TCRAP_Public/150513.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

            Wednesday, May 13, 2015, Vol. 18, No. 093


                            Headlines


A U S T R A L I A

BELL GROUP: Western Australia Seizes Bell Group Creditor Pool
FIRSTMAC MORTGAGE 1-2015: S&P Prelim. Rates Class D Notes BB
NINJA BLOCKS: Shuts Down After Kickstarter Money Dries Up
RAINBOW LEGEND: ASIC Cancels AFS License Over False Statements
W.E. SMITH: In Voluntary Admin.; 1st Creditors Meeting on May 19


C H I N A

AGILE PROPERTY: S&P Assigns 'B+' Rating on Proposed US$ Sr. Notes
DTS8 COFFEE: To Relocate Head Office to Vancouver, Canada
INTERNATIONAL TEXTILE: Posts $4.67-Mil. Net Loss in First Quarter


I N D I A

AGRI GOLD: CARE Lowers Rating on INR41.64cr LT Loan to D
ALTAIR INDUSTRIAL: ICRA Assigns 'B' Rating to INR9cr Cash Loan
ARHAM NON WOVEN: CRISIL Assigns B+ Rating to INR115.5MM Term Loan
BALMUKUND SPONGE: ICRA Withdraws 'D' Rating on INR76.29cr Loan
DASHMESH RICE: CARE Assigns 'B' Rating to INR9.68cr LT Loan

EDUCOMP INFRA: CARE Reaffirms D Rating on INR1,069.29cr Loan
EFFIEL INFRASTRUCTRE: CARE Cuts Rating on INR2cr Loan to B
EHSAAS FROZEN: CRISIL Assigns B- Rating to INR67.5MM Term Loan
EL BETHEL: CARE Assigns 'B' Rating to INR22cr Long Term Loan
ELECTRONICS TECHNOLOGY: CRISIL Reaffirms D Rating on INR4BB Loan

EXCEL VEHICLES: CARE Reaffirms B+ Rating on INR25cr LT Loan
FORTUNE CARS: CARE Assigns 'B' Rating to INR11cr Long Term Loan
GIRNAR PACKAGING: CARE Rates INR6cr Long Term Loan at B+
GMR KAMALANGA: CARE Lowers Rating on INR5,173.8cr Loan to D
HELIOS & MATHESON: CRISIL Cuts Rating on INR1.56BB Loan to D

IMPERIAL SHAH: CRISIL Assigns B+ Rating to INR50MM Cash Loan
INDRAYANI SALES: CRISIL Reaffirms B+ Rating on INR87MM Cash Loan
JANANI INTERNATIONAL: CRISIL Reaffirms 'B+' INR42MM Loan Rating
JCT LIMITED: CARE Assigns 'B' Rating to INR28cr LT Loan
K C MALL: CARE Assigns 'B' Rating to INR15r Long Term Loan

KUSMASULI MULTIPURPOSE: CRISIL Cuts Rating on INR47M Loan to D
KUTTANAD RUBBER: CRISIL Assigns B Rating to INR63.5MM Loan
MAA MANGALA: ICRA Lowers Rating on INR9.50cr Cash Credit to D
MAHAVEER INFRAENGINEERING: CRISIL Reaffirms B Cash Credit Rating
MANIKCHAND VASUDHA: ICRA Suspends B+ Rating on INR17cr Term Loan

MBS SERVICES: CARE Assigns B Rating to INR16.40cr LT Loan
NEW BONANZA: CRISIL Assigns B+ Rating to INR65MM Cash Loan
PASHANKAR AUTO: CRISIL Reaffirms B Rating on INR375MM Bank Loan
PLG PHOTOVOLTAIC: CARE Ups Rating on INR213cr LT Loan From C
PRECA SOLUTIONS: CRISIL Reaffirms B+ Rating on INR232.3MM Loan

RENUKAANAND AND COMPANY: CARE Rates INR8cr LT Loan at B+
SAI INDUSTRIES: CARE Assigns 'B' Rating to INR6.8cr LT Loan
SHANKARA SAI: ICRA Assigns 'B' Rating to INR3.50cr LT Loan
SHREE GANESH: CARE Assigns B Rating to INR6cr Long Term Loan
SHREE GANESH: ICRA Lowers Rating on INR203.47cr Term Loan to D

SHREE KRISHNA: ICRA Withdraws 'B/A4' Rating on INR36cr Loan
SHRI GARGI: CARE Reaffirms B+ Rating on INR20cr LT Loan
SILK WOVEN: CARE Reaffirms B+ Rating on INR6.5cr LT Loan
SPENTEX INDUSTRIES: CARE Reaffirms 'D' Rating on INR404.76cr Loan
SRI VIJAYA: CRISIL Reaffirms B Rating on INR70MM Cash Loan

SUNBRIGHT CERAMIC: CRISIL Assigns 'B+' Rating to INR36MM LT Loan
SUNNY VALLEY: ICRA Lowers Rating on INR7cr Cash Credit to 'D'
SUPER AGRI: CARE Reaffirms B Rating on INR35cr Cash Credit
SUPER FLOORINGS: CARE Assigns 'B' Rating to INR11.82cr LT Loan
SWAMI HITECH: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan

TIRUPATI FOOD: CARE Reaffirms 'B' Rating on INR24.5cr LT Loan
TREND SETTERS: CRISIL Assigns B Rating to INR40M Bill Discounting
VEER OIL: CRISIL Reaffirms B+ Rating on INR11.8MM Term Loan
VENUS CONTROLS: CARE Assigns B+ Rating to INR30cr LT Loan
VIVA BOARDS: CRISIL Reaffirms D Rating on INR117MM Term Loan


N E W  Z E A L A N D

HAMMERHEADS: Auckland Restaurant Goes Into Liquidation
WESTERN PACIFIC: Liquidation to Conclude by End Of Next Year


                            - - - - -


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


BELL GROUP: Western Australia Seizes Bell Group Creditor Pool
-------------------------------------------------------------
John Weavers at Reuters reports that the state government of
Western Australia has broken widely held conventions with the
introduction of legislation to seize and distribute
AUD1.7 billion (US$1.3bn) owed to the remaining creditors of the
Bell Group of companies.

Reuters relates that a government authority has been appointed to
prevent further litigation over the liquidation of Bell Group in
1991, a legal case that has dragged on for two decades.

Crucially, the bill enables the Insurance Council of Western
Australia to secure a bigger share of the creditor pool than it
may otherwise receive from a mediation process between creditors
due to begin in Singapore on May 12, says Reuters.

According to Reuters, the ICWA, formerly the State Government
Insurance Commission, has led and financed the 20-year legal case
to the tune of AUD240 million against 20 Australian and
international banks to recover money and assets the banks seized
following the collapse of Alan Bond's Bell Group.

The report relates that the creditors won a court battle against
Bell Group's banks in 2012 before the two sides reached a
settlement that was finalised last June and created a pool of
AUD1.7 billion to be distributed to creditors.

Reuters says the problem for ICWA is that its subordinated bonds
may place it below others in the creditor queue, including Dutch
distressed-debt specialist Louis Reijtenbagh and a group led by
Perth litigation funder Hugh Mcleron.

Reuters reports that WA Treasurer Mike Nahan told Parliament this
week: "It was hoped that after that settlement, the creditors of
Bell Group would work together to bring about a swift and
equitable distribution of those funds. That hope has not been
realised."

"After two decades of incredibly expensive litigation, the State
Government is not inclined to let a third decade of litigation
pass," Nahan said, adding that legislation provided certainty
about the process of distributing funds to creditors.

Anyone attempting to impede the new law faces draconian
punishments, including a AUD200,000 fine or five-year jail
sentence, which may prove a sufficient stick to halt the mediation
process in its tracks, the report states.

Reuters says critics argue that the bill has overridden the
Corporations Law and pre-existing agreements and could have
negative implications for Western Australia's ratings and its
ability to raise funds in offshore markets, especially in euros.

However, ratings agencies have taken a relaxed view so far, while
Western Australia has only accessed the domestic bond market,
where demand for semi-government paper is extremely high due to
its status as a rare Level 1 high-quality liquid asset for Basel
III purposes, the report notes.

Standard & Poor's put Western Australia's AA+ rating on negative
outlook in April, citing the impact of slumping iron ore prices on
royalty payments, Reuters says.

                       About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.


FIRSTMAC MORTGAGE 1-2015: S&P Prelim. Rates Class D Notes BB
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to seven of the eight classes of prime residential
mortgage-backed securities (RMBS) to be issued by Firstmac
Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage
Funding Trust No.4 Series 1-2015.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses S&P applies.  This credit support
      comprises lenders' mortgage insurance to 55.6% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity reserve equal to 1.2% of the invested amount of
      all notes that is to be provided through note overissuance,
      principal draws, a spread reserve that builds from
      available excess spread, and 24 months' timely payment
      cover on approximately 48.7% of loans in the portfolio, are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Westpac Banking Corp. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

A copy of Standard & Poor's complete report for Firstmac Mortgage
Funding Trust No.4 Series 1-2015 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/3182.pdf

PRELIMINARY RATINGS ASSIGNED

Class       Rating         Amount (A$ mil.)
A-1         AAA (sf)       300.0
A-2         AAA (sf)       125.0
A-3         AAA (sf)        25.0
AB          AAA (sf)        29.0
B           AA- (sf)        13.5
C           A (sf)           3.5
D           BB               3.1
E           NR               0.9
NR--Not rated.


NINJA BLOCKS: Shuts Down After Kickstarter Money Dries Up
---------------------------------------------------------
Kye White at SmartCompany reports that internet of things startup
Ninja Blocks has shut down after running out of money.

The startup was founded in 2012 and is a graduate of the Startmate
accelerator program. Late last year it raised AUD700,000 from
SingTel Innov8, Blackbird Ventures and 500 Startups, to launch its
latest product the Ninja Sphere, SmartCompany discloses. It has
also received investment from Atlassian founders Mike Cannon-
Brookes and Scott Farquhar.

Its home automation product Ninja Sphere smashed its Kickstarter
goal of AUD155,000, raising AUD703,000. In a blog post announcing
the decision to close, Ninja Blocks' Elliot Shepherd said all but
300 of the Spheres are built and ready to ship, SmartCompany
relates. The plan is to try and get at least one Sphere to every
Kickstarter backer. Those that ordered more than one Sphere might
not get their whole reward.

"This feels wrong, like we'll be annoying the people who were our
strongest supporters, but we don't have a better option," the
report quotes Mr. Shepherd as saying. "If and when we could get
Ninja back up and running, building and shipping those 300 Spheres
would be our first job and highest priority."

According to the report, Mr. Shepherd said development of Sphere
ran overtime and as a consequence over budget. When the
possibility of further investment fell through, the startup
decided to shutdown in order to pay creditors and ship "almost
all" the Spheres that were promised.

"Even with all the ninjas earning far below what they would expect
to get somewhere else, our burn rate couldn't be sustained
forever," Mr. Shepherd, as cited by SmartCompany, said.  "Ninja
Blocks has always run lean, and when the next round of investment
fell through we didn't have much runway left to adjust course.

"With no credible source of funding on the horizon, and hardware
still undelivered to Kickstarter backers we made the difficult
decision to down-tools."

SmartCompany relates that Mr. Shepherd said the Ninja Blocks team
would love to find a way to stay together and keep working on
Sphere, but "Ninja Blocks, the company, will almost surely be
dead".


RAINBOW LEGEND: ASIC Cancels AFS License Over False Statements
--------------------------------------------------------------
Following an investigation, Australian Securities and Investment
Commission has cancelled the Australian financial services (AFS)
licence of FX provider Rainbow Legend Group Pty Ltd for failing to
comply with its obligations, including making false and misleading
statements.

The move is part of ASIC's ongoing crackdown on the margin FX
industry and work around retail investment in foreign exchange
which has resulted in a number of outcomes recently. There are
several more investigations on foot.

ASIC's investigation found the company falsely promoted on a
number of websites an insurance compensation scheme for clients of
up to AUD2.5 million. The scheme does not exist in Australia, and
would not apply to clients based in Australia or to services
covered under Rainbow Legend's licence.

The use of ASIC's logo on the websites and could have led clients
to wrongly believe the company was in some way endorsed or
approved by ASIC.

The company had also not complied with a number of its reporting
obligations, including failing to lodge financial statements for
the years ended 30 June 2013 and 30 June 2014, and an auditor's
report for two financial years.

ASIC Commissioner Greg Tanzer said, 'In a global market it is
necessary to recognise that an AFS licence only covers financial
services offered in Australia.

'It is also vital an entity holding a AFS licence complies with
their reporting requirements to ensure users of financial reports,
such as creditors and investors, have the proper information to
make informed decisions.'
Background

Rainbow Legend promotes itself as a global Forex and CFD brokerage
company specialising in derivative trading. It operates the
following websites:

    www.//rlg88.com
    www.rainbowlegendgroup.com
    www.rlg88.org
    www.rainbowlegendgroup.com.au

The cancellation of its licence took effect on April 30, 2015.


W.E. SMITH: In Voluntary Admin.; 1st Creditors Meeting on May 19
----------------------------------------------------------------
Kirsten Robb at SmartCompany reports that W.E. Smith Engineering
has collapsed into voluntary administration.

W.E. Smith Engineering, based in Coffs Harbour, is the latest
engineering company to collapse after a string of businesses have
succumbed to rising pressure in the industry over the past 12
months, SmartCompany says.

Mark Robinson, Daniel Walley and Alan Walker were appointed as
administrators of W.E. Smith on May 11, the report discloses.

The first meeting of the company's creditors will be held in
Sydney on May 19.

Established in 1922, W.E. Smith specialises in the design and
manufacture of equipment in 'exotic' materials and is also well
known for its autoclaves used in the mineral processing
industries.



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C H I N A
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AGILE PROPERTY: S&P Assigns 'B+' Rating on Proposed US$ Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by Agile Property Holdings Ltd. (BB-/Stable/--;
cnBB+/--).  S&P also assigned its 'cnBB' long-term Greater China
regional scale rating to the fixed-rate notes.  The ratings are
subject to S&P's review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Agile to reflect the structural subordination
risk.  Agile intends to use the net proceeds from the proposed
notes to refinance its existing debt, including a bridge loan
issued in 2014.  Such use of the notes proceeds could extend the
company's debt maturity profile and somewhat ease its currently
tight liquidity position, in our view.

The rating on Agile reflects the company's sales concentration in
Guangdong and Hainan provinces and its declining profitability due
to a pressure to clear inventory.  The rating also reflects S&P's
view that Agile's leverage will remain high and liquidity will
stay tight over the next 12 months.  The company's established
market position in its key markets and its sizable low-cost land
bank partly temper these weaknesses.

The stable outlook on Agile reflects S&P's expectation that the
company's property sales will increase moderately over the next 12
months.  It also reflects S&P's view that Agile will maintain a
stable capital structure and cash flow adequacy.


DTS8 COFFEE: To Relocate Head Office to Vancouver, Canada
---------------------------------------------------------
DTS8 Coffee Company, Ltd., said it will relocate its corporate
head office from Shanghai, China, to Vancouver, British Columbia,
Canada, and plans to be fully operational Aug. 1, 2015.  The sales
office in Shanghai and the roasting facility in Huzhou will be
unaffected.  The relocation will strengthen DTS8 by hedging the
country risk associated with doing business exclusively in China.

It will allow DTS8 to pursue new revenue opportunities in the
North American green bean coffee market.

Mr. Alex Liang, Chairman of DTS8, said, "DTS8 plans to expand its
footprint with a steady flow of roasted and green bean coffee
products targeted at the growing North American gourmet coffee
market and allowing us to be well-positioned for future growth
opportunities in China and North America."

Mr. Alex Liang , added, "this relocation is focused on
implementing necessary measures with a view towards improving our
operations in China, increasing revenues for the benefit of our
shareholders, and to minimize the negative perceptions associated
with being a solely China based company."

                         About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd.  On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.

DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008.  DTS8 Coffee's
office and roasting factory is located in Shanghai, China.  DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China.  It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

DTS8 Coffee incurred a net loss of $2.31 million on $310,003 of
sales for the year ended April 30, 2014, as compared with a net
loss of $1.11 million on $254,000 of sales during the prior year.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the Company's financial statements
for the year ended April 30, 2014, citing that the Company has
suffered recurring losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.


INTERNATIONAL TEXTILE: Posts $4.67-Mil. Net Loss in First Quarter
-----------------------------------------------------------------
International Textile Group, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to common stock of $4.67 million on $144
million of net sales for the three months ended March 31, 2015,
compared to a net loss attributable to common stock of $8.20
million on $145 million of net sales for the same period in 2014.

As of March 31, 2015, the Company had $328 million in total
assets, $395 million in total liabilities, and a $67.5 million
total stockholders' deficit.

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

                        http://is.gd/wEEOhG

                   About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of $15.4 million on $595 million of net sales for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
stock of $10.9 million on $600 million of net sales in 2013.



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AGRI GOLD: CARE Lowers Rating on INR41.64cr LT Loan to D
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Agri Gold Foods And Farm Products Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     41.64      CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities    10.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings takes into account delays in servicing
of debt obligations owing to the stretched liquidity position of
the company.

Agri Gold Foods and Farm Products Limited (AGFFPL) was
incorporated in November 1995 as Agri Gold Farms Limited and the
name was changed to the current nomenclature in April 2006. AGFFPL
is engaged in the business of food & seed processing and trading
of food products, seeds, dairy products, cosmetics & health care
products at its processing unit in Payakapuram, Vijayawada, Andhra
Pradesh.


ALTAIR INDUSTRIAL: ICRA Assigns 'B' Rating to INR9cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR9.00
crore cash credit and INR1.00 crore term loan facilities of Altair
Industrial Technologies Private Limited. ICRA has also assigned
the short term rating of [ICRA]A4 to the INR27.50 crore non fund
based facilities of AIPL.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long Term, Fund
   Based-Term Loan             1.00       [ICRA]B Assigned

   Long Term, Fund
   Based-Cash Credit           9.00       [ICRA]B Assigned

   Short Term, Non-
   Fund Based                 27.50       [ICRA]A4 Assigned

The assigned ratings take into account considerable promoter's
experience of more than a decade in the industry and presence in
various niche business verticals introducing entry barriers and
ensuring healthy operating margins. The company has a reputed
client base and execution track record for several government
organizations such as Indian Air Force (IAF), Indian Navy, Garden
Reach Shipbuilders and Engineers Limited (GRSE) and NTPC Limited
which have ensured repeated business during last few years. ICRA
also factors in diversified revenue stream arising from varied
products & services profile of the company.

The ratings, however, are constrained by strained liquidity
profile of the company resulting from stretched debtor recovery
due to limited bargaining power with the clients along with
sizeable bad debts written off during FY14. The revenues of the
company have been fluctuating over the years along with high
working capital intensity due to order based nature of business.
The financial profile of the company remains stretched
characterized by leveraged capital structure and weak coverage
indicators in line with thin accruals. The client concentration
risk for the company remains high though the same is expected to
moderate with ongoing business diversification. ICRA also takes
into account relatively small scale of operations of the company.
Going forward, timely order book execution and debtor recovery
will be key rating sensitivities.

AIPL was established in the year 2003 as a private limited company
in the name of Altair Industrial Consumables Private Limited and
renamed to Altair Industrial Technologies Private Limited in
January 2012. AIPL is engaged in various niche business segments
such as erecting/assembling of online turbine cooling system, dry
dock shelters (for ships) and sun shelters (for helicopters and
aircraft) and trading of fire resistant paints. The company is
promoted by Mr. Anil Anand and Mr. Anoop Anand who have experience
of around a decade in the industry.

Recent Results
AIPL has reported OPBDIT of INR3.56 crore in FY14 on an operating
income of INR31.72 crore. The company has reported PAT of INR0.40
crore during the same period.


ARHAM NON WOVEN: CRISIL Assigns B+ Rating to INR115.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Arham Non Woven Pvt Ltd (ANWPL). The rating
reflects ANWPL's initial phase and modest scale of operations,
large working capital requirements, and a weak capital structure.
These rating weaknesses are partially offset by its promoters'
extensive experience and the company's technologically advanced
product.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          30          CRISIL B+/Stable
   Term Loan           115.5        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that ANWPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises its
operations in time, leading to large cash accruals, or its
financial risk profile improves driven by sizeable equity
infusion. Conversely, the outlook may be revised to 'Negative' if
it generates low cash accruals because of reduced order flow or
profitability, or its financial risk profile deteriorates, most
likely because of stretch in working capital cycle or substantial
debt-funded capital expenditure.

ANWPL was incorporated in January 2014 by Mr. Dharmesh Jain and
Mr. Nishant Daga. The company, based in Surat, manufactures
technical textile fabric made out of polypropylene. The plant is
located at Mangrol in Surat (Gujarat). It started commercial
operations in January 2015.


BALMUKUND SPONGE: ICRA Withdraws 'D' Rating on INR76.29cr Loan
--------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to the
INR76.29 crore, long term loans and working capital facilities,
and the [ICRA]D rating assigned to the INR21.56 crore, short term,
non-fund based, letter of credit, bank guarantee and forward
contract facilities of Balmukund Sponge & Iron Limited. As per
ICRA's policy on withdrawals, ICRA can withdraw the ratings in
case the ratings remain suspended for more than three years.


DASHMESH RICE: CARE Assigns 'B' Rating to INR9.68cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Dashmesh
Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.68       CARE B Assigned

Rating Rationale
The ratings assigned to the bank facilities of Bajwa Gram Udyog
Samiti (BGUS) are primarily constrained by its small scale of
operations, weak financial risk profile, working capital intensive
nature of operations, susceptibility to fluctuations in raw
material prices and fragmented nature of industry. The ratings,
however, derive strength from the past experience of the promoters
and favourable processing location.

The ability of the firm to profitably scale up its operations,
manage the working capital requirements with improvement in the
capital structure will remain the key rating sensitivities.

Dashmesh Rice Mills (DRM), a partnership firm, was incorporated in
2003 by Mr Ranjit Singh and Mr Jasbir Singh. The firm is engaged
in processing of paddy (basmati and non-basmati) at its
manufacturing facility located at Ghogra, Punjab having an
installed capacity of 9 metric ton per hour (MTPH) as on March 31,
2014. DRM procures paddy directly from local grain markets through
commission agents located in Punjab. Further, the firm sells its
products in the states of Punjab, Haryana, Rajasthan and Delhi
through a network of commission agents.

DRM registered a total operating income of INR20.25 crore during
FY14 (refers to the period April 1 to March 31) with a PAT of
INR0.05 crore as against a total operating income of INR12.61
crore with PAT of INR0.03 crore in FY13.


EDUCOMP INFRA: CARE Reaffirms D Rating on INR1,069.29cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Educomp Infrastructure & School Management Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1069.29     CARE D Reaffirmed

Rating Rationale
The rating of the bank facilities of Educomp Infrastructure &
School Management Limited (EISML) continue to factor past delays
in servicing of the company's debt obligations.

CARE has also withdrawn the rating assigned to the NCD issue of
EISML with immediate effect, as the company has fully repaid the
amounts under the said issue and there is no amount outstanding
under the issue as on date.

EISML was promoted in September 2006 by Educomp Solutions Limited
(ESL) with an objective of developing quality schools across the
country. ESL, which holds 83.38% stake in EISML, is one of India's
largest providers of technology-based education products and
services for the K-12 education. ESL was promoted by Mr Shantanu
Prakash, who has a wide experience in the field of education
technology and pedagogy.

On account of delays in attainment of critical student capacity of
schools and investments in non-income generating assets the
company was unable to meet its debt obligations on time and
approached the CDR cell for restructuring of the debt.

The proposal for restructuring of debt was approved on
November 14, 2013 with cut-off date as April 1, 2013.

During FY14, EISML registered a total operational income of INR88
crore (Rs.142 crore in FY13) with a net loss of INR130 crore
(INR33 crore in FY13).


EFFIEL INFRASTRUCTRE: CARE Cuts Rating on INR2cr Loan to B
----------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Effiel Infrastructre Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       2        CARE B Revised from
                                            CARE BB-
   Short term Bank Facilities     10        CARE A4 Reaffirmed

Rating Rationale
The revision in the ratings of Effiel Infrastructure Private
Limited (EIPL) takes into account the deterioration in the
company's financial risk profile as exhibited by the decline in
scale of operations and cash accruals in FY14 (refers to the
period April 01 to March 31). Furthermore, the ratings of the
company continued to remain constrained by limited experience of
the promoters in the construction business with short track record
of operations, high working capital limit utilization and
fragmented nature of the industry characterized by intense
competition.

The ratings, however, derive strength from the moderate capital
structure of the company and comfortable working capital cycle.
Going forward, EIPL's ability to improve the financial risk
profile while effectively managing its foreign exchange
fluctuation risks shall be the key rating sensitivities.

EIPL was incorporated in 2006 as Close Cut Communication Private
Limited and its name was changed to the present one on May 17,
2010. The current management comprises Dr Zora Singh, Ms Tajinder
Kaur (wife of Mr Zora Singh) and Mr Sandeep Singh (son of Mr. Zora
Singh). The company undertakes civil construction projects on
turnkey basis. EIPL commenced its commercial operations from
October 2011. In June 2013, the company started trading of metal
and metal scrap (ferrous and non-ferrous). The company purchases
the same from scrap-yard owners operating in Africa and Middle
East countries and sells it directly to the steel mill owners
located in Punjab.

EIPL registered a total operating income of INR14.71 crore with
PAT of INR0.34 crore during FY14 as against a total operating
income of INR22.36 crore with PAT of INR0.52 crore during FY13. As
of 9MFY15 (provisional), EIPL registered total operating income of
INR10.38 crore with PBILDT of INR0.90 crore.


EHSAAS FROZEN: CRISIL Assigns B- Rating to INR67.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Ehsaas Frozen Foods Pvt Ltd (EFPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          22.5        CRISIL B-/Stable
   Rupee Term Loan      67.5        CRISIL B-/Stable

The rating reflects EFPL's modest scale of operations in the
intensely competitive food processing industry and below-average
financial risk profile marked by high gearing. These rating
weaknesses are partially offset by the extensive experience of
EFPL's promoters in the food processing industry and operational
efficiency due to proximity to suppliers.
Outlook: Stable

CRISIL believes that EFPL will continue to benefit over the medium
term from its proximity to suppliers and its promoters' experience
in the food processing industry. The outlook maybe revised to
'Positive' if EFPL reports significantly stronger cash accruals
and manages its working capital requirements efficiently.
Conversely, the outlook maybe revised to 'Negative' if low cash
accruals or large working capital requirements weaken the
company's liquidity.

EFPL, promoted by Mr. Shyam Sunder Ghai and Mr. Ramesh Chand Arora
was set up in 2014. The company processes and packages fruits and
vegetables, majorly frozen peas. Its processing plant in
Uttarakhand became operational in January 2014.


EL BETHEL: CARE Assigns 'B' Rating to INR22cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of El Bethel
Homes Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      22        CARE B

Rating Rationale
The rating assigned to the bank facilities of El Bethel Homes
Construction Private Limited (EHPL) is constrained by
implementation and stabilization risk associated with its ongoing
green-field project for which financial closure is yet to be
achieved and risk associated with the real estate sector.
The rating, however, derives strength from the experienced and
qualified promoters albeit limited experience in execution of real
estate project, location advantage with property located in
Bengaluru.

Going forward, the ability of the company to achieve financial
closure for the ongoing project and complete the project within
envisaged time and cost parameters and achieve optimum occupancy
levels are the key rating sensitivities.

EHPL is a private limited company promoted by Mr B G Ashok, Ms
Catherin Rebecca and Ms Elizabeth Preethi. EHPL is established to
render housing, hospitality and personal assistance services. The
company is constructing apartments in periphery of Bengaluru in
the name of "El Bethel Homes". This will be provided on lease or
rent to active adults over the age of 50 years and
patients/families arriving for medical treatment. The property is
envisaged to have 80 suites for self-assisted living and 40 suites
for medical and health care spread across 7.5 acres of land. This
will also include manmade pond for fishing, club(10,000 sq. ft.),
medical clinic with nursing staff and diagnostic labs, 2 kilo
meter walkway around the campus, Chapel (Seating capacity of 200
persons), spa, gym and coffee house.

The total cost of the project was estimated at INR37.21 crore. The
project commenced in August, 2013 and is expected to be completed
by November, 2015. The project is planned to be funded by
promoters' equity of INR14.21 crore and term loan of INR22 crore.
The company incurred INR9.32 crore on the project which was funded
by equity infused by the promoters. Presently construction work is
under progress. All the statutory approvals are in place.


ELECTRONICS TECHNOLOGY: CRISIL Reaffirms D Rating on INR4BB Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating outstanding on the long term bank
facilities of Electronics Technology Parks, Kerala (ETP ' Kerala)
at 'CRISIL D'.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan        1894.4       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    4039.4       CRISIL D (Reaffirmed)


The rating reflects instances of delay by ETP'Kerala in meeting
its debt servicing obligations. These delays have been on account
of the company's weak liquidity. There has been delay in receipt
of grant from the Government of Kerala (GoK), thereby adversely
impacting the company's liquidity position. Going forward, ETP-
Kerala's liquidity will remain the key rating sensitivity factor.

ETP-Kerala has a healthy business risk profile supported by its
established brand name and support from the GoK. However, the
company's financial risk profile is constrained due to large debt
contracted for its on-going projects and weak liquidity.

ETP'Kerala was promoted by the GoK in 1993. It is India's first
technology park, and among the three largest information
technology (IT) parks in India. This is the first technology park
to be assessed at Capability Maturity Model Integration Level 4,
and to obtain International Standards Organisation (ISO) 9001:2000
certifications.

As of now, Technopark has 300 companies in IT and ITES sector with
around 46,000 employed in various sectors. Technopark houses major
IT companies like Oracle Corporation, Infosys, TCS, ITC Infotech,
CapGemini, along with Visual Graphics India Limited, Accel
Frontline Ltd, Ernst & Young Global Shared Services Center,
Allianz, RR Donnelley, UST Global, Tata Elxsi, IBS Software
Services, NeST Software, SunTec Business Solutions to name a few.


EXCEL VEHICLES: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Excel Vehicles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      25        CARE B+ Re-affirmed

Rating Rationale
The rating assigned to the bank facilities of Excel Vehicles Pvt.
Ltd (SVPL) continues to remain constrained on account of low
profit margins inherent to commercial vehicle dealership business,
leveraged capital structure and weak debt coverage indicators. The
rating further continues to remain constrained on account of
intense competition amongst commercial vehicle dealers and
alternative brands along with fortune of the company linked with
growth of principal commercial vehicle manufacturer.

The rating, however, continues to draw strength from established
track record of group with integrated services coupled with wide
experience of the promoters in the automobile dealership industry.
The rating also factors in stabilization of its operations marked
by healthy total operating income reported during FY14 (refers to
the period April 1 to March 31) and FY15.

The ability of EVPL to increase its scale of operations coupled
with the improvement in profit margins and capital structure while
managing its working capital requirements efficiently remain the
key rating sensitivities.

Incorporated in the year 2012, EVPL belongs to Bhopal-based "My
Car" Group. My Car Group has diversified business interest through
various group entities which includes automobile dealership (of
Maruti Suzuki India Limited), two-wheeler dealership (of Hero
Motocorp Ltd.), distributorship of Nokia and HCL accessories,
retail business (operates multi brand outlets of various brands
such as Calvin Klein, FCUK, Espirit, Being Human and many more),
real estate business and dealership of JCB earth moving
equipments. EVPL operates in Bhopal and nearby region as an
authorized dealer of Tata Motors Limited for its commercial
vehicle segment. EVPL deals in all models of TML in commercial
vehicle segment. The catchment area for EVPL is Bhopal, Itarsi,
Vidisha, Raisen and Hoshanganad being a sole dealer of TML
(Commercial Vehicle Segment) for these areas into Madhya Pradesh
region. The company has taken the showroom on lease at Bhopal for
15 years of tenure starting from November 12, 2012. EVPL commenced
operations from May 2013 hence FY15 was the first full year of
operations for the company.

During FY14, EVPL reported a TOI of INR73.42 crore and PAT of
INR0.07 crore. Furthermore, during FY15 (Provisional), EVPL
achieved a TOI of INR200.15 crore.


FORTUNE CARS: CARE Assigns 'B' Rating to INR11cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Fortune Cars
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.00      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Fortune Cars Pvt.
Ltd. (FCPL) continues to reflect the volume-driven nature of auto
dealership business with low profitability margin, weak
operational performance, adverse interest coverage parameter and a
poor outlook for the passenger vehicle demand in the medium term.
The rating is however, strengthened by the established track
record of the promoters in the automobile dealership, over a
decade long association with the Tata Motors Limited (TML, rated
CARE AA+), moderate working capital cycle and significant
improvement in the capital structure with the repayment of major
bank facilities in FY14.

Going forward, the ability of the company to improve operational
performance and to efficiently manage working capital
requirements, without impacting the profitability constitutes the
key rating sensitivities.

FCPL, incorporated in November, 1996 was co-founded by Mr. Vinod
Sharma, Mr. R.P. Mungrikar, Mr. S. Premkumar and Mr. N.
Subramanium. In July 2000, FCPL became authorized dealer for TML
for selling passenger vehicles such as Indica, Indigo, Nano,
Utility Vehicles in Mumbai, Thane and Raigadh district. Besides,
it is engaged in the servicing of vehicles and sale of spare parts
for TML. FCPL is amongst the leading dealers for TML in Mumbai. As
on March 31, 2013, FCPL has 3 showrooms along with three workshops
in Andheri, Thane and Nerul and stockyard at Panvel (all on leased
basis).

During FY14 (refers to period April 1 to March 31), FCPL reported
a total income of INR67.35 crore and loss of INR2.05 crore as
compared to a total income of INR130.36 crore and PAT of INR1.98
crore respectively during FY13. Furthermore, during 9MFY15, FCPL
reported a total income of INR54.36 crore.


GIRNAR PACKAGING: CARE Rates INR6cr Long Term Loan at B+
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities Girnar
Packaging.

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

Rating Rationale
The rating assigned to the bank facilities of Girnar Packaging
(GRP) is constrained by its limited track record with working
capital intensive nature of operations, financial profile marked
by net losses during FY14 (refers to the period April 1 to March
31) and leveraged capital structure and weak debt coverage
indicators, presence in a highly competitive industry and
constitution of the entity as a partnership firm.

The rating, however, derives strength from the experience of the
promoters in the industry, increase in turnover during 11MFY15 and
reputed customers.

The ability of the firm to grow its scale of operation & improve
profitability and capital structure in light of competitive nature
of the industry and manage its working capital requirement
efficiently are the key rating sensitivities.

Girnar Packaging (GRP) was incorporated in September, 2010 by Mr
Surender Singh, Mr Rajender Singh, Mr Varun Jain, Mr Mahender
Singh and Mr Nagender Singh. GRP started its commercial production
from May, 2013 and is engaged in manufacturing of corrugated
boxes/ boards with an installed capacity of 24,000 Metric tons at
its manufacturing facility located at Nellore, Andhra Pradesh. The
key raw material being Kraft paper, adhesives and stitching wire
are procured from domestic traders. The final products being
corrugated boxes and boards are sold in the domestic market.


GMR KAMALANGA: CARE Lowers Rating on INR5,173.8cr Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of GMR
Kamalanga Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5173.8     CARE D Revised from
                                            CARE BB+

Rating Rationale
The revision in the rating is on account of the on-going delays in
debt servicing largely on account of inadequate generation and
sale of power due to evacuation constraints and delayed
realisation of tariff. Company's cash flow is also impacted
pending tariff revision which has been applied for with CERC and
order reserved.

GMR Kamalanga Energy Limited (GKEL) is a SPV promoted by the GMR
Energy Limited (GEL), a part of GMR Group to develop and operate a
1050 MW (3x350) coal fired project in Kamalanga Village, Dhenkanal
district of Orissa. GEL holds 86% stake in GKEL, which is an
operating-cum-holding company for all power projects of the GMR
Group, while 15% stake is held by India Infrastructure Fund (IIF),
a fund managed by IDFC Project Equity Company Limited and 3.5%
stake is held by IDFC. GMR Infrastructure Limited (GIL) (rated
"CARE BBB/A3+" for bank facilities) the holding company for all
infrastructure projects of GMR Group indirectly holds 97.9% stake
in GEL.

Ongoing delays
The project achieved COD in March 2014 but due to evacuation
constraints, the company could not operate at full capacity.
Presently though, these issues have been sorted out and plant is
operating at PLF of approximately 85%. Company's cash flow was
further impacted pending tariff determination and revision which
the company has applied for with CERC. The hearings on the
company's petition have been completed and order is reserved. Any
favourable verdict is expected to ease the liquidity and improve
cash flow for the company. Nevertheless, GKEL has delayed interest
servicing from the month of February 2015 and pending refinancing
of existing debt which the company has approached the bankers for
the company has not paid the installment due in April 2015.


HELIOS & MATHESON: CRISIL Cuts Rating on INR1.56BB Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Helios & Matheson Information Technology Ltd (HMITL; part of
the Helios group) to 'CRISIL D' from 'CRISIL C'. The rating
downgrade reflects delay in repayment of debt contracted by HMITL;
the delays have been caused by the Helios group's weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          1,560       CRISIL D (Downgraded from
                                    'CRISIL C')
   Long Term Loan         440       CRISIL D (Downgraded from
                                    'CRISIL C')

The rating further reflects the Helios group's working-capital-
intensive and modest scale of operations in the competitive
information technology (IT) services industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HMITL and its subsidiaries, Helios &
Matheson IT (Bangalore) Ltd, Jayamaruthi Software Systems Pvt Ltd,
The Laxmi Group Inc (US-based subsidiary), Maruthi Consulting Inc,
and Helios and Matheson Analytics Inc. This is because all these
companies, collectively referred to as the Helios group, have
significant business and operational synergies.
About the Group

The Helios group was set up in 1991 by Mr. G K Muralikrishna and
Mr. V Ramachandran. It offers IT services, including IT
application and development, application validation, consulting
and package implementation, and other related services.

For the 15 months ended December 31, 2014, the Helios group
reported, on a provisional basis, a profit after tax (PAT) of
INR707 million on net sales of INR10.32 billion; the group had
reported a PAT of INR500 million on net sales of INR6.52 billion
for 2012-13 (refers to financial year, October 1 to September 30).


IMPERIAL SHAH: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Imperial Shah Stores (Imperial).


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

The rating reflects Imperial's modest scale of operations in the
highly fragmented electronic goods trading industry, low operating
profitability owing to trading nature of business and weak
financial risk profile. These rating weaknesses are partially
offset by the promoters' extensive industry experience, and
established market presence supported by its relationship with its
suppliers and customers.
Outlook: Stable

CRISIL believes that Imperial's business risk profile will
continue to benefit over the medium term from the promoters'
extensive industry experience and their established relationship
with its principal suppliers. The outlook may be revised to
'Positive' if Imperial reports healthy scale of operations and
profitability along with substantial equity infusion leading to an
improvement in financial risk profile, while managing its working
capital requirements prudently. Conversely, the outlook maybe
revised to 'Negative' in case of low cash accruals or large
working capital requirements leading to deterioration in the
firm's financial risk profile.

Imperial, a partnership concern set up in 2005, is a retail as
well as wholesale distributor of electrical goods like cables,
wires, and switches. The firm has three outlets in Srinagar (Jammu
and Kashmir) and is also based there.

Imperial reported a book profit of INR3.36 million on net sales of
INR628.9 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a book profit of INR2.35 million
on net sales of INR568.2 million for 2012-13. It is estimated to
have generated net sales of INR646 million in 2014-15.


INDRAYANI SALES: CRISIL Reaffirms B+ Rating on INR87MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Indrayani
Sales Pvt Ltd (ISPL) continues to reflect the company's below-
average financial risk profile, marked by modest net worth, high
gearing, and weak debt protection metrics, and small scale of
operations. These rating weaknesses are partially offset by the
extensive experience of ISPL's promoters in the printer cartridge
industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          87         CRISIL B+/Stable (Reaffirmed)
   Term Loan            12.9       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ISPL will continue to benefit from the price
advantage it offers vis-a-vis large established players over the
medium term. The outlook may be revised to 'Positive' if the
company's capital structure improves, backed by equity infusion or
larger-than-expected accretion to reserves. Conversely, the
outlook may be revised to 'Negative' if ISPL's financial risk
profile, or liquidity, deteriorates, owing to any large debt-
funded capital expenditure (capex), a decline in net cash
accruals, or deterioration in its working capital cycle.

Update
In 2013-14 (refers to financial year, April 1 to March 31), the
company posted revenue of around INR370 million (Rs.310.0 million
a year earlier). In 2013-14, operating margin of the company was
slightly lower than estimates at 7.5 per cent due to higher raw
material prices during the year, which it was not able to pass on
completely to its customers. Operating margin is expected to
remain around similar levels in 2014-15.

In 2014-15, the company has plans to undertake capex of around
INR20.0 million for enhancement of the current capacity and
maintenance. It has already spent INR10.0 million in the year, and
expects to spend around INR10.0 million in 2015-16. CRISIL expects
that the capex will limit the improvement in financial risk
profile in the near-term; ISPL's gearing is expected to be high at
about 2.5 times as on March 31, 2015, partly due to continued
reliance on short-term debt to fund its working capital
requirements.

The company is expected to post cash accruals of around INR10.6
million, sufficient to cover the repayment obligations of around
INR8.8 million in 2014-15. The modest accretions to reserves,
however, are expected to constrain the net worth at about INR46-50
million in the near-term. Partly offsetting the low net worth, the
promoters have supported the company in the form of unsecured
loans; the unsecured loan from the promoters stood at INR20
million as on March 31, 2014, and are expected to remain in the
business over the long-term. The availability of unsecured loans
also is expected to support the company's liquidity profile, which
is marked by a high gross current assets of about 150 days,
expected as on March 31, 2015.

Set up in 2005 as a private limited company by Mr. Rahul Zine
Patil, ISPL manufactures printer cartridges, and supplies printer
spares. The company sells its products under the Print it brand.
Its manufacturing facility is in Patalganga (Maharashtra) and its
registered office is in Mumbai.


JANANI INTERNATIONAL: CRISIL Reaffirms 'B+' INR42MM Loan Rating
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Janani
International Private Limited (JIPL) reflect JIPL's modest scale
of operations in the intensely competitive textiles industry, and
below-average financial risk profile marked by a high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of JIPL's promoter in
the textiles industry.

                         Amount
   Facilities          (INR Mln)  Ratings
   ----------          ---------  -------
   Foreign Bill            50     CRISIL A4 (Reaffirmed)
   Discounting

   Packing Credit          40     CRISIL A4 (Reaffirmed)

   Proposed Term Loan      42     CRISIL B+/Stable (Reaffirmed)

   Standby Letter of
   Credit                  18     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that JIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the company achieves
significant improvement in its scale of operations and
profitability, or benefits from substantial equity infusion by its
promoter, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if JIPL
generates lower-than-expected cash accruals, or if it undertakes a
large, debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile

Update
JIPL's business risk profile remains constrained by its modest
scale of operations in the highly fragmented textile weaving
industry. The company had reported operating income of INR231
million in 2013-14 (refers to financial year, April 1 to
March 31) as against INR188 million in 2012-13. Its revenue is
expected to grow at a healthy rate of 60 per cent in 2014-15
driven by additional orders from their existing customers. The
firm's operating profitability is estimated to have remained
moderate at 6.0 per cent in 2014-15. CRISIL believes that,
supported by repeat orders from existing customers, JIPL's
business risk profile will improve over the medium term.

JIPL's financial risk profile is below average, marked by high
gearing of 3.90 times and a low net worth of INR29.7 million
estimated as on March 31, 2015. The firm's large working capital
requirements are reflected in estimated gross current assets
(GCAs) of 159 days as on March 31, 2015, primarily because of high
inventory holding. The working capital requirements are funded
largely through debt, leading to high gearing. JIPL's debt
protection metrics are below average, with interest coverage ratio
expected at 1.40 times and net cash accruals to total debt ratio
at 0.05 times during 2014-15. CRISIL believes that firm's
financial risk profile will remain constrained on account of its
high debt levels due to debt-funding of working capital
requirements.

JIPL's liquidity is marked by highly utilized bank limits at an
average of 80 per cent during 12 months through December 2014 to
fund its large working capital requirements. The firm is likely to
generate low cash accruals of around INR5.5 million to Rs 9.8
million sufficient to meet their term debt obligations. CRISIL
believes that JIPL's liquidity will remain moderate over the
medium term.

JIPL was set up in 1983 as a proprietorship concern named Supreme
Bandages in Rajapalayam (Tamil Nadu). It was reconstituted as a
private limited company under its current name, in 1996. It
manufactures cotton gray fabrics and dust sheets. Its day-to-day
operations are managed by its promoter Mr. Ramanathan.


JCT LIMITED: CARE Assigns 'B' Rating to INR28cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of JCT Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      28        CARE B Assigned
   Short-term Bank Facilities     71.27     CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of JCT Limited (JCT)
are constrained on account of weak financial risk profile marked
by accumulated losses, highly leveraged capital structure and
strained liquidity position. The ratings also factor in the past
delays in repayment of its debt obligations, restructuring of debt
under CDR mechanism and default in repayment of FCCBs.

The ratings, however, derive strength from the promoters'
experience, JCT's established position in Indian textile industry,
diversified product mix and wide distribution network. The ratings
also factor in the improvement in the operational and financial
performance of the company during H1FY15.

The ability of the company to improve its capacity utilization and
profitability levels and its ability to arrange funds for the
repayment of FCCBs are the key rating sensitivities.

JCT was incorporated as Jagatjit Cotton Textile Mills Limited in
October 1946 and subsequently renamed to JCT in 1989. JCT is the
part of the Punjab-based Thapar group and is engaged in the
manufacturing of cotton, synthetic & blended fabrics and nylon
filament yarn at its integrated textile facility in Phagwara
(Punjab) and filament yarn facilities in Hoshiarpur (Punjab). The
company has capacity of 110,000 meters of cotton/blended fabrics
and also 40,000 meters of 100% synthetic fabrics at its plant at
Phagwara and around 42 MT/day of nylon filament yarn at Hoshiarpur
plant.

JCT has booked PAT of INR3.34 crore on total income of INR474.01
crore during the 6-month period ended March 31, 2104. Based on
provisional financials, JCT has booked PAT of INR3.11 crore on a
total operating income of INR480.01 crore during H1FY15.


K C MALL: CARE Assigns 'B' Rating to INR15r Long Term Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term bank facilities of
K C Mall & Estates Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of K C Mall & Estates
Private Limited (KCM) is primarily constrained by its weak
financial risk profile as reflected by low profitability margins &
weak solvency position and working capital-intensive nature of
operations. The rating also takes into account intense competition
prevalent in the auto dealership business. The rating, however,
derives strength from the experienced promoters and KMC's long
association with General Motors (GM) as a dealer for their
Chevrolet brand of cars.

Going forward, the ability of the company to profitable scale-up
of its operations in a highly competitive dealership space and
improvement in capital structure shall remain the key rating
sensitivities.

KCM was incorporated in September 2004 by Mr Raju Chowdhary. The
company is as an authorized dealer of Chevrolet brand of cars,
operating under the name of 'KC Motors'. KCM presently operates
two 3S (sales, spares and service) showrooms located at Jammu and
Srinagar.

In FY14, KCM reported a PAT of INR0.42 crore on the total income
of INR103.34 crore as against a PAT of INR0.33 crore on a total
operating income of INR147.92 crore in FY13.


KUSMASULI MULTIPURPOSE: CRISIL Cuts Rating on INR47M Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kusmasuli Multipurpose Cold Storage Private Limited (KMCSPL) to
'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'. The ratings
reflects delays in the servicing of interest payments on the term
loan of the company. The delays are due to weak liquidity of the
company.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.3        CRISIL D (Downgraded from
                                   CRISIL A4')

   Cash Credit         41          CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan           47          CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Working Capital      4.5        CRISIL D (Downgraded from
   Facility                        'CRISIL B/Stable')

KMCSPL has a weak financial risk profile, marked by its high
gearing and small net worth. However, the company benefits from
its' promoters' extensive experience in the cold storage industry
and established customer relationships.

KMCSPL, incorporated in 2011, operates a cold storage unit for
potatoes, with a capacity of 16,000 tonnes, in the Paschim
Medinipur district (West Bengal). The company occasionally trades
in potatoes to ensure optimum capacity utilisation of the cold
storage unit. KMCSPL also finances the farmers' potatoes storage;
the same is re-financed by the banks. The company was set up by
Mr. Nandalal Ghosh and Mr. Bibekananda Sannigrahi in 2011.


KUTTANAD RUBBER: CRISIL Assigns B Rating to INR63.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of The Kuttanad Rubber Company Ltd (KRCL).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Mortgage Loan Facility    63.5       CRISIL B/Stable
   Cash Credit/ Overdraft
   facility                  10.0       CRISIL B/Stable
   Long Term Loan             0.5       CRISIL B/Stable

The rating reflects KRCL's modest scale of operations in the
intensely fragmented rubber plantation industry and the
susceptibility of its operating performance to volatility in
rubber prices. These rating weaknesses are partially offset by the
longstanding regional presence of KRCL aided by its promoters'
industry experience.

Outlook: Stable

CRISIL believes that KRCL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure, scale of
operations, and profitability. Conversely, the outlook may be
revised to 'Negative' in case of any large debt-funded capital
expenditure, or a sharp decline in accruals, or incremental fund
support to group entities, resulting in weakening of the company's
liquidity.

Incorporated in 1910, KRCL is a closely held public limited
company and operates a rubber plantation of 440 acres in
Kanjirapally (Kerala). The company extracts raw rubber latex from
its plantation and sells it to local centrifuged manufactures. Its
daily operations are managed by its executive director, Mr. Joseph
Thomas.

KRCL reported a profit after tax (PAT) of INR16.4 million on an
operating income of INR44.6 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR17.4
million on total income of INR40.7 million for 2012-13.


MAA MANGALA: ICRA Lowers Rating on INR9.50cr Cash Credit to D
-------------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR9.50 crore cash credit facility and INR8.84 crore working
capital term loans of Maa Mangala Ispat Pvt. Ltd. from [ICRA]C to
[ICRA]D. ICRA has also revised downward the short term rating
assigned to the INR0.50 crore non fund based limits of MMIPL from
[ICRA]A4 to [ICRA]D.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limit-         9.50       Revised downward to
   Cash Credit                          [ICRA]D

   Fund Based Limit-         8.84       Revised downward to
   WC Term Loan                         [ICRA]D

   Non Fund Based Limit-     0.50       Revised downward to
   LC/BG                                [ICRA]D

The revision in ratings takes into account the delays by the
company in meeting its debt servicing obligation. The delays have
been on account of lower cash accruals from the business, which
was adversely impacted because of the ongoing weakness in the
steel industry.

Incorporated in 2004, MMIPLL is engaged in the manufacturing of
sponge iron with an installed capacity of manufacturing 60,000
Tons Per Annum (TPA) of sponge iron. The plant of the company is
located near Raigarh in the state of Chhattisgarh.

Recent Results
MMIPL reported a profit after tax (PAT) of INR0.12 crore in 2013-
14 (P) on the back of an operating income (OI) of INR18.32 crore
as against a PAT of INR0.01 crore on an OI of INR18.18 crore in
2012-13.


MAHAVEER INFRAENGINEERING: CRISIL Reaffirms B Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahaveer
Infraengineering Pvt Ltd (MIPL) continue to reflect MIPL's limited
track record of operations in the infrastructure construction
sector and its working-capital-intensive operations marked by
large receivables.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit          100        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
healthy order book, which provides revenue visibility over the
medium term, and its above-average financial risk profile, marked
by low gearing.
Outlook: Stable

CRISIL believes that MIPL will, over the medium term, continue to
benefit from its sizeable order book and maintain its above-
average financial risk profile. The outlook may be revised to
'Positive' if the company achieves significant revenue growth
while maintaining its profitability and capital structure, or if
its working capital management improves, particularly through
faster realisation of receivables from its customers. Conversely,
the outlook may be revised to 'Negative' if MIPL reports
substantially low revenue and profitability, or increases its
reliance on debt to fund its capacity expansion plans and
incremental working capital requirements, thereby weakening its
capital structure and debt protection metrics.

Update
MIPL's operating revenue is estimated to have increased to around
INR1.06 billion in 2014-15 (refers to financial year, April 1 to
March 31) from INR542 million in 2013-14. The company has scaled
up operations due to higher order execution through 2014-15. Its
operating profitability is moderate, estimated at 8 to 9 per cent
in 2014-15, on account of competitive bidding for projects.

MIPL's operations remain working capital intensive, as reflected
in its gross current assets of 455 days as on March 31, 2014,
resulting in high average bank limit utilisation of 99 per cent
over the 12 months through December 2014. The company's
receivables cycle increased to 234 days as on March 31, 2014, on
account of delays in payments by customers.

MIPL has a healthy financial risk profile, marked by estimated
moderate net worth of INR306.4 million as on March 31, 2015; it
had a low gearing of 0.5 to 1.0 time over the three years ended
March 31, 2015. The company has comfortable debt protection
metrics, with interest coverage and net cash accruals to total
debt ratios estimated at 3.55 times and 38 per cent, respectively,
for 2014-15. Its financial risk profile, however, is constrained
by tightly matched cash accruals with debt obligations over the
medium term. MIPL's cash accruals are estimated at INR50 million
against debt obligations of INR50 million in 2014-15.

MIPL was incorporated in 2008, promoted by Mr. Pukhraj Jain and
Mr. Kishore Jain. The company undertakes earthwork, roadwork, and
civil construction projects on a turnkey basis.


MANIKCHAND VASUDHA: ICRA Suspends B+ Rating on INR17cr Term Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR17.00 crore
Term Loan facility of Manikchand Vasudha Developers. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

MVD has been formed in 2008 in order to develop real estate
projects. Sai Eshanya is the first project of the firm. The
promoters of the firm are Manikchand group promoted by Mr.
Rasiklal Dhariwal and Vasudha group promoted by Mr. Umesh
Kothawade. Manikchand group has various business interests through
other entities in industries like Gutka and Pan Masala, packaged
drinking water (Oxyrich), flexible laminations, electrical
switches manufacturing, foods, tea, real estate development etc.
Vasudha group is engaged in real estate development in Pune and
surrounding areas for around a decade and they have completed
around 10 projects till date. In the entity, the Manikchand group
is a funding partner while complete operations are managed by Mr.
Kothawade of Vasudha group.


MBS SERVICES: CARE Assigns B Rating to INR16.40cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Mbs
Services.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.40      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of MBS Services (MBS)
is primarily constrained by its small scale of operations with low
net-worth base, its weak financial risk profile characterized by
net losses in FY14 (refers to the period April 01 to March 31),
leveraged capital structure and weak coverage indicators.
The rating is further constrained by its constitution as a
proprietorship firm, cyclicality and seasonality associated with
the real estate industry. The rating, however, draws strength from
the experienced proprietor of the firm.

Going forward, any change in lease rates amidst high competition
coupled with the firm's ability to manage rollover of lease
agreements shall be the key rating sensitivities.

Chandigarh based MBS Services (MBS) is a proprietorship firm
established in March, 2004 by Mr Tarninder Singh. The firm is
engaged in the business of leasing of commercial properties and
office space. The group entities of MBS include, Multitech Tower
Private Limited and Manohar Infra & Construction Private Limited
which are engaged in real estate development business.

The total leasable area available with the firm is 0.43 lakh Sq.
Ft out of which 0.29 lakh Sq. Ft. is leased out having average
lease rental income/licensee fee of INR60 lakh per month. The firm
owns total 14 showrooms located in Chandigarh region. The
customers of the firm are various corporates such as EMAAR MGF
Land Ltd., Tata Chrome, Punjab National Bank, Unique
Identification Authority of India (UIDAI) etc. MBS has lease
agreement with an average tenure of around 7 years. Furthermore,
the lease agreements have inbuilt rent escalation clause where in
the rents shall increase by 15% after the end of every 7 years.
Additionally, the firm also has a land bank of 15 acre area in New
Chandigarh.

For FY14, MBS achieved a total operating income (TOI) of INR0.55
crore with PBILDT and net loss of INR0.32 crore and INR2.30 crore
respectively as against TOI of INR0.64 crore with loss at the
PBILDT level and net losses of INR1.01 crore and INR1.20 crore
respectively in FY13. The company has achieved TOI of INR2.70
crore up to January 31, 2015.


NEW BONANZA: CRISIL Assigns B+ Rating to INR65MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of New Bonanza India Ltd (NBIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 6        CRISIL B+/Stable
   Cash Credit              65        CRISIL B+/Stable
   Standby Line of Credit    9        CRISIL B+/Stable

The rating reflects NBIL's declining operating profitability and
cash accruals, and exposure to risks related to implementation of
its upcoming project for refurbishing its plant and to competition
in the intensely fragmented kraft paper industry. These rating
weaknesses are partially offset by the extensive experience of
NBIL's promoters in the paper industry and the company's moderate
financial risk profile marked by a comfortable capital structure
and moderate debt protection metrics.
Outlook: Stable

CRISIL believes that NBIL will benefit over the medium term from
its established track record in the paper industry. CRISIL,
however, also believes that NBIL's liquidity will remain
constrained by large working capital requirements over the period.
The outlook may be revised to 'Positive' if timely commencement of
the upcoming project results in improved profitability and
accruals for the company or if significantly better working
capital management leads to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if NBIL's
financial risk profile, particularly its liquidity, deteriorates
significantly because of time or cost overruns in its proposed
project or if the project does not reap benefits as expected.

NBIL was incorporated in 1995 and was taken over by the current
management in 2008. The company manufactures kraft paper and
absorbent kraft paper. Its manufacturing unit is in Meerut (Uttar
Pradesh) and is managed by Mr. Hemraj Singh, his wife Ms. Suman
Singh, and his business associate Mr. Pankaj Aggarwal.

NBIL reported a profit after tax (PAT) of INR0.38 million on net
sales of INR279.2 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR5.3 million on net sales
of INR253.3 million for 2012-13.


PASHANKAR AUTO: CRISIL Reaffirms B Rating on INR375MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pashankar Auto India
Pvt Ltd (PAIPL) continue to reflect its weak financial risk
profile, marked by low net worth, high gearing, and weak debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     375       CRISIL B/Stable (Reaffirmed)

The ratings also factor in PAIPL's small scale of operations and
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the company's revenue
visibility because of its long-term lease contract and the
advantage that it enjoys because of its property's prime location.

Outlook: Stable

CRISIL believes that PAIPL will continue to benefit over the
medium term from its assured lease rentals, long-term lease
contracts, and healthy operating profitability. The outlook may be
revised to 'Positive' if higher than expected cash accruals; or if
significant equity infusion strengthens its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
unexpected termination of lease contracts reduces its cash flows,
or if large, debt-funded investments in properties weakens its
financial risk profile.

Incorporated in 2007-08, PAIPL leases out commercial real estate.
However till June 2014, the company was an authorised dealer of
Audi vehicles.


PLG PHOTOVOLTAIC: CARE Ups Rating on INR213cr LT Loan From C
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of PLG
Photovoltaic Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      213       CARE BB+ Revised from
                                            CARE C

Rating Rationale
The revision in the rating assigned to the bank facilities of PLG
Photovoltaic Ltd (PLGPV) takes into account the improvement in the
operational performance of the project in 9MFY15 (refers to the
period April 01 to December 31), refinancing of the term debt in
April 2014 leading to improved liquidity position and presence of
Escrow mechanism and creation of Debt Service Reserve Account
(DSRA) as per the stipulated conditions. The rating continues to
derive comfort from experienced promoters and long-term offtake
arrangement through a Power Purchase Agreement (PPA) at a fixed
tariff with Gujarat Urja Vikas Nigam Ltd (GUVNL, rated 'CARE
A+/CARE A1+') having comfortable credit profile and track record
of timely payments. The rating is, however, constrained by weak
financial risk profile of the company with accumulated losses and
relatively large creditors, operational performance of the project
being dependent on climatic conditions, and technological risk
with relatively lower long-term industry performance record in
Indian conditions.

Going forward, power generation at envisaged capacity utilization
factor (CUF) and timely receipt of payment against the sale of
power from the offtaker shall remain the key rating sensitivities.

Incorporated in 2007, PLGPV is a special purpose vehicle (SPV)
owned by Zamil Infra Pvt Ltd (ZIPL, rated 'CARE B') and PLG Power
Ltd (PPL) with 74% and 26% equity holding, respectively. PLG has
set up a 20-MW grid connected solar photovoltaic (PV) power plant
at Village Koida, Taluka Sankalpur, Patan in Gujarat at a cost of
INR356.04 crore. The project achieved Commercial Operation Date
(COD) on January 26, 2012. The company has signed Power Purchase
Agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a
period of 25 years for the entire capacity on May 10, 2010
(supplementary PPA signed in June 2011). GUVNL would purchase
power at INR15/unit for first 12 years and at INR5/unit for next
13 years as per Gujarat State Solar Policy Framework 2009.

For FY14, PLGPV has booked total operating income of INR45.08
crore with net loss of INR27.48 crore and GCA of INR5.97 crore as
against total operating income of INR49.63 crore with net loss of
INR63.42 crore and GCA of INR5.31 crore In FY13. For H1FY15, the
company has booked total income of INR24.11 crore with net loss of
INR4.63 crore and GCA of INR7.99 crore.


PRECA SOLUTIONS: CRISIL Reaffirms B+ Rating on INR232.3MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of Preca Solutions India Pvt Ltd (PSIPL), while
reaffirming its rating on the company's long-term bank facility at
'CRISIL B+/Stable'.


                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reassigned)
   Cash Credit             80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        10        CRISIL A4 (Reassigned)
   Proposed Long Term
   Bank Loan Facility       7.7      CRISIL B+/Stable (Reaffirmed)
   Term Loan              232.3      CRISIL B+/Stable (Reaffirmed)


The ratings continue to reflect PSIPL's limited track record,
modest scale of operations, and its large working capital
requirements. The ratings are also constrained by its average
financial risk profile marked by its small net worth, moderate
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience, and the company's healthy order book, providing
medium-term revenue visibility.
Outlook: Stable

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

PSIPL was incorporated in 2008 by Mr. Satish Gottipati, Mrs Geetha
Gottipati, and Mr. Uri Kertes. The company manufactures pre-cast
and pre-stressed concrete elements, such as blocks, beams, slab
roofs, and columns. The company is based in Shankarapalli (Andhra
Pradesh) and started operations in November 2012.


RENUKAANAND AND COMPANY: CARE Rates INR8cr LT Loan at B+
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Renukaanand and Company.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Renukaanand and
Company (RKC) is primarily constrained by its small scale of
operations with low profit margins, intensely competitive nature
of the industry and susceptibility of its operations to Government
regulations. The rating further factors in its working capital-
intensive nature of operations, leveraged capital structure with
weak debt protection metrics and proprietorship nature of its
constitution. The ratings, however, derives strength from the
experience of the proprietors, locational advantage and
satisfactory growth in operations.

Going forward, the ability of the entity to improve its scale of
operation along with profit levels and margins, efficient
management of working capital with improvement in its capital
structure would be the key rating sensitivities.

RKC, a proprietorship entity was established in 2008 for
initiating a cotton trading business at Coimbatore in Tamil Nadu.
The entity is situated in a major cotton growing area in southern
India and in proximity to major cotton mills which enabling easy
access to its clientele.

During FY14 (refers to the period April 1 to March 31), the entity
reported a total operating income of INR48.6 crore (FY13: INR29.4
crore) and a PAT of INR0.2 crore (FY13: INR0.1 crore). In 11MFY15,
the entity has achieved a turnover of INR44 crore.


SAI INDUSTRIES: CARE Assigns 'B' Rating to INR6.8cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' the ratings assigned to the bank facilities
of Sai Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.80       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Sai Industries (Sai)
is primarily constrained on account of its modest scale of
operations in the highly fragmented and government regulated
industry and its financial risk profile marked by fluctuating
profitability margins, weak solvency position and stressed
liquidity position. The rating is, further, constrained on account
of its constitution as a partnership concern and seasonality
associated with the agro commodities.

The rating, however, favourably takes into account the experience
of the partners with long track record of operations in the
processing and trading of agricultural commodities.

Ability of the firm to improve its scale of operations along-with
profitability margins in light of volatile raw material prices and
improvement in its liquidity position would be the key rating
sensitivities.

Pipariya (Madhya Pradesh) based Sai was formed in 1999 as a
proprietorship concern by Mr. Ramdas Aswani. On December 26, 2014,
the firm changed its constitution to partnership concern with Mr.
Ramdas Aswani, Mrs. Chandni Dudani and Mrs. Sandhya Dudani joining
the firm as partners and shares profit & loss in the ratio of
40:30:30 respectively.

Sai is mainly engaged in the business of processing of gram as
well as trading of Pulses/agro commodities such as masoor, moong,
toor, dhan, paddy, gram dal etc. The firm purchases gram and other
agricultural commodities from local farmers as well as mandis and
sells processed gram dal and agro commodities to traders in South
India. It sells its product through brokers under the brand name
of "Double Telephone", "Kargil" and "Rocket".

During FY14 (refers to the period April 1 to March 31), Sai has
reported a total operating income of INR55.93 crore (FY13:
INR52.63 crore) with a PAT of INR0.09 crore (FY13: INR0.08 crore).
As per provisional results for FY15, Sai has reported total sales
of INR75 crore.


SHANKARA SAI: ICRA Assigns 'B' Rating to INR3.50cr LT Loan
----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to INR5.25 crore
fund based limits of Shankara Sai Rice Industries. ICRA has also
assigned short term rating of [ICRA]A4 to INR1.75 crore fund based
limits and ratings of [ICRA]B/[ICRA]A4 to INR3.00 crore
unallocated limits of SSRI.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits-
   Long Term/CC            1.75       [ICRA]B; assigned

   Fund based limits-
   Long Term/TL            3.50       [ICRA]B; assigned

   Fund based limits-
   Short Term              1.75       [ICRA]A4; assigned

   Unallocated- Long
   Term/Short Term         3.00       [ICRA]B/[ICRA]A4; assigned

The ratings are constrained by small scale of operation with
intensely competitive nature of rice industry with presence of
large number of players restricting ability to pass on hike in
input cost; policy restrictions on quantity of rice to be sold in
open market limiting flexibility and realizations and risks
arising from partnership nature of the firm. ICRA also takes note
of agro climatic risks which can affect availability of paddy in
adverse weather conditions. The rating however takes comfort from
long experience of promoters in rice industry; favourable location
of the firm, giving it easy access to paddy and favorable demand
prospects for rice with India being the second largest producer
and consumer of rice internationally.

Going forward firm's ability to increase its turnover without
compromising on margins and manage working capital requirements
will remain key rating sensitivities from credit perspective.

Shankara Sai Rice Industries (SSRI), was established in the year
2006, is engaged in the milling of paddy and produces raw and
boiled rice. It commenced operations from February, 2010. The firm
has a milling unit in Yadagarpally, Miryalaguda, Nalgonda District
Telangana with a milling capacity of 4 tonnes per hour. It is a
partnership firm promoted by Mr. Allani Venkateshwarlu, Mr. Gunti
Gopi & his family members.

Recent Results
For 10M FY2015 (unaudited and provisional), the firm reported an
operating income of INR11.71 crore and operating profits of
INR0.99 crore as against operating income of INR12.23 crore and
operating profits of INR1.07 crore in FY2014.


SHREE GANESH: CARE Assigns B Rating to INR6cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shree
Ganesh Cold Storage.

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

Rating Rationale
The rating assigned to the bank facilities of Shree Ganesh Cold
Storage (SGCS) is primarily constrained on account of its weak
financial risk profile marked by small scale of operations,
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. The rating is further constrained on
account of risk of delinquency in loans extended to farmers, high
competition from other local players, dependency of its business
on vagaries of nature, seasonality associated with the business
and the inherent risk associated with its constitution as a
partnership firm.

The rating, however, derives benefit from the wide experience of
the partners in the cold storage business through associate
concerns and proximity to potato-growing region of Gujarat.
The ability of SGCS to increase its scale of operations along with
improvement in its overall financial risk profile amidst
competitive nature of industry is the key rating sensitivity.

Established in 1999 as a partnership firm, SGCS is engaged in
providing cold storage facility to farmers for storing potatoes on
a rental basis. The firm has controlled atmosphere cold storage
facility located at Deesa; Gujarat having a capacity to store
8,250 metric tonne (MT)/165,000 bags of potatoes. The firm is
being managed by Mr Popatlal Chamanaji Kachhawa, Mr Kalidas
Chamanaji Kachhawa and Mr Lalabhai Chamanaji Kachhawa. Mr Popatlal
Chamanaji Kachhawa and Mr Kalidas Chamanaji Kachhawa are also
involved in another firm named Ganpati Cold Storage which is
engaged in the same line of business and is operating since 2004.
Besides providing cold storage facility, the firm also provides
interest bearing advance to farmers for potato farming purposes
against the stock of potato stored.

As per the audited results for FY14 (refers to the period April 1
to March 31), SGCS reported a TOI of INR1.29 crore (FY13: INR1.12
crore) and a PAT of INR0.01 crore. As per the provisional results
of FY15, firm has reported a turnover of INR1.55 crore.


SHREE GANESH: ICRA Lowers Rating on INR203.47cr Term Loan to D
--------------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR51.02 crore cash credit facility and INR203.47 crore term loans
of Shree Ganesh Metaliks Ltd. from [ICRA]C+ to [ICRA]D. ICRA has
also revised downward the short term rating assigned to the
INR11.50 crore non fund based limits of SGML from [ICRA]A4 to
[ICRA]D.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limit-         51.02      Revised downward to
   Cash Credit                          [ICRA]D

   Fund Based Limit-        203.47      Revised downward to
   Term Loan                            [ICRA]D

   Non Fund Based Limits-    11.50      Revised downward to
   LC / BG                              [ICRA]D

The revision in ratings takes into account the delays by the
company in meeting its debt servicing obligation. The delays have
been on account of lower cash accruals from the business, which
was adversely impacted because of the ongoing weakness in the
steel industry.

Incorporated in 2003, SGML is engaged in the manufacturing of
sponge iron with an installed capacity of manufacturing 400 Tons
Per Day (TPD) of sponge iron. The plant of the company is located
near Rourkela in the state of Odisha.

SGML, has recently commissioned a 18 MW waste heat recovery based
(WHRB) power plant, 14 MW FBC based power plant, 30 MTPA induction
furnace and a 150 MTPA coal washery plant with a total project
cost of more than INR230 crores.

Recent Results
SGML reported a profit after tax (PAT) of (Rs 18.09) crore in
2013-14 (Provisional) on the back of an operating income (OI) of
INR142.78 crore as against a PAT of INR(35.67) crore on an OI of
INR36.14 crore in 2012-13.


SHREE KRISHNA: ICRA Withdraws 'B/A4' Rating on INR36cr Loan
-----------------------------------------------------------
ICRA has withdrawn its ratings of [ICRA]B on the long-term scale
and [ICRA]A4 on the short-term scale on the INR36 crore bank
facilities of Shree Krishna Vanaspati Industries Private Limited
as the notice period of three years since the suspension of the
ratings has expired.


SHRI GARGI: CARE Reaffirms B+ Rating on INR20cr LT Loan
-------------------------------------------------------
CARE reaffirms rating to bank facilities of Shri Gargi Buildcon
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     20.00      CARE B+ Reaffirmed

Rating Rationale
The rating of Shri Gargi Buildcon Private Limited (SGBPL)
continues to remain constrained on account of project
implementation risk associated with its ongoing real estate
project and saleability risk associated with remaining unsold
units in view of the subdued outlook for the cyclical real estate
sector. The rating is, further, constrained on account of
reduction in number of booked flats.

The rating, however, continues to favorably take into account the
experience of the promoters in executing construction contracts
mainly water supply projects.

The ability of the company to timely complete its ongoing real
estate project without any cost overrun along with adequate
bookings and timely receipt of booking advances as envisaged would
be the key rating sensitivities.

SGBPL was incorporated in October 2008 by Sharma family of Jaipur.
However, the present promoter group acquired the company in 2010.
SGBPL is engaged in the development of housing projects in Jaipur,
Rajasthan. SGBPL is now a part of Lahoty group which is mainly
engaged in the construction and real estate business. The group
concerns include Lahoty Buildcon Limited (CARE BB/CARE A4; engaged
in construction business mainly executing government water supply
projects), Gendi Real Estate Private Limited (engaged in real
estate development) and Saffron Vyapaar Private Limited (engaged
in real estate development).

SGBPL is mainly engaged in the real estate development activities
and is currently developing one residential project namely 'Square
Arcade' in Jaipur with total saleable area of 3,16,010 Square Feet
(Sq Ft). The project consists of total 216 flats which include 81
2BHK flats and 135 3BHK flats. SGBPL has started construction of
this project from October, 2012 with the envisaged cost of
INR51.27 crore funded through debt-equity ratio of 1.60 times. The
project is envisaged to be completed by September, 2016.

Till March 31, 2015, the company has incurred total cost of
INR27.95 crore towards the project which is 54.51% of the total
envisaged cost and same has been financed through share capital of
INR2.24 crore, term loan of INR10.10 crore, customer advances of
INR7.95 crore and INR7.66 crore through unsecured loans from the
promoter group.


SILK WOVEN: CARE Reaffirms B+ Rating on INR6.5cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Silk Woven Sack Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Silk Woven Sack
Private Limited (SWSPL) continues to be constrained on account of
implementation and stabilization risk associated with its
greenfield project, susceptibility of its margins to volatility in
raw material and foreign exchange prices along with its presence
in a fragmented and highly competitive packaging industry.

The rating, however, continues to derive benefits from the
experience of the promoters and stable long-term prospects of the
flexible packaging industry.

The ability of SWSPL to successfully complete its ongoing project
without any time and cost overrun and achieve the envisaged level
of sales and profitability are the key rating sensitivities.

Morbi-based SWSPL was promoted by five promoter directors, namely,
Mr Darshan P Jivani, Mr Divyesh NRangani, Mr Jaymin K Rangani, Mr
Jaysukhbhai D Jivani and Mr Jiten D Dhedhi in June 2014 as a
private limited company. SWSPL has currently undertaken a
greenfield project to manufacture polypropylene (PP)& high density
polyethylene (HDPE) bags with an installed capacity of 4,000
metric tonnes per annum (MTPA) at Morbi with a total cost of
INR7.78, which will be funded through a term loan of INR5 crore,
equity capital of INR2 crore and balance through unsecured loans.
The plant is expected to begin commercial production from May
2015. These bags will find application as packaging material in
cement, fertilizer and agri-product industries.


SPENTEX INDUSTRIES: CARE Reaffirms 'D' Rating on INR404.76cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Spentex Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     404.76     CARE D Reaffirmed
   Short-term Bank Facilities    148.80     CARE D Reaffirmed
   Non-Convertible Debenture      23.38     CARE D Reaffirmed

Rating Rationale
The ratings of Spentex Industries Ltd (SIL) take into account the
ongoing delays in servicing of the company's debt obligations.

SIL was originally promoted by the RPG group as a 100% EOU in
1991. Subsequently, after running into losses and erosion of net-
worth, it came under the purview of SICA and was declared sick by
BIFR. It was taken over by the CLC group in January 2004. SIL is
engaged in the manufacturing of cotton and synthetic yarn and
fabrics. The company has been in CDR since June 2009.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR1,156.76 crore and
net loss of INR11.86 crore as against a total operating income of
INR1,150.40 crore and a PAT of INR20.60 crore in FY13.


SRI VIJAYA: CRISIL Reaffirms B Rating on INR70MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Vijaya
Lakshmi Raw and Boiled Rice Mill (SVRB) continues to reflect
SVRB's below-average financial risk profile, marked by high
gearing and weak debt protection metrics. The rating also factors
in the firm's small scale of operations in the intensely
competitive rice milling industry. These rating weaknesses are
partially offset by the extensive experience of SVRB's promoters
in the rice milling business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        25        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SVRB will continue to benefit over the medium
term from its promoters' extensive industry experience. 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. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive debt-funded
expansion, or if its revenue and profitability decline steeply,
leading to deterioration in its financial risk profile.

Set up in 1983, SVRB mills and processes paddy into rice, rice
bran, broken rice and husk. The firm is promoted by Mr. B Purna
Chandra Rao and his family members.

For 2013-14 (refers to financial year, April 1 to March 31), SVRB
reported a profit after tax (PAT) of INR0.43 million on total
revenue of INR328.2 million, against a PAT of INR0.26 million on
total revenue of INR152.4 million for 2012-13.


SUNBRIGHT CERAMIC: CRISIL Assigns 'B+' Rating to INR36MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sunbright Ceramic Pvt Ltd (SCPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      4          CRISIL B+/Stable

   Long Term Loan         36          CRISIL B+/Stable

   Bank Guarantee         10          CRISIL A4

   Cash Credit            25          CRISIL B+/Stable

The ratings reflect SCPL's start-up phase and expected modest
scale of operations in the highly competitive ceramic tiles
industry. The ratings also factor in the company's large expected
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of SCPL's
promoters and the benefits it derives from its favourable location
in Morbi (Gujarat), the hub of the ceramics industry in India.
Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company promptly
stabilises its operations, leading to substantial cash accruals
and hence to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SCPL's
financial risk profile weakens, driven most likely by
significantly low cash accruals, substantial working capital
requirements, or debt-funded capital expenditure.

SCPL, established in Morbi in 2014, is promoted by Mr. Jayantilal
Pranjivanbhai Detroja, Mr. Kantilal Sundarjibhai Padaliya, and Mr.
Narendrabhai Sundarjibhai Padaliya The company manufactures
digital wall tiles; it commenced operations only in December 2014.


SUNNY VALLEY: ICRA Lowers Rating on INR7cr Cash Credit to 'D'
-------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR2.06 crore1 term loan, the Rs.7.00 crore cash credit limit, and
the INR0.24 crore non-fund based limit of Sunny Valley Tea &
Industries Limited to [ICRA]D from [ICRA]B+. ICRA has also
downgraded the long term/short term rating outstanding on the
INR0.20 crore unallocated facilities of the company to
[ICRA]D/[ICRA]D from [ICRA]B+/[ICRA]A4.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit               7.00       [ICRA]D/downgraded
                                        from [ICRA]B+

   Term Loan                 2.06       [ICRA]D/downgraded
                                        from [ICRA]B+

   Non-fund based limits     0.24       [ICRA]D/downgraded
                                        from [ICRA]B+

   Unallocated Limits        0.20       [ICRA]D/[ICRA]D
                                        downgraded from
                                        [ICRA]B+/[ICRA]A4

The rating revision reflects the recent delays made by the company
in servicing the debt obligations in a timely manner owing to its
tight liquidity position. The rating also takes into account the
company's small scale of current operations, its adverse financial
risk profile as reflected by a high gearing levels and stretched
coverage indicators, a single garden located in Jalpaiguri
district of West Bengal that accentuates the agro climatic risks
associated with tea, and the inherent cyclicality in the tea
industry that leads to variability in profitability and cash flows
of players including SVTIL. The tea production was significantly
impacted due to adverse weather conditions during May 2012, which
impacted a significant proportion of the tea plantations,
resulting in continuous fall in production during the last three
financial years. The ratings continue to draw comfort from the
experience of the promoters in the domestic bulk tea industry.
ICRA also notes that the long term outlook for the bulk tea
players remains favourable.

Sunny Valley Tea & Industries Ltd. was incorporated in 1918 and
has a tea garden in the Jalpaiguri district of West Bengal
covering an area of around 344 hectares under tea. The company
primarily produces CTC variety of tea which it sells in the
domestic market through a mix of auction and private sales
depending upon market conditions. Apart from producing tea from
its own garden, the company also has bought leaf operations, which
comprised around ~30% of the total tea production.

Recent Results
SVTIL registered a net loss of INR0.73 crore on an operating
income (OI) of INR11.30 crore during the financial year 2013-14 as
against a profit after tax of INR0.04 crore on the back of an OI
of INR12.22 crore in 2012-13.


SUPER AGRI: CARE Reaffirms B Rating on INR35cr Cash Credit
----------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Super Agri Seeds Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities-     1.13      CARE B Revised from
   Term Loans                               CARE D

   Long-term Bank Facilities-
   Cash Credit                   35.00      CARE B Re-affirmed

   Short-term Bank Facilities     1.00      CARE A4 Re-affirmed

Rating Rationale
The revision in the rating for the long-term bank facilities-Term
Loans takes into account the regularization of debt servicing by
Super Agri Seeds Private Ltd (SASPL).

The ratings continue to factor in the tight liquidity position of
the company on account of the stretched working capital position
led by extended collection period and a large working capital gap,
funds blocked in advances/receivables thereby exerting pressure on
the working capital position, dependence on vagaries of nature
associated with agro-based industries, continuous investment
required in research & development and intense competition from
large domestic and global players. The ratings, however, are
underpinned by the satisfactory experience of the promoter,
diversified product profile, satisfactory capital structure and
increased scale of operation during FY14 (refers to the period
July 01 to June 30). The ability of the company to improve the
liquidity profile with recovery of debtors in a timely manner and
reduction of the working capital gap are the key rating
sensitivities.

Super Agri Seeds Private Ltd (SASPL), promoted by Mr Ravi Srinivas
of Hyderabad, was originally started as a partnership firm in 1998
and later converted into a Private Limited company in 2003. SASPL
is engaged in production, processing and marketing of hybrid and
open pollinated seeds of various vegetables, field crops and
cotton. The company has two seed processing units having a total
capacity of 12 Tons per hour (tph) and also an R&D unit
(recognized by the Department of Scientific and Industrial
Research, Government of India) in Hyderabad. Also, it has about 55
acres of farm land which is used for research and development in
Andhra Pradesh (AP) and Karnataka.

During FY14, SASPL posted a PBILDT of INR23.93 crore (FY13:
INR23.89 crore) and PAT of INR17.50 crore (FY13: INR7.11 crore) on
a total operating income of INR124.80 crore (FY13: INR116.95
crore).


SUPER FLOORINGS: CARE Assigns 'B' Rating to INR11.82cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term bank facilities of
Super Floorings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.82      CARE B Assigned

Rating Rationale
The rating is primarily constrained by weak financial risk profile
of Super Floorings Private Limited (SFPL) marked by small scale of
operations, low profitability margins & weak solvency position.
The rating is further constrained by the working capital intensive
nature of operations and susceptibility of margins to any adverse
movements in the raw material prices and currency fluctuations.
The rating, however, derives strength from the significant
experience of the promoters, established business relationship
with the clients and diverse usage of company product in various
industries.

Going forward, the ability of the company to increase the scale of
operations while improving the profitability margins and managing
the working capital requirements efficiently shall remain the key
rating sensitivities.

Super Floorings Private Limited (SFPL) was incorporated in 1988
and is promoted by Mr Ish Anand. The company is engaged in the
business of manufacturing and selling of PVC vinyl sheets, PVC
leather sheet, rubber crumb flooring and EVA sheets. The company
has its manufacturing facility in Yamunanagar, Haryana. The
company sells its products under the brand name 'ITALEX'.
In FY14 (refers to the period April 1 to March 31), SFPL reported
a PAT of INR0.31 crore on the total income of INR17.62 crore as
against a PAT of INR0.32 crore on a total operating income of
INR6.92 crore in FY13.


SWAMI HITECH: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Swami Hitech
Projects Ltd (SHPL) continues to reflect SHPL's low operating
profitability, and its weak financial risk profile, marked by
below-average debt protection metrics, high gearing, and weak
liquidity owing to high dependence on external sources to support
its incremental working capital requirements. These rating
weaknesses are partially offset by the company's established
relationships with customers and suppliers.

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

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the medium
term from its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if there is
significant improvement in the company's profitability and capital
structure, leading to an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in SHPL's profitability, capital structure, or debt
protection metrics.

Update
SHPL's revenue is estimated to have increased to around INR2500
million in 2014-15 (refers to financial year, April 1 to March
31), a compound annual growth of about 24 per cent over the past
three years, driven by better market conditions and higher repeat
orders in the trading segment. The company's operating margin
remains low owing to the trading nature of its operations.

SHPL's financial risk profile remains weak, with below-average
debt protection metrics and a small net worth, estimated at
INR53.3 million as on March 31, 2015. However, the debt has
reduced with repayment of unsecured loans from friends and family
members and unrelated companies over the two years through 2014-
15. As a result, the gearing has improved to an estimated 1.56
times as on March 31, 2015, from 2.82 times as on March 31, 2013.

SHPL's liquidity remains weak with high utilisation of bank lines
at around 98 per cent during the twelve months through November
2014, and high dependence on external sources to support its
working capital requirements.

For 2013-14, SHPL reported a profit after tax (PAT) of INR0.26
million on net sales of INR2325.9 million, against a PAT of
INR0.76 million on net sales of INR1625.7 million for 2012-13. The
company is estimated to report sales of around INR2500 million for
2014-15.

SHPL was originally incorporated in 1997 as Swami Infratrade Ltd;
the name was changed in 2008. It is a closely held public limited
company, engaged in trading in building materials such as thermo-
mechanically-treated (TMT) bars and other steel products, and
cement. A small proportion of its revenue also comes from civil
construction. Currently, its day-to-day operations are being
managed by Mr. Anil Mittal. The company started trading in shares
in 2007-08. In 2010-11, it discontinued with securities trading
and commenced trading in building material.


TIRUPATI FOOD: CARE Reaffirms 'B' Rating on INR24.5cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tirupati Food Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.50      CARE B Reaffirmed
   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

Rating Rationale
The ratings continues to be constrained by weak financial risk
profile of Tirupati Food Industries Private Limited (TFIPL),
characterized by high overall gearing and low profitability
margins. The ratings also factor agro climatic risks, risks
related to changes in government policy and competition from the
unorganized sector.
The rating continue
s to draw comfort from the experienced and resourceful promoters,
the long track record of operations of TFIPL and diversified
customer base.

Going forward, the company's ability to consistently scale up the
operations with improvement in the profitability margins and
effective working capital management remain the key rating
sensitivity.

Tirupati Food Industries Pvt Ltd (TFIPL) is a processor and
supplier of pulses with clients spread across India with major
concentration is in Northern India.

TFIPL was promoted in 2009 by Mr Sanjay Gupta and Mr Ajay Jindal
who have an experience of around two decades in the pulses
business. TFIPL operates four units for processing pulses; two
units located each at Delhi and Rai(Haryana) respectively having a
total capacity of 900,000 quintals per annum (qtl pa) as on March
23, 2015. TFIPL is also registered with Dall and Besan Millers
Association, Delhi and is also ISO 22000:2005 (HACCP) certified.
It deals in 22 types of pulses such as Moong dal, Chana dal,
masoor etc. The products are sold under its own brands such as
'SSS', 'Pulses no1', 'Sunrise', 'Antraj', 'Cow' as well as sold
under its customers' brands.

TFIPL reported total operating income of INR350.35 crore in FY14
(refers to the period April 1 to March 31 - audited) as compared
with INR284.40 crore in FY13 (audited) with a profit of INR0.62
crore at PAT level during FY14 as compared with INR0.56 crore
during FY13.


TREND SETTERS: CRISIL Assigns B Rating to INR40M Bill Discounting
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Trend Setters (TS) and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. CRISIL had
suspended the ratings on December 27, 2014, as TS had not provided
the necessary information for a rating review. The firm has now
shared the requisite information, enabling CRISIL to assign
ratings to its bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      40        CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Overdraft Facility    50        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Packing Credit        35        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    25        CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)


The ratings reflect TS's below-average financial risk profile,
marked by a modest net worth and weak debt protection metrics, and
its large working capital requirements, marked by stretched
debtors. These rating weaknesses are partially offset by the
extensive experience of TS's promoters in the textile industry.
Outlook: Stable

CRISIL believes that TS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if TS achieves substantial
and sustained improvement in its accruals, backed by prudent
working capital management, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's cash accruals are low or if its
working capital cycle stretches further, leading to weakening of
its liquidity.

TS, based in Mumbai, was established in 1976 as a partnership firm
by Mr. Tushar Ruparelia and his brother, Mr. Amit Ruparelia. The
firm manufactures bed sheets, comforters, curtains, pillow covers,
and duvet covers. It gets most of the processing done on a job-
work basis and does the final stitching and packaging in-house.


VEER OIL: CRISIL Reaffirms B+ Rating on INR11.8MM Term Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Veer Oil and General
Mills (VOGM; part of the Veer group) continue to reflect the Veer
group's weak financial risk profile marked by high gearing, weak
debt protection metrics, and moderate net worth. The ratings also
reflect the group's large working capital requirements, and
susceptibility to volatility in raw material prices and regulatory
changes. These rating weaknesses are partially offset by the
promoters' extensive experience in, and the healthy growth
prospects of, the rice industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Purchase-          33.7      CRISIL A4 (Reaffirmed)
   Discounting Facility
   Packing Credit         204.5      CRISIL A4 (Reaffirmed)
   Term Loan               11.8      CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Veer Overseas Limited and VOGM. This is
because the two entities, together referred to as the Veer group,
have strong operating and financial linkages and are under a
common management.
Outlook: Stable

CRISIL believes that the Veer group will continue to benefit over
the medium term from its promoters' extensive experience in, and
the healthy growth prospects of, the rice industry. The outlook
may be revised to 'Positive' in case of a significant improvement
in the group's capital structure, most likely because of large
equity infusion or healthy cash accruals. Conversely, the outlook
may be revised to 'Negative' in case of significant pressure on
the group's liquidity, most likely because of decline in cash
accruals or large working capital requirements, or if the group
undertakes a large debt-funded capital expenditure programme,
weakening its capital structure.

Update
The Veer group reported an estimated revenue of INR4.4 billion to
INR4.5 billion for 2014-15 (refers to financial year, April 1 to
March 31). The group's operating margin is expected to be around 6
per cent for the year, in line with the industry trend. The
group's revenue is expected to grow at a modest rate with a
sustained operating margin, over the medium term.

The Veer group's operations are highly working capital intensive
as reflected in its estimated gross current assets (GCA) of around
240 days as on March 31, 2015. The GCAs include inventory of
around 220 days and a receivables cycle of 35 days. As a result,
the group's average bank limit utilisation has been high, at an
average of around 94 per cent for the 12 months through February
2015.

The group's net worth is estimated to remain moderate at around
INR395 million, as on March 31, 2015. The group has substantial
debt contracted for funding its working capital requirements;
this, coupled with moderate net worth, is estimated to result in
high gearing of around 6.66 times as on March 31, 2015. The
gearing is expected to remain high over the medium term on account
of working-capital-intensive operations.

Set up in 1979 as a partnership firm, VOL was reconstituted as a
public limited company in 1994. VOL mills and processes basmati
rice. The company primarily caters to the export market; it mainly
exports par-boiled rice, which has high demand in the Middle East.
VOL also sorts unsorted rice procured from smaller mills in its
unit's vicinity, and exports the sorted rice.

VOGM, a partnership firm, was set up in 1980. It sorts basmati
rice and sells mainly in the international market. The Veer
group's plants, in Karnal (Haryana), have the combined milling and
sorting capacities of 24 tonnes per hour (tph) and 32 tph,
respectively.


VENUS CONTROLS: CARE Assigns B+ Rating to INR30cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Venus Controls & Switchgear Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      30.0      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Venus Controls &
Switchgear Pvt Ltd takes into account working capital intensive
nature of operation, weak financial risk profile with tight
liquidity position, moderate order book position and intense
competition due to fragmented nature of industry. The rating also
factors in the experience of the promoters, regular infusion of
funds by the promoters and reputed clientele. Ability of the
company to regularly bag new orders, timely execute the orders,
improve profitability margin and efficiently manage its working
capital requirement remains the key rating sensitivities.

Venus Controls & Switchgear Pvt Ltd (VCSPL), incorporated in 1989,
by Mr. Shyam Sundar Patodia is engaged in the manufacturing of
electrical control panels. From 2010 onwards, the company ventured
into execution of turnkey projects for erection of sub-station and
transmission lines. VCSPL is the flagship company of the Patodia
group. The group is also involved into the business of real estate
(mainly in Kolkata). The manufacturing plant of the company is ISO
9001:2008 certified.

During FY14, VCSPL reported a PAT of INR2.61 crore (INR2.20 crore
in FY13) on a total operating income of INR463.37 crore (INR367.55
crore in FY13).


VIVA BOARDS: CRISIL Reaffirms D Rating on INR117MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Viva Boards Pvt Ltd
(VBPL) continue to reflect instances of delay by VBPL in servicing
its interest obligations. The delays have been caused by the
company's weak liquidity, resulting from delay in project schedule
and start of commercial operations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL D (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility    10         CRISIL D (Reaffirmed)
   Term Loan            117         CRISIL D (Reaffirmed)

The ratings also reflect VBPL's limited track record of
operations, and susceptibility of its profitability margins to
fluctuation in waste paper prices. However, the company benefits
from its promoter's extensive industry experience.

VBPL was established by Mr. Rudravaram Mahesh in 2011. The company
manufactures duplex paper and has set up a duplex paper
manufacturing unit in Nizamabad (Andhra Pradesh).



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


HAMMERHEADS: Auckland Restaurant Goes Into Liquidation
------------------------------------------------------
The New Zealand Herald reports that well-known Auckland restaurant
Hammerheads is in liquidation and has shut down.

The Herald relates that the restaurant occupied a prime waterfront
position on Tamaki Drive for more than 20 years and its operator
was being chased by Inland Revenue, who applied to the High Court
to put it into liquidation.

It ceased trading last month, the night before the court appointed
liquidators Colin McCloy and Craig Sanson to wind up its affairs,
according to the report.

The Herald says Mr. Sanson would not reveal how much the tax
department was claiming from the restaurant's operator.

He said he'd be looking to work with the landlord -- the Navy
League charitable organisation, to find a new tenant and a buyer
for the company's chattels, the report relays.

Earlier this year Hammerheads' long-time owners put the business
up for sale, saying there was "huge potential to increase $2m pa
[per annum] turnover," the Herald adds.


WESTERN PACIFIC: Liquidation to Conclude by End Of Next Year
------------------------------------------------------------
Simon Hartley at Otago Daily Times reports that the liquidation of
Western Pacific Insurance could be concluded by the end of next
year, more than five years since its collapse.

Western offered 7,000 policy-holders around the world insurance
cover amounting to NZ$10 billion, but following the Canterbury
earthquakes in 2010-11, it was unable to pay just NZ$6 million in
claims, ODT says.

Western was placed in liquidation in April 2011 by its owners,
Queenstown businessman Graham Smolenski and his brother in law,
Jeff McNally.  Grant Thornton NZ was appointed liquidator, the
report discloses.

Of the total NZ$75 million in claims, Canterbury quake victims are
owed NZ$58.5 million, but are likely to receive around
NZ$32 million while other unsecured creditors owed NZ$16.5 million
will be unlikely to be paid out, according to ODT.

ODT relates that in Grant Thornton's latest six-monthly report,
liquidator David Ruscoe estimated the liquidation would be
completed in 2016, dependent on loss assessment and reinsurance
recovery being completed.

It "appears unlikely" there will be any dividend for ordinary
unsecured creditors, he said of NZ$16.53 million owed, the report
relays.

The bulk of that was NZ$14.62 million of estimated insurance
claims, ODT notes.

ODT relates that a court order in mid-2012 determined that money
coming from Western's reinsurers would go towards the Canterbury
earthquake claimants, affected by the September 2010 and February
2011 quakes.

Since March, all 204 of the claims notified had been allocated to
loss adjusters for assessment, Mr. Ruscoe said, the report relays.

According to ODT, the total 204 claims are valued at
NZ$58.5 million: 92 from the 2010 quake valued at NZ$15 million
and 112 from 2012 valued at NZ$43 million.

The report notes that the estimated reinsurance recoveries, less
NZ$1.72 million in premiums due and still subject to further
costs, is NZ$32.18 million, which appears to leave a shortfall of
NZ$26.35 million.

Combined with unsecured creditors' losses, the final shortfall
figure grows to more than NZ$42 million, the report relays.

In 2011, Grant Thornton noted Western Pacific had accepted risks
"outside the scope of its reinsurance policies" and "in some
instances, premiums were too low," ODT notes.

Western was able to operate with just a NZ$500,000 bond lodged
with Perpetual Trustees.

The potential liabilities of more than NZ$10 billion included
policies offered in Australia, Chile, Abu Dhabi and Pacific Island
countries, ODT notes.



                             *********

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

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

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


                            *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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