD).

Despite solid exports sales, domestic market conditions remain
challenging as declining sales of bias tires and replacement
radial tires have resulted in an overall decline in domestic
sales.

"Challenging conditions in domestic markets coupled with higher
transportation and employee costs as well as the impact of a
weakening rupiah trimmed margins in 2014 to three year lows" says
Brian Grieser, a Moody's Vice President and Senior Analyst.

Moody's expects market conditions in Indonesia to remain
challenging in 2015 but tailwinds from growing US and other export
market demand as well as lower rubber and fuel prices will support
margins, as was the case in the second half of 2014.

The weakened rupiah will add further pressure to the company's
financial performance given its mismatch between USD denominated
costs and USD revenues. While Moody's expects the impact on
earnings to be less pronounced in 2015 compared to 2014, the
rupiah declined roughly 7% against the USD in the first quarter of
2015 indicating it will continue to weigh on earnings and cash
flows.

"The above mentioned challenges have resulted in leverage
increasing slightly this year to around 3.5x, but the company
remains well positioned at the B2 rating level from a leverage
perspective," adds Grieser. "However, GT's liquidity remains
adequate but will be a key area of focus in 2015 given the
mismatch in USD inflows and outflows, particularly given its high
levels of capital spending".

Cash on hand at December 31, 2014 of IDR 957 billion (USD78
million) was down significantly from IDR 2 trillion (USD 165
million) as of December 31, 2013 due mainly to higher cost of
sales, volatility in the rupiah and high capital spending. While
GT does have access to working capital borrowing lines, they are
short term facilities and will need to be extended in mid-2015
since GT has begun relying on them.

Downward rating pressure may arise if a) GT is unable to defend
its leading domestic market position, b) GT's financial profile
deteriorates due to significant pressure in its profit margins, or
c) expands its business through aggressive debt-funded
acquisitions or capital expenditures such that debt/EBITDA exceeds
5x on a sustained basis.

Upward pressure on the ratings is unlikely to develop, however if
the company is successful in a) diversifying its funding sources
with more spread out debt maturity schedule, b) reducing exposure
to volatile foreign exchange fluctuation and c) executing its
expansion plans while maintaining its credit metrics such that its
debt/EBITDA remains below 3.0x and EBIT/Interest is maintained at
above 3.0x on a sustained basis.

The principal methodology used in this rating was Global
Automotive Supplier Industry published in May 2013.

GT, headquartered in Jakarta , Indonesia, is Southeast Asia's
largest integrated tire manufacturer producing around 40 million
tires covering motorcycles, passenger cars and commercial
vehicles. The key shareholders for GT include Denham Pte Ltd., a
subsidiary of Giti Tire (not rated), a Chinese tire manufacturer,
with 49.5% stake and Compagnie Financiere Michelin (A3 stable),
which holds a 10% interest.


MEDIA NUSANTARA: 2014 Results Can be Accomodated in Ba3 Rating
--------------------------------------------------------------
Moody's Investors Service says PT Media Nusantara Citra Tbk's
(MNC, Ba3 stable) weak 2014 results, as evidenced by the continued
slowdown in advertising revenue growth is credit negative, but can
be accommodated within its current ratings.

"MNC recorded 4% year-on-year (YOY) advertising revenue growth in
2014, a slowdown from 10% YOY growth for 2013 as weaker disposable
incomes adversely impacted key advertising categories such as fast
moving consumer goods and retail during much of 2014" says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

In addition, although MNC's audience share, according to global TV
audience measurement and analytics company Neilsen, stands around
35% in January 2015, it still remains lower than its 40% share at
year-end 2013.

"While audience market share showed some increased volatility over
the last 12 months, the company maintained its leading market
share in terms of advertising revenues while also managing its
costs to maintain its reported EBITDA margin at 42%, the same
level as the previous year. Nonetheless, we will continue to
monitor management's ability to sustain its market share in the
35%-40% range in 2015," adds Di Chiara.

Moody's also remains cautious on any significant or prolonged
slowdown in growth in advertising expenditure in Indonesia, as MNC
derives close to 90% of its revenues from advertising.

The company's leverage increased in 2014 as the company raised
USD250mm three-year syndicated loan in September 2014 to fund
expansion. As such, its absolute debt balance increased six-fold
to IDR3.2 trillion and we estimate its leverage, as measured by
debt/EBITDA increased to about 1.2x at end-2014, which is a
increase over its historical leverage of below 0.5x over the last
two years.

Furthermore, more than 90% of MNC's outstanding debt is now
denominated in US dollars, exposing the company to foreign
currency fluctuation risks as the company derives majority of its
earnings and cash flows in rupiah.

However, the company's financial metrics remain strong for its
rating category and provide some cushion to absorb currency
fluctuations. Despite the significant increase in absolute debt
levels, its leverage, as measured by adjusted debt/EBITDA remains
below 1.5x and the company recorded EBITDA/Interest coverage ratio
of over 10x at end-2014.

MNC's liquidity position also remains strong, with cash and time
deposits of about IDR1.1 trillion at end-2014, compared to short
term debt obligations of IDR55 billion. The company has no
significant debt maturities until the second half of 2017.

The stable rating outlook reflects Moody's expectation that MNC
will maintain its competitive position in Indonesia's free-to-air
(FTA) TV market, and keep its EBITDA margins above 30%.

Moody's also expects the company to sustain earnings growth and
cash flow generation over the next 12-24 months, supported by its
market position and strong content line-up.

However, downward rating pressure could emerge if: (1) there is a
material downturn in advertising spend; (2) the company loses its
dominant position in the Indonesian FTA TV market; (3) laws and
regulations change, such that its business is adversely affected;
or (4) the company embarks on aggressive debt-funded acquisitions
and/or expansions.

The key credit metrics that Moody's would consider for a downgrade
include adjusted debt/EBITDA in excess of 2.5x-3.0x,
EBITDA/interest coverage below 3.5x-4.0x, and negative free cash
flow over the cycle.

Moreover, evidence of cash leakage to its parent -- through more
aggressive dividend payouts and other forms of inter-group
transactions -- could also be negative for the rating.

The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industries published in May
2012.

PT Media Nusantara Citra Tbk, headquartered in Jakarta, is an
integrated media company. Its operations encompass TV, radio,
print media, content production and distribution, and wireless
value-added services.

In addition, it is the market leader in Indonesia's FTA TV
industry, and owns four of the 12 FTA TV networks nationwide.

PT Global Mediacom Tbk (unrated) owns about 66.4% of PT Media
Nusantara Citra Tbk.


MNC SKY VISION: Moody's Says Weak 2014 Performance is Credit Neg.
-----------------------------------------------------------------
Moody's Investors Service says that P.T. MNC Sky Vision's (Sky
Vision, B1 stable) weak 2014 financial results, as evidenced by
slowdown in subscriber and revenue growth, are credit negative but
can be accommodated within its current ratings.

"Sky Vision's revenue growth slowed considerably in 2014, as we
believe competitive pressures are slowing subscriber growth and
average revenue per user (ARPU). However, given the company's
relatively low leverage and leading market position in the
Indonesian pay-TV market, there is some cushion in the company's
financial metrics to absorb weaker operating performance," says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

Sky Vision's year-over-year revenue growth slowed to 9% in 2014,
which is well below historical growth rates of 20% to 30%. At the
same time, EBITDA margins contracted to 38% in 2014 from 40% in
2013, reflecting higher content costs largely due to rupiah
depreciation against the US dollar. Around 70% of Sky Vision's
content costs are denominated in US dollar.

However, Sky Vision maintained its leading market position in the
Indonesian pay-TV market with 75% market share according to
company disclosures.

Moody's estimates Sky Vision's leverage was around 2.7x for the
year ending 31 December 2014, which is line with the company's B1
rating.

As of December 31, 2014, Sky Vision had cash and cash equivalents
of approximately IDR66 billion against short term debt maturities
of IDR113 billion. Sky Vision's cash from operations and cash on
hand will not be sufficient to cover its capex of around IDR 800
million and upcoming debt maturities. Sky Vision does not maintain
any additional long-term undrawn credit facilities. It is
therefore reliant on continued access to external capital to fund
its expenditures and growth in the long run until it reaches a
certain scale and size.

However, Moody's also finds some comfort in Global Mediacom's
solid liquidity position, and consequently, its potential ability
to support Sky Vision, if required.

The stable outlook reflects Moody's expectation that Sky Vision's
leading market share and product offering will continue to support
organic growth over the next 12-18 months, and support EBITDA
margins in the 37% to 40% range.

However, downward pressure on Sky Vision's rating could develop if
competition intensifies further, resulting in a decline in the
company's market share and further contraction in operating profit
margins.

In particular, Moody's would consider downgrading the rating or
revising the outlook to negative if its EBITDA margins deteriorate
below 35%, or if the company's cash cushion deteriorates
materially, such that it would need to rely on additional external
funds to support growth.

Sustained negative free cash flow generation over the longer term
or more aggressive shareholder initiatives, including sizeable
dividends, would also be negative for the rating.

The principal methodology used in this rating was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013.

Headquartered in Jakarta, P.T. MNC Sky Vision is a provider of
direct-to-home, pay-TV services.

The company is 69.76% owned by PT Global Mediacom Tbk (unrated), a
diversified media company, and which is 53.47% owned by PT MNC
Investama Tbk (B1 stable). Global Mediacom and MNC Investama are
publicly listed in Indonesia.


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


CK HOSPITALITY: Masala Restaurants Fined Again for Exploitation
---------------------------------------------------------------
Shane Cowlishaw at stuff.co.nz reports that a notorious chain of
Auckland Indian restaurants has been fined NZ$25,000 for
exploiting two workers, only a week after receiving a similar
fine.

CK Hospitality Ltd, one of the many companies behind the Masala
chain, has gone into liquidation and has been described as "one of
the worst" offenders in exploiting migrant workers, according to
stuff.co.nz.

The report notes that in two decisions released by the Employment
Relations Authority, CK Hospitality, trading as Masala Indian
Restaurant, was found to have failed to pay two employees holiday
pay and the minimum wage.

The first case involved claims from former Masala Papakura waiter-
kitchen hand Manpreet Singh, who complained that he had not been
paid the minimum wage or holiday pay he was owed, the report
relates.

CK Hospitality eventually paid the money after pressure from a
labor inspector but was pursued for its failure to pay the holiday
pay initially and supply employment records, the report discloses.

Authority member Vicki Campbell said the failure to pay was a
serious breach of the company's obligations, especially as many of
the staff employed by Masala were recent migrants who were often
in vulnerable positions, the report relays.

Ms. Campbell ordered CK Hospitality to pay NZ$7500 for failure to
pay minimum wages and holiday pay, and NZ$10,000 for failing to
provide employment records, the report notes.

In the second case, Rajinder Kumar was employed as a chef at
Masala Papakura, the report discloses.

When Mr. Papakura resigned in January 2014 he requested payment
for his outstanding holiday pay, but this was only paid in October
after Kumar complained to a labor inspector, who filed a claim
against the restaurant, the report relays.

The report notes that Ms. Campbell ordered CK Hospitality to pay
NZ$7500, with 50 per cent to be paid to Kumar and 50 per cent to
the Crown.

The authority published a similar decision, fining the Masala
Mission Bay and Masala Bucklands Beach restaurants NZ$10,000 for
failing to pay former employee Gagandeep Singh minimum wages and
holiday pay owed to him, the report notes.

The companies behind the restaurants, Goldlink Enterprises and CHK
Hospitality, are in liquidation, with claims against Goldlink not
pursued by the authority because of its status, the report relays.

First Union migrant workers' organiser Dennis Maga said employers
liquidating companies to avoid penalties was becoming a big
problem and discouraging some workers from pursuing grievance
claims, the report notes.

"In the past two years we've had between seven and 10 companies
where employers used liquidation as a way to escape," Mr. Maga
said.

The report says that Mr. Maga believed the law should be changed
so directors could be prosecuted for such behavior.

"I would say they're [Masala] one of the worst offenders out there
and I'm not surprised they've gone out of business," Mr. Maga
said, the report discloses.

The charges are not the first time the chain has been in trouble
over the treatment of its staff, the report notes.

In 2013, it was revealed that Masala Bucklands was being
investigated by the Ministry of Business, Innovation and
Employment after workers alleged they were not paid leave
entitlements, lived in overcrowded accommodation for which their
wages were deducted and received as little as NZ$4 an hour, the
report relays.

Last year, a group of the restaurants was ordered to pay NZ$66,000
in penalties for not providing employment records to the ministry,
the report recalls.

Eleven companies under the Masala Bucklands chain were fined
NZ$6000 each for not providing wage and time records, holiday and
leave records and employment agreements for about 100 staff, the
report discloses.


SHANTON FASHIONS: Back to Owners' Hands; Future Remains Uncertain
-----------------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that Shanton Fashions has
returned to the hands of its owners, despite its administrator
warning that liquidation would be a better outcome.

The report notes that the company was put in voluntary
administration by its director-owners in January owing
NZ$7.8 million.

But at a poorly-attended creditors meeting on March 30, creditors
would not support a "deed of company arrangement" that would have
allowed the business to be sold and continue trading for a while,
Stuff.co.nz says.

According to the report, administrator Bryan Williams of BWA
Insolvency has been trying to trade the company out of its
troubles since January, closing 17 of its 37 stores and courting
buyers.

Stuff.co.nz, citing minutes from a recent creditors' meeting,
relates Mr. Williams said the deed of company arrangement could
create a better situation for unpaid suppliers.

While 56 creditors voted in favor, the eight who were against it
controlled 55 per cent of the vote, well above the 25 per cent
threshold needed to veto, Stuff.co.nz relays.
Stuff.co.nz says Mr. Williams told the meeting control of the
company should not return to the directors, saying it would be
better for an independent liquidator to take over.

However, a motion for the company's liquidation was also lost,
prompting Shanton's return to its board, and the exit of
Mr. Williams as administrator, according to Stuff.co.nz.

Shanton's owners are Inderjit Luthera, Vijesh Bhagwan Nangia and
Pala Petrochem, owned by Mandeep Pala, the report discloses .


VERITAS INVESTMENTS: Mad Butcher Failure 'Coincidence of Timing'
----------------------------------------------------------------
Suze Metherell at Scoop Media reports that Veritas Investments,
the food and beverage investor, has responded to media reports
about the financial health of its Mad Butcher brand by saying the
liquidation of four of its franchisee-operated budget meat outlets
this year is a coincidence.

Since the start of the year the Massey, Glenfield, Rotorua and
Kapiti Mad Butcher stores have all been placed into liquidation,
and all but Rotorua have been taken back into Veritas ownership,
the Auckland-based company said in a statement, according to Scoop
Media.  The affected stores were franchise operations, with the
closures "primarily due to the personal circumstances or property
lease issues", Veritas Investments said, the report notes.

"Franchisee changes are not unusual and these recent changes are
simply a coincidence of timing," Veritas Investments said, the
report relays. "For the record, Veritas currently owns the
Invercargill, Glenfield, Kapiti, Henderson and Massey stores.  As
stated in the company's half year update, ownership of stores as a
transitional arrangement is a normal part of franchisor activity,"
Veritas Investments added.

There are 40 Mad Butcher stores across New Zealand, of which 35
are operated by franchisees.

The report notes that the company reiterated that its franchisor
business was tracking to target, and that there "have been no
material changes to the operation of the franchisor business since
the issue of the interim report" in February.  The National
Business Review, citing industry sources, has reported that more
Mad Butcher stores are in financial difficulty, which chief
executive Michael Morton last week called "grossly inaccurate".

In February, Veritas Investments reported a 16 percent decline in
first-half profit to NZ$1.7 million as acquisition costs mounted
during a buying spree, and warned annual earnings may be at the
low end of guidance depending on how its new businesses perform,
the report notes. Revenue jumped 89 percent to NZ$27.4 million.
Of that, the Mad Butcher business lifted revenue 14 percent to
NZ$16.6 million, the report relays.

Veritas bought the Mad Butcher business in May 2013 in what was
effectively a reverse listing, having sold its assets and returned
capital to shareholders, the report discloses.  The NZX-listed
food and beverage business has been on the acquisition path ever
since, buying half of meat patty supplier Kiwi Pacific Foods in
December 2013, the gourmet-supermarket chain Nosh Food Market in
September and its latest purchase, Better Bar Co, which has 11
bars in Auckland and Hamilton last November, the report says.



                             *********

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
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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
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related conferences are encouraged.  Send announcements to
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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-
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Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
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Editors.

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

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