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        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 21, 2015, Vol. 18, No. 099


                            Headlines


A U S T R A L I A

A-LEAGUE CLUB: Owner Puts Club in Voluntary Administration
BBY LTD: Collapse Hits 13 Gold Coast Staff
BHC DRILLING: First Creditors' Meeting Set For May 28
COMTEX SERVICES: First Creditors' Meeting Set For May 27
HEALTHZONE LIMITED: Director and Former Director Plead Guilty

NOUVEAU PACIFIC-A: Ferrier Hodgson Appointed as Receivers
PACIFIC NONWOVENS: Administrators Seek Expressions of Interest
WICKHAM SECURITIES: Actor Peter Phelps Loses Superannuation


C H I N A

YINGLI GREEN: Says It Has "Substantial Doubt" About Its Future


H O N G  K O N G

DEVERE GROUP: CIB Suspends License Following Probe


I N D I A

A M BREWERIES: ICRA Assigns 'B' Rating to INR105cr Term Loan
AIR CARNIVAL: CRISIL Assigns B- Rating to INR200MM Bank Loan
AMIT POLYPIPES: ICRA Reaffirms 'B' Rating on INR3.44cr LT Loan
ASHOKA DYEING: ICRA Reaffirms B+ Rating on INR6.10cr FB Loan
ASL LOGISTICS: CRISIL Assigns 'B' Rating to INR29.8MM LT Loan

BALAJI LEATHER: CRISIL Assigns 'B' Rating to INR28MM Loan
BINDU TRENDZ: ICRA Suspends 'B' Rating on INR8.50cr Cash Credit
CONTINENTAL MULTIMODAL: CRISIL Reaffirms D INR578.5MM Loan Rating
DHARANI HI-TECH: CRISIL Reaffirms 'C' Rating on INR50MM Loan
FINECRETE ECO-BLOCKS: CRISIL Rates INR360MM Term Loan at B+

GOLDEN SHELTERS: CRISIL Reaffirms B+ Rating on INR500MM Term Loan
GWALIOR REGENCY: ICRA Assigns 'B' Rating to INR15cr Term Loan
HARD ROCK: CRISIL Reaffirms B Rating on INR185MM Term Loan
INDUSTRIAL MANUFACTURERS: ICRA Rates INR5cr LT Loan at 'B+'
INTERCONTINENTAL POLYMERS: ICRA Cuts INR3.72cr Loan Rating to B+

JANAK DEHYDRATION: ICRA Suspends 'B+' Rating on INR6.50cr Loan
JAY JAGANNATH: CRISIL Reaffirms D Rating on INR174.9MM Term Loan
JCBL LTD: CRISIL Reaffirms B- Rating on INR340MM Cash Credit
KALIEDO COATINGS: CRISIL Assigns B+ Rating to INR120MM Bank Loan
KENDRE AGRO: CRISIL Assigns 'D' Rating to INR50MM Term Loan

LAXMI COTTON: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
LGW LIMITED: CRISIL Ups Rating on INR480MM LT Loan to B+
MAGIC VIBRATION: ICRA Suspends 'D' Rating on INR12cr Bank Loan
MASTER INDIA: CRISIL Reaffirms D Rating on INR270MM LT Loan
P KISHANCHAND: ICRA Assigns 'B' Rating to INR3.0cr Cash Credit

PDRV ENTERPRISES: CRISIL Reaffirms B+ Rating on INR80MM Loan
PRINITI FOODS: CRISIL Reaffirms B+ Rating on INR107.5MM Loan
PRL PROJECTS: ICRA Suspends C+ Rating on INR8cr Fund Based Loan
RANGER COTTON: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
S.L. ELECTTRICALS: CRISIL Cuts Rating on INR30.5MM Loan to B-

SHIVALIK COTSYN: ICRA Suspends B/A4 Rating on INR11cr Bank Loan
SHYAM LEELA: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
SONIKA ENGINEERING: CRISIL Reaffirms B Rating on INR116MM Loan
SREE ARULMANI: ICRA Assigns 'B' Rating to INR4.59cr Term Loan
SRI DHARAM: CRISIL Assigns B Rating to INR145MM Long Term Loan

SRI LAKSHMINARASIMHA: CRISIL Cuts Rating on INR235.3MM Loan to B-
SRM MOTORS: CRISIL Reaffirms 'B' Rating on INR100MM Channel Loan
STATE TRADING: ICRA Suspends B/A4 Rating on INR7,300cr Bank Loan
STEEL EXCHANGE: ICRA Assigns 'B' Rating to INR215cr Loan
SUBHASH GUAR: CRISIL Cuts Rating on INR100MM Term Loan to D

SUMIT COTTON: CRISIL Cuts Rating on INR180MM Cash Loan to 'D'
SUNORA TILES: ICRA Suspends 'D' Rating on INR13.20cr Term Loan
SUPER SHIV: ICRA Suspends B+ Rating on INR13cr Fund Based Loan
SWARAJ SYNTEX: ICRA Suspends C-/A4 Rating on INR11.27cr FB Loan
TWENTY FIRST: ICRA Suspends 'D' Rating on INR12cr Working Loan

VAISHNAVI FOOD: CRISIL Ups Rating on INR110MM Cash Loan to B+
VIOLA RESORTS: CRISIL Reaffirms B- Rating on INR123MM Term Loan
VERSATILE ALUCAST: ICRA Reaffirms 'D' Rating on INR8cr Term Loan
WARSAW ENGINEERS: ICRA Assigns B+ Rating to INR2.0cr LT Loan
ZEVRAAT: CRISIL Reaffirms 'B' Rating on INR70MM Cash Credit


N E W  Z E A L A N D

STARGATE OPERATIONS: Owner Puts Firm Into Liquidation


P H I L I P P I N E S

RURAL BANK OF STA. MAGDALENA: Placed Under PDIC Receivership


                            - - - - -


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


A-LEAGUE CLUB: Owner Puts Club in Voluntary Administration
----------------------------------------------------------
foxsports.com.au reports that Newcastle Jets owner Nathan Tinkler
has revealed he has put the financially embattled A-League club
into voluntary administration with debts of AU$2.7 million.

Mr. Tinkler said Scottish club Dundee United is ready to step in
and buy the Jets for just under AU$5 million with a sale imminent,
according to foxsports.com.au.

But Mr. Tinkler claims the FFA may attempt to step in and take
back the license before any sale proceeds.

"I've been in negotiations with the FFA over the last few days and
wasn't able to get them to guarantee the license and I haven't
been willing to pay wages unless they guaranteed that so I've put
the club into administration just now," the report quoted Mr.
Tinkler as saying.  "We've had an offer in for a couple of weeks
from Dundee United. That offer is well in excess of the debts of
the club and I've asked the administrator to get that sale done
and that will see everyone get paid."

"Then, I can move on.  The only risk to that is if the FFA decide
to act in a morally bankrupt manner and take the license and that
presents a whole bunch of other issues," Mr. Tinkler added.

It is understood the FFA have also been talking to Dundee United,
the report relates.

The Jets' financial problems have been threatening to boil over
for quite some time and they came to a head late last week when
Mr. Tinkler failed to pay staff and player wages on time for the
third time in four months, the report discloses.

The FFA put an ultimatum to Mr. Tinkler to have the debts paid or
risk forfeiting his license.


BBY LTD: Collapse Hits 13 Gold Coast Staff
------------------------------------------
Jenny Rogers and Paul Gilder at Gold Coast Bulletin report that 13
Gold Coast staff have been hit by the collapse of stockbroking
firm BBY Limited.

The Bulletin relates that the firm which commands more than
AUD2 billion in funds and counts tennis great Ken Rosewall as one
of its directors has been placed in voluntary administration.

According to the report, BBY announced on May 18 it had handed
control to advisory group KPMG after it failed to lock in new
investors and the fresh capital they would have provided.

The report says the group's executive chairman Glenn Rosewall,
also the son of tennis legend Ken, wrote to staff advising them of
KPMG's appointment, with the adviser naming Stephen Vaughan and
Ian Hall to oversee the task.

"I regret to inform staff that despite exhaustive efforts by the
BBY board to secure investors to inject additional capital into
BBY, we have been unsuccessful," the report quotes Mr. Rosewall as
saying.  "Consequently, we had no option last night but to appoint
administrators from KPMG to manage the firm, effective
immediately."
The Bulletin relates that Rob Harrison, BBY's Gold Coast boss,
said news of the collapse was devastating for local staff.

"The Gold Coast has been one of the best performing offices in the
country for a number of years in terms of cost and revenue so this
was horrible news," the Bulletin quotes Mr. Harrison as saying.
"Our clients have also been impacted greatly and our advisers have
been scrambling to protect them as the number one priority."

Mr Harrison is hopeful his staff will be absorbed into the local
broking community, the report adds.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.


BHC DRILLING: First Creditors' Meeting Set For May 28
-----------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick were
appointed as administrators of BHC Drilling Pty Limited on May 19,
2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Suite 2, 282 High Street, in Penrith, New South
Wales, on May 28, 2015, at 3:30 p.m.


COMTEX SERVICES: First Creditors' Meeting Set For May 27
--------------------------------------------------------
Christopher Darin & Nicholas Malanos of Worrells Solvency &
Forensic Accountants were appointed as administrators ofComtex
Services Pty. Limited on May 15, 2015.

A first meeting of the creditors of the Company will be held at
Suite 3, Level 3, 350 George Street, in Sydney, New South Wales,
on May 27, 2015, at 10:30 a.m.


HEALTHZONE LIMITED: Director and Former Director Plead Guilty
-------------------------------------------------------------
A director of Healthzone Limited and a former director have
pleaded guilty to various charges, including market manipulation.

Facing Sydney's Downing Centre Local Court on May 19, 2015,
director Ge Wu pleaded guilty to two counts of conspiring to
manipulate the share price of Healthzone. The conduct occurred
between May 1, 2007 and Dec. 12, 2010, and Dec. 13, 2010 and
Nov. 17, 2011. Mr Wu also pleaded guilty to one count of breaching
his duty as a director in relation to the provision of a AUD1
million loan made by Healthzone in 2011.

Former director Robert Dulhunty pleaded guilty to one count of
conspiring to manipulate the share price of Healthzone between
May 1, 2007 and Dec. 12, 2010.

Mr Wu and Mr Dulhunty were both charged in 2014.

Mr Wu and Mr Dulhunty were committed to the Supreme Court of NSW
for sentence with a date to be set for hearing on July 3, 2015.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Healthzone listed on the ASX in November 2006 and was delisted
when it was placed into administration and receivership in
November 2011.  Healthzone went into liquidation in March 2012.


NOUVEAU PACIFIC-A: Ferrier Hodgson Appointed as Receivers
---------------------------------------------------------
Morgan Kelly and Robyn Duggan of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Nouveau
Pacific-A Pty Limited trading as Lucky Australian Hotel on May 8,
2015.

The Receivers now control the Company's assets, operations and the
Hotel.

The Receivers are continuing to operate the Hotel in the ordinary
course while they undertake an assessment of the financial
position.


PACIFIC NONWOVENS: Administrators Seek Expressions of Interest
--------------------------------------------------------------
John Lindholm and Stewart McCallum of Ferrier Hodgson were
appointed administrators over the Pacific NonWovens Group of
Companies on May 18, 2015, by the Directors of the Companies.

The effect of the appointment is that the Administrators are now
in control of the Companies assets, undertakings and operations.

The Administrators intend to trade the business in the ordinary
course whilst the financial position is assessed and urgent
expressions of interest are sought.

Urgent expressions of interest are invited for the businesses and
assets in part or in whole of Pacific Nonwovens Pty Limited and
associated entities.


WICKHAM SECURITIES: Actor Peter Phelps Loses Superannuation
-----------------------------------------------------------
Marissa Calligeros at The Sydney Morning Herald reports that
former Stingers and Underbelly actor Peter Phelps said his
financial future is in ruins after claiming to have fallen victim
to disgraced Queensland investment adviser Brad Sherwin.

SMH relates that the Australian actor, who currently appears in
the Network Ten series Wonderland, has claimed his 35 years' worth
of superannuation -- more than AUD400,000 -- was "stolen" by
former financial adviser Brad Sherwin, who chaired the now-defunct
Wickham Securities.

"Superannuation stolen by bankrupt 'financial adviser' Brad
Sherwin," Phelps wrote on Facebook on May 19, SMH relays.
"Was property investing super . . . [and] the c --- frauds us.
Kids future. Farm. Gone."

According to the report, more than 300 self-funded retirees lost
up to AUD27 million after investing with Mr Sherwin's company
Wickham Securities -- a mortgage finance lender providing funds
for borrowers buying or refinancing commercial property.

The report relates that Mr Sherwin ran Brisbane-based Wickham
Securities with his brother-in-law Peter Siemons.

Wickham collapsed in December 2012, owing millions to investors.
Related entities, including DIY Superannuation Service and Sherwin
Financial Planners, went bust a month later, owing another AUD30
million.

Investors are yet to see a cent, the report notes.

It is not clear with which company linked to Mr Sherwin Phelps had
invested his superannuation, SMH states.

According to SMH, Wickham allegedly operated under a business
model similar to that of Victoria's Banksia Securities, which
collapsed in October 2012, owing 16,000 investors AUD660 million.

The report says liquidators have alleged Wickham created "fake
loans" -- one to cover up a withdrawal from the company bank
account and a second to cover up a payment to a related company.

It has also been alleged Wickham was trading while insolvent from
2010, the report relates.

SMH discloses that Mr Sherwin was banned for 31 months in 2013
from operating in the financial services sector by the Australian
Securities and Investments Commission.

His assets, including a string of private companies and his wife's
stake in a racehorse named Boomalicious, were frozen, the report
notes. Mr Sherwin was hospitalised soon after.

SMH says Mr Sherwin has previously denied wrongdoing, via his
lawyer Adam Magill.

Earlier this month, the former chief executive of Wickham
Securities, Garth Robertson, was charged with fraud. He is due to
face court at a later date, SMH adds.

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

                     About Wickham Securities

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

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

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

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



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


YINGLI GREEN: Says It Has "Substantial Doubt" About Its Future
--------------------------------------------------------------
Forbes reports that Yingli Green Energy saw its stock price
plummet by over 37% on May 18 (12 % during regular trading and
about 25% after hours), after it said in its 2014 annual report,
which was filed after the close on May 15, that there was
"substantial doubt" about its ability to remain in business.

According to Forbes, the company cited recurring losses, negative
working capital, net cash outflows and doubts related to its
ability to service debt as reasons for the uncertainty. Forbes
says Yingli hasn't posted a quarterly profit since Q2 2011 and
remains one of the most indebted firms in the solar industry. The
remarks cast a shadow on the company's future at a time when the
outlook for the broader solar sector remains largely positive,
with global installation growth expected to come in at over 20%
for 2015, Forbes relates.

Forbes notes that while solid demand and smaller declines in ASPs
have helped most tier-1 Chinese solar players return to quarterly
profitability as early as 2013, Yingli remains unprofitable and
continues to burn cash.  Although Yingli's manufacturing costs are
roughly on par with large Chinese solar players ($0.48 per watt in
Q4), its higher operating costs and meaningfully higher financial
leverage have weighed on its bottom line, according to Forbes.
Forbes discloses that the company posted a net loss of about $209
million in 2014. The report says Yingli also remains one of the
most indebted solar companies, with a debt load of over $2.3
billion ($1.57 billion in short-term borrowings, $276.1 million in
medium-term notes and $460.7 million in long-term debt) as of Q4
2014. On the other hand, the total equity attributable to the
company has deteriorated to a deficit of about $35 million, Forbes
notes. The company's interest expenses stood at $43 million during
Q4 2014, or a massive 8% of revenues.

According to Forbes, the company will need to quickly raise
additional equity to balance its capital structure and find its
way out of a potential debt trap. While the Chinese government is
known to have supported troubled solar companies in the past, it
has taken a tougher stance more recently, indicating that it would
instead push for consolidation within the industry. That said,
Yingli's sheer size and the fact that its core business is still
seeing solid demand and volumes growth could allow it to be an
exception, the report states. However, even if Yingli is able to
raise additional equity from investors or receive a government
bailout, there is a possibility that common stockholders and ADS
holders could get somewhat of a raw deal, Forbes says. Considering
the low value of the firm's stock, a bulk of their equity in the
company would be diluted, the report adds.

Yingli Green Energy Holding Company Limited is a photovoltaic or
PV module supplier headquartered in Baoding, China.  The Company
sells PV modules and PV systems in different sizes and power
outputs to PV system integrators and distributors in China,
Germany, Greece, the United States and more.


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


DEVERE GROUP: CIB Suspends License Following Probe
--------------------------------------------------
The South China Morning Post reports that deVere Group Hong Kong
has had its licence suspended as part of an investigation into its
operations by regulators.

According to the report, the Confederation of Insurance Brokers
(CIB), one of two self-regulated bodies that supervise local
brokers, said it had suspended deVere's membership until a
disciplinary investigation had concluded.

The CIB decision, reached on May 12 and announced in a statement
on May 18, effectively prevents deVere from accepting new business
and comes following a probe by the South China Morning Post into
allegations surrounding the firm's sales staff.

The CIB statement said it had suspended deVere under Article 32 of
its ordinance, which governs member conduct, the report relays.

The original Post report named six deVere staff including then
Hong Kong operations head Edward Rice as working in client-facing
roles without a CIB licence -- an offence under the Insurance
Companies Ordinance. The Post also detailed client complaint
letters sent to the CIB.

According to the Post, DeVere said at the time that none of the
named staff were client facing and therefore licensing was not
required.

DeVere, which claims to have 80,000 clients worldwide, has been
disciplined eight times by the CIB in the past nine years for
breaches of industry rules, the report says.

Industry veterans had told the Post they expected that the deVere-
branded brokerage would eventually close in Hong Kong because of
the allegations.

They added that Nigel Green, who operates the deVere brand
worldwide -- including the Hong Kong firm at the time of the
Post's original reports in 2013 -- had bought other brokerages
since to enable his business to operate.

One, rebranded as Acuma, has become Mr. Green's new Hong Kong
base, the report notes.

Acuma has been fined twice in the past year, according to the CIB
website, although both fines relate to misdemeanours that preceded
Green's involvement. Acuma is applying for a Securities and
Futures Commission licence, the Post notes citing industry
sources.

The report relates that a spokesman for deVere Group said in an
emailed statement it had sold its Hong Kong shell company last
year and was not involved in the current CIB investigation.

Green and deVere have a long history of regulatory penalties and
client complaints spanning the globe. In 2008 deVere was fined in
Singapore after local regulators discovered the firm had employed
eight unlicensed sales staff, according to a regulatory notice at
the time, the Post relays.

The Japanese Financial Services Agency last month told the Post
that deVere was operating in Japan without the necessary licence.
The firm also appears on the Thai Securities and Exchange
Commission alert list of unlicensed brokers.

DeVere has repeatedly denied to the Post over the past 17 months
that it was under CIB investigation.



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


A M BREWERIES: ICRA Assigns 'B' Rating to INR105cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR95.00
crore term loan facilities and INR20.00 crore fund based
facilities of A M Breweries Private Limited.  ICRA also has a
long-term rating of [ICRA]B outstanding on the INR10.00 crore term
loan facilities and INR10.00 crore fund based facilities and a
short-term rating of [ICRA]A4 outstanding on the INR5.00 crore non
fund based facilities of AMB.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term loan facilities   105.00     [ICRA]B assigned/outstanding

   Long-term fund based
   facilities              30.00     [ICRA]B assigned/outstanding

   Short-term non fund
   based facilities         5.00     [ICRA]A4 outstanding

The assigned ratings consider the strong patronage of the Accord
Group which has established presence in diversified business
segments like educational institutions, hospitality, distillery,
brewery etc and the demonstrated funding support from the
promoters and other Group entities in the past. The ratings also
draw comfort from the robust growth rate of the Tamil Nadu (TN)
liquor industry in the past decade and the limited competition
with only six other licensed beer manufacturers in the state. The
agreements with Carlsberg group for both contract manufacturing
(for sales to TASMAC) and licensed manufacturing (for export to
other nearby states) of its premium brands are expected to drive
company's revenue growth and margin expansion in the coming years.

The ratings are however constrained by the weak financial profile
characterized by net losses, high gearing and stretched coverage
indicators on account of nascent stage of operations and low
capacity utilization. The company is also prone to the inherent
regulatory risk in the TN liquor industry with TASMAC controlling
the entire supply chain from indent placement, production,
marketing, pricing and distribution, thus exposing the company's
profits to volatile price movements of the raw material inputs.
The Accord Group is currently taking efforts to amalgamate Elite
Distilleries Private Limited [rated at [ICRA]BB- (stable) /
[ICRA]A4] into AMB.

A M Breweries Private Limited was incorporated in 2010 and
commenced commercial operations at Kanchipuram (Tamil Nadu) in
December 2013. The Company has 300 hectolitres (HL) brewery and
currently has capacity to produce 10 lakh cases per month. The
Company is part of Accord Group, which is promoted by Mr.
Jagathratchagan and his family members.

The Accord Group is currently taking efforts to amalgamate Elite
Distilleries Private Limited [rated at [ICRA]BB- (stable) /
[ICRA]A4] into AMB.

Recent Results
For 2014-15 (un-audited and provisional), the Company has incurred
net loss of INR12.2 crore on an operating income of INR129.4 crore
as against net loss of INR9.4 crore on an operating income of
INR12.2 crore for the four months of operations in 2013-14.


AIR CARNIVAL: CRISIL Assigns B- Rating to INR200MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Air Carnival Pvt Ltd (ACPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       200        CRISIL B-/Stable

The rating reflects ACPL's exposure to risks related to
implementation, funding, and stabilisation of its airline service
project. This rating weakness is partially offset by the steady
growth in domestic passenger traffic expected over the medium
term.
Outlook: Stable

CRISIL believes that ACPL will benefit from the healthy growth
prospects of the domestic passenger traffic over the medium term.
The outlook may be revised to 'Positive' if the company reports
high passenger load factor, resulting in improved cash accruals
and consequently improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if ACPL reports low cash
accruals, weakening its financial risk profile, particularly
liquidity.

ACPL was established as a partnership firm in 2012. It was
subsequently reconstituted as a private limited company in June
2013. The company is a part of the CMC group promoted by the
Coimbatore-based Mr. SI Nathan and his family members.

The company is currently operating an educational institute for
aeronautical courses under the name of Air Carnival Academy. ACPL
proposes to launch a scheduled regional airline under the Air
Carnival brand. The airline will fly between Coimbatore and nearby
cities, including Chennai, Bengaluru, Vijayawada, Madurai, Kochi,
Tuticorin, Tirupathi, Goa, and Mangalore.


AMIT POLYPIPES: ICRA Reaffirms 'B' Rating on INR3.44cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR3.44 crore fund
based limits and INR0.51 crore unallocated limits of Amit
Polypipes Private Limited at [ICRA]B and has also reaffirmed its
short term rating on the INR3.00 crore non-fund based limits of
the company at [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Long Term                3.44       [ICRA]B; reaffirmed

   Unallocated-Long Term    0.51       [ICRA]B; reaffirmed

   Non Fund Based Limits-
   Short Term               3.00        ICRA]A4; reaffirmed

ICRA's ratings continue to factor in APPL's modest scale of
operations, on account of challenges in its main markets- telecom
and Micro Irrigation Systems (MIS). In telecom it faces low and
inconsistent order inflows from its main customer - Bharat Sanchar
Nigam Limited (BSNL), due to delays in implementation of the
National Optic Fiber Network (NOFN) and in MIS it faces a high
intensity of competition from un-organized as well as organized
players. ICRA's ratings also factor in the susceptibility of the
company's profitability to raw material price fluctuations, which
continue to dampen the margins of the company. The MIS business is
reliant on subsidies and frequent delays in timely disbursement of
funds by the respective state agencies results in high working
capital intensity. The ratings also take into account the average
credit profile of the company with low coverage indicators. ICRA
nevertheless takes into account the promoter's experience, of more
than two decades in the pipes industry, and the favorable future
demand prospects for HDPE for telecom and MIS applications. The
demand for MIS is favorable due to low penetration, benefits of
improved productivity, and efficient utilization of fertilizer,
and policy initiatives by various state governments to increase
the coverage of area under micro irrigation.

Going forward, APPL's ability to register growth in sales and
maintain sustained improvement in its profitability that will lead
to comfortable debt protection metrics will be the key rating
sensitivities.

APPL, established in 1987, manufactures permanently lubricated
HDPE pipes, which are used for electrical and communication
applications, such as casing for optical fibers. The company's
main customer for such applications is BSNL. The company has an
installed capacity for manufacturing 2500kms of HDPE pipes per
month in its manufacturing unit located in Jaipur, Rajasthan. As
the tenders floated by BSNL had reduced in FY12, the company
ventured into manufacturing and supply of drip and sprinkler
irrigation pipes.

Recent Results
APPL reported a net profit of INR0.04 crore on an operating income
of INR7.95 crore for the year ended March 31, 2014 as compared to
a net profit of INR0.02 crore on an operating income of INR4.46
crore for the previous year.


ASHOKA DYEING: ICRA Reaffirms B+ Rating on INR6.10cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR12.10 crore (enhanced from INR11.29 crore) fund based bank
facilities of Ashoka Dyeing and Printing Mills Private Limited.
ICRA has also assigned the rating for unallocated limits of
INR2.27 crore at [ICRA]B+/[ICRA]A4 as the same has been rated on
both the scales and will attract a particular tenure as per usage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-
   Cash Credit            6.00       [ICRA]B+/Reaffirmed

   Fund Based Limits-
   Term Loan              6.10       [ICRA]B+/Reaffirmed

   Fund Based/Non Fund
   Based Unallocated
   Limits                 2.27       [ICRA]B+/[ICRA]A4 Assigned

The rating is constrained by the company's small scale of
operations and weak financial risk profile as reflected by modest
profitability margins, high working capital intensity of
operations, highly leveraged capital structure and weak debt
protection metrics, owing to debt-funded nature of capex
undertaken by the company. The ratings are further constrained by
vulnerability of the company's operations to the intense
competitive pressure and cyclicality inherent in the textile
industry. ICRA further notes that rising employee costs attributed
to revised wages and induction of new employees in FY15, along
with increased depreciation costs may keep the profitability
levels restrained negating the favourable impact of reduced fuel
consumption costs and curtailing of printing operations on
profitability.

The rating, however, favorably factors in the established track
record of the promoters in the dyeing and printing industry, the
company's diversified customer profile and limited exposure to raw
material price fluctuations, owing to the job-work nature of its
operations. The rating also takes into account the location
advantages available to the company by virtue of its proximity to
raw material sources and end customers.

Recent Results:
For the financial year ending March 2014, ADPMPL reported an
operating income of INR25.43 crore and a net profit of INR0.58
crore. During first nine months of FY15 (provisional unaudited
financials), the company recorded operating income of INR19.31
crore and profit before tax of INR0.63 crore.

Ashoka Dyeing and Printing Mills Private Limited (ADPMPL) was
established in 1993 at Surat (Gujarat) and has since been involved
in the dyeing and printing of greige fabric on a job work basis.
The customers of the company supply the fabric, which is further
processed, viz. dyed and/or printed at the company's facility at
Pandesara, Surat. The fabric processed by ADPMPL finds application
in designing sarees. The processing unit of the company had an
annual processing capacity of ~4.64 crore metres of dyed and
printed fabric in FY14.


ASL LOGISTICS: CRISIL Assigns 'B' Rating to INR29.8MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B/Stable/CRISIL A4' on
the bank facilities of ASL Logistics Pvt Ltd (ASL).

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility        5.2        CRISIL B/Stable
   Long Term Loan           29.8        CRISIL B/Stable
   Overdraft Facility       25          CRISIL A4

The ratings reflect the company's small scale of operations in the
fragmented logistics industry, its working-capital-intensive
nature of operations, and the susceptibility of its operations to
cyclicality in the economy. The ratings of the company are also
constrained on account of its below-average financial risk profile
marked by negative networth and average debt protection metrics.
These ratings weaknesses are partially offset by the promoters'
extensive experience in logistics industry, and its established
relationship with customers.
Outlook: Stable

CRISIL believes that ASL will continue to benefit over the medium
term from its promoters extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in the company's scale of operations, while it maintains
its profitability margins, or if there is a substantial increase
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 company'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.

ASL was set up in 2011 by Mr. Mohit Nuwany and Mr. Ashok Nuwany.
The company provides road transport services, and mainly caters to
cement manufacturing companies. It is based in Mumbai,
Maharashtra.


BALAJI LEATHER: CRISIL Assigns 'B' Rating to INR28MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Balaji Leather Creation (BLC).

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Term Loan                   2          CRISIL B/Stable
   Foreign Bill Discounting    28         CRISIL B/Stable
   Packing Credit              23         CRISIL A4

The ratings reflect BLC's small scale of operations, geographic
and customer concentration in its revenue profile, and its weak
financial risk profile, marked by a weak capital structure and
below-average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the leather garments export business and their
established relationships with customers.
Outlook: Stable

CRISIL believes that BLC will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if BLC improves its scale of
operation and profitability significantly, leading to higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile, particularly its liquidity,
deteriorates further, most likely because of low profitability,
large debt-funded working capital requirements, or substantial
capital expenditure.

BLC, a proprietorship firm of Mr. Amitabh Singh, was formed in
2003. It mainly exports leather fashion accessories. The firm is
based in Kolkata.


BINDU TRENDZ: ICRA Suspends 'B' Rating on INR8.50cr Cash Credit
---------------------------------------------------------------
ICRA has suspended the [ICRA]B rating to the INR8.50 crore bank
facilities of Bindu Trendz Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund-Based
   Limit - Cash Credit      8.50         [ICRA]B Suspended

Incorporated in July 2011, Bindu Trendz Private Limited started
its operations in April 2013 and is engaged in the trading of
ladies' dress materials and dupattas with the dyeing and printing
works outsourced to job-workers in Surat. The company has its
registered office and warehouse in Surat.


CONTINENTAL MULTIMODAL: CRISIL Reaffirms D INR578.5MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Continental Multimodal
Terminals Ltd (CMTL) continue to reflect the instances of delays
by CMTL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        20         CRISIL D (Reaffirmed)
   Cash Credit           10         CRISIL D (Reaffirmed)
   Long Term Loan       578.5       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    41.5       CRISIL D (Reaffirmed)

CMTL also has a modest scale of operations and is susceptible to
risks related to adverse economic cycles. The company, however,
benefits from the extensive experience of its promoters in the
container freight station (CFS) industry.

Incorporated in 2011, CMTL is a joint venture between Continental
Multimodal Terminals Ltd, and KRIBHCO Infrastructure Ltd (KRIL), a
100 per cent subsidiary of Krishak Bharati Cooperative Ltd
(KRIBHCO). CMTL has set up a multi-user logistics park at
Mehboobnagar, Telangana. The logistics facility includes a rail-
linked inland container depot (ICD) and a private freight terminal
(PFT).


DHARANI HI-TECH: CRISIL Reaffirms 'C' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dharani Hi-Tech
Projects Pvt Ltd (DHPPL) continue to reflect delays by DHPPL in
servicing its debt (not rated by CRISIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)
   Overdraft Facility     50       CRISIL C (Reaffirmed)

The delays have been caused by the company's weak liquidity
resulting from stretched subsidy receivables. The ratings also
reflect the company's small scale of operations in the civil
construction industry and below-average financial risk profile
marked by a highly leveraged capital structure. These rating
weaknesses are partially offset by the benefits that DHPPL derives
from its promoters' extensive experience in the civil construction
industry, and its moderate order book position.

DHPPL, set up in 1995, was reconstituted as a private limited
company in 2010. It operates in the civil construction industry.
The company's day-to-day operations are managed by Mr. S Kamaraj
and Mr. Senthamil Selvan.

DHPPL reported a net profit of INR6.5 million on revenues from
operation of INR358.6 million for 2013-14 (refers to financial
year, April 1 to March 31), against a net profit of INR6.2 million
on revenues from operation of INR300.4 million for 2012-13.


FINECRETE ECO-BLOCKS: CRISIL Rates INR360MM Term Loan at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Finecrete Eco-Blocks Pvt Ltd (Finecrete).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              360        CRISIL B+/Stable

The rating reflects the residual project implementation risk and
the firm's dependence on the fortunes of the real estate industry,
which is inherently cyclical in nature. The rating weaknesses are
partially offset by promoter's extensive entrepreneurial
experience in the northern region and increasing demand for fly
ash bricks.
Outlook: Stable

CRISIL believes that the company will continue to benefit over the
medium term from increasing demand for Autoclaved Aerated Concrete
(AAC) blocks. The outlook may be revised to 'Positive', if the
unit stabilises its operations as envisaged and demonstrates a
significantly better than expected performance in terms of cash
accruals and debt protection indicators. Conversely, the outlook
may be revised to 'Negative', if there is significant cost or time
overruns in the project execution or delays in stabilizing the
operations of the unit translating to weakening of its debt
servicing ability.

Finecrete was incorporated on 30th July 2013. The company has been
set-up for implementing a project comprising of manufacture and
supply of Autoclaved Aerated Concrete Blocks, commonly known as
fly-ash bricks. The project under implementation is having an
installed capacity of manufacturing 850 CBM of fly ash bricks per
day and is located in Panipat, Haryana. The aggregate cost of the
project is INR57.76 crores and is proposed to be funded by debt of
INR36 crores and equity of INR21.76 crores. The implementation of
the project started from January 2014 and the expected COD is July
2015.


GOLDEN SHELTERS: CRISIL Reaffirms B+ Rating on INR500MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Golden Shelters
Private Limited (GSPL) continues to reflect GSPL's exposure to
customer concentration risk in its commercial real estate leasing
business. This rating weakness is partially offset by the
company's stable cash flows from Volvo India Pvt Ltd (VIPL) and
the advantageous location of its commercial property.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             500        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GSPL will continue to benefit over the medium
term from its steady lease rentals. The outlook may be revised to
'Positive' if GSPL increases its revenue significantly, most
likely by way of escalation in its lease rates, resulting in an
improvement in its debt service coverage ratio or setting up of a
debt service reserve account. Conversely, the outlook may be
revised to 'Negative' in case of pressure on the company's
liquidity because of stretch in receivables from VIPL or
unexpected termination of lease agreements.

Incorporated in 2002, GSPL conducts wellness courses. The company
started leasing out commercial real estate space in 2012-13
(refers to financial year, April 1 to March 31).


GWALIOR REGENCY: ICRA Assigns 'B' Rating to INR15cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR15.0
Crore bank facility of Gwalior Regency Resorts India Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              15.0       [ICRA]B; assigned

ICRA's rating factors in the execution risks to which GRR's hotel
project is exposed, given the initial stage of construction (22%
of the total project cost has been incurred at present). Apart
from project completion within the budgeted timeline and costs,
the company's ability to achieve the targeted room revenues and
occupancies will be critical, as the company's debt repayment
commences from December 2016, providing limited time cushion from
the planned commercial operation date.

The rating also factors in the cyclicality which is inherent in
the hotel industry. However, the rating derives comfort from the
experience of the promoters in the business; the promoters have
been successfully running a hospitality business in the region for
a long period of time. ICRA also takes note of the favorable
location of GRR's project with proximity to key areas of the city.
Further, with debt sanction being in place and 50% of the
envisaged promoter contribution also infused, funding risks are
mitigated to an extent.

Going forward, the company's ability to complete the project
within the budgeted time and cost and achieve the projected
operating metrics will be the key rating sensitivities.

GRR is promoted by the Gwalior based Garg family and is setting up
a 3 star hotel, with 80 rooms in Gwalior, Madhya Pradesh. The Garg
family owns and operates another hotel, Gwalior Regency, which has
been in operation for the past many years. Apart from the
hospitality sector, the group also has interest in other fields
like real estate. The company's ongoing project has an estimated
cost of INR23 crore, proposed to be funded by term loan of INR15
crore and balance through promoter's contribution.


HARD ROCK: CRISIL Reaffirms B Rating on INR185MM Term Loan
----------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B/Stable' rating to the long-
term bank facility of Hard Rock Inn Pvt Ltd (HRIPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              185        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect HRIPL's exposure to risks related
to the commercialisation of its hotel project and to cyclicality
inherent in the hospitality industry. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the hospitality industry and
the location advantages.
Outlook: Stable

CRISIL believes that HRIPL will continue to benefit from its
promoter's experience in the hotel industry. The outlook may be
revised to 'Positive' in case the company executes its project on
time and within the estimated cost, or has higher-than-expected
average room rates and occupancy levels and hence, reports higher-
than-expected accruals. Conversely, the outlook may be revised to
'Negative' in case HRIPL reports a significant time or cost
overrun, which would adversely impact its debt servicing ability.

HRIPL, a private limited company, was incorporated in 2008 and is
promoted by Mr. Rahul Saini and family. The company is
constructing a hotel at Dharuhera (Haryana), which is situated on
the Delhi-Jaipur Highway (NH 8). For this, HRIPL has acquired land
of 5286.50 sq. metres in Dharuhera and has proposed a built up
area of 10048.06 sq. metres.


INDUSTRIAL MANUFACTURERS: ICRA Rates INR5cr LT Loan at 'B+'
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and a short-term
rating of [ICRA]A4 to the fund-based and non-fund based bank
facilities of Industrial Manufacturers aggregating to INR25.00
crore.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term fund
   based: Cash Credit        5.00        [ICRA]B+ assigned

   Short-term non-fund
   based: Letter of Credit   5.00        [ICRA]A4 assigned

   Short-term non-fund
   based: Bank Guarantee    15.00        [ICRA]A4 assigned

The assigned ratings are constrained by the weak financial
position of the firm as reflected by its declining operating
income and the profitability margins over the past three years,
coupled with inadequate coverage indicators as well as its high
working capital intensity of operations. The firm's profitability
remains exposed to stiff competitive pressures from other
established domestic players, as well as to raw material price
risks due to its fixed-price based sales orders. Optimized
utilization of resources across orders, and timely execution
remain important for the firm to avoid liquidated damages, going
forward.

The ratings, however, favorably consider the long standing
experience and established track record of the firm's promoters
for over four decades in the process equipment business. IM's
reputed customer profile consisting of major refineries and EPC
companies with a history of repeat orders; and its comfortable
capital structure with low gearing and adequate liquidity position
are also favorable credit rating factors.

Incorporated in 1947, Industrial Manufacturers (IM) is a
partnership firm promoted by the Kapadia and Mody family. IM is
engaged in designing and manufacturing process equipment such as
pressure vessels, heat exchangers, columns, and reactors. The firm
is ISO 9001 and U stamp certified by The American Society of
Mechanical Engineers (ASME). IM's major clientele are reputed EPC
companies as well as PSUs in the oil and gas, petroleum, power and
sugar industries. The company's fabrication works are located at
MIDC-Rabale, Navi Mumbai (two units), and at MIDC-Ghansoli, Navi
Mumbai. The firm has four group companies engaged in the same line
of business, which primarily perform job-work for the firm.

For FY 2014, the firm reported a net loss of INR2.91 crore on an
operating income of INR17.55 crore, as compared to a Profit before
Tax (PBT) of INR0.53 crore on an operating income of INR22.40
crore in FY 2013. For FY 2015, the firm has reported a gross
operating income of INR22.81 crore (provisional).


INTERCONTINENTAL POLYMERS: ICRA Cuts INR3.72cr Loan Rating to B+
----------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB-
and re-affirmed the short-term rating at [ICRA]A4 for the fund
based and non-fund based bank facilities of Intercontinental
Polymers Pvt. Ltd. aggregating to INR9.00 crore.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limit-     0.78      [ICRA]B+ revised from
   Term Loan                       [ICRA]BB- (Stable)

   Fund based limit-     3.00      [ICRA]B+ revised from
   Cash credit                     [ICRA]BB- (Stable)

   Proposed Term Loan    3.72      [ICRA]B+ revised from
                                   [ICRA]BB- (Stable)

   Short-term non-fund   1.50      [ICRA]A4 re-affirmed
   based: Letter of
   Credit

The ratings revision takes into account the weakening of the
company's financial profile as reflected by its loss making
operations in FY 2014 and working capital intensive nature of
business operations which has further worsened during the past
fiscal. The ratings continue to remain constrained by IPPL's
modest scale of operations in the engineering thermoplastics
compounding business, and the exposure to intense competitive
pressures from other established players in the plastics industry.
Furthermore, the company also remains exposed to project
implementation risk given the large scale of debt-funded capacity
expansion.

The ratings, however, favourably factor in the long and
established track record of the company's promoters for over three
decades in the engineering thermoplastics compounding industry;
its diversified product profile; and established relationship with
suppliers and customers.

Incorporated in 1997, Intercontinental Polymer Private Limited
(IPPL) is a Mumbai-based company engaged in manufacturing
engineering thermoplastic compounds such as Polypropylene (PP)
compounds, Polyphenylene Oxide (PPO) compounds, Acrylonitrile
Butadiene Styrene (ABS) compounds, (High Impact Polystyrene (HIPS)
compounds and alloys. The company is promoted by Mr. Raju Desai,
based out of India, and Intercontinental Export Import Inc. (IEI),
part of SirNaik Group, USA, promoted by Mr. Saurabh Naik who is an
industrialist in the USA, engaged in similar business. The
products manufactured by IPPL form an input for injection moulders
and finds application in the automobile industry, the electrical
and electronics industry, industrial engineering components and
furniture industry, IT and telecommunications sectors, and the
white goods sector. IPPL has a manufacturing plant in Daman with a
production capacity of 4,000 MT per annum.

For FY 2014, the company reported a net loss of INR0.06 crore on
an operating income of INR13.7 crore, as compared to Profit after
Tax (PAT) of INR0.11 crore on an operating income of INR7.36 crore
in FY 2013. For 8M FY 2015, the company has reported profit before
tax of INR0.10 crore on an operating income of INR6.77 crore
(provisional).


JANAK DEHYDRATION: ICRA Suspends 'B+' Rating on INR6.50cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.50
crore fund based cash credit facility of Janak Dehydration Private
Limited (JDPL). The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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

Janak Dehydration Private Limited (JDPL) was incorporated in 1992
by Mr. N L Mehta with 8 other family members as shareholders. It
is engaged in dehydration of onions and garlic under the brand
name 'Janak JD'. Apart from dehydration it produces spices and
mixing powder under the brand name 'eatwell'. It has installed 3
stages of washing and cleaning bin of raw onion, 1 machine for
cutting and 2 stainless steel dryer belts for drying raw material.
The company has the capacity to produce 12 MT of dehydrate
products per day. It also has the capacity to produce onion and
garlic powder with the capacity of 8 MT per day.


JAY JAGANNATH: CRISIL Reaffirms D Rating on INR174.9MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jay Jagannath Steel and
Power Ltd (JJSPL) continue to reflect instances of delay by JJSPL
in servicing its debt; the delays have been caused by the
company's weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         11        CRISIL D (Reaffirmed)
   Cash Credit           134        CRISIL D (Reaffirmed)
   Term Loan             174.9      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan              26.8      CRISIL D (Reaffirmed)

JJSPL also has a weak financial risk profile and working capital
intensive nature of operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive business experience in the sponge iron
industry.

Incorporated in 2008, JJSPL is promoted by Mr. Mukesh Agarwal and
his family members. JJSPL manufactures sponge iron in Rourkela
(Odisha). It has total capacity of 400 tonnes per day at its
facility in Rourkela (Odisha).


JCBL LTD: CRISIL Reaffirms B- Rating on INR340MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of JCBL Ltd (JCBL)
continue to reflect JCBL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and exposure to
intense competition in the bus manufacturing segment. These rating
weaknesses are partially offset by JCBL's established market
position.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit           340        CRISIL B-/Stable (Reaffirmed)
   Corporate Loan        128.7      CRISIL B-/Stable (Reaffirmed)
   Inland/Import
   Letter of Credit      180        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    153.5      CRISIL B-/Stable (Reaffirmed)
   Rupee Term Loan       247.8      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JCBL will continue to benefit over the medium
term from its established market position in the intensely
competitive bus manufacturing segment. The outlook may be revised
to 'Positive' if JCBL's liquidity improves substantially, because
of an equity infusion and better working capital management, or if
the company reports significant improvement in profitability and
revenue, leading to sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of low profitability
or cash accruals, or significant deterioration in the company's
working capital management.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
JCBL's operating revenue is estimated to have remained flat,
around INR1.39 billion, because of slowdown in its end-user
segment. CRISIL expects JCBL's operating revenue to grow at a
moderate rate of 10 per cent over the medium term because of
addition of customers. The company's operating profitability is
estimated to have improved to 7.8 per cent in 2014-15 from 3.7 per
cent in 2013-14 because of lower overheads as the company winded
up facilities for its loss-making integral coach segment. CRISIL
believes that JCBL's operating margin will improve to more than 9
per cent over the medium term as the management focuses on
profitable segments such as customised bus bodies.

JCBL's financial risk profile remains weak marked by losses due to
its loss-making integral coach segment. The company's net worth
and gearing are estimated at around INR140 million and 4.89 times,
respectively, as on March 31, 2015. Its debt protection indicators
are also weak, driven by net losses of around INR1 million in
2014-15, down from INR 77 million in 2013-14 due to winding up of
integral coach segment in 2013-14. JCBL's financial risk profile
is expected to marginally improve as the company has winded up
integral bus coach segment but remain weak, marked by high gearing
of around 4 times and low interest coverage and net cash accruals
total debt ratios of around 1.4 times and 0.07 times,
respectively, over the medium term.

JCBL's liquidity is weak, marked by fully utilised bank lines and
tightly matched cash accruals with debt obligations of INR5.7
million in 2015-16. The company's bank limits were utilised at an
average of 98 per cent over the 12 months through January 2015.

JCBL was incorporated in Chandigarh (Punjab) in 1989, and is
promoted by Mr. Rajinder Aggarwal. It caters to the bus building
requirements of Swaraj Mazda Ltd. JCBL manufactures bus bodies for
luxury coaches and special vehicles such as ambulances, mobile
automated teller machines (ATMs), bullet-proof vans (for
politicians), political campaign vehicles, and hospitals-on-
wheels.

JCBL reported a net loss of INR77 million on net sales of INR1.2
billion in 2013-14, against a net loss of INR1.6 million on net
sales of INR1.6 billion in 2012-13.


KALIEDO COATINGS: CRISIL Assigns B+ Rating to INR120MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Kaliedo Coatings Pvt Ltd (KCPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      120        CRISIL B+/Stable
   Bank Loan Facility

The rating reflects the start-up nature of KCPL's operations, its
expected moderate risk management policies and average financial
profile. These rating weaknesses are partially offset by the
established brand name and distribution network, resulting in
limited off take risk.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from the established distribution network. The outlook may be
revised to 'Positive' if the company generates substantial cash
accruals and efficiently manages its working capital requirements,
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if KCPL's cash accruals are
low or its working capital requirements increase considerably,
leading to deterioration in its financial risk profile,
particularly its liquidity.

KCPL was incorporated in 2014. The company is yet to start
operations and will be engaged in marketing and distribution of
decorative paints, under the Jenson and Nicholson brand, across
India. Its operations are expected to start from June 2015. The
company is based in Gurgaon (Haryana).


KENDRE AGRO: CRISIL Assigns 'D' Rating to INR50MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Kendre Agro Industries Ltd (KAIL). The rating reflects
instances of delay by KAIL in servicing its debt; the delays have
been caused by the company's weak liquidity, given its early stage
of operations and depressed cash inflow.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               50        CRISIL D

KAIL also has a below-average financial risk profile, marked by a
small net worth and average gearing. Moreover, the company's scale
of operations is expected to be small because of initial phase of
operations and limited capacity. Furthermore, it is exposed to
adverse government regulations regarding the sugar industry. KAIL,
however, benefits from the extensive entrepreneurial experience
its promoters in agriculture-related business and their funding
support.

KAIL, based in Latur (Maharashtra), was incorporated in September
2014 and manufactures jaggery. The company is promoted by Mr.
Vijay Kendre and his family members. KAIL started its commercial
operations from February 11, 2015.


LAXMI COTTON: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Laxmi Cotton
Industries (Paratwada) (LCI) continues to reflect LCI's modest
scale of operations in the highly fragmented cotton industry and
its below-average financial risk profile marked by a small net
worth and a leveraged capital structure. These rating weaknesses
are partially offset by the extensive experience of LCI's
promoters in the cotton industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile, particularly
liquidity, most likely because of increase in cash accruals backed
by increased profitability or capital infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if LCI's
financial risk profile, particularly its liquidity, deteriorates
because of substantial increase in working capital requirements or
low profitability leading to low cash accruals.

Update
In 2014-15 (refers to financial year, April 1 to March 31), LCI's
revenue is estimated at around INR255 million, down from INR451
million in 2013-14 mainly on account of lower production in 2014-
15. LCI's operating margin was 3.6 per cent in 2013-14, as against
4.0 per cent in 2012-13, and is expected to improve over the
medium term.

LCI has a below-average financial risk profile, marked by high
gearing and weak debt protection metrics. Its net worth is
estimated at around INR32 million and gearing at 2.2 times as on
March 31, 2015. Its interest coverage ratio is estimated at 1.34
times for 2014-15.

LCI's liquidity is stretched, marked by extensive bank limit
utilisation, averaging 95 per cent over the 12 months through
January 2015. The firm is likely to report modest net cash
accruals of around INR7 million against term debt obligations of
INR6 million for 2014-15. Its current ratio is estimated to be
moderate, around 1.5 times, as on March 31, 2015.

LCI, a partnership concern established by the Agrawal family at
Paratwada in Amaravati (Maharashtra), gins and presses raw cotton.
The firm has manufacturing capacity of 200 bales per day. The
promoter family has been engaged in cotton trading, and ginning
activities for more than 50 years.


LGW LIMITED: CRISIL Ups Rating on INR480MM LT Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
LGW Limited (LGW) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      480         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

The rating upgrade reflects significant improvement in LGW's
liquidity profile marked by substantial reduction in bank
borrowings in its capital structure, funded through sale proceeds
received from providing a part of its land bank to real estate
developers, wherein the entire development and construction cost
is being born by real estate developers- Unimark group and
Mounthill realty. Continuous flow of advances over the medium term
from the project, the construction progress in a timely manner,
and efficient working capital management in its jewelry business,
will be crucial in maintenance of LGW's credit risk profile over
the medium term.

CRISIL's ratings on the bank facilities of LGW Ltd (LGW) continue
to reflect LGW's modest operating profitability in its trading
segment, and its exposure to offtake risks related to its real
estate joint venture (JV) project. These rating weakness are
partially offset by the experience of LGW's promoter in the
trading business.
Outlook: Stable

CRISIL believes that LGW will continue to benefit over the medium
term from its promoter's experience in the trading business. The
outlook may be revised to 'Positive' in case of a sustainable
improvement in the company's sales and profitability, leading to
better liquidity. Conversely, the outlook may be revised to
'Negative' if LGW's financial risk profile, particularly its
liquidity, weakens, most likely due to increased working capital
requirements or a decline in its cash accruals.

Set up in 1984 by Mr. Sanjay Kumar Gupta in West Bengal, LGW
exports textiles and engineering goods to Bangladesh. LGW earlier
also exported raw cotton; however, it discontinued this business
in 2013-14 (refers to financial year, April 1 to March 31).

The company also trades domestically in agricultural products such
as wheat and maize, manufactures gold and silver jewellery, and
undertakes jobwork for other jewellers. It entered into a JV in
2012-13 for a real estate development project in Kolkata.


MAGIC VIBRATION: ICRA Suspends 'D' Rating on INR12cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR12 crore bank
facilities of Magic Vibration India Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

MVIPL was incorporated in July 2010 by the Khosla family and since
inception, it has been primarily engaged in trading of fabrics.
Within fabrics, majority of its sales come from knitted fabric.
The promoters of the company have been dealing in trading of
fabrics for more than a decade.


MASTER INDIA: CRISIL Reaffirms D Rating on INR270MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Master India
Brewing Co. (MIBC) continues to reflect instances of delays by
MIBC in servicing its debt obligations; the delays are because of
the firm's weak liquidity owing to its working-capital-intensive
operations. MIBC also has a weak financial risk profile marked by
high gearing and weak debt protection metrics, and is exposed to
regulatory risks. However, the firm benefits from its promoters'
extensive industry experience.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL D (Reaffirmed)
   Long Term Loan        270        CRISIL D (Reaffirmed)

MIBC, set up as a partnership firm in 2009-10, manufactures beer.
The firm is promoted by Mr. Deepak Burman, Mr. Jitendra Newatia,
Mr. Rajesh Kumar Jalan, and Master (India) Brewing Co Ltd.


P KISHANCHAND: ICRA Assigns 'B' Rating to INR3.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR3.00
crore cash credit fund based facilities of P Kishanchand Textiles
Limited. ICRA has also assigned [ICRA]A4 rating to the INR7.50
crore buyer's credit facility of the company. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR11.00 crore non
fund based facilities of the company. The cash credit facility of
INR3.00 crore and buyer's credit facility of INR7.50 Crore are sub
limits of non fund based limit of INR11 crore and the combined
utilisation should not exceed INR11 crore at any point of time.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Short-term non fund-
   based facility-Import
   Letter of Credit          11.00        [ICRA]A4; Assigned

   Short term non fund
   based facility- Buyer's
   credit                    (7.50)       [ICRA]A4; Assigned

   Long term fund based-
   Cash credit               (3.00)       [ICRA]B; Assigned

The assigned ratings are constrained P Kishanchand Textiles
Limited (PKTL)'s small scale of operations and low value added
nature of the business with entire revenues accruing from fabric
trading; this coupled with highly fragmented nature of the fabrics
trading industry keeps the profitability margins under pressure.
The ratings also factor in the concentration risks arising from
the company's high dependence on a few suppliers and customers.
Further, the company's working capital funding is largely through
LC backed creditors resulting in high TOL/TNW of 3.99X as on
March 31, 2014.

The ratings, however, favourably considers the vast experience of
the promoters in fabric trading business, and benefits accruing
from being located in textile hub of Bhiwandi, which provides
advantages in terms of proximity to suppliers and customers.

Established on January 1998, P Kishanchand Textiles Limited is
engaged in trading of fabrics like denims, ramie fabrics, greige
fabrics, dyed fabrics, knitted fabrics etc. The fabrics are sold
through a network of wholesalers located in Maharashtra, Haryana
and Delhi. The company has a warehouse in Bhiwandi (Thane district
in Maharashtra) and its registered office is in Mumbai.

Recent Results:
PKTL has reported a net profit of INR0.04 crore on an operating
income of INR15.36 crore for the year ending March 31, 2014 and
has recorded an operating income of INR26.01 crore as 31st
December 2014.


PDRV ENTERPRISES: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of PDRV Enterprises Pvt
Ltd (PDRV) continue to reflect PDRV's modest scale of operations
in the wire-manufacturing industry, its low operating margin, and
large working capital requirements.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           30      CRISIL A4 (Reaffirmed)
   Cash Credit              50      CRISIL B+/Stable (Reaffirmed)
   Cash Credit-Book Debt    80      CRISIL B+/Stable (Reaffirmed)
   Cash Credit-Stock        40      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of PDRV's promoters in the winding wires
manufacturing industry, their funding support to the company, and
their established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes that PDRV will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if the company reports substantial cash
accruals while improving its working capital management, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in the
company's operating profitability or deterioration in its working
capital management, leading to pressure on its liquidity and
capital structure.

Update
PDRV's net sales registered year-on-year growth of around 12 per
cent to around INR670 million in 2014-15 (refers to financial
year, April 1 to March 31), driven by sales to Uttar Pradesh (UP)
electricity boards (contributed around INR150 million to revenue
in 2014-15). The company has an unexecuted order book of INR200
million as on March 31, 2015, from UP electricity boards, to be
executed till July 2015. Because of the association with UP state
electricity boards, PDRV's scale of operations is expected to
increase, but will remain modest, over the medium term,
constraining its operating margin and working capital management.
The company's operating margins have however, improved in the last
two years on account of economies of scale, and are expected to
stabilise around that level over the medium term.

The company's operations continue to remain highly working capital
intensive as reflected in its estimated gross current assets
(GCAs) of around 170 days as on March 31, 2015, driven by
inventory of around 50 days and receivables of 100 days. As a
result, the company's bank limit utilisation has been high,
averaging 95 per cent over the six months ended March 31, 2015.

PDRV's net worth is estimated to have remained modest, at around
INR85 million, as on March 31, 2015. The company relies on debt to
fund its working capital requirements, which, along with modest
net worth, resulted in estimated high gearing of around 2.5 times
as on March 31, 2015 (with unsecured loans of INR30.0 million from
promoters and their relatives treated as neither debt nor equity
as they are expected to be retained in the business).

Set up in 2001 and based in Delhi, PDRV manufactures winding wires
used in transformers. Its key promoters are Mr. Rajesh Giri and
his brother-in-law Vikas Talwar.


PRINITI FOODS: CRISIL Reaffirms B+ Rating on INR107.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Priniti Foods
Private Limited (PFPL) continues to reflect PFPL's modest scale of
operations in the intensely competitive extruded snacks segment.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7         CRISIL B+/Stable (Reaffirmed)
   Term Loan            107.5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile, marked be a modest net worth and subdued debt
protection metrics. These rating weaknesses are partially offset
by PFPL's established distribution network in North India and its
moderate working capital requirements.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its established distribution network. The outlook may be
revised to 'Positive' if the company reports significant and
sustained improvement in its revenue and profitability, leading to
a substantial increase in its accruals and hence to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PFPL reports significantly low revenue or
profitability, leading to pressure on its liquidity and debt
servicing ability.

PFPL was incorporated in 2009, promoted by New Delhi-based Mr.
Rajesh Garg. The company manufactures assorted extruded snacks
such as finger snacks, rings puffs, and potato chips, under the
brand name of Priniti. Its manufacturing facility is in Narela
(New Delhi).

PFPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR174.5 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.4  million on net
sales of INR93.6 million for 2012-13.


PRL PROJECTS: ICRA Suspends C+ Rating on INR8cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR8.0 crore
fund based facilities of PRL Projects and Infrastructure Limited
(PRL). ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR44.0 crore non fund based facilities of PRL .
The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.


RANGER COTTON: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Ranger Cotton Mills (India) Pvt Ltd (Ranger Cotton)
and has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Ranger Cotton.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B/Stable (Assigned;
                                   Suspension revoked)

The rating were previously 'Suspended' by CRISIL vide the Rating
Rationale dated June 30, 2014, since Ranger Cotton had not
provided necessary information required for a rating review.
Ranger Cotton has now shared the requisite information enabling
CRISIL to assign ratings to its bank facilities.

The rating reflects the company's below-average financial risk
profile, marked by high gearing and susceptibility of operating
margins to volatility in raw material prices. These rating
weaknesses are partially offset by the promoters' experience in
the textile business.
Outlook: Stable

CRISIL believes that Ranger Cotton will benefit over the medium
term from the experience of the promoters in the textile business.
The outlook may be revised to 'Positive' if the company posts
higher-than-expected revenue and profitability and improves its
capital structure. Conversely, the outlook may be revised to
'Negative' if Ranger Cotton underutilises its capacities, thereby
reducing its cash accruals and lengthening its working capital
cycle, or if it undertakes a large debt-funded capital expenditure
programme.

Ranger Cotton was set up in 2004 by Mr. A Arumugam. It
manufactures cotton yarn in counts ranging from 20s to 40s, and
grey cotton. The company's facilities are located at
Gobichettipalayam (Tamil Nadu).


S.L. ELECTTRICALS: CRISIL Cuts Rating on INR30.5MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S.L. Electtricals (SLE) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the firm's short-term
bank facility at 'CRISIL A4'.

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

   Cash Credit            9.5       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term    30.5       CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that SLE's liquidity
will remain under pressure over the medium term, driven by a weak
business performance. The firm's revenue is estimated to have
declined by around 50 per cent year-on-year in 2014-15 (refers to
financial year, April 1 to March 31) on account of the tender-
based nature of its business. Furthermore, SLE has large working
capital requirements, with gross current assets expected at more
than 300 days over the medium term.

The ratings reflect SLE's modest scale of operations, below-
average financial risk profile marked by a weak capital structure,
and large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of the firm's
proprietor in the power distribution transformer industry.

Outlook: Stable

CRISIL believes that SLE will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, while increasing its scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if SLE's financial risk profile, particularly its
liquidity, weakens, driven most likely by low cash accruals or a
stretched working capital cycle.

SLE was established by Mr. T Srinivasan in Chennai in 2006. The
firm manufactures power distribution transformers. Mr. P Venkata
Krishnan oversees SLE's day-to-day operations.


SHIVALIK COTSYN: ICRA Suspends B/A4 Rating on INR11cr Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to INR11
crore bank facilities of Shivalik Cotsyn Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 1993, Shivalik Cotsyn Limited is promoted by Mr.
Subhash Gupta and has a spinning unit for manufacturing cotton
yarn at Saharanpur, Uttar Pradesh. The company started with an
installed capacity of 2,000 spindles and currently operates with
12,000 spindles for manufacturing hosiery cotton yarn. The company
currently manufactures 100% cotton yarn in count range of 20s to
40s with average count of 30s and sells entire output in the
domestic market.


SHYAM LEELA: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shyam Leela
Fashion House Pvt Ltd (SLF) continues to reflect the company's
weak financial risk profile due to the large working capital
requirements.

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

The rating also reflects SLF's low operating margin because of its
small scale of operations in the competitive garment trading
industry. These rating weaknesses are partially offset by the
benefits that SLF derives from its promoters' established track
record in the textile trading business.
Outlook: Stable

CRISIL believes that SLF will continue to benefit over the medium
term from its promoters' established track record in the textile
business. The outlook may be revised to 'Positive' if the
company's financial risk profile improves, most likely driven by
more-than-expected cash accruals or fresh infusion of capital by
its promoters. Conversely the outlook may be revised to 'Negative'
if SLF posts less-than-expected cash accruals, or contracts large
debt to fund its working capital borrowings or capital
expenditure.

Update
Business risk profile of the company continues to remain in line
with CRISIL expectations with its small scale of operations and
low profitability. The company reported revenue of INR669.3
million for 2013-14. The company is likely to report revenue of
INR700 million in 2014-15 (refers to financial year, April 1 to
March 31). The company's operating margin though low, improved to
3.1 per cent for 2013-14 from around 2.6 per cent in a year ago.
CRISIL believes that SLF's operating margin will remain at
existing levels over the medium term. The company's working
capital requirement remains high with gross current assets of 159
days as on March 31, 2014, which is mainly driven by the debtors
and inventory of 91 and 57 days respectively. The company meets
its working capital requirement through credit from its suppliers
of 70 to 90 days and through the short term debt availed from the
bank. Going forward CRISIL believes that the working capital cycle
of the company will remain high.

SLF's financial risk profile remains weak, marked by its small net
worth of INR82 million as on March 31, 2014, high total outside
liabilities to tangible net worth (TOLTNW) ratio of 3.74 times,
and below-average debt protection metrics. Small net worth
restricts SLF's ability to contract further debt in case of
exigencies. Its net cash accruals to total debt (NCATD) and
interest coverage ratios stood at 0.01 per cent and 0.98 times,
respectively, in 2013-14. The company's liquidity remains weak,
marked by fully utilized bank limits and low cash accruals. CRISIL
believes that SLF's financial risk profile will remain weak over
the medium term marked by low accruals and large working capital
requirements.

Promoted by the Khatri family, SLF is a wholesaler of sarees,
cloth materials, and handloom items in Uttar Pradesh, Bihar,
Madhya Pradesh, and Jharkhand. Initially set up as a firm, the
entity was reconstituted as a private limited company in April
2010. SLF mainly operates in the wholesale market in Kanpur.


SONIKA ENGINEERING: CRISIL Reaffirms B Rating on INR116MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sonika
Engineering and Construction Ltd (SECL) continues to reflect
SECL's exposure to risks associated with the early stage of
construction and booking of its ongoing projects.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            49        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    116        CRISIL B/Stable (Reaffirmed)
   Long Term Loan         35        CRISIL B/Stable (Reaffirmed)

The rating also factors in SECL's vulnerability to cyclical demand
inherent in the Indian real estate sector. These rating weaknesses
are partially offset by the promoters' extensive experience and
SECL's established track record in the real estate market in
Madhya Pradesh.
Outlook: Stable

CRISIL believes that SECL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
better-than-expected booking and receipt of customer advances,
resulting in sizeable cash inflows. Any significant funding
support from the promoters, leading to sustainable improvement in
liquidity, could also result in a revision in outlook to
'Positive'. Conversely, the outlook may be revised to 'Negative'
if SECL's liquidity weakens, because of slow bookings or delays in
receipt of customer advances or significant investments in new
projects.

Update
SECL has over 10 projects under development, all in varying stages
of completion. While the total area under construction is about
11.545 million square feet (sq ft), a few large projects account
for a majority of the area under development.  SECL is exposed to
high project risk, marked by demand and funding risks. As around
85 per cent of the total project cost is expected to be funded
through customer advances, the company is exposed to high funding
risk. Due to high dependence on customer advances for funding has
resulted in slow completion of project which is in line with
expectation.

SECL has bank debt in only one of its projects, Kuber Heights
Indore, which is 45 per cent complete. The company has sold 45 per
cent of the area in the project, and the cash inflows are expected
to be enough to service debt in the project. The company availed
of the term loan in October 2014, and its repayment commenced in
April 2015, with 10 quarterly installments of INR2.7 million.

Furthermore, the company constructed four warehouses in Madhya
Pradesh in 2014-15, which resulted in revenue of INR125 million
for the year. The company has a cash credit facility of INR49
million from Allahabad Bank for the warehouse construction
business, which was utilised moderately, at around 50 per cent on
an average over the 12 months ended February 28, 2015.

Incorporated in 2009, SECL is engaged in real estate development
and warehouse construction in Madhya Pradesh. The company is
promoted by Mr. Ajay Dubey, Mrs. Sonika Dubey, and Mr. K P Sharma.
The promoters have been engaged in the land development and real
estate business in Bhopal and Indore for over two decades through
their proprietorship firm Sonika Estates and Colonisers.


SREE ARULMANI: ICRA Assigns 'B' Rating to INR4.59cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.59
crore term loan facilities, the INR3.25 crore fund based
facilities and the INR2.16 crore of Sree Arulmani Exports.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             4.59       [ICRA]B assigned

   Long term-Fund
   based facility         3.25       [ICRA]B assigned

   Long-term-
   Unallocated            2.16       [ICRA]B assigned

The assigned rating considers the entity's small scale of
operations, which restricts benefits of scale economies and
coupled with intense competition prevalent in the industry and low
product differentiation restricts the entity's pricing flexibility
and exposes the earnings to fluctuations in yarn and fabric
prices. Further, the rating also take note of the entity's modest
financial profile, characterized by thin profit margins, low net
worth and moderate gearing and coverage indicators. The company
has undertaken debt funded capex in the current fiscal, which will
put pressure on gearing in the medium term and the ability of the
entity to scale up and improve its margins remains critical for
its ability to service the debt comfortably. ICRA also takes note
of the risks of limited disclosures and capital continuity
associated with proprietorship concerns; however it draws comfort
from the long standing experience of the promoters in the domestic
weaving industry.

Sree Arulmani Exports is a sole proprietorship entity founded by
Mr. S. Ramachandran, which commenced operations during the year
2006. The promoter has extensive experience for nearly 3 decades
in the weaving industry and has been actively involved in day to
day operations of the company. The entity is engaged in the
production of grey cotton fabric with its manufacturing facility
located in Coimbatore, Tamil Nadu. The current installed capacity
of the entity is 96 looms which includes 72 conventional power
looms and 24 auto power looms. The entity outsources majority of
its production to various looms (around 1000 looms) located in the
vicinity of the region, by virtue of which it has an overall
production capacity of around 2 lakh meters per week. The entity
procures cotton yarn in the low to medium counts range (20's to
60's), weaves it into grey fabric and markets it to garment
manufacturers located in various cities including Mumbai and
Ahmadabad.

Recent Results
For the financial year 2013-14, the Firm reported a profit after
tax (PAT) of INR0.3 crore on an operating income of INR26.0 crore
as against a PAT of INR0.2 crore on an operating income of INR20.2
crore for the financial year 2012-13.


SRI DHARAM: CRISIL Assigns B Rating to INR145MM Long Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Dharam Educational Trust (SDET).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan         145        CRISIL B/Stable

The rating reflects SDET's below-average financial risk profile,
and its susceptibility to regulatory changes and intense
competition in the education sector. These rating weaknesses are
partially offset by the extensive experience of SDET's trustees in
the education sector.
Outlook: Stable

CRISIL believes that SDET will continue to benefit over the medium
term from its trustees' extensive industry experience. The outlook
may be revised to 'Positive' if sustainable ramp-up in scale of
operations, and increase in intake of students lead to significant
improvement in the trust's liquidity. Conversely, the outlook may
be revised to 'Negative' if SDET's financial risk profile,
particularly liquidity, weakens, most likely due to sizeable debt-
funded capital expenditure, any adverse regulatory change, or
deterioration in cash flow management.

Set up in 2013, SDET runs a nursery school in Tindivanam (Tamil
Nadu), Aakrutii School. The trust is opening a second school - Sri
Dharamchand Jain School - affiliated to Central Board of Secondary
Education (CBSE). Mr. H Bablasa is the key promoter-trustee who
looks after the trust's operations.


SRI LAKSHMINARASIMHA: CRISIL Cuts Rating on INR235.3MM Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Lakshminarasimha Poultry Farms Private Limited (SLNP; part
of the Sri Lakshmi Narasimha group) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           235.3      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan        175        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that Sri Lakshmi
Narasimha group's liquidity will be constrained by inadequate cash
accruals vis-a-vis its maturing term debt obligations over the
medium term. However, the promoters are likely to extend need-
based fund support to service group's maturing debt obligations.

The rating continues to reflect the Sri Lakshminarasimha group's
weak financial risk profile marked by high gearing and weak debt
protection metrics, its large working capital requirements and its
vulnerability to intense competition and to risks inherent in the
poultry industry. These rating weaknesses are partially offset by
the extensive experience of the Sri Lakshmi Narasimha group's
promoters in the poultry industry and its established
relationships with major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SLNP and K.J.L. Poultries Pvt Ltd
(KJL), together referred to as the Sri Lakshmi Narasimha group.
This is because both the companies are under a common management
and have considerable operational and business synergies with each
other.
Outlook: Stable

CRISIL believes that the Sri Lakshmi Narasimha group will benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
group's financial risk profile improves, driven most likely by
significant improvement in revenues and profitability. Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile weakens due to larger-than-expected, debt-funded
capital expenditure (capex), or a substantial decline in revenues
and profitability.

Set up in 2004, SLNP is engaged in the poultry business.  SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business. KJL is also
promoted by Mr. Satyanarayana Raju and his family members.


SRM MOTORS: CRISIL Reaffirms 'B' Rating on INR100MM Channel Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SRM Motors Pvt
Ltd (SRM) continues to reflect SRM's modest scale of operations,
the regional concentration in its operations, and its exposure to
intense competition in the automobile dealership market.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              70       CRISIL B/Stable (Reaffirmed)

   Channel Financing       100       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term       20       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
   Standby Line of Credit   10       CRISIL B/Stable (Reaffirmed)

The rating also factors in SRM's average financial risk profile,
marked by a small net worth and moderate total outside liabilities
to tangible net worth (TOLTNW) ratio. These rating weaknesses are
partially offset by SRM's established relationship with its
principal Tata Motors Ltd (TML).
Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its healthy relationship with TML. The outlook may be
revised to 'Positive' if SRM's capital structure improves, most
likely because of fund infusion by its promoters, or if the
company reports a healthy operating margin with considerable
revenue growth. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens, marked
by deterioration in its capital structure, or if its revenues and
profitability decline.

SRM was incorporated in 2009. The company is an authorised dealer
of TML's passenger cars. SRM has two showrooms, one each in
Lucknow and Barabanki (both in Uttar Pradesh). Mr. Piyush Agarwal,
SRM's promoter, manages the company's operations.


STATE TRADING: ICRA Suspends B/A4 Rating on INR7,300cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to
INR7,300.00 crore bank limits of State Trading Corporation of
India Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


STEEL EXCHANGE: ICRA Assigns 'B' Rating to INR215cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR92.75 crore term loan facilities and the INR215.00 crore fund
based facilities of Steel Exchange India Limited. ICRA has also
suspended the short term rating of [ICRA]A4, assigned to the
INR261.00 crore non fund based facilities of Steel Exchange India
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the company.


SUBHASH GUAR: CRISIL Cuts Rating on INR100MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Subhash Guar Gum Industry Pvt Ltd (SGL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Packing Credit         55         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term      5         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan             100         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects delays by SGL in servicing its debt
because of its weak liquidity. SGL's liquidity is weak because of
suspension of operations on the back of significant decline in
realisations leading to operating losses.

SGL is also exposed to risks arising from its low profitability
and the start-up phase of its operations in the intensely
competitive guar gum industry.

SGL was set up in 2010-11 (refers to financial year, April 1 to
March 31) by Mr. Subhash Chander and his family members. It has a
guar gum powder manufacturing facility in Sirsa (Haryana). The
company started commercial production in February 2013.


SUMIT COTTON: CRISIL Cuts Rating on INR180MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on bank loan facilities of Sumit
Cotton Industry (SCI) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            180       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term       4.4     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Term Loan                5.6     CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects inability of SCI in servicing of
debt in a timely manner; delays are driven by firm's weak
liquidity. SCI's liquidity is weak because of suspension of
operations on the back of significant drop in realisations leading
to operating losses.

CRISIL's rating on the long-term bank facilities of Sumit Cotton
Industry (SCI) continues to reflect SCI's large working capital
requirements, modest scale of operations, and susceptibility to
intense competition in the guar gum and cotton ginning industries
on account of low entry barriers.

SCI was set up in 1992 as a proprietorship firm by Mr. Subhash
Chander of Haryana; and was later reconstituted as a partnership
firm in 2007. The firm manufactures guar gum split and is also
engaged in cotton ginning and pressing, currently operations are
suspended.


SUNORA TILES: ICRA Suspends 'D' Rating on INR13.20cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR12.00
crore fund based cash credit facility and INR13.20 crore term loan
facility of Sunora Tiles Private Limited (STPL). ICRA has also
suspended the [ICRA]D rating assigned to the INR5.54 crore non
fund based facility of STPL. The suspension follows ICRAs
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit    12.00        [ICRA]D Suspended

   Term Loan            13.20        [ICRA]D Suspended

   Non Fund Based-Bank
   Guarantee             3.75        [ICRA]D Suspended

   Non Fund Based-LC     1.75        [ICRA]D Suspended

   Non Fund Based-Credit
   Exposure              0.04        [ICRA]D Suspended

Sunora Tiles Private Limited (STPL) was incorporated as a closely
held company in January 2007 and is promoted by Mr. Bhanji
Fultariya, Mr. Sanjiv Patel and Mr. Vishal Fultariya. STPL is
currently engaged in manufacturing soluble salt vitrified tiles,
double charged vitrified tiles and ceramic parking tiles at its
production facility located at Morbi in Gujarat. STPL manufactures
tiles of size 24"X24" for both variant of vitrified tiles and
12'X12" for parking tiles with the installed production capacity
of 1,35,000 box per month and 1,20,000 box per month respectively.


SUPER SHIV: ICRA Suspends B+ Rating on INR13cr Fund Based Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR13.00 crore fund based limits and [ICRA]B+ rating assigned
to the INR1.00 crore unallocated bank limits of M/s Super Shiv
Shakti Chemicals Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SWARAJ SYNTEX: ICRA Suspends C-/A4 Rating on INR11.27cr FB Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]C- and [ICRA]A4 ratings assigned to
the INR11.27 crore fund based bank facilities of Swaraj Syntex
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


TWENTY FIRST: ICRA Suspends 'D' Rating on INR12cr Working Loan
--------------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR16.37
crore long term fund based limits and '[ICRA]D' rating to INR3.00
crore short term non fund based limits of Twenty First Century
Castings 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                  12.00      [ICRA]D suspended

   Fund Based-Term Loans     4.37      [ICRA]D suspended

   Non Fund Based-Bank
   Guarantee                 3.00      [ICRA]D suspended

   Fund Based - DDP         (0.10)     [ICRA]D suspended

Twenty First Century Castings Private Limited was incorporated on
1st April 2011 with Mr. Ramnatraju R Naidu and his wife Mrs
Sandhya R Naidu as its main shareholders. TFCCPL was incorporated
to carry on the existing business of Twenty First Century
Castings; a partnership firm set up in the year 1996 by Mr.
Ramnatraju R Naidu alongwith other partners. Twenty First Century
Castings Private Limited (TFCCPL) is engaged in the production of
ferrous and non ferrous alloys castings and is based in
Udyognagar, Gujarat.


VAISHNAVI FOOD: CRISIL Ups Rating on INR110MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vaishnavi Food Products Pvt Ltd (VFP) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           110      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term     33.6    CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

   Term Loan              86.4    CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the improvement in VFP's business risk
profile driven by a substantial increase in its scale of
operations, while maintaining its profitability margins, and the
sustained improvement in its working capital cycle. The upgrade
also reflects the increase in the company's net-worth, which has
enhanced its financial flexibility, and the subsequent improvement
in its capital structure. CRISIL believes that VFP will sustain
the improvement in its capital structure over the medium term
supported by consistent growth in its net worth and the sustenance
of its improved working capital cycle.

VFP's revenue is estimated to have registered a year-on-year
growth of 70 per cent in 2014-15 (refers to financial year,
April 1 to March 31), and its operating profit margin is estimated
to have remained stable at 9.0 per cent. The revenue growth has
been driven by the stabilization of the company's incremental
processing capacity which came online in the first quarter of
2014-15. There has also been a sustained improvement in the
company's working capital cycle, as reflected in the decline in
its gross current assets to an estimated 150 days as on March 31,
2015 from 249 days as on March 31, 2013. The improvement is mainly
because the company has been operating with lower inventory levels
and extending lesser credit to its customers. CRISIL believes that
the company will maintain its improved working capital cycle over
the medium term on the back of its strategy to operate with lower
inventory levels and its enhanced collection efforts.

The company's net-worth is estimated to have increased to INR65
million as on March 31, 2015 from INR38 million as on March 31,
2013 on the back of moderate accretion to reserves. Consequently,
its total outside liabilities to tangible net-worth (TOL/TNW)
ratio is estimated to have declined to 4.0 times as on March 31,
2015 from 4.8 times as on March 31, 2013. The TOL/TNW ratio of the
company is expected to further decline to around 3.5 times as on
March 31, 2016 supported by consistent growth in its net worth and
the sustenance of its improved working capital cycle.

The rating reflects VFP's modest scale of operations in the
intensely competitive rice milling industry, and the
susceptibility of its profitability margins to changes in
government regulations and paddy prices. The rating of the company
is also constrained on account of its below-average financial risk
profile marked by its small net-worth, high TOL/TNW ratio, and
average debt protection metrics. These rating weaknesses are
partially offset by the benefits that VFP derives from its
promoters' extensive experience in the rice milling industry.
Outlook: Stable

CRISIL believes that VFP will continue to benefit over the medium
term from its promoters' extensive experience in the rice milling
industry. The outlook may be revised to 'Positive' if there is a
higher-than-expected increase in the company's scale of
operations, while it maintains its profitability margins, or there
is a substantial improvement in its capital structure on the back
of sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a large debt-funded
capital expenditure or a stretch in its working capital cycle.

VFP was set up in 2008 by Mr. Karnati Lakshminarayan along with
his friends and family members. The company mills and process
paddy into rice; it also generate by-products such as broken rice,
bran, and husk. Its rice milling unit is located in Nalgonda
district in Andhra Pradesh.


VIOLA RESORTS: CRISIL Reaffirms B- Rating on INR123MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Viola Resorts Pvt Ltd
(VRPL) continues to reflect VRPL's exposure to risks related to
implementation, funding, and offtake of its ongoing resort project
at Lonavala (Maharashtra). This rating weakness is partially
offset by the benefits that the company derives from the extensive
entrepreneurial experience of its promoters.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     26.9      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Proposed Term Loan    123        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VRPL will continue to benefit from its
promoters' extensive entrepreneurial experience over the medium
term. The outlook may be revised to 'Positive' in case of timely
completion of project within budgeted cost and more-than-expected
cash inflows during the early phase of operations. Conversely, the
outlook may be revised to 'Negative' if any time or cost overrun
in project implementation leads to pressure on its liquidity.

Update
VRPL is setting up a four-star hotel, The Fern Resort, near Waksai
(Lonavala). The implementation of this resort project has been
delayed by around a year mainly on account of a delay in financial
closure of the project. Despite the delay, the total project cost
of around INR213 million remains unchanged and the same is
proposed to be funded by bank debt of about INR123 million which
is still not sanctioned. The company has incurred around 20 per
cent of the project cost till date, entirely funded by promoters'
own contribution; hence, timely sanction and disbursement of the
loan will be a key factor for completion of the project on time.
VRPL is expected to benefit from the location advantage of its
project, which is near the Mumbai-Pune highway, and the management
and marketing agreement with the experienced and reputed Concept
group. However, the initial phase of project execution still
exposes VRPL to high implementation-related risks.

VRPL, incorporated in 2010, is engaged in hospitality services at
Lonavala. The company is promoted by the Mumbai-based Mr. Nitin
Chimbaikar and his family members; it is currently setting up a
four-star hotel, The Fern Resort, at Lonavala. The company has its
office at Mumbai.


VERSATILE ALUCAST: ICRA Reaffirms 'D' Rating on INR8cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating to INR11.10 crore long term
bank facilities of Versatile Alucast Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term, Fund based
   limits - Term Loan       8.00        [ICRA]D (reaffirmed)

   Long Term, Fund based
   limits - Cash Credit     3.10        [ICRA]D (reaffirmed)

The rating reaffirmation continues to reflect delays by the
company in servicing its debt obligations owing to tight liquidity
conditions and strained cash flows. Due to elongated approval
cycle from OEMs, the company has been operating at suboptimal
capacity resulting in operating losses and weak debt coverage
indicators. Also, on account of losses, the net-worth has eroded
which has resulted in adverse capital structure. ICRA has taken a
note of established track record of promoters in auto component
industry with an experience of over four decades in auto component
manufacturing business. VAPL's ability to regularise its debt
repayment obligations along with improvement in capacity
utilization and profitability remains key rating sensitivities.

Incorporated in 2011, VAPL has been formed to manufacture and
supply aluminium die casting. The promoters have setup Greenfield
aluminium casting facility (pressure die casting) in Kolhapur with
an installed capacity of 1,300 MTPA. The company also has in-house
machining facility. Total cost of the project is INR13.25 crore,
which was funded through term loan of INR8.00 crore, equity of
INR1.50 crore and rest through unsecured loan.


WARSAW ENGINEERS: ICRA Assigns B+ Rating to INR2.0cr LT Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.0
crore long term fund based limits of Warsaw Engineers (WE). ICRA
has also assigned a short term rating of [ICRA]A4 to the INR4.0
crore non-fund based limits of the firm.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based      2.0       [ICRA]B+ assigned
   Short Term Non Fund
   Based                     4.0       [ICRA]A4 assigned

The ratings assigned take into account the firm's track record of
30 years in the civil construction industry, its status as a
Class-I contractor and past contracts executed for reputed
government bodies (BBMP, BMTC, BMRCL, ISRO etc.). The ratings
positively factor in the consistent performance of the firm over
the last four years (FY12 - FY15) achieving a revenue CAGR of 30%
with sustained margins. The ratings take comfort from the absence
of scheduled repayment liabilities in the near to medium term as
there are no major proposed capital expenditure plans. The ratings
also take into account the strong visibility of income in the
short to medium term with an outstanding order book of INR30.0
crore as on 31st March, 2015.

The ratings are, however, constrained by the small scale of
operations with modest margins which limits the scope of
operational and financial flexibility and the stretched capital
structure of the firm resulting from high working capital
borrowings. Further, given the nature of the industry segment, the
firm also has sizable non-fund based working capital limits; any
devolvement of which on account of deferment of delivery and late
realization of dues from large customer may result in stretched
liquidity. ICRA also takes note of the high competition intensity
in the construction sector with presence of large number of small
and mid-scale contractors bidding for the work orders which puts
significant pressure on the margins.

Going forward, timely execution of the current order book and
ability to secure future contracts will be the key rating
sensitivities.

Warsaw Engineers (WE), established in 1983, is a proprietary
concern promoted by Mr. Nagaraja Madhyastha. The firm is a Class-I
contractor mainly concentrating on civil work for government
sector (such as BBMP, BMTC, BMRCL, ISRO among others). It has more
than 30 years of experience in the civil construction industry.


ZEVRAAT: CRISIL Reaffirms 'B' Rating on INR70MM Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Zevraat continue to
reflect Zevraat's below-average financial risk profile marked by a
small net worth and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
    Cash Credit           70        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's high dependence on bank
borrowings to fund its working capital requirements and its
exposure to risks related to fragmentation and intense competition
in the retail jewellery and bullion industry. These rating
weaknesses are partially offset by the extensive experience of
Zevraat's promoters in the retail jewellery and bullion industry.

For arriving at the ratings, CRISIL continues to treat Zevraat's
outstanding unsecured loans of INR8.7 million as on March 31,
2015, from its promoters as neither debt nor equity. This is
because the loans are subordinated to bank debt and are interest-
free.
Outlook: Stable

CRISIL believes that Zevraat will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals, leading to a significant improvement in
its capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a decline in the
firm's revenue or profitability margins, or if its capital
structure deteriorates, most likely because of large debt-funded
capital expenditure or significant stretch in its working capital
cycle.

Zevraat is a partnership firm set up in 1990 by Mr. Rakesh Narang
and his brother Mr. Mukesh Narang, who oversee its daily
operations. The firm manufactures gold, silver, and diamond
jewelry and trades in gold bullion. It has showrooms at Yamuna
Nagar in New Delhi and in Chandigarh.

Zevraat reported a book profit of INR34 million on net sales of
INR489.9 million for 2013-14 (refers to financial year, April 1 to
March 31), against a book profit of INR26 million on net sales of
INR330.4 million for 2012-13.



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


STARGATE OPERATIONS: Owner Puts Firm Into Liquidation
-----------------------------------------------------
Radio New Zealand News reports that party pill entrepreneur Matt
Bowden has put his company, Stargate Operations, into liquidation.

The company manufactured and sold synthetic cannabinoids.

In an answer phone message, Mr. Bowden said he did not wish to
comment further because of a recent bereavement, according to the
report.

Mr. Bowden said his lawyers had told him not to disclose details
of the liquidation, the report adds.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF STA. MAGDALENA: Placed Under PDIC Receivership
------------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Sta. Magdalena
(Sorsogon), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 756.A
dated May 14, 2015. As Receiver, PDIC took over the bank on
May 15, 2015.

Rural Bank of Sta. Magdalena (Sorsogon) is a single-unit rural
bank with Head Office located in Brgy. 3 Poblacion, Santa
Magdalena, Sorsogon. Based on the Bank Information Sheet filed
with the PDIC as of December 31, 2014, the bank is owned by Amadeo
F. Gallanosa (41.14%), Veronica D. Gallanosa (19.13%), Rodrigo
Hecita (5.26%), Vima G. Jebulan (3.26%), Teodoro F. Gallanosa
(3.24%), Gilbert L. Lao (3.07%), Antonio D. Gallanosa (3.04%),
Roberto V. Guides (2.88%) and Ernesto N. Relente (2.12%). Its
President is Marilyn V. Gallanosa and its Chairman is Arlina E.
Lozano.

Latest available records show that as of March 31, 2015, Rural
Bank of Sta. Magdalena (Sorsogon) had 762 accounts with total
deposit liabilities of PHP15.3 million, all of which are insured.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with the Rural Bank
of Sta. Magdalena (Sorsogon) or acted as co-makers of the
obligations, and have incomplete and/or have not updated their
addresses with the bank. PDIC targets to start mailing payments to
these depositors at their addresses recorded in the bank by the
fourth week of May.

Depositors may update their addresses until May 20, 2015 using the
Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the fourth week of May.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on May 22, 2015 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.


                             *********

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

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

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


                            *********


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

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

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

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

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



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