TCRAP_Public/150501.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

             Friday, May 1, 2015, Vol. 18, No. 085


                            Headlines


A U S T R A L I A

AUSTRALIAN OIL: Receiver Seeks Expressions of Interest
INTEGRATED CONSTRUCTION: In Liquidation; 1st Meeting on May 5
SUNNYLOOSE PTY: First Creditors' Meeting Set For May 8
T.B.F. INVESTMENTS: First Creditors' Meeting Set For May 8
TASMANIAN AIR: Goes Into Liquidation; Creditors Meeting on May 11

TEN NETWORK: First Half Net Loss Widens to AUD264.4 Million
TRU BLU: First Creditors' Meeting Slated For May 8


I N D I A

AAPAS SYSTEMS: CARE Lowers Rating on INR4.61cr LT Loan to D
AAR ROYAL: CRISIL Reaffirms 'D' Rating on INR60MM Term Loan
ANUSPAA HERITAGE: CRISIL Cuts Rating on INR77MM Loan to D
ARTS WATERMATICS: CRISIL Assigns B+ Rating to INR25MM Term Loan
BANSAL DIAMONDS: ICRA Suspends D Rating on INR200cr FB Loan

DAYAL STEELS: ICRA Reaffirms B+ Rating on INR6.82cr Cash Credit
DENTCARE DENTAL: CRISIL Assigns B- Rating to INR110MM Cash Loan
DWARKA DAS: ICRA Suspends D Rating on INR13cr Non-FB Loan
FRIENDS INTERNATIONAL: CARE Rates INR5.5cr Bank Loan at B+/A4
GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR100MM Loan

GREEN VILLAGE: ICRA Lowers Rating on INR14cr ST Loan to D
H. K. INTERNATIONAL: CRISIL Rates INR45MM Cash Loan at B+
IDEAL CHEMICALS: CRISIL Ups Rating on INR110MM Bank Loan to B+
INFRASTRUCTURE LOGISTIC: CRISIL Reaffirms B- INR89.2M Loan Rating
J. M. FEED: CRISIL Assigns B+ Rating to INR98MM Cash Loan

K.P.R. KNITTING: ICRA Assigns B Rating to INR4.80cr Term Loan
K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR114.4MM Loan
KAILASH INFRATECH: ICRA Cuts Rating on INR5cr LT Loan to B
KONDUSKAR TRAVELS: CRISIL Assigns B Rating to INR115MM Loan
KUMARPUR AGRO: CRISIL Ups Rating on INR33.2MM Term Loan to B+

LILY HOTELS: ICRA Assigns D Rating to INR26.6cr Term Loan
LINK MARBLE: CRISIL Reaffirms 'B' Rating on INR92.5MM Cash Loan
MAHESH GINNING: ICRA Reaffirms B+ Rating on INR3.50cr CC Limit
MANASA RICE: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
MANGLAM DISTILLERS: CRISIL Suspends 'D' Rating on INR50.9MM Loan

MESANIYA GINNING: ICRA Reaffirms B Rating on INR12.50cr Cash Loan
MODERN AGRO-TECH: ICRA Assigns 'B' Rating to INR3.55cr Term Loan
MOUNT ZION: CRISIL Assigns B+ Rating to INR150MM LT Loan
M/S LIVINGSTONES: ICRA Reaffirms B+ Rating on INR27cr PSC
ORBIT AVIATION: CARE Reaffirms B+ Rating on INR64.18cr LT Loan

PADMA LAXMI: CARE Assigns B+ Rating to INR14cr LT Bank Loan
POLY-MECH COMPONENTS: CARE Reaffirms B Rating on INR10.97cr Loan
PRAKASH WHITEGOLD: CARE Assigns B+ Rating to INR6.20cr LT Loan
R.A. MOTORS: CRISIL Reaffirms B+ Rating on INR100MM Bank Loan
RAIGANJ DALKHOLA: CARE Reaffirms D Rating on INR321.63cr LT Loan

RANGA RAJU: CRISIL Reaffirms B+ Rating on INR160MM Cash Loan
RASHMI HOUSING: ICRA Reaffirms B+ Rating on INR65cr LT Loan
ROOP TECHNOLOGY: ICRA Reaffirms B Rating on INR7cr LT Loan
S.R. UDAYASHANKAR: CRISIL Keeps B Rating on INR30MM Bank Loan
SATCHIDANANDA AGROTECH: CRISIL Ups Rating on INR79.5MM Loan to B-

SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR125.5M Loan
SHREE HARDEO: CARE Assigns 'B+' Rating to INR8.78cr LT Loan
SHREE JI: ICRA Assigns B+ Rating to INR8cr Unallocated Loan
SRI BALAJI: CRISIL Reaffirms B Rating on INR2.5MM Cash Loan
SRI BALASUBRAMANIA: CRISIL Rates INR59.4MM Cash Loan at B-

SRI KRISHNA: ICRA Reaffirms 'B' Rating on INR9.69cr FB Loan
SRI VENKATA: ICRA Reaffirms B+ Rating on INR8.96cr FB Loan
SRIVARI COTTON: CRISIL Reaffirms B Rating on INR50MM Bank Loan
STYLE ONE: ICRA Reaffirms B Rating on INR21.80cr Term Loan
VESTA EQUIPMENT: CARE Assigns B+ Rating to INR3.45cr LT Loan


I N D O N E S I A

METROPOLIS PROPERTINDO: Fitch Withdraws 'B' Issuer Default Rating


J A P A N

MT GOX: Kraken Accepts Creditor Claims Through Website


N E W  Z E A L A N D

LEFTBRAIN GROUP: Creditors May Lose in Firm's Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AUSTRALIAN OIL: Receiver Seeks Expressions of Interest
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are being sought for the sale of Australian Oil and Gas
Pty Ltd.

Dissolve.com.au relates that investment highlights include 30 oil
and gas exploration permit applications that cover around 70
million acres, 10 sedimentary basins that have diversified
geology.  According to the report, the buyer of the company will
also get to own possible traditional and non-traditional
hydrocarbon accumulations.

Australian Oil and Gas Pty Ltd is an oil and gas exploration
company. It operates in the Northern Territory. The company is
currently under the control of receivers KordaMentha.


INTEGRATED CONSTRUCTION: In Liquidation; 1st Meeting on May 5
-------------------------------------------------------------
Nick Lenaghan at Financial Review reports that the New South Wales
arm of fit-out and refurbishment firm, Integrated Construction
Management Group, has gone into liquidation after a dispute over
payment from its Langham Hotel project caused a cash crisis.

David Young, of Young Business, has been appointed by the
company's shareholders to liquidate five of the group's companies
in New South Wales, according to Financial Review.

The report notes that the Integrated Construction's Victorian and
Queensland operations have not been put into liquidation.

Lead by Paul Attard and John O'Gorman, the firm was in dispute
with the Langham over a AUD2.5 million claim for work at the Kent
Street hotel, the report relates.

"That had gone into arbitration. It had been delayed. That's put a
hole in the cash flow of the business," the report quoted Mr.
Young as saying.

Integrated Management had four projects in progress in New South
Wales when the liquidator was appointed, the report relays.

"It's early days, we're still assessing what the position is. The
group of companies is in liquidation, so it is not continuing to
trade," the report quoted Mr. Young as saying.

The report relays that the group's creditors include its own
employees and about 600 sub-contractors and suppliers.

The collapse of Integrated Construction's NSW business comes as
the Senate pursues an inquiry into the high rate of insolvencies
in the construction sector, the report notes.

In 2013-14, the sector accounted for 23 per cent, or 2153,
insolvencies, according to Australian Securities and Investments
Commission figures, the report discloses.

The first creditors' meeting for Integrated Construction is on May
5, the report adds.


SUNNYLOOSE PTY: First Creditors' Meeting Set For May 8
------------------------------------------------------
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Sunnyloose Pty Ltd on April 29, 2015.

A first meeting of the creditors of the Company will be held at
The Boardroom, APL Insolvency, Level 5, 150 Albert Road, in
South Melbourne, Victoria, on May 8, 2015, at 11:00 a.m.


T.B.F. INVESTMENTS: First Creditors' Meeting Set For May 8
----------------------------------------------------------
Con Kokkinos & Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of T.B.F. Investments
Pty Ltd, formerly trading as Three Bags Full, on April 29, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne on May 8, 2015, at 2:30 p.m.


TASMANIAN AIR: Goes Into Liquidation; Creditors Meeting on May 11
-----------------------------------------------------------------
ABC News reports that Tasmanian Air Adventures, which runs the
seaplane operation out of the Hobart waterfront, has been placed
in liquidation.

The report notes that the seaplane had become a fixture of the
city, offering scenic flights and charter tours using the River
Derwent as its airstrip.

The YKYMF Group Pty Ltd, which trades as Tasmanian Air Adventures,
announced the company was in creditors' voluntary liquidation, the
report discloses.

The report notes that the company's employees were advised of the
situation and all flights have ceased.

State Opposition leader Bryan Green said the news was
disappointing, the report relays.

"It comes as a shock to me because I imagined that business was
going really well and he's a young entrepreneur and I feel for
him, I hope there's a way he can trade his way out," the report
quoted Mr. Green as saying.

The report discloses that the company's license was extended last
year to access Tasmania's remote wilderness as part of the State
Government's low-impact tourism plans.

Last year, the company invested in a second seaplane to meet
demand after it picked up the people's choice award at the state
tourism awards, the report notes.

In March, the seaplane was forced to make an emergency landing
after the engine cover flung loose, the report relays.

A meeting of creditors has been scheduled for May 11, the report
adds.


TEN NETWORK: First Half Net Loss Widens to AUD264.4 Million
-----------------------------------------------------------
Mitchell Neems at The Australian reports that Ten Network Holdings
has urged the Abbott government to reform media ownership rules
after revealing a widening in its first-half loss and warning of
"material concern" over its financial future.

In the six months to February 28, Ten (TEN) posted a net loss of
AUD264.387 million, compared to the previous half-year's AUD7.983
million loss, The Australian discloses.

According to the Australian, Chief executive Hamish McLennan said
the results reflected the restructuring the business had
undertaken in 2014 in order to reduce costs and invest in prime
time programming.

In the same period revenue was 2.2 per cent lower at AUD324.252
million, the report notes.

Ten declined to pay an interim dividend, the Australian notes.

The Australian relates that the company said its cash flow
forecasts for the next year show that it will operate within the
limits of its AUD200 million funding facility.

However, a reduction in revenue due to advertising market
volatility or an adverse impact on the group's market share could
see these cash flow forecasts not being achieved, the Australian
says.

"If this was to occur the group will need to take appropriate
actions, including raising debt or equity funding should that be
required, in order to continue to operate within its existing
AUD200m funding facility," the group said, notes the report.
"As a result of these matters, there is a material uncertainty
that may cast significant doubt on the group's ability to continue
as a going concern and, therefore, that it may be unable to
realise its assets and discharge its liabilities in the normal
course of business."

The Australian adds that Ten said its ability to meet its debt
commitments was dependent on its ability to successfully take
"appropriate actions" including raising debt or equity finance
should that be required.

The Australian relates that the company's directors said they were
confident in the company's ability to do so.

The group's net debt at February 28 was AUD92.3 million.

The Australian adds that the free-to-air network has been weighing
several takeover offers in recent months and said its strategic
review process was continuing.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 4, 2014, Bloomberg News said Ten Network Holdings Ltd. said
it's studying takeover or refinancing proposals received from a
number of parties.  The proposed transactions "could result in a
change of control of Ten or a refinancing of its existing debt
facilities," the Sydney-based company said in a regulatory
statement on December 3. It didn't name any suitors or prices,
Bloomberg noted.

According to Bloomberg, Ten Network, which broadcasts the U.S.
television show "Homeland" in Australia, has been exploring
options after Chief Executive Officer Hamish McLennan took steps
to cut costs and jobs in response to a shrinking pool of viewers.
The company, which lacks the rights its rivals have to broadcast
the nation's most popular sports, is forecast to post losses
through 2017, data compiled by Bloomberg showed.

Ten Network Holdings Limited is an Australia-based company. The
principal activity of the Company is the investment in The Ten
Group Pty Limited (Ten Group) and controlled entities, whose
principal activities are the operation of multi-channel commercial
television licenses in Sydney, Melbourne, Brisbane, Adelaide and
Perth, and out-of-home advertising. The Company operates in the
television segment. Network Ten operates three free-to-air
television channels in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth.


TRU BLU: First Creditors' Meeting Slated For May 8
--------------------------------------------------
Henry Kazar and Aaron Torline of Kazar Slaven were appointed as
administrators of Tru Blu Nationwide Pty Ltd on April 28, 2015.

A first meeting of the creditors of the Company will be held at
the Queanbeyan offices of Kazar Slaven, Benedict House, 39
Isabella Street, in Queanbeyan, New South Wales, on May 8, 2015,
at 11:30 a.m.



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


AAPAS SYSTEMS: CARE Lowers Rating on INR4.61cr LT Loan to D
-----------------------------------------------------------
CARE revised the rating assigned to the bank facilities of
Aapas Systems & Services.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.61       CARE D Revised from
                                            CARE B+

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

Rating Rationale
The revision in the rating assigned to the bank facilities of
Aapas Systems & Services (AS) takes into account the delays in
servicing of debt on account of the stretched liquidity position
of the firm.

Establishing a track record of timely servicing of debt
obligations would be the key rating sensitivity.
Established in 2009 as a partnership firm, Aapas Systems &
Services (AS) is engaged in providing cable operator services on
its own as well as through other local cable operators. Currently
the firm operates in the central area of Mumbai (Chembur, Kurla,
Mumbra, Karjat) and Navi Mumbai. The firm earns its revenue from
three sources i e carriage fees (fees paid by broadcasters),
subscription fees (fees paid by the local cable operator),
placement charges and STB (Set top boxes) activation charges.
Moreover, the firm has another group entity, M/s Bhawani Rajesh,
which is engaged in encoding/decoding of the signals (received
directly from the broadcasters) for AS. AS in turn pays a royalty
of INR80 per month per subscription to the entity.

Key Updates
Ongoing delays in debt servicing
On the account of the stressed liquidity, the firm has delayed in
servicing of debt obligations (interest and principal). Going
forward, AS's ability to improve its liquidity position and
subsequently timely service its debt obligations, shall be
critical from a credit perspective.


AAR ROYAL: CRISIL Reaffirms 'D' Rating on INR60MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long term bank loan facility of AAR Royal
Residency (AAR) continues to reflect its delays in servicing its
term debt; the delays have been caused by weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             60         CRISIL D (Reaffirmed)

AAR is also exposed to risks related to successful scale up and
sustenance of its operations. However, the company benefits from
its strategic location of the project and extensive
entrepreneurial experience of the promoters.

Update
AAR became operational in June 2014 and is estimated to have
reported revenues of Rs 6.3 million till January 2015. However AAR
continue to delay its term debt interest and principal repayment
obligations on account of weak liquidity and early days of
operation of the hotel.

AAR is operating a hotel in Palayamkottai, Tirunelveli District of
Tamil Nadu. AAR was initially set up as RVC Promoters Pvt Ltd in
Sep 2008 and later re-named as AAR in June 2011. The operations
are managed by its directors -- Sri S Ayya Durai Pandian, Mrs.
Alli Rani and Sri M Thayal Ashok.


ANUSPAA HERITAGE: CRISIL Cuts Rating on INR77MM Loan to D
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Anuspaa Heritage Products Pvt Ltd (AHP) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting        2       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            40       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       15       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term     77       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan              66       CRISIL D (Downgraded from
                                   'CRISIL   B/Stable')

The rating downgrade reflects delays by AHP in servicing its term
debt and the ad hoc facilities availed of on the cash credit
facility.

The ratings reflect AHP's weak financial risk profile, marked by
sizeable debt, and small scale of operations. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the soap industry.

Set up in 2006 by Mr. Rakesh Bansal and Ms. Anuradha Bansal, AHP
manufactures soap cakes. More than 80 per cent of its revenue is
derived from contract manufacturing, while the rest is from its
own brands-Anuspaa and Anuved. The company has two manufacturing
units in Parwanoo (Himachal Pradesh).


ARTS WATERMATICS: CRISIL Assigns B+ Rating to INR25MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arts Watermatics Pvt Ltd (AWPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               25        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable

   Bank Guarantee          15        CRISIL A4

   Cash Credit             30        CRISIL B+/Stable

The ratings reflect AWPL's small scale of operations and the
company's susceptibility to regulatory changes and to volatility
in raw material prices. The ratings also factor in AWPL's
leveraged capital structure due to its small net worth and debt
funding of working capital requirements. These rating weaknesses
are partially offset by AWPL's established regional presence in
the micro-irrigation systems segment, supported by its promoters'
extensive industry experience.
Outlook: Stable

CRISIL believes that AWPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in AWPL's revenue and profitability leading to
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of weakening in AWPL's financial risk
profile, especially liquidity, because of low cash accruals, or
stretch in its working capital cycle, or any large debt-funded
capital expenditure.

Incorporated in 2009, AWPL manufactures drip and sprinkler
irrigation systems and high density polyethylene (HDPE) and
polyvinyl chloride (PVC) pipes. The company is promoted by Mr.
Milind Deshpande, Mr. Sujit Gupta, Mr. Balchandra Pedgaonkar, and
Mr. Sudhakar Yadav, and its manufacturing facilities are in
Parbhani (Maharashtra).


BANSAL DIAMONDS: ICRA Suspends D Rating on INR200cr FB Loan
-----------------------------------------------------------
ICRA has downgraded its [ICRA]B+ rating assigned to the INR200
crore fund based facilities of Bansal Diamonds Private Limited to
[ICRA]D. The rating continues to remain suspended.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit      200.0        [ICRA]D; Suspended


DAYAL STEELS: ICRA Reaffirms B+ Rating on INR6.82cr Cash Credit
---------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating assigned to the INR6.82
crore cash credit facility of Dayal Steels Limited. ICRA has also
re-affirmed the [ICRA]A4 rating assigned to the INR3.18 crore non-
fund based bank facilities of DSL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Cash Credit             6.82       [ICRA]B+ reaffirmed

   Non Fund Based Limit
   - Letter of Credit      0.80       [ICRA]A4 reaffirmed

   Non Fund Based Limit
   - Bank Guarantee        2.38       [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account the weak
financial profile of the company characterized by low
profitability and depressed coverage indicators; although,
improvement noticed in the first nine months of current fiscal.
The ratings also factor in the lack of vertical integration in the
company's manufacturing process, making margins sensitive to input
and output prices, lack of captive power source adversely
affecting the cost of production, given the power intensive nature
of operations, and the ongoing weakness and cyclical nature of the
steel industry that is likely to keep the profitability and cash
flows of all the players in the steel business including DSL
volatile. The ratings, however, derives comfort from the
experience of the promoters in the steel industry and a
comfortable capital structure of the company.

Incorporated in 1999, DSL is engaged in the manufacturing of mild
steel ingot and ferro alloys (silico manganese) with an installed
capacity of 28,800 metric tonne per annum (MTPA) and 15,000 MTPA
respectively. The manufacturing facilities of the company are
located at Ramgarh in the state of Jharkhand.

Recent Results
During the first nine months of 2014-15, the company reported a
net profit of INR1.08 crore (provisional) on an operating income
of INR92.51 crore (provisional). The company reported a net profit
of INR0.52 crore on an operating income of INR83.13 crore in 2013-
14.


DENTCARE DENTAL: CRISIL Assigns B- Rating to INR110MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Dentcare Dental Lab Private Limited (DLPL).


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          110        CRISIL B-/Stable
   Term Loan             5         CRISIL B-/Stable

The rating reflects DLPL's stretched liquidity with its cash
accruals expected to tightly match its term debt repayment
obligations and the company's fully utilized bank limits. The
rating of the company is also constrained on account of its below-
average financial risk profile marked by its modest net worth,
high gearing, and moderate debt protection metrics. These rating
strengths are partially offset by extensive experience of DLPL's
promoters in the dental prostheses industry, and its entrenched
distribution network.
Outlook: Stable

CRISIL believes that DLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial and sustained increase in its scale of operations,
while maintaining its profitability margins, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a stretch in its
working capital cycle.

DLPL was established in 2007 by Mr. John Kuriakose and his family
members. The company manufactures dental prostheses. It is based
in Ernakulam (Kerala).


DWARKA DAS: ICRA Suspends D Rating on INR13cr Non-FB Loan
---------------------------------------------------------
ICRA has downgraded its [ICRA]BBB- rating assigned to the INR12
crore fund based facilities & [ICRA]A3 rating to the INR13 crore
short term, non fund based facilities of Dwarka Das Seth
International Private Limited to [ICRA]D. The rating continues to
remain suspended.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facility        12.0       [ICRA]D; Suspended
   Non Fund Based Facility    13.0       [ICRA]D; Suspended


FRIENDS INTERNATIONAL: CARE Rates INR5.5cr Bank Loan at B+/A4
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Friends International.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Long-term/Short-term       5.50      CARE B+/CARE A4
   Bank Facilities                      Assigned

   Short-term Bank Facilities 5.50      CARE A4 Assigned

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

Rating Rationale
The ratings assigned to the bank facilities of Friends
International (FIL) are primarily constrained on account of its
relatively modest scale of operations in the highly competitive
and unorganised gems and jewellery industry and its weak financial
risk profile marked by low profitability, leveraged capital
structure along with weak debt coverage indicators and stressed
liquidity position. The ratings are, further, constrained on
account of the susceptibility of the firm's profitability to
adverse fluctuations in the foreign exchange rate and its
constitution as a partnership concern.

The ratings, however, derive strength from the long-standing
experience of FIL's partners along with its established track
record of operations of more than a decade in the gems and
jewellery industry.

The ability of the firm to increase its scale of operations while
improving profitability along with improvement in the solvency
position and efficient working capital management are the key
rating sensitivities.

Jaipur-based (Rajasthan) FIL was formed in 2002 as a partnership
concern by Mr Om Prakash Dangayach along with his wife, Mrs Pushpa
Dangayach. FIL is primarily engaged in the business of processing
and export of precious and semi-precious gemstones particularly
like Tanzanite, Emerald, Diamond, Morganite, Ruby, Amethyst and
Citrine through its processing unit located at Jaipur (Rajasthan).
FIL exports processed gemstones mainly to Hong Kong, Thailand and
USA with export sales constituted around 99% of Total Operating
Income (TOI) during FY14 (refers to the period April 1 to March
31) and remaining sales are contributed from the domestic market.
Furthermore, it procures rough gem stones from the domestic market
as well as imports from Hong Kong, Tanzania, USA and Thailand.
During FY14, it procured about 45% (43% in FY13) of the raw
materials from the domestic market, mainly Jaipur (Rajasthan)
while the remaining was sourced from imports.

Furthermore, the 'Dangayach family' has also promoted another
companies namely Om Royal Jewellery India Private Limited engaged
in the gems and jewellery business and O.P. Builders and Hotels
Private Limited having business interest in the hospitality
industry.

During FY14, FIL has reported a total operating income of INR58.76
crore (FY13: INR59.06 crore) with PAT of INR0.54 crore (FY13:
INR0.47 crore). As per the provisional results of 10MFY15, the
firm has reported total operating income of INR50 crore.


GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings to the bank facilities of Gadia Structurals Pvt.
Ltd. (GSPL) continue to reflect its moderate scale of operations
in highly competitive steel industry, its weak financial risk
profile, marked by a high total outside liabilities by tangible
net worth and below-average debt-protection metrics and
susceptibility of its margins to volatility in steel prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)

   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     100       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits
derived by GSPL from the extensive industry experience of its
promoters and longstanding customer relationships.

Outlook: Stable

CRISIL believes that GSPL will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
industry and its established relationship with its customers and
suppliers. The outlook may be revised to 'Positive' in case there
is significant improvement in GSPL's scale of operations and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in GSPL's financial risk profile,
because of lower-than-expected cash accruals, or stretch in the
working capital cycle, leading to pressure on liquidity.

Incorporated in 1995 and based in Vishakhapatnam (Andhra Pradesh),
GSPL trades in structural steel products such as thermo
mechanically treated bars, ingots, and billets, as well as in pig
iron. The company is promoted by Mr. Dilip Gadia and his wife,
Mrs. Ranjana Gadia.

For 2013-14 (refers to the financial year April 1 to March 31),
GSPL reported a profit after tax (PAT) of INR1.2 million on a net
sales of INR935 million against a PAT of INR1.7 million on a net
sales of INR884 million for 2012-13.


GREEN VILLAGE: ICRA Lowers Rating on INR14cr ST Loan to D
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.00
crore fund based limits of Green Village Agros Private Limited
(GAPL) from [ICRA]BB- to [ICRA]D. ICRA has also revised the short
term rating assigned to the INR14.00 crore fund based limits of
GAPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           4.00        [ICRA]D; downgraded from
                                      [ICRA]BB- (stable)

   Short Term Fund
   Based Limits          14.00        [ICRA]D; downgraded from
                                      [ICRA]A4

The rating revision takes into account delays in the debt
servicing by the Company. Further, the ratings are constrained by
seasonal and intensely competitive nature of the rice industry
which can affect the availability of paddy in adverse weather
conditions and modest scale of operations.

Business was established in the year 2006 as private limited
company. Directors of the company are Mr Ashok Gupta and Mrs. Neha
Gupta. Mr Ashok Gupta is actively engaged in the operations of the
company, he has an experience of more than two decade in rice
industry. As per the management milling capacity of the plant is 4
tonnes/hr of paddy. Company is engaged in the business of
processing and trading of rice (Basmati & Non-Basmati) in domestic
market as well as exporting to countries in Middle East. Company
is having its manufacturing unit at Railway Road, Taraori, Karnal.


H. K. INTERNATIONAL: CRISIL Rates INR45MM Cash Loan at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of H. K. International (HKI, part of the HK group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           45         CRISIL B+/Stable

   Proposed Cash
   Credit Limit          30         CRISIL B+/Stable

The rating reflects the HK group's modest scale of, and working
capital intensity in, operations in the competitive and fragmented
railways parts, lubricants and hosiery goods trading industry. The
rating also factors in the group's below-average financial risk
profile, marked by a leveraged capital structure and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the HK group's promoters in the
business, and the financial support the group receives from them.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HKI and Arjun Enterprises Ltd (AEL), as
the companies are engaged in the same line of business and have
common customers and suppliers.
Outlook: Stable

CRISIL believes that the HK group will continue to benefit over
the medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
improvement in the group's financial risk profile,  on account of
better than expected accruals led by improvement in scale and
operating profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if
substantial decline in revenue and profitability, or a stretch in
working capital cycle weakens the group's financial risk profile.

HKI, set up in 2008 by Mr. Anil Anand and his family as
partnership firm, trade in railway parts, lubricants and hosiery
goods. The firm is based out of Delhi.

AEL, set up in 2008 by Mr. Anil Anand and his family, trade in
railway parts, lubricants and hosiery goods. The company is based
out of Delhi.

HKI, on a standalone basis, reported a net profit of INR1.05
million on net sales of INR203.06 million for 2013-14 (refers to
financial year, April 1 to March 31), against a net profit of
INR1.0 million on net sales of INR199.0 million for 2012-13. The
firm's sales for 2014-15 are estimated at INR210.0 million.


IDEAL CHEMICALS: CRISIL Ups Rating on INR110MM Bank Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ideal Chemicals India Pvt Ltd (ICI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and has reaffirmed its rating on the company's
short-term bank facility at 'CRISIL A4'.

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

   Letter Of Guarantee     20       CRISIL A4 (Reaffirmed)

   Proposed Long Term     110       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')


The rating upgrade is driven by an improvement in ICI's business
and financial risk profiles. The company's revenue increased by
around 16 per cent year-on-year to INR1.3 billion in 2013-14
(refers to financial year, April 1 to March 31) backed by increase
in volumes. The company recorded revenue of around INR680 million
till September 2014 for 2014-15; despite, the moderation in prices
of chemicals, CRISIL believes that ICI will maintain its revenue
in 2014-15. The company's operating profitability moderated to 2.8
per cent in 2013-14 from 3.5 per cent in 2012-13, but is expected
to improve over the near term with decline in freight costs.

ICI's total outside liabilities to tangible net worth (TOLTNW)
ratio declined to 8.07 times as on March 31, 2014, from 9.13 times
as on March 31, 2013. Despite having small net worth of around
INR34 million as on March 31, 2014, the company's risk coverage
remains comfortable because of negligible inventory risk. CRISIL
expects ICI's financial risk profile to improve over the medium
term backed by steady accretion to reserves, moderate working
capital requirements, and absence of debt-funded capital
expenditure (capex).

ICI's liquidity is marked by fully utilised bank limits with
frequent reliance on ad hoc limits. However, the liquidity will be
supported by expected enhancement in limits. CRISIL believes that
ICI's accruals will remain at INR20.3 million against debt
obligation of INR5.5 million in 2015-16.

The ratings reflect ICI's weak financial risk profile, marked by a
small net worth, modest debt protection metrics, and high TOLTNW
ratio. This rating weakness is partially offset by ICI's
established relationships with its principals and its promoters'
extensive experience in the chemicals trading business.
Outlook: Stable

CRISIL believes that ICI will continue to benefit over the medium
term from its established relationships with suppliers. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, most likely because of substantial equity
infusion by its promoters or large accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile, including its liquidity, weakens
with low accruals or lengthening working capital cycle or any
debt-funded capex.

ICI was set up as a partnership firm in 1971; it was reconstituted
as a private limited company in 2000. The company trades in
chemicals used in the pharmaceuticals, textiles, steel, and
fertilisers industries. It is managed by Mr. Sameer Sharda and Mr.
Vipul Maheshwari.

ICI reported a profit after tax (PAT) of INR4.2 million on net
sales of INR1.29 billion for 2013-14, against a PAT of INR4.1
million on net sales of INR1.13 billion for 2012-13.


INFRASTRUCTURE LOGISTIC: CRISIL Reaffirms B- INR89.2M Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Infrastructure
Logistic Systems Ltd (ILSL) continues to reflect ILSL's modest
scale of operations and the customer concentration in its revenue
profile.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term    83.3      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             89.2      CRISIL B-/Stable (Reaffirmed)

The rating also factors in ILSL's average financial risk profile
marked by modest net worth, high gearing, and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of ILSL's promoters in the logistics
industry.
Outlook: Stable

CRISIL believes that ILSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in the company's revenue and profitability,
and capital structure. Conversely, the outlook may be revised to
'Negative' in case of low revenue or profitability or lengthening
of working capital cycle or large debt-funded capital expenditure,
resulting in weakening of the company's financial risk profile.

Update
ILSL's operating performance in 2013-14 (refers to financial year,
April 1 to March 31) was in line with CRISIL's expectation, with
revenue at INR154.3 million, mainly on account of increased sales
to Indo Rama Synthetics ltd. ILSL recorded revenue of around
INR130 million for the nine months ended December 31, 2014, and is
likely to report revenue of INR175 million for 2014-15. The
company's management is in negotiations with a few large players
in the edible oil and chemicals industry for their logistical
contracts from 2015-16. ILSL's business risk profile, however,
remains constrained by customer concentration risk.

ILSL's financial risk profile remains weak, with estimated high
gearing of 1.76 times as on March 31, 2015. The company's debt
protection metrics are expected to remain below average over the
medium term; its net cash accruals to total debt and interest
coverage ratios are estimated at 0.09 times and 1.38 times,
respectively, for 2014-15. The company's financial risk profile is
expected to remain weak over the medium term.

ILSL's liquidity is stretched, with cash accruals tightly matched
with term debt obligations and high bank limit utilisation. The
company's accruals are estimated in the range of INR10 million to
INR12 million against debt obligations of around INR37.5 million
in 2014-15. The shortfall in cash accruals will be financed
through equity infusion and unsecured loans, expected at INR300
million and INR200 million, respectively, over the medium term.
ILSL's bank lines of around INR10 million were fully utilised over
the 10 months through January 2015. CRISIL believes that ILSL's
liquidity will remain under pressure over the medium term on
account of substantial upcoming term debt obligations.

ILSL, incorporated in 2001, is a third-party rail logistics
provider for liquid cargo movement and storage. ILSL owns liquid
tank containers and liquid storage terminals. The company's
storage tanks are at Butibori in Nagpur (Maharashtra). The company
commenced commercial operations in February 2013.


J. M. FEED: CRISIL Assigns B+ Rating to INR98MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of J. M. Feed Mills Pvt Ltd (JMF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           98         CRISIL B+/Stable

The rating reflects JMF's average financial risk profile marked by
weak debt protection metrics, and low profitability. These rating
weaknesses are partially offset by JMF's moderate working capital
requirements and its promoters' extensive experience in the
poultry industry.

Outlook: Stable

CRISIL believes that JMF will continue to benefit from its
partners' extensive experience in the poultry industry. The
outlook may be revised to 'Positive' if JMF increases its scale of
operations or profitability substantially leading to higher than
expected cash accruals while prudently managing its working
capital requirements. Conversely, the outlook may be revised to
'Negative' if the firm reports deterioration in its working
capital cycle, or if its capital structure weakens because of a
large debt funded capital expenditure.

JMF, incorporated in 2010, manufactures concentrated poultry feed
and cattle feed. The company has manufacturing facility based in
Jind (Haryana). The company is promoted by Mr Baljit Singh and
family.


K.P.R. KNITTING: ICRA Assigns B Rating to INR4.80cr Term Loan
-------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR4.80 crore
term loans, INR0.30 crore non-fund based facilities and INR0.90
crore proposed facilities of K.P.R. Knitting.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term: Term
   loans                  4.80      [ICRA]B/assigned

   Long-term: Non-fund
   based facilities       0.30      [ICRA]B/assigned

   Long-term: Proposed
   Facilities             0.90      [ICRA]B/assigned

The assigned rating takes into consideration the significant
experience of the promoter in the textile industry for over two
decades, financial profile characterized by healthy profit margins
and comfortable coverage indicators and the favorable outlook for
the domestic readymade garments industry which augurs well for the
firm's growth prospects. The rating is, however, constrained by
the firm's small scale of operations which limits the benefits
from scale economies which coupled with high competition limits
its pricing flexibility. Moreover, the capital structure is weak
with a gearing of 1.8 times as on March 31, 2014. ICRA also takes
note of the risks of capital continuity and issues of limited
disclosures associated with partnership firms. Going forward,
given the debt-funded capital expenditure being incurred, the
firm's ability to scale up its operations at the earliest while
sustaining the profit margins will be critical to improving its
credit profile.

KPR Knitting was established by Mr. Ravichandran in 1999 as a sole
proprietorship. The firm is engaged in the processing of knitted
fabrics and operates on job work basis catering to the
requirements of garment manufacturers in and around Tirupur. It
does a wide range of mechanical finishing processes like
compacting, raising, stentering, sueding and embroidery among
others. The firm's manufacturing facility is located in Tirupur,
Tamil Nadu. The firm has an associate concern Motley Wrenchyarn
Private Limited which is also engaged in the business of fabric
processing with its facility located in Tirupur.

Recent Results
The Firm reported a net profit of INR1.6 crore on an operating
income of INR6.4 crore during 2013-14 as against a net profit of
INR0.7 crore on an operating income of INR3.7 crore during 2012-
13.


K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR114.4MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of K. R. V. Spinning Mills
Pvt Ltd (KSPL) continues to reflect KSPL's small scale of
operations, exposure to volatility in cotton prices and below-
average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by its promoters' extensive
experience in the cotton yarn industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          42.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan      114.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
better cash accruals along with efficient working capital
management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in its financial risk profile owing to low
cash accruals or large working capital requirements or debt-funded
capital expenditure.

KSPL, incorporated in 1990, manufactures cotton yarn. The
company's manufacturing unit is at Nangavalli in Salem (Tamil
Nadu).

KSPL reported a net profit of INR12.5 million on net sales of
INR465.3 million for 2013-14 (refers to financial year, April 1 to
March 31) as against a net profit of INR7.4 million on net sales
of INR380.4 million for 2012-13.


KAILASH INFRATECH: ICRA Cuts Rating on INR5cr LT Loan to B
----------------------------------------------------------
ICRA has revised its long term rating on the INR5.00 crore bank
facilities of Kailash Infratech Private Limited to [ICRA]B from
[ICRA]B+. ICRA has reaffirmed its short term rating of [ICRA]A4 on
the INR1.00 crore short term bank facilities of KIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund
   Based Facilities      5.00        [ICRA]B; Downgraded

   Short-Term Fund
   Based Facilities      1.00        [ICRA]A4; Reaffirmed

ICRA's rating action is driven by sharp decline in the company's
revenues in FY14 due to weak demand for Construction Equipments
(CE), given the slowdown in the construction sector, resulting in
operating loss in FY2014. The reduced incentives received by KIPL
in FY14 due to lower sales volumes were exacerbated by the high
interest expense due to its leveraged capital structure. This
trend has continued in FY15 as well, rendering the company reliant
on the promoters for funding the loss and working capital
requirements and has resulted in increased stretch in the
company's liquidity position. Being in the dealership business,
the funding requirements are mainly for working capital which
arises on account of maintenance of stock of CEs, credit period
extended to customers and receivables from Tata Hitachi
Construction Machinery (THCM; rated [ICRA]A+(negative)/[ICRA]A1)
for equipment servicing, incentives, claims, etc. While the
company stretched its creditors during FY14 to meet the funding
requirements, there is limited financial flexibility available
currently.

High reliance on debt and net losses have resulted in a weak
capital structure as reflected in a gearing of 27.4x and has kept
the debt coverage metrics weak. The rating also factors in the
high regional concentration risk with the company's entire sales
being derived from a single product segment in Madhya Pradesh (MP)
as the demand is driven by the level of economic and construction
activities in the region. Nevertheless, the rating continues to
factor in the experience of the promoters in managing dealership
business of Commercial Vehicles (CVs) and Passenger vehicles (PVs)
in MP, which is the primary area of operations for the company.

Going forward, the ability of the company to revive its sales
volumes and improve its liquidity position, as well as
profitability margins and maintaining a prudent capital structure
will remain the key rating sensitivities.

The company was incorporated as Commercial Equipments Private
Limited on June 27, 2011 and commenced commercial operations from
October, 2011. It changed its name to KIPL in April, 2012. The
company is 100% owned by Mr. Kailash Gupta and his family members
and is an authorized dealer of CE manufactured by THCM for Indore,
Gwalior and Jabalpur territories, accounting for around three-
fourth of THCM's market in MP. The company deals in various models
of THCM, including mini excavators, midi excavators, wheeled
products, cranes and other machines.

Recent results In 2013-14, the company reported a net loss of
INR1.30 crore on an operating income (OI) of INR66.93 crore, as
against a net profit of INR0.27 crore on an OI of INR86.01 crore
in the previous year.


KONDUSKAR TRAVELS: CRISIL Assigns B Rating to INR115MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Konduskar Travels Private Limited (KTPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Drop Line
   Overdraft Facility    115        CRISIL B/Stable

The rating reflects KTPL's constrained financial risk profile
marked by a leveraged capital structure and large debt repayments
on account of continuous large capital expenditure and company's
exposure to geographical concentration in revenues and intense
competition in passenger transport industry. These rating
weaknesses are partially offset by KTPL's established regional
position in passenger transport business developed under the
guidance of an experienced management and its moderate operating
efficiency.

Outlook: Stable

CRISIL believes that KTPL will continue to benefit from its
established regional position in passenger transport business and
experienced management. The outlook may be revised to 'Positive'
if sizable cash accruals or large capital infusion by promoters
leads to improvement in company's capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenues and cash accruals or higher than
anticipated capex or further funding support to associates weaken
company's financial risk profile especially liquidity.

Incorporated in 1994, KTPL is based in Kolhapur (Maharashtra). The
company has been promoted by Konduskar family and provides
passenger transport services mainly in Maharashtra, Goa, Karnataka
and Gujarat.


KUMARPUR AGRO: CRISIL Ups Rating on INR33.2MM Term Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kumarpur Agro Poultries Ltd (KAPL; part of the Maity group) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable' and has reaffirmed its
short term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            26.4       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Short Term
   Bank Loan Facility     40.4       CRISIL A4 (Reaffirmed)

   Term Loan              33.2       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects the Maity group's improved scale of
operations and moderate liquidity. The group achieved 141 per cent
rise in sales in 2013-14 (refers to financial year, April 1 to
March 31) over the previous year. The substantial increase in
sales was driven by increase in egg-laying bird capacity. The
growth momentum continued in 2014-15, backed by further increase
in egg-laying bird capacity, steady demand for eggs, and absence
of diseases among poultry in the eastern region. For the 11 months
through February 2015, the group had estimated revenue of INR700
million, against the management's target of INR750 million for the
whole year. The group's liquidity is also supported by fund
infusions from the promoters: during 2013-14, the promoters
infused INR8.3 million to support considerable growth in the
group's scale of operations. Utilisation of cash credit limit was
moderate at 80 to 90 per cent on average over the 12 months
through February 2015. Operating margin is expected to remain
moderate, and the working capital management to improve. The need-
based fund support of promoters and absence of fresh capital
expenditure (capex) are expected to support the group's financial
risk profile over the medium term.

The ratings reflect the Maity group's increasing scale of
operations and moderate operating margins and liquidity, and the
absence of capex plans. This rating strength is partially offset
by the company's modest working capital requirements and high
gearing.
Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in revenue and profitability, along
with efficient working capital management, resulting in higher-
than-expected net cash accruals and a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
significant decline in revenue and margins, or stretch in working
capital cycle weakens the group's financial risk profile,
particularly liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has
around 0.8 million egg-laying birds, with an annual capacity of
around 191 million eggs. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain proteins and vitamins and
are produced biologically. The group sells its designer eggs under
the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR11.1
million on net sales of INR518.9 million for 2013-14, against a
PAT of INR4.1 million on net sales of INR215.2 million for 2013-
14.


LILY HOTELS: ICRA Assigns D Rating to INR26.6cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR26.60 crore term
loan facilities of Lily Hotels Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loans            26.60        [ICRA]D assigned

The assigned rating primarily takes into account LHPL's
unsatisfactory track record in timely servicing of debt
obligations due to substantial delay in commissioning of its
project, which led to cash mismatch. The rating also considers the
lack of experience of the promoters in the hospitality industry,
which may expose the company to face challenges in competing with
the established players in the region and the revenue
concentration risk, owing to single property based in Assam. ICRA
also notes that the LHPL has significant debt service obligations
in the near term, which is likely to keep the company dependent on
additional sources of finance. The rating, however, derives
comfort from the locational advantage of the hotel, which is
situated in the central commercial area of Guwhati, Assam and
LHPL's entitlement to various fiscal incentives and subsidies,
which are likely to support the profitability and cash flows to an
extent, going forward.

Incorporated in 2008, LHPL owns and operates "The Lily Hotel,
Guwahati" located at Guwahati, Assam. The promoters of the company
are Mr. Anupam Bora and Mrs. Lilima Bora. The commercial operation
of the hotel commenced in July, 2014. The hotel has 78 rooms and
other amenities including banquet hall, bar cum restaurant,
swimming pool, full-fledged spa, pool side restaurant/ party area,
etc.

Recent Results
During the first nine months of 2014-15, the company reported a
profit before depreciation and taxes of INR0.24 crore
(provisional) on an operating income of INR3.88 crore
(provisional).


LINK MARBLE: CRISIL Reaffirms 'B' Rating on INR92.5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Link Marble and
Granites Pvt Ltd (LMGPL) continue to reflect LMGPL's below-average
financial risk profile, marked by a highly leveraged capital
structure and weak debt protection metrics, along with its small
scale of operations in the intensely competitive granite and
marble trading segments.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)

   Bill Discounting        25        CRISIL A4 (Reaffirmed)

   Cash Credit             92.5      CRISIL B/Stable (Reaffirmed)

   Export Packing Credit   62.5      CRISIL A4 (Reaffirmed)

   Letter of Credit       170.0      CRISIL A4(Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     110.0      CRISIL B/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that LMGPL will continue to benefit over the
medium term, from its established relations with customers and
suppliers, and the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in
LMGPL's financial risk profile and working capital management,
supported by an increase in its scale of operations and
profitability leading to an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if LMGPL's
financial risk profile weakens because of low profitability or
revenue, or if the company undertakes a large, debt-funded capital
expenditure (capex) programme, or if the promoters withdraw their
unsecured loans extended to the company.

Update
LMGPL registered a revenue of INR720 million for 2013-14 (refers
to financial year, April 1 to March 31), a 4 per cent year-on-year
growth. Its operating margin reduced to 7 per cent in 2013-14 from
8.1 per cent in 2012-13 largely on account of increase in import
costs and foreign exchange fluctuations. CRISIL believes that
LMGPL's revenue will show modest growth over the medium term
because of intense competition from other players in the market.

LMGPL's has below-average financial risk profile marked by highly
leveraged capital structure and weak debt protection metrics. The
total outside liabilities to tangible net worth stood at 5.44
times as on March 31, 2014, and is expected to remain at similar
levels over the medium term primarily due to the company's
dependence on external borrowings to meet its working capital
requirements. The company's net cash accruals to total debt and
interest coverage ratios are expected at 6 per cent and 1.46
times, respectively, for 2014-15. LMGPL's financial risk profile
is expected to remain at similar levels over the medium term.

LMGPL has weak liquidity, marked by high bank limit utilisation of
98 per cent over the 12 months through December 2014. LMGPL is
likely to generate annual net cash accruals of around INR14
million to INR15 million per annum against term loan obligations
of INR4.5 million per annum over the medium term. CRISIL believes
that LMGPL's liquidity will improve over the medium term with
steady cash accruals, repayment of loans and absence of debt-
funded capex plans.

LMGPL was set up in Bengaluru (Karnataka) in 2004 by Mr. Gurmeet
Singh Modi and his family. The company trades and processes
various types of marble, granite, and other natural stones.


MAHESH GINNING: ICRA Reaffirms B+ Rating on INR3.50cr CC Limit
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR5.25 crore fund based bank facilities of Mahesh Ginning Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limit-
   CC Limit               3.50        [ICRA]B+; reaffirmed

   Fund based limit-
   Term Loan              1.75        [ICRA]B+; reaffirmed


ICRA's rating continues to be constrained by the continued subdued
profitability margins of the company owing to its limited presence
in the textile value chain, low value additive nature of the work
and fragmented nature of the cotton ginning industry. This,
coupled with the working capital intensive nature of operations
and limited equity infusion by the promoters has led to continued
weak liquidity. The rating also factors in the seasonal nature of
the ginning industry as well as the regulatory risk (typical of
ginning industry) which imparts volatility to cash flows. The
rating action also takes into account the 7% year-on-year decline
in the company's operating income, a trend which has continued in
FY15 owing to sluggish volume offtake and lower realizations.
However, the rating continues to derive comfort from MGPL's
experienced management which has been engaged in the cotton
ginning business for more than two decades, as well as the
favourable location of its manufacturing facilities in proximity
to the cotton producing belt of Maharashtra and Madhya Pradesh,
resulting in ease of access to raw material.

In ICRA's view , the ability of the company to improve
profitability and attain an optimal working capital cycle will be
key determinants of its debt coverage indicators and liquidity and
hence will be the key rating sensitivities going forward.

MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is a part of the Mahesh Group belonging to
the Tayal family of Sendhwa, Madhya Pradesh, which is
predominantly engaged in cotton trading and ginning, and has more
than two decades of experience in this line of business.
MGPL procures kapas from farmers/mandis, which is processed in
ginning mills for removing seeds and other impurities. The cotton
bales are sold to spinning mills and traders whereas cotton seeds
are sold to oil extraction units.

Recent Results
The company reported a net profit of INR0.26 crore on an operating
income of INR46.98 crore in FY14 as against a net profit of
INR0.24 crore on an operating income of INR50.35 crore in FY13.


MANASA RICE: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR10.37 crore fund based facilities and reaffirmed the rating of
[ICRA]B+/[ICRA]A4 assigned to INR0.63 crore unallocated limits of
Manasa Rice Industry.


                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Cash Credit         9.00       [ICRA]B+ (reaffirmed)
   Term Loan           1.37       [ICRA]B+ (reaffirmed)
   Unallocated         0.63       [ICRA]B+ (reaffirmed)/
                                  [ICRA]A4 (reaffirmed)

The reaffirmation of ratings continues to be constrained by MRI's
weak financial profile characterized by low profitability of
5.77%, high gearing of 2.40 times and weak coverage indicators
with interest coverage ratio at 1.42 times and NCA/Debt at 6% for
FY 2014. The ratings are further constrained by susceptibility of
profitability and revenues to agro-climatic risks which impact the
availability of the paddy in adverse weather conditions; small
scale of operations in the rice milling industry and risks
inherent in the partnership nature of the firm.

The rating however takes comfort from MRI's experienced
management; easy availability of paddy as the firm is located in
major paddy growing region; and favourable demand prospects of the
industry as the mill caters to Kerala and Andhra Pradesh markets
where rice is a staple food.

Going forward, the firm's ability to improve its profitability and
effectively managing its working capital requirements are key
rating sensitivities from credit perspective.

Manasa Rice Industry (MRI) was established in 2009 as a
partnership firm by Mr. Pulivarthi Malyadri and commenced it
operations from April 2011. MRI had setup a rice mill with
production capacity of 6 tph (tons per hour) to produce raw &
boiled rice the unit is based out of Nellore district of Andhra
Pradesh. The firm sells raw and boiled rice under the brand name
"Golden Fish".

Recent Result
The firm reported profit after tax of INR0.07 crore on an
operating income of INR37.74 crore during FY2014 as against profit
after tax of INR0.05 crore on an operating income of INR31.39
crore during FY2013.


MANGLAM DISTILLERS: CRISIL Suspends 'D' Rating on INR50.9MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manglam Distillers and Bottling Industries (MDBI).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      25.1       CRISIL D Suspended

   Rupee Term Loan         50.9       CRISIL D Suspended

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

MDBI, promoted by the Jalan family, is a bottler of IMFL for
United Spirits Ltd. The plant, based in Assam, commenced
commercial operations in July 2011.


MESANIYA GINNING: ICRA Reaffirms B Rating on INR12.50cr Cash Loan
-----------------------------------------------------------------
The long-term rating of [ICRA]B has been reaffirmed to the
INR12.50 crore cash credit facility and the INR2.15 crore term
loan facility of Mesaniya Ginning and Pressing Factory.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.50       [ICRA]B reaffirmed
   Term Loan              2.15       [ICRA]B reaffirmed

The reaffirmation of rating continues to take into account the
firm's moderate size of current operations and its weak financial
profile characterized by low profitability levels owing to the
highly competitive and fragmented industry structure, and a highly
leveraged capital structure owing to the working capital
requirements and the debt raised for setting up of the new unit.
Further, the rating continues to remain constrained by the
vulnerability of the firm's profitability to raw material prices
which are subject to seasonality, and crop harvest; and the
regulatory risks with regard to Minimum Support Price (MSP) fixed
by GoI and restrictions on cotton exports. ICRA also notes that as
MGPF is a partnership firm, any significant withdrawals from the
capital account by the partners would adversely affect its net
worth and thereby its capital structure.

The rating, however, positively factors in the longstanding
experience of one of the partners in the cotton ginning business
and the locational advantage enjoyed by the firm by virtue of
being located in the cotton producing belt of Gujarat.

Mesaniya Ginning and Pressing Factory (MGPF) was established as a
partnership firm in July 1999 by Mr. Mohmadfaruk Mesaniya and Mr.
Yakub Mesaniya to undertake the business of cotton ginning and
pressing with its product profile consisting of cotton bales and
cotton seeds. The manufacturing facility of the firm, located at
Wankaner, Rajkot (Gujarat), was equipped with 24 ginning machines
and one fully automated pressing machine, translating into a peak
production capacity of 34 tonnes per day (TPD) of cotton bales.
The partnership was reconstituted in August 2013 and is currently
promoted by Mr. Sajidali Mesaniya, Mr. Ismail Mesaniya and Mr.
Yakub Mesaniya. With the reconstitution, the existing unit was
demolished to set up a new unit in the same premises, engaged in
the same line of business. The new unit commenced commercial
operations on 15th February, 2014 and is equipped with 48 ginning
machines and one fully automated pressing machine having a total
production capacity of 12165 TPA of cotton bales and 21120 TPA of
cotton seeds.

Recent Results
For the year ended March 31, 2014, Mesaniya Ginning and Pressing
Factory reported an operating income of INR10.01 crore and profit
after tax of INR0.10 crore as against an operating income of
INR2.52 crore and profit after tax of INR0.03 crore for the year
ended March 31, 2013. For the eleven month period of FY 15
(provisional financials), the firm reported an operating income of
INR58.97 crore and profit before depreciation and taxation of
INR0.16 crore.


MODERN AGRO-TECH: ICRA Assigns 'B' Rating to INR3.55cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.50
crore fund based facilities of Modern Agro-tech Industries. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR0.50
crore non-fund based facility of MATI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Term Loan             3.55       [ICRA]B assigned

   Fund Based Limit-
   Cash Credit           2.50       [ICRA]B assigned


   Fund Based Limit-
   Untied limits         3.45       [ICRA]B assigned

   Non Fund Based
   Limit- Bank
   Guarantee             0.50       [ICRA]A4 assigned

The assigned ratings take into account MATI's exposure to project
related risks including timely commissioning of the plant within
budgeted cost and stabilization of the plant as per expected
operating parameters, post commissioning. The ratings are also
constrained by lack of experience of the promoters in the rice
milling industry and risks inherent in an agro based business like
rice milling, including the vulnerability towards the changes in
Government policies and raw material supply risks as the level of
harvest and quality of paddy are highly dependent on agro climatic
conditions. The rating also considers low entry barrier prevailing
in a highly fragmented rice milling industry, which intensifies
competition and restricts pricing flexibility for new players like
MATI. The ratings, however, derive comfort from the locational
advantage of MATI's proposed plant being situated in close
proximity to raw material sources, leading to easy availability as
well as low landed cost of input material. The same would also
provide easy access to major parboiled rice market in West Bengal
and other neighboring states. ICRA also take note of MATI's
entitlement to various fiscal incentives and subsidies which are
likely to support the profitability and cash flows to an extent.
Nevertheless, the risks associated with MATI's status as a
partnership firm including the risk of withdrawal of capital will
remain as a credit concern going forward.

Established in August 2010 as a partnership firm, MATI is in the
process of setting-up a rice milling unit with an annual milling
capacity of 24,000 MT of paddy. The manufacturing facility of the
firm is situated in the district of Cooch Behar, West Bengal. The
commercial production of the unit is scheduled to commence
shortly. The firm is being managed by the four partners, namely
Mr. Sukumar Saha, Ms. Shilpa Saha, Mr. Sunil Kr Jain and Ms.
Navita Jain, having an equal profit sharing in it.


MOUNT ZION: CRISIL Assigns B+ Rating to INR150MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mount Zion Medical College (MZMC; part of
the MZMCH group).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft Facility     12.5        CRISIL B+/Stable
   Bank Guarantee         70          CRISIL A4
   Long Term Loan        150          CRISIL B+/Stable

The ratings reflect the MZMCH group's exposure to regulatory risks
and intense competition in the education space, coupled with
limited size of operations and geographic concentration in revenue
profile. These rating weaknesses are partially offset by its
promoters' extensive experience and funding support from group
institutes. The ratings also reflects the MZMCH group's above-
average financial risk profile marked by a moderate capital
structure and comfortable debt protection metrics.

For arriving at the ratings, CRISIL has combined the business risk
and financial risk profiles of MZMC and Mount Zion Medical College
Hospital, together referred to as the MZMCH group. This is because
these institutes are managed by the same society, namely
Charitable Educational and Welfare Ssociety (CEWS) and have
significant business and financial linkages. .
Outlook: Stable

CRISIL believes that the MZMCH group will, over the medium term,
benefit from its promoters' industry experience, and maintain its
above-average financial risk profile. The outlook may be revised
to 'Positive' in case of a significant increase in the group's
scale of operations while it maintains its profitability, leading
to substantially higher cash accruals. Conversely, the outlook may
be revised to 'Negative' if the group contracts higher debt to
fund its capital expenditure plans or it generates  low cash
accruals due to low scale of operations or profitability.

MZMC was established in 2014 at Adoor in Pathanamthitta(Kerala) by
Dr. K J Abraham Kalamannil, who is the founder chairman of CEWS.
MZMC runs a medical college. The institute has an annual intake of
100 MBBS students and the first academic batch started from 2014-
15. Mount Zion Medical College Hospital, established in 2012 runs
a 300 bedded multi-specialty hospital. Both these institutes are
governed and managed by CEWS.


M/S LIVINGSTONES: ICRA Reaffirms B+ Rating on INR27cr PSC
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR42.82 crore working capital facilities of M/s Livingstones.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   EPC                   15.00       [ICRA]B+ re-affirmed
   PSC                   27.00       [ICRA]B+ re-affirmed
   Forward Contract       0.82       [ICRA]B+ re-affirmed

The rating re-affirmation takes into account the promoter's
experience and operating track record of over three decades in the
gems and jewellery business, leading to established relationships
with its clients and suppliers; and benefits accruing though
forward integration into jewelery through its group concern. The
rating is, however, constrained by the firm's modest scale of
operations and weak profitability indicators as is prevalent in
the gems and jewelery industry on account of stiff competition
arising out of a fragmented industry structure. The margins also
remains exposed to any sharp fluctuations in both foreign exchange
rates (as seen during the previous year) and diamond prices. The
rating is further constrained by the high working capital
intensity in the business, and the risk of capital withdrawals
arising out of the partnership nature of the firm. The ability to
scale up its operations as well as improve profitability, while
managing its working capital intensity would remain the key rating
sensitivities, going forward.

M/s Livingstones (LS) was established as a proprietary concern by
Mr. Pankaj N. Kothari in 1976; and was subsequently converted into
a partnership firm in 1982, with the admission of Mr. Sandip
Kothari and other family members. The firm was last reconstituted
on 01.04.2006, with the retirement of its key promoters, Mr.
Pankaj Kothari and his wife, Mrs. Shilpa Kothari. Mr. Sanket
Kothari, the son of Mr. Sandip Kothari, was then inducted into the
business as a partner. LS deals in diamonds of mainly round
brilliant cut in whites and extra whites, ranging from 2 cents to
20 cents. It specializes in low cartage diamonds, i.e., in
USD50 to USD250.

Recent Results
During FY14, LS reported an operating income of INR100.61 crore
(as against INR89.09 crore during FY13) and profit after tax of
INR2.36 crore (as against INR0.53 crore for FY13).


ORBIT AVIATION: CARE Reaffirms B+ Rating on INR64.18cr LT Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Orbit Aviation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     64.18      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Orbit Aviation
Private Limited (OAP) continues to be constrained by its small
scale of operations, leveraged capital structure and exposure to
fluctuation in Aviation Turbine Fuel (ATF) and diesel prices
The rating, however, continues to draw comfort from OAP's
experienced management team, minimum guarantee revenue agreement
for its helicopter and healthy profitability margins. The ratings
also take cognizance of completion of capex related to acquisition
of aircraft.

Going forward, continuity of minimum guarantee agreement, the
ability of OAP to register improvement in the capital structure
and effectively manage ATF and diesel price volatility shall be
the key rating sensitivities.

OAP incorporated in June 2007 is engaged in providing chartered
flight and road transportion services. The management of the
company comprises Mr Satyajit Singh Majithia & Mr Gurmehar Singh
who looks after the affairs of chartered flights segment coupled
with Mr Mohd Jameel and Mr Mohd Rafiq who looks after the public
road transportion segment.

The company is a Non-Scheduled Operator for India and abroad and
it owns two aircrafts (Cessna CJ2+ and Beechcraft Super King Air
B-200) and one helicopter (Bell 429) which are let out on a
charter basis. Additionally, the company also provides passenger
bus services through a fleet of 60 buses (including both standard
and luxury) buses in Punjab.

OAP is a part of the Orbit group which includes, Orbit Resorts
Private Limited (ORP, rated 'CARE B+') and G Next Media Private
Limited (GNM, rated 'CARE BB+/CARE A4+'). ORP owns two 5-star
hotels, ie, 'Trident' and 'The Oberoi' in Gurgaon (Haryana) and
runs the same under operations management agreement with EIH
Limited. GNM is engaged in television programming & broadcasting
and operates three free-to-air TV channels in regional language ie
'Punjabi', viz, PTC Punjabi, PTC Chak De and PTC News.

For FY14, OAP achieved a total operating income (TOI) of INR60.60
crore with PAT of INR1.88 crore as against TOI of INR48.06 crore
with net loss of INR0.10 crore in FY13. As per unaudited results,
the company had achieved sales of INR49.54 crore in 9MFY15 (refers
to the period April 01 to December 31).


PADMA LAXMI: CARE Assigns B+ Rating to INR14cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to bank facilities of
Padma Laxmi Sree Rice Mill Pvt Ltd.

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

   Proposed Short-term Bank
   Facilities                      0.5      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Padma Laxmi Sree
Rice Mill Pvt. Ltd. (PLSM) are primarily constrained by its
project implementation risk involved with the setting up rice
milling unit including yet to be achieved financial closure for
the debt, its presence in highly fragmented & competitive
industry, susceptibility of profitability to fluctuation in raw
material & government regulation, seasonal nature of availability
of paddy resulting in high working capital intensity and exposure
to the vagaries of nature.

The aforesaid constraints are partially offset by the long-
standing experience of the promoters in the agro industry and its
proximity to raw material growing areas enabling easy availability
& logistic advantages.

Going forward, PLSM's ability to complete the project within the
envisaged time & cost parameters and derive benefits from it would
be the key rating consideration.

PLSM was incorporated in June 2010, by the Ghosh family of Birbhum
District, West Bengal. The company is currently setting up a rice
milling unit at Vaishali district of Bihar with a proposed
processing capacity of 48,000 metric tonne per annum (MTPA), which
is in the vicinity to a major rice growing area. The project is
estimated to be set up at a cost of INR20.29 crore to be financed
at a debt equity ratio of 0.53:1. Financial closure for debt has
not yet been achieved. The company has already acquired a land and
has incurred a cost of INR9.60 crore till March 15, 2015, which
was met through promoter's contribution. The project is expected
to be operational by July 2015.


POLY-MECH COMPONENTS: CARE Reaffirms B Rating on INR10.97cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Poly-Mech Components Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.97      CARE B Reaffirmed

Rating assigned to short-term bank facilities withdrawn as entire
facilities have been repaid.

Rating Rationale
The rating assigned to the bank facilities of Poly-Mech Components
Private Limited (PMCPL) continue to be constrained by the
relatively small scale of operations, working capital intensive
nature of operations leading to leveraged capital structure and
weak coverage indicators. The rating further continues to be
constrained by customer concentration risk and operations in the
highly fragmented auto component and construction hardware parts
industry.

The rating, however, continues to derive strength from the
experienced and qualified promoter with long track record of
operations.

The ability of PMCPL to scale up its operations along with
maintaining profitability margins amidst the intense competition
and efficient management of the working capital cycle and thereby
capital structure would be the key rating sensitivities.

Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PMCPL) is, engaged in the manufacturing of auto
components and construction hardware parts at its plant located at
Asangaon, Thane. PMCPL manufactures various products (such as hose
clamps, circlips, bearing pullers, washers, snap ring, spring
steel parts, sheet metal components, steel clamps, pipe clamps,
sanitary clamps) which find applications in the automobiles,
construction and engineering sectors. The auto components segment
contributed around 60% of the total income of PMCPL in FY14
(refers to the period April 01 to March 31).

During FY14, PMCPL reported total operating income of INR36.89
crore (vis-a-vis INR37.45 crore FY13) and PAT of INR0.09 crore
(vis-a-vis INR0.31 crore FY13). Furthermore, during 11MFY15 the
company posted income of INR33.29 crore.


PRAKASH WHITEGOLD: CARE Assigns B+ Rating to INR6.20cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Prakash
Whitegold Ginners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.20       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Prakash Whitegold
Ginners Private Limited (PGPL) is constrained on account of the
debt-funded nature of project, project stabilisation risk, working
capital intensive nature of operations, susceptibility of margins
to fluctuation in raw material prices and exposure to vagaries of
nature.

The rating, however, takes into account wide experience of the
promoters in the agro processing business and location advantage
by virtue of its proximity to customers and suppliers.
The ability of the company to attain stability of operations and
utilize its installed capacity to the optimum level is the key
rating sensitivity.

Hinganghat-based (Maharashtra) PGPL was incorporated in the year
2012. PGPL is a part of Prakash group of companies, which was
established in the year 1968, and has interests in agro-
processing, warehousing and textiles.

PGPL has recently set up a unit for cotton ginning and pressing
activity having an annual installed capacity of 144,000 quintals.
Promoted by Mr Pranay Dalia and Mr Prashant Dalia, the company
commenced trial operations from January 30, 2015. The total cost
of the project was INR6.85 crore funded by a debt equity ratio of
1.17x.

The company will procure the basic raw material i e raw cotton
from Agricultural Produce Market Committee (APMC) and local
farmers, while the finished product i e cotton bales will be sold
to various distributors and textiles companies located in and
around Hinganghat. Cotton seeds will be sold to associate
companies and oil companies in Maharashtra.


R.A. MOTORS: CRISIL Reaffirms B+ Rating on INR100MM Bank Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R.A. Motors
Pvt Ltd (RAMPL) continues to reflect RAMPL's weak financial risk
profile, marked by a small net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics, on account of its large working capital requirements and
low profitability.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           75      CRISIL B+/Stable (Reaffirmed)

   Drop Line
   Overdraft Facility    25      CRISIL B+/Stable (Reaffirmed)


   Proposed Long Term
   Bank Loan Facility    100     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's susceptibility to risks
related to cyclicality of demand in the automobile industry and to
intense competition in the automotive dealership market, and its
limited bargaining power with its principal, Tata Motors Ltd (TML;
rated 'CRISIL AA/Stable/CRISIL A1+'). These rating weaknesses are
partially offset by RAMPL's established relationship with TML, and
its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that RAMPL will continue to benefit over the
medium term from its established market position as a dealer in
TML's commercial vehicles (CVs) in Etah, Moradabad, Badaun, and
Bareilly (all in Uttar Pradesh). The outlook may be revised to
'Positive' in case of substantial equity infusion by the company's
promoters or significant improvement in its revenue and
profitability, leading to better cash accruals and hence to an
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if RAMPL's
financial risk profile deteriorates, most likely because of large
debt-funded capital expenditure or working capital requirements.

RAMPL is an authorised dealer for TML's CVs with four showrooms on
the 3S (sales, service, and spares) model, one each at Etah,
Moradabad, Badaun, and Bareilly. The company deals in the entire
range of TML's CVs.


RAIGANJ DALKHOLA: CARE Reaffirms D Rating on INR321.63cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Raiganj Dalkhola Highways Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    321.63      CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Raiganj Dalkhola
Highways Limited (RDHL) continues to be constrained on account of
the recent delays in servicing of debt obligations owing to delays
in disbursement of loan as well as lack of timely equity infusion
of funds by the promoters. Further, the rating is tempered owing
to pending receipt of right of way (RoW) for balance stretch of
the land and pending financial closure for funding additional cost
overrun due to delays in the completion of the project.

Timely servicing of debt obligations, obtaining RoW for balance
stretch of the road and obtaining financial closure for additional
cost overruns remain the key rating monitorables.

Incorporated on March 11, 2010, RDHL is a special purpose vehicle
(SPV) promoted by Hindustan Construction Company Limited (HCC;
rated CARE C/CARE D/CARE A4 for its bank facilities and
instruments) and HCC Concessions Limited (HCL)-step-down
subsidiary of HCC - to undertake the augmentation of the existing
stretch of 50 km from 398 km to 452 km on the Raiganj-Dalkhola
section of NH-34 under National Highway Development program (NHDP)
Phase III in the state of the West Bengal by 4-Laning on Design,
Build, Finance, Operate and Transfer (DBFOT) Toll basis.
The concession agreement (CA) was executed between RDHL and
National Highways Authority of India (NHAI) on June 28, 2010 and
for a concession period of 30 years from the appointed date i.e.
February 3, 2011.

As per the initial schedule, the company had envisaged completion
of the entire project by August 1, 2013. However, the project work
is stalled since November 2011 owing to delays in receipt of RoW.
The cumulative physical progress achieved in the project as on
June 30, 2014 is 8.73% (as per original EPC cost).

However, since December 2014, there is progress in receiving RoW
and currently, out of the total 50 km of project stretch, the
company has received RoW for 33 km of the land. Hence, the project
work is expected to re-commence on achieving financial closure for
funding of cost overrun in the project.

Owing to delays in the project, the principal repayment
obligations are postponed to June 30, 2016 from existing June 30,
2014. There are delays in servicing of monthly interest
obligations.


RANGA RAJU: CRISIL Reaffirms B+ Rating on INR160MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ranga Raju
Rice Mill (RRRM) continues to reflect RRRM's below-average
financial risk profile marked by a small net worth, a high
gearing, and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            160       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable (Reaffirmed)

The rating also reflects the firm's modest scale of operations in
the intensely competitive rice milling industry and the
susceptibility of its profitability margins to changes in
government regulations and paddy prices. These rating weaknesses
are partially offset by the extensive experience of RRRM's
partners in the rice milling industry.
Outlook: Stable

CRISIL believes that RRRM will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers a
sustained increase in the firm's scale of operations and
profitability margins, or there is a substantial increase in its
net-worth on the back of sizeable capital additions by its
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

RRRM was set up in 1983 as a partnership firm by Mr. Ranga Raju
and his family. RRRM mills and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. The
firm's rice milling unit is located in Palakol (Andhra Pradesh).


RASHMI HOUSING: ICRA Reaffirms B+ Rating on INR65cr LT Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the INR65.00
crore fund based bank facilities of Rashmi Housing Private Limited
(RHPL) at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limit (TL)      65.00        [ICRA]B+ Re-affirmed


The rating re-affirmation continues to factors in the established
presence and long experience of the promoters in real estate
development, particularly along the Mira Road -- Virar region, and
limited regulatory risk with the requisite approvals being
obtained and land acquisition being completed for all ongoing
projects. However, the rating continues to factor in the high
execution and time/cost overrun risk for Rashmi Classic & Rashmi
Heights as nearly 40% of the project costs remain to be incurred
as on September 2014. Moreover, the rating continues to remain
constrained by the significant market risks for all the ongoing
projects as around 50% of the aggregate saleable area across the
ongoing projects remains to be sold as on September 2014 with low
collection efficiency in Rashmi Classic & Rashmi Heights. The
rating also takes into account the market risks for the completed
projects with inventory of 1.61 lakh sq. ft. remaining unsold.
ICRA notes that the market risk remains high, as a large number of
projects are coming up on the Mira Road-Virar belt. The rating
also continues to factor in the adverse capital structure of the
company with a gearing of 3.06 times as on March 31, 2014.

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group -- promoted and managed by the Bosmiya
family -- engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai. The Group has more than a decade of
experience in the field, and has developed more than 27 lakh sq.
ft. of residential space in areas like Mira Road, Bhayendar,
Nalasopara, Naigaon, Vasai and Virar. RHPL is currently developing
four residential projects, with an aggregate saleable area of 7.58
lakh sq. ft. located at Vasai and Naigaon.

For FY14, the firm reported a profit after tax of INR0.42 crore on
a topline of INR32.49 crore, as compared to a profit after tax of
INR0.82 crore for FY13 on a topline of INR66.79 crore.


ROOP TECHNOLOGY: ICRA Reaffirms B Rating on INR7cr LT Loan
----------------------------------------------------------
ICRA has revoked the suspension and reaffirmed the long term
rating of [ICRA]B to the INR7.00 Crore fund based bank facility of
Roop Technology Pvt. Ltd. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR17.50 Crore (earlier INR23.00 Cr) non
fund based facilities of RTPL.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long Term Fund        7.00      [ICRA]B; suspension revoked,
   Based Limits                    rating reaffirmed

   Short Term Non Fund  17.50      [ICRA]A4; suspension revoked,
   Fund Based Limits- LC           rating reaffirmed

The rating reaffirmation continues to take into account the weak
financial profile as reflected in stretched liquidity position of
RTPL following increase in receivables and inventory holding
entailing high utilization of working capital limits and
consequently adverse capital structure. The rating also takes into
account the significant drop in revenue in FY 2014 due to
curtailed spending on IT products and hence lower demand for LCDs.
The ratings also factors in the highly competitive nature of the
distribution business lack of value addition which keeps the
margins under pressure. The ratings however, continue to
favourably factor in the long experience of the promoters in LCD
distributorship business and its established position as
distributor for LCD and IT product brands in India.

Incorporated in 1998 Roop Technology Private Limited (RTPL) is a
company dealing with distribution of several IT and security
related products, with focus on LCDs. It is an authorized
distributor for View Sonic for its LCD monitors, ZICOM & Dahua for
security products, TP-Link for networking products and Kaspersky &
ESET for its anti-virus. The company has ten branches across India
covering South and West. The company is a pan-India distributor
for View Sonic LCDs. For ZICOM it operates in Gujarat, Hyderabad
and Maharashtra.

Recent Results:
RTPL reported a net profit of INR0.05 Crore on an operating income
of INR45.73 Crore in 2013-14 as against a net profit of INR0.30
Crore on an operating income of INR72.92 Crore in 2012-13. The
company reported an operating income of INR41.71 Cr as on 20th
December 2014.


S.R. UDAYASHANKAR: CRISIL Keeps B Rating on INR30MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.R. Udayashankar (SRU;
a part of the SR group) continue to reflect the SR group's modest
scale of operations in the intensely competitive civil
construction industry, and its working-capital-intensive
operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL A4
   Overdraft Facility    20        CRISIL B/Stable
   Term Loan              8        CRISIL B/Stable

These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the civil construction
industry, and its moderate financial risk profile, marked by
moderate net worth, low gearing, and adequate debt protection
metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRU and S.R. Ravishankar (SRR). This
because both these firms, together referred to as the SR group,
are under a common management, have fungible cash flows, and have
considerable operational and business synergies with each other.
Outlook: Stable

CRISIL believes that the SR group will continue to benefit over
the medium term from its promoters' extensive experience in the
civil construction industry. The outlook may be revised to
'Positive' in case of sustainable improvement in the group's scale
of operations while it improves its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the SR
group's financial risk profile, particularly its liquidity,
deteriorates, most likely because of stretch in its working
capital cycle, slowdown in order execution or due to capital
withdrawal by its promoters.

Update
For 2014-15 (refers to financial year, April 1 to March 31), the
SR group is estimated to register revenue of close to INR600
million; growth of 30 per cent over the previous year. Growth in
revenue could have been better if not for delays in execution of a
particular project. However, with work on the said project now
commencing coupled with an unexecuted order book of INR580 million
as of March 2015 will ensure steady revenue growth going forward.
The margin of the group is expected to remain stable around 11 per
cent over the medium term.

The SR group's financial risk profile is moderate marked by low
gearing and moderate net worth estimated at 0.7 times and INR290
million, respectively, as on March 31, 2015. Furthermore, steady
operating profitability has resulted in adequate debt protection
metrics with interest coverage and net cash accruals to total debt
(NCATD) ratios estimated at 2.7 times and 0.12 times,
respectively, in 2014-15. The group is expected to maintain its
comfortable financial risk profile on the back of the absence of
capital expenditure plans. Its liquidity is stretched due to its
working-capital-intensive operations resulting in average
utilisation of 80 per cent over the 11 months through February
2015. The group is, however, expected to post cash accruals of
INR28 million to INR30 million in 2015-16 against which it has
housing loan and vehicle loan repayments of around INR7 million
during the same period. CRISIL expects SR group's liquidity to
remain stretched over the medium term, owing to its large working
capital requirements.

The SR group was set up by Mr. Suresh Ravishankar and Mr. Suresh
Udayashankar. SRR was established in 1976 and SRU in 1984 in
Bengaluru. The firms undertake civil work for construction of
roads for the Public Works Department, National Highways Authority
of India, and Bangalore Development Authority (BDA).

SRR, on a standalone basis, reported profit after tax (PAT) of
INR13 million on operating income of INR299 million for 2013-14
against PAT of INR19 million on operating income of INR461 million
for 2012-13.


SATCHIDANANDA AGROTECH: CRISIL Ups Rating on INR79.5MM Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Satchidananda Agrotech Pvt Ltd (SATPL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter Of Guarantee    3.9      CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term    51.6      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')


   Term Loan             79.5      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects SATPL's timely payment of interest on
its term loan over the six months through March 2015.

The ratings reflect SATPL's below-average financial risk profile,
marked by subdued debt protection metrics. This rating weakness is
partially offset by the extensive experience of the company's
promoters in the rice milling industry.
Outlook: Stable

CRISIL believes that SATPL will continue to benefit over the
medium term from its established relationships with clients, and
its promoters' industry experience. The outlook may be revised to
'Positive' if the company registers a substantial increase in its
revenue and operating margin. Conversely, the outlook may be
revised to 'Negative' if SATPL reports a decline in its revenue or
operating margin, or significant deterioration in its financial
risk profile because of large debt-funded capital expenditure or
lengthening of its working capital cycle.

Incorporated in 2013, SATPL mills rice and has a capacity of 8
tonnes per hour in Burdwan (West Bengal). The company is promoted
by Mr. Tapan Samantra and his family members. The rice mill
started commercial operations in August 2014.


SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR125.5M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
Sahyadri Healthcare and Diagnostics Pvt Ltd (SHD) continues to
reflect SHD's below-average financial risk profile, marked by weak
debt protection metrics, small net worth, stretched liquidity, and
moderate gearing.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            125.5       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SHD derives from its association with Narayana Health Pvt Ltd
(NHPL) for management of its hospital venture; the rating also
factors in the support that SHD receives from its promoters.
Outlook: Stable

CRISIL believes that SHD will continue to benefit from its
association with NHPL, over the medium term. The outlook may be
revised to 'Positive' if the company reports significantly high
accruals and if its promoters make additional infusion, resulting
in improvement in its financial risk profile, especially its
liquidity. Conversely, the outlook may be revised to 'Negative' if
SHD undertakes sizeable debt-funded capital expenditure programme
or if its accruals are significantly below expectations, resulting
in weakening in its debt-servicing ability.

SHD was incorporated in 2009, and is promoted by Mr. Raghavendra
Yeddyurappa and Mr. Vijayendra Yeddyurappa. The company has set up
a multi-speciality hospital in Shimoga (Karnataka). SHD has tied
up with NHPL (promoted by Dr. Devi Prasad Shetty) for management
of its hospital, which commenced operations in November 2012.


SHREE HARDEO: CARE Assigns 'B+' Rating to INR8.78cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Hardeo Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.78       CARE B+ Assigned

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

Rating Rationale
The rating assigned to the bank facilities of Shree Hardeo
Industries (SHI) is constrained on account of its nascent stage of
operations, weak financial risk profile marked by net losses and
leveraged capital structure, proprietorship nature of
constitution, susceptibility of margins to volatility in raw
material prices and presence in a competitive industry segment.
The rating, however, derives strength from the experience of the
promoters and operational and financial synergies with its
associate company.

The ability of the firm to improve its scale of operations and
achieve the envisaged levels of profitability margins amidst
volatility in raw material prices is a key rating sensitivity.

Established in the year 2013, SHI, is a proprietorship concern
based in Raipur, Chhattisgarh. SHI is engaged in the manufacturing
of PVC pipes, column pipes and PVC fittings. The firm commenced
manufacturing operations for PVC pipes and fittings from September
2013. The firm is also setting up operations for manufacturing of
PVC water tanks, which is likely to be completed by May 2016. The
total project cost is INR14.50 crore, funded by a term loan of
INR6.60 crore, unsecured loans of INR2.05 crore and capital of Rs
5.85 crore. (D/E: 1.47x).

Product portfolio of the firm includes SWR pipes and fittings,
column pipes, plumb pipes, casing pipes, UPVC pipes, which are
sold under the brand name of 'Vertex'. The firm has an annual
installed capacity of 1,000 metric tonnes/annum.

SHI procures raw material, which includes PVC resin and other
chemicals, from suppliers based in Chhattisgarh and others. The
finished products are sold to traders and other associate
entities, through a distribution network. The other associate
entity is Shree Hardeo Hardware & Sanitation, which is engaged in
the trading of PVC pipes and fittings.

In FY14 (refers to the period April 1 to March 31), SHI earned net
loss of INR0.59 crore on a total operating income of INR2.62
crore.


SHREE JI: ICRA Assigns B+ Rating to INR8cr Unallocated Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR15.00
crore bank facilities of Shree Ji Cotfab Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-Cash
   credit limit          7.00         [ICRA]B+; assigned

   Fund based-
   Unallocated           8.00         [ICRA]B+; assigned

ICRA's rating factors in the extensive experience of SJCL's
promoters in the cotton spinning industry and its established
relations with customers and suppliers. The rating favourably
factors in the strong top-line growth in the past couple of years,
driven by increasing trading activities, and low working capital
intensity. However, the rating is constrained by the intensely
competitive nature of the yarn trading and cotton spinning
businesses. Further, the rating also factors in the challenging
business environment for the spinning business on account of
reduced demand for export of yarns, leading to increased supply in
the domestic markets. The rating is also constrained by the
stretched liquidity position of the company as reflected in
current ratio of less than one and almost full utilisation of its
working capital limits. The debt levels of the company are likely
to increase further with the implementation of debt funded capital
expenditure on high speed rotors which will deteriorate the
capital structure.

Going forward, the ability of the company to increase its
profitability and improve its liquidity by efficient working
capital management will be the key rating sensitivities. Any cost
or time over run in completion of the proposed capital
expenditure, along with ramp up of off-take from this capacity,
will be the key rating monitorables.

SJCL was incorporated in March 2010 by Mr. Sumit Uthar and family.
It manufactures cotton yarn (4s to 10s counts) in Neemrana,
Rajasthan. The company's factory has 1476 rotors for manufacturing
open end yarn. The company manufactures low count yarn used by the
carpet manufacturers and bed sheet manufacturers. SJCL has started
trading activities in FY14 since the yarn manufactured by the
company had muted demand in the market.

Recent Results
In 2013-14, SJCL reported an operating income of INR145.18 crore
and a net profit of INR0.43 crore, as against an operating income
of INR36.90 crore and a net profit of INR0.17 crore in the
previous year. As per the provisional financials for FY15, it has
registered an OI of INR291.48 crore and a net profit of INR1.09
crore.


SRI BALAJI: CRISIL Reaffirms B Rating on INR2.5MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balaji Timber Mart
(SBTM) continue to reflect SBTM's weak financial risk profile,
marked by a small net worth and below-average debt protection
metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           2.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit     60.0       CRISIL A4 (Reaffirmed)
   Proposed Cash
   Credit Limit          1.0       CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's small scale of operations
and its susceptibility to volatility in raw material prices and
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of SBTM's proprietor in the
timber industry.
Outlook: Stable

CRISIL believes that SBTM will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm enhances its
scale of operations and profitability, leading to a significant
and sustained improvement in its cash accruals. Conversely, the
outlook may be revised to 'Negative' if SBTM's liquidity weakens,
with low cash accruals and deterioration in its working capital
management. Any sizeable capital withdrawals by the promoter may
also result in the outlook being revised to 'Negative'.

SBTM was set up 2001 as a proprietorship firm. The firm processes
and trades in timber. Its proprietor, Mr. I S Murugan, manages
SBTM's daily operations.


SRI BALASUBRAMANIA: CRISIL Rates INR59.4MM Cash Loan at B-
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sri Balasubramania Mills Ltd (SBML).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           59.4        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility    10.6        CRISIL B-/Stable

The rating reflects SBML's modest scale of operations in the
fragmented textile industry, susceptibility of its operating
margin to volatility in raw material prices, and its below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.
Outlook: Stable

CRISIL believes that SBML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if improvement in revenue and
profitability results in a considerably stronger financial risk
profile for the company. Conversely, the outlook may be revised to
'Negative' if decline in cash accruals, deterioration in working
capital management, or any large debt-funded capital expenditure
weakens its financial risk profile.

SBML, incorporated in 1935, manufactures blended polyester cotton
yarn. Its day-to-day operations are managed by Mr. Sanjay Balu and
Mr. Arjun Balu.

The company reported a net loss of INR4.3 million on revenue of
INR192.4 million in 2013-14 (refers to financial year, April 1 to
March 31) against a net loss of INR17.7 million on revenue of
INR162.2 million in 2012-13.


SRI KRISHNA: ICRA Reaffirms 'B' Rating on INR9.69cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR9.69 crore fund based limits and INR5.31 crore unallocated
limits of Sri Krishna Kireeti Food Products.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits      9.69       [ICRA]B reaffirmed
   Unallocated Limits     5.31       [ICRA]B reaffirmed

The reaffirmation of rating continues to be constrained by SKKFP's
weak financial profile as reflected by low profitability and
modest coverage indicators; intensely competitive nature of the
rice industry with presence of several small-scale players which
further increases the pressure on the operating margins; and agro-
climatic risks which impact the availability of the paddy in
adverse weather condition and the government policy restrictions
on the quantity of rice which can be sold in the open market limit
the flexibility and realizations for the firm. The rating however
takes comfort from the long experience of the promoters in the
rice mill business; easy availability of paddy from proximity of
plant in major paddy cultivating region of the country and
favorable demand prospects for rice with India being the largest
producer and consumer of rice internationally. ICRA also factors
in improved gearing levels supported by infusion of fresh capital
of INR1.46 crore in FY2014 and lower utilisation of working
capital limits.

Going forward, firm's ability to increase revenues with
improvement in margins while managing working capital requirements
will remain key rating sensitivities from credit perspective.

Sri Krishna Kireeti Food Products was established as a partnership
firm in January 2012 by Mr. C.H.S.V. Satyanarayana Murthy and
other family members. The firm is engaged in milling of paddy to
produce raw and boiled rice and its by-products. The rice milling
unit is located in East Godavari District of Andhra Pradesh and it
has an installed capacity of 5 tonnes per hour. The promoters of
the firm are Mr. C.V.V.S.S.R. Chaudary, Mr. C.S.V.Satyanaryana
Murthy and Mr. Nehkkanti Sri Ramjee.

Recent Results
For 9M FY2015 (unaudited and provisional), the firm reported an
operating income of INR19.41 crore and operating profits of
INR1.11 crore as against operating income of INR29.40 crore and
operating profits of INR1.57 crore in FY2014.


SRI VENKATA: ICRA Reaffirms B+ Rating on INR8.96cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR8.96 crore fund based limits and reaffirmed the rating of
[ICRA]B+/[ICRA]A4 assigned to INR0.04 crore unallocated limits of
Sri Venkata Vigneswara Rice Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      8.96       [ICRA]B+ reaffirmed
   Unallocated limits     0.04       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by
SVVRI's weak financial profile characterized by low profitability
of 3.92%, high gearing of 2.30 times and modest coverage
indicators with interest coverage ratio at 1.39 times and NCA/Debt
at 4% for FY 2014; small scale of operations in the rice milling
Industries and risks arising from partnership nature of the firm.
The ratings are further constrained by competitive nature of the
Industries restricting operating margins and agro climatic risks,
which can affect the availability of the paddy in adverse weather
conditions. The ratings however take comfort from the long track
record of the promoters in the rice mill business and the benefits
arising from the group entity (Sri Lakshmi Vigneswara Rice
Industry) which has established relationship with customers; and
easy availability of paddy owing to proximity of plant in major
paddy cultivating region of the country. Further, favorable demand
prospects of the Industries with India being the second largest
producer and consumer of rice in the world.

Going forward, the firm's ability to improve its profitability and
effectively managing its working capital requirements are key
rating sensitivities from credit perspective.

Sri Venkata Vigneswara Rice Industries (SVVRI) was founded as a
partnership firm in the year 2012. The firm had setup a rice mill
with production capacity of 6 tons per hour to produce raw &
boiled rice. The unit is located at Nellore district of Andhra
Pradesh. The firm is promoted by Mr. M. Venkata Sudhakar who has
more than 15 years of experience in rice milling business through
other group entity, Sri Lakshmi Vigneswara Rice Industry (rated
[ICRA]BB-/[ICRA]A4) as on March 2014.

Recent Result
The firm reported profit after tax of INR0.05 crore on an
operating income of INR38.06 crore during FY2014 as against profit
after tax of INR0.01 crore on an operating income of INR12.47
crore during FY2013.


SRIVARI COTTON: CRISIL Reaffirms B Rating on INR50MM Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Srivari Cotton
Private Limited (SCPL) continue to reflect its modest scale of
operations in the highly fragmented cotton trading industry, and
its below-average financial risk profile, marked by high total
outside liabilities to tangible net worth (TOLTNW) ratio and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of SCPL's promoters.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      50        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      50        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
trading industry. The outlook may be revised to 'Positive' if
significant increase in revenue and profitability strengthens its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SCPL generates lower-than-expected cash accruals or
undertakes a large, debt-funded capex programme, resulting in
weakening of its financial risk profile.

SCPL, set up in 2009, trades in raw cotton and cotton lint. The
company, based in Kovilpatti (Tamil Nadu), is promoted by Mr.
Santharam Appasamy and Mr. Seeyaram Appasamy and their family
members.


STYLE ONE: ICRA Reaffirms B Rating on INR21.80cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding on
INR21.8 crore term loan facilities(enhanced from INR13.40 crores)
and INR17.6 crore fund based facility of Style One Retail Private
Limited. ICRA has also assigned a long-term rating of [ICRA]B to
INR0.60 crore unallocated limits of SRPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           21.80       [ICRA]B reaffirmed
   Long term-Fund
   based facility       17.60       [ICRA]B reaffirmed

   Long term -
   Unallocated limits    0.60       [ICRA]B assigned

The rating reaffirmation considers the experience of the promoters
in the apparel retail business, the reputed and established brand
name of StyleOne, in Adyar, Chennai and the consistent performance
of the company in 2013-14 characterized by steady volume and
stable margins supported by its locational advantage and wide
product portfolio coupled with the integrated nature of operations
with the presence of the group across retail as well as wholesale
operations providing cost competitiveness. ICRA also takes note of
the expansion plans of the Company in the next fiscal to open up
second showroom in Chennai. While the new showroom is expected to
drive revenue growth and margins in the medium term, the company
may witness some pressure on the margins in the near term during
the stabilisation of operations in its new showroom.

The rating however remains constrained by the stretched financial
profile of the company characterised by high gearing, high working
capital intensity, inadequate coverage indicators and strained
liquidity position; and the intense competition in the business
which restricts pricing flexibility. With the planned expansion
being debt funded, the gearing levels are likely to remain high
over the medium term. The ability of the company to successfully
scale up and improve its cash conversion cycle amidst intense
competition would be critical to service the high debt repayment
obligations in the ensuing years comfortably.

StyleOne Retail Private Limited, formerly known as Leela P
Clothing Private Limited, was incorporated in 2007 and is engaged
in the business of readymade garment (RMG) retail business. The
showroom is located in Adyar, Chennai and is constructed on a land
spanning 13,250 sq. ft with built up area of 26,715 sq. ft (Ground
+ three floors) and caters to all sections of population (men,
women and kids wear). The showroom also provides clothing coupled
with footwear and accessories for just born, kids, men and women
under the same roof. The Company benefits from experienced
promoters profile who have been part of the RMG business for over
a decade. The promoters also have interests in other textile
segments including wholesale business and catering to the
requirements of institutional customers and real estate in Chennai
through other promoter owned entities.

Recent Results
As per the audited results for fiscal 2013-14, SRPL has reported
profit after tax (PAT) of INR1.8 crore on an operating income (OI)
of INR51.1 crore as against PAT and OI of INR1.6 crore and INR49.9
crore respectively in the preceding fiscal.


VESTA EQUIPMENT: CARE Assigns B+ Rating to INR3.45cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' rating to bank facilities of
Vesta Equipment Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.45      CARE B+ Assigned

   Long/Short-term Bank           8.50      CARE B+/CARE A4
   Facilities                               Assigned


Rating Rationale
The ratings assigned to the bank facilities of Vesta Equipment Pvt
Ltd. (VEPL) are primarily constrained by its short track record
coupled with small scale of operation and weak financial risk
profile marked by low profitability margins, leveraged capital
structure, weak debt service coverage indicators and stretched
liquidity position. The ratings are further constrained by
susceptibility of profitability to volatile raw material prices &
foreign exchange fluctuation risk, high working capital intensity
and its presence in the highly competitive industry.

The ratings, however, derive strength from the experience of the
promoters in the industrial machineries business and its
technological tie-up with M/s. Sullair Corporation, USA.
The ability of VEPL to grow its scale of operations while
sustaining the profitability margins along with effective working
capital management would be the key rating sensitivities.

VEPL was incorporated in May, 2010 and is promoted by Mr R
Balasubramanian and Mr Sam Alumkal Thampi of Bangalore, Karnataka.
The company is engaged in designing, development and manufacturing
of diesel engine driven portable screw air compressor in technical
collaboration with M/s. Sullair Corporation, USA. Currently the
company manufactures three kinds of air screw compressors which
are utilized in water well drilling, coal bed methane drilling,
geothermal, underbalanced drilling etc. The manufacturing unit of
the company is situated at Bangalore and having a capacity to
produced 690 units of machines per annum.

During FY14 (refers to the period April 01 to March 31), VEPL
reported a total operating income of INR35.27 crore and a PAT
(after deferred tax) of INR0.19 crore. Furthermore in 11MFY15
(Provisional), the company has achieved TOI of INR19 crore.



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

METROPOLIS PROPERTINDO: Fitch Withdraws 'B' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings on PT Metropolis
Propertindo Utama (MPU).  Prior to the withdrawal, MPU's Long-Term
Issuer Default Rating was at 'B' with Stable Outlook, and MPU's
senior unsecured rating was at 'B' with Recovery Rating of 'RR4'.

Fitch is withdrawing the ratings as MPU has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for MPU.



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


MT GOX: Kraken Accepts Creditor Claims Through Website
------------------------------------------------------
Kraken, a San Francisco-based Bitcoin exchange, is now accepting
MtGox creditor claims and offering up to $1 million in free trade
volume per creditor as a bonus for claiming funds through Kraken.
The claim and payout service through Kraken is available in all
areas of operation, including all US states.

Kraken was selected by the MtGox trustee in November 2014 after
extensive and objective review to assist MtGox creditors in
investigating missing Bitcoin, filing claims, and distributing
remaining assets.

"Thanks to Kraken, filing of claims can be done through their
system," said the MtGox trustee.  "We expect this to enable smooth
filing of bankruptcy claims and distributions."

Creditors claiming funds with Kraken can expect the following
benefits:

   -- 100,000 KFEE credits redeemable for up to $1 million in
      free trading volume at the lowest fee tier of 0.1%
   -- Creditor claim and payout support with live chat and email
   -- Option to receive funds in the form of bitcoin
   -- An easier and more convenient process from claim to payout

MtGox creditors should file their claim as soon as possible in two
steps:

1. Create an account at https://www.kraken.com/

2. Click the "MtGox Claim" tab in your account and follow the
instructions.

"We see our involvement in this process as an opportunity to
restore faith in the community by showing what we need more of in
the Bitcoin space -- trusted leadership," said Kraken CEO Jesse
Powell.  "We're dedicated to delivering an exceptional experience.

What is that? It's fast execution and reliable service -- all done
over a secure platform.  Whether you're a long-standing client or
trying us for the first time, we're committed to putting your best
interests first.  That's our philosophy. It's simple.  Put people
first."

To learn more about the KFEE restrictions and use:
https://support.kraken.com/hc/en-us/articles/204802628

                         About Kraken

Founded in 2011, San Francisco-based Kraken --
http://www.kraken.com--is the largest Bitcoin exchange in euro
volume and liquidity and also trading US dollars, British pounds
and Japanese yen.  Kraken is consistently rated the best and most
secure Bitcoin exchange by independent news media.  Kraken was the
first Bitcoin exchange listed on Bloomberg terminals, the first to
pass a cryptographically verifiable proof-of-reserves audit, and
is a partner in the first cryptocurrency bank.  Kraken is trusted
by hundreds of thousands of traders, the Tokyo government's court-
appointed trustee, and Germany's BaFin regulated Fidor Bank.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under
Chapter 15 of the U.S. Bankruptcy Code on March 9, 2014, days
after the company sought bankruptcy protection in Japan.  The
bankruptcy in Japan came after the bitcoin exchange lost 850,000
bitcoins valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


LEFTBRAIN GROUP: Creditors May Lose in Firm's Liquidation
---------------------------------------------------------
Narelle Henson at Stuff.co.nz reports that nearly 900 people are
waiting to hear whether they'll get their money back after award-
winning online retailer LeftBrain Group was placed into
liquidation.

The company, which ran six online retail sites, is best-known for
starting New Zealand's first online toy store, iQToys.

It was placed into voluntary liquidation on April 16, with
director and founder Shane Loomb saying he had struggled to stay
ahead of new competition, notes the report.

According to Stuff.co.nz, the first liquidators' report confirms
this, saying the company had "suffered cash flow difficulties" for
about a year thanks to "a high exchange rate with the Australian
dollar, intense competition and margins tightening with
suppliers".

Stuff.co.nz relates that liquidators Paul Clark and Kenneth Brown
of BDO Tauranga also outline in the report a failed money-raising
venture by the company in 2014, which resulted in several
restructures "to lower its cost base".

Tough retail conditions at the start of this year again challenged
cash flow, and the company "struggled to secure stock from
suppliers". The owners tried to sell, but when that failed, the
business was placed into liquidation, Stuff.co.nz notes.

Stuff.co.nz says the report lists about 880 creditors, including
customers, suppliers and trade creditors, and says a number of
orders destined for Australian customers have been detained at a
freight forwarders depot.

About NZ$850,000 all up is owed to 20 of the creditors, which
includes more than NZ$200,000 to ASB Bank, NZ$23,000 to Inland
Revenue, just under NZ$49,000 in unfulfilled customer orders and
over NZ$20,000 in unused vouchers, Stuff.co.nz discloses.

According to Stuff.co.nz, liquidator Clark said the list of
creditors is likely to grow as customers with unfulfilled orders
are still calling in. However, he doesn't expect more than 100
names to be added to the list.

He said the amount owed by LeftBrain Group was still being
quantified, and any pay out would "depend on how our sale process
goes," Stuff.co.nz relays.

However, he expected "that there will be some realisations for the
secured creditor, being the bank, and also the preferential
creditors, which are employees and Inland Revenue," relates
Stuff.co.nz.

Stuff.co.nz reports that Mr. Clark said liquidators are hoping to
complete a stock take of LeftBrain Group's warehouse in the next
few days, which will give them a better idea of the company's
position.

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.  Companies Office records
show it was the sole shareholder in Gumboot.co.nz, iQToys.co.nz,
BabyUniverse.co.nz, IwantThat.co.nz, PetSpot.co.nzand Beauty 360.



===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
ASHIMA LTD               ASHM             63.23         -48.94
ATV PROJECTS              ATV             48.47         -43.93
BELLARY STEELS           BSAL            451.68        -108.50
BENZO PETRO INTL          BPI             26.77          -1.05
BHAGHEERATHA ENG         BGEL             22.65         -28.20
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
BLUE BIRD INDIA          BIRD            122.02         -59.13
CELEBRITY FASHIO         CFLI             24.96          -8.26
CHESLIND TEXTILE          CTX             20.51          -0.03
CLASSIC DIAMONDS          CLD             66.26          -6.84
COMPUTERSKILL             CPS             14.90          -7.56
DCM FINANCIAL SE        DCMFS             18.46          -9.46
DFL INFRASTRUCTU         DLFI             42.74          -6.49
DIGJAM LTD               DGJM             99.41         -22.59
DISH TV INDIA            DITV            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
ENSO SECUTRACK           ENSO             15.57          -0.46
EURO CERAMICS            EUCL            110.62          -6.83
EURO MULTIVISION         EURO             36.94          -9.95
FERT & CHEM TRAV          FCT            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
GOLDEN TOBACCO            GTO             97.40         -18.24
GSL INDIA LTD             GSL             29.86         -42.42
GSL NOVA PETROCH         GSLN             16.53          -1.31
GUJARAT STATE FI          GSF             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
INTEGRAT FINANCE          IFC             49.83         -51.32
JCT ELECTRONICS          JCTE             80.08         -76.70
JENSON & NIC LTD           JN             16.49         -71.70
JET AIRWAYS IND         JETIN          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
JOG ENGINEERING           VMJ             45.90          -5.28
KALYANPUR CEMENT         KCEM             23.39         -42.66
KERALA AYURVEDA          KERL             13.97          -1.69
KIDUJA INDIA              KDJ             11.16          -3.43
KINGFISHER AIR           KAIR            515.93      -2,371.26
KINGFISHER A-SLB       KAIR/S            515.93      -2,371.26
KITPLY INDS LTD           KIT             14.77         -58.78
KLG SYSTEL LTD           KLGS             40.64         -27.37
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
MTZ POLYFILMS LT          TBE             31.94          -2.57
MURLI INDUSTRIES         MRLI            262.39         -38.30
MYSORE PAPER             MSPM             87.99          -8.12
NATL STAND INDI          NTSD             22.09          -0.73
NAVCOM INDUS LTD          NOP             10.19          -3.53
NICCO CORP LTD           NICC             71.84          -4.91
NICCO UCO ALLIAN         NICU             23.25         -83.90
NK INDUS LTD              NKI            141.35          -7.71
NRC LTD                  NTRY             55.11         -52.44
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARAMOUNT COMM           PRMC            124.96          -0.52
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM          PKPL             61.08         -88.85
PIONEER DISTILLE          PND             53.74          -5.62
PREMIER INDS LTD         PRMI             11.61          -6.09
PRIYADARSHINI SP         PYSM             20.80          -2.28
QUADRANT TELEVEN         QDTV            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
ROYAL CUSHION            RCVP             14.70         -75.18
SAAG RR INFRA LT         SAAG             12.54          -4.93
SADHANA NITRO             SNC             16.74          -0.58
SANATHNAGAR ENTE         SNEL             49.23          -6.78
SANCIA GLOBAL IN         SGIL             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE GANESH FOR         SGFO             44.50          -2.89
SHREE KRISHNA            SHKP             14.62          -0.92
SHREE RAMA MULTI         SRMT             38.90          -4.49
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
UDAIPUR CEMENT W          UCW             11.38         -10.53
UNIFLEX CABLES           UFCZ             47.46          -7.49
UNIWORTH LTD               WW            149.50        -151.14
UNIWORTH TEXTILE          FBW             22.54         -35.03
USHA INDIA LTD           USHA             12.06         -54.51
VANASTHALI TEXT           VTI             14.59          -5.80
VENUS SUGAR LTD            VS             11.06          -1.08
WANBURY LTD              WANB            141.86          -3.91
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
FILSYN CORP A           FYN               23.11         -11.69
FILSYN CORP. B         FYNB               23.11         -11.69
GOTESCO LAND-A           GO               21.76         -19.21
GOTESCO LAND-B          GOB               21.76         -19.21
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


THAILAND

ABICO HLDGS-F       ABICO/F               15.28          -4.40
ABICO HOLDINGS        ABICO               15.28          -4.40
ABICO HOLD-NVDR     ABICO-R               15.28          -4.40
ASCON CONSTR-NVD    ASCON-R               59.78          -3.37
ASCON CONSTRUCT       ASCON               59.78          -3.37
ASCON CONSTRU-FO    ASCON/F               59.78          -3.37
BANGKOK RUBBER          BRC               77.91        -114.37
BANGKOK RUBBER-F      BRC/F               77.91        -114.37
BANGKOK RUB-NVDR      BRC-R               77.91        -114.37
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
CIRCUIT ELEC PCL     CIRKIT               16.79         -96.30
CIRCUIT ELEC-FRN   CIRKIT/F               16.79         -96.30
CIRCUIT ELE-NVDR   CIRKIT-R               16.79         -96.30
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               38.87         -46.47
K-TECH CONTRU-R     KTECH-R               38.87         -46.47
KUANG PEI SAN        POMPUI               17.70         -12.74
KUANG PEI SAN-F    POMPUI/F               17.70         -12.74
KUANG PEI-NVDR     POMPUI-R               17.70         -12.74
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
TONGKAH HARBOU-F      THL/F               62.30          -1.84
TONGKAH HARBOUR         THL               62.30          -1.84
TONGKAH HAR-NVDR      THL-R               62.30          -1.84
TRANG SEAFOOD           TRS               15.18          -6.61
TRANG SEAFOOD-F       TRS/F               15.18          -6.61
TRANG SFD-NVDR        TRS-R               15.18          -6.61
TT&T PCL               TTNT              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
WORLD CORP -NVDR    WORLD-R               15.72         -10.10
WORLD CORP PCL        WORLD               15.72         -10.10
WORLD CORP PLC-F    WORLD/F               15.72         -10.10



                             *********

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

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

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


                            *********


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

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

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

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

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



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