TCRAP_Public/150420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, April 20, 2015, Vol. 18, No. 076


                            Headlines


A U S T R A L I A

BENCHMARK DESIGNER: First Creditors' Meeting Set For April 28
FORTESCUE METALS: Moody's Downgrades CFR to Ba2, Outlook Negative
GUNNS LIMITED: 550 Hectares of Land Up for Sale
JPB TRANSPORT: First Creditors' Meeting Set For April 28
MURANO HOLDINGS: Hall Chadwick Appointed as Administrators

NEWSAT LIMITED: Files For Chapter 15 Protection
NEWSAT LIMITED: Chapter 15 Case Summary
THE STAG: Hotel Closes Doors Following Administration


C H I N A

CHINA SHANSHUI: S&P Puts B+ LT Corp. Credit Rating on Watch Neg.
TONGJI HEALTHCARE: Reports $462,000 Net Loss in 2014


I N D I A

AEON MANUFACTURING: CRISIL Cuts Rating on INR500MM LOC to D
AMARESH RICE: CRISIL Suspends D Rating on INR126MM Term Loan
AMRIT DURAPARTS: CRISIL Suspends D Rating on INR109.2MM Loan
ANAND EDUCATION: CRISIL Suspends D Rating on INR38.5MM Term Loan
ANAND MOTOR: CRISIL Suspends B+ Rating on INR100MM Cash Loan

ANGEL FIBERS: CRISIL Assigns B+ Rating to INR411MM LT Loan
APEX CONSTRUCTIONS: ICRA Rates INR4cr Cash Credit at B+
B.R. AGRO: CRISIL Suspends B+ Rating on INR100MM Cash Loan
B.V. COTS: ICRA Assigns B+ Rating to INR18cr Cash Credit
BHAVYAADEV ROADLINES: CRISIL Suspends D Rating on INR134.7MM Loan

BISHANDAYAL INDERCHAND: CRISIL Suspends D Rating on INR150MM Loan
CAUVERY IRON: ICRA Cuts Rating on INR187.55cr Term Loan to D
COMMERCIAL AUTO: CRISIL Suspends B Rating on INR65MM Cash Loan
D V S STEELS: CRISIL Suspends B+ Rating on INR90MM Credit Limit
DEV ROADLINES: CRISIL Suspends D Rating on INR252.2MM Term Loan

DEVANG PAPER: ICRA Reaffirms B+ Rating on INR5.93cr Term Loan
FRONTIER TEXTILES: CRISIL Suspends B Rating on INR50MM Loan
GOKUL COTTON: ICRA Reaffirms B Rating on INR9cr Cash Loan
GOVINDA MINERALS: CRISIL Suspends D Rating on INR70MM Cash Loan
GRV SPINTEX: CRISIL Reaffirms B+ Rating on INR477.5MM Term Loan

GSR TEXTILES: ICRA Reaffirms B Rating on INR18.27cr Loan
HARSHITA POLYPACK: ICRA Reaffirms B+ Rating on INR4.6cr Cash Loan
NATVAR PARIKH: CRISIL Reaffirms B+ Rating on INR200MM Term Loan
P.I. JEWELLERS: CRISIL Suspends D Rating on INR160MM Cash Loan
PARASMANI GEMS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan

S.K. SOLVEX: ICRA Reaffirms 'B' Rating on INR8.50cr LT Loan
SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
STYLIN SANITARYWARES: ICRA Assigns B Rating to INR5cr Term Loan
SURYAUDAY SPINNING: ICRA Reaffirms B+ Rating on INR12.20cr Loan
SWAGAT HOSPITALS: CRISIL Reaffirms B Rating on INR250MM Loan

VIKAS COTEX: ICRA Reaffirms B Rating on INR12.35cr Cash Loan


N E W  Z E A L A N D

LEFTBRAIN GROUP: Goes Into Voluntary Liquidation


P H I L I P P I N E S

EXPORT AND INDUSTRY BANK: Creditors Ordered to Files Claims
RURAL BANK OF LABRADOR: Placed Under PDIC Receivership


S I N G A P O R E

* Court OKs Man's Bid to Wind Up 3 Firms Controlled By Brother


                            - - - - -


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


BENCHMARK DESIGNER: First Creditors' Meeting Set For April 28
-------------------------------------------------------------
Richard Albarran and Cameron Shaw of Hall Chadwick Chartered
Accountants were appointed as administrators of Benchmark Designer
Homes Pty Limited on April 15, 2015.

A first meeting of the creditors of the Company will be held at
Duxton Room 4, Duxton Hotel, 1 St Georges Terrace, in Perth, on
April 28, 2015, at 11:30 a.m.


FORTESCUE METALS: Moody's Downgrades CFR to Ba2, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Fortescue Metals Group Ltd's
corporate family rating to Ba2 from Ba1. At the same time Moody's
has downgraded FMG Resources (August 2006) Pty Ltd's senior
unsecured rating to Ba3 from Ba2 and senior secured rating to Ba1
from Baa3.

The outlook on all ratings is negative.

"The downgrade of Fortescue's corporate family rating reflects the
very weak iron ore fundamentals and our expectation that iron ore
prices will remain around the current weak levels through 2016",
says Matthew Moore, a Moody's Vice President and Senior Analyst.
"Such price levels will lead to a substantial weakening of
Fortescue's earnings and key credit metrics compared to our
previous expectation", adds Moore.

"Iron ore prices (62% Fe CFR index) are currently ranging between
USD45 and USD50 per metric tonne (t) and we expect slowing steel
production growth in China and significant oversupply issues will
keep prices at low levels through 2016" says Moore, adding "As a
result we have lowered our base case average price sensitivities
for iron ore to USD50/t for 2015 and USD45/t for 2016".

The downgrade of Fortescue's corporate family rating follows
Moody's previous comments that any further deterioration in
industry fundamentals and in the iron ore price - relative to our
previous base case sensitivities of around USD65-70/t (62% Fe CFR
index) - could pressure the rating and/or outlook.

At current prices, and under Moody's revised sensitivity ranges,
Moody's expects that Fortescue's key credit metrics will weaken
materially from previously strong levels. Assuming prices in the
USD45-50/t range through 2016, Moody's expects that Fortescue's
key metric of debt-to-EBITDA will average around 4.5x-5.0x in the
period. This compares to around 1.8x for the financial year ended
June 2014 (FY14) and around 2.5x for the 12 months to December
2014.

"Fortescue has made material progress reducing its cash costs and
breakeven levels and we expect the company will continue to make
reductions" says Moore, adding "While this should help to preserve
liquidity, the rapid fall in prices means earnings and cash flow
generation will be much lower over the next 12-24 months leading
to our expectations for margins and credit metrics to be
indicative of the lower ratings".

Fortescue reported that cash costs for the quarter ended March
2015 fell to around USD26 per wet metric tonne (wmt) and has
guided that cost could be around USD18/wmt in FY16. This has come
down from around USD30/wmt in the first half of FY15 and at these
costs levels Moody's expect that Fortescue will remain cash flow
breakeven (inclusive of royalties, interest, sustaining capital
expenditures, and moisture and discount adjustments) under our
price sensitivities. Fortescue has reported that it expects to be
cash flow break even at around a USD39/t index price in FY16. The
company's earnings could also benefit from further favorable
movements in Australian dollar foreign exchange rates and lower
fuel costs.

However, Moody's expects EBITDA margins to fall significantly with
EBITDA per tonne dropping to around USD12 or lower through 2017
versus the over USD40 per tonne achieved in FY14.

"Our negative outlook reflects our view that Fortescue's credit
profile will remain very sensitive to movements in the iron ore
price, which is exposed to downside risk", says Moore. The
negative outlook also reflects our expectation that credit metrics
are likely to remain outside our tolerance levels for the rating
for the next 12-to-18 months.

Moody's would consider stabilizing Fortescue's outlook if prices
improve and are sustained above our sensitivity ranges or the
company reduces costs and/or debt to levels where the company can
maintain Debt-to-EBITDA below 3.5x through all reasonable pricing
assumptions.

"The rating could be downgraded further if the company is unable
to sustain and improve on recent cost reductions such that all in
breakeven unit costs of production remains above our pricing
sensitivities", says Moore, adding "Continued pressure on iron ore
prices below our sensitivity cases could also lead to a downgrade.
Financial metrics that Moody's would consider for a downgrade
would be an inability to improve Debt-to-EBITDA to below 4.0x on a
consistent basis."

Fortescue's liquidity profile remains solid and Moody's expects
cash balances, combined with operating cash flow, to be adequate
to cover expected cash uses over the next 12-18 months under
Moody's base case price sensitivities. Moody's also expects that
success in Fortescue's ongoing cost reduction plans will allow it
to remain around breakeven cash flow levels. The company had
around USD1.8 billion of cash on hand at 31 March 2015.

The corporate family rating could also be downgraded if
Fortescue's liquidity levels deteriorate materially, including
cash on-hand dropping below USD1 billion for a protracted period.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Fortescue Metals Group Ltd based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China. Fortescue is Australia's third largest iron ore
producer and exporter as well as one of the world's largest
producers and sea-borne traders.


GUNNS LIMITED: 550 Hectares of Land Up for Sale
-----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought by the receivers and managers of Gunns Limited
for the purchase of around 550 hectares of land that fit for
industrial development.

The property is located in Bell Bay, Northern Tasmania, the report
says.

Dissolve.com.au relates that main features of the land for sale
include strategic location on the Tamar River with direct access
to a sea port.

                        About Gunns Ltd

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.

Gunns was placed into liquidation in March 2013.


JPB TRANSPORT: First Creditors' Meeting Set For April 28
--------------------------------------------------------
Richard Albarran, David Ross and Cameron Shaw of Hall Chadwick
Chartered Accountants were appointed as administrators of JPB
Transport & Logistics Pty Limited on April 15, 2015.

A first meeting of the creditors of the Company will be held at
the Duxton Hotel, 1 St Georges Terrace, in Perth, on April 28,
2015, at 10:30 a.m.


MURANO HOLDINGS: Hall Chadwick Appointed as Administrators
----------------------------------------------------------
Richard Albarran, David Ross and Cameron Shaw of Hall Chadwick
Chartered Accountants were appointed as administrators of Murano
Holdings Pty Limited on April 15, 2015.


NEWSAT LIMITED: Files For Chapter 15 Protection
-----------------------------------------------
BankruptcyData.com reported that Victoria, Australia-based NewSat
Limited and six affiliated Debtors filed for Chapter 15 protection
with the U.S. Bankruptcy Court in the District of Delaware, lead
case number 15-10810. The Company, which operates as an integrated
satellite communications provider, is represented by Joseph M.
Barry of Young, Conaway, Stargatt & Taylor. On April 16, 2015, a
Security Trustee exercised its right, under Section 436C(1) of
Australia's Corporations Act, to appoint Administrators, with such
appointment commencing an Australian receivership proceeding.

"Amidst these financial difficulties, allegations of mismanagement
at the NewSat Group came to light. Such allegations of impropriety
include (i) abuse of expense policies by certain executives, (ii)
improper disclosure and allocation of related party transactions,
and (iii) substantial payments to a yacht company part-owned by
the NewSat Group's founder and chief executive, Mr. Adrian
Ballantine, and several other past and present board members.
Further, one of the NewSat Group's customers, TrustComm Inc.,
filed a lawsuit against NewSat and NewSat America, Inc. in
Virginia alleging a $10 million fraud," BankruptcyData.com relates
citing documents filed with the Court.

NewSat Limited's Chapter 15 petition indicates total assets of
$542 million, the report discloses.


NEWSAT LIMITED: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioners: Stephen James Parbery and Marcus William
                        Ayres, of PPB Advisory in Sydney,
                        Australia

Chapter 15 Debtors:

        Name                                      Case No.
        ----                                      --------
        NewSat Limited                            15-10810
        Level 4
        6 Riverside Quay
        Southbank Melbourne
        Victoria 3006

        NSN Holdings Pty Ltd.                     15-10811

        NewSat Services Pty Ltd.                  15-10812

        Jabiru Satellite Holdings Pty Ltd.        15-10813

        NewSat Space Resources Pty Ltd.           15-10814

        NewSat Networks Pty Ltd.                  15-10815

        Jabiru Satellite Ltd.                     15-10816

Type of Business: Satellite communications company

Chapter 15 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Kevin J. Carey

Chapter 15 Petitioners'
Counsel:                 Joseph M. Barry, Esq.
                         Matthew B. Lunn, Esq.
                         YOUNG, CONAWAY, STARGATT &
                         TAYLOR, LLP
                         1000 North King Street
                         Wilmington, DE 19801
                         Tel: 302-571-6600
                         Email: jbarry@ycst.com
                         mlunn@ycst.com

                              - and -

                         Ken Coleman, Esq.
                         Mark Nixdorf, Esq.
                         ALLEN & OVERY LLP
                         1221 Avenue of the Americas
                         New York, NY 10020
                         Tel: (212) 610-6300
                         Fax: (212) 610-6399
                         Email: ken.coleman@allenovery.com
                                mark.nixdorf@allenovery.com

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $100 million to $500 million


THE STAG: Hotel Closes Doors Following Administration
-----------------------------------------------------
Peter Gill at InDaily reports that The Stag on East Terrace has
closed its doors in the face of financial difficulties within the
group running the hotel and a problematic sale attempt.

Up to 35 staff, including seven full-time positions, have lost
their jobs, the report says.

The Stag had been in administration since March 19 this year but
the administrators, Ferrier Hodgson, announced on April 16 that
the hotel's lessee, Complete Hospitality Pty Ltd "has ceased
trading effective immediately".

"While the receivers and managers had entered into a sale contract
with a purchaser, the sale of this iconic hotel unfortunately
could not proceed as an extension of the lease was not
forthcoming," the report quotes Ferrier Hodgson Partner David
Kidman as saying.  "The control of the hotel will now revert back
to the landlord."

The landlord is Rundle East Company Pty Ltd, owned by the Maras
Group.

Maras Group chairman Theo Maras told InDaily: "We never received
an offer from Ferrier Hodgson. No offer was made by Ferrier
Hodgson, none".

"We will negotiate our own tenant on the basis of who will offer
the best for the hotel and the area in order to maintain the
ongoing East End ethos," Mr. Maras said.

The Stag joins a number of other Adelaide hotels which are in
financial strife with industry insiders suggesting that up to a
dozen hotels in the CBD are in receivership or on the market,
InDaily adds.


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


CHINA SHANSHUI: S&P Puts B+ LT Corp. Credit Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'cnBB' long-term Greater China
regional scale rating on China Shanshui Cement Group Ltd. on
CreditWatch with negative implications. S&P also placed its 'B'
long-term issue rating and 'cnBB-' Greater China regional scale
rating on the China-based cement manufacturer's outstanding senior
unsecured notes on CreditWatch with negative implications.

S&P said, "Our CreditWatch placement reflects our view that
Tianrui (International) Holding Co. Ltd.'s acquisition of 28.16%
of Shanshui may trigger the "change-of-control" clause in
Shanshui's 2016 notes. With the purchase, Tianrui's voting right
will exceed that of the existing controlling shareholder, China
Shanshui Investment Co. Ltd., which holds about 25.09% as of Dec.
31, 2014. Shanshui may have to buy back its outstanding 2016 notes
at a price equal to 101% of the principal amount plus accrued and
unpaid interest no later than 30 days following a change of
control."

In S&P's view, the potential buyback of the notes due in 2016,
combined with the planned redemption of US$400 million in notes
due 2017 on April 27, 2015, may hurt Shanshui's short-term
liquidity and operations. In addition, S&P may also reassess the
company's access to the domestic capital market due to the change
of control.

"We aim to resolve the CreditWatch status when we have more
information about the impact of the change of control on
Shanshui," said Standard & Poor's credit analyst Jian Cheng. "We
may lower the corporate credit rating to 'B-' if we believe the
company's liquidity will deteriorate to weak because of the
acceleration of bond repayment."


TONGJI HEALTHCARE: Reports $462,000 Net Loss in 2014
----------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $462,000 on $2.52 million of total operating revenues
for the year ended Dec. 31, 2014, compared with a net loss of
$730,000 on $2.37 million of total operating revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $17.1 million in total
assets, $19.5 million in total liabilities, and a $2.4 million
total stockholders' deficit.

"The accompanying consolidated financial statements have been
prepared in conformity with generally accepted accounting
principles, which contemplate continuation of the Company as a
going concern.  However, the Company has negative working capital
of $17,469,780, an accumulated deficit of $2,977,005, and
shareholders' deficit of $2,403,815 as of December 31, 2014.  The
Company's ability to continue as a going concern ultimately is
dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations.  Over the past years, the Company had been
successful in raising funds from related parties to fund the
operation and new hospital construction.  The consolidated
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts or
amounts and classification of liabilities that might be necessary
should the Company not be able to continue as a going concern,"
the Company said in the report.

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/B87INK

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.


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


AEON MANUFACTURING: CRISIL Cuts Rating on INR500MM LOC to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Aeon Manufacturing Pvt Ltd (AMPL; part of the Balaji group) to
'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          200         CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit     500         CRISIL D (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects delays by AMPL in servicing its
debt, with its cash credit account remaining overdrawn for more
than 30 days. The delays have been on account of weak liquidity,
which has, in turn, been caused by stretch in working capital
cycle.

The rating continues to reflect the group's weak liquidity,
exposure to risks related to intense competition in a fragmented
industry, and to adverse foreign exchange rate movements. These
rating weaknesses are partially offset by the promoters' extensive
experience in the timber industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AMPL, Sri Balaji Forest Products Pvt
Ltd, Shree Ram Saw Mills Pvt Ltd, Sri Balaji Logs Products Pvt
Ltd, and MK Patel Exim Pvt Ltd. This is because these companies,
collectively referred to as the Balaji group, are under a common
management, operate in the same industry, and derive significant
operational benefits from each other.

AMPL was incorporated in August 2012 by the Pandey family of
Kolkata (West Bengal). The Balaji group is engaged in timber
trading and allied manufacturing activities. The group's product
portfolio includes timber-related products such as plywood,
veneers, wooden sleepers, and sawn timber.



AMARESH RICE: CRISIL Suspends D Rating on INR126MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Amaresh Rice Mill (ARM).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        1        CRISIL D Suspended
   Cash Credit          63        CRISIL D Suspended
   Term Loan           126        CRISIL D Suspended

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

Formed in 2005 as a partnership firm, ARM is engaged in milling
and processing of paddy into rice, rice bran, broken rice, and
husk. Its rice mill is in Burdwan (West Bengal). Mrs. Supriya
Hazra manages ARM's day-to-day operations.


AMRIT DURAPARTS: CRISIL Suspends D Rating on INR109.2MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amrit
Duraparts Pvt Ltd (ADPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL D Suspended
   Export Packing Credit    2        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       6.8      CRISIL D Suspended
   Term Loan              109.2      CRISIL D Suspended

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ADPL and Amrit Engineering and Foundry
Works (AEFW). This is because the two entities, together referred
to as the Amrit group, have operational and financial linkages
with each other, and are under a common management.

ADPL was incorporated in 2004 by Mr. Amandeep Singh at Goraya. It
is engaged in casting of pig iron and machining of components for
supply in automotive and tractor industry. Its manufacturing
facilities are located at Goraya and Phagwara (Punjab).


ANAND EDUCATION: CRISIL Suspends D Rating on INR38.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anand Education Society (AES).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft Facility      30         CRISIL D Suspended
   Term Loan               38.5       CRISIL D Suspended

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

AES was set up more than 15 years ago. The society runs two pre-
nursery schools and one higher secondary school in New Delhi under
the Lancer brand. All three schools are affiliated with the
Central Board of Secondary Education.


ANAND MOTOR: CRISIL Suspends B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anand
Motor Agencies Ltd (AMAL).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL B+/Stable Suspended
   Inventory Funding
   Facility                 60        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility       49.7      CRISIL B+/Stable Suspended

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

Established in 1969 as Anand Motor Agencies Pvt. Ltd by the
Agarwal family, the company was reconstituted as AMAL in 1980.
AMAL is an authorized dealer for passenger vehicles for Maruti
Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'). The
company is having two showrooms and service workshops in Lucknow
and one showroom and workshop in Bahraich (Uttar Pradesh).


ANGEL FIBERS: CRISIL Assigns B+ Rating to INR411MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Angel Fibers Pvt Ltd (AFPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       411         CRISIL B+/Stable
   Bank Guarantee        15         CRISIL A4
   Cash Credit           70         CRISIL B+/Stable

The ratings reflect the  extensive experience AFPL's promoters in
the cotton industry, the favourable location of its manufacturing
unit, and its established distribution channels in the domestic
market. These rating strengths are partially offset by the
company's modest scale of operations in a fragmented industry, its
average capital structure, and its exposure to risks related to
its ongoing project.

Outlook: Stable

CRISIL believes that AFPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company stabilises its operations
earlier than expected, leading to healthy accruals and an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AFPL's operating margin is low, or
if it undertakes a sizeable debt-funded expansion project, or its
working capital management deteriorates, thereby significantly
weakening its financial risk profile.

Incorporated in 2014, AFPL is promoted by Rajkot-based Mr. Ashok
Dudhagara and his family and friends. The company is setting up a
facility for manufacture of cotton yarn, mainly in the 30s count,
used for knitting and weaving. The company is expected to commecne
its operation from June 2015.


APEX CONSTRUCTIONS: ICRA Rates INR4cr Cash Credit at B+
-------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR4.00
crore fund-based cash credit facility of Apex Constructions. ICRA
has also assigned the short term rating of [ICRA]A4 to INR5.00
crore non fund based bank guarantee facility of AC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ assigned
   Bank Guarantee        5.00        [ICRA]A4 assigned

The ratings are constrained by the AC's modest size of operations
and its weak financial profile characterised by low profitability,
adverse capital structure and highly working capital intensive
nature of business. The ratings are also constrained by the high
competitive intensity in the construction space; geographical
concentration risk due to concentration of most of the ongoing and
future projects in Gujarat entailing stagnancy in turnover and the
vulnerability of profitability to fluctuation in cement and steel
prices though partly mitigated by price escalation clause in most
of the contracts. Further the ability of the firm to maintain
execution timelines and performance parameters because of the
Liquidated Damages (LD) clause present in the contracts remains
critical.

The ratings, however, favourably factor in the experience of the
promoters in the construction industry and favourable demand
outlook for the construction sector given the government's focus
on infrastructure development.

Apex Constructions was incorporated as partnership firm in 1997.
There was reconstitution of partnership firm in April 2014 and it
is currently managed by Mr. Raman Patel, Mr. Rajesh Patel, and Mr.
Nirav Patel along with four other partners. The firm is primarily
engaged in the execution of government tendered civil construction
contracts of Roads. The firm has "A" category registration with
the Government of Gujarat, enabling it to bid for larger contracts
as compared to other lower rated entities.


B.R. AGRO: CRISIL Suspends B+ Rating on INR100MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B.R. Agro Foods Pvt Ltd (BRPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          100       CRISIL B+/Stable Suspended

   Proposed Long Term
   Bank Loan Facility     3.6     CRISIL B+/Stable Suspended

   Term Loan             13.8     CRISIL B+/Stable Suspended

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

BRPL was promoted by the Yadav and Bhatia families in 2012 to
undertake processing of rice. It has a paddy-processing plant at
Bilaspur (Uttar Pradesh).


B.V. COTS: ICRA Assigns B+ Rating to INR18cr Cash Credit
--------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR18.00
crore cash credit facility and the INR3.15 crore term loan
facility of B.V. Cots Spin Industries.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          18.00        [ICRA]B+ assigned
   Term Loan             3.15        [ICRA]B+ assigned

The assigned ratings are constrained by lack of track record of
operation of B.V. Cos Spin Industries as its commercial production
commenced in November 2013. The ratings are further constrained by
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of the firm's profitability to
the adverse fluctuations in raw cotton prices, which are subject
to seasonality, crop harvest and regulatory risks with regards to
MSP for raw cotton. ICRA also notes that BVCSI is a partnership
concern and any substantial withdrawal from capital account in
future could adversely impact the credit profile of the firm.

The ratings, however, favourably take into account past experience
of the promoters in the cotton industry and the favourable
location of the firm's manufacturing facility in Kadi giving easy
access to raw material.

B. V. Cot Spin Industries was established as a partnership concern
by Mr. Babu Patel, Mr. Piyush Patel, and Mr. Bhavin Patel along
with their family members in the year 2012. All the partners are
also associated with B. V. Oil Industries which is engaged in
cotton seed crushing. Established in October 2012, B. V. Cot Spin
Industries (BVCSI) has set up a green field project for cotton
ginning and pressing with its facility located at Kadi (Gujarat).
The commercial operations commenced from November 2013.

Recent Results
For the year ended 31st March, 2014, the company reported
operating income of INR90.63 crore with profit after tax (PAT) of
INR0.19 crore.


BHAVYAADEV ROADLINES: CRISIL Suspends D Rating on INR134.7MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhavyaadev Roadlines Private Limited (BRPL; part of the Bhavyaa
group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit         134.7        CRISIL D Suspended

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles BRPL and Dev Roadlines Pvt Ltd (DRPL).
This is because the two companies, together referred to as the
Bhavyaa group, are under a common management, and have operational
and financial linkages.

BRPL, incorporated in 2007, is in the same line of business. The
Bhavyaa group has 364 owned trucks.


BISHANDAYAL INDERCHAND: CRISIL Suspends D Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bishandayal Inderchand Jewellers (BIJ).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          150         CRISIL D
   Proposed Cash
   Credit Limit          50         CRISIL D
   Proposed Long Term
   Bank Loan Facility    50         CRISIL D

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

BIJ was set up as a partnership concern in 2005 by the Tibarewal
family of Cuttack (Orissa). The firm has a retail showroom (800
square feet) in Cuttack; it is a retailer of silverware. In 2011,
BIJ changed its business model and entered into wholesaling and
retailing of 24-carat gold jewellery with a small proportion of
silverware work. The firm's day-to-day operations are being
managed by two brothers, Mr. Rohit Tibarewal and Mr. Anurag
Tibarewal.


CAUVERY IRON: ICRA Cuts Rating on INR187.55cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR72.25 crore
(revised from INR131.50 crore) Cash Credit limits and Rs.187.55
crore (revised from Rs.149.92 crore) Term Loans of Cauvery Iron
and Steel (India) Limited (CISL) to [ICRA]D from [ICRA]B). ICRA
has also revised the short-term rating assigned to INR42.50 crore
non-fund based limits of CISL to [ICRA]D from [ICRA]A4.  Further,
ICRA has also revised ratings assigned to INR47.70 crore( revised
from Rs 26.08 crore) unallocated limits of CISL to [ICRA]D/[ICRA]D
from [ICRA]B/[ICRA]A4.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          72.25       Revised to [ICRA]D
   Term Loan           187.55       Revised to [ICRA]D
   Letter of Credit     42.50       Revised to [ICRA]D
   Unallocated Limits   47.70       Revised to [ICRA]D/[ICRA]D

The revision in ratings takes into consideration delay in term
loan repayments by CISL owing to significant drop in scale and
profitability of the company in the last two years due to subdued
domestic demand for MS Billets and TMT Bars and thereby low
capacity utilization levels of the manufacturing unit. Further,
the rating remains constrained by the thin profitability margins
of the company at net level due to high interest expenses which
has resulted in losses for the company during FY 2014; and the
stretched capital structure of the company with a gearing of 5.16
times as on FY 2014 end with weak coverage indicators. The ratings
also remain constrained by the tight liquidity position of the
company; and high client concentration risk of CISL along with
high competitive intensity and cyclical nature of the steel
industry. While ICRA takes note of the extensive experience of the
promoters in the iron and steel industry with established
relationships, and strong sales growth of the company until FY
2013 aided by diversification into manufacturing segment, the same
remain largely offset by the above concerns.

Going forward, the ability of the company to revive the
performance of its manufacturing unit, timely debt repayments and
effective management of working capital requirements remain the
key rating sensitivities.

Cauvery Iron and Steel (India) Limited (CISL) was incorporated in
1991 by Mr. Ashok Guptaa and is into the business of trading (of
long and flat steel products) and manufacturing of Sponge Iron,
Billets & TMT Bars . Mr. Guptaa has over four decades of
experience in the iron and steel industry and has an established
relationship with various customers. The trading unit of the
company operates through warehouses in Balanagar, Hyderabad. In
2008, CISL started construction of an integrated steel plant with
production facilities of Sponge Iron, Billets, and Thermo-
mechanically-treated (TMT) bars along with a 15 megawatt captive
power plant at Khajapoor Village in Medak District.

Recent Results
As per the audited results for FY2014, the company reported net
loss of INR36.70 crore on turnover of Rs 516.27 crore as against
profit after tax of INR2.01 crore on turnover of INR657.64 crore
during FY2013.


COMMERCIAL AUTO: CRISIL Suspends B Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Commercial Auto Products Pvt Ltd's (CAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           65         CRISIL B/Stable Suspended
   Letter of Credit      20         CRISIL A4 Suspended
   Proposed Long Term     9.5       CRISIL B/Stable Suspended
   Bank Loan Facility
   Term Loan             19.5       CRISIL B/Stable Suspended

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

CAPL was incorporated in 1985 by Mr. Ajay Gupta and manufactures
copper brass and aluminium radiators at its unit at Tiwariganj
(Uttar Pradesh).


D V S STEELS: CRISIL Suspends B+ Rating on INR90MM Credit Limit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
D V S Steels and Alloys Pvt. Ltd. (DVS).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      90       CRISIL B+/Stable Suspended
   Cash Credit             50       CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable Suspended

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

DVS, a New Delhi based company, was incorporated in 2004 by Mr.
Ankur Kumar Agarwal and his brother Mr. Shilpi Kumar Agarwal. The
company was engaged in manufacturing and sales of mild steel (M.S)
ingots used primarily in manufacturing of M.S. Bars. The company
commenced trading of sales of iron and steel scrap from 2011-12
onwards. The company's manufacturing unit at Ghaziabad, Uttar
Pradesh was shut in 2013-14.


DEV ROADLINES: CRISIL Suspends D Rating on INR252.2MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dev Roadlines Pvt Ltd (DRPL; part of the Bhavyaa group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          150         CRISIL D Suspended
   Rupee Term Loan      252.2       CRISIL D Suspended

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles DRPL and Bhavyaadev Roadlines Pvt Ltd
(BRPL). This is because the two companies, together referred to as
the Bhavyaa group, are under a common management, and have
operational and financial linkages.

DRPL was originally set up in 1994 as a proprietorship firm, which
was reconstituted as a private limited company in 2007. The
company provides transportation and logistics services. BRPL,
incorporated in 2007, is in the same line of business. The Bhavyaa
group has 364 owned trucks.


DEVANG PAPER: ICRA Reaffirms B+ Rating on INR5.93cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed [ICRA]B+ rating to the INR8.93 crore long
term fund based facility of Devang Paper Mills Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B+ reaffirmed
   Term Loan             5.93        [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into account the company's
lack of revenue diversification given its single paper product
portfolio and its weak financial risk profile as characterized by
net losses in FY13 and FY14, weak coverage indicators and high
working capital intensity. The rating is further constrained by
the vulnerability of the company's profitability to any adverse
fluctuations in the prices of key inputs, and the intense
competitive pressures in the business.

The rating, however, continues to take comfort from the long track
record of the promoter group in the kraft paper manufacturing
business and the company's favorable capital structure despite the
debt funded capex.

Devang Paper Mills Private Limited (DPMPL) was incorporated in
2011, prior to which the business was a part of Biodeal
Laboratories Pvt. Ltd. (BDLPL). BDLPL had 3 divisions --
Pharmaceuticals, Paper Mill and Wind Mill -- prior to the
demerger. The pharmaceutical division was sold by the management
and the paper mill and wind mill divisions were demerged into
DPMPL.

DPMPL is promoted by Mr Thobhan Patel, Mr. Devang Patel and Mr.
Arun Patel. The company operates from its Vapi based plant and
currently has a production capacity of 43,200 MTPA. The company
also operates a wind mill division in the Shikarpur District of
Bhuj (Gujarat) with 4 wind mills having a combined capacity of 3
MW.

Recent Results
For the 2013-2014, DPMPL reported an operating income of INR65.87
crore and a net loss of Rs 0.51 crore as against operating income
of INR54.73 crore and net losses of INR0.21 crore for the
financial year 2012-13. Further, during 9M FY 2015 (provisional
unaudited), DPMPL reported an operating income of INR59.42 crore
and profit before tax of INR2.34 crore.


FRONTIER TEXTILES: CRISIL Suspends B Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Frontier Textiles Pvt Ltd (FTPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 Suspended
   Cash Credit              5       CRISIL B/Stable Suspended
   Export Packing Credit   50       CRISIL A4 Suspended
   Term Loan               12       CRISIL B/Stable Suspended

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

FTPL was set up in 1993 as a partnership firm, Frontier Garment
Company, by Mr. Anirudh Singh and his cousin, Mr. Sandip Singh. It
was reconstituted as a private limited company in 2004. FTPL
manufactures protective industrial clothing in general; with image
wear contributing to around 60 per cent to its turnover in 2010-11
(refers to financial year, April 1 to March 31).


GOKUL COTTON: ICRA Reaffirms B Rating on INR9cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR9.00
crore cash credit facility, INR2.65 crore term loan limits and
INR8.35 crore unallocated limits of Gokul Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.00        [ICRA]B reaffirmed
   Term Loan             2.65        [ICRA]B reaffirmed
   Unallocated Limits    8.35        [ICRA]B reaffirmed

The reaffirmation of the rating takes into account GCI's
relatively small scale of operations; its low profitability due to
limited value additive nature of operations and intense
competition in a fragmented industry; and its leveraged capital
structure and weak debt coverage indicators. The ratings further
take into account the firm's exposure to commodity price
volatility, agro-climatic conditions and cotton export-related
government regulations. ICRA also notes that GCI is a partnership
firm and any significant withdrawals from the capital account
could adversely impact its net worth and thereby the credit
profile.

The rating, however, continues to positively consider the
experience of the partners in the cotton industry; the ramp up of
operations in FY15 following stabilisation of operations; and the
locational advantage of the firm giving it easy access to high
quality raw cotton.

Incorporated in the year September 2013, Gokul Cotton Industries
(GCI) is engaged in the business of cotton ginning & pressing. The
firm commenced commercial production from April 2014 from its
manufacturing facility located at Tankara, Dist. Rajkot in
Gujarat. The unit is equipped with 32 ginning machines and 1
pressing machine, having processing capacity of ~16000 metric
tonnes per annum (MTPA) of raw cotton. GCI is a partnership firm
with the promoters having an extensive experience in the cotton
industry.

Recent Result
During 10M FY 2015 (Provisional financials), GCI reported an
operating income of INR22.96 crore and profit before depreciation
& tax of INR0.15 crore.


GOVINDA MINERALS: CRISIL Suspends D Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Govinda
Minerals Private Limited (GMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL D Suspended
   Letter of Credit      50         CRISIL D Suspended

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

GMPL trades in various steel products and minerals, such as iron
ore and ferro alloys. The company commenced commercial operations
in 2008-09. The company operates primarily in and around Kolkata
(West Bengal). GMPL's day-to-day operations are looked after by
its promoter-directors, Mr. Rajesh Singhi and Mr. Giriraj Binani.


GRV SPINTEX: CRISIL Reaffirms B+ Rating on INR477.5MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of GRV Spintex Pvt Ltd
(GRV) continue to reflect the initial phase of the company's
operations in a highly competitive spinning industry and its
average capital structure.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        33         CRISIL A4 (Reaffirmed)
   Cash Credit          120         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5         CRISIL B+/Stable (Reaffirmed)
   Term Loan            477.5       CRISIL B+/Stable (Reaffirmed)

Theses rating weaknesses are partially offset by the promoters'
extensive experience in the cotton industry, resulting in the
company's established customer and supplier relationships.

Outlook: Stable

CRISIL believes that GRV will maintain its business risk profile,
backed by its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the company
reports higher-than-expected revenue and operating profitability,
leading to higher cash accruals and improved financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the financial risk profile of the company, including its
liquidity, deteriorates on the back of lower than expected
accruals or any large debt-funded capex or elongation of working
capital cycle.

Update
GRV started commercial operations from July 2014 and recorded
revenue of around INR410 million for the seven months ended
January 31, 2015. CRISIL believes that GRV will post revenue of
around INR600 million in 2014-15 (refers to financial year,
April 1 to March 31), backed by stabilization in its capacities.
The company recorded operating profitability of 15 per cent for
the seven months ended January 31, 2015. CRISIL expects the
company to have operating profitability of 16 to 16.5 per cent
over the medium term, supported by optimum capacity utilisation.

Treating unsecured loans from promoters as neither debt nor equity
(as they are expected to remain in the business over the medium
term), the adjusted gearing of the company is estimated to remain
high at around 2.20 times as on March 31, 2015. CRISIL, however,
expects the financial risk profile of the company to improve over
the medium term on the back of steady accretion to reserves and no
major debt-funded capex. The debt protection metrics of the
company are estimated to remain modest over the near term, marked
by interest coverage and net cash accruals to total debt of 1.4
times and 0.06 times respectively at the end of 2014-15, owing to
start-up nature of operations resulting in relatively low
accruals.

GRV's operations are expected to remain moderately working capital
intensive, marked by an estimated gross current asset (GCA) days
of 59 days as on March 31, 2015, reflected in a moderate bank
limit utilization of around 80% over the 4 months ending Feb'15.
The liquidity profile of the company is also supported by
unsecured loans from promoters estimated to be INR20.50 Million as
on March 31, 2015. CRISIL expects the company to post accruals of
INR26.9 Million in 2014-15 as against a repayment obligation of
INR17.1 Million

GRV was incorporated in 2013 at Rajkot (Gujarat) manufactures
cotton yarn. The company is promoted by the Ghodasara, Riyani, and
the Varmora families. Commercial operations for the company
started from July 2014.


GSR TEXTILES: ICRA Reaffirms B Rating on INR18.27cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the Rs.18.27
crore fund based limit GSR Textiles Private Limited at [ICRA]B.
ICRA has reaffirmed the short term rating assigned to the Rs.1.35
crore non-fund based limits of the company at [ICRA]A4. ICRA has
also reaffirmed the long term/short term rating of [ICRA] B/A4 to
the Rs.4.22 crore unallocated limits of the company.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based Limits       18.27     [ICRA]B re-affirmed
   Unallocated Limits       4.22     [ICRA]B/[ICRA]A4 re-affirmed
   Non-Fund Based Limits    1.35     [ICRA]A4 re-affirmed

The reaffirmation of ratings takes into account the fragmented
nature of spinning industry with low scale of firm's operations
resulting into low pricing power. Further, the firm is exposed to
regulatory risk with regards to minimum support price for raw
cotton and curbs on exports for cotton lint and yarn. The ratings
are also constrained by stretched liquidity condition of the
company also resulting into high working capital utilization.The
ratings however positively factor in introduction of new
management having long track record in spinning industry into the
company. The ratings are supported by location of the unit in
proximity to cotton cultivation areas helping in saving logistic
costs and better availability of raw materials. The ratings
assigned also positively factor in low interest cost of debt on
account of TUFS subsidy received.

GSR Textiles Private Limited (GSRTPL), incorporated in Dec 2005,
is primarily engaged in production of cotton yarn. GSRTPL has
spinning mill located in Nadimpalem Village in Guntur District
with an installed capacity of 15,072 spindles per annum. The
Company's production facility can produce cotton and blended (PC)
yarn in counts ranging from 30s to 60s. The company commenced
commercial production in December 2006 with 7200 spindles capacity
as opposed to the proposed 12000 spindles. This was largely due to
delay in delivery of machinery from suppliers. The factory became
operational at full capacity of 12,000 spindles in FY 08. During
FY 11, the capacity was increased to 15,072 spindles and currently
remains the same.

Recent Results
As per financials for FY14, the company reported net profit of Rs
0.09 crore on operating income of Rs 43.84 crore as compared to
net profit of Rs 0.08 crore on operating income of Rs 37.50 crore
for FY13.


HARSHITA POLYPACK: ICRA Reaffirms B+ Rating on INR4.6cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B+ assigned to the
INR4.60 crore (enhanced from INR3.60 crore) cash credit and the
INR1.37 crore term loan facilities of Harshita Polypack. ICRA has
also reaffirmed the short term rating of [ICRA]A4 assigned to the
INR0.09 crore short-term, non-fund based facilities of BPPL.
                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term, fund based
   limits - Cash Credit     4.60       [ICRA]B+ Reaffirmed

   Long-term, fund based
   limits - Term Loan       1.37       [ICRA]B+ Reaffirmed

   Short-term, non-fund
   based limits - Bank
   Guarantee                0.09       [ICRA]A4 Reaffirmed

The assigned ratings favourably factor in the long standing
experience of the promoters in the industry; established marketing
network in Maharashtra and adjoining states; and favourable demand
prospect for the disposable cups industry. The assigned ratings,
however, remain constrained by stretched accruals owing to low
margins, and working capital intensive nature of the business,
resulting in a stretched capital structure and weak coverage
indicators.

The ratings are also constrained by the small scale of operations,
which limits the ability to gain economies of scale; and the
firm's vulnerability of margins to fluctuations in input prices
and foreign exchange, given the limited ability to pass on the
same to its clients. ICRA has taken a consolidated view of
Harshita and three other group companies, viz. Brajesh Packaging
Private Limitted (BPPL), Radhika Packaging Private Limited (RPPL),
and Suyash Polymer (SP) together referred to as the Dammani Group
while arriving at the ratings, as the group companies derive
significant business synergies from each other.

Incorporated in 1978, Harshita Polypack (HP) is a part of the
Dammani group engaged in manufacturing of polypropylene disposable
cups. Mrs. Pratima Nitin Dammani is the proprietor of the firm
while the affairs of the group are collectively managed by Mr.
Neelesh Dammani and Mr. Nitin Dammani.

Recent Results
The company registered an operating income of INR33.5 crore and
PAT of INR0.05 crore for the year ending March 31, 2014. On a
consolidated basis, the group has registered an operating income
of INR104.9 crore and PAT of INR0.23 crore in FY14.


NATVAR PARIKH: CRISIL Reaffirms B+ Rating on INR200MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of
Natvar Parikh and Bros (NPB) continues to reflects NPB's exposure
to risks associated with its ongoing project. This rating weakness
is partially offset by the extensive business experience of the
firm's partners.

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


Outlook: Stable

CRISIL believes that NPB will continue to benefit over the medium
term from its partners' extensive business experience and
resourceful background. The outlook may be revised to 'Positive'
if the firm successfully executes its school project as per
schedule and generates cash flow from operations commensurate with
its debt servicing commitments. Conversely, the outlook may be
revised to 'Negative' in case of a significant time or cost
overrun in NPB's project, or if it faces disruptions in inflows of
funds from the trust to which it will be leasing the school,
thereby straining its debt servicing ability.

Update
NPB is currently constructing a school in Chembur, Mumbai. The
school will be leased to T B Desai Family Charitable Trust (TBD)
which currently operates a school named Green Acres Academy in the
same locality but in rented premises. The project started in
November 2012 and is progressing as per schedule. Until February
2015, the firm has completed construction of stilt plus three
floors at a cost of around INR220 million, against the total
expected cost of INR365 million; the firm has drawn down a term
loan of INR122.5 million out of the sanctioned amount of INR200.0
million.

The rental income of INR15.9 million from the school is expected
to start in 2015-16 (refers to financial year, April 1 to March
31) against which there is no term loan obligation as the term
loan repayment will start only from February 2017. NPB's liquidity
is also supported by rental income of around INR10 million from
land leased to Acers Club and Hotel Fern Residency. Timely
commencement of rental income from the school, resulting in
sufficient build-up of surplus liquidity for meeting repayment
obligations, will remain a key sensitivity factor.

NPB was established as a partnership firm in 1964 by the Mumbai-
based Parikh family. The current partners of the firm are Mr.
Apurva Parikh, Ms. Neela Parikh, Mr. Rohan Parikh, and Mr. Romil
Parikh.

NPB reported a profit after tax (PAT) of INR7 million on revenue
of INR10 million for 2013-14, as against a PAT of INR38 million on
revenue of INR44 million for 2012-13.


P.I. JEWELLERS: CRISIL Suspends D Rating on INR160MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P.I. Jewellers Pvt Ltd (PIJ).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          160         CRISIL D Suspended

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

PIJ was established in 1995 as a proprietorship firm by Mr. Aman
Dheer. The firm was reconstituted as a private limited company in
2006. PIJ trades gold and diamond jewellery, and has a retail
outlet, P I Jewellers, in Ludhiana (Punjab). The company derives
around 20 per cent of its revenues from retail sales and the rest
from wholesale trading.


PARASMANI GEMS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Parasmani Gems
Pvt Ltd (PGPL) continues to reflect PGPL's weak financial risk
profile, marked by high gearing and weak debt protection metrics;
the rating also factors in the company's small scale of operations
in the intensely competitive jewellery industry and the
geographical concentration in its business profile.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PGPL's promoters in the jewellery industry.
Outlook: Stable

CRISIL believes that PGPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company increases its scale of
operations substantially and diversifies geographically, and
improves its financial risk profile driven by substantial cash
accruals or equity infusion by promoters. Conversely, the outlook
may be revised to 'Negative' if PGPL's operating margin or
operating income declines or if the company's financial risk
profile deteriorates because of increase in working capital
requirements or large debt-funded capital expenditure.

PGPL, incorporated in 2005, is promoted by Mr. Daxesh Soni and his
family. The company manufactures and retails gold, silver,
diamond, and platinum jewellery, and precious stones. It has a
showroom at Ahmedabad (Gujarat).

For 2013-14 (refers to financial year, April 1 to March 31), PGPL
reported a profit after tax (PAT) of INR3.1 million on net sales
of INR370.0 million against a PAT of INR2.6 million on net sales
of INR372.7 million for 2012-13.


S.K. SOLVEX: ICRA Reaffirms 'B' Rating on INR8.50cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR8.50 crore
(enhanced from INR5.60 crore) fund based bank limits of S.K.
Solvex Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term Fund Based      8.50       [ICRA]B; reaffirmed
   Working Capital Limits

ICRA's rating continues to factor in the high business risks
associated with the edible oil (and related products) industry
including high competitive intensity and fragmentation;
vulnerability of profitability of domestic players to competition
from imports; fluctuations in product prices due to linkage with
global edible oil price movements and changes in import duty
differential between crude and refined oil; and agro-climatic
risks associated with availability of raw material. These factors
apart, the rating continues to be constrained by high customer
concentration and the company's weak financial risk profile as
reflected in aggressive capital structure, weak profitability
margins and debt protection metrics. The rating reaffirmation,
however, favourably factors in the promoter's significant
experience and long track record in edible oil business; long term
supply contract with Adani Wilmar, favourable location with
proximity to the mustard seed belt in Rajasthan; and favourable
demand prospects for edible oil in India.

Going forward, the ability of the company to improve its
profitability, diversify its customer base and manage its working
capital requirements efficiently will be the key rating
sensitivities.

SKSPL was incorporated in 2001 and is engaged in the manufacturing
of mustard oil and cake at its unit in Jaipur, Rajasthan. The
current seed crushing capacity of the oil mill is 36,000 metric
tonnes per annum (MTPA).

Recent Results
In 2013-14, the company reported a Profit After Tax (PAT) of
INR0.08 crore on a turnover of INR131.31 crore, as against a PAT
of INR0.07 crore on a turnover of INR88.79 crore in 2012-13.


SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR2.92 crore (reduced from INR4.00 crore) term loans and INR4.00
crore fund-based cash-credit facility of Smile Ceramic. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 to the INR0.50
crore short-term non-fund based facility of SC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Term Loan             2.92        [ICRA]B+ reaffirmed
   Bank Guarantee        0.50        [ICRA]A4 reaffirmed

Rating Rationale
The ratings continue to be constrained by the weak financial
profile of the entity with moderate coverage indicators and high
working capital intensity of operations as well as its small scale
of operations resulting in limited economies of scale. Further the
ratings are constrained by the highly fragmented nature of the
tiles industry which results in intense competitive pressures;
cyclical nature of the real estate industry which is the main
consuming sector and exposure of the firm's profitability to
fluctuations in input prices. ICRA also notes that SC is a
partnership firm and any significant withdrawals from the capital
account could affect its net worth and thereby its capital
structure.

The ratings, however, favorably factor in the reasonable
experience of the partners in the ceramic industry and the firm's
competitive advantage on account of its favourable location in
Morbi, which is the tile manufacturing hub of the country.

Incorporated in 2009, Smile Ceramic (SC) is involved in the
manufacturing of body clay which is a key input in manufacture of
ceramic tiles with the manufacturing being done using spray dryer
technology. Its plant is located at Lakhdirpur in Rajkot district
of Gujarat with a total production capacity of 1,50,000 metric
tonnes per annum (MTPA) of body clay which was increased from
75,000 MTPA during FY 14. The firm is owned and managed by
fourteen partners who have been involved in the ceramic industry
for past many years through manufacturing and trading of ceramic
products.

Recent Results
For the year ended 31st March, 2014, SC reported an operating
income of INR20.66 crore and profit after tax of INR0.87 crore as
against an operating income of INR14.75 crore and a profit after
tax of INR0.76 crore for the year ended 31st March, 2013. For the
ten months period ended 31st January, the firm reported operating
income of INR21.51 crore and profit after tax of INR1.00 crore (as
per provisional financials).


STYLIN SANITARYWARES: ICRA Assigns B Rating to INR5cr Term Loan
---------------------------------------------------------------The
long term rating of [ICRA]B has been assigned to the INR5.00 crore
term loan facility and INR1.25 crore cash credit facility of
Stylin Sanitarywares. ICRA has also assigned the short term rating
of [ICRA]A4 to the INR0.32 crore non-fund based facility of SS.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             5.00        [ICRA]B assigned
   Cash Credit           1.25        [ICRA]B assigned
   Bank Guarantee        0.32        [ICRA]A4 assigned

The assigned ratings is constrained by the start up nature of the
firm; it's small envisaged scale of operations; and fragmented
nature of the sanitary ware industry with competition from
organized players and unorganized players which is expected to
keep margins under pressure especially for a new entrant. ICRA
notes that the future cash flow adequacy and project metrics would
be highly sensitive to the product establishment, successful scale
up of operations and firm's pricing ability in the market.
Further, having regard to the gestation period associated with
stabilization of operations and moderate debt servicing burden,
the firm's financial profile is expected to remain constrained
over the medium term. The ratings also takes into account
vulnerability of the operating profitability to availability and
volatility in gas prices. While assigning the ratings ICRA has
also noted the risk of capital withdrawal that is inherent in a
partnership firm.

The ratings, however, favourably take into account past experience
of the promoters in the sanitarywares lines of activities and the
favorable location of the firm's manufacturing facility in Morbi
giving easy access to raw material.The ratings also take into
consideration that SS will use the already established dealer
network of sister concern Sifon Ceramic, which has a network of
about 125 dealers in states like Gujarat, Kerala, Maharashtra,
Bihar, Jammu & Kashmir etc.

Established in September 2014 as a partnership firm, Stylin
Sanitarywares propose to manufacture sanitary ware products like
wash basins, closets, table top and related accessories. The
firm's manufacturing site is located at Morbi, Gujarat and will
have an installed capacity of 2,25,000 pieces per annum. The
promoters group have also been associated with the sanitarware
business for long on account of their association with Sifon
Ceramics, located at Morbi (Gujarat) engaged in similar business.


SURYAUDAY SPINNING: ICRA Reaffirms B+ Rating on INR12.20cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR20.00 crore fund based and INR1.00 crore non fund based limits
of Suryauday Spinning Mills Pvt Ltd. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the Rs.1.00 crore non-fund based
facilities of SUSMPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               2.98       [ICRA]B+ Reaffirmed
   Fund based limits      12.20       [ICRA]B+ Reaffirmed
   Non fund based limits   1.00       [ICRA]B+ Reaffirmed
   Non fund based limits   1.00       [ICRA]A4 Reaffirmed
   Unallocated             4.82       [ICRA]B+ Reaffirmed

The ratings reaffirmation takes in to account the low scale of
operations, fragmented nature of the industry leading to intense
competition from small unorganised as well as large organised
players and vulnerability of profitability to adverse fluctuations
in polyester staple fibre (PSF) prices. The assigned ratings are
further constrained by the low operating profitability given the
low spread between the raw material (PSF) and finished good
(polyester yarn) prices, and weak capital structure on account of
the working capital intensive nature of the business and the
likely stretch on cash flows on account of future debt-funded
capex . The assigned ratings, however, draw comfort from the long
experience of the promoters in the polyester fibre trading and
polyester yarn spinning industry resulting in established
relationship with customers. ICRA also notes favourably the
improvement in capacity utilisation to 85% in FY15 (10m) with
procurement of merchant power.

Suryauday Spinning Mills Pvt Ltd (SUSMPL) was established in 2005
with 5,040 spindles and was gradually expanded to the current
spinning capacity of 21,000 spindles. The company produces 100%
polyester ring spun yarn in the count range of 3.5s to 30s with
manufacturing facilities located at Choutuppal in Nalgonda
district of Andhra Pradesh. The company is promoted by Mr.
Brijgopal Asawa and family who also operate polyester trading
firms M/s Srinath Trading Company and M/s Srinath Agencies.

Recent Results
According to unaudited results, SUSMPL reported an operating
income of INR57.28 crore and profit before tax of INR0.10 crore
during FY 2014-15 (10m) as against an operating income of Rs 69.26
crore and profit after tax of INR0.01 crore during FY 2013-14.


SWAGAT HOSPITALS: CRISIL Reaffirms B Rating on INR250MM Loan
------------------------------------------------------------
CRISIL rating to the bank facilities of Swagat Hospitals Private
Limited (SHPL) continue to reflect SHPL's modest scale of
operations, exposure to risks associated with the timely
completion and stabilisation of its ongoing hospital project in
Guwahati (Assam) and the challenges that SHPL is expected to face
in attaining optimum capacity utilisation in its initial year of
operations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             250        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SHPL's promoters in the healthcare sector.
Outlook: Stable

CRISIL believes that SHPL would continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if SHPL implements its super
specialty hospital project in a timely manner without any further
cost overrun, and is able to demonstrate higher than expected
occupancy levels leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
any further time or cost overruns in commissioning of SHPL's
project leading to pressure on SHPL's liquidity.

SHPL, set up in 1999 by Dr. Subhash Khanna, is operating a 50 bed
hospital in Shantipur (Guwahati) under the name of 'Swagat
Endolaparoscopic Surgical Research Institute' (SESRI). The company
is currently also undertaking a project to set up a 77 bed super
specialty hospital near Maligaon (Guwahati) which is expected to
commence operations from April 2015.


VIKAS COTEX: ICRA Reaffirms B Rating on INR12.35cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR12.35
crore cash credit facility, INR2.35 crore term loans and INR5.30
crore unallocated limits of Vikas Cotex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.35       [ICRA]B reaffirmed
   Term Loan              2.35       [ICRA]B reaffirmed
   Unallocated Limits     5.30       [ICRA]B reaffirmed

The reaffirmation of the rating takes into account VC's relatively
modest scale of operations; its low profitability due to limited
value additive nature of operations and intense competition in a
fragmented industry; and its leveraged capital structure due to
small net-worth base. The ratings further take into account the
firm's exposure to commodity price volatility, agro-climatic
conditions and cotton export-related government regulations. ICRA
also notes that VC is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the credit profile.
The rating, however, continues to positively consider the
experience of the partners in the cotton industry; the healthy
ramp up of operations in 10M FY15 following stabilisation of
operations; and the locational advantage of the firm giving it
easy access to high quality raw cotton.

Incorporated in the year August 2013, Vikas Cotex (VC) is engaged
in the business of cotton ginning. The firm commenced commercial
production from February 2014 from its manufacturing facility
located at Wankaner, Dist. Rajkot in Gujarat. The unit is equipped
with 48 ginning machines and 1 pressing machine, having processing
capacity of ~31000 metric tonnes per annum (MTPA) of raw cotton.
VC is a partnership firm with the promoters having an extensive
experience in the cotton industry.

Recent Result
During FY 2014, VC reported an operating income of INR3.52 crore
and net loss of INR0.20. Further, in 9M FY 2015 (as per
provisional financials), VC reported operating income of INR39.16
crore and profit before tax of INR2.26 crore.


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


LEFTBRAIN GROUP: Goes Into Voluntary Liquidation
------------------------------------------------
Narelle Henson at Stuff.co.nz reports that customers of one of New
Zealand's first online retail companies have been left hanging
after it went into voluntary liquidation on April 17.

Leftbrain Group Ltd, which operates six brand names, two of them
also in Australia, is best known for starting one of
New Zealand's first online toy websites. It was placed into
liquidation on April 16.

Stuff.co.nz relates that a notification announcing the liquidation
on each of the websites states Paul Clark and Kenneth Brown of BDO
Tauranga have been appointed liquidators of Leftbrain Group, which
has ceased to trade.

According to the report, founder and director Shane Loomb said it
was "quite distressing for us to have it end this way".

"Financially my family is not going to come out very well from
this . . . I'm not looking forward to what our financial future is
in the short term. We're coming out of it with nothing," the
report quotes Mr. Loomb as saying.

Stuff.co.nz relates that Mr. Loomb said he had put about half of
his life into the business, and had seen online retail evolve in
New Zealand, having been one of the first to enter the market.

A combination of factors had led to the liquidation, Mr. Loomb
said. Leftbrain had struggled to raise capital, which had impacted
its ability to maintain and increase stock levels, the report
states.

That made it difficult to "combat new competition" both
domestically and overseas, says Stuff.co.nz.


=====================
P H I L I P P I N E S
=====================


EXPORT AND INDUSTRY BANK: Creditors Ordered to Files Claims
-----------------------------------------------------------
The Regional Trial Court (RTC) of Makati City Branch 149, after
finding the petition for assistance in the liquidation of the
closed Export and Industry Bank (EIB) of the Philippine Deposit
Insurance Corporation (PDIC) "sufficient in form and substance and
conformably with pertinent law", has issued an order directing
those who may have claims against the assets of the bank to file
their claims with the PDIC. The order from Presiding Judge Cesar
O. Untalan established RTC Makati City Branch 149 as the
liquidation court for the closed EIB. The initial hearing for
EIB's liquidation was set on April 14, 2015 at 8:30 a.m.

Pursuant to the court order, all uninsured depositors and
creditors of EIB are directed to file their respective claims at
the PDIC Office located at the 5/F SSS Building, 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims may be filed from
Monday to Friday, 8:00 a.m. to 5:00 p.m.

EIB is a 50-unit commercial bank that was ordered closed by virtue
of Monetary Board (MB) Resolution No. 686 dated April 26, 2012 and
placed under receivership by the PDIC. After the failure of two
public biddings for the rehabilitation of the bank, the Monetary
Board, in its Resolution No. 571 issued on April 4, 2013, directed
PDIC to proceed with the liquidation of EIB.

EIB has total estimated insured deposits (EID) of PHP2.3 billion
involving 44,229 accounts. As of February 28, 2015, the PDIC had
paid EIB depositors PHP2.2 billion in valid deposit insurance
claims involving 37,763 accounts or 96% of the total EID.


RURAL BANK OF LABRADOR: Placed Under PDIC Receivership
------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Labrador
(Pangasinan), Inc. under the receivership of the Philippine
Deposit Insurance Corporation (PDIC) by virtue of MB Resolution
No. 596 dated April 16, 2015. As Receiver, PDIC took over the bank
on April 16, 2015.

Rural Bank of Labrador is a single-unit rural bank with Head
Office located in Poblacion, Labrador, Pangasinan. Based on the
Bank Information Sheet (BIS) filed by the Rural Bank of Labrador
with the PDIC as of December 31, 2014, the bank is owned by Mark
Ernest L. Rosario (32.57%), Alicia R. Liboro (13.85%), Eriberto U.
Rosario, Jr. (12.89%), Concepcion R. Cristobal (7.91%), Regina
Rosario (3.92%), Anna Melissa R. Lichaytoo (3.82%), Jose Eriberto
D. Rosario III (3.70%), Manuel P. Rosario (3.62%) and Martin
Angelo L. Rosario (3.49%). Its President and Chairman is Mark
Ernest L. Rosario.

Latest available records show that as of December 31, 2014, Rural
Bank of Labrador had 927 accounts with total deposit liabilities
of PHP44.1 million, all of which are insured.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with the Rural Bank
of Labrador or acted as co-makers of the obligations, and have
incomplete and/or have not updated their addresses with the bank.
PDIC targets to start mailing payments to these depositors at
their addresses recorded in the bank by the third week of April,
2015.

Depositors may update their addresses until April 21, 2015 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the last week of April, 2015.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on April 23, 2015 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.


=================
S I N G A P O R E
=================


* Court OKs Man's Bid to Wind Up 3 Firms Controlled By Brother
--------------------------------------------------------------
Selina Lum at The Strait Times reports that the dying wish of a
cancer-stricken businessman with eight children was for his five
sons not to fight with one another so he could rest in peace.

But 22 years after the death of patriarch Lin Whan Chiu, his
second son took the eldest to court, asking for the family's three
companies to be wound up, the report says.

High Court judge Steven Chong, in written grounds published on
April 14, granted the applications of Mr Lin Choo Mee, 58, to wind
up the three companies controlled by his older brother, Mr Lim Sze
Eng, 61.


                             *********

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

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

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


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

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

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

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

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



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