TCRAP_Public/150504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, May 4, 2015, Vol. 18, No. 086


                            Headlines


A U S T R A L I A

ATLAS IRON: Upbeat as Creditor Talk Continues
CANBERRA MUSHROOMS: First Creditors' Meeting Set For May 11
CLIFFS NATURAL: Incurs $773 Million Net Loss in First Quarter
TARAHM PTY: First Creditors' Meeting Set For May 13
TEN NETWORK: Warns It May Need a Cash Injection to Go On

UNITED SUPPLY: First Creditors' Meeting Set For May 12
WICKHAM SECURITIES: Former CEO Charged With Fraud


H O N G  K O N G

WINLAND OCEAN: Files Schedules of Assets and Liabilities
WINLAND OCEAN: U.S. Trustee Forms Creditors' Committee


I N D I A

AAR ROYAL: CRISIL Reaffirms 'D' Rating on INR60MM Term Loan
ARIHANT FIBRES: CARE Revises Rating on INR5.67cr LT Loan to B+
ARWAL FOOD: ICRA Suspends 'B' Rating on INR5.65cr Term Loan
ASTHA ENTERPRISE: ICRA Assigns D Rating to INR10cr Cash Credit
AURO GOLD: ICRA Lowers Rating on INR400cr Fund Based Loan to D

BAJRANG PULSES: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
BINNY LIMITED: CARE Assigns 'CARE B' Issuer Rating
CONVENTION HOTELS: CARE Reaffirms 'B+' Rating on INR180.1cr Loan
DENTCARE DENTAL: CRISIL Assigns B- Rating to INR110MM Cash Loan
DIGHI PORT: CARE Reaffirms B+ Rating on INR777.09cr LT Loan

ERA INFRA: CARE Reaffirms 'D' Rating on INR3,048.93cr LT Loan
G & G INTERNATIONAL: ICRA Suspends B Rating on INR7.46cr LT Loan
GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR100MM Loan
GOLDEN INTERNATIONAL: ICRA Suspends B+ Rating on INR6.5cr Loan
GOLHAR GINNING: CRISIL Assigns B Rating to INR47.5MM Cash Loan

GOURAV SUITINGS: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
GURU NANAK: CARE Assigns B+ Rating to INR6.5cr LT Loan
INFRASTRUCTURE LOGISTIC: CRISIL Reaffirms B- INR89.2M Loan Rating
J. M. FEED: CRISIL Assigns B+ Rating to INR98MM Cash Loan
JCT LIMITED: ICRA Suspends 'D' Rating on INR352.2cr Bank Loan

K. R. V. SPINNING: CRISIL Reaffirms B+ Rating on INR114.4MM Loan
KONDUSKAR TRAVELS: CRISIL Assigns B Rating to INR115MM Loan
KRISH CEREALS: ICRA Suspends 'B' Rating on INR8.0cr LT Loan
LIBRA TECHCON: CRISIL Assigns B- Rating to INR1MM Cash Loan
LINK MARBLE: CRISIL Reaffirms B Rating on INR110MM Bank Loan

MAMTA TRANSFORMERS: ICRA Suspends B Rating on INR4.40cr LT Loan
MASCOT INDUSTRIES: CRISIL Suspends B- Rating on INR26.3MM Loan
MINAKSHI COTTON: CARE Reaffirms B+ Rating on INR21.50cr LT Loan
MISTRY CONSTRUCTION: ICRA Lowers Rating on INR49cr Loan to 'D'
NEWA TECHNOCITY: CRISIL Reaffirms B- Rating on INR1.25BB Loan

P. R. S. TIMBERS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
RAJDA SALES: ICRA Assigns B+ Rating to INR3.0cr Bank Guarantee
RAYAT AND BAHRA: ICRA Suspends 'D' Rating on INR78cr Bank Loan
RAYAT EDUCATIONAL: ICRA Suspends 'D' Rating on INR20cr Bank Loan
S.R. UDAYASHANKAR: CRISIL Reaffirms B Rating on INR20MM Loan

SILVERDALE FASHIONS: ICRA Reaffirms B+ Rating on INR4.0cr LT Loan
SRI JAIBALAJI: CRISIL Suspends B+ Rating on INR75MM Cash Loan
SUYOG DEVELOPMENT: CRISIL Reaffirms B+ Rating on INR288.6MM Loan
UTTAM SUGAR: CARE Ups Rating on INR693.75cr LT Loan to C
VAMAN FABRICS: ICRA Assigns D Rating to INR4.50cr LT Loan


J A P A N

SONY CORP: Posts JPY126 Billion Annual Net Loss


N E W  Z E A L A N D

FELTEX CARPET: NZ Court Raises Costs For Appellants
VIDEO EZY: Goes Into Voluntary Liquidation


                            - - - - -


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


ATLAS IRON: Upbeat as Creditor Talk Continues
---------------------------------------------
Mitchell Neems at Business Spectator reports that a recent rally
in the iron ore price and intensified cost reductions may be
enough to see Atlas Iron emerge from its recent troubles.

The report relates that as part of its quarterly update on May 1,
Atlas (AGO) said that with the support of its key contractors it
expects to significantly reduce cash costs across its Wodgina and
Abydos operations during May.

"Positive pricing momentum from mid-April, combined with
assistance provided by key contractors and a new lump product
stream, means the company expects to be cash flow positive in May
through continued operations at the Wodgina and Abydos mines," the
report quotes Atlas as saying.

Mining will continue at Abydos and will recommence later in
May at Wodgina, the company, as cited by Business Spectator, said.

Atlas Iron last month requested a three-week extension to its
voluntary trading suspension as it continued to forge a path
forward with creditors in the face of a weakening iron ore price,
the report recalls.

According to the report, the junior miner said it was not in
breach of its debt covenants, though the recent falls in the iron
ore price had left the company with little choice but to gradually
suspend production over the month of April.

Business Spectator notes that reports have emerged recently about
some of Atlas' contractors -- including McAleese Transport, Maca
and Qube Logistics -- approaching US-based noteholders that
control the majority of the company's debt with an option of
forgoing some of their payments in the short-term to ensure that
the company does not collapse.

The report adds that Atlas also said it would continue to work on
defining contractual arrangements that will support longer term
operating solutions as well as a revised capital structure.

At the end of the latest session, benchmark iron ore for immediate
delivery to the port of Tianjin in China was trading at US$56.20 a
tonne, down 1.2 per cent from its prior close of US$56.90 a tone,
the report discloses.

It was the second straight red session for the commodity after a
furious nine-day short-covering rally led it over 25 per cent
above its recent 10-year low of US$46.70, notes Business
Spectator.

The miner said it performed within guidance in terms of both
production and cost reductions in the March quarter, the report
relays.

Atlas shipped 3.4 million wet metric tonnes in the three months to
March 31, and year-to date has shipped 10.3 wet metric tones, adds
Business Spectator.

                         About Atlas Iron

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2015, Standard & Poor's Ratings Services said that it had
lowered its corporate credit rating on Australian iron ore miner
Atlas Iron Ltd. and the company's senior secured debt to 'CCC'
from 'B-'.  At the same time, S&P placed all ratings on
CreditWatch with negative implications.  The recovery rating on
the senior secured debt remains at the lower end of '3'.

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

As a result, the company would have to draw down its cash holding
(AUD169 million at Dec. 31, 2014) to fund its interest payment,
working capital, and capital expenditure.  Although S&P believes
Atlas Iron should have sufficient liquidity to fund its interest
payment due in June 2015, failure to arrest the negative earnings
trend could quickly deplete its cash holding within the next 12
months.


CANBERRA MUSHROOMS: First Creditors' Meeting Set For May 11
-----------------------------------------------------------
Ezio Senatore & Neil Cussen of Deloitte Touche Tohmatsu were
appointed as administrators of Canberra Mushrooms Pty Ltd, trading
as Canberra Mushrooms, on April 29, 2015.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Level 1, 9 Sydney Avenue, in Barton on
May 11, 2015, at 11:30 a.m.


CLIFFS NATURAL: Incurs $773 Million Net Loss in First Quarter
-------------------------------------------------------------
Cliffs Natural Resources Inc. reported a net loss attributable to
its common shareholders of $773 million on $446 million of
revenues for the three months ended March 31, 2015, compared with
a net loss attributable to shareholders of $83.1 million on $616
million of revenue for the same period in 2014.

As of March 31, 2015, the Company had $2.7 billion in total
assets, $4.48 billion in total liabilities, and a $1.78 billion
total deficit.

Lourenco Goncalves, Cliffs' Chairman, president and chief
executive officer, said, "Cliffs has delivered another strong
quarter in the face of a challenging operating and commercial
environment.  The first quarter has confirmed the strength of our
pricing structure in the USIO business, and our ability to
continue to drive costs down in all operating segments - USIO,
APIO and NAC."  Mr. Goncalves added, "We are extremely pleased
with the positive results of the recent refinancing exercise, and
we will continue to be focused on reducing our debt and maximizing
our liquidity."

Due to the usual seasonality of the business during the first
quarter, working capital adjustments drove a cash use of $236
million during the quarter.

To further supplement the Company's liquidity position, during the
quarter Cliffs successfully completed an offering of $540 million
aggregate principal amount of 8.25% Senior Secured Notes due March
31, 2020.  From the offering of these new first lien notes, the
Company received net proceeds, after the initial purchasers'
discounts and the payment of fees and expenses, of approximately
$491 million.

At the end of first quarter of 2015, Cliffs had net debt of $2.5
billion, compared with $2.9 billion of net debt at the end of the
first quarter of 2014.  There was nothing drawn on the Company's
new asset-based lending facility at the end of the first quarter
of 2015.  Such reduction in net debt was a consequence of several
actions including previously-announced exchange offers and
open-market bond repurchases.

Capital expenditures during the quarter were $16 million, an 85
percent decrease compared to $103 million in first quarter of
2014. This includes capital expenditures related to North American
Coal. Cliffs also reported depreciation, depletion and
amortization of $33 million in the first quarter of 2015.

A full-text copy of the press release is available at:

                       http://is.gd/JM5Kip

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama.  Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two non-
operating iron ore mines in Eastern Canada.  Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under the
Companies' Creditors Arrangement Act (Canada).  The initial CCAA
order will address the Bloom Lake Group's immediate liquidity
issues and permit the Bloom Lake Group to preserve and protect its
assets for the benefit of all stakeholders while restructuring and
sale
options are explored.

As of Dec. 31, 2014, the Company had $3.16 billion in total
assets, $4.89 billion in total liabilities, and a $1.73 billion
total deficit.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to 'B1' and 'B1-PD'
respectively.  "The downgrade in the CFR to 'B1' reflects
expectations for a weaker performance in the Asia Pacific iron ore
(APIO) segment, which has a greater exposure to the movement of
iron ore prices in the seaborne market," said Carol Cowan, Moody's
senior vice president.


TARAHM PTY: First Creditors' Meeting Set For May 13
---------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Tarahm Pty Ltd, formerly trading as Tara Hotel
Motel, on May 1, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on May 13, 2015, at 10:00 a.m.


TEN NETWORK: Warns It May Need a Cash Injection to Go On
--------------------------------------------------------
Jeff Whalley at Herald Sun reports that Ten Network has warned it
could need an emergency cash injection within a year or it may no
longer be a viable business.

According to the report, the group on April 30 declared it was
pushing the limits of its AUD200 million debt facility.

Herald Sun relates that the broadcaster said if advertising
revenue fell short of expectations or the group lost market share,
it would have to seek a new debt or turn to shareholders for more
funding.

"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," Ten management, as cited by Herald Sun, said.

Herald Sun adds that the group might therefore "be unable to
realise its assets and discharge its liabilities in the normal
course of business".

According to the report, Ten chief Hamish McLennan said the
advertising market remained "short" in terms of forward bookings
and the outlook was difficult to predict.  But he argued 2015 was
the "beginning of the sustained turnaround" for Ten. Despite the
problems that have afflicted the network, it had "stabilised", he
said.

"You can't get revenue up until ratings are up -- and we've got
that," he told BusinessDaily, saying the broadcaster had enjoyed
its best season launch since 2012, the report relays.  "We were
the only free-to-air network to grow revenue over summer . . . our
schedule is tightening up."

He pointed to Big Bash League cricket and series including Family
Feud and Shark Tank as underpinning this, the report relays. The
Great Australian Spelling Bee and The Bachelorette were among
series that would bolster Ten's schedule later in the year,
Mr. McLennan, as cited by Herald Sun, said.

Herald Sun reports that Ten would continue to push for AFL and NRL
rights despite the group's headwinds, he said, repeating that he
would take the same "flexible and creative" approach as Ten had
used to secure cricket.

The report adds that Mr McLennan said it was "too early" to say
what proposals it was putting to the major football codes.

He was speaking as Ten posted a AUD264 million net loss for the
six months to February after taking a AUD251 million writedown on
the value of its television licence. This compared with an
AUD8 million loss for the same period a year ago, the report
notes.

The results follow market speculation that pay TV group Foxtel,
which is half owned by Herald Sun publisher News Corp, is close to
taking a major stake in Ten. The network acknowledged on Monday it
and Foxtel had held discussions, but Mr McLennan declined to
comment further on April 30, Herald Sun reports.

                          About Ten Network

Australia-based Ten Network Holdings Limited (ASX:TEN) --
http://tenplay.com.au/corporate-- is engaged in the investment in
The Ten Group Pty Limited and controlled entities, whose principal
activities are the operation of multichannel commercial television
licenses in Sydney, Melbourne, Brisbane, Adelaide and Perth, and
out-of-home advertising in the United States of America. The
Company is engaged in two segments which includes Television and
Out-of-Home (Roads and Maritime Services contract (RMS) and Eye US
operations). The Company includes three free-to-air television
channels, TEN, ELEVEN and ONE, in Sydney, Melbourne, Brisbane,
Adelaide and Perth, plus the digital platform tenplay.

The company posted three consecutive net losses of AUD166.31
million, AUD280.95 million, and AUD14.03 million, for
the years ended August 31, 2014, 2013 and 2012.


UNITED SUPPLY: First Creditors' Meeting Set For May 12
------------------------------------------------------
Hugh Martin -- hmartin@bernardimartin.com.au -- and Michael van
Dissel -- michael@bernardimartin.com.au -- of Bernardi Martin were
appointed as administrators of United Supply Group Pty Ltd,
trading as Marketing Sweet, on May 1, 2015.

A first meeting of the creditors of the Company will be held at
Bernardi Martin, Ground floor, 195 Victoria Square, in Adelaide,
on May 12, 2015, at 10:00 a.m.


WICKHAM SECURITIES: Former CEO Charged With Fraud
-------------------------------------------------
The former CEO of Wickham Securities Ltd on April 30 faced court
charged with various offences, including fraud, following an
Australian Securities and Investments Commission investigation.

Garth Peter Robertson, 49, of Brisbane, Queensland, appeared in
the Brisbane Magistrates Court charged with 10 counts of
fraudulently obtaining more than AUD760,000 from Wickham
Securities between December 2010 and November 2012. Mr Robertson
was charged with a further count of fraudulently obtaining
AUD15,000 from Balmain NB Corporation Limited in November 2010.

Mr Robertson was also charged with nine counts of giving or
permitting the giving of false information about Wickham
Securities to its trustee, Sandhurst Trustees Ltd, and one count
of falsifying books relating to the affairs of Wickham Securities
in 2012.

Mr Robertson was not required to enter a plea and was bailed.

The matter will return to the Brisbane Magistrates Court on
May 28, 2015.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Brisbane-based Wickham Securities was placed into administration
in December 2012 and liquidation in February 2013, with Messrs
Grant Sparks and David Leigh of PPB Advisory as liquidators.

Wickham Securities collapsed owing more than AUD27 million to
approximately 300 debenture holders.

In June 2013, ASIC cancelled the registration of the auditor of
Wickham Securities, Brian Kingston, after forming the view he
failed to carry out or perform adequately and properly the duties
of an auditor.

In September 2013, ASIC banned Bradley Sherwin, the Chairman of
Wickham Securities, from financial services for two years and
seven months as a result of his bankruptcy.

ASIC's investigation into the collapse of other companies
connected to Mr. Sherwin, including Sherwin Financial Planners Pty
Ltd, continues.



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


WINLAND OCEAN: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Winland Ocean Shipping Corporation filed its schedules of assets
and liabilities in the U.S. Bankruptcy Court for the Southern
District of Texas, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property
  B. Personal Property              $503,883
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims
  E. Creditors Holding
     Unsecured Priority
     Claims                                         $974,758
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $13,967,106
                                 -----------     ------------
        Total                       $503,883      $14,941,864

A copy of the schedules is available for free at
http://is.gd/J22uYD

                    About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas.  The petition was signed by Robert E. Ogle, chief
restructuring officer.


WINLAND OCEAN: U.S. Trustee Forms Creditors' Committee
------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Winland Ocean
Shipping Corp. appointed five creditors of the company to serve on
the official committee of unsecured creditors:

     (1) Sea Carrier Shipping Co. Ltd.
         Attn: Xiao Liwu
         Caihong North Road #48
         Poteman Building 906-1
         Ningbo, Zhejiang 315000
         China
         Tel. +86-574-8725-1065
         Fax +86-574-8725-2975
         Email: josephjj@vip.sina.com

     (2) Zhoushan Ligang Shipbuilding Co. Ltd
         Attn: Yu Yonghua
         No. 12 Ligang Shipyard Road
         Jintang Town, Dinghai District
         Zhoushan City, Zhejiang 316000
         China
         Tel. +86-139-0580-9688
         Fax 832-767-0669
         Email: zhongjj@ligangshipyard.com

     (3) PICC Property & Casualty Company Ltd.
         Attn: Yue Bing
         No. 2, Huanghe Road
         Xigang District
         Dalian, Liaoning 116011
         China
         Tel. +86-411-8272-4297
         Fax +86-411-8271-1005
         Email: yuebing@dal.picc.com.cn

     (4) Shanghai FG Marine Engineering Co. Ltd.
         Attn: Shen Feng
         No. 255, Gongqing Road
         Yangpu District
         Shanghai
         China
         Tel. +86-138-1630-7918
         Fax +86-21-6566-3326
         Email: biz@fengang.com

     (5) Feoso Oil (Singapore) Pte Ltd.
         Attn: Simon Li
         400 Orchard Road
         #13-06 Orchard Towers
         Singapore 238875
         Tel. +65-6732-1732
         Fax +65-6732-2055
         Email: melissa@feoso.com.sg

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                    About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015 (Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned
to Judge David R Jones.

The Debtors are represented by Matthew Scott Okin, Esq., George Y.
Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in
Houston, Texas.  The petition was signed by Robert E. Ogle, chief
restructuring officer.



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


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.


ARIHANT FIBRES: CARE Revises Rating on INR5.67cr LT Loan to B+
--------------------------------------------------------------
CARE revises/reaffirms the rating assigned to bank facilities of
Arihant Fibres.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.67       CARE B+ Revised from
                                            CARE B

   Short term Bank Facilities    0.10       CARE A4 Reaffirmed

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

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Arihant Fibres (AFB) takes into consideration the commencement of
commercial operations of the plant and moderate capital structure.
The ratings further continue to derive strength from experienced
promoters and location advantage emanating from proximity to raw
material sources.

The ratings, however, continue to be constrained by the small
scale of operations, weak financial risk profile marked by low
profitability and weak debt coverage indicators, susceptibility of
operating margins to raw material price fluctuation risk coupled
with seasonal nature of raw material. The ratings are also
constrained by the presence of the firm in the highly fragmented
cotton ginning industry with limited value addition and highly
regulated sector and partnership nature of constitution.
Going forward the ability of the firm to establish itself in the
highly competitive industry along with increase in scale of
operations and improvement in its profitability margins and
solvency position are the key rating sensitivities.

Established in the year 2012, AFB started its commercial
production from November 2013. The firm is managed by Goyal and
Saria families of Parbhani, Maharashtra. The firm is engaged in
the business of cotton ginning and pressing at its manufacturing
facility located at Parbhani, Maharashtra. AFB has an installed
capacity to manufacture 40,000 bales (1 bale = 170 kg) per annum.
It procures raw cotton from local farmers and sell its final
product i e cotton bales to its customers located in and around
Parbhani.

In FY14 (refers to the period April 1 to Match 31), the firm
registered a PAT of INR33.01 crore on total operating income of
INR0.86 crore.


ARWAL FOOD: ICRA Suspends 'B' Rating on INR5.65cr Term Loan
-----------------------------------------------------------
ICRA has has suspended the long term rating of [ICRA]B assigned to
the INR2.0 crore cash credit limit and INR5.65 crore term loans of
Arwal Food Products Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

AFPPL was incorporated in December, 2008 by the Kumar family, to
establish a rice mill. The manufacturing facility is being
developed in Arwal district, Bihar, at a cost of around
INR12crore, and is proposed to have an installed paddy milling
capacity of 38400 metric tons per annum (MTPA). Commercial
production at the facility is scheduled to commence within
January, 2014.


ASTHA ENTERPRISE: ICRA Assigns D Rating to INR10cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR10.00 Crore bank
facilities of Astha Enterprise.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund Based-
   Cash Credit              10.00       [ICRA]D assigned

   Short Term Non Fund
   Based- Inland/Foreign
   LC                      (10.00)      [ICRA]D assigned

The assigned rating takes into account the company's recent
instance of delay in interest servicing due to stretched cash
conversion cycle of the company attributed to slow realization of
receivables. The rating also takes into account the firm's weak
financial profile characterized by declining revenues of the firm
over the last two fiscals, low profitability margins on account of
trading nature of business and leveraged capital structure. The
rating is further constrained by its concentrated customer base
and susceptibility of firm's margins to price risks arising from
volatility in yarn price movements and intense competition from
the unorganized players in the industry. However the rating
favorably factors in the long experience of the promoter in the
textile industry.

Promoted by Mr. Ashwin Viradiya, Astha Enterprise was established
as a partnership firm in 2010. The firm is engaged in trading of
various types of yarn, embroidery thread and fabric. The product
portfolio of the firm comprises of Rayon embroidery thread, Cent
Viscose rayon filament yarn, Rayon filament yarn, Fancy fabrics
and hot stamping foil. The company has its registered office at
Suart, Gujarat. The firm procures rayon embroidery thread, yarn
and fabrics from the importers/traders in Surat and sells it to
the traders and fabric manufacturers located in Surat.

Recent Results
AE recorded a net profit of INR0.02 crore on an operating income
of INR50.08 crore for the year ending March 31, 2014 and sales of
INR21.89 crore for the period ending January 31, 2015 (as per the
provisional figures disclosed by the management).


AURO GOLD: ICRA Lowers Rating on INR400cr Fund Based Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B for
the INR400.00 Crore Fund-Based Bank Facility of Auro Gold
Jewellery Private Limited. ICRA has also revised the short term
rating to [ICRA]D from [ICRA]A4 for INR60.00 Crore (sublimit) of
fund based facility, as such the total utilization for fund based
limit should not exceed INR400.00 Crore at any point of usage.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits (CC)   400.00      [ICRA]D Revised from
                                        [ICRA]B

   Non-fund based
   (sublimit)               (60.00)     [ICRA]D Revised from
                                        [ICRA]A4

The rating revision follows delays in debt servicing by the
company on fund based limits on account of weak liquidity position
driven by stretched receivable position.

Auro Gold Jewellery Pvt. Ltd., incorporated in 1993 is in the
business of manufacturing, exporting, whole selling of non-branded
gold jewellery. It is a family run business; with the Managing
Director Mr. Ritesh Jain, being the third generation in the
business. The company generates the bulk of its revenue from its
whole selling business and has a robust distribution model
spanning almost entire country, revenues being concentrated to
some extent towards southern India. The company is primarily into
the B2B segment; with showroom in Zaveri Bazar, Mumbai. The export
business is based out of three units in SEZ Surat, which cater to
U.A.E. and Singapore markets.

As of FY14 AJPL reported a net profit of INR8.04 Crore on an
operating income of INR3669.37 Crore.


BAJRANG PULSES: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ to the INR10.00 crore long term
facilities, INR1.67 crore term loans and INR0.83 long term fund
based unallocated limits of Bajrang Pulses and Agro Products
Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term, fund based
   Limits- Cash Credit      10.00       [ICRA]B+ Reaffirmed

   Long term, fund based
   Limits- Term Loans        1.67       [ICRA]B+ Reaffirmed

   Long term unallocated
   limits                    0.83       [ICRA]B+ Reaffirmed

The rating reaffirmation takes into account the improvement in
revenue growth in FY14 backed by increase in sales from moong dal
processing. Further, the revenues are expected to grow in FY15
with the additional moong dal processing unit becoming operational
in Q3FY14. ICRA also notes the long-standing experience of
promoters in the agro business as well as the favorable demand for
pulses. The rating however remains constrained by the modest scale
of operations. The capital structure of the company is leveraged
with gearing of 4.63x as on Mar'14 however, interest bearing
unsecured loans from promoters provides cushion to an extent. ICRA
also notes the susceptibility of operating margins to the movement
in price of pulses as evident from margin fluctuations for the
past three fiscals.

Incorporated in 2007 with operations commencing in 2010, BPAPPL is
involved in processing of pigeon pea (toor) and green gram
(moong). The Company has its unit located at Jalna, Maharashtra
that currently has a processing capacity of 100 tons per day each
for toor and moong. The company markets its products under
registered brand 'DOUBLE BAJRANG'.

Recent Results
BPAPPL reported a profit after tax (PAT) of INR0.48 crore in FY14
on an operating income of INR34.7 crore. The company has reported
operating profit before depreciation, interest, amortization, and
tax (OPBDITA) of INR2.39 crore in the same period.


BINNY LIMITED: CARE Assigns 'CARE B' Issuer Rating
--------------------------------------------------
CARE assigns 'CARE B (IS)' to issuer rating of Binny Limited.

The issuer rating to the company is assigned based on the present
levels of gearing. In case, the same deteriorates substantially,
the issuer rating may undergo a change.

Rating Rationale
The rating assigned to Binny Limited (Binny) is constrained by
weak financial risk profile of the company characterized by cash
losses in FY14 (refers to the period April 1 to March 31) and non-
payment of dividend on cumulative preference shares raised from
promoter group entities.

The rating, however, favorably takes into account the experience
of the promoters and large land bank held by the company which it
proposes to monetize by way of real estate developments.
The ability of the company to generate revenues from its real
estate activities, repay its preference shareholders and maintain
its overall gearing under 1.77x would be the key rating
sensitivities.

Binny was established in 1969 by a Scheme of Amalgamation of few
entities which was later acquired by Mr M Ethurajan, Mr M
Nandagopal and Mr V R Venkatachalam in 1987. The company was
revived through Board for Industrial and Financial Reconstruction
(BIFR) package. During March 2010, the promoters of Binny Limited
decided to demerge the entity. With the scheme of demerger
approved by Madras High Court in FY10, two new companies, namely,
S V Global Mill and Binny Mills were formed and were vested with
Mr M. Ethurajan and Mr V. R. Venkatachalam, respectively.
Meanwhile, Binny (with 100-acre land at Perambur, Chennai) came
under the control of Mr Nandagopal. The management of Binny has
entered into joint ventures with real estate developers for
development of its land area. The company also gets lease rental
from its existing warehouse in Chennai which is leased to white
goods retailers.

For the year ended March 2014, Binny has registered after tax loss
of INR60.6 crore on a total operating income of INR9.3 crore. For
the 9 months ended December 2014, Binny has registered a PAT of
INR3.3 crore on a total operating income of INR7.1 crore.

CONVENTION HOTELS: CARE Reaffirms 'B+' Rating on INR180.1cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Convention Hotels India Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   Term Loan                     180.1      CARE B+ Reaffirmed

   Short-term Bank Facilities
   Non-fund-based                  2.5      CARE A4 Reaffirmed

Rating Rationale
The rating of Convention Hotels India Pvt. Ltd. (CHI) continues to
be constrained by inordinate delay in commencement of commercial
operation of Bangalore hotel project and associated cost overrun,
tight liquidity position, vulnerability of business to inherent
cyclicality associated with hotel business and risk involved with
the marketability of Bangalore commercial space. The rating also
takes note of the termination of management tie up contract with
InterContinental Hotel group (IHG) and continuing legal dispute
with the Ager group. However, the rating continues to derive
strength from favourable location of the hotel projects,
management tie-up with Hyatt Hotel Corporations (Hyatt) imparting
brand recognition and management expertise for Bangalore Hotel.
The ratings also take note of the satisfactory operations of its
Goa property.

Going forward, the ability of the promoters to infuse the balance
equity portion, timely sales realization from commercial property,
completion of the Bangalore project in a timely manner and
continuous satisfactory operations of Goa Hotel would be the key
rating sensitivities.

CHI was incorporated in August 2006, promoted by Mr Priyakanth
Amin and Ms Namrata Amin, to undertake a 5-star hotel development
projects at Bangalore and Goa with a management-cum-marketing tie-
up with Intercontinental Hotels Group (IHG) and Hyatt Hotels
Corporation (Hyatt) for Bangalore project. However, due to
differences in projected and actual profitability and efficiency,
CHI terminated the contract with IHG and is presently managing the
hotel of its own under brand name 'North 16 Goa'.

The company is also developing a commercial space of 1.64 lakh
sqft in Bangalore (located near the Bangalore Hotel Project) which
it proposes to sell in FY16 (refers to the period April 1 to March
31).

During FY14, CHI incurred net losses (after tax) of INR11 crore on
a total operating income of INR10.8 crore. For 11 months ended
February 28, 2015, the company's PBDIT was INR3.7 crore on the
total income of INR16.4 crore.


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).


DIGHI PORT: CARE Reaffirms B+ Rating on INR777.09cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Dighi Port Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    777.09      CARE B+ Reaffirmed

Rating Rationale
The rating of Dighi Port Limited (DPL) continues to be tempered on
account of unavailability of rail and road connectivity leading to
under-utilization of the commissioned berth and cost overrun as
well as further delay in the implementation of project. The rating
also takes into consideration the residual project execution risk.
The rating, however, continues to draw strength from location
advantage of the project and the existence of the requisite
statutory approvals including environmental clearance.

The ability of the company to complete the project as per schedule
along with concurrent development of rail and road connectivity
without further cost overrun, remain the key rating sensitivities.

DPL has been promoted by Balaji Infra Projects Ltd (BIPL, holding
51.01%), Infrastructure Leasing & Financial Services Ltd (IL&FS,
holding 39.37%) and Tara India Fund III LLC (5.46%) as a special
purpose vehicle (SPV) for the development of port at Dighi,
Maharashtra. As per the Concession Agreement (CA) dated March 17,
2002, with Maharashtra Maritime Board (MMB), DPL would develop,
design, finance, construct, operate and maintain the port on
Build, Own, Operate, Share and Transfer (BOOST) basis for a period
of 50 years. The port is located in the Rajpuri Creek, in Raigad
District in the State of Maharashtra. The project suffered cost as
well as time overrun and was admitted to CDR cell for
restructuring of the project debt and the same was approved on
June 27, 2012, with the cut-off date of October 1, 2011. The
revised project cost now stands at INR2,351 crore to be completed
by 31st December 2015.

During FY14, the company reported loss of INR57.45 crore on total
income of INR14.92 crore when compared with loss of INR32.18 crore
on the total income of INR10.68 crore in FY13.


ERA INFRA: CARE Reaffirms 'D' Rating on INR3,048.93cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities and
instruments of Era Infra Engineering Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   3,048.93     CARE D Reaffirmed

   Long/Short-term Bank        2,000.00     CARE D/CARE D
   Facilities                               Reaffirmed

   Long-term Non-Convertible
   Debentures (NCD) (aggregate)  286        CARE D Reaffirmed

Rating Rationale
The ratings of the bank facilities and instruments of Era Infra
Engineering Ltd (EIEL) continue to factor in delays in debt
servicing by the company due to its weak liquidity.

Era Infra Engineering Limited (EIEL), incorporated in September
1990, is the flagship company of the Era Group and is engaged in
construction business. It is promoted by Mr H S Bharana, a civil
engineer by profession, having more than two decades of experience
in the construction industry. The company has executed projects
across different sectors such as roads & highways, power,
railways, metro, aviation, social infrastructure, industrial,
institutional and related segments. The group also has business
interests in real estate, power transmission, education and
manufacturing of pre-engineered structures.

On account of deterioration in financial performance, increased
working capital requirements and debt levels, delay in some of the
group's Build Operate Transfer (BOT) road projects, as well as
overall challenging environment in the construction industry, the
liquidity position of the company has been impacted, leading to
delays in debt servicing by the company. EIEL had gone to
Corporate Debt Restructuring (CDR) cell for restructuring of its
debt obligations and CDR cell approved the restructuring of debt
in March 2014. However, the liquidity position is still stretched
because of weak financial performance and cash flows.

During FY14 (refers to the period April 1 to March 31), the
company posted a total operating income of INR2678.95 crore with
net loss of INR503.86 crore as against total operating income of
INR4,686.29 crore with PAT of INR168.27 crore in FY13. During
9MFY15, the company reported a net loss of INR521.53 crore on a
total operating income of INR1181.14 crore.


G & G INTERNATIONAL: ICRA Suspends B Rating on INR7.46cr LT Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR7.46 crore fund based bank facilities and INR2.54 crore
unallocated limits of G & G International Private Limited.
The ratings were suspended due to lack of cooperation by the
client to provide any further information.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund
   Based Limits         7.46        [ICRA]B; Suspended

   Long Term-
   Unallocated          2.54        [ICRA]B; Suspended

Business was established in the year 2012 as a private limited
company. Company is engaged in the business of manufacturing Polar
Fleece Blankets with weights ranging from 100-450 GSM (Gram Square
Meter) and has an installed capacity of 10 tonne/ day of blankets.
Directors of the company are actively engaged in the business of
the company. Manufacturing unit of the company is located at
Gharaunda, Karnal, Haryana. Company started its commercial
production from the month of December 2013.


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

                          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)

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.


GOLDEN INTERNATIONAL: ICRA Suspends B+ Rating on INR6.5cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.50 Crore
bank facilities of Golden International (P) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

Incorporated in the year 2007, Golden International Private
Limited (GIPL) is promoted by Mr. Ved Parkash Chugh and Mrs. Anu
Chugh. The company has set up a large home furnishing outlet
covering an area of about 40,000 sq ft. at G.T. Road, Panipat,
Haryana; and is primarily engaged in wholesaling and retailing of
various types of home textiles like curtains, bed sheets, blankets
and terry towels. GIPL is a part of 'Golden Group' of Panipat,
which is also engaged in manufacturing of various textile products
like towels, bath robes, carpets, rugs, blankets etc.

In FY2013, GIPL reported an Operating Income (OI) of INR19.8 Crore
and Operating Profit before Depreciation, Interest, Tax and
Amortisation (OPBDITA) of INR2.0 Crore against OI of INR18.8 Crore
and OPBITDA of INR1.3 Crore reported in FY2012.


GOLHAR GINNING: CRISIL Assigns B Rating to INR47.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Golhar Ginning & Oils Pvt Ltd (GGOPL; part of
the Golhar group).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              47.5       CRISIL B/Stable
   Term Loan                41         CRISIL B/Stable

The rating reflects the Golhar group's modest scale of operations
in a competitive and fragmented industry, and its weak financial
risk profile marked by modest net worth, high gearing, and weak
debt protection metrics. The rating also factors in the
susceptibility of the group's operating margin to fluctuations in
cotton prices and to regulatory changes. These rating weaknesses
are partially offset by the extensive experience of the group's
promoters in the cotton industry.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of Golhar Industries (GI) and GGOPL.
This is because the two entities, together referred to as the
Golhar group, have common promoters and significant operational
linkages; both the entities are engaged in similar lines of
business and have sale-purchase transactions.
Outlook: Stable

CRISIL believes that the Golhar group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
reports higher than expected revenue while improving its
profitability and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of decline in revenue or
profitability or any large debt funded capital expenditure,
resulting in deterioration in the group's financial risk profile.

GGOPL was incorporated in November 2012, by Mr. Dhanraj Golhar and
his brother Mr. Damodar Golhar. The company is engaged in ginning
of raw cotton (kapas) and began commercial operations in November
2014. Its manufacturing unit is in Hinganghat (Maharashtra).

GI was set up in 2010 is engaged in cotton seeds crushing at its
facility in Hinganghat.


GOURAV SUITINGS: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.80
crore bank facilities of Gourav Suitings Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-Cash
   credit limit          5.00        [ICRA]B+; assigned

   Fund based-Term
   Loan                  3.80        [ICRA]B+ assigned

ICRA's ratings are constrained by the intensely competitive nature
of the weaving industry, due to the presence of a large number of
players owing to low entry barriers and less product
differentiation. This coupled with the susceptibility of the
company's profitability to fluctuations in raw material prices,
has resulted in thin and volatile profitability. The ratings also
take into account the company's high working capital intensity
with NWC/OI at 38% for FY14. The thin profitability has resulted
in weak coverage indicators with interest coverage for FY14 at
1.45x, DSCR at 1.1x and TD/OPBDITA at elevated levels of 4.9x.
ICRA notes that, while the company's planned capital expenditure
on a greenfield knitting fabric manufacturing facility in Surat,
Gujarat will help in increasing the scale of operations, it will
also result in some deterioration in the capital structure.
However, the ratings favourably factors in the extensive
experience of the promoters in the weaving industry, satisfactory
utilisation of current capacities and location of the factory in
proximity of yarn suppliers and processors.

Going forward, the ability of the company to commission the Surat
unit within the scheduled time and costs, and satisfactory ramp up
of operations with adequate profitability will be the key rating
sensitivities.

GSPL is a closely held private limited company promoted by Mr.
Rajendra Chandak, Mr. Mahendra Chandak and family. GSPL
manufactures grey fabrics and finished fabrics since its inception
in 2001, at its manufacturing plant in Bhilwara, Rajasthan, which
has an installed capacity of 3.92 lakh meters per month. The
company sells its products under its registered brand name 'Mitra
Collections'. The company is setting up a new knitting fabric unit
in Surat, Gujarat, with a capacity of 59.40 lakh meters per annum,
at an estimated project cost of INR6.16 crore, to be funded in a
debt-equity ratio of 1.6x.

Recent Results
In 2013-14, GSPL reported an operating income of INR21.71 crore
and a net profit of INR0.12 crore as against an operating income
of INR19.90 crore and a net profit of INR0.19 crore in the
previous year.


GURU NANAK: CARE Assigns B+ Rating to INR6.5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Guru Nanak
Milk Products.

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

Rating Rationale

The rating assigned to the bank facilities of Guru Nanak Milk
Products (GNMP) is primarily constrained by its small scale of
operations, low profitability margins, leveraged capital structure
and weak debt protection metrics. The rating is further
constrained by its presence in a highly competitive and fragmented
industry and its constitution as a partnership firm.

The rating, however, draws strength from the experienced partners
and moderate operating cycle of GNMP.

Going forward, GNMP's ability to grow its scale of operations
while improving its profitability margins and capital structure
shall be the key rating sensitivities.

Guru Nanak Milk Products (GNMP) is a partnership concern
established in April 2003. The firm started its commercial
operations in May 2003 through its registered office and storage
facility located at Ferozpur, Punjab. Mr Kashmira Singh and his
son, Mr Gurmeet Singh are the partners of the firm with equal
share in profit and loss. The firm is engaged in trading of milk.
The firm procures traded goods (milk) from the village level
centres (VLC) in the nearby villages and stores in the chilling
centers. The traded goods are sold directly to the manufacturers
of various milk products located in Delhi, Jammu & Kashmir and
Punjab.

For FY14 (refers to the period April 1 to March 31), GNMP achieved
a total operating income of INR40.24 crore with PBILDT and PAT of
INR0.43 crore and INR0.10 crore, respectively, as against a total
operating income of INR42.49 crore with PBILDT and PAT of INR0.86
crore and INR0.12 crore, respectively, for FY13. During FY15, the
firm has achieved TOI of approximately INR45 crore till
February 28, 2015.


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. 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.

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

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

   Term Loan              89.2    CRISIL B-/Stable (Reaffirmed)

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.


JCT LIMITED: ICRA Suspends 'D' Rating on INR352.2cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR352.20
Crore bank facilities of JCT Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the Company.

JCT Limited (JCT) was incorporated in 1946 as Jagatjit Cotton
Textile Mills Limited and renamed JCT in 1989. As a part of family
settlement of Thapar Brothers, JCT Limited came to Mr. M. M.
Thapar. JCT is engaged in manufacturing textiles and filament yarn
through its integrated textile facilities in Phagwara, Punjab and
filament yarn facilities in Hoshiarpur, Punjab. Its integrated
facilities, from yarn to finished fabric, give it the flexibility
to offer a wide product range to customers. The bulk of JCT's
textiles production is exported either directly in the form of
fabric or garments after conversion by the domestic readymade
garment segment. Within India, the Company has a strong network of
dealers/distributors. Cotton and polyester cotton fabric is sold
all over India to some of the major domestic brands as well as
garment converters nominated by major international brands/ buying
houses.


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.


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.


KRISH CEREALS: ICRA Suspends 'B' Rating on INR8.0cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR8.00 crore fund based bank facilities of Krish Cereals Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits          8.00         [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Business was established in the year 2011 as private limited
company. Directors of the company are actively engaged in the
operations of the company and have an experience of more than two
decade in rice industry and have other firms located in same area.
Milling capacity of the plant is 8 tonnes per hour of paddy. In
order to expand its operations company is installing a new 8
tonne/hr capacity plant. Krish Cereals Pvt. Ltd. is engaged in the
business of processing and trading of Basmati rice. Company is
having its manufacturing unit at Main Road, Nissing, Haryana.


LIBRA TECHCON: CRISIL Assigns B- Rating to INR1MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Libra Techcon Ltd (LTL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            50       CRISIL A4 (Assigned)
   Cash Credit                1       CRISIL B-/Stable (Assigned)

The rating reflects LTL's modest scale and working capital
intensive nature of operations, and susceptibility of operating
performance to flow of orders and its timely execution. These
rating weaknesses are partially offset by extensive industry
experience of the promoters.

Outlook: Stable

CRISIL believes that LTL will benefit over the medium term
supported by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
significantly higher-than-expected accruals while maintaining its
healthy capital structure. Conversely, the outlook may be revised
to 'Negative' in case there is substantial decline in LTL's
revenues or margins, or if its working capital cycle lengthens,
thereby impacting its financial risk profile.

LTL, incorporated in 2005 in Mumbai, is a wholly owned subsidiary
of Libra Agencies Pvt Ltd (LAPL). The company is managed by Mr.
Surinder Wazir and Mr. Siddharth Wazir, and is engaged in
providing design, engineering services and project management
services related to chemical process plants.

LTL reported net loss of INR35.2 million on net sales of INR100.2
million for 2013-14 (refer to financial year, April 1 to
March 31); against a net loss of INR26.5 million on net sales of
INR29.5 million.


LINK MARBLE: CRISIL Reaffirms B Rating on INR110MM Bank 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. These rating weaknesses are partially
offset by the extensive industry experience of LMGPL's promoters.

                           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)

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.


MAMTA TRANSFORMERS: ICRA Suspends B Rating on INR4.40cr LT Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR4.40 crore fund based bank facilities, INR3.50 crore non fund
based bank facilities and INR0.10 crore unallocated limits of
Mamta Transformers Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term-Fund
   Based Limits             4.40        [ICRA]B; Suspended

   Long Term- Non
   Fund Based Limits        3.50        [ICRA]B; Suspended

   Long Term-Unallocated    0.10        [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Business was established in the year 1997 as private limited
company. MTPL is engaged in the manufacturing various Distribution
and Power Transformers. Manufacturing plant of the company is
located at Indore, Madhya Pradesh and has been awarded the ISO
9001: 2008 certificate from TNV Certification Private Limited on
quality, infrastructure and the entire manufacturing process.


MASCOT INDUSTRIES: CRISIL Suspends B- Rating on INR26.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mascot
Industries (Mascot).

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Foreign Bill Discounting    2.5     CRISIL B-/Stable
   Packing Credit             20       CRISIL A4
   Proposed Long Term
   Bank Loan Facility          5.7     CRISIL B-/Stable
   Term Loan                  26.3     CRISIL B-/Stable

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

Mascot set up in 1970 is engaged in manufacturing and export of
handloom cotton fabrics and made-ups. Mr. C. Jayachandran and Mrs.
Meena Jayachandran (wife of Mr. Jayachandran) are the partners in
the firm. The firm is based out of Kerala.


MINAKSHI COTTON: CARE Reaffirms B+ Rating on INR21.50cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Minakshi Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     21.50      CARE B+ Reaffirmed

Rating Rationale
The rating reaffirmation to the bank facilities of Minakshi Cotton
Private Limited (MCPL) continues to be constrained by low
profitability margins inherent to the cotton ginning business,
weak cash accruals to debt, seasonal availibity of raw material
(raw cotton) and associated volatility in raw material prices,
working capital intensive nature of operations and presence in a
highly fragmented cotton ginning industry.

The rating, however, continues to derive strength from experience
of the promoters in the cotton industry, strategic location of the
manufacturing unit with proximity to the cotton belts and
diversified customer base.

Going forward, the ability of MCPL to improve its scale of
operations, maintaining the profitability margin along-with
effective management of working capital are the key rating
sensitivities.

Minakshi Cotton Private Limited (MCPL) was incorporated in the
year 2008 as a private limited company by Mr Vijay Agrawal and Mr
Ajay Agrawal. MCPL is engaged in processing of raw cotton and
pressing the same into cotton bales, trading in cotton and cotton
seeds. The manufacturing unit is located at Aurangabad which has
an installed capacity of processing 400 metric tonnes per day
(MTPD) of cotton bales.

During FY14 (Audited), (refers to the period April 1 to
March 31), MCPL reported total operating income of INR115.23
crore, PBILDT of INR3.19 crore and PAT of INR0.59 crore as against
total operating income of INR105.79 crore, PBILDT of INR2.98 crore
and PAT of INR0.35 crore in FY13 (Audited).


MISTRY CONSTRUCTION: ICRA Lowers Rating on INR49cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR49.00
crore fund based bank facilities of Mistry Construction Company
Private Limited to [ICRA]D from [ICRA]B- assigned to the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit      49.00       Revised to [ICRA]D
                                     from [ICRA]B-

The rating revision takes into account the irregularities
witnessed in debt servicing by the company in the recent past.

Incorporated in 1983, Mistry Construction Co Pvt Ltd (MCCPL) is
engaged in site excavation and mining work and also undertakes
textile trading. The promoters are also associated with other
companies engaged in film exhibition & tower leasing (Meghraj
Cinema, Kurla Exhibitors), textile trading (Millennium Clothing
Pvt Ltd) and site excavation & mining activities (Mistry
Enterprises Limited). MCCPL is presently undertaking mining,
excavation and earthwork for Bhushan Steel Limited at Angol,
Orrissa.

For the year FY2013 (Provisional unaudited financials), the
company reported an operating income of INR52.17 crore (against
INR33.40 crore for FY2012) and profit after tax of INR1.40 crore
(against INR1.22 crore for FY2012).


NEWA TECHNOCITY: CRISIL Reaffirms B- Rating on INR1.25BB Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Newa Technocity
India Pvt Ltd (NTPL) continues to reflect NTPL's exposure to risks
associated with its ongoing project and to the inherent
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of
NTPL's promoters in the real estate business and the support it
receives from their associates.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             1,250     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NTPL will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate business. The outlook may be revised to 'Positive' if the
company generates substantial cash flows from operations, driven
by accelerated execution of its projects and improved flow of
advances. Conversely, the outlook may be revised to 'Negative' if
NTPL reports significantly low cash flows from operations, either
because of subdued response to its project or lower-than-envisaged
flow of advances, impacting its debt servicing ability.

NTPL was incorporated in December 2009. The company is undertaking
a real estate project with a total construction area of 1.77
million square feet at Airoli, Navi Mumbai. NTPL is a part of the
Newa group, which has interests in real estate development, edible
oil marketing and automobile service centre franchising. The Newa
group was founded by Mr. Mithubhai Mav. Mr. Mav looks after the
group's day to day operations.


P. R. S. TIMBERS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of P. R. S. Timbers
(PRS) continues to reflect its modest scale of operations in a
highly fragmented timber industry; along with below-average
financial risk profile, marked by small net worth, high total
outside liabilities to tangible net worth ratio, and weak debt
protection metrics.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         50       CRISIL A4 (Reaffirmed)

The ratings also factor in the susceptibility of PRS's operating
margin to volatility in raw material prices and foreign exchange
rates. These rating weaknesses are partially offset by the
promoter's extensive experience in the timber trading segment.
Outlook: Stable

CRISIL believes that PRS will continue to benefit over the medium
term from the promoters' extensive experience in the timber
industry. The outlook may be revised to 'Positive' if the firm's
financial risk profile improves significantly, supported by an
increase in its scale of operations and a considerable enhancement
in its operating margin. Conversely, the outlook may be revised to
'Negative' if PRS's financial risk profile weakens, due to a
large, debt-funded capital expenditure (capex) programme; or a
decline in its scale of operations and operating margin. Any
increase in PRS's working capital cycle, thus weakening its
liquidity, could also result in a 'Negative' outlook revision.

Update
PRS's business risk profile remains constrained by its modest
scale of operations in the highly fragmented timber trading
industry. The firm reported revenues of INR280 million in 2013-14
(refers to financial year, April 1 to March 31) as against INR243
million in 2012-13. Its revenue is expected to grow at a marginal
rate of 5 per cent over the medium term. The firm's operating
profitability improved to 1.58 per cent in 2013-14 from 0.60 per
cent in 2012-13 on account of improved revenue contribution from
trading of imported timber. CRISIL believes that, supported by
repeat orders from existing customers, PRS will continue to
sustain its revenue level over the medium term.

PRS's financial risk profile is below average, marked by high
TOLTNW of 6.24 times and small net worth of INR18.3 million as on
March 31, 2014. The firm's large working capital requirements are
reflected in gross current assets (GCAs) of 159 days as on March
31, 2014, primarily because of high debtors of 120 days. The
working capital requirements are funded largely through debt,
leading to high gearing. PRS's debt protection metrics are below
average, with interest coverage ratio expected at 1.19 times and
net cash accruals to total debt ratio expected at 0.02 times
during 2014-15. CRISIL believes that firm's financial risk profile
will remain constrained on account of its high debt levels due to
debt-funding of working capital requirements.

PRS's liquidity is marked by highly utilized bank limits during 12
months through March 2014 to fund its large working capital
requirements. The firm is likely to generate low annual cash
accruals of around INR1.1 million to INR1.4 million against no
term debt obligations. CRISIL believes that PRS's liquidity will
remain moderate over the medium term.

PRS was established by Mr. P Senthil Kumar as a proprietorship
firm in Nagercoil (Tamil Nadu) in 2004. The firm trades and
processes timber logs.


RAJDA SALES: ICRA Assigns B+ Rating to INR3.0cr Bank Guarantee
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.50
crore cash credit facility and the INR3 crore bank guarantee
facility of Rajda Sales (Calcutta) Private Limited. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR14 crore bill
discounting facility of RSCPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     1.50       [ICRA]B+ assigned
   Bank Guarantee           3.00       [ICRA]B+ assigned
   Bills Discounting       14.00       [ICRA]A4 assigned

The ratings take into account RSCPL's financial profile
characterized by low profitability, nominal cash accruals and
moderate return on capital employed, and its high reliance on
external debt to fund receivables have adversely impacted the
capital structure and debt coverage indicators. The ratings take
note of RSCPL's high exposure to the counter party credit risk in
comparison with the net worth, however adequate risk management
framework put in by the company, as also reflected by the fact
that 96% of receivables have an ageing of less than 30 days as in
March 2014, provides some comfort. The ratings also take into
consideration the company's high working capital requirements,
which are inherent in the polymer distribution business, and the
vulnerability of profit margins to interest rates. Nonetheless,
the ratings draw comfort from the long track record of the
company, as a DCA of RIL. The rating also factors in the
diversified customer profile and established client relationships
which has helped the company to secure repeat orders from the
clients. In ICRA's opinion, the ability of the company to manage
counter party credit risk and efficient working capital management
leading to stable interest spread would be a key rating
sensitivity going forward.

Rajda Sales (Calcutta) Pvt. Ltd. (RSCPL) was incorporated in 1961
as a partnership firm and converted into a private limited company
in March 1974. The company is engaged in the business of
Indenting, Consignment sales, stock & trade of various polymers,
organic, Inorganic Chemicals, Solvents & Intermediates. The firm
is a del credere agent (DCA) of Reliance Industries Limited (RIL)
for distribution of polymer products in West Bengal since 1978. In
addition the company is also an indenting agent for Transpek -
Silox Industry Ltd., Anupam Colours & Chemicals Industries, Anupam
Colours (P) Ltd., Windsor Machines Ltd. to name a few. Another
important revenue source for RSCPL is direct trading activities.

Recent Results
During the period April to December 2014, as per provisional
results, RSCPL registered a profit after tax of INR0.23 crore on
the back of an operating income of INR7.45 crore. The company
registered a profit after tax of INR0.23 crore on the back of OI
of INR7.33 crore during 2013-14.


RAYAT AND BAHRA: ICRA Suspends 'D' Rating on INR78cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR78.00
Crore bank facilities of Rayat and Bahra Group of Institutes: An
Educational & Charitable Society (RBGI). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the Society.

Operational since 2005, RBGI is a part of Punjab based Rayat-Bahra
Group, which operates 30 colleges spread across 5 campuses and one
Private University. RBGI currently operates 16 colleges through
its 2 campuses located at Mohali and Hoshiarpur. While the Mohali
campus became operational in 2005, the Hoshiarpur campus came into
existence in 2008. The society through these 2 campuses offers
various courses like engineering and technology, pharmacy, law,
nursing, management and senior secondary education courses and
caters to 9,606 students.

RBGI reported a net surplus of INR10.52 crore on revenue receipts
of INR65.76 crore in FY13 as against the net surplus of INR9.32
crore on revenue receipts of INR60.63 crore in FY12.


RAYAT EDUCATIONAL: ICRA Suspends 'D' Rating on INR20cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR20.00
Crore bank facilities of Rayat Educational and Research Trust
(RERT). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Trust.

Operational since 2001, RERT is a part of Punjab based Rayat-Bahra
Group, which operates 30 colleges spread across 5 campuses and one
Private University. RERT currently operates 8 colleges through one
campus located at Ropar and offers various degree and diploma
courses like engineering and technology, management, pharmacy,
senior secondary education and K-12 courses and caters to 8,745
students.

RERT reported a net surplus of INR4.56 crore on revenue receipts
of INR32.97 crore in FY13 as against the net surplus of INR5.46
crore on revenue receipts of INR32.55 crore in FY12.


S.R. UDAYASHANKAR: CRISIL Reaffirms B Rating on INR20MM 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 (Reaffirmed)
   Overdraft Facility        20      CRISIL B/Stable (Reaffirmed)
   Term Loan                  8      CRISIL B/Stable (Reaffirmed)

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.


SILVERDALE FASHIONS: ICRA Reaffirms B+ Rating on INR4.0cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR2.0
crore term loan and INR4.0 crore fund based facilities of
Silverdale Fashions. ICRA has also reaffirmed the short term
rating of [ICRA]A4 for the INR1.0 crore non fund based facilities
of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term, fund
   based limits           4.0        [ICRA]B+ Reaffirmed

   Long term, term
   loans                  2.0        [ICRA]B+ Reaffirmed

   Short term, non
   fund based limits      1.0        [ICRA]A4 Reaffirmed

The ratings take into account the long standing experience of the
partners in the garment manufacturing business and the order
backed procurement and manufacturing by the firm which limits its
exposure to raw material price fluctuations. The ratings are
however, constrained by the fragmented and competitive garments
manufacturing industry and a highly concentrated customer base for
the firm. Additionally, risk of capital withdrawals remains given
its status as a partnership firm. The company's scale of
operations remains small restricting benefits of scale economics.

Silverdale Fashions, established in 2011, is a partnership firm
engaged in manufacturing of garments which are supplied to large
domestic retail stores such as Shoppers Stop, Pantaloons,
Raymond's, etc., who retail the garments under their respective
store brands. The firm is an associate concern of the B Sorabji
group which has been involved in manufacturing and export of
garments since 1976.

Recent Results
Silverdale Fashions reported a profit before tax (PBT) of INR0.29
crore on an operating income of INR8.88 crore in FY 2014, as
against a PBT of INR0.34 crore on an operating income of INR8.73
crore in FY 2013.


SRI JAIBALAJI: CRISIL Suspends B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Jaibalaji Ispat Pvt Ltd (SJPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               75       CRISIL B+/Stable
   Letter of Credit          15       CRISIL A4

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

SJPL was incorporated in 2007 by three directors; Mr. Shashank
Jain, Mr. Akash Kumar and Mr. Gaurav Swarup. The company
manufactures steel ingots. Its facilities are in Meerut (Uttar
Pradesh).


SUYOG DEVELOPMENT: CRISIL Reaffirms B+ Rating on INR288.6MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Suyog
Development Corporation Ltd (SDCL) continues to reflect SDCL's low
realisations from its windmill and the company's high reliance on
customer advances, leading to exposure to funding risks.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term
   Bank Loan Facility     288.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan              131.4     CRISIL B+/Stable (Reaffirmed)

The rating also factors in SDCL's susceptibility to risks and
cyclical demand inherent in the Indian real estate sector, and the
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of
SDCL's promoters in the real estate sector, the company's
established brand, and the advantageous location of its ongoing
projects.
Outlook: Stable

CRISIL believes that SDCL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established brand. The outlook may be revised to 'Positive' if
SDCL reports substantial customer advances for its projects and
revenue from its windmill, resulting in significantly large cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case of significant deterioration in SDCL's liquidity, either due
to project time or cost overruns or low or delayed customer
advances.

SDCL was established in 1978. The company is a part of the Pune
(Maharashtra)-based Suyog group, promoted by Mr. Bharat Shah. SDCL
undertakes residential and commercial real estate development,
primarily in Pune. The company is executing the second phase of
Suyog Nisarg (a residential-cum-commercial complex) in Pune. It
operates a windmill in Satara (Maharashtra).


UTTAM SUGAR: CARE Ups Rating on INR693.75cr LT Loan to C
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Uttam Sugar Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Facilities         693.75      CARE C Revised from
                                            CARE C to CARE D
                                            and then revised to
                                            CARE C

   Short-term Facilities         67.65      CARE A4 Revised from
                                            CARE A4 to CARE D
                                            and then revised to
                                            CARE A4

Rating Rationale
The revision in the rating assigned to the bank facilities of
Uttam Sugar Mills Limited (USML) to 'CARE D' [Single D] was on
account of delay in servicing of debt obligations during FY14
(refers to the period April 1 to March 31) due to challenging
business environment for the sugar industry leading to stretched
liquidity position. Subsequently the rating is revised to 'CARE C'
[Single C] based on its improvement in its liquidity profile.
The rating continue to be constrained by its stressed liquidity
position, weak financial risk profile, cyclical nature of the
operations of the sugar industry and regulated nature of the
business.

The above constraints are partially offset due to strengths
derived from the experienced promoters and management team and
forward integration of the company into cogeneration and
distillery operations.

Going forward, the company's ability to improve its profitability
margins and effective working capital management shall be the key
rating sensitivities.

The erstwhile promoters of the company, Mr M K Swarup along with
his family members incorporated Associated Sugar Mills Limited on
October 4, 1993. Mr Raj Kumar Adlakha along with his family
members and associates acquired the company in October 1998.
Later, the name of the company was also changed to Uttam Sugar
Mills Limited (USML).

The company is engaged in the manufacturing of sugar, ethanol and
cogenerated power. The company has four sugar plants, out of which
one is located in the state of Uttarakhand and other three in
Uttar Pradesh. The company has aggregate sugarcane crushing
capacity of 23,750 TCD, cogeneration capacity of 103 MW and
Ethanol production capacity of 75 KLPD as on March 31, 2014. In
July 2012, USML has started manufacturing Ethanol at its Barkatpur
unit in UP. The company has also obtained a certificate of
accreditation from Uttar Pradesh New and Renewable Energy
Development Agency (UPNEDA) for Renewable Energy Certificates
(RECs) benefits of 21 MW.

USML had reported a total income of INR877.05 crore with a loss of
INR55.30 crore in 15-month period ended on June 2014 as compared
with the total income of INR644.99 crore with a PAT of INR5.46
crore in FY13 (refers to the period April 1 to March 31).


VAMAN FABRICS: ICRA Assigns D Rating to INR4.50cr LT Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to the INR8.47
Crore fund based facilities of Vaman Fabrics Pvt. Ltd. ICRA has
also assigned [ICRA]D rating to the unallocated amount of VFPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits-CC       4.50        [ICRA]D; assigned

   Long Term Fund
   Based Limits-TL       3.97        [ICRA]D; assigned

   Unallocated Amount    0.22        [ICRA]D; assigned

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

Vaman Fabrics Private Limited (VFPL) was incorporated as a private
limited company on August 27, 1998 by Mr. Girish Patel and Mrs.
Rajshreeben Patel. The company started its commercial operation in
2001. VFPL is engaged in the manufacturing of greige cloth. The
company has a corporate & registered office in Surat, Gujarat and
has a factory unit in Morar Industrial Estate, Palsana District,
in the outskirts of Surat with an area of 30,000 sq ft space.

Recent Results:
VFPL recorded a net profit of INR0.04 crores on an operating
income of INR20.17 crores for the year ending March 31, 2014 and
has recorded a net profit of INR0.07 Crore on an operating income
of INR15.73 Crore as on 31st December 2014.



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


SONY CORP: Posts JPY126 Billion Annual Net Loss
-----------------------------------------------
Japan Today reports that Sony Corp said on April 30 it booked a
JPY126 billion loss for its latest fiscal year, but the struggling
electronics giant expects a profit in the next 12 months as it
embarks on an overhaul.

The report relates that the latest loss for Sony comes as the once
world-leading firm continues with a painful restructuring that has
included layoffs and asset sales, as it races to rescue its
battered balance sheet.

According to the report, Boss Kazuo Hirai, a company veteran
tapped to turn the firm around, has said he would keep splitting
the business into self-operating units in a bid to return to
profitability.

Sony said its net loss for the year to March was a slight
improvement on the JPY128.4 billion loss a year ago, as it absorbs
big restructuring costs, Japan Today relays.

It was also much lower than the JPY170 billion forecast by the
company in February, which was itself a reduction from it earlier
JPY230 billion estimated shortfall, according to the report.

On April 30, the electronics-entertainment conglomerate posted an
operating profit of JPY68.5 billion, more than double the previous
year, on sales of JPY8.21 trillion, a 5.8% increase, Japan Today
reports.

Strong sales of the PlayStation 4 games console and electronic
devices, including image sensors used in cameras, helped drive
revenue, while a weaker yen -- which lifts the value of
repatriated overseas income -- also boosted results, it said, the
report relays.

According to Japan Today, Sony said a long-suffering television
unit was showing signs of improvement.

"This improvement was primarily due to cost reductions and an
improvement in product mix reflecting a shift to high value-added
models," the report quotes Sony as saying in a statement.

Critics have called on Sony to dump televisions altogether but Mr.
Hirai flatly refused, saying they were an integral part of the
company, Japan Today notes.

Japan Today adds that Sony has struggled in the consumer
electronics business that built its global brand, including losing
billions of dollars in televisions over the past decade as it
faced fierce competition from lower-cost rivals in South Korea and
Taiwan.

                         About Sony Corp

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.



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



FELTEX CARPET: NZ Court Raises Costs For Appellants
---------------------------------------------------
Stuff.co.nz reports that the Court of Appeal has hiked the amount
Feltex Carpets appellants must pay as security in their appeal
case.

The report relates that the Court issued its judgment on May 1
that the increased security for costs was to be NZ$100,000, up
from NZ$23,520.

According to the report, the court's judgment is in response to an
appeal by Eric Houghton, a former Feltex shareholder, appealing
the decision of a Registrar that security for costs would be
raised to NZ$344,000 in the appeal case that Houghton and others
are taking against the carpet-make Feltex.

The report says the Court of Appeal decided the NZ$344,000 was too
high and set the security at NZ$100,000.

Mr. Houghton represents a group of 3,600 former Feltex
shareholders who suffered big losses after the 2006 collapse of
Feltex two years which had sold shares to the public two years
before, Stuff.co.nz notes.

Stuff.co.nz recalls that Mr. Houghton last year filed an appeal
with the Court of Appeal against a judgment of the High Court
which had rejected his claim that the Feltex prospectus was
misleading in what it said and omitted to say about the health of
the company. Mr. Houghton took the case against the seven
directors of Feltex at the time of the 2004 issue of shares to the
public and the sellers and promoters of the Feltex shares.

The report says the appeal of the High Court judgment is to be
heard this year and the security for costs relates to that.

Stuff.co.nz relates that the Court of Appeal said it decided on
NZ$100,000 security of costs on the assumption the appeal would
take five days.

The Registrar made the NZ$344,000 decision on the assumption of 15
days but "We think it unlikely that anything like that will be
permitted", the judgment, as cited by Stuff.co.nz, said.

According to the report, the court said the respondents -- the
seven former Feltex directors, the sellers and the promoters of
the Feltex shares in 2004 -- were agreeable to the assumption of
five days.

But the appellant, Mr. Houghton, was not. His counsel Colin
Carruthers QC said the respondents had made no justification for
any increase in the default sum of NZ$23,520, the report states.

But the court said it was satisfied that the Registrar was right
to order increased costs for two reasons, says Stuff.co.nz.

The report says the first was that Houghton relied on an overseas
litigation funder who they were advised had the right to terminate
its indemnity for costs.

The second was that costs would be high in the case with five days
expected and preparation for that would be extensive, the report
notes.

The court said the NZ$100,000 balanced the parties' interest, the
report relays.

The court also granted an extension of time for the appellants to
file their case by May 7, the report adds.

And the amended grounds of appeal should be filed, or an extension
sought, by May 29, the court said, Stuff.co.nz reports.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


VIDEO EZY: Goes Into Voluntary Liquidation
------------------------------------------
Narelle Henson at Stuff.co.nz reports that Video Ezy International
(NZ) -- the national franchisor for the Video Ezy brand -- has
gone into voluntary liquidation owing a million dollars.

The dvd and game rental company was set up to manage the brand in
New Zealand for its Australian parent company, but went into
liquidation on April 22, the report discloses.

According to the report, Grant Thornton liquidator Greg Sherriff -
- greg.sherriff@nz.gt.com -- said the liquidation was down to cash
flow issues.

"They thing that's caused this demise is the struggles the New
Zealand franchisor had in obtaining regular payments from some of
its franchisees, and they also had quite a high debt position
relative to some franchisees that obviously closed their doors for
business or went in liquidation," the report quotes Mr. Sherriff
as saying.  "That then led them [Video Ezy International (NZ)] to
struggle to pay the licence frees due to the Australian Video Ezy
crowd."

Stuff.co.nz relates that Mr. Sherriff said he understood the
liquidation wouldn't impact on franchisees around the country, as
a master agreement allowed the Australia parent company to deal
with them directly.

"It should hopefully mean very little to them . . . instead of
them paying their dues the New Zealand company they will be
dealing directly with the Australian company," Mr. Sheffiff, as
cited by Stuff.co.nz, said.

Stuff.co.nz, citing liquidators report, discloses that Video Ezy
International (NZ) owes NZ$1 million to secured, preferential and
unsecured creditors. More than a quarter of that -- NZ$280,500 --
is owed Video Ezy Australia, the report adds.

According to Stuff.co.nz, owner of Hamilton's Hillcrest and Te
Rapa Video Ezy stores, Pradip Patel, said he understood the
liquidation didn't affect anyone "at the store level".

"Everything stays the same at this point in time. If Australia
takes over, hypothetically, we're still the same brand," he said,
notes the report.

He said customers could still come in and rent games or videos as
per usual, the report relays.

Stuff.co.nz adds that the liquidator's report lists NZ$330,500 in
assets, including NZ$180,000 owed by debtors to Video Ezy
International (NZ). That leaves it with a net debt of more than
NZ$700,000.

The report also lists more than 40 creditors, Stuff.co.nz adds.

United Video and Civic Video stores are unrelated to the
liquidation, the report notes.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***