TCRAP_Public/150514.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

            Thursday, May 14, 2015, Vol. 18, No. 094


                            Headlines


A U S T R A L I A

NEWSAT LIMITED: Administrators to Relaunch Firm Via DOCA


C H I N A

AGILE PROPERTY: Moody's Assigns B1 Rating to Proposed USD Notes
FOSUN INT'L: Moody's Says Equity Placement No Impact on Ba3 CFR
FUTURE LAND: Unit Reorganization No Impact on Moody's Ba3 CFR


H O N G K O N G

CHINA FISHERY: 1H 2015 Results No Impact on Moody's B2 CFR
WINLAND OCEAN: Won Lee Sues China Merchants to Recover Vessel
WINLAND OCEAN: China Merchants Bank Seeks to Lift Stay


I N D I A

ADILABAD EXPRESSWAY: ICRA Lowers Rating on INR350cr Loan to D
ADITYA PROMOTERS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
ALAND CERAMIC: CRISIL Assigns B+ Rating to INR60MM Term Loan
ARIA HOTELS: ICRA Suspends 'B' Rating on INR422.92cr Bank Loan
ASSOCIATE BUILDERS: CARE Assigns 'B+' Rating to INR7.15cr LT Loan

AVIA CERAMIC: ICRA Reaffirms 'B' Rating on INR4cr Term Loan
BAJAJ CARPET: CRISIL Assigns B+ Rating to INR85MM Overdraft Loan
BHOLARAM EDUCATION: CRISIL Reaffirms D Rating on INR180MM Loan
BLG ELECTRONICS: CRISIL Assigns B+ Rating to INR75MM Cash Credit
DARIYALAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR135MM Loan

DELUX MECHANICAL: CARE Assigns B+ Rating to INR5.9cr LT Loan
DIVEEL COTTON: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
ELEGANT BUILDERS: ICRA Assigns 'B' Rating to INR7.0cr LT Loan
EPITOME PLAST-O-PACK: CRISIL Reaffirms B- Rating on INR62.5M Loan
GAYATRI PROJECTS: CARE Reaffirms B+ Rating on INR1,752.51cr Loan

INDRESHWAR SUGAR: CRISIL Reaffirms D Rating on INR500MM Term Loan
IUA TRUST: CRISIL Reaffirms 'B' Rating on INR75MM Term Loan
KANAKA MAHALAKSHMI: CRISIL Reaffirms B Rating on INR140MM Loan
MONGA IRON: CRISIL Assigns B- Rating to INR80MM Bank Loan
MRJ INFRATECH: CRISIL Assigns 'B' Rating to INR110MM Disc. Loan

NAMDHARI RICE: ICRA Cuts Rating on INR20.75cr FB Loan to D
NOVA AGRI: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
P. PRABHAKARAN: ICRA Assigns B- Rating to INR6cr Fund Based Loan
PRECISION AUTOCASTINGS: CARE Reaffirms B Rating on INR7cr Loan
QUALITY HYBRID: CRISIL Assigns B Rating to INR50MM Cash Loan

RADHE SHYAM: CARE Reaffirms 'B+' Rating on INR10cr LT Bank Loan
RAFIQ NAIK: CRISIL Assigns 'B+' Rating to INR151.9MM Term Loan
RATAN METAL: CRISIL Assigns B Rating to INR47.5MM Bank Loan
RIME RICH: CRISIL Lowers Rating on INR95MM LT Loan to 'D'
RISE PACKERS: CRISIL Assigns B Rating to INR50MM Cash Credit

S.R. EDUCATIONAL: ICRA Assigns 'D' Rating to INR9.35cr Term Loan
SASIDHAR POULTRIES: ICRA Assigns 'C+' Rating to INR9.23cr Loan
SELFRIDGES PVT: CRISIL Assigns B+ Rating to INR85MM Cash Loan
SHEKAR LOGISTICS: CRISIL Reaffirms B Rating on INR215MM Term Loan
SHINE METALTECH: ICRA Reaffirms 'D' Rating on INR6.40cr Term Loan

SHIRODE CARS: CRISIL Assigns B- Rating to INR35MM Cash Credit
SHIVAM IRON: CRISIL Reaffirms B- Rating on INR1.05BB Cash Loan
SHRADHA APPARELS: CRISIL Assigns B+ Rating to INR55MM Loan
SHUBHLAXMI SILK: ICRA Assigns B- Rating to INR3.55cr Term Loan
SHYAM ENTERPRISE: CARE Assigns B+ Rating to INR10cr LT Bank Loan

SLOGAN CERAMIC: ICRA Suspends B+ Rating on INR3.0cr Loan
SPARK INSULATORS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
SREENIDHI INFRA: CRISIL Assigns B Rating to INR70MM Secured Loan
SRI GAYATRI: ICRA Cuts Rating on INR18cr Import/Inland Loan to D
SRI JAGANNATH: ICRA Withdraws 'B' Rating on INR13.75cr LT Loan

SRI LAKSHMI: CRISIL Assigns B+ Rating to INR80MM Cash Credit
SRI VIJAYA: CARE Assigns B+ Rating to INR6.0cr Long Term Loan
SUCCESS ENGINEERS: CARE Assigns B+ Rating to INR5.94cr LT Loan
SWIFT CERAMIC: ICRA Suspends 'B' Rating on INR4.25cr Term Loan
TOSIBA APPLIANCES: CRISIL Assigns B- Rating to INR30MM Cash Loan

UPPER INDIA: CRISIL Assigns B+ Rating to INR50MM Bill Purchase
V.T. FOODS: ICRA Suspends B+ Rating on INR5.0cr Long Term Loan
VEGGIECRAFT FOOD: CRISIL Assigns B Rating to INR85MM Term Loan
VENKATESH INDUSTRIES: CRISIL Assigns B Rating to INR50MM Loan
VISHNU CARRIERS: ICRA Reaffirms 'C' Rating on INR9cr Cash Credit

WADHWANI COLD: CRISIL Reaffirms B Rating on INR73.8MM Loan


J A P A N

TOSHIBA CORP: Default Risk Surges Most on Accounting Probe


N E W  Z E A L A N D

STRATEGIC PLANNING: Ex-Director Admits Stealing Nearly NZ$3MM
* NEW ZEALAND: Dairy an "Area of Risk", Reserve Bank Says


                            - - - - -


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


NEWSAT LIMITED: Administrators to Relaunch Firm Via DOCA
--------------------------------------------------------
http://www.smh.com.au/business/embattled-satellite-hopeful-newsat-
could-be-relaunched-20150513-ggzk61.html
(Matet)


Sarah Danckert at The Sydney Morning Herald reports that NewSat
Limited could be relaunched with administrators considering
restructuring the company through a deed of company arrangement.

SMH relates that NewSat's administrators, PPB Advisory, have won
Federal Court approval to push back the first meeting of creditors
to July 31 to allow time for the administrators to thrash out a
restructure proposal with the company's lenders and new investors.

The extension could mean administrators are able to salvage
NewSat's key asset, the as-yet-unbuilt Jabiru-1 satellite, SMH
says citing court documents.

It is still unclear whether company founder Adrian Ballintine will
be involved in the restructure of the company and he did not
return calls on May 13, SMH notes.

According to SMH, the company's continuous disclosure record and
share trades by Mr. Ballintine have come under scrutiny since the
group's debt issues became public earlier this year.

NewSat called in administrators in mid April after breaching
banking covenants with key financiers the US Export-Import Bank
and France's state credit export agency COFACE.  McGrathNicol was
appointed receiver. At the same time the company also filed for
Chapter 15 bankruptcy in the US.

Secured creditors to NewSat are owed $169 million. Unsecured
creditors are expected to push the company's total debt load
beyond $300 million, SMH discloses citing sources.

NewSat had been suspended from trade on the ASX since late March
as it tried to thrash out a resolution with its creditors, relates
SMH.

According to SMH, court documents show the company has since
brokered a deal with the company it has contracted to construct
Jabiru-1, Lockheed Martin to continue building the satellite until
a decision is made on its future on May 18.

Lockheed Martin first issued default notices against NewSat in
December last year after the company failed to keep up with its
construction costs, the report recalls.

SMH says NewSat has also brokered an extension with another
contractor -- French company Arianespace which in February issued
NewSat with a default notice over alleged overdue payments under
its launch services agreement totalling $42 million.

"The receivers are presently pursuing discussions and negotiations
with interested parties regarding the potential restructuring of
the NewSat Group's financial arrangements in order to preserve the
value of the incomplete Jabiru-1 project," Judge Jonathon Beach
said in granting administrators the extension to the convening
period, SMH relays.

"It is possible that a restructure may take place through deeds of
company arrangement," Judge Beach added.

SMH notes that lawyers for administrators argued that creditors
and other stakeholders would suffer "substantial loss of value" if
the company did not pursue a restructure.

"Apparently, if the NewSat Group is not recapitalised through the
administration or otherwise revitalised by the receivership
procedures, there is a real risk that the incomplete Jabiru-1
satellite project will not be completed and the pre-launch
customer contracts secured to date and worth approximately $644
million may be lost," Judge Beach, as cited by SMH, said.

                           About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company.  NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors.  NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016.  Jabiru-1 will be Australia's first commercial "Ka-
band" satellite and is expected to deliver 7.6 GHz of new capacity
in the covered regions.17

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat.  Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat into administration in Australia.
It appointed Stephen James Parbery and Marcus William Ayres, of
PPB Advisory in Sydney, Australia, as administrators.  Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S.  The U.S. cases are assigned to
Judge Kevin J. Carey.  Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.



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


AGILE PROPERTY: Moody's Assigns B1 Rating to Proposed USD Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating to
the proposed USD notes to be issued by Agile Property Holdings
Limited (Ba3 negative).

The rating outlook is negative.

Agile will use the proceeds to refinance existing indebtedness.

"The proceeds from the proposed issuance will modestly improve
Agile's liquidity position. The issuance will also lengthen
Agile's debt maturity profile," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

Agile's liquidity remains weak for its Ba3 corporate family rating
as reflected by the negative rating outlook.

Moody's estimates that Agile's cash to short term debt ratio will
edge up to around 0.75x after the successful issuance of the notes
from 0.7x at end-2014.

"The proposed issuance will have limited impact on Agile's credit
metrics, as the proceeds will be used to refinance existing debt,"
adds Tsang, who is also Moody's Lead Analyst for Agile.

Moody's expects that the company's revenue/debt and EBIT coverage
of interest will remain broadly stable at around 80% and 3.0x over
the next 12-18 months versus 78% and 3.1x in 2014, as the company
slows its pace of expansion and manages down its financial
leverage.

Revenue/debt and EBIT coverage of interest ratios are calculated
based on Moody's standard adjustments and the definition stated in
Moody's Homebuilding And Property Development Industry published
in April 2015. The debt does not include adjustments for mortgage
guarantees.

Moody's notes that Agile reported an 18% year-on-year decline in
accumulated pre-sales of RMB10.8 billion in the first four months
of 2015. The decline was consistent with the broader industry
trend and was caused mainly by weak sales in the first two months
of the year.

Moody's expects that the company will achieve its sales target of
RMB45 billion for 2015, given that Agile plans to put on sale
around 7.6 million square meters of gross floor area during the
year.

Its pre-sales will likely pick up in the coming 3-6 months, as it
begins to launch new phases of existing projects, as well as new
projects in different locations, such as in Guangzhou, Nanjing,
Changsha, and Xi'an.

Agile's Ba3 corporate family rating continues to reflect its long
operating track record and established brand in the economically
strong Pearl River Delta, competitive land costs, and disciplined
financial management.

But the Ba3 rating is constrained by its high debt leverage and
geographic concentration in Guangdong Province.

Agile's senior unsecured bond rating is notched down to B1 to
reflect the subordination risk of bondholders, given that the
company has a material amount of priority debt. Moody's expects
that Agile's secured and subsidiary debt will stay at around 15%-
20% of total assets over the medium term.

Moody's would consider changing Agile's ratings outlook to stable,
if Agile: (1) further improves its liquidity position, such that
its cash is equivalent to 1.0x-1.5x of short-term debt; (2)
maintains access to the offshore bank and debt markets; (3)
successfully executes its pre-sales plan; and (4) maintains its
gross margin at around 25%-30% and EBIT coverage of interest at
around 3.0x.

On the other hand, Moody's would consider downgrading Agile's
ratings if the company's: (1) operating cash flow weakens, because
of materially weaker-than-expected pre-sales or over-expansion in
terms of new projects; and (2) liquidity profile deteriorates
further, because of weakened sales or material land acquisitions.

Indicators of downgrade ratings pressure include EBIT coverage of
interest at 2.5x-3.0x or cash holdings below 1.0x-1.5x of short-
term debt on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment.

At March 25, 2015, the company's land bank exhibited a total gross
floor area of 40.4 million square meters in over 40 cities and
districts in China. Its largest market is in Southern China;
mainly in Guangdong Province. This market accounted for around 36%
of the company's land bank as of March 25, 2015 and around 53% of
its pre-sales in 2014.


FOSUN INT'L: Moody's Says Equity Placement No Impact on Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service said that Fosun International Limited's
proposed equity placement is credit positive, but will not
immediately impact its Ba3 corporate family ratings, Ba3 senior
unsecured bond rating, and the Ba3 rating on the bond issued by
Sparkle Assets Limited and guaranteed by Fosun.

At the same time, the proposed equity placement will not
immediately impact the stable ratings outlook.

Fosun announced on May 12, 2015 that it would place 465 million
shares in the market at HKD20 per share. The company expects to
raise around HKD9.3 billion ($1.2 billion). The proceeds will be
used to further expand its business and operations.

"Fosun's equity placement is in line with Moody's expectations and
will help fund its hefty payment obligations arising from its
investments," says Lina Choi, a Moody's Vice President and Senior
Analyst.

Moody's notes that Fosun's unpaid investment obligations total
around $4.8 billion; including payments for the acquisition of US-
based insurer Ironshore Inc. (parent of Ironshore Insurance Ltd.
(Insurance Financial Strength Baa1 stable)). If the share
placement is completed, part of the payment obligations for the
acquisition will be addressed.

Fosun's improved equity base will also support the refinancing of
its short term debt at its onshore and offshore holding companies,
which totaled RMB24 billion at end-2014.

Moody's will monitor Fosun's execution of its fund raising plan,
and will review the company's ratings if the company is unable to
secure adequate funding from asset disposals to strengthen its
cash holdings at the holding company level, or if its debt
leverage rises substantially.

The principal methodology used in these ratings was Global
Investment Holding Companies published in October 2007.

Fosun Group was founded in 1992. Its core businesses comprise: (1)
insurance; (2) steel; (3) property; (4) pharmaceuticals and
healthcare; and (5) mining.

Apart from these core businesses, Fosun also has a growing
presence in other areas such as asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses, and
investment partnerships that are not publicly listed.


FUTURE LAND: Unit Reorganization No Impact on Moody's Ba3 CFR
-------------------------------------------------------------
Moody's Investors Service said that Future Land Development
Holdings Limited's proposed reorganization of its 58.86% owned, B-
share subsidiary, Jiangsu Future Land Co., Ltd. (unrated) will
have no immediate rating impact on its Ba3 corporate family rating
and B1 senior unsecured bond rating.

On May 10, 2015, FLDH announced further details of the Group's
proposed reorganization that will make its currently wholly owned
subsidiary, Future Land Holdings (unrated), the company flagship
in Mainland China, which will also be listed on the Shanghai Stock
Exchange. It will own all the current property development
projects of FLDH and Jiangsu Future Land (unrated B-share listed
subsidiary). Upon completion of the restructuring, Jiangsu Future
Land will be delisted and FLDH will receive a shareholder loan
repayment in cash from Future Land Holdings.

"Moody's does not believe further notching of the bond rating is
necessary, as the additional assets transferred to Future Land
Holdings in the proposed reorganization are insubstantial,
relative to the Group's total assets," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst.

Moody's has notched the rating of FLDH's senior unsecured bonds,
taking into consideration the subordination risk arising from the
priority debt level and Jiangsu Future Land's listing status in
Mainland China.

Moody's estimates that the current proposed reorganization
involves the transfer of additional commercial property assets,
less than 20% of the Group's total assets. As such, additional
notching is unnecessary.

Furthermore, the high level of ownership by Mr. Wang Zhen Hua, its
single largest shareholder and Chairman, ensures that FLDH will
have sufficient financial support from the Group to cover its debt
obligations. The chairman owns 72% of FLDH, which in turn will own
about 68.27% of the proposed A listed Future Land Holdings. FLDH
serves as the ultimate holding company of the Group for the
Chairman.

After reorganization, FLDH will rely on its cash, property
management profits and dividends from Future Land Holdings to
service its debt. Therefore, any future change in the ownership of
FLDH and Future Land Holding could impact FLDH's ratings.

FLDH's role will largely be a holding company for the Group after
reorganization. Moody's expects FLDH, at its holding company
level, will maintain the same level of gross debt, estimated at
about RMB4.9 billion equivalent in offshore debt. If its debt
level increases substantially to the extent that it cannot be
serviced by the expected dividends from Future Land Holdings, then
FLDH's ratings could be under pressure for downgrade.

However, Moody's notes that reorganization will improve the
Group's access to the equity and bond markets in Mainland China in
the future.

Moody's will monitor future corporate actions in relation to the
proposed reorganization. In particular, any changes in assets,
cash flow and liquidity, which will in turn affect Future Land's
Ba3 corporate family and B1 senior unsecured debt ratings.

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

Future Land Development Holdings Limited was founded in 1996 by
its chairman, Mr. Wang Zhen Hua. Mr. Wang has been in the property
development business in China since 1993. The company listed on
the Hong Kong Stock Exchange in November 2012.

Future Land's 58.86%-owned subsidiary, Jiangsu Future Land Co.,
Ltd is a B-share company listed on the Shanghai Stock Exchange
since 1997.

Future Land has more than 51 projects under development. Its land
bank totaled approximately 15.56 million square meters of gross
floor area at 31 December 2014.



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


CHINA FISHERY: 1H 2015 Results No Impact on Moody's B2 CFR
----------------------------------------------------------
Moody's Investors Service said that China Fishery Group Limited's
modest results for the first-half of the fiscal year ended
Sept. 28, 2015 (1H 2015) are in line with Moody's expectations,
and have no immediate impact on its B2 corporate family rating or
on the B2 senior unsecured bond rating on the notes issued by its
subsidiary, CFG Investment S.A.C.

The ratings outlook remains negative.

"CFG's weak operating performance has no immediate impact on its
ratings, as we expect a better utilization of its fishing quota in
the second half the year and the likely debt reduction upon
repayment of its Copeinca bond will improve its financial
profile," says Lina Choi, a Moody's Vice President and Senior
Analyst.

CFG's revenue dropped by 38% in 1H 2015 from the same period last
year, mainly driven by a 50% revenue deduction in its Peruvian
fishmeal business, which resulted from the Peruvian government's
(A3 stable) cancellation of the fishing season from November 2014
to January 2015.

However, the company's overall gross margin improved to 37.5% from
33.0% thanks to its continuous cost saving efforts and the
government's changed policy by which it has expanded fishing zones
to areas closer to shore, saving fishers both operating and
transition costs.

CFG also reduced its total debt to $1.02 billion from $1,2 billion
six months ago. Moody's expects CFG's debt will drop further once
it completes the repayment of its outstanding $250 million
Copeinca bond by the end of May 2015.

"If CFG uses the proceeds of its April rights issue to complete
the repayment of its Copeinca bond, this will improve the
company's financial profile, with debt/EBITDA falling to around
4.5x from the current 5.5x -- a credit positive," adds Choi, who
is also the lead analyst for CFG.

CFG's liquidity position was manageable as of 28 March 2015, with
total cash of $122 million and $283 million proceeds from its
rights issue completed on 30 April 2015 sufficient to meet its
short-term financing needs.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.

China Fishery Group Ltd is headquartered in Hong Kong and listed
in Singapore. It is engaged in the Peruvian fishmeal and fish oil
business and fishing fleet operations. China Fishery is 46.5%
effectively owned by the Pacific Andes group through Pacific Andes
International Holdings Limited (unrated), a Hong Kong-listed
integrated fish and seafood products processor. The Carlyle Group,
a global alternative asset management firm, holds an 11.1% stake
in the company.


WINLAND OCEAN: Won Lee Sues China Merchants to Recover Vessel
-------------------------------------------------------------
Debtor-affiliate Won Lee Shipping Co. Ltd. (HK) has filed a
complaint to compel turnover of property and for preliminary and
permanent injunctive relief.  Won Lee filed the action to recover
the vessel, the M.V. Rui Lee, which has been arrested by defendant
China Merchants Bank Co. Ltd. at a port in Singapore.

Won Lee owns the M.V. Rui Lee vessel and is an individual ship
owning company that is engaged in the business of international
ocean transportation of bulk cargo.  Defendant China Merchants
Bank Co. Ltd. loaned money to the Debtors which Won Lee used to
purchase the vessel.

Matthew S. Okin, Esq., relates that the Defendant did not seek
relief from the automatic stay, yet the Defendant continues to
exercise control over the Vessel in clear violation of Sec.
362(a)(3) of the Bankruptcy Code.  The Plaintiff has informed
Defendant of its pending bankruptcy case and has requested that
Defendant turn over the Vessel as property of the bankruptcy
estate.  Despite these attempts, Defendant has refused to turn
over the Vessel to the Plaintiff.  The Defendant is not only in
violation of the automatic stay but continues to knowingly and
willfully violate the automatic stay to the detriment of the
Plaintiff's bankruptcy estates and, ultimately, to the detriment
ofthe Plaintiff's creditors.

Mr. Okin states that the Plaintiff's business relies on the
operation of its Vessel.  The seizure of the Vessel prevents the
Plaintiff from operating in the ordinary course of business.  The
Plaintiff is unable to generate revenue because the Vessel is
prohibited from obtaining and fulfilling charter obligations.
The Plaintiff's sole revenue generating asset is the Vessel;
without it, the Plaintiff's business will not be able to exist.
Furthermore, as the Vessel sits in port unable to work, it is
accruing additional liabilities, such as crew wages, crew
provisions, bunkers, and costs of in custodia legis, among others.

In addition, Defendant's dominion and control over the Vessel
injures Plaintiff's reputation and goodwill by calling into
question Plaintiff's ability to timely deliver cargo and fulfill
charter obligations.

                    About Winland Ocean Shipping

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

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

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


WINLAND OCEAN: China Merchants Bank Seeks to Lift Stay
------------------------------------------------------
China Merchants Bank Co. Ltd., a secured lender, asks the U.S.
Bankruptcy Court to lift the automatic stay to allow it to
exercise its contractual and legal rights and remedies under
security documents and applicable law against 2 vessels owned by
Winland Ocean Shipping Corp., et al., and any other collateral.

CMB loaned the Debtors $25 million to purchase two ships -- the
M.V. Rui Lee and the M.V. Fon Tai.  CMB has a mortgage on the two
ships and a security interest in all of their earnings.  The
Debtors defaulted prepetition under the loan agreement by failing
to pay CMB.

CMB moves to lift the stay because (i) the Debtors are not
adequately protecting and cannot adequately protect CMB's interest
in the CMB Vessels, and (ii) the Debtors have no equity in the CMB
Vessels and the CMB Vessels are not necessary to an effective
reorganization.

CMB submits that the Debtors are not adequately protecting and
cannot adequately protect CMB's interests in the CMB Vessels.  The
Debtors are not making periodic cash payments and have no means to
do so.  Just one of the Debtors' three ships is operating and,
according to the Debtors' own projections -- which are predicated
on a dramatic increase in day rates for dry bulk vessels and may
not include necessary costs to preserve and maintain the one
operating CMB Vessel -- the Debtors will be on the precipice of
administrative insolvency by May.  If rates do not recover, the
budget will be deeply underwater.  Moreover, the budget assumes no
adequate protection payments to CMB and no professionals' fees.

Additionally, it appears that there is little or no equity cushion
protecting CMB's interest in the CMB Vessels.  And, each day, as
the ships depreciate, CMB's claim continues to grow with interest,
fees and costs, including significant costs associated with the
arrest of the M.V. Rui Lee in Singapore.  The Debtors do not have
unencumbered assets on which to grant CMB replacement liens.

CMB avers that the Debtors here are essentially three single-asset
debtors (and its parent), and only one asset is generating any
revenue.  According to the bank, the Debtors' only reorganization
prospect is dependent upon unsubstantiated hope that the market
for chartering ships will significantly improve in a very short
period of time.  Hoping for a market rebound, however, is not a
basis for reorganization and has been consistently rejected by the
Fifth Circuit as a sufficient basis to resist a lift stay motion,
CMB tells the Court.

China Merchants Bank is represented by:

         Andrews Kurth LLP
         Timothy A. Davidson II, Esq.
         Joseph P. Rovira, Esq.
         600 Travis, Suite 4200
         Houston, Texas 77002
         Tel: (713) 220-4200
         Fax: (713) 220-4285

                    About Winland Ocean Shipping

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

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

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



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


ADILABAD EXPRESSWAY: ICRA Lowers Rating on INR350cr Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR350.00 crore
fund based facilities of Adilabad Expressway Private Limited
(AEPL) to [ICRA]D from [ICRA]BBB- (Negative).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans           350.00        [ICRA]D Revised

The revision in rating takes into account the recent delays by
APEL in servicing its term loan obligations. The rating is further
constrained by the increased interest burden on AEPL post
reschedulement of subordinate debt which had an adverse impact on
project cash flows. Further, the funding for the first major
maintenance which is due in FY 16 is yet to be tied up owing to
absence of major maintenance reserve. AEPL's ability to complete
the first major maintenance within the estimated cost remains to
be seen. The rating continues to take into account the timely
receipt of annuities from NHAI and the satisfactory operational
performance of the project as evidenced by full lane availability.
ICRA notes that the current tail period of ~3.5 years provides
scope for refinancing to ease the debt repayment burden on AEPL.

Going forward, APEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further, tying
up funds for major maintenance, SPV's ability to carry out the
major maintenance as per budgeted cost and schedule will be other
key monitorables.

AEPL is an SPV promoted by Soma Enterprise Limited (SEL, 99%
holding) for the design, construction, development, finance,
operation and maintenance of a 55 km road stretch on NH-7 on a BOT
(Annuity) basis. The scope of work involves developing the 55 km
road stretch to four lane divided carriageway standards including
strengthening of the existing two lane road. The project is
located in Andhra Pradesh (close to the AP-Maharashtra border) and
is part of the North-South Corridor of National Highways
Development Project (NHDP) Phase 2.The concession term is 20 years
starting from November 2007 (including a two year construction
period). Against a scheduled CoD of November 2009, the project has
achieved provisional CoD for the complete stretch in June 2010.
AEPL is entitled to an annuity of INR62.96 crore payable semi-
annually. On account of the delayed commissioning, the project
cost has increased by approx. INR48.82 crore which has been
completely funded by SEL and subsequently repaid by AEPL.

Recent Results
As per provisional 6M FY 15 results, the company reported
operating income of INR31.48 crore and net profit of INR4.67
crore.


ADITYA PROMOTERS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Aditya Promoters Ltd (APL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35        CRISIL B+/Stable
   Letter of Credit      80        CRISIL A4

The rating reflects APL's small-scale and working-capital-
intensive operations, and below-average financial risk profile
marked by small net worth. These rating weaknesses are partially
offset by APL's promoters' extensive experience in the glassware
and crockery business and their established relationship with
customers and suppliers.
Outlook: Stable

CRISIL believes that APL's financial risk profile, particularly
its liquidity, will remain weak over the medium term because of
the company's large working capital requirements and low
profitability. However, APL is expected to continue to benefit
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case APL significantly expands its
scale of operations and improves its profitability, resulting in
significant cash accruals; and improves its liquidity by
effectively managing its working capital needs. Conversely, the
outlook may be revised to 'Negative' if APL's scale of operations
reduce significantly, adversely impacting its cash accruals, or
its financial risk profile, particularly its liquidity,
deteriorates on account of large working capital requirements or a
larger-than-expected debt-funded capital expenditure.

APL, incorporated in 1987 by Mr. Anand Kumar Khemka, manufactures,
and trades in, gift articles, glasswares, plasticwares, and other
crockery products.  APL is actively managed by Mr.  Anand Kumar
Khemka, Mr. Aruna Khemka Mr. Vikramaditya Khemka and Mr. Pradeep
Kumar Gupta.


ALAND CERAMIC: CRISIL Assigns B+ Rating to INR60MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aland Ceramic Pvt Ltd (ACPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               60         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       7.5       CRISIL B+/Stable
   Bank Guarantee          10.0       CRISIL A4
   Cash Credit             22.5       CRISIL B+/Stable

The ratings reflect the extensive experience of the company's
promoters in the ceramic industry and strategic location of its
plant at Morbi, Gujarat which ensures availability of raw
materials and labour. These rating strengths are partially offset
by ACPL's exposure to project risks and the company's modest scale
of operations over the medium term.

Outlook: Stable

CRISIL believes that ACPL will maintain its business risk profile
backed by its promoters' industry experience. However, the
company's financial risk profile is expected to remain average
over the medium term, with high gearing and average debt
protection metrics because of low accruals during the project
stabilisation phase. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if ACPL reports low
operating margin or it undertakes any large debt-funded expansion
plan or its working capital management deteriorates, leading to
deterioration in its financial risk profile.

ACPL was incorporated in May 2014. The company is setting up a
facility to manufacture ceramic wall tiles. ACPL is promoted by
Mr. Vinodkumar Laxmanbhai Varevariya and others.


ARIA HOTELS: ICRA Suspends 'B' Rating on INR422.92cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned
earlier to the INR422.92 crore fund-based bank facilities of Aria
Hotels and Consultancy Services Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank
   Facilities           422.92       [ICRA]B Rating Suspended

Incorporated in May 2007, Aria Hotels and Consultancy Services
Private Limited (AHCSPL) is a subsidiary of Asian Hotels (West)
Limited (AHWL) -- that owns Hotel Hyatt Regency in Mumbai. Gupta
group -- the promoters of AHWL have significant experience in the
hotel industry.

AHCSPL has set up a 525-room five-star deluxe hotel property in
hospitality district of Delhi Aerocity located at Delhi
International Airport. Apart from hotel, the project also has
~132,000 square feet of retail/ commercial space. AHCSPL has
executed a management and franchise arrangement with Marriott
Hotels India Private Limited (Marriott) for its up-market brand -
"JW Marriott" for the hotel property. While the property was
initially slated to commence commercial operations from April
2012, it faced significant delays. The property was partially
launched on 18th October 2013 after receipt of the final security
clearance from the concerned authorities.


ASSOCIATE BUILDERS: CARE Assigns 'B+' Rating to INR7.15cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Associate Builders & Traders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.15      CARE B+ Assigned
   Short-term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Associate Builders
& Traders (ABT) are primarily constrained by its small scale of
operations, fluctuating and below unity profitability margins and
leveraged capital structure. The ratings are further constrained
by customer concentration risk coupled with concentrated order
book and partnership nature of constitution and its presence in
highly fragmented and competitive industry.

The ratings, however, draw strength from the experienced partners
in execution of civil contracts and long track record of
operations of the firm.

Going forward, ABT's ability to scale-up its operations while
improving its profitability margins and capital structure along
with successful execution of projects within the estimated time
and costs would be the key rating sensitivities.

ABT was established as a partnership firm in 1996. The current
partners of the firm are Mr Atal Bihari Tripathi and Mr Santosh
Kumar Tripathi having equal profit loss sharing ratio. The firm is
engaged construction of roads, flyovers, civil construction, etc,
mainly in Uttar Pradesh region. The majority of the contracts are
obtained from Public Works Department (PWD) and Municipal
Corporation through competitive bidding process. Most of the
contracts are fixed price contracts with an execution tenor of 6-9
months.

For FY14 (refers to the period April 01 to March 31), ABT achieved
a total operating income (TOI) of INR28.97 crore with PBILDT and
profit after tax (PAT) of INR0.26 crore and INR0.04 crore,
respectively, as against TOI of INR15.56 crore with PBILDT and PAT
of INR0.05 crore and INR0.01 crore, respectively, in FY13. The
firm has achieved total income of INR45 crore during FY15
(provisional).


AVIA CERAMIC: ICRA Reaffirms 'B' Rating on INR4cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]B for the
INR4.00 crore term loan and INR2.50 crore fund based cash credit
facilities of AVIA Ceramic Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR1.00 crore short term non
fund based facilities of ACPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             4.00       [ICRA]B reaffirmed
   Cash Credit            2.50       [ICRA]B reaffirmed
   Bank Guarantee         1.00       [ICRA]A4 reaffirmed

The ratings continues to remain constrained by ACPL's limited
operational track record entailing weak financial profile as
reflected by net losses , stretched capital structure and weak
debt protection metrics. While reaffirming company the ratings,
ICRA considers take into account the risks associated with
stabilization of the plant as per expected operating parameters
although the company has successfully commissioned its unit in
July 2014; limited product portfolio of ceramic wall tiles
constraining institutional sales and the highly competitive
business environment given the fragmented nature of the tiles
industry. Further, the assigned ratings are constrained by the
vulnerability of company's profitability to the cyclicality
associated with the real estate industry. While assigning the
ratings, ICRA also notes that the financial profile is expected to
remain stretched in the near term given the debt funded nature of
project and impending debt repayment.

The ratings however favorably take into account the long
experience of in the ceramic industry and established brand
visibility of its group concern. The ratings also continues to
factor in the location advantage enjoyed by the company, giving it
easy access to raw material and presence in digitally printed
segment which is expected to result in better realizations.

AVIA Ceramic Private Limited was incorporated in 2013, with an
objective to engage in manufacturing of digitally printed ceramic
glazed wall tiles with annual production capacity of 20,520 MTPA.
The commercial production is expected to commence by end of May
2014. The company is promoted by Mr. Anand Gami, Mr. Jayesh
Padaliya, Mr. Sanjay, Mr.Nikunj along with other family members
and relatives having a long experience in the line of ceramic
business.

Recent Results
For the year ended, ACPL reported an operating income of INR5.37
crore and net losses of INR0.85 crore (as per provisional
numbers).


BAJAJ CARPET: CRISIL Assigns B+ Rating to INR85MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bajaj Carpet Industries Ltd (BCIL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       85         CRISIL B+/Stable
   Bank Guarantee            1.5       CRISIL A4
   Letter of Credit         30.0       CRISIL A4

The ratings reflect BCIL's average financial risk profile, its
small scale of operations, and its exposure to intense competition
from other players in the carpet industry. These rating weaknesses
are partially offset by the company's established and long-
standing relationships with customers.
Outlook: Stable

CRISIL believes that BCIL will continue to benefit over the medium
term from its established relationships with customers. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenue, while it maintains
its profitability margins. Better working capital management or a
substantial increase in the company's net worth supported by
equity infusion by its promoters, may also result in a 'Positive'
outlook. Conversely, the outlook may be revised to 'Negative' if
BCIL's profitability margins decline or if its capital structure
deteriorates significantly, most likely on account of a
substantial increase in its working capital requirements or large
debt-funded capital expenditure.

Incorporated in 1985, BCIL manufactures tufted and non-woven
carpets, which are used by the institutional and automotive
industries.


BHOLARAM EDUCATION: CRISIL Reaffirms D Rating on INR180MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bholaram Education
Society (BES) continue to reflect instances of delay by BES in
servicing its debt; the delays were due to the society's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       40          CRISIL D (Reaffirmed)
   Term Loan           180          CRISIL D (Reaffirmed)

BES is also susceptible to any adverse impact of regulatory
changes. Moreover, its dental college, Goenka Research Institute
of Dental Sciences (GRIDS), has a limited track record, and a weak
financial risk profile. However, the society benefits from the
extensive experience of its promoters in the education services
segment, the established market position of its Delhi Public
School (DPS) in Gandhinagar (Gujarat), backed by the strong DPS
Society brand, and the healthy prospects for the education sector
over the medium term.

Set up in 2002, BES is promoted by Mr. Apoorva Goenka and his
family. The society runs DPS in Gandhinagar, GRIDS, and the 100-
bed multi-speciality Goenka Hospital in Piplaj (Gujarat).


BLG ELECTRONICS: CRISIL Assigns B+ Rating to INR75MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of BLG Electronics Limited (BLG).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          75.0       CRISIL B+/Stable
   Term Loan            58.5       CRISIL B+/Stable

The rating reflects BLG's modest scale of operations in the
fragmented electrical components industry along with working
capital intensive nature of operations. These rating weaknesses
are partially offset by BLG's promoters' extensive experience in
electrical component industry and its average financial risk
profile, marked by moderate debt protection metrics.
Outlook: Stable

CRISIL believes that BLG 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 scale of operations and profitability along with
improvement in working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of lower than expected cash
accruals or larger than expected working capital requirements
leading to significant deterioration in its financial risk
profile.

BLG, incorporated in 1988, is engaged in manufacturing of printed
circuit boards which are used in manufacturing of electronics
items such as television, refrigerators and other home appliances.
The company is also engaged in manufacturing of LED lights. The
company was taken over by Mr. Rohit Raisurana in 1990 and is
currently managed by him and his family members. BLG has its
manufacturing facility located in Gandhinagar, Gujarat.

For 2014-15 (refers to financial year, April 1 to March 31), BLG
reported PAT (Profit After Tax) of INR3.6 million on net sales of
INR176.2 million as against PAT of INR 1.6 million on net sales of
INR149.5 million for 2013-14.


DARIYALAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR135MM Loan
-----------------------------------------------------------------
CRISIL's rating on Dariyalal Industries (DI) continues to reflect
its modest scale of operations in the highly competitive cotton
industry and vulnerability of its business and profitability to
changes in government policy. The rating also factors in DI's weak
financial risk profile, with high gearing and subdued debt
protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            65      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    135      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive industry experience, and the proximity of the firm's
unit to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes that DI will continue to benefit over the medium
term form its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if improvement
in profitability and scale of operations results in stronger debt
protection metrics. Conversely, the outlook may be revised to
'Negative', if the firm's financial risk profile deteriorates due
to stretch in working capital cycle, withdrawal of funds by
partners or any large debt-funded capital expenditure; or if DI's
operations come under pressure owing to a change in government
policy.

Update
DI's revenue increased by 63 per cent year-on-year in 2013-14
(refers to financial year, April 1 to March 31) to INR256.20
million. Operating profitability, however, declined to 0.15 per
cent in 2013-14 from 0.27 per cent in 2012-13, due to availability
of cheaper cotton, and subdued demand in the domestic and export
market. The firm posted accruals of INR2.20 million in 2013-14,
against negative accruals of INR2.50 million in 2012-13. The
accruals were negative in 2012-13 on account of capital withdrawn
by the partners. The firm had revenue of INR300 million for the 11
months through February 2015. CRISIL expects the firm to report
revenues of INR 320 Million in 2014-15 and operating profitability
of about 2% on the back of entry into markets of South India.

DI's working capital requirements increased in 2013-14, marked by
GCA days of 107 days as on March 31, 2014 (increasing from 75 days
as on March 31, 2013). The increase was on the back of higher
inventory stocking requirements. CRISIL expects the firm's
operations to remain working capital intensive over the medium
term.

CRISIL expects the firm to generate sufficient cash accruals of
INR1.90 Million in 2014-15 as against repayment obligations of
INR0.06 Million over the corresponding period. The firm's bank
limits remain utilized at about 67% for eleven months through
February 2015, due to seasonal nature of business. The liquidity
is further supported by unsecured loans of INR8.20 Million infused
by the partners in 2013-14.

Treating unsecured loans as neither debt nor equity (as they are
expected to remain in the business), DI's adjusted gearing
deteriorated to 3.60 times as on March 31, 2014 from nil gearing
as on March 31, 2013. The gearing increased as the firm availed
working capital limits from the bank. The debt protection metrics
were comfortable with interest coverage and NCATD of 2.70 times
and 0.04 times respectively as on March 31, 2014. CRISIL expects
the financial risk profile of the firm to remain constrained on
the back of modest net worth and high dependence on bank
borrowings.

Formed in 1989, DI was promoted by the late Mr. Prataprai Pujara
and Mr. Jagdish Pujara. Presently, Mr. Jay Pujara and other family
members managing the business. The firm is engaged into cotton
ginning and pressing activity.

DI reported to a book profit of INR1.79 million on net sales of
INR256.22 Million for 2013-14 (refers to financial year, April 1
to March 31), against a book profit of INR5.08 million on net sale
of INR157 million for 2012-13.


DELUX MECHANICAL: CARE Assigns B+ Rating to INR5.9cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Delux Mechanical Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.90      CARE B+ Assigned
   Short-term Bank Facilities     0.60      CARE A4 Assigned

Rating Rationale
The rating assigned to the bank facilities of Delux Mechanical
Private Limited (DMP) are primarily constrained by its small scale
of operations and weak financial risk profile marked by low
profitability margins, leveraged capital structure and working
capital-intensive nature of operations. The ratings are further
constrained by susceptibility of its margins to volatility in raw
material and its presence in the highly competitive and fragmented
metal industry. These rating constraints are partially offset by
experience of its promoters in the metal industry and DMP's
growing scale of operations.

Going forward, the ability of the company to scale up its
operations with improvement in the profitability margins and
capital structure shall be the key rating sensitivities.

Ludhiana-based (Punjab), Delux Mechanical Private Limited was
incorporated in May, 2011 with an objective of taking over the
erstwhile business of proprietorship firm Delux Mechanical Works
(DMW) established in 2002. The proprietor of DMW was Mr Rajesh
Kumar. The company is promoted and managed by Mr Ajay Kumar, Mr
Rajesh Kumar and Mr Vikas Kumar.

The company is engaged in the assembling of sewing machines and
manufacturing of related parts such as sewing machines body,
plates, wheels etc. The company sells the sewing machines under
its own brand names such as Siara, Dishant, Delux, Rishabh and
Sudhanshu. The company has its manufacturing unit located in
Ludhiana, Punjab with aggregate installed capacity of 50 thousands
machines body per month as on January 31, 2015. The manufacturing
process of the company is ISO 9001:2008 certified.

In FY14 (refers to the period April 1 to March 31), DMP has
achieved a total operating income (TOI) of INR10.97 crore with net
losses INR0.09 crore as against TOI of INR10.57 crore in FY13.
Furthermore, during FY15, the company achieved TOI of INR10 crore
till January 2015.


DIVEEL COTTON: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Diveel Cotton Industries (DCI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          50          CRISIL B/Stable
   Long Term Loan       27.5        CRISIL B/Stable

The ratings reflect the firm's below-average financial risk
profile, marked by aggressive capital structure, and modest debt
protection measures. The rating also factors in the firm's small
scale of, and working capital intensity in, operations, and
exposure to intense competition, volatile cotton prices and
vagaries in nature. These rating weaknesses are partially offset
by the promoter's extensive experience in cotton trading and their
committed funding support.

For arriving at the rating, CRISIL has treated interest-free
unsecured loans of INR18 million as neither debt not equity as the
same will be retained in the business over the medium term.
Outlook: Stable

CRISIL believes that DCI's financial risk profile will remain
constrained by low accruals and working capital intensity in
operations. The outlook may be revised to 'Positive' if the firm
reports sizeable accruals while also efficiently managing its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if dip in profitability or any unanticipated capital
expenditure weakens its liquidity.

DCI was set up in 2014 as a partnership firm by Mr. Pankaj
Agarwal, Mr. Manoj Agarwal, Mr. Sanjay Agarwal and Mr. Pappu
Agarwal. The firm gins and presses raw cotton and sells lint
cotton and cotton seeds. DCI's manufacturing unit is located in
Sendhwa (Barwani District, Madhya Pradesh). The firm started
operations in November 2014.


ELEGANT BUILDERS: ICRA Assigns 'B' Rating to INR7.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR7.0
crore proposed fund based facilities of M/s Elegant Builders &
Developers (EBD).

                           Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based     7.0         [ICRA]B assigned

The assigned rating is constrained by the early stages of the
project 'Elegant Pride', development, exposing the project to
marketing and execution risk, customary to the nature of such real
estate projects. Currently, the project has witnessed 27% bookings
levels (in terms of area sold) and 37% of development completion
(in cost terms). The rating also factors in the modest scale of
operations of the firm vis-a-vis the size of the proposed project
(Elegant Pride is the first project of the firm) and the expected
deterioration in the capital structure with fresh loans being
availed, which will also result in sizable repayment obligations
in the short to medium term, vis-…-vis the expected cash accruals
of the firm. The firm is also exposed to funding risk as the
proposed term loan to part fund the project is yet to be
sanctioned.

The rating, however, positively factors in the strong reputation
and long track record of the promoters with more than 10 years of
experience in the civil construction and real estate industry. The
rating assigned takes into account the JDA, providing clear and
marketable title to develop the aforesaid project and other key
approvals (including BBMP and BDA approvals). The rating also
takes comfort from the premium location of the project in Jakkur
(Bangalore), which may aid in achieving healthy sales velocity.
Going forward, timely completion of the project and the ability of
the firm to achieve healthy bookings and maintain collection
efficiency would be the key rating sensitivities.

Incorporated in July'2013, Elegant Builders & Developers is a
closely held partnership firm promoted by Mrs. S. Priyanka
(shareholding-33%), Mr. R.Gajendra Naidu (24%), Mr. C.Sridhar
(23%) and Mrs. C. Gayathri (20%). Currently the firm is
undertaking its maiden project, Elegant Pride in Jakkur,
Bangalore. The promoters have experience of more than 10 years in
the civil construction and real estate industry. In past, the
promoters have done residential apartments and civil construction
works in their personal capacity.


EPITOME PLAST-O-PACK: CRISIL Reaffirms B- Rating on INR62.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Epitome Plast-O-Pack
Pvt Ltd (EPPL) continue to reflect EPPL's working-capital-
intensive operations and weak financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
EPPL's promoters in the PET performs industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      45         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    62.5       CRISIL B-/Stable (Reaffirmed)
   Term Loan             32.5       CRISIL B-/Stable (Reaffirmed)
   Working Capital
   Term Loan             30.0       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EPPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if EPPL significantly
improves its operating margin, resulting in healthy debt
protection metrics, or its working capital cycle considerably,
leading to lower reliance on debt. Conversely, the outlook may be
revised to 'Negative' if the company generates low revenue or
profitability or if its liquidity deteriorates, most likely due to
large capital expenditure or stretch in working capital cycle.

Update
EPPL recorded net sales of INR155.3 million in 2013-14 (refers to
financial year, April 1 to March 31) vis-a-vis INR159.0 million
the previous year. The company has installed capacity of around
2100 tonnes per annum. Over the medium term, its sales are
expected to improve gradually as its management is focused on
reviving its performance. CRISIL expects EPPL's sales in the range
of INR160 million to INR180 million in 2014-15. EPPL reported
operating margin of 8.1 per cent for 2013-14.

EPPL's financial risk profile remains below average, marked by
small net worth and high gearing, at INR70.4 million and 1.8
times, respectively, as on March 31, 2014. EPPL's debt protection
metrics are weak because of suboptimal capacity utilisation,
leading to low profitability, and modest scale of operations; its
interest coverage ratio was 0.6 times and net cash accruals to
total debt (NCATD) ratio was a negative 0.08 times for 2013-14.

The company's debt repayment was restructured in February 2014 on
account of weak liquidity due to business pressure, and will now
start in January 2016. The company does not plan any capital
expenditure, which provides it with cushion to revive its
profitability over the next year. The promoters brought in around
INR22.9 million in 2013-14 to support the company's liquidity.

EPPL, incorporated in 2008, manufactures polyethylene
terephthalate (PET) preforms and bottles. It is based in Kolkata
(West Bengal).


GAYATRI PROJECTS: CARE Reaffirms B+ Rating on INR1,752.51cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the enhanced bank
facilities of Gayatri Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,752.51     CARE B+ Reaffirmed
   Long-term/Short-term
   Facilities                  2,563.81     CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale
The ratings of the bank facilities of Gayatri Projects Limited
(GPL) continue to be constrained by the stretched liquidity
position of the company leading to restructuring of its loan,
increasing debt levels, high exposure to group companies,
client concentration risk, large, albeit reducing, equity
commitments towards power and the BOT projects which have
long gestation periods, high repayment obligations which in turn
impact the liquidity profile of the company and working capital-
intensive nature of business. The ratings are underpinned by the
track record of the company and the promoters' experience and
satisfactory order book albeit certain stalled orders and weak
order inflow.

The ability of the company to improve its liquidity profile and
capital structure is the key rating sensitivity.

GPL is promoted by Dr T Subbarami Reddy, while the day-to-day
management of the company is currently undertaken by his son and
Managing Director Mr T V Sandeep Kumar Reddy. GPL is engaged in
the execution of civil works including the construction of dams,
roads and bridges, etc.

GPL registered a total operating income of INR1,814.87 crore and
net profit of INR47.61 crore for FY14 (refers to the period
April 1 to March 31) vis-…-vis income of INR2,023.83 crore in FY13
with a net profit of INR63.09 crore. Furthermore, for H1FY15, GPL
registered a total operating income of INR648.52 crore with a PAT
of INR3.38 crore.


INDRESHWAR SUGAR: CRISIL Reaffirms D Rating on INR500MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Indreshwar Sugar
Mills Ltd (ISML) continues to reflect instances of delay by ISML
in servicing its debt; the delays have been caused by the
company's weak liquidity driven by working-capital-intensive
operations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Rupee Term Loan      500         CRISIL D (Reaffirmed)

The rating continues to reflect ISML's working-capital-intensive
operations and its exposure to regulatory risks in the sugar
industry. The rating also factors in its weak financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its promoters in the sugar industry.

ISML was established in 2010 by Pune (Maharashtra)-based Patil
family and commenced operations in November 2011. The company
manufactures sugar, with cane-crushing capacity of 2500 tonnes per
day. It also generates power through a 12-megawatt co-generation
plant.


IUA TRUST: CRISIL Reaffirms 'B' Rating on INR75MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of IUA Trust (IUA)
continues to reflect IUA's exposure to risk related to the
implementation and commercialisation of its ongoing project, and
its below-average financial risk profile, marked by modest net
worth. These rating weaknesses are partially offset by the funding
support IUA receives from its trustees, and the favourable
location of the club.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             75         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IUA will continue to benefit over the medium
term from its trustees' funding support and the favourable
location of the club. The outlook may be revised to 'Positive' in
case of timely completion of the project within the budgeted cost
along with higher-than-expected cash accruals, or further equity
infusion, resulting in significant improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on its liquidity, most-likely because of cost or
time overrun in the project, or lower-than-expected enrolment of
members, or lack of timely support from the trustee's in the
initial years of operations.

IUA was established in 2009 by members of the Dhingra and
Maheshwari families to set up DD Club, a recreational club and
sports centre at Rohini (Delhi). Its operations are expected to
commence by end of June 2014.


KANAKA MAHALAKSHMI: CRISIL Reaffirms B Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kanaka
Mahalakshmi Rice Industries (KMRI) continues to reflect KMRI's
modest scale of operations in the intensely competitive rice
milling industry and susceptibility of the firm's operating margin
to changes in government regulations.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           30       CRISIL B/Stable (Reaffirmed)
   Long Term Loan        25       CRISIL B/Stable(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   140       CRISIL B/Stable (Reaffirmed)
   SME Credit             5       CRISIL B/Stable (Reaffirmed)

The rating is also constrained by the KMRI's below-average
financial risk profile marked by a modest net worth, moderate
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of KMRI's promoters.
Outlook: Stable

CRISIL believes that KMRI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's revenues and profitability
margins, or there is a substantial improvement in its net-worth on
the back of sizeable equity infusion from its promoters..
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by a
large debt-funded capital expenditure or a stretch in its working
capital cycle.

Set up in 1989 as a partnership firm, KMRI processes paddy into
rice, rice bran, broken rice and husk. The firm is promoted by Mr.
Burugu Lingaiah and Mr. Burugu Satyanarayana. The firm's rice mill
is located at Nalgonda (Telangana).


MONGA IRON: CRISIL Assigns B- Rating to INR80MM Bank Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Monga Iron & Steel Pvt Ltd (MISPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    80         CRISIL B-/Stable

The rating reflects MISPL's weak financial risk profile marked by
high total outside liabilities to tangible net worth ratio and
weak debt protection metrics. The rating also factors in MISPL's
low operating profitability because of the trading nature of its
business and its susceptibility to volatility in steel prices.
These rating weaknesses are partially offset by the extensive
experience of MISPL's promoter in the steel trading business and
its established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes that MISPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant growth
in the company's revenue and profitability, and efficient working
capital management, leading to a better financial risk profile,
particularly liquidity. Conversely the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
its liquidity, deteriorates, most likely because of large working
capital requirements or pressure on cash accruals or considerable
capital withdrawal by the promoter.

MISPL was set up in 1985 as a proprietorship firm, which was
reconstituted as a private limited company under the present name
in 2008. The company trades in stainless steel products. Its
registered office is in New Delhi.


MRJ INFRATECH: CRISIL Assigns 'B' Rating to INR110MM Disc. Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facility of MRJ Infratech Pvt Ltd (MIPL).

                     Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Lease Rental        110      CRISIL B/Stable
   Discounting Loan

The rating reflects MIPL's exposure to demand risks for its
industrial plot and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the funding
support from promoters.
Outlook: Stable

CRISIL believes that MIPL will maintain its business risk profile
backed by funding support from its promoters. The outlook may be
revised to 'Positive' in case of improvement in MIPL's accruals
either because of increase in rental income from additional area
leased, or because of considerably high revenue from the tyre
recycling unit. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile and liquidity
weaken because of substantially low lease rentals or high debt-
funded capital expenditure.

Incorporated in 2003, in New Delhi, MIPL develops and leases
industrial property. The company is promoted by Mr. Ravinder
Juneja.

Currently, MIPL has a 19 acre industrial plot located at Dharuhera
Industrial Estate in Rewari (Haryana). Around 7 acres of the plot
is developed and leased to Mark Exhaust Systems Ltd that
manufactures automobile components.


NAMDHARI RICE: ICRA Cuts Rating on INR20.75cr FB Loan to D
----------------------------------------------------------
ICRA has revised its long term rating of the INR30.75 crore fund
based and proposed limits of Namdhari Rice & General Mills from
[ICRA]B- to [ICRA]D. The rating revision factors in the delays in
debt servicing by the company on account of liquidity constraints
faced by it.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based limits    20.75       [ICRA]D (downgraded from
                                    [ICRA]B-)


   Unallocated          10.00       [ICRA]D (downgraded from
   (Proposed Limits)                [ICRA]B-)

Namdhari Rice & General Mills (NRGM) is a partnership firm which
was established in 1986. NRGM is engaged in the milling of paddy
and produces Basmati and non basmati rice for domestic and export
markets with a capacity of 350 tons/day MTPA which is located in
Sirsa (Haryana). The firm is professionally managed by Mr. Daljit
Singh.


NOVA AGRI: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Nova Agri Sciences (P) Limited (NASPL).

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

The rating reflects NASPL's exposure to risks related to project
implementation and stabilization of operations. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.
Outlook: Stable

CRISIL believes that NASPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if earlier-than-expected
stabilisation of the project results in higher revenues and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is significant delay in stabilisation of its operations
leading to time and cost overruns in its ongoing project resulting
in weakening of its financial risk profile.

Incorporated in the year 2010, NASPL is engaged in the business of
manufacturing of pesticides both liquids and wettable powders.
Promoted by Mr. Mohammed Ali and Mr. Yeluri Sambasiva Rao, the
company is setting up the unit at Singannaguda, Medak district
(Telangana).


P. PRABHAKARAN: ICRA Assigns B- Rating to INR6cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR6.0
crore fund based facilities of M/s P. Prabhakaran. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR1.0 crore non-
fund based facilities of the firm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund         6.0       [ICRA]B- Assigned
   Based Facilities

   Short Term Non Fund    1.0       [ICRA]A4 Assigned
   Based Facilities

The ratings assigned take into consideration the small scale of
operations of the firm; thin profit margins on account of
competition; susceptibility to volatility in raw material prices
and other input costs; and the stretched capital structure of the
firm. The rating also takes into account the working capital
intensive nature of operations and the risk of delays in receipt
of payments from the government sector clients. The ratings
however positively factor in the established track record and the
extensive experience of the promoter in the industry; and healthy
order book (relative to operating income) position as on December
2014, owing to high value Groyne projects awarded to the firm over
the year.

M/s. P. Prabhakaran is a civil works contracting firm based in
Trivandrum operating under the proprietorship of Mr. P.
Prabhakaran for over 25 years. The office functions at Kamala
Bhavan, Konchira PO, Vambayam, Trivandrum. M/s P. Prabhakaran
undertakes contract works such as irrigation projects,
construction, repair, maintenance etc of buildings, dams, Groyne1
fields and other miscellaneous works.

M/s P. Prabhakaran recorded revenues of INR3.83 Cr in FY 2013-14
and made a profit of INR19.43 Lakhs during the period.


PRECISION AUTOCASTINGS: CARE Reaffirms B Rating on INR7cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Precision Autocastings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.00      CARE B Reaffirmed

Rating Rationale
The rating continues to remain constrained on account of the
relatively small scale of operations of Precision Autocastings
Private limited (PAPL) in the highly competitive iron casting
industry and its financial risk profile marked by continued cash
losses leading to stressed liquidity position and its weak
solvency position. The rating, further, remains constrained on
account of the susceptibility of the company's profitability to
fluctuations in the raw material prices and its high customer
concentration risk.

The rating, however, continues to draw strength from the long
standing experience of PAPL's promoters in the industry.
PAPL's ability to increase its scale of operation with
diversification of its customer base while improving profitability
in light of the volatile raw material prices coupled with
improvement in its solvency position and efficient management of
working capital are the key rating sensitivities.

Jaipur-based (Rajasthan) PAPL was initially formed as a
partnership concern in the name of M/s Precision Castings (PC) in
2004. Subsequently, in December 2008, the constitution of the firm
was changed to private limited and the company assumed its present
name. PAPL is primarily engaged in the business of Cast Iron (CI)
castings and Spheroid Graphite (SG) iron castings primarily
finding its application in automobile and other engineering
industries. The company operates from its sole manufacturing
facility located at Jaipur, Rajasthan having an installed capacity
of 6,000 metric tonnes per annum (MTPA) as on March 31, 2015.

As per the provisional result for FY15 (refers to the period April
1 to March 31) PAPL has reported a total operating income of
INR10.34 crore [FY14 (A): INR2.59 crore] with a net loss of
INR1.34 crore [FY14 (A): INR1.25 crore].


QUALITY HYBRID: CRISIL Assigns B Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Quality Hybrid Seeds Company (QHSC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          50.0        CRISIL B/Stable
   Term Loan             8.8        CRISIL B/Stable

The rating reflects QHSC's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
small scale of operations. These rating weaknesses are partially
offset by the extensive experience of QHSC's promoters in the
agricultural seeds industry and the firm's healthy return on
capital employed.
Outlook: Stable

CRISIL believes that QHSC will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
firm reports significantly high cash accruals while efficiently
managing its working capital requirements. Conversely, the outlook
may be revised to 'Negative' if QHSC's cash accruals are low or
its working capital requirements increase substantially, exerting
further pressure on its liquidity.

Established in 2000 as proprietorship firm, QHSC manufactures and
processes different types of seeds. The firm's manufacturing units
are in Hisar (Haryana). QHSC has three plants with a total
capacity of 16 tonnes per hour. The firm's day-to-day operations
are handled by Mr. Naresh Agarwal.


RADHE SHYAM: CARE Reaffirms 'B+' Rating on INR10cr LT Bank Loan
---------------------------------------------------------------
CARE revokes and reaffirms the ratings assigned to the bank
facilities of Radhe Shyam Ginning Pressing Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Radhe Shyam Ginning
Pressing Private Limited (RSGPPL) continues to remain constrained
on account of thin profit margins, moderately leveraged capital
structure and moderate debt coverage indicators. The rating,
further continues to be constrained by its susceptibility to
volatile raw material (cotton) prices and presence in an intensely
competitive cotton ginning industry which entails limited value-
addition, working capital intensive nature of operations and
susceptibility to adverse government regulations.

The rating, however, continues to draw comfort from the experience
of the promoters coupled with its proximity to major cotton
producing region of Gujarat and healthy growth in total operating
income and improvement in capital structure and debt coverage
indicators during FY14 (refers to the period April 1 to March 31).

The ability of RSGPPL to improve its profit margins and capital
structure and better working capital management in light of the
competitive nature of the industry remain the key rating
sensitivities.

Incorporated in July 1999 by Mr Anil Daslaniya and Mr Akbar
Gangani, RSGPPL is engaged in the processing of cotton by
ginning (separation of cotton seed from cotton fibre) and pressing
(manufacturing of cotton bales) activities, with an installed
capacity of 450 bales per day at its manufacturing facility
located at Amreli, Gujarat.

During FY14, RSGPPL reported TOI of INR119.60 crore and PAT of
INR0.08 crore as against TOI of INR98.60 crore and PAT of INR0.13
crore during FY13. Up to February 3, 2015 (Provisional), RSGPPL
has achieved a TOI of INR84.76 crore.


RAFIQ NAIK: CRISIL Assigns 'B+' Rating to INR151.9MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Rafiq Naik Exports Pvt Ltd (RNEPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            151.9       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     2.0       CRISIL B+/Stable
   Foreign Discounting
   Bill Purchase         60.0       CRISIL A4
   Packing Credit        40.0       CRISIL A4

The ratings reflect RNEPL's exposure to project implementation
risk and its expected modest scale of operations because of the
initial phase of operations. The ratings also factor in the
company's below-average financial risk profile driven by debt-
funded capital expenditure for the ongoing project. These rating
weaknesses are partially offset by its promoters' extensive
experience in the marine products industry and their committed
funding support.
Outlook: Stable

CRISIL believes that RNEPL will benefit from the extensive
experience of its promoters in the marine products industry. The
outlook may be revised to 'Positive' in case of timely
commencement of commercial production along with better revenue
and cash accruals during the initial phase of operations.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overrun in the ongoing project leading to lower
revenue and cash accruals, leading to pressure on the financial
risk profile, especially liquidity.

Incorporated in July 2014, RNEPL is setting up a seafood-
processing unit. Based out of Ratnagiri (Maharashtra), the company
is promoted by Mr. Rafiq Mahmood Naik and Mrs. Zarina Saifan
Shaikh. The company started export of marine products in September
2014 and processing from its own plant is expected to commence
from September 2015.


RATAN METAL: CRISIL Assigns B Rating to INR47.5MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ratan Metal (RM).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     47.5        CRISIL B/Stable

   Cash Credit            25          CRISIL B/Stable
   Letter of Credit       27.5        CRISIL A4

The ratings reflect RM's modest scale of operations in the highly
fragmented aluminium trading business and its working capital
intensive nature of operation. The ratings also factor in RM's
moderate financial risk profile, marked by small net worth, high
total outside liabilities to tangible net worth ratio and weak
debt protection metrics. These rating weaknesses are mitigated by
its promoters' extensive experience in the aluminium trading
business.
Outlook: Stable

CRISIL believes that RM will continue to benefit from its
promoters' extensive experience in the industry. The outlook may
be revised to 'Positive' if RM substantially improves its scale of
operation and profitability, resulting in significant cash
accruals, or it improves its working capital management.
Conversely, the outlook may be revised to 'Negative' in case RM's
financial risk profile, particularly its liquidity, deteriorates
further because of large working capital requirements.

Established in 1996, RM is a Mumbai-based proprietorship firm
owned by Mr. Ramesh Jain. It tardes in aluminium foils.


RIME RICH: CRISIL Lowers Rating on INR95MM LT Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Rime Rich Foods Pvt Ltd (RRFPL) to 'CRISIL D' from 'CRISIL BB-
/Stable' and assigned its 'CRISIL D' rating to the company's
short-term bank facility. The rating downgrade reflects RRFPL's
delays in servicing of its long-term loans because of its weak
liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        95        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Overdraft Facility    45        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The company has a modest scale of operations in the highly
fragmented ice cream industry and a below-average financial risk
profile marked by high gearing and small net worth, and is exposed
to the risk of geographical concentration in its revenue profile.
However, it benefits from its promoters' extensive experience in
the ice cream manufacturing industry.

Incorporated in 2000 and based in Thrissur (Kerala), RRFPL
manufactures ice cream under the Pappai brand. The company's day-
to-day operations are managed by its directors Mr. Starson
Kandamkulathy and Mr. Fineson K J.


RISE PACKERS: CRISIL Assigns B Rating to INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rise Packers Pvt Ltd (RPPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility      0.4         CRISIL B/Stable

   Cash Credit            50.0         CRISIL B/Stable

   Long Term Loan         29.6         CRISIL B/Stable

The rating reflects RPPL's working-capital-intensive and small
scale of operations in the intensely competitive packaging
industry, and its aggressive capital structure. These rating
weaknesses are partially offset by the industry experience of
RPPL's promoter.
Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the medium
term from its promoter's extensive experience in the packaging
industry. The outlook may be revised to 'Positive' if the company
improves its business risk profile with sizeable offtake of
products manufactured at its new facility, and reports a
substantial operating margin. Conversely, the outlook may be
revised to 'Negative' in case of significantly low offtake,
leading to reduced cash accruals and hence to weakening of RPPL's
liquidity.

Incorporated in 2014, RPPL has set up a unit for manufacturing
corrugated boxes, with a capacity of 18,600 tonnes per annum, at
Kadi, in Mehasana (Gujarat). The plant has commenced commercial
production from January 2015. The company is promoted by Mr.
Ranjitsinh K Rathod, who has more than seven years of experience
in the packaging industry.


S.R. EDUCATIONAL: ICRA Assigns 'D' Rating to INR9.35cr Term Loan
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]D to the INR9.35
crore* term loan of S.R. Educational Trust.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan Facilities     9.35        [ICRA]D; assigned
   (LT Scale)

ICRA's rating centrally factors in the ongoing delays in debt
servicing by SRET, which is on account of cash flow mismatches in
fee receipts and the debt servicing obligations. ICRA also takes
notes of the regulatory risks prevalent in the education sector.
ICRA takes cognizance of the experience of SRET's trustees in the
field of education, satisfactory occupancy levels of its college
at 98% and growing revenue receipts. ICRA also notes the Trust's
adequate surplus margins and modest leverage.

Going forward, the ability of the Trust to establish a track
record of timely debt servicing and maintain its operating metrics
will be the key rating sensitivities.

SRET formed in 2009 is registered under the Societies Registration
Act 1860 and operates a college -S.R. Institute of Management and
Technology, which began operations in 2009. The college is
affiliated to the Gautam Buddh Technical University and is
approved by the All India Council for Technical Education for
providing courses like B.Tech, Bio-Tech, Agriculture, M.Tech, BCA
and BBA.

Financial Results
In 2012-13, SRET reported revenue receipts of INR14.6 crore and a
net surplus of INR4.5 crore, as against an operating income of
INR9.3 crore and a net surplus of INR2.5 crore in the previous
year.


SASIDHAR POULTRIES: ICRA Assigns 'C+' Rating to INR9.23cr Loan
--------------------------------------------------------------
ICRA has assigned the [ICRA]C+ rating to the INR13.23 crore fund
based limits and INR1.77 Cr unallocated limits of Sasidhar
Poultries Private Limited.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.00       [ICRA]C+;assigned
   Term Loan              9.23       [ICRA]C+;assigned
   Unallocated            1.77       [ICRA}C+;assigned

The assigned rating is primarily constrained by the inherent risks
associated with poultry and related businesses in terms of disease
outbreaks which can lead to demand collapse and prolonged impact
on prices, availability and consumption pattern. ICRA notes that
the firm is exposed to vulnerability in feed prices which account
for 90% of the raw material consumption. The rating is further
constrained by the weak financial profile of the firm
characterized by low profitability and high gearing of 264.47x as
on 31st March, 2014 resulting into weak coverage indicators as
reflected in OPBITDA-to-Interest & Finance Charges of 0.87x and
NCA-to-Total Debt of -1.37% as on 31st March, 2014. The rating
however, favourably factors in the long standing experience of the
promoters in the industry. The rating also takes into account the
healthy increase in the operating income of the company at a CAGR
of 14% during the period FY11-14.

Sasidhar Poultries Private Limited was incorporated by Mr. B.
Sesha Rao in the year 2002. In the year 2002, the company started
constructing the shed and it was completed in 2005. So, the
commercial operations were started from 2005. The company is
located in the owned premises. The total company is spread over an
area of 42 acres with built up area of 35 acres approximately. The
company has 1 chick shed with capacity of 80000 chicks, 2 chick
grower sheds with capacity of 40000 chicks each, 7 layer bird shed
with capacity of 40000 birds each and 4 layer sheds with capacity
of 20000 each.

According to audited FY14 financials, the firm registered an
operating income of INR19.05 Cr and net loss of INR0.99 Cr as
against an operating income of INR18.63 Cr and net profit of
INR0.09 Cr during FY13.


SELFRIDGES PVT: CRISIL Assigns B+ Rating to INR85MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Selfridges Pvt Ltd (SPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Working Capital
   Term Loan             22         CRISIL B+/Stable
   Long Term Loan        16         CRISIL B+/Stable
   Bank Guarantee         2         CRISIL A4
   Cash Credit           85         CRISIL B+/Stable

The ratings reflect SPL's modest scale of operations in the highly
fragmented consumer durables trading business, and its below-
average financial risk profile, marked by a high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by SPL's long standing market presence.
Outlook: Stable

CRISIL believes that SPL will continue to benefit over the medium
term from its promoters' experience in the trading industry. The
outlook may be revised to 'Positive' if the company's scale of
operations increases significantly along with improvement in its
financial risk profile, most likely on account of increase in cash
accruals or improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if SPL's financial risk
profile, particularly its liquidity, deteriorates due to
substantial increase in its working capital requirements or a
decline in its profitability leading to lower cash accruals.

SPL, a part of the QRS group, was originally formed as a
partnership firm in 1993; the firm was reconstituted as a private
limited company in 2003. The company is engaged in the
distribution and retailing of consumer durables and apparels
across Kerala. SPL operates the branded showrooms for Sony World,
Tanishq Diamond Jewellery, and Samsung Plaza under franchisee
agreements. The company is managed by managing director Mr. S
Giridharan and his son Mr. Sujay Giridharan.

SPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR671 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.3 million on net sales
of INR561 million for 2012-13.


SHEKAR LOGISTICS: CRISIL Reaffirms B Rating on INR215MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Shekar Logistics
Pvt Ltd (SLPL) reflect SPLP's modest scale of operations in the
highly fragmented road transport industry, below-average financial
risk profile and its highly working capital intensive operations.
These weaknesses are partially offset by the extensive experience
of its promoters and its established relationship with key
customer, Tata Steel Limited (TSL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)
   Cash Credit          100         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   192.3       CRISIL B/Stable (Reaffirmed)
   Standby Line of
   Credit                10         CRISIL B/Stable (Reaffirmed)
   Term Loan            215         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its established relationship with Tata Steel Limited and
the need-based funding support provided by SLPL's promoters. The
outlook may be revised to 'Positive' if SLPL registers sustained
improvement in its cash accruals or there is capital infusion to
improve its overall financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large debt-funded capex programme or faces delays in collection of
receivables, thereby adversely affecting its liquidity.

SLPL was established in 2001 by Mr. Chandrasekhar Viswanath. It
provides transportation, material movement, and handling services.


SHINE METALTECH: ICRA Reaffirms 'D' Rating on INR6.40cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed [ICRA]D for INR7.0 crore fund based limits of
Shine Metaltech Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.60        [ICRA]D (reaffirmed)
   Term Loans            6.40        [[ICRA]D (reaffirmed)

The reaffirmation of the rating takes into consideration SMPL's
stretched liquidity profile, resulting in delays in debt servicing
as well as over drawls in working capital limits availed from the
bank. The rating also factors in the company's modest scale of
operations on account of limited track record of operations in its
core business of machining of auto components; and vulnerability
of operations to the slowdown in the auto sector. The rating
however also takes into account, the long experience of the
promoters in the metal fabrication/component industry. Going
forward, timely servicing of debt obligations by SMPL and increase
in its scale of operations, whilst maintaining its profitability
indicators will remain key rating sensitivities.

Shine Metaltech Private Limited (SMPL) is a private limited
company engaged in machining of metal components on job work
basis, which are primarily being used in the auto industry; and
its manufacturing facility is located in Ropar (Punjab). SMPL has
been promoted by members of the Gill family.

Recent Results
For FY2014, the company reported a profit after tax of INR0.19
crore on an operating income of INR3.35 crore.


SHIRODE CARS: CRISIL Assigns B- Rating to INR35MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the long-
term bank facilities of Shirode Cars Pvt Ltd (SCPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           35         CRISIL B-/Stable
   Term Loan             15         CRISIL B-/Stable

The ratings reflect SCPL's weak financial risk profile marked by
small net worth and weak debt protection metrics and exposure to
intense competition in the automobile dealership industry. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the automotive dealership industry.
Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if the company achieves substantial
and sustained improvement in its revenue and profitability or if
there is fund infusion leading to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected cash accruals or if there is
deterioration in SCPL's working capital cycle, leading to a
stretch in its liquidity.

SCPL was established in 2012 by Mr. Ganesh Shirode. The company is
Hyundai Motors India Ltd's (rated 'CRISIL A1+') authorised dealer
for the sale of passenger vehicles as well as services and spare
parts in Maharashtra.


SHIVAM IRON: CRISIL Reaffirms B- Rating on INR1.05BB Cash Loan
--------------------------------------------------------------
CRISIL rating on the bank facilities of Shivam Iron & Steel
Company Ltd (SISCL)'s continue to reflect the company's weak
financial risk profile, marked by weak debt protection metrics and
stretched liquidity and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the steel industry and
its diversified product portfolio.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       105.8       CRISIL A4 (Reaffirmed)
   Cash Credit        1,050         CRISIL B-/Stable (Reaffirmed)
   Letter of Credit     513.5       CRISIL A4 (Reaffirmed)
   Standby Fund-Based
   Limits                80.0       CRISIL B-/Stable (Reaffirmed)
   Term Loan            450.7       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SISCL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry; however, its liquidity is expected to remain weak over
this period on account of large debt obligations and high working
capital requirements. The outlook may be revised to 'Positive' if
the company registers higher-than-expected growth in revenues and
accruals while improving its working capital management, thereby
leading to improvement in its financial risk profile, particularly
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in SISCL's
financial risk profile, particularly its liquidity, most likely
due to larger-than-expected working capital requirements or a
significant decline in its turnover, leading to lower-than-
anticipated accruals.

SISCL was incorporated in 1998. The company is engaged in
manufacturing of sponge iron; mild steel (MS)/stainless steel (SS)
ingots and billets; pig iron; hard coke; MS structural items such
as angles, channels, bars, and flats; SS flats; and ferroalloys
(silico alloys and ferromanganese). The company sells its products
under its brand name Siscon. Its sponge iron unit is based in
Koderma and its other manufacturing facilities are based in Giridh
(both in Jharkhand).


SHRADHA APPARELS: CRISIL Assigns B+ Rating to INR55MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Shradha Apparels Worldwide (SAW).

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Foreign Bill Negotiation    25         CRISIL A4
   Foreign Bill Purchase       55         CRISIL B+/Stable

The ratings reflect the firm's below-average financial risk
profile marked by small net worth, high gearing, modest debt
protection metrics, and small scale of, and working-capital-
intensive, operations. These rating weaknesses are partially
offset by the extensive experience of SAW's partners in the
textile industry and its established relationship with customers
and suppliers.
Outlook: Stable

CRISIL believes that SAW will continue to benefit over the medium
term from the extensive experience of its partners and their
established relationship with customers. The outlook may be
revised to 'Positive' if the firm reports significantly higher-
than-expected accruals and improvement in its working capital
cycle leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in SAW's profitability or stretch in its working capital
cycle or any unanticipated capital expenditure that constrains its
liquidity.

SAW was set up in 2006-07 (refers to financial year, April 1 to
March 31) as a partnership firm by Mr. Mahendra Lulla and his son
Mr. Vishal Lulla. It manufactures and exports readymade garments
under the label of its customers.


SHUBHLAXMI SILK: ICRA Assigns B- Rating to INR3.55cr Term Loan
--------------------------------------------------------------
ICRA has revoked the suspension and assigned a long-term rating of
[ICRA]B- to the INR6.00 crore fund based bank facilities of
Shubhlaxmi Silk Mills.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long Term Fund Based     3.55      [ICRA]B- Suspension Revoked
   Limit -Term Loans                  and Assigned

   Long Term, Fund Based    2.45      [ICRA]B- Suspension Revoked
   Limit-Cash Credit                  and Assigned

The assigned rating reflects the firm's weak financial risk
profile characterized by net losses in 2011-12 and 2013-14 on
account of an increase in the raw material prices as well as high
interest and depreciation costs, leveraged capital structure and
weak coverage indicators. The rating also takes into account SSM's
small scale of operations in a highly fragmented fabric processing
industry with competition from both unorganized as well as large
organized players. ICRA notes that any significant withdrawals
from the capital account on account of the firm's partnership
status will negatively impact its capital structure.
The rating, however, draws comfort from the long standing
experience of the partners in the textile business as well as the
favourable location of its weaving facilities in terms of
proximity to customers.

Shubhlaxmi Silk Mills (SSM) was incorporated in 2003-04 as a
partnership firm and was engaged in weaving of greige fabric on
job work basis since inception. SSM ventured into the
manufacturing of greige fabric in June 2011. The firm has its
registered office at Mumbai and two manufacturing facilities in
Bhiwandi(Thane) with one of them operating as two functional units
each equipped with 44 and 32 looms respectively, 28 looms are
operational in the second facility. The combined installed
capacity is around 4,00,000 meters of greige cloth per month.

Recent Results
SSM recorded a net loss of INR0.35 crore on an operating income of
INR14.65 crore for the year ending March 31, 2014.


SHYAM ENTERPRISE: CARE Assigns B+ Rating to INR10cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of Shyam
Enterprise.

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

Rating Rationale
The rating assigned to the bank facilities of Shyam Enterprise
(SEN) is primarily constrained on account of implementation
and salability risk associated with its on-going real estate
project, highly debt-funded project with uncertainty associated
with the timely receipt of booking advances, its constitution as a
partnership firm and its presence in a cyclical and highly
fragmented real estate industry.

The rating, however, takes comfort from the vast experience of the
partners in the real estate development business along with
moderate booking status.

The successful completion of its on-going project within the
envisaged cost parameters along with timely receipt of the
booking advances and sale of balance units at envisaged prices are
the key rating sensitivities.

Surat-based (Gujarat), SEN was established as a partnership firm
in 2013. The promoters have experience of more than two decades in
real estate business. SEN is currently executing a residential-
cum-commercial project at Surat named 'Aangan Residency' which
comprises of total 11 towers involving development of 1,92,964
Square Feet area. The project offers 214 units of 1 BHK and 2 BHK
units (total Sq. ft. area of 187468) and 17 shops (total sq.ft.
area of 5496).

The project implementation commenced in the year 2013 and till
March 31, 2015, SEN has incurred the total cost of INR5.71 crore
(34% of the total project cost) out of the total cost of INR16.95
crore and the rest is expected to be incurred by the end of
September 2016.


SLOGAN CERAMIC: ICRA Suspends B+ Rating on INR3.0cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR4.86
crore long term fund based limits and [ICRA]A4 rating to INR1.00
crore short term fund based limits of Slogan Ceramic. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Working
   Capital               3.00       [ICRA]B+ suspended

   Fund Based-Term
   Loans                 1.86       [ICRA]B+ suspended

   Non Fund Based-
   Bank Guarantee        1.00       [ICRA]A4 suspended

Slogan Ceramic (SC) is engaged in manufacturing of wall tiles and
floor tiles with its plant situated at Morbi, Gujarat. The firm
was established in May 2009 and the operations commenced in
December 2009. It is promoted by Mr. Meghji Patel along with other
partners. The plant has an installed capacity of 25200 MTPA. It
currently manufactures wall tiles of size 12"x18" and floor tiles
of size 12"x12" with the current set of machineries and production
facilities.


SPARK INSULATORS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings to the bank facilities of Spark Insulators Pvt.
Ltd. (SIPL) continue to reflect its small scale and working
capital intensive nature of operations, and its susceptibility to
intense competition in the polymer insulator industry. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters and the moderate financial risk
profile of the company marked by healthy gearing albeit
constrained by a small net worth.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Guarantee             15        CRISIL A4 (Reaffirmed)
   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      15        CRISIL A4 (Reaffirmed)
   Long Term Loan        25.8      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     4.2      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement in
the company's scale of operations and profitability, leading to an
improvement in the business risk profile. Conversely, the outlook
may be revised to 'Negative' if SIPL's revenues and margins
decline, or if there is a stretch in the working capital cycle of
the company, or if it undertakes a large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

Established in 2009 by Mr. P Bheemudu and Mr. Padala Sanjeeva
Kumar, SIPL manufactures polymer insulators in the range of 11
kilovolt amperes (kVA) to 765 kVA. The company is based in
Hyderabad (Telangana) and its day-to-day operations are managed by
Mr. Bheemudu.

SIPL reported a profit after tax (PAT) of INR6 million on a net
sales of INR200 million for 2013-14 (refers to the financial year
from April 1 to March 31) against PAT of INR6.4 million on net
sales of INR132.3 million for 2012-13.


SREENIDHI INFRA: CRISIL Assigns B Rating to INR70MM Secured Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sreenidhi Infra Pvt Ltd (Sreenidhi).


                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Secured Overdraft Facility     70        CRISIL B/Stable

The rating reflects Sreenidhi's modest scale of operations in the
intensely competitive construction industry, its large working
capital requirements, and high degree of project concentration in
its order book. The rating also factors in the company's exposure
to implementation and demand risks associated with its ongoing
real estate development projects, and its vulnerability to
cyclicality inherent in the Indian real estate industry. Moreover,
Sreenidhi has an average financial risk profile marked by modest
net worth, moderate gearing, and average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its promoters in the real estate industry.
Outlook: Stable

CRISIL believes that Sreenidhi will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of better customer
response to the company's real estate projects leading to large
customer advances, or there is a sustained improvement in the
company's working capital management. 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.

Sreenidhi was set up in 2007 by Mr. K.U.V S.S. Srihari and Mr. B
Dharma Teja. The company undertakes civil construction for real
estate developers. The company also undertakes real estate
development, and is developing six real estate projects in
Hyderabad.


SRI GAYATRI: ICRA Cuts Rating on INR18cr Import/Inland Loan to D
----------------------------------------------------------------
ICRA has downgraded the long term rating of INR12 crore cash
credit limit of Sri Gayatri Minerals Pvt. Ltd. from [ICRA]B to
[ICRA]D. ICRA has also downgraded the short term rating of INR6
crore fund based bank limits (sub- limit of the cash credit limit)
and INR22.5 crore non- fund based bank limits of SGMPL from
[ICRA]A4 to [ICRA]D. Further, within the non- fund based limits
there is interchangeability between letter of credit and bank
guarantee to the extent of INR2 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit      12.0       [ICRA]D; Downgraded from
                                     [ICRA]B

   Bank Guarantee         (2.0)      [ICRA]D; Downgraded from
                                     [ICRA]A4

   Packing Credit         (3.0)      [ICRA]D; Downgraded from
                                     [ICRA]A4

   Foreign Bills          (3.0)      [ICRA]D; Downgraded from
   Purchased                         [ICRA]A4

   Import/Inland LC       18.0       [ICRA]D; Downgraded from
                                     [ICRA]A4

   Revolving LC            4.5       [ICRA]D; Downgraded from
                                     [ICRA]A4

The revision of the ratings takes into account SGMPL's stretched
liquidity position resulting in continuous devolvement of Letter
of Credit (LC) in the recent past owing to high working capital
requirements, the decline in capacity utilization witnessed by the
company on account of discontinuation of the conversion agreement
with Tata Steel Limited and subdued demand conditions in the ferro
alloy and steel industries. Moreover, the weak demand outlook for
the ferroalloy and steel industries is likely to limit any
substantial improvement in the performance of the company in the
near to medium term. Lower capacity utilization coupled with steep
increase in raw material cost, especially power cost has resulted
in operating losses for the company in 2013-14. The ratings also
take note of the lack of yield on investments made by SGMPL in its
associate company, Shri Girija Alloy & Power Pvt. Ltd. (SGAPPL),
which has depressed the business return indicator of the company.
Further, SGMPL has extended a corporate guarantee to the term
loans of SGAPPL and any shortfall in the cash generation of SGAPPL
in meeting its debt obligations could put pressure on SGMPL's cash
flows. The ratings continue to incorporate the long track record
of the company in the manufacturing and supply of silico manganese
and the established and reputed client base limiting counterparty
risks for the company to some extent. The ratings also take into
account the conservative capital structure of the company,
although, the coverage indicators have deteriorated significantly
on account of negative operating profits in 2013-14. In ICRA's
opinion, the ability of the company to manage its working capital
requirements and ensure timeliness in servicing of debt
obligations would be key rating sensitivities going forward.

SGMPL, incorporated in 2000, is a part of the Srinivasa group of
companies. The Srinivasa group has several manufacturing companies
under its umbrella, engaged in the manufacturing of ferro alloys.
The group has been promoted by Mr. C. S. Raju, who has an
experience of around 51 years in the ferro alloys industry. SGMPL
is engaged in the production of high carbon silico manganese, at
its manufacturing facility in Bishnupur, West Bengal. Currently
SGMPL operates 2 submerged electric arc furnaces of 9 MVA each
with a total installed capacity of 24,000 metric tonnes per annum.


SRI JAGANNATH: ICRA Withdraws 'B' Rating on INR13.75cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the long term rating [ICRA]B rating assigned to
the INR13.75 crore, long term fund based facilities & [ICRA]A4
rating assigned to the INR25.00 crore, short term, non-fund based
facilities of Sri Jagannath Steel Company, as the notice period of
three years since suspension of rating has expired.


SRI LAKSHMI: CRISIL Assigns B+ Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sri Lakshmi Raw & Boiled Rice Mill (SLRM) and has
assigned its 'CRISIL B+/Stable' rating to the long term bank
facilities of SLRM.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated December 11th 2014, since SLRM had not provided
necessary information required for a rating review. SLRM has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

The rating reflects SLRM's below-average financial risk profile
marked by high gearing and weak debt protection metrics, working
capital intensive nature of operations and susceptibility of its
operating profitability to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
industry experience of SLRM's promoters in the rice milling
industry.
Outlook: Stable

CRISIL believes that SLRM will benefit over the medium term from
its promoters' extensive experience in the rice milling industry.
The outlook may be revised to 'Positive' in case of a significant
and sustained increase in the firm's revenue and profitability, or
substantial capital infusion by its promoters, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SLRM's revenue and profitability
decline substantially, or if the firm undertakes a large debt-
funded capital expenditure programme, or if its promoters withdraw
capital, weakening its financial risk profile.

SLRM is engaged in milling and processing of paddy into rice, rice
bran, broken rice, and husk. The firm is promoted by Mr.
Muralidhar Reddy and is based in Nellore in Andhra Pradesh.

For 2013-14 (refers to financial year, April 1 to March 31), SLRM
reported a profit after tax (PAT) of INR0.55 million on net sales
of INR296 million, against a PAT of INR0.5 million on net sales of
INR241 million for 2012-13.


SRI VIJAYA: CARE Assigns B+ Rating to INR6.0cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Vijaya
Naga Jyothi Rice Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.00      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Sri Vijaya Naga
Jyothi Rice Mill (SVNJRM) is primarily constrained by its modest
scale of operations, weak financial profile marked by thin
profitability, weak debt coverage indicators and moderate capital
structure and working capital-intensive nature of operations. The
rating is further constrained by the firm's presence in highly
fragmented and competitive industry, seasonal availability of
paddy, policy risks in terms of the Minimum Support Price (MSP)
for raw material and constitution of the entity as a partnership
firm.

The rating, however, derives strength from the long track record
of operations with experienced promoters in the rice milling
industry, growth in the total operating income in the last 3 years
ended FY14 (refers to the period April 1 to March 31) and location
advantage with presence of the firm in proximity to major paddy
cultivation area resulting in easy access to raw material.

The ability of the firm to scale up its operations and improve its
profitability while effectively manage its working capital
requirement and withstand competition in the market are the key
rating sensitivities.

SVNJRM was started in 2004 as partnership firm by Mrs Adabala
Indira (Managing Partner), Mrs Kunapareddi Nagajyothi, Mrs
Kunapareddi Satyavathi and Mr Kunapareddi Trinadha Satyanarayana.
The firm is engaged in milling and processing of rice and
currently has a paddy de-husking capacity of 200 tonnes per day.
The processing unit of the firm is located at Veeravasaram, West
Godavari District, Andhra Pradesh.

Paddy is the main raw material which is procured from the local
formers/agents within the district. The firm is mainly supplying
levy rice to Food Corporation of India (constituted to 75% of the
total revenue during FY14), Andhra Pradesh, apart from which, it
supplies non-levy rice in the open markets of Andhra Pradesh.
Since last six months, firm is exporting 25% of the levy rice to
African countries from Kakinada Port and supplying 25% to Food
Corporation of India.

During FY14, SVNJRM reported a PAT of INR0.01 crore on a total
operating income of INR23.12 crore as against a PAT of INR 0.01
crore on a total operating income of INR 17.65 crore in FY13.


SUCCESS ENGINEERS: CARE Assigns B+ Rating to INR5.94cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Success Engineers.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.94      CARE B+ Assigned
   Short term Bank Facilities     4.00      CARE A4 Assigned

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

Rating Rationale
The ratings assigned to the bank facilities of Success Engineers
(SE) are constrained by its small and declining scale of
operations, low profitability margins and weak debt coverage
indicators. The ratings are further constrained by working
capital-intensive nature of operations, slowdown in electrical
equipment industry due to sluggishness in power sector and
constitution as partnership firm.

The above constraints far outweigh the strength derived from
experienced partners and diversified product portfolio.
The ability of the firm to increase its scale of operations along
with improvement in profitability amidst intense competition along
with efficient management of working capital cycle is the key
rating sensitivity.

Established as partnership firm in the year 1998, SE is engaged in
manufacturing of electrical equipment's, viz, control panels,
feeder pillars, swaged pole and distribution boxes.

The manufacturing facility of SE is located at Bhosari, Pune, with
an installed capacity to manufacture 16,850 numbers of electrical
equipment. The capacity utilisation was 65% in FY14 (refers to the
period April 1 to March 31).

In FY14, SE registered a PAT of INR 0.04 crore and total operating
income of INR15.31 crore as compared with the total operating
income and PAT of INR22.35 crore and INR0.20 crore, respectively,
in FY13.


SWIFT CERAMIC: ICRA Suspends 'B' Rating on INR4.25cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR7.75
crore long term fund based limits and [ICRA]A4 rating to INR0.75
crore short term fund based limits of Swift Ceramic Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Working
   Capital                3.50        [ICRA]B suspended

   Fund Based-Term
   Loans                  4.25        [ICRA]B suspended

   Non Fund Based-
   Bank Guarantee         0.75        [ICRA]A4 suspended

Swift Ceramic Private Limited (SCPL) was incorporated as a closely
held company in April, 2011 to manufacture ceramic wall tiles with
its production facility located at Morbi, Gujarat. The company is
currently engaged in manufacturing wall tiles of sizes 12" X 12",
12" X 18" and 12" X 24" with an installed capacity of 25,000 TPA
(Tons Per Annum). The company is promoted by Mr. Sanjay G Zalaria,
Mr. Nilesh A Ramanandi and Mr. Gopal V Zalaria along with other
shareholders, having a long experience in ceramic tile
manufacturing business.


TOSIBA APPLIANCES: CRISIL Assigns B- Rating to INR30MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Tosiba Appliances Co Pvt Ltd (TACPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL B-/Stable
   Working Capital
   Term Loan             25         CRISIL B-/Stable

The rating reflects TACPL's weak business risk profile marked by a
modest scale of operations, and customer concentration in its
revenue profile. The rating also factors in the company's working-
capital-intensive operations and debtor levels. These rating
weaknesses are partially offset by the extensive experience of
TACPL's promoters in the in the consumer durables segment.
Outlook: Stable

CRISIL believes that TACPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant growth in the
company's revenue and profitability, and prudent working capital
management, leading to improvement in financial risk profile and
reduction in debtors. Conversely, the outlook may be revised to
'Negative' if TACPL's financial risk profile deteriorates because
of large borrowings for working capital requirements or capital
expenditure, or a decline in revenue and operating margin.

TACPL was set up in 1974 by Mr. Narinder Kumar Suri. The company
trades in home appliances. Most of the products are manufactured
in-house under another group entity, Nutech Appliances. Currently,
TACPL deals in 27 products, such as ovens, irons, water immersion
heaters, extension cords, juicer mixer grinders, and ceiling fans.
The company supplies its products only to Army canteen and central
police canteen.


UPPER INDIA: CRISIL Assigns B+ Rating to INR50MM Bill Purchase
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Upper India Tanners (UIT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Bill Purchase    50        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility        5        CRISIL A4

The ratings reflect UIT's small scale of operations in highly
fragmented industry and below average financial risk profile
marked by moderate gearing and below average debt protection
metrics. These rating weaknesses are partially offset by UIT's
promoter's extensive experience in the industry.
Outlook: Stable

CRISIL believes that UIT will maintain its business risk profile
backed by promoters' track record in the industry. The outlook may
be revised to 'Positive' if the firm's financial risk profile
improves with capital infusion from partners or through
significant increase in cash accruals. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile
deteriorates further, because of increase in working capital
requirements and/or any debt funded capex undertaken by the firm.

Established in 2011, as a partnership firm UIT is a Kanpur based
company which is mainly engaged into manufacturing and export of
leather raw material , leather for shoes, sofa and for furniture.
The partnership is between Ariba Fatima, Binyamin Ahmed and
Tabassum Ahmed.


V.T. FOODS: ICRA Suspends B+ Rating on INR5.0cr Long Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR5.00
crore long term fund based limits and [ICRA]A4 rating to INR0.20
crore short term fund based limits of V.T. Foods Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Working
   Capital              5.00        [ICRA]B+ suspended

   Non Fund Based-
   CEL                  0.20        [ICRA]A4 suspended

Incorporated in 2003 by Mr. Jitubhai Vaghela, VTFPL commenced
production in FY 2006. It is engaged in preparation and export of
dehydrated onion & garlic products with onion being the major
product of the company. V.T. Foods Private Limited has annual
processing capacity of 1000 tonnes with 3 automated dryer
machines.


VEGGIECRAFT FOOD: CRISIL Assigns B Rating to INR85MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank facility of Veggiecraft Food Pvt Ltd (VFPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Rupee
   Term Loan              85       CRISIL B/Stable

The rating reflects VFPL's susceptibility to funding and
implementation risks for its ongoing project, and its modest scale
of operations in the highly competitive food processing industry.
These rating weaknesses are partially offset by the extensive
experience of VFPL's promoters in the fast-moving consumer goods
and food processing industries.
Outlook: Stable

CRISIL believes that VFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company executes its
project within the budgeted cost and time, and reports substantial
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals because of time or cost
overrun in the project, adversely affecting its financial risk
profile, particularly its debt servicing ability.

Promoted by Mr. Chander Prakash Chabra, Ms. Karuna Rawat, Mr.
Param Dhanot, and Mr. Kunal Malik in 2014, VFPL is setting up an
integrated mushroom growing and processing, and dairy plant in
Hathras, Uttar Pradesh. This project is expected to be funded in a
debt-to-equity ratio of around 2 times. The plant is expected to
commence operations in September 2015.


VENKATESH INDUSTRIES: CRISIL Assigns B Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Venkatesh Industries (Venkatesh).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B/Stable
   Long Term Loan        22         CRISIL B/Stable

The rating reflects Venkatesh's below-average financial risk
profile, marked by aggressive capital structure, and modest debt
protection measures, small scale of operations, high working
capital intensity, intense competition, fluctuations in cotton
prices and climatic changes. These rating weaknesses are partially
offset by its promoters' extensive experience in the cotton
trading business and their funding support.

For arriving at the rating, CRISIL has treated the interest-free
unsecured loans of INR18 million extended to the firm by its
promoters as neither debt not equity as the same will be retained
in the business over the medium term.
Outlook: Stable

CRISIL believes that Venkatesh's financial risk profile will
remain constrained amid muted cash accruals and high working
capital intensity. The outlook may be revised to 'Positive' if the
firm improves its cash accruals significantly, while reducing its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity deteriorates owing to decline
in profitability or a large debt-funded capital expenditure.

Venkatesh was set up in 2014 as a proprietorship firm by Mr. Nitin
Agarwal. It is engaged in ginning and pressing of raw cotton and
sale of lint cotton and cotton seeds. Venkatesh's manufacturing
unit is located at Sendhwa in Barwani (Madhya Pradesh). The firm
started its operations in November 2014.


VISHNU CARRIERS: ICRA Reaffirms 'C' Rating on INR9cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]C to INR9.00 crore
fund based limits and a short term rating of [ICRA]A4 to INR3.00
crore (increased from INR2.00 crore) non-fund based limits of
Vishnu Carriers Private Limited.  ICRA has also reaffirmed the
ratings of [ICRA]C/ [ICRA]A4 to INR8.00 crore (reduced from
INR9.00 crore) unallocated limits of VCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.00       [ICRA]C reaffirmed
   Bank Guarantee         3.00       [ICRA]A4 reaffirmed
   Unallocated Limits     8.00       [ICRA]C/[ICRA]A4 reaffirmed

The reaffirmation of ratings factors in de-growth in operating
income witnessed during FY2014 and FY2015 owing to weak Commercial
Vehicle sales on the back of slowdown in economic activity,
sluggish infrastructure spending and weak viability for fleet
operators; low operating margins inherent in the auto dealership
business with commission structure being decided by the principal;
and vulnerability of revenues and profitability to cyclicality of
CV industry. The ratings are further constrained by cash losses in
FY14; weak financial profile with high gearing, low coverage
indicators and deteriorated liquidity position owing to high
working capital intensity of the business as reflected by high
utilization of working capital limits in the past 2 years. Given
the highly competitive environment in both Indian commercial
vehicle segments, the company faces stiff competition from dealers
of other Original Equipment Manufacturers (OEM) thereby
restricting pricing flexibility. The ratings however, favorably
factors in the extensive experience of the promoter group in the
vehicle dealership segment; presence as an authorized dealer of
Tata Motors Limited, market leader in the commercial vehicles(CV)
industry in India; and wide network of VCPL in the state of Andhra
Pradesh with two 3S facilities and five sales outlets.

Going forward, the company's ability to increase the scale of
business while managing working capital requirements and improve
the financial risk profile would be the key rating sensitivities.

Vishnu Carriers Private Limited (VCPL) was incorporated in the
year 1989 and is into dealership of commercial vehicles of Tata
Motors Limited. The company was earlier incorporated in the name
of Vasavi Hotels Private Limited and was primarily into real
estate. However, in 2009, the name was changed to VCPL along with
change in line of business. The company is promoted by Mr. I.
Vishnu Rao who has close to five decades of experience in the
industry. The company has 5 outlets in Andhra Pradesh at
Anakapalli, Narisipatnam, Tagarapuvalasa, Payakaraopeta and
Gajuwaka in Visakhapatnam district. VCPL also has two service
centres in Visakhapatnam.

Recent Results
As per the audited results for FY 2014, the company has reported
net loss of INR1.98 crore on turnover of INR48.99 crore as against
profit after tax of INR0.18 crore on turnover of INR77.79 crore
during FY 2013. The company has reported operating income of
INR46.77 crore and operating profit of INR2.26 crore for
FY2015(Provisional and Unaudited).


WADHWANI COLD: CRISIL Reaffirms B Rating on INR73.8MM Loan
----------------------------------------------------------
CRISIL's ratings continues to reflect Wadhwani Cold Storage and
Ice Plant Pvt Ltd's (WCSPL) modest scale of operations in the
highly fragmented and competitive cold storage industry and weak
financial risk profile, marked by a low net worth and high
gearing. These rating weaknesses are partially offset by WCSPL's
promoters' extensive industry experience and established
relationships with customers, and the favorable location of the
firm's cold storage unit.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Mortgage Loan
   Facility             73.8        CRISIL B/Stable (Reaffirmed)
   Term Loan             6.2        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that WCSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established relations with customers. The outlook
may be revised to 'Positive' in case of significantly higher than
expected cash accruals coupled with an improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity deteriorates due to lengthening of working
capital cycle, or significant debt-funded capital expenditure or
any delinquencies.

Incorporated in 1995, WCSPL operates a cold storage unit at Nagpur
(Maharashtra). The company provides cold storage facilities to
various farmers and traders located in and around the Agricultural
Produce Market Committee market at Nagpur.



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


TOSHIBA CORP: Default Risk Surges Most on Accounting Probe
----------------------------------------------------------
Finbarr Flynn, Tesun Oh, and Pavel Alpeyev at Bloomberg News
report that an accounting probe of Toshiba Corp.'s infrastructure
and energy projects caused its default risk to jump the most in
Japan, just as the creditworthiness of Sharp Corp. and Sony Corp.
had been improving.

The cost to insure Toshiba debt against nonpayment surged 80 basis
points in two days to 130 basis points, Bloomberg discloses citing
credit-default swap data from CMA. The biggest increase in Japan
in the past month made it the nation's most-expensive-listed
company to protect, after Sharp and Sojitz Corp, Bloomberg
relates.

According to Bloomberg, Toshiba has been able to avoid the more
than JPY1.5 trillion ($12.5 billion) in combined losses racked up
by Sharp and Sony during the past four years as profits from its
chip, energy, and health care businesses offset deficits in
consumer electronics.  Bloomberg says the company's stock dropped
17 percent in two days, its bond yield premium widened and at
least seven analysts suspended coverage amid the investigation
into improper accounting on projects. Investors should brace
themselves for a possible one-level rating downgrade, according to
BNP Paribas SA, Bloomberg relays.

"How far this issue will run will depend on the level of any
maliciousness involved," Bloomberg quotes Mana Nakazora, the chief
credit analyst in Tokyo at BNP Paribas, as saying. "Did upper
level management act perniciously? If it doesn't go that far then
from a monetary perspective the company can probably cope with
it."

Bloomberg notes that the 140-year-old company said May 8 it may
have to revise earnings from fiscal year 2013 and earlier. It
canceled its share dividend and appointed a third-party committee
to investigate, Bloomberg relates.

"The management has inadvertently sent a signal that the problems
are potentially bigger, without saying how big they might be," the
report quotes Damian Thong, a Tokyo-based analyst at Macquarie
Group Ltd as saying. "The uncertainty and open-endedness is what
the markets are reacting adversely to."

Toshiba's 0.567 percent bond dropped to JPY97.96 per JPY100 from
100.93 on May 8, according to data compiled by Bloomberg. The
yield premium on the note jumped 68 basis points on May 11 to 95
basis points more than sovereign debt.

Toshiba, which bought U.S. nuclear-reactor builder Westinghouse
Electric Co. in 2006, is rated BBB by Standard & Poor's and Baa2
by Moody's Investors Service, the second-lowest investment score
at both companies. That is one grade above Sony and eight levels
higher than Sharp, based on S&P assessments, Bloomberg notes.

Tokyo-based Toshiba's probability of debt nonpayment within one
year has climbed to 0.23 percent from about 0.11 percent last
week, according to the Bloomberg default-risk model, which
considers factors such as share prices and debt. The gauge
suggests the second-lowest investment grade now for the company,
compared with the third-lowest on May 8.

Masumi Fukuoka, a Tokyo-based spokeswoman at the company, said
Toshiba is "deeply sorry" about the concern its accounting probe
has caused among market participants and is doing everything it
can "to regain their trust," according to Bloomberg.

Sony's debt risk has dropped six basis points since the end of
March to 64 basis points, while Sharp's contracts have fallen 100
to 501, after rising as high as 851 on March 3, Bloomberg relays
citing CMA data.

Bloomberg, citing Toshiba's most recent earnings report, discloses
that the company's business that makes home appliances, personal
computers and visual products generated an operating loss of JPY51
billion in the year that ended in March 2014.  That compares with
a profit of JPY32.3 billion from its energy and infrastructure
operations, and JPY238.4 billion from its business that makes
chips and data storage memory devices. Toshiba was forecasting a
fifth-consecutive year of profit before last week's sudden
earnings revision announcement, Bloomberg notes.

According to Bloomberg, the accounting investigation at Toshiba is
rekindling memories of a scandal at camera-maker Olympus Corp.,
which used fraudulent takeover deals to hide losses for 13 years
starting in the 1990s. It went on to restate five years of
earnings results in 2011.

BNP's Nakazora said Toshiba's diversification into sectors
including health care, transportation, and infrastructure has
proved to be a support for the company's earnings and balance
sheet, Bloomberg relays.

"If there has been window-dressing of earnings then it is a big
problem, but I am guessing it is only some discrepancy in the
timing of reports," Bloomberg quotes Nakazora as saying. "Because
investors don't know what is going to come next, buying CDS
protection is the logical reaction."

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



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


STRATEGIC PLANNING: Ex-Director Admits Stealing Nearly NZ$3MM
-------------------------------------------------------------
Rob Kidd at NZME News Service reports that an Auckland financial
advisor has admitted stealing nearly NZ$3 million.

NZME relates that Andrew Robinson appeared in the High Court at
Auckland on May 13 where he pleaded guilty to four charges of
theft by a person in a special relationship and one of dishonestly
using a document, laid after a joint investigation by the Serious
Fraud Office and Financial Markets Authority.

The hardest hit of the four victims was Strategic Planning Group,
a company for which Mr. Robinson was previously a director, NZME
says.

NZME reports that the court heard it was ripped off for more than
NZ$2.2 million by the defendant between July 2010 and
December 2012.

Mr. Robinson stole the investor funds to repay other investors and
to cover some business and personal expenses, it is understood,
the report states.

According to NZME, on May 13 Mr. Robinson accepted the figure of
NZ$189,000 for personal expenses but the business expenses alleged
by the Crown to be more than NZ$250,000 was in dispute.

The figures would be ironed out at a hearing next month, after
which Mr. Robinson will be sentenced, NZME notes.

His lawyer Jeremy Bioletti accepted a jail term was inevitable but
applied for bail on his client's behalf, says NZME.

Justice Simon Moore declined the application and remanded
Mr. Robinson in custody pending sentencing, NZME reports.

Auckland-based Strategic Planning Group was incorporated on
Dec. 13, 2004, and for approximately eight years provided
financial, accounting, mortgage broking and risk and insurance
services to clients.


* NEW ZEALAND: Dairy an "Area of Risk", Reserve Bank Says
---------------------------------------------------------
Jamie Gray t NZME News Service reports that the Reserve Bank has
singled out the New Zealand dairy sector as an "area of risk" for
the financial system.

NZME relates that the bank, in its six monthly Financial Stability
Report, said the Auckland property market had become "very
elevated" and the country's financial stability could be tested if
prices were to fall sharply.

"The second area of risk for the financial system relates to the
dairy sector, which is experiencing a sharp fall in incomes in the
current season due to lower international prices," the bank said.

According to NZME, Fonterra will late this month release its milk
price forecast for 2015/16 and indications are that it will be
towards NZ$5.00 a kg of milk solids, down from last season's
record price of NZ$8.40 a kg. The current season's forecast is for
a milk price of NZ$4.50 a kg.

NZME says the cooperative is expected to release its 2015/16
forecast after its next board meeting on May 27 while uncertainty
abounds around oversupply, Russia's dairy import ban, increased
production from the European Union, and slack demand from China.

NZME relates that the Reserve Bank's report said 11 percent of
farm debt was held by farmers with both negative cash flow and
elevated loan to value ratios.

Financial stress in the dairy sector could rise markedly if low
global milk prices persist beyond the current season, it said,
NZME relays.

"The extent of recovery in Chinese milk demand, following a large
build-up of inventories in 2013, will be an important influence on
global milk prices," the bank, as cited by NZME, said.

According to NZME, Reserve Bank governor Graeme Wheeler said many
highly leveraged farms are facing negative cash-flows, and the
risks will become more pronounced if low milk prices persist
beyond the current season.

In its report, the bank announced changes to the loan-to-value
ratio policy, effective from October 1, requiring residential
property investors in the Auckland Council area to have a deposit
of at least 30 per cent, NZME notes.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***