TCRAP_Public/150511.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 11, 2015, Vol. 18, No. 091


                            Headlines


A U S T R A L I A

CAPITAL WORKS: First Creditors' Meeting Set For May 19
CRESTAL PETROLEUM: Assets Up for Sale
GILBERT MINING: First Creditors' Meeting Set For May 18
MAULO PTY: First Creditors' Meeting Set For May 18
SINO AUSTRALIA: In Administration; Creditors' Meeting Set May 14

VISION IN: First Creditors' Meeting Slated For May 18


C H I N A

HILONG HOLDING: Fitch Affirms 'BB' IDR; Outlook Revised to Neg.
KAISA GROUP: Moody's Confirms 'Ca' CFR; Outlook Revised to Pos.


I N D I A

ALLIANCE MALL: CRISIL Reaffirms B+ Rating on INR1.80BB Term Loan
APPLE CHEMIE: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
ARCHEAN INDUSTRIES: CARE Revises Rating on INR45cr Loan to B
ARUPADAI ARULMURUGAN: CRISIL Cuts Rating on INR89.7MM Loan to B-
ASPET TECHNOPLAST: CARE Assigns 'B+' Rating to INR16cr LT Loan

AWA POWER: CARE Reaffirms 'D' Rating on INR8.65cr LT Loan
CAPITAL OVERSEAS: ICRA Suspends B Rating on INR12.50cr Bank Loan
CHANDIGARH ROLLER: CRISIL Assigns B+ Rating to INR82.2MM Loan
DHANSMRUTI BUILDCON: CARE Assigns B+ Rating to INR10cr LT Loan
DHARANI SUGARS: CARE Lowers Rating on INR555.89cr LT Loan to D

DURGASHAKTI FOODS: CARE Assigns 'B' Rating to INR14.14cr LT Loan
ESSAR FERRO: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
GEM STAR: ICRA Suspends 'D' Rating on INR45cr Short Term Loan
GOPI TEXFAB: CARE Assigns 'B+/A4' Rating to INR5.50cr Bank Loan
IG3 INFRA: CARE Reaffirms 'D' Rating on INR546cr LT Loan

JANKI DASS: ICRA Suspends 'B' Rating on INR15cr LT Loan
KAMDHENU FOODS: ICRA Suspends B+ Rating on INR11cr Bank Loan
KANAK AUTOMOBILES: CRISIL Puts B- Rating on INR70.2MM Loan
LEXUS GRANITO: ICRA Withdraws 'B' Rating on INR32.75cr Bank Loan
MILTECH INDUSTRIES: CARE Assigns 'B' Rating to INR11.53cr LT Loan

MOHAN MEAKIN: ICRA Reaffirms B+ Rating on INR73.37cr Bank Loan
NIPSO POLYFABRIKS: ICRA Ups Rating on INR3.9cr Cash Credit to C+
NRI SERVICES: CARE Reaffirms 'B' Rating on INR2.36cr LT Loan
OCIMUM INDUSTRIES: ICRA Assigns B- Rating to INR3.5cr FB Loan
ORGANIC COATINGS: CRISIL Reaffirms B+ Rating on INR117.5MM Loan

PKM PROJECTS: ICRA Assigns 'D' Rating to INR40cr LT Bank Loan
PURAV COTTON: ICRA Reaffirms B+ Rating on INR21cr Cash Credit
R J COLD: CARE Reaffirms B+ Rating on INR50cr LT Bank Loan
RASA AUTOCOM: CARE Raises Rating on INR5cr LT Loan to BBB(SO)
RIBO INDUSTRIES: CARE Reaffirms 'B' Rating on INR24cr LT Loan

RUNWAL AGRI: CRISIL Assigns 'B' Rating to INR100MM LT Loan
S.R.S. INDUSTRIES: CRISIL Suspends B Rating on INR75MM Cash Loan
S.V. PATEL: ICRA Assigns B+ Rating to INR6.50cr Cash Credit
SANJAY RICE: ICRA Lowers Rating on INR4.20cr Term Loan to 'D'
SERVALAKSHMI PAPER: CARE Reaffirms 'D' Rating on INR324.51cr Loan

SGS JEWELLERY: CARE Assigns 'B' Rating to INR6cr LT Loan
SHARTHI COTTGIN: CRISIL Ups Rating on INR140.3MM Bank Loan to B+
SHEEL IMPEX: CRISIL Assigns B+ Rating to INR7.5MM Bank Loan
SHREE DURGA: CRISIL Suspends 'D' Rating on INR50MM Bank Loan
SHREE SOMNATH: CARE Reaffirms B+ Rating on INR5.44cr LT Loan

SHRI BALAJI: CARE Assigns 'D' Rating to INR7.18cr LT Bank Loan
SRI JAGANNADHA: CRISIL Assigns B+ Rating to INR70MM Cash Loan
SRI SAIBALAJI: CRISIL Reaffirms D Rating on INR543.2MM Term Loan
SURANA POWER: CARE Lowers Rating on INR1,800cr LT Bank Loan to D
SWASTIK ENTERPRISES: CRISIL Assigns B- Rating to INR65M Cash Loan

TEKNO PRINT: CARE Assigns 'B+' Rating to INR4.80cr LT Loan
VENKY HI-TECH: ICRA Reaffirms B+ Rating on INR24cr Cash Credit
WADHWANI PARMESHWARI: CRISIL Reaffirms B Rating on INR90MM Loan


J A P A N

SHARP CORP: Considers Substantial Capital Reduction


N E W  Z E A L A N D

NZF GROUP: Enters Into Voluntary Administration


                            - - - - -


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


CAPITAL WORKS: First Creditors' Meeting Set For May 19
------------------------------------------------------
Jason Mark Tracy and Gary Peter Doran of Deloitte Touche Tohmatsu
were appointed as administrators of Capital Works Constructions
Pty Ltd, trading as Freelife Homes and Visionaire Homes and
Capital Construction Hire Pty Ltd on May 7, 2015.

A first meeting of the creditors of the Company will be held at
The Boulevard Centre, 99 The Boulevard, Floreat, in West
Australia, on May 19, 2015, at 3:00 p.m.


CRESTAL PETROLEUM: Assets Up for Sale
-------------------------------------
Cliff Sanderon at Dissolve.com.au reports that expressions of
interest are sought for the purchase and/or recapitalisation of
the business and/assets of Crestal Petroleum Limited.

Dissolve.com.au says the major assets of the company include
listed entity vehicle, 100 percent shareholdings in Premier Mining
Pty Ltd, PNC Australia Pty Ltd and 20 percent interest in PetroMad
Ltd.

Crestal Petroleum Ltd is an Australian-based oil, gas and mineral
exploration company with interests in Utah, Madagascar, South
Australia, Queensland and NSW.

Mark Hutchins, Jason Tang and Ozem Kassem of Cor Cordis Chartered
Accountants have been appointed Voluntary Administrators of
Crestal Petroleum Limited effective as of April 1, 2015.


GILBERT MINING: First Creditors' Meeting Set For May 18
-------------------------------------------------------
Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators Gilbert Mining Group Pty Ltd on May 6, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Centrepoint Business Centre, Level 1, 48-50 Smith
Street, in Darwin, on May 18, 2015, at 11:00 a.m.


MAULO PTY: First Creditors' Meeting Set For May 18
--------------------------------------------------
Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Maulo Pty Ltd, trading as Sumo Salad
Casuarina, on May 8, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Centrepoint Business Centre, Level 1, 48-50 Smith
Street, in Darwin, on May 18, 2015, at 10:00 a.m.


SINO AUSTRALIA: In Administration; Creditors' Meeting Set May 14
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that Sino Australia Oil &
Gas has been placed in voluntary administration amid an ongoing
investigation by the corporate watchdog into the company's
AUD13 million initial public offering in 2013.

Sino Australia Oil & Gas is the Australian holding company of a
Chinese oil and gas drilling enterprise, Zhaodong Oil Recovery
Drilling Company, which was established in China in 2009, the
report discloses.

SmartCompany says the company listed on the Australian Securities
Exchange in December 2013 after raising close to AUD13 million
from investors. The IPO gave the company a market capitalisation
at the time of AUD109 million.

But the Australian Securities and Investments Commission obtained
a Federal Court order to freeze bank accounts owned by the company
in March 2014 over allegations three of its directors had breached
the Corporations Act, according to SmartCompany.

SmartCompany relates that ASIC was concerned at the time Sino was
intending to transfer AUD7.5 million -- all the cash held in
Australia by the company -- to accounts in China for reasons that
were not disclosed or not properly disclosed in its IPO
prospectus.

In November 2014, with the injunction on the company's bank
accounts still in place, ASIC filed a statement of claim in the
Federal Court alleging Sino had made false statements in its IPO
prospectus, the report recalls.

SmartCompany relates that ASIC is seeking civil penalties against
the company as well as the disqualification of former chairman
Tianpeng Shao and a trial is scheduled to be held in July.

SmartCompany relates that Sino Oil & Gas said on May 5 it has yet
to reach a resolution with ASIC and therefore had little choice
but to appoint Christopher Darin and Matthew Jess from Worrells
Solvency and Forensic Accountants as voluntary administrators.

"With no direct improvement in negotiations with ASIC over the
continuing investigation into the company's affairs, the
uncertainty of the company's financial position and the difficulty
in dealing with the day-to-day operational matters, the company
has been unsuccessful in trying to repair its balance sheet and
the directors have been left with no option but to place the group
under external administration," the report quotes Sino as saying
in a notice to shareholders.

"The board deeply regrets the inconvenience and disruption that
this decision will have but believes that at this time, it is in
the best interests of the shareholders to pursue this process."

The first meeting of Sino's creditors is scheduled to take place
on May 14, SmartCompany notes.

Sino Australia Oil & Gas Ltd (ASX:SAO) --
http://www.sinoaustoil.com/IRM/content/default.aspx-- is the
Australian holding company of a Chinese operating company
providing specialised drilling services to the oil and gas
industry.


VISION IN: First Creditors' Meeting Slated For May 18
-----------------------------------------------------
David Lewis Clout of David Clout & Associates was appointed as
administrators of Vision In Pty Ltd on May 6, 2015.

A first meeting of the creditors of the Company will be held at
offices of David Clout & Associates, 105A Bowen Street, in Spring
Hill, in Queensland, on May 18, 2015, at 3:00 p.m.


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


HILONG HOLDING: Fitch Affirms 'BB' IDR; Outlook Revised to Neg.
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Hilong
Holding Limited's (Hilong) Long-Term Foreign Currency Issuer
Default Rating (IDR) to Negative from Stable.

The IDR is affirmed at 'BB'. Fitch also affirmed Hilong's foreign
currency senior unsecured rating of 'BB'.

The Outlook revision reflects Hilong's higher leverage arising
from weaker-than-expected generation of funds flow from operation
(FFO) in 2014, primarily due to low crude oil prices, the
deteriorating domestic and international business environments,
and a large one-off expenditure on core assets for its new
offshore engineering segment.

This has led to an increase in FFO adjusted net leverage to 3.2x
at end-2014 from 1.5x at end-2013. Fitch expects Hilong's FFO
adjusted net leverage to remain above 2.0x in 2015 before sliding
back towards 2.0x in 2016, although uncertainties remain over
management's execution and the volatility in crude oil prices.

KEY RATING DRIVERS

Offshore Market Entry; Narrower Margins: Hilong entered the
offshore oil and gas business with the purchase of a new pipe-
laying vessel, the Hilong 106. The company has already won two
major contracts from CNOOC Limited (A+/Stable) totalling CNY550m
and we expect the segment to begin to make revenue contributions
in 2015. Gross margins are narrower in the offshore engineering
segment than Hilong's traditional businesses, and Fitch expects
the segment to weigh on overall gross margins as the business
expands.

Capex to Taper Off: The large capex incurred in 2014 for the
purchase and modification of Hilong 106 was in line with previous
estimates. We believe this was a one-off case and capex will drop
to maintenance levels in 2015 and 2016.

Positive Free Cash Flow in 2015: Fitch expects Hilong's free cash
flow to turn positive from 2015, driven by the strong revenue and
EBITDA stream from the newly established offshore engineering
segment and reduction in capex requirements. With the completion
of the purchase of Hilong 106 we do not expect any major capex or
acquisitions for Hilong in the near future.

Uncertain Business Environment: The sharp decline in global oil
prices in 2014 has led many oil producers to curb their expansion
plans. In China, an anti-corruption campaign in the oil industry
has also cooled activity in the industry. These challenges are
mitigated by Hilong's strong market position in its core
businesses of drill pipe manufacturing and coating materials and
services. In addition, Hilong's entry into the oilfield service
segment and more recently the offshore engineering segment is
proving to be successful with these businesses making strong
revenue and EBITDA contributions.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

-- Revenue from oilfield equipment and manufacturing segment to
    decline slightly in 2015 and remain flat in 2016. Increase in
    revenue from OCTG coating will largely make up for the
    decline in drill pipe sales.

-- Revenue from the line pipe segment back to 2013 levels as
    projects resume.

-- Receivables days to improve in 2015 on better accounts
    receivable collection from domestic clients.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action:

-- Failure to bring FFO adjusted net leverage down towards 2.0x
    by 2016.
-- EBITDA margin less than 20% on a sustained basis.
-- Sustained decrease in EBITDA contribution from core
    businesses
-- Significant deterioration in market position.

Positive: Future developments that may, individually or
collectively, result in the Outlook revised to Stable:

-- Evidence of FFO adjusted net leverage trending to 2.0x by
    end-2016.


KAISA GROUP: Moody's Confirms 'Ca' CFR; Outlook Revised to Pos.
---------------------------------------------------------------
Moody's Investors Service has changed to positive from review for
upgrade the outlook on Kaisa Group Holdings Ltd's Ca corporate
family and senior unsecured debt ratings.

At the same time, Moody's has confirmed the company's Ca corporate
family and senior unsecured debt ratings.

Moody's placed Kaisa's ratings under review for upgrade on
Feb. 9, 2015 following the company's announcement that Sunac China
Holdings Limited (B1 stable) had offered to acquire Kaisa's 49.25%
outstanding shares conditional on a number of factors, including
the resolution of Kaisa's debt payments, the resolution of all
existing disputes and court applications faced by Kaisa, and the
resolution of any irregularities in Kaisa's business operations.

"The change in outlook to positive reflects our expectation that
the proposed acquisition by Sunac could take more time and effort
than initially expected, given the stalemate in Kaisa's debt
restructuring," says Franco Leung, a Moody's Vice President and
Senior Analyst.

Moody's understands that Kaisa has yet to obtain full agreement
with its onshore and offshore creditors on its proposed debt
restructuring.

According to the original plan, announced on Feb. 11, 2015, the
company was supposed to reach agreement with its lenders and
bondholders by end-March 2015 and complete the restructuring of
its onshore and offshore debt by end-April 2015.

Sunac's proposed share-purchase agreement contains a provision
that gives it the right to terminate the offer if the conditions
are not satisfied by July 31, 2015. But, Sunac also has the
discretion to waive certain conditions.

Moreover, the recent lifting by the Shenzhen authorities of
suspensions on the sale of a majority of Kaisa's unsold units at
its eight projects is a positive development. But Moody's notes
that the units are now subject to a freeze imposed by local courts
and still cannot be sold.

"The positive outlook reflects Moody's expectation that Sunac's
acquisition, if completed, will improve repayment prospects for
Kaisa's creditors, including its offshore bondholders", adds
Leung.

However, Moody's will consider revising the ratings outlook to
negative or downgrading Kaisa's ratings if the Sunac acquisition
is unlikely to complete and the expected recovery value for
offshore bondholders is lower than expected.

Moody's points out that recent developments -- including Kaisa's
default on an interest payment, its profit warning and the delay
in the release of its 2014 annual results -- reflect its
deteriorating financial profile and the complexity of its
financial position. This deterioration is reflected in its Ca
ratings.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in April 2015.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999. It listed on the Hong Kong Stock Exchange in
December 2009.



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


ALLIANCE MALL: CRISIL Reaffirms B+ Rating on INR1.80BB Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Alliance Mall
Developers Co Pvt Ltd (Alliance) continues to reflect Alliance's
exposure to implementation and offtake risks associated with its
ongoing project, accentuated by delayed project execution.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           1,800        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's susceptibility to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the Alliance management's
expertise in the real-estate development, and the strong financial
support the company receives from its promoters.
Outlook: Stable

CRISIL believes that Alliance will benefit over the medium term
from its promoters' established presence and their fund support.
The outlook may be revised to 'Positive' if timely completion of
and significantly better-than-expected response for the project
leads to substantial cash inflows. Conversely, the outlook may be
revised to 'Negative' if time and cost overruns in project
implementation, subdued response from customers, and low customer
advances lead to low cash inflows, weakening the company's
liquidity.

Alliance is a special purpose vehicle floated by Prozone Intu
Properties Limited (PIPL) to undertake a real estate mixed-use
development project in Coimbatore (Tamil Nadu). The expected
commercial operation date of the mall that Alliance is developing
has been revised to March 2016 from March 2015. PIPL holds 61.5
per cent equity stake in Alliance, LTG International holds 3.5 per
cent, while Triangle Real Estate India Fund holds the remaining 35
per cent.

PIPL is a listed company, in which, the Chaturvedi family
(promoters of Provogue India Ltd) and Intu Properties PLC hold
stakes. The company develops residential, commercial, and retail-
centric mixed-use destination centers in tier-II and tier-III
cities in India.


APPLE CHEMIE: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Apple Chemie India Pvt
Ltd (ACIPL) continue to reflect the company's small scale of
operations, large working capital requirements, and small net
worth. These rating weaknesses are partially offset by the
benefits that ACIPL derives from its promoters' extensive
experience in the construction chemicals industry, and its
moderate financial risk profile.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           25         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      10         CRISIL A4 (Reaffirmed)
   Standby Line of
   Credit                 3.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             19.9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
construction chemicals industry. The outlook may be revised to
'Positive' if the company's scale of operations and profitability
increase significantly, leading to improvement in its cash
accruals and net worth. Conversely, the outlook may be revised to
'Negative' if the company's profitability or revenue declines, or
if its financial risk profile weakens because of stretch in its
working capital cycle, or if it undertakes a large debt-funded
capital expenditure.

Update
Having achieved revenue of INR78 million for the 11 months ended
February 28, 2015, ACIPL's operating income is estimated to remain
small at INR80 million to INR85 million for 2014-15 (refers to
financial year, April 1 to March 31) owing to increasing
competition. Its operating margin is estimated to remain moderate
at 12 to 14 per cent for 2014-15. However, the company's operating
performance is expected to improve with expected healthy offtake
from the sale of polycarboxylate ether (PCE). While ACIPL's scale
of operations and operating profitability are expected to improve,
CRISIL believes that its business risk profile will remain
constrained on account of its working capital intensive operations
with estimated gross current asset (GCA) of over 200 days,
estimated as on March 31, 2015.

ACIPL's financial risk profile remains moderate marked by small
net worth, moderate gearing and above-average debt protection
metrics. The company's estimated gearing at 1.2 to 1.3 times as on
March 31, 2015 remains moderate with absence of debt-funded capex
and moderate dependence on external borrowings. Furthermore, its
moderate operating margin and interest expenses have led to above-
average debt protection metrics with interest coverage ratio of
over 2.2 times for 2014-15. However, owing to low accretion to
reserves and absence of equity infusion, its net worth is
estimated at INR40-45 million as on March 31, 2015. While the
company's working capital intensity is expected to drive the
dependence on debt funding, the company's capital structure is
expected to remain at similar levels and provide a partial offset
to its modest net worth.

With estimated cash accruals of INR6 million to INR8 million for
2014-15 against term debt repayments of approximately INR3
million, ACIPL has adequate liquidity. However, due to working-
capital-intensive operations, its cash credit limit utilisation is
estimated at 92 per cent for the 11 months ended February 2015.

ACIPL was incorporated as Black Cat Enterprises Pvt Ltd by Mr.
Vivek Govind Naik and his wife Mrs. Kanchan Vivek Naik in 1992;
the company got its present name in 2012. ACIPL manufactures
construction chemicals such as admixtures, water proofers, and
grouts, and repair and polymer products that are mainly used in
the construction and infrastructure industries. The company also
manufactures PCE, which is used as a raw material for admixtures.

ACIPL reported a profit after tax (PAT) and net sales of INR0.8
million and INR72.3 million, respectively, for 2013-14; the
company reported a PAT of INR1.5 million on net sales of INR71.5
million for 2012-13.


ARCHEAN INDUSTRIES: CARE Revises Rating on INR45cr Loan to B
------------------------------------------------------------
CARE revises rating assigned to bank facilities of Archean
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      45        CARE B Revised from
                                            CARE B-

   Short term Bank Facilities     15        CARE A4 Reaffirmed

Rating Rationale
The revision in the ratings factor in the improvement in the
operational and financial profile of Archean Industries Private
Limited (AIPL) during FY14 (refers to the period April 1 to
March 31) and the company's exit from Senfer Investments Limited
(Senfer), thereby reducing its corporate guarantee exposures. The
ratings continue to be constrained by the high working capital
intensive operations, dependence of the company on a few clients
for major part of the revenue & AIPL's high level of exposure to
the group entities in the form of investments, loans & advances
&corporate guarantees.

The ratings, however, take into account AIPL's long operational
track record, well-integrated operational setup with availability
of Granite quarries, improved leverage Indicators and established
longstanding relationship with its clients.

Going forward, the ability of the company to reduce its group
company exposures, scale up its operations, maintain its profit
margins, prudently manage its working capital and maintain its
capital structure are the key rating sensitivities.

Archean Industries Private Limited (AIPL) was promoted in 1984 by
Mr P B Anandam, a first generation entrepreneur. The company's
main line of business is production and export of landscape
granite stones and products such as kerb stones, cobblestones,
etc. primarily to the US and European markets. AIPL is part of the
Archean group, which has varied interests in granites, industrial
salt and other chemical businesses.

As per the audited results for FY14, AIPL generated a PAT of
INR0.8 crore on a total income of INR67.9 crore.


ARUPADAI ARULMURUGAN: CRISIL Cuts Rating on INR89.7MM Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Arupadai Arulmurugan Spinners Pvt Ltd (AASPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    40.3      CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             89.7      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that AASPL's
liquidity will remain weak over the medium term marked by
inadequate cash accruals for meeting repayment obligations. The
company is expected to post cash accruals of around INR15 million
in 2015-16 (refers to financial year, April 1 to March 31) as
compared to repayment obligations of INR19 million. CRISIL,
however, believes that AASPL will meet its debt obligations in
time with funding support from its promoters.

The rating reflects AASPL's weak financial risk profile, marked by
small net worth and high gearing, its large working capital
requirements, and the susceptibility of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the experience of the company's promoters in
the cotton industry.
Outlook: Stable

CRISIL believes that AASPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company increases its scale of
operations significantly while improving its operating margin,
leading to a substantial increase in its cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative' if
AASPL undertakes a large debt-funded capital expenditure
programme, or if its accruals decline significantly, resulting in
deterioration in its financial risk profile.

Set up in July 2006, AASPL primarily manufactures blended yarn
comprising polyester and viscose. It also manufactures polyester
or viscose yarn individually based on customers' needs.


ASPET TECHNOPLAST: CARE Assigns 'B+' Rating to INR16cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Aspet
Technoplast Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       16       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Aspet Technoplast
Private Limited (ATPL) is constrained by limited experience of the
promoters in poly ethylene terephthalate (PET) business, project
stabilization issues associated with the manufacturing facility,
volatility associated with raw material price and presence of the
company in highly fragmented industry. The above constraints far
outweigh the strength derived from favourable demand prospects for
the PET business due to the rise in consumption of bottled
beverages.

Going forward, the ability of the company to stabilize and scale
up the operations by improving the capacity utilisation of the
manufacturing plant are the key rating sensitivity.

Incorporated as private limited company in July 2014, ATPL is
promoted by Mr Shashikant Agrawal, Mrs Asha Agrawal and Mr
Abhishek Agrawal. The company has recently set up a PET bottles
manufacturing unit with an installed capacity to manufacture 175
tons bottles per annum at Dhule (Maharashtra). The total cost
incurred for the project was INR16 crore funded through promoter's
contribution of INR4 crore and term loan from bank of INR12 crore.

The commercial operations of the company commenced from August
2014. The major raw material required by the company is PET resin
which it procures from local suppliers. During August 2014-
February 2015, the company registered a total operating income of
INR0.50 crore.


AWA POWER: CARE Reaffirms 'D' Rating on INR8.65cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Awa
Power Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.65       CARE D Reaffirmed

Rating Rationale
The reaffirmation of rating assigned to AWA Power Company Pvt. Ltd
(AWA) factors in the inordinate delay in achieving commercial
operation of the power plant and ongoing delays in term loan
repayment and servicing of interest for the same, since April,
2014.

Timely servicing of debt and interest obligations with improvement
in liquidity position and achieving envisaged scale of operations
is the key rating sensitivity.

AWA setup in 2001 is a special purpose vehicle (SPV) promoted by
Sethi family along with group companies -- SPML Infra Limited and
Subhash Kabini Power Corp. Ltd. (SKPCL) (CARE BB). SPML Infra
Limited and SKPCL have an equity stake of 51% and 45.89%
respectively as on March 31, 2013.

The company is setting up a 4.5 MW(3 x 1.5 MW) hydro-power project
on the river Awa Khad, at Saperu village near Palampur town,
Kangra district, Himachal Pradesh, under a 40 year concession
period on BOOT (Build, Own, Operate & Transfer) basis. HIMURJA
(Himachal Pradesh Energy Development Agency), a nodal agency for
the development of small hydropower projects, allotted this run of
the river power project across the river AWA Khad to SPML through
an MOU in 1996. The project was originally conceived with a
capacity of 3 MW and was later enhanced to 4.5 MW at the time of
preparation of DPR.


CAPITAL OVERSEAS: ICRA Suspends B Rating on INR12.50cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR12.50 crore bank facilities of Capital Overseas Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


CHANDIGARH ROLLER: CRISIL Assigns B+ Rating to INR82.2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Chandigarh Roller Flour Mills Pvt Ltd (CRFMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          42.8        CRISIL B+/Stable
   Term Loan            82.2        CRISIL B+/Stable

The rating reflects CRFMPL's nascent stage of operations with
exposure to implementation and off-take risks associated with its
on-going wheat flour mill. The ratings also factor in the
company's susceptibility to volatility in raw material prices due
to changes in government policies. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.

Outlook: Stable

CRISIL believes that CRFMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
wheat processing industry. The outlook may be revised to
'Positive' in case of successful completion of the project with
strong revenue and profitability generation. Conversely, the
outlook may be revised to 'Negative' in case of delays in
completion of the project or lower than expected revenue or
profitability resulting in weakening of its financial risk profile
and debt servicing metrics.

Incorporated in March 2013 by the Chandigarh-based Mittal family,
CRFMPL is setting up a wheat-processing unit with a grinding
capacity of 150 tonnes per day at Banur, Punjab. The unit will
process maida, wheat, and bran. The operations of the company are
managed by the promoters, Mr. Vinod Mittal and his son, Mr. Udit
Mittal.


DHANSMRUTI BUILDCON: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dhansmruti
Buildcon Private Limited.

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

Rating Rationale
The ratings assigned to the bank facilities of Dhansmruti Buildcon
Private Limited (DBPL) continue to be constrained by the small
scale of operations owing to sub-contracting nature of operations,
concentrated order book position to a single project alongwith
geographical concentration of revenue. The rating is further
constrained on account of working capital intensive nature of
operations and moderate capital structure.

The ratings, however, derive strength from the wide experience of
the promoters and moderate order book position reflecting revenue
visibility over the medium term. The rating further derives
strength from the financial risk profile marked by moderate
profitability.

The ability of the company to increase its scale of operations
without any further deterioration in its financial risk profile
along with efficient working capital management is the key rating
sensitivity.

Incorporated in the year 2002, Dhanusmruti Buildcon Private
Limited (DBPL) was a partnership firm named as Dhanusmruti
Buildcon', formed by Mr Sanjay Tate Deshmukh and Mr Narayan Tate
Deshmukh. Later in January 2014 it was reconstituted as Private
limited Company. DBPL executes projects on sub-contract basis and
has been engaged in executing contracts mainly for irrigation
projects and construction of roads within the infrastructure
segment. The company has executed projects across the state of
Maharashtra in Akola, Osmanabad, Sangli, Jalgaon etc. Furthermore,
in September, 2014 the company was registered as a Class 1A
contractor with Public Works Department, Maharashtra.

The company has reported a total operating income of INR8.70 crore
with a PAT of INR0.49 crore in FY14 (refers to the period April1
to March 31) as against a total operating income of INR6.67 crore
with a PAT of INR0.52 crore in FY13.


DHARANI SUGARS: CARE Lowers Rating on INR555.89cr LT Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Dharani Sugars And Chemicals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    555.89      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities    26.79      CARE D Revised from
                                            CARE A4+

Rating Rationale
The revision in the ratings of Dharani Sugars and Chemicals
Limited (DSCL) takes into account instances of delays in servicing
debt obligations on account of losses incurred in FY14 (refers to
the period April 1 to March 31) and 9MFY15 (refers to the period
April 1 to December 31) due to unfavourable industry scenario.

DSCL, part of the PGP group of companies based in Tamil Nadu was
established in the year 1987 by Dr Palani G Periyasamy and his NRI
Associates. The company is engaged in the manufacture of sugar,
industrial alcohol and co-generation of power. DSCL has three
sugar mills located across Tamil Nadu. These units are located in
Dharani Nagar (Tirunelveli Dist.), Sankarapuram (Vilupuram Dist.)
and Polur (Thiruvannamalai Dist.). Aggregate capacity of the
company as on December 31, 2013, was 10,000 tonnes of cane crushed
per day (TCD), 160 kilo liters per day (KLPD) distillery and 37
megawatt (MW) co-generation plant. Sanakrapuram unit has also
commissioned a sugar refinery with a processing capacity of 350
metric tonnes per day (MTPD).

For the year ended March 2013, DSCL registered after tax loss of
INR34 crore on a total income of INR526 crore. For the 9 months
period ended December 2014, DSCL has registered after tax loss of
INR62 crore on a total income of INR297 crore.


DURGASHAKTI FOODS: CARE Assigns 'B' Rating to INR14.14cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Durgashakti Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.14      CARE B Assigned
   Short term Bank Facilities     0.40      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Durgashakti Foods
Private Limited (DFPL) are constrained by relatively modest scale
of operations, declining profitability margins, highly leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by working capital-intensive nature of
operations, stretched liquidity profile, presence in highly
competitive and fragmented industry.

The ratings, however, derive strength from experienced management
in the industry and established track record of operation.
The ability of the company to improve its overall scale of
operation and profitability margins amidst intense competition
along with efficient management of the working capital cycle would
be the key rating sensitivities.

Incorporated in 2008 by the Sureka family, DFPL is engaged in the
extraction of soya oil and subsequent manufacturing de-oiled (DOC)
cake. The Sureka family has been into the business of edible oils
and DOC for more than two decades. The company has its
manufacturing facility [with installed capacity of 500 metric tons
per annum (MTPA) and average capacity utilization of approximately
80% in FY14 (refers to the period April 1 to March 31)] and a
controlling office located in Buldhana, Maharashtra.

During FY14, the total operating income of DFPL stood at INR169.02
crore (compared with INR99.11 crore in FY13), while net profit of
the company stood at INR0.43 crore in FY14 (compared with INR0.09
crore FY13).


ESSAR FERRO: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Essar Ferro Alloys
Company (EFAC) continues to reflect EFAC's below-average financial
risk profile, marked by modest net worth and weak debt protection
metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL A4 (Reaffirmed)
   Cash Credit          70         CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's exposure to risks relating
to the fragmented and competitive nature of the copper wires
industry, and its modest scale of operations coupled with
declining profitability. These weaknesses are partially offset by
the benefits that the firm derives from its promoters' experience
in manufacturing cable wires.
Outlook: Stable

CRISIL believes that EFAC will maintain a stable business risk
profile in the cable wires segment backed by the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the firm's net worth improves significantly
backed by higher than expected accruals generated in business
and/or equity infusion. Conversely, the outlook may be revised to
'Negative' if a decline in offtake or reduced profitability
weakens EFAC's financial risk profile, or if the firm's capital
structure deteriorates on account of large, debt-funded capital
expenditure.

EFAC, a partnership firm, was started in 1995 by Mr. Gordhan Das
Aggarwal and his wife Mrs. Sushila Devi Aggarwal. After closure of
its mild-steel ingots business in December 2008, the firm's
management focused on manufacturing enamelled copper wires
(winding wires) and power cables. However, post May 2012, the firm
has discontinued production of winding wires on account of the
product being unviable and has started manufacturing small cables
from 2014-15.

EFAC reported a PAT (profit after tax) of INR3.2 million on net
sales of INR245 million in 2013-14, vis-a-vis PAT (profit after
tax) of INR4.6 million on net sales of INR146.8 million in 2012-
13.


GEM STAR: ICRA Suspends 'D' Rating on INR45cr Short Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR45 crore
short term fund based bank limits of Gem Star Company Private
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in the year 2000, Gem Star Company Private Limited
(GSCPL) is engaged in the business of cut and polished diamonds
(CPD) and studded jewellery. The company is a part of the 'House
of Manilals' group which commenced its operations in the year 1966
with the establishment of its flagship company Gem Star Company.
The principal business of the flagship company is to export Cut
and Polished Diamonds (CPD). GSCPL has two manufacturing
facilities located at SEEPZ in Andheri and SEZ in Sachin, Gujarat.
While the SEEPZ unit is engaged in jewellery manufacturing, the
SEZ unit manufactures CPD. Currently, the business operations of
GSCPL are managed under the leadership of Mr. Shripal P. Manilal.


GOPI TEXFAB: CARE Assigns 'B+/A4' Rating to INR5.50cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Gopi Texfab Private Limited.

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


Rating Rationale
The ratings assigned to the bank facilities of Gopi Texfab Private
Limited (GTPL) are primarily constrained on account of the nascent
stage of operations of the company, its presence in a highly
competitive and fragmented textile industry with low entry
barriers, working capital intensive nature of oeprations and
susceptibility of profitability to volatility in raw material
costs.

However, the above constraints are partly offset by the extensive
industry experience of the promoters in textile business, robust
demand in the end user market and strong group support.

The ability of GTPL to achieve the envisaged level of turnover and
profitability while managing its working capital requirements
efficiently are the key rating sensitivities.

Ahmedabad-based (Gujarat) GTPL, a part of Narayani Group was
incorporated on March 31, 2014, by Mr Gopiram Gordhandas Gupta, Mr
Sanjiv Gopiram Gupta, Mr Anand Gopiram Gupta and Mr Rajiv Gopiram
Gupta for the purpose of trading in cotton fabric. It commenced
its trading activities in June 2014. It trades in approximately15-
20 types of cloth fabrics both processed and un-processed (grey)
fabric, with different processing and weaving patterns. Both
purchase and sales of GTPL are within India.


IG3 INFRA: CARE Reaffirms 'D' Rating on INR546cr LT Loan
--------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of IG3 Infra
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       546      CARE D Reaffirmed

Rating Rationale
The reaffirmation of the rating assigned to the bank facilities of
IG3 Infra Limited (IIL) continues to factor in instances of delays
in debt servicing in the recent past on account of stressed
liquidity position.

IIL (formerly known as Indian Green Grid Group Limited) is a
Chennai-based company engaged in the business of developing and
maintaining comprehensive infrastructure facilities like IT Parks/
IT SEZ. IIL is presently operating an IT SEZ (C1) in Chennai and a
Mall in Coimbatore. C1 has constructed area of 1.2 million sqft
(msf) and has been operational since November 2006. The Coimbatore
mall has commenced operations with a leasable area of 0.53 msf in
April 2010. IIL is setting up another IT SEZ named C2 with a
leasable area of 2.4 msf in Chennai. The Construction work is
complete and the facility will is expected to be operational
before end of 2015. IG3 is also setting up a 48 MW coal-based
power plant at Perundurai.


JANKI DASS: ICRA Suspends 'B' Rating on INR15cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR15.00 crore fund based bank facilities and short term rating of
[ICRA]A4 assigned to the INR45.00 crore fund based bank facilities
of Janki Dass Rice Mills.

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

   Short-term-Fund
   Based Limits          45.00        [ICRA]A4; Suspended

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

Business was established in the year 1986 as Partnership Firm.
Partners of the firm are Mrs. Sushila Devi, Mr Rajesh Kumar and
Mr. Ravinder Kumar. As per the management milling capacity of the
plant is 12 tonnes/hr of paddy. Janki Dass Rice Mills is engaged
in the business of processing and trading of Basmati Rice in
domestic market as well as exporting to countries in Middle East.
Company is having its manufacturing unit at Nandana Road, Taraori,
Karnal.


KAMDHENU FOODS: ICRA Suspends B+ Rating on INR11cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR11.00 crore bank facilities of Kamdhenu Foods Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KANAK AUTOMOBILES: CRISIL Puts B- Rating on INR70.2MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Kanak Automobiles Pvt Ltd (KAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          30.6        CRISIL B-/Stable
   Term Loan            70.2        CRISIL B-/Stable

The rating reflects KAPL's exposure to risks related to its
initial stage of operations and to intense competition from other
dealers. The rating also factors in the company's below-average
financial risk profile, marked by high total outside liability to
tangible net worth. These rating weaknesses are partially offset
by the benefit that the company derives from its dealership for
Hyundai Motors India Ltd (HMIL; rated 'CRISIL A1+').

Outlook: Stable

CRISIL believes that KAPL will benefit over the medium term from
its association with HMIL. The outlook may be revised to
'Positive' in case of a substantial increase in KAPL's revenue and
cash accruals, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's accruals are low, large working capital
requirements, or it undertakes a debt-funded capital expenditure
programme, leading to deterioration in its liquidity.

Incorporated in 2014, KAPL is the authorised dealer of HMIL for
sales and services of Hyundai cars. The company has its showroom
in Patna (Bihar). The day to day operations of the company is
being managed by Mr. Vinit Kumar along with Mr. Abhijit Kumar.


LEXUS GRANITO: ICRA Withdraws 'B' Rating on INR32.75cr Bank Loan
----------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B assigned to the
INR32.75 crore Bank Loans Programme of Lexus Granito (India)
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the rating in case the rating remains suspended for more
than three years.

Lexus Granito India Private Limited (LGPL) was incorporated in May
2008 for the manufacture of vitrified tiles. LGPL plans to start
production from May 2011. LGPL has set up its registered office
and factory at Lakhdipur, Taluk Morbi, Gujarat with planned
manufacturing capacity of about 52,080 MTPA. The company also
plans to open marketing office at Mumbai in June 2011.


MILTECH INDUSTRIES: CARE Assigns 'B' Rating to INR11.53cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Miltech Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.53      CARE B Assigned
   Short-term Bank Facilities     6.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Miltech Industries
Private Limited (MIPL) are constrained by modest scale of
operations, declining operating profitability and net losses,
working capital-intensive nature of operations, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by susceptibility of operating profitability margin to
raw material price fluctuation and operations in highly fragmented
plastic processing industry.

The ratings consider the benefits derived from the promoters'
experience, diversified and reputed customer base along with
diversified product portfolio.

The ability of MIPL to improve the scale of operations and
profitability margins amidst intense competition along with
efficient management of working capital are the key rating
sensitivities.

Miltech Industries Pvt Ltd (MIPL; erstwhile Miltech Metals Private
Limited) was promoted by Mr Govindlal Nityanand Agarwal in 1982.
MIPL has a manufacturing facility at Nagpur producing plastic
injection moulded components mainly catering to the requirements
of the Defence Ordnance factories. MIPL also has an additional
setup for injection moulding in Rajangoan near Pune catering to
various white goods and automobile manufacturers. The company has
an in-house accredited laboratory by National Accreditation Board
for Testing and Calibration Laboratories (NABL).

During FY14 (refers to the period April 1 to March 31), MIPL
reported total operating income of INR62.21 crore (as against
INR72.26 crore in FY13) and incurred net loss of INR1.71 crore (as
against net profit of INR0.22 crore). Furthermore, during 9MFY15,
company has posted a total operating income of INR49.96 crore and
PAT of INR1.12 crore.


MOHAN MEAKIN: ICRA Reaffirms B+ Rating on INR73.37cr Bank Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR90.20 crore fund-based bank facilities of Mohan Meakin Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4 for the
INR10.00 crore non fund-based bank facilities of MML.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund-
   based bank
   facilities           73.37        [ICRA]B+; (Reaffirmed)

   Short term non
   fund-based bank
   facilities           10.00        [ICRA]A4; (Reaffirmed)

   Unallocated/Proposed
   bank facilities      16.83        [ICRA]B+/ [ICRA]A4;
                                     (Reaffirmed)

The ratings continue to remain constrained because of weak
operational and financial profile of the company. Given the
operational inefficiencies like high fixed overhead expenses and
employee costs, and obsolete machinery, MML barely uses its in-
house distillery capacities, and mainly relies on outside
purchases of raw-spirit requirements, which adversely impacts the
profitability. Though ICRA is cognizant of ongoing recovery in
profitability due to discontinuation of loss making glass bottles
segment and leasing out of a brewery on profit sharing basis, DSCR
is expected to remain below 1x in FY15 due to sizeable repayment
burden. Also, despite the decline in repayment burden from FY16
onwards, sustainability of this improved profitability will remain
critical given the track record of volatility in profitability in
the past.

During FY14, MML's performance was severely impacted due to
increased natural gas prices, which lead to large losses for glass
factory. Subsequently, in order to curtail these losses, the
company discontinued the glass bottles factory operations, and
initiated a debt-funded voluntary retirement scheme for the
employees. Also, MML has leased out the Solan brewery on profit
sharing basis from May'14 onwards, which will cap the annual loss
of this unit at about INR1 crore. To improve its operational
profile further, MML plans to establish a new manufacturing unit
also; the funding mix for this capital expenditure will remain a
key rating sensitivity.

ICRA notes that MML has stopped accepting fixed deposits and the
existing deposits are being paid off as per maturity. Accordingly,
MML had repaid deposits to the tune of INR9.2 crore till December
2014. Besides the compensation of about INR4 crore received
against sale of assets of glass factory, incremental security
deposits of about INR2 crore received from customers/partners, and
corporate loan of INR1 crore availed for funding the aforesaid
repayments of fixed deposits, the decline in debtor and inventory
levels subsequent to closure of the glass factory has funded these
sizeable repayments. However, while this repayment of fixed
deposits largely funded through sale of assets held for sale and
marginal decline in working capital will result in a decline in
debt level; this has in the interim further weakened the cash
flows and liquidity profile of the company. So, despite the
marginal decline in net working capital, the dependence upon
working capital debt has increased. Also, notwithstanding the
aforementioned decline in debt, the overall dependence upon debt
is still expected to continue to remain high vis-a-vis operating
profits and cash accruals. The ratings are also constrained by
concentration risks arising out of high dependence on single brand
i.e. "Old Monk" for majority of its sales.

The ratings are however supported by MML's long operating history
of over 16 decades in the Indian liquor industry; especially the
rum segment, and pan-India presence of its brands either through
its own selling and distribution network (largely North India), or
through tie-ups with various bottling units in other states.


NIPSO POLYFABRIKS: ICRA Ups Rating on INR3.9cr Cash Credit to C+
----------------------------------------------------------------
ICRA has upgraded its ratings to [ICRA]C+ on the long-term scale
and [ICRA]A4 on the short-term scale from [ICRA]D on the INR7.72
crore bank facilities of Nipso Polyfabriks Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.55        Upgraded to [ICRA]C+
                                     from [ICRA]D

   Cash Credit           3.90        Upgraded to [ICRA]C+
                                     from [ICRA]D

   Short-term, Non
   fund-based Limits     0.55        Upgraded to [ICRA]A4
                                     from [ICRA]D

   Unallocated Limits    1.72        [ICRA]C+/[ICRA]A4 Assigned

The upward revision in ratings primarily reflects the slight
improvement in liquidity position of the company resulting in
satisfactory debt servicing record for the past six months. The
ratings continue to be constrained by the modest scale of
operations of the company; high competition in the woven sacks
industry with low entry barriers and limited product
differentiation which, in turn, results in modest profitability;
vulnerability of profitability to fluctuations in polymer prices;
high customer and sector concentration risks; weak bargaining
power of the company with customers and suppliers due to their
relatively large scale of operations; and the high working capital
intensive nature of the business.

Nevertheless, while assigning the rating, ICRA favourably factors
in the established track record of the promoters in the poly-woven
sacks industry; steady medium to long-term demand prospects from
end user sectors namely cement and fertilisers; favourable
location of the manufacturing unit with proximity to customers and
suppliers and the established customer base of the company. Going
forward, a track record of timely debt servicing and a sustained
improvement in the company's liquidity position will be the key
rating sensitivities.

Incorporated as a private limited company in 1984, NPL commenced
commercial production of Polypropylene (PP) and High-density poly
ethylene (HDPE) woven fabrics and bags in October 1986. The
company was promoted by Mr. Narinder Singh Josan and Mr. Amarjit
Singh who have around four decades of experience in the industry
and was converted into a Public Limited in the year 1995. The
company has two manufacturing facilities located in Una district
of Himachal Pradesh and the total production capacity, as on date,
stands at 4,800 MTPA. Currently, the company is supplying only PP
woven fabrics and bags to its customers. These woven fabrics and
bags are used as a packaging material in various industries like
cement, sugar, fertilizers, chemicals, textiles and food grains
etc; the company has been primarily focused on sales to the cement
and sugar sectors. It uses polymers such as PP granules, colour
master batches as raw materials, which are sourced domestically by
the company.

Recent Results
In 2013-14, NPL reported a net profit of INR0.05 crore on an
operating income of INR32.47 crore as against a net profit of
INR0.18 crore on an operating income of INR28.78 crore in 2012-13.


NRI SERVICES: CARE Reaffirms 'B' Rating on INR2.36cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of NRI
Services And Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.36      CARE B Reaffirmed

Rating Rationale

The rating of NRI Service and Educational Trust (NRIT) continues
to be constrained by the concentration of revenues from a single
institution, deficit incurred in FY14 (refers to the period April
1 to March 31), the negative net-worth consequent to history of
deficit in the past, as well as weak capital structure and
moderate debt coverage indicators. The rating is also constrained
by the bunching up of cash inflows in certain months inherent to
the sector and the need to fund the cash flow mismatches,
regulatory challenges involved in the education sector in India,
as well as the need for regular capital expenditure.

The rating, however, favourably factors in the long experience of
managing trustee in the education sector, supported by an
experienced management team, well equipped infrastructure
facilities and continuous support by way of infusion of unsecured
loans by the trustee. The rating also favourably factors in the
growth in total operating income in FY14 over FY13 supported by
100% student enrolment levels in the past five academic years.
Going forward, the ability of NRIT to complete the envisaged capex
in a timely manner without increasing leverage and its ability to
return to surplus will be the key rating sensitivities.

NRI Services and Educational Trust (NRIT) was founded on July 27,
2001 by Non Resident Indian (NRI) professionals Dr P S Thaha and
Dr V M Sauda along with Tiruvananthapuram District Committee of
Kerala Muslim Jama-ath Federation, represented by Secretary Prof.
K Y Mohamed Kunju. The main objective of trust is to provide
education in dental medicine and surgery under PMS College of
Dental Science & Research (PMS). The said institution was
established in 2002 in Vattappara, Tiruvananthapuram, Kerala. PMS
conducts Bachelor of Dental Surgery (BDS), Masters of Dental
Surgery course (MDS) and Diploma in Laser Dentistry courses.
Admission to BDS is based on merit and MDS is based on the
competitive entrance examination, whereas 50% of seats are filled
by the government and remaining by the management in proportion of
35% for open merit seats and 15% for NRI. The total college
strength is 440 BDS students and 69 MDS students as of February
28, 2015. The 8th batch of BDS and 2nd batch of MDS students shall
be passing out at the end of Academic Year (AY) 14-15 (September
to August).

PMS was initially affiliated to Kerala University when it was
established in 2003. In 2010, it became affiliated to the Kerala
University of Health Sciences. It has sanctioned intake of 100
students for BDS and 23 students for MDS for Academic Year 2014-
15. For AY15-16 (coming academic year), the sanctioned intake of
MDS seats increased from 23 seats to 30 seats. PMS has applied to
Dental Council of India (DCI) for the increase in the sanctioned
intake in the MDS course to 40 seats for the AY16-17.

The tuition fees and other miscellaneous fees are collected from
students annually in the months of June for MDS and September for
BDS. PMS is well equipped with library, hostel, lab facility,
canteen, transportation etc. It also conducts diploma course in
Laser Dentistry offered by University of Genova, Italy.

NRIT reported a deficit of INR0.31 crore on a total operating
income of INR10.46 crore in FY14 (refers to the period April 1 to
March 31) as compared with a surplus of INR0.85 crore on a total
operating income of INR8.27 crore in FY13.


OCIMUM INDUSTRIES: ICRA Assigns B- Rating to INR3.5cr FB Loan
-------------------------------------------------------------
ICRA has assigned the [ICRA]B- to the INR3.50 crore fund based
limits and [ICRA]A4 to INR8.00 Cr non fund based limits of Ocimum
Industries Private Limited. ICRA has also assigned ratings of
[ICRA]B-/A4 to the INR6.50 Cr unallocated limits of OIPL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based limits        3.50      [ICRA]B- assigned
   Non Fund based limits    8.00      [ICRA]A4 assigned
   Unallocated              6.50      [ICRA]B-/A4 assigned

The assigned rating is constrained by the stretched liquidity
profile of the company as indicated by high working capital
intensity (Net Working Capital/Operating Income) of 145% as on
30th September, 2014 primarily on account of high receivables with
94.8% of the receivables due for over 300 days as on 20th
February, 2015, thereby increasing the risk for bad debts. The
rating is further constrained by the low order book size of
INR23.36 Cr as on 28th February, 2015 (0.47x of the operating
income of the company) which provides revenues visibility for the
short term. Moreover the low value and low complexity jobs
undertaken by the company restrict the margins and keep it range
bound at 8-9% over the last four years. The margins are further
restricted by the high subcontracting costs (almost 90% of the
work is subcontracted).

The rating however, draws comfort from the decade long experience
of the promoters in executing civil contracts and residential
projects as well as the ability of the promoters to infuse funds
through equity or unsecured loans (Rs. 25.86 Cr was infused as
unsecured loans in 6mFY15 for funding the Sri Lankan subsidiary).
The rating also favourably factors in the growth in operating
income of the company at a CAGR of 66% over the last four years
and also the low sector and geographic concentration of the
company. The ratings also factor in the low order book
concentration of the company with largest order contributing to
36% of its total outstanding order book.

Going forward the ability of the company to manage its debtors as
well as the increase in the receipt and execution of new orders
will be the key rating sensitivities.

Ocimum Industries Private Limited (formerly known as Ocimum
Constructions Private Limited) was incorporated in the year 2006.
The company is promoted by Mr. B. K. Kishore Reddy and family
which also runs Astra Microwave Products Limited, which is a
leading player in the defense sector. The company undertakes
construction of buildings, offices and also does civil works for
GVK Projects Limited, NALCO, etc.

The company has recently floated a partially owned subsidiary in
Sri Lanka by the name of Sri Venkateswara Global Constructions
Limited. The subsidiary is undertaking construction of housing
units under the Urban Regeneration Project (City of Colombo)
initiated by the Ministry of Defence of the Government of Sri
Lanka.

According to provisional 6mFY15 financials, the company registered
an operating income of INR26.03 Cr and operating profit of INR2.51
Cr and operating income of INR48.99 Cr and operating profit of
INR4.02 Cr according to audited FY14 financials.


ORGANIC COATINGS: CRISIL Reaffirms B+ Rating on INR117.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Organic Coatings Ltd
(OCL) continue to reflect OCL's below-average financial risk
profile, marked by modest net worth, average capital structure and
subdued debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee        17.5      CRISIL A4 (Reaffirmed)
   Cash Credit           60.0      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      45.0      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   117.5      CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Term Loan             75.0      CRISIL B+/Stable (Reaffirmed)


The ratings also factor in OCL's limited pricing flexibility and
susceptibility to volatility in raw material prices. These rating
strengths are partially offset by OCL's established presence in
the printing inks segment and the benefits it derives from the
extensive industry experience of its management.
Outlook: Stable

CRISIL believes that OCL will continue to benefit over the medium
term from its established presence in the printing inks segment
and its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if benefits from the recent tie-up with
Heidelberg India Pvt Ltd (HIPL) result in turnaround in OCL's
operations. Conversely, the outlook may be revised to 'Negative'
if OCL's financial risk profile, particularly liquidity weakens,
because of a severe stretch in working capital cycle, decline in
cash accruals, or any major capital expenditure (capex).

Incorporated in 1965 and promoted by Mr. RK Shah, OCL manufactures
printing inks such as offset inks, water-based inks, coatings, and
other allied products. The company is listed on Bombay Stock
Exchange (BSE). The company has its manufacturing plant in
Vadodara, Gujarat. The company has an agreement with HIPL from
March 1, 2015, which entitles HIPL exclusively to manage the sales
and distribution of OCL's sheet-fed offset products.

For 2014-15 (refers to financial year, April 1 to March 31), OCL's
net profit was estimated at INR1.8 million on operating income of
INR465 million, against a net profit of INR41.9 million on
operating income of INR418.6 million for 2013-14.

For the nine months ended December 2014, OCL reported, on
provisional basis, a net loss of INR3.96 million on operating
income of INR344.77 million.


PKM PROJECTS: ICRA Assigns 'D' Rating to INR40cr LT Bank Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]D to the INR40.00
crore, fund based bank facilities of PKM Projects Private Limited
(PKM).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-       40.00        [ICRA]D; Assigned
   based bank
   facilities

ICRA's rating is constrained on account of delays in debt
servicing by PKM on the loans availed for acquisition of an under
construction hotel property in Goa. . The company has invested
almost entire estimated funds by December 2014 however the project
is yet to be completed as the capital expenditure in interior
designing is yet to be incurred, thus exposing the company to cost
overruns and funding risks. Hence, company will remain dependent
on promoter support for servicing its debt obligations. Further,
PKM is yet to tie up with an Operations and Management (O&M)
partner resulting in delay in the commencement of its operations.
ICRA nonetheless has favorably factored in the location of the
project and promoters diverse business experience.

Going forward, timely debt servicing will be the key monitorable.
Further, timely completion of the project and tie up of funding
for the incremental costs, arrangement with an O&M partner shall
be the key rating sensitivities.

PKM was incorporated in December 2006 and is a part of the Mahesh
Mehta Group of companies which has interests in hotel, real estate
business and are also into manufacturing of Kattha Products. The
company had acquired one hotel property in Goa in April 2014 which
is yet to commence operations.


PURAV COTTON: ICRA Reaffirms B+ Rating on INR21cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the long term
fund based facilities of INR21.90 crore of Purav Cotton
Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
  Long Tern Fund
  Based-Cash Credit     21.00       [ICRA]B+ reaffirmed

  Long Tern Fund
  Based-Term Loan        0.90       [ICRA]B+ reaffirmed

The reaffirmation of rating factors in PCI's weak financial risk
profile characterized by thin margins, adverse capital structure
and low debt coverage indicators. The rating continues to takes
into account the limited value addition in the cotton ginning
business, the highly fragmented and competitive nature of the
industry and the vulnerability of the firm's profitability to
movements in cotton prices which are subject to seasonality and
crop harvest as well as the regulatory risk with regard to MSP.
The rating also considers the adverse potential impact on net
worth and gearing levels in case of any substantial withdrawal
from the capital account given the constitution as a
proprietorship firm.

The rating however, continues to favourably factor in the
longstanding experience of the promoters in the cotton ginning and
pressing Industry and the favourable location of the firm's plant
with respect to raw material procurement.

Purav Cotton Industries (PCI) was formed in the year 1999 as a
proprietorship concern of Mrs. Nisha Virat Shah. PCI has been
engaged in ginning and pressing of raw cotton. The firm is managed
by Mr. Virat Shah. The firm's manufacturing facility is located at
Muli, Surendranagar, Gujarat and consists of 72 ginning machines
and 1 pressing machine with a total capacity of producing 350
bales per day assuming 12 hours of operation.

Recent Results
For the year ended March 31, 2014, the firm reported an operating
income of INR126.44 crore and a profit after tax of INR0.12 crore
as compared to an operating income of INR130.50 crore and a profit
after tax of INR0.11 crore in FY 2013.


R J COLD: CARE Reaffirms B+ Rating on INR50cr LT Bank Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
R J Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      50        CARE B+ Reaffirmed

Rating Rationale
The rating continues to be constrained by weak financial risk
profile, highly fragmented industry structure with intense
competition and low entry barriers.

However, the rating derives comfort from the resourceful promoters
with experience of trading in agro commodities, funding support
from the promoters in the form of equity and unsecured loans and
an existing cold storage infrastructure.

Going ahead, the company's ability to scale up its operations,
while sustaining profitability margins and managing working
capital requirements efficiently shall be the key rating
sensitivities.

R.J Cold Storage Private Ltd (RJCS), incorporated in July 1992, is
promoted by Mr Vipul Aggarwal and Mr Himanshu Garg. RJCS has been
operating a cold storage facility at Sonepat, Haryana. Also in
FY13 (refers to the period April 1 to March 31), the company
started trading in various grocery items such as lentils, pulses,
spices, etc. The company purchases agro commodities in bulk, at
lower rates while the commodities are in season and stores them in
its cold storage facility to maintain freshness and improve their
shelf life.

During FY14 (refers to the period April 01 to March 31), the
company reported PAT of INR1.10 crore (PY: INR 0.39 crore) on the
total operating income of INR162.36 crore (PY: INR42.99 crore).
For 9MFY15 (provisional), the company has reported PBILDT of
INR7.05 crore on total operating income of INR148 crore.


RASA AUTOCOM: CARE Raises Rating on INR5cr LT Loan to BBB(SO)
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Rasa Autocom Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE BBB (SO) Revised
                                            from CARE C

Rating Rationale
The revision in the rating assigned to the bank facilities of RASA
Autocom Limited (RASA), takes into account the unconditional and
irrevocable corporate guarantee of RICO Auto Industries Limited
(RAIL). The rating further considers the improvement in the credit
risk profile of RAIL due to gross receipt of INR495 crore from
divestment of stake in FCC RICO Limited (a JV company) in Q3FY15.
Furthermore, the credit profile of RAIL is supported by
experienced promoter group, long track-record of operations,
relationship with leading original equipment manufacturers (OEMs)
and diversified product profile.

However, the rating is constrained by the subdued performance of
RAIL in FY14 (refers to the period April 1 to March 31) and 9MFY15
with total operating income declining on a year-on-year basis and
client concentration risk.

Going forward, cyclical nature of the auto industry and ability of
RASA and RAIL to profitably scale up operations shall remain the
key rating sensitivities.

RASA is a wholly owned subsidiary of RAIL engaged in the
manufacturing of two-wheeler parts, passenger car parts, tractor
parts, auto electronics & electrical parts. The company started
operations in October 2011 and currently supplies 100% of its
production to RAIL.

During FY14, RASA reported a total operational income of INR14.8
crore (PY: INR9.6 crore) and net loss of INR8.3 crore (PY: Net
loss of INR7.3 crore).

For 9MFY15 (Provisional), the company reported total operating
income of INR6.40 crore and losses at the PBILDT level of INR0.60
crore.

The flagship company of the RICO group, RAIL, was incorporated in
March 1983 and is engaged in manufacturing and supplying a wide
range of high precision fully machined aluminum and ferrous
components and assemblies to automotive OEMs [2-wheelers, 4-
wheelers, tractors and heavy commercial vehicles (HCVs), etc]. In
addition to domestic sales, the company exports to various
countries including US, Europe and Japan. The manufacturing
facilities of the company are located at Gurgaon (Haryana), Balwal
(Haryana), Dharuhera (Haryana), Haridwar (Uttarakhand) and Sanand
(Gujarat).

RAIL is mainly engaged in the manufacturing of oil pump assembly,
fuel system parts, lube oil filters heads, exhaust manifolds,
turbine housings, centre housings, back plates, crank cases and
covers, cylinder head covers, intake manifold covers, etc. Over
the years, it has also diversified into production of gear and oil
pumps, gear shift drums for two-wheelers and installed pressure
die-casting machines to manufacture diesel generating sets, engine
frames and housings.


RIBO INDUSTRIES: CARE Reaffirms 'B' Rating on INR24cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ribo Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.00      CARE B Reaffirmed
   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale
The ratings of Ribo Industries Private Limited (RIPL) continue to
be constrained by the short track record of operation with small
size of business, lower capacity utilization in FY14 (refers to
the period April 1 to March 31) due to decline in orders from
clients, elongated operating cycle due to significant inventory
holding as of March 31, 2014, owing to slowdown in demand, highly
leveraged capital structure and customer concentration risk. The
ratings also factor in the reschedulement of term debt in the past
availed for project to enhance the capacity.

The ratings, however, do factor in the experienced promoters,
funding support from associate companies, association with reputed
clients and growing demand for the boiler pressure parts from
power generation equipment manufacturers.
Going forward, the ability of the company to bag more projects ,
bring the incremental capacity to effective use, grow the scale of
operations and improve its profitability would be the key rating
sensitivities.

Ribo Industries Private Limited (RIPL), was established in 2009 by
Mr S Ramanathan (Chairman), Mr R Sentilnathan (Managing Director)
and Mrs R Sudha. The company commenced commercial production of
boiler pressure parts from February 2011 at its plant in Trichy,
Tamil Nadu. The installed capacity stood at 1480 MTPA as of
February 28, 2015. The product portfolio comprises panels, coils,
pipings, tube bends and headers for power & process steam boilers.
Besides, RIPL also undertakes job work of assembling the
components based on customer specifications. RIPL is a certified
manufacturer under Indian Boiler Regulations Act.

The major raw materials include carbon steel and allied steel in
the form of plates, pipes and tubes which are procured from the
local market. RIPL's products find application in the manufacture
of boiler equipment by Original Equipment Manufacturer (OEMs).
These boilers in turn are erected in power plants and process
industries such as paper manufacturing industries. Some of the
clients include boiler manufacturers such as Bharat Heavy
Electricals Limited (Trichy), Thermax Limited (Pune), Fives Cail
KCP Ltd (Chennai), BWE Energy India Pvt Ltd (Chennai), and process
industries such as Tamil Nadu Newsprint and Papers Limited (TNPL)
and Seshasayee Paper and Boards Limited (Chennai).


RUNWAL AGRI: CRISIL Assigns 'B' Rating to INR100MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Runwal Agri Tech (RAT).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       100         CRISIL B/Stable

The rating reflects RAT's weak financial risk profile, and the
highly regulated and fragmented nature of the cold storage
industry. These rating weaknesses are partially offset by its
promoter's extensive experience in the cold storage industry.
Outlook: Stable

CRISIL believes that RAT will benefit from the promoter's
extensive experience in the cold storage industry. The outlook may
be revised to 'Positive' if the company ramps up its revenue and
profitability resulting in large cash accruals, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if the project faces significant time or
cost overruns leading to delay in commencement of operations or it
generates low cash accruals or the company undertakes a large
debt-funded capital expenditure.

RAT, incorporated in April 2014, provides cold storage of
horticulture and agriculture produce like raisins, turmeric,
tamrid and chilly. The cold storage facility is located in Bijapur
(Karnataka). The commercial operation will commence from April,
2015. The firm's day-to-day operations will be managed by Mr.
Rajesh Runwal.


S.R.S. INDUSTRIES: CRISIL Suspends B Rating on INR75MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of S.R.S.
Industries Private Limited (SRS).

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

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

SRS was incorporated in 2004 and is promoted by Mr. Satyaprakash
and Mr. Pawan Jhunjhunwala. The Raipur (Chhattisgarh)-based
company is a trader of iron and steel products It has dealership
of Steel Authority of India Ltd, Uttam Galva Steels Ltd, Bhushan
Power & Steel Ltd, Bhushan Steel Ltd and Uttam Value Steels Ltd in
Raipur and Nagpur.


S.V. PATEL: ICRA Assigns B+ Rating to INR6.50cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.50
crore cash credit facility of S.V. Patel & Sons.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.50         [ICRA]B+ assigned

The assigned rating takes into account SVP's small scale of
current operations and weak financial profile characterized by
moderate profitability levels, owing to the limited value addition
in the business and the highly competitive and fragmented industry
structure; and stretched capital structure. The rating is also
constrained by the vulnerability of the firm's profitability to
raw material prices which are subject to seasonality and crop
harvest. ICRA also notes that SVP is a partnership firm and any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The rating, however, positively considers the established track
record of the firm in the cotton seed and castor seed crushing
industry and its reputed clientele base. The rating also favorably
considers the advantage the firm enjoys by virtue of its location
in the largest cotton and castor producing state of Gujarat
providing easy access to quality raw material (cotton seeds and
castor seeds).

Established in 2005, S.V. Patel & Sons(SVP) is engaged in the
business of crushing of cotton seeds and castor seeds with its
product profile comprising mainly of cotton seed oil, cotton oil
cake, castor seed oil, castor seed oil cake, etc. The
manufacturing facility, located in Kapadvanj (Gujarat), is
equipped with nine expellers for cotton seed crushing having a
processing capacity of ~58.40 metric tonnes per day (MTPD) with
total installed capacity of 9000 metric tonnes per annum (MTPA)
and nine expellers for castor seed crushing having a processing
capacity of ~67.50 MTPD with total installed capacity of 2800
MTPA. The firm is promoted and managed by Mr. Rajesh Patel along
with his relatives and friends. The key promoter has an experience
of more than a decade in the cotton seed and castor seed crushing
industry by the virtue of being associated with M/s Patel
Rajeshbhai Ramanbhai, a proprietary firm engaged in the trading of
cotton oil, cotton cake, castor oil and castor cake.

SANJAY RICE: ICRA Lowers Rating on INR4.20cr Term Loan to 'D'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.20 crore term loan, INR2.75 crore cash credit and INR1.27
crore untied limit of Sanjay Rice Mills Private Limited from
[ICRA]B- to [ICRA]D. ICRA has also revised downwards the short
term rating assigned to the INR0.28 crore untied limit of SRMPL
from [ICRA]A4to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit-
   Term Loan                4.20       [ICRA]D downgraded

   Fund Based Limit-
   Cash Credit              2.75       [ICRA]D downgraded

   Fund Based Limit-
   Cash Credit (Untied)     1.27       [ICRA]D downgraded

   Non-Fund Based Limit-
   Bank Guarantee (Untied)  0.28       [ICRA]D downgraded

The rating action takes into account the recent delays made by the
company in meeting its debt service obligations.

SRMPL has recently set up a rice mill at Cooch Behar in West
Bengal. The commercial operation at the unit commenced in 2014.
The company was initially incorporated as a proprietorship firm
'Sanjay Industries' in 2000. However, subsequently the
constitution of the entity was changed to 'private limited' and it
was renamed to Sanjay Rice Mills Private Limited in 2011.


SERVALAKSHMI PAPER: CARE Reaffirms 'D' Rating on INR324.51cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating to the bank facilities of Servalakshmi
Paper Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    324.51      CARE D Reaffirmed
   Short-term Bank facilities    11.50      CARE D Reaffirmed

Rating Rationale
The rating of Servalakshmi Paper Limited (SPL) continues to be
constrained by delay in debt servicing due to the stressed
liquidity position.

SPL is part of the Servall Group, founded by Mr R Ramaswamy in
Coimbatore (Tamil Nadu). SPL is engaged in manufacturing Newsprint
(NP) and Writing & Printing Paper (WPP). It was initially
incorporated as 'Sri Sai Shakthi Raam Papers Private Limited' in
2005. The company was later converted into a public limited
company in April 2010 and was renamed SPL. The Servall group has
presence in paper machinery manufacture, paper manufacture
(Newsprint and Speciality papers), project consultancy and turnkey
project implementation for paper mills through various group
entities.

SPL has paper manufacturing facilities with an installed capacity
of 90,000MT p.a. to manufacture Newsprint and Writing & Printing
Paper (WPP), using recycled / waste paper at Kodaganallur village,
Tirunelveli, Tamil Nadu. The company has also installed a 15MW
captive co-generation plant at the paper plant. The company did
not have any operations till FY10 (refers to the period April 1 to
March 31) and the commercial production was commenced in April
2010. The company manufactures high-end papers (ranging between 45
to 48 GSM) in newsprint and cream wove, Maplitho, offset print and
text/note book papers in the WPP segment.

The day to day activities of the company are managed by Mr R
Ramaswamy, who is the Chairman and Managing Director of the
company.

SPL has registered a net loss of INR28.3 crore on a total
operating income of INR229.3 crore in FY14 (refers to the period
April 1 to March 31) as compared with a net loss of INR45.8 crore
on a total operating income of INR185.5 crore in FY13.


SGS JEWELLERY: CARE Assigns 'B' Rating to INR6cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of SGS
Jewellery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6         CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of SGS Jewellery
Private Limited (SJPL) is primarily constrained on account of its
financial risk profile marked by the relatively small scale of
operations, thin profitability and leveraged capital structure.
The rating is, further, constrained on account of SJPL's presence
in the highly competitive Gems & Jewellery (G&J) industry,
susceptibility of operating profitability to volatile gold prices
and working capital intensive nature of operations.

The rating, however, favourably takes into account the experience
of the promoters along with wide product offerings by the company.
SJPL's ability to increase its scale of operations along with
better management of working capital and improvement in overall
financial risk profile of the company would be the key rating
sensitivity.

SJPL was incorporated in 2009 by Mr Ajay Jain, Ms Urmila Bairathi
and their relatives. SJPL is engaged in retailing of gold, diamond
and precious stone studded jewellery through its showroom located
in Jaipur. The company is also engaged in manufacturing of gold
jewellery. However, its contribution to Total Operating Income
(TOI) is very small. The company offers wide range of products
that include rings, earrings, pendants, necklaces, bracelets,
bangles, colour stones and medallions. SJPL manufactures its own
designs based on demand of the customers. During FY15, the company
also started whole sale trading of gold and silver jewellery.

During FY14 (refers to the period April 1 to March 31), SJPL
reported a total operating income of INR18.68 crore (FY13:
INR15.53 crore) with a PAT of INR0.02 crore (FY13: INR0.06 crore).
During 11MFY15 (provisional), SJPL has reporteda total operating
income of INR13.77 crore.


SHARTHI COTTGIN: CRISIL Ups Rating on INR140.3MM Bank Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sharthi Cottgin Corporation (SCC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             32.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term      140.3      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Standby Line of Credit    4.7      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan                22.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects SCC's improved liquidity, marked by
sufficient cash accruals against maturing term debt, moderate bank
line utilisation, and unsecured loans from promoters. The upgrade
also factors in improvement in SCC's scale of operations, with net
sales increasing to INR250.9 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR77.9 million in 2013-
14. The firm's cash accruals were estimated at INR6 million in
2014-15 against annual maturing debt of INR3 million.

The rating continues to reflect SCC's small scale of operations in
the highly competitive cotton industry, moderately working-
capital-intensive operations and average financial risk profile.
These rating weaknesses are partially offset by the extensive
experience of SCC's promoters in the cotton industry, and the
firm's proximity to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes that SCC will continue to benefit over the medium
term from the experience of its promoters in the cotton industry.
The outlook may be revised to 'Positive' if the firm reports
higher-than-expected revenue while also improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if decline in revenue or profitability,
stretch in working capital cycle, or any large debt-funded capital
expenditure results in deterioration in its financial risk
profile.

Incorporated in 2013, SCC is a partnership firm located near
Bhavnagar (Gujarat). Its promoters have more than three years of
experience in the cotton industry. SCC reported a profit after tax
(PAT) of INR0.04 million on net sales of INR77.9 million for 2013-
14.


SHEEL IMPEX: CRISIL Assigns B+ Rating to INR7.5MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sheel Impex (SI)).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Packing Credit          42.5        CRISIL A4

   Proposed Long Term
   Bank Loan Facility       7.5        CRISIL B+/Stable

The ratings reflect SI's modest scale of operations and large
working capital requirements. The ratings also factor in the
firm's average financial risk profile constrained by its small
networth. These rating weaknesses are partially offset by its
promoter's extensive experience in the textile trading business.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive industry experience in the
textile trading business. The outlook may be revised to 'Positive'
in case of sustainable improvement in the firm's scale of
operations and profitability leading to improvement in cash
accruals and consequently its financial risk profile or in case of
substantial capital infusions. Conversely, the outlook may be
revised to 'Negative' if SI's financial risk profile weakens most
likely because of decline in its revenue and profitability, or
weakening of its liquidity on account of increase in working
capital requirements or capital drawings.

Established in 2000, SI is a Mumbai-based proprietorship firm of
Mr. Chitwan Doshi. The firm is engaged in trading and export of
fabrics.


SHREE DURGA: CRISIL Suspends 'D' Rating on INR50MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of bank
facilities of Shree Durga Constructions Private Limited (SDCPL).
                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL D
   Overdraft Facility      37.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility      47.5      CRISIL D
   Working Capital
   Term Loan               45        CRISIL D

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

Established in 1987 as a partnership firm by Mr. Narayan, Mr.
Karuppiah and Mr. Veerappan, SDCPL was converted into a private
limited entity in 2006. SDCPL is in the business of laying of
roads.


SHREE SOMNATH: CARE Reaffirms B+ Rating on INR5.44cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Somnath Paper Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.44      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.58      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Shree Somnath Paper
Mills Private Limited (SSPMPL), continue to be constrained by its
nascent stage of operations, presence in the fragmented corrugated
box manufacturing industry, low profitability margins and
leveraged capital structure. The ratings are further constrained
by susceptibility of margins to volatility in the prices of raw
material.

The ratings, however, continue to derive strength from the
experience of the promoters along-with stable demand indicators
from end user industries, mainly the packaging industry.
The ability of SSPMPL to increase its scale of operations along
with improvement in its profitability and management of working
capital remains the key rating sensitivities.

Based out of Kolhapur, SSPMPL was incorporated in the year 2008
and is engaged in the manufacturing of kraft paper which finds its
applications in the packaging industries for manufacturing of
corrugated boxes. The commercial production commenced in February
23, 2013. SSPMPL manufactures kraft papers of various grades, viz,
Burst Factor 14 (BF), BF 16, BF 18 and BF 20 varying from 100 to
200 gsm. The installed capacity for the unit is around 12,000
metric tonnes per annum (MTPA). The major raw material required
for kraft paper is waste products like shredded waste, print cut-
off, waste corrugated boxes and old newspapers. The company
procures these waste products from Goa, Karnataka and the domestic
market of Kolhapur. Furthermore, SSPMPL is selling its products
through local dealers and distributors based in and around the
regions of Kolhapur.

In FY14 (refers to the period April 1 to March 31), SSPMPL
reported a total operating income of INR23.35 crore and net loss
of INR0.68 crore as against a total operating income of INR1.27
crore and net loss of INR0.35 crore in FY13.


SHRI BALAJI: CARE Assigns 'D' Rating to INR7.18cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Shri Balaji
Sahakari Soot Girni Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.18      CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Shri Balaji Sahakari
Soot Girni Limited (SBSSG) factors in the ongoing delays in debt
servicing of its bank facilities.

SBSSG was established as a co-operative society on January 21,
1991, but commenced commercial operation from May 25, 2011
onwards. SBSSG is engaged in cotton spinning through open end
spinning method with an installed capacity of 6,624 spindles for
manufacturing of cotton yarn with end-user industries being power
loom companies situated in and around the area of Washim,
Maharashtra. The society is been promoted by 16 members with main
promoter being Mr Babarao Sahebrao Patil. Furthermore, SSBSSG has
a wide supplier's base for the procurement of cotton bales from
the companies operating in Maharashtra.

In FY14 (refers to the period of April 1 to March 31), SBSSG
earned net deficit of INR0.60 crore on a total operating income of
INR12.01 crore against a net deficit of INR4.16 crore on a total
operating income of INR4.23 crore in FY13.


SRI JAGANNADHA: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sri Jagannadha Surya Lakshmi Rice Mill (SJSLRM).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Key Cash Credit      30         CRISIL B+/Stable
   Open Cash Credit     70         CRISIL B+/Stable

The rating reflects SJSLRM's modest scale of operations in the
intensely competitive rice milling industry and its modest
financial risk profile marked by high gearing, small networth and
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits derived from the extensive
experience of SJSLRM's promoters in the rice milling industry.
Outlook: Stable

CRISIL believes that SJSLRM will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to an improvement in
its financial risk profile, or in case of significant infusion of
capital, resulting in improved capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes
aggressive debt-funded expansions, or if its revenue and
profitability decline substantially, or if the partners withdraw
capital from the firm leading to weakening in its financial risk
profile.

SJSLRM mills and processes paddy into rice, rice bran, broken
rice, and husk. The firm was set up by Mr. P Jaganaddha Raju and
his family members.

For 2013-14 (refers to financial year, April 1 to March 31),
SJSLRM reported a profit after tax (PAT) of INR1 million on net
sales of INR277 million, against a PAT of INR1 million on net
sales of INR240 million for 2012-13.


SRI SAIBALAJI: CRISIL Reaffirms D Rating on INR543.2MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Saibalaji
Spintex India Pvt Ltd (Sri Saibalaji) continues to reflect
instances of delay by Sri Saibalaji in servicing its debt; the
delays have been caused by the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           150       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50       CRISIL D (Reaffirmed)

   Term Loan             543.2     CRISIL D (Reaffirmed)

Sri Saibalaji also has a modest scale of operations in the
fragmented cotton spinning industry, and its operating margin is
susceptible to volatility in raw material prices. However, Sri
Saibalaji benefits from the experience of its promoters in the
textile industry.

Sri Saibalaji was incorporated in 2010 by Mr. N Nageshwara Rao and
Mr. K Butchaiah. The company manufactures cotton yarn; its
spinning unit is in Guntur (Andhra Pradesh).


SURANA POWER: CARE Lowers Rating on INR1,800cr LT Bank Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Surana Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1,800      CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the rating takes into account the instances of
delays in servicing of the debt obligations by Surana Power
Limited (SPL).

SPL, a subsidiary of Chennai-based Surana Industries Limited, is
engaged in power generation. Presently the company is running a
35-MW coal-based power plant at Raichur, Karnataka and is
implementing a 420 MW (2X210) adjacent to existing plant at
Raichur (Karnataka).

SIL is promoted by Mr.G.R.Surana, Mr.Dineshchand Surana and two of
their brothers. The family members have four decades of experience
in the field of gold jewellery trading and leasing & hire
purchase. They have entered into steel trading in the year 1986.
Subsequently they entered in steel manufacturing in 1994. SIL has
now ventured into power generation through SPL.

During FY14 (refers to period April 1 to March 31), the company
registered total income of INR71 crore during FY14 and made a loss
of INR22 crore as against the total income of INR89 crore and a
loss of INR9 crore in FY13.


SWASTIK ENTERPRISES: CRISIL Assigns B- Rating to INR65M Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Swastik Enterprises - New Delhi (SE).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      60        CRISIL B-/Stable
   Cash Credit           65        CRISIL B-/Stable

The rating reflects SE's modest scale of operations, exposure to
revenue concentration risk, susceptibility of its operating margin
to fluctuations in foreign exchange (forex) rate and volatility in
metal scrap prices. The rating also factors in SE's weak financial
risk profile, marked by small net worth and high external
indebtedness. These rating weaknesses are partially offset by its
promoters' extensive experience in the steel industry.
Outlook: Stable

CRISIL believes that SE will benefit from its promoters' extensive
experience in the steel industry. The outlook may be revised to
'Positive' if the firm substantially increases its scale of
operations without affecting its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
SE's profitability declines most likely due to adverse movement in
metal scrap prices, or if the firm undertakes a large debt-funded
capital expenditure impacting its financial risk profile, or its
working capital requirements increase resulting in weak liquidity.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta,
is located in New Delhi. It was reconstituted as a partnership
firm in 1991. SE trades in steel scraps and cold-rolled sheets; it
sells steel scraps to thermo-mechanically treated (TMT) steel bar
manufacturers, auto manufacturers and casting units. The firm's
operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta and Mr.
Arun Gupta.

SE reported a profit after tax (PAT) of INR2.88 million on net
sales of INR574.3 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR53.48 million on net
sales of INR629.9 million for 2012-13.


TEKNO PRINT: CARE Assigns 'B+' Rating to INR4.80cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Tekno Print Solutions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.80      CARE B+ Assigned
   Short-term Bank Facilities     0.20      CARE A 4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Tekno Print
Solutions (TPS) are primarily constrained by its small scale of
operations with low net-worth base, highly leveraged capital
structure, high average collection period, presence in a highly
fragmented industry characterized by intense competition and
constitution of the entity as a partnership firm.

The ratings, however, derive comfort from the experienced
management and moderate profitability margins.
Going forward, the ability of the firm to increase its scale of
operations along with improvement in the capital structure and
efficient working capital management would be the key rating
sensitivities.

TPS was initially established as a proprietorship firm by Mr
Parshant Mudgil in June 2012. In July 2013, the constitution was
converted to a partnership firm having Mr Sanjeev Chowdary, Mr
Parshant Mudgil and Mr Deepak Kumar as its partners sharing profit
and loss in the ratio of 51.00%, 24.50% and 24.50%, respectively.
FY14 (refers to the period April 01 to March 31) was the first
full year of operations. TPS is engaged in the trading of printing
material like rollers, blankets, solvents and adhesives. The firm
is the authorized dealer of 'Bottcher Systems' and also procures
material from various manufacturers based in Maharashtra, Delhi,
Madhya Pradesh and Punjab and supplies to wholesalers and
retailers located in Punjab, Himachal Pradesh, Uttar Pradesh and
Uttarakhand.

For FY14 (refers to the period April 1 to March 31), TPS achieved
a total operating income of INR5.10 crore with PBILDT and PAT of
INR0.22 crore and INR0.19 crore, respectively. Furthermore, in
FY15 (as per unaudited results), TPS achieved a total operating
income of INR24.38 crore.


VENKY HI-TECH: ICRA Reaffirms B+ Rating on INR24cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR1.5 crore term
loan, INR24 crore cash credit facility and INR3 crores unallocated
facilities of Venky Hi-Tech Ispat Ltd. ICRA has also reaffirmed
the [ICRA]A4 rating of the INR1.5 crore letter of credit facility
of VHTIL. The unallocated limits of INR3 crores have also been
rated in the short term for which the rating was reaffirmed at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              1.50       [ICRA]B+ reaffirmed
   Cash Credit           24.00       [ICRA]B+ reaffirmed
   Letter of Credit-
   Non-fund based         1.50       [ICRA]A4 reaffirmed
   Unallocated            3.00       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in VHTIL's
weak financial risk profile as reflected by low profitability,
nominal cash accruals and adverse debt coverage indicators. ICRA
notes that although the company incurred losses in its steel
making business in FY14, it was able to post profits largely
driven by profits from trading of commodity derivatives and income
from trading. The ratings also take into account low capacity
utilisation of the rolling mill, which adversely affects the
return on capital employed, the vulnerability of the profitability
to adverse movement in raw material prices, and the working
capital intensive nature of operations that adversely affects the
company's liquidity position. The ratings also incorporate the
company's exposure to the cyclicality associated with the steel
industry, which is passing through a downturn at present. The
ratings however, favourably take into account the experience of
the promoters in the steel industry, diversified product mix and
the partially integrated nature of operations with the presence of
both billet and thermo-mechanically treated (TMT) bars
manufacturing units.

VHTIL was incorporated in December 2003 and currently has 36,000
tons per annum (tpa) ingot and 84,000 tpa thermo-mechanically
treated manufacturing facility at Durgapur, West Bengal.

Recent Results
The company reported a net profit of INR0.42 crores in FY14 on an
OI of INR142.52 crore, as compared to a net profit of INR0.38
crores on an OI of INR154.01 crores during FY13.


WADHWANI PARMESHWARI: CRISIL Reaffirms B Rating on INR90MM Loan
---------------------------------------------------------------
The rating continues to reflect Wadhwani Parmeshwari Cold Storage
Pvt Ltd's (WPCS's) weak financial risk profile, marked by small
net worth, high gearing, and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          90         CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit          3.5       CRISIL B/Stable (Reaffirmed)
   Term Loan             6.5       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's small scale of
operations, and susceptibility to intense competition in the
highly fragmented cold storage industry. These rating weaknesses
are partially offset by the benefits that WPCS derives from its
promoters' extensive industry experience, established
relationships with customers, and advantageous location of cold
storage unit.
Outlook: Stable

CRISIL believes that WPCS will benefit from its promoters'
extensive experience in the cold storage industry, though its
financial risk profile will remain weak over the medium term due
to large working capital requirements and modest cash accruals.
The outlook may be revised to 'Positive' if large cash accruals
and sizeable infusion of funds by the promoters strengthen the
company's financial risk profile, particularly capital structure.
Conversely, the outlook may be revised to 'Negative' if stretch in
working capital cycle, any default by customers, and declining
commodity prices weaken the financial risk profile.

Incorporated in 2000, WPCS operates a cold storage unit and
banana-ripening unit at Nagpur (Maharashtra). It is promoted by
Mr. Prakash Wadhwani. The company provides cold storage and
banana-ripening facilities to various farmers and traders.

WPCS has reported net sales and profit after tax (PAT) of INR20.9
million and INR1.6 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31) against a PAT of INR1.6
million on net sales of INR23.3 million in 2012-13.



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


SHARP CORP: Considers Substantial Capital Reduction
---------------------------------------------------
Kyodo News reports that Sharp Corp. is considering reducing its
capital substantially to put itself into the tax category of
"small- and medium-size companies" to ease its tax burden, sources
said on May 9.

According to the report, sources said the struggling electronics
maker plans to cut its capital from the current JPY120 billion ($1
billion) to JPY100 million or less, the corporate tax threshold
for small- and medium-size companies.

Kyodo News relates that sources said the move, which is very
unusual for companies like Sharp, which has consolidated sales of
nearly JPY3 trillion, has been largely endorsed by its creditor
banks.

The capital reduction, which would help Sharp wipe out its
accumulated losses, will be proposed at a general shareholders'
meeting in June, Kyodo's sources said. The plan will be announced
Thursday along with the company's latest earnings report and its
new medium-term management program, according to the sources.

Unlike in the case of 100 percent capital reductions by bankrupt
firms, the 99 percent reduction eyed by Sharp will keep existing
shareholders' voting rights intact, Kyodo relates.

Kyodo notes that Sharp is likely to have a net loss of about
JPY200 billion in the fiscal year that ended in March, with the
red ink expected to continue in the current year. The report says
the company is considering extensive restructuring measures,
including a cut of some 5,000 jobs at home and abroad as well as
plant closures.

Sharp has effectively gotten the green light to receive JPY200
billion in financial support from its two main creditor banks --
Mizuho Bank and the Bank of Tokyo-Mitsubishi UFJ -- and is also
planning to receive JPY25 billion from a corporate reconstruction
fund that the two banks have invested in, Kyodo adds citing
sources close to the matter.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2015, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+'.  The ratings
remain on CreditWatch with negative implications.  S&P lowered its
short-term corporate credit and commercial paper program ratings
on Sharp to 'C' and placed them on CreditWatch with negative
implications.  S&P also lowered its long-term corporate credit
rating on Sharp's overseas subsidiary Sharp International Finance
(U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative
implications.  S&P lowered its short-term corporate credit and
commercial paper program ratings on Sharp International Finance to
'C' and placed the ratings on CreditWatch with negative
implications.  On Feb. 4, 2015, S&P placed the long-term ratings
on Sharp and its subsidiary on CreditWatch with negative
implications following Sharp's announcement of a steep cut in
forecast earnings.

The downgrades and CreditWatch placements reflect S&P's view that
Sharp is more likely than previously to ask its main lender banks
for support in a form S&P defines as 'SD' (selective default),
such as a debt-for-equity swap, modifications to existing debt, or
a debt waiver.  S&P may further lower its ratings on Sharp by more
than one notch if in the next few months S&P sees a greater
likelihood of lender bank support in a form it deems as 'SD'.



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


NZF GROUP: Enters Into Voluntary Administration
-----------------------------------------------
Suze Metherell at BusinessDesk reports that NZF Group, the former
financial services company, has entered voluntary administration
after its second reverse listing proposal fell through.

Last month the Auckland-based finance company said it would look
to find a way to return funds to its noteholders "in a timely and
cost effective manner" after plans for its listed shell to be used
by Inventory Technologies in a reverse listing fell through, the
report recalls. NZF is now appointing administrators to "expedite
a timely distribution of funds to the holders of NZF capital
notes," NZF said in a statement, the report relays.

BusinessDesk says NZF has some NZ$18 million in notes listed on
the NZX's debt market, and carry an annual interest of 6 percent
and last traded in June 2013 for a yield of 260 percent. The notes
are priced at NZ$21.353 for every NZ$100. NZF shares last traded
at 1 cent, valuing the company at Nz$1.1 million. Both notes and
shares have been suspended since April last year, BusinessDesk
notes.

According to BusinessDesk, the board first suggested liquidation
in April last year, when restructuring plans aimed at returning
the company to profitability fell over after auditor RSM Prince
resigned a day after NZF was forced to restate its first-half
results for a second time.  BusinessDesk relates that the move was
blocked by Nessock Custodians, which according to NZFs annual
report holds 15.8 percent of NZF's NZ$18 million in capital notes,
as it tried to find more value in the business.

Since then NZF has had two failed attempts at a reverse listing,
says BusinessDesk.

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


                             *********

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

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

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


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

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

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

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

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



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