TCRAP_Public/150610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, June 10, 2015, Vol. 18, No. 113


                            Headlines


A U S T R A L I A

BBY HOLDINGS: AIMS Financial Acquires Collapsed Stockbroker
INDIGO PROPERTIES: First Creditors' Meeting Set For June 17
JAG GLOBAL: First Creditors' Meeting Set For June 18
SHERWIN IRON: Receivers Seek Buyers For Assets


H O N G K O N G

LAI FUNG: Fitch Affirms 'BB-' Issuer Default Ratings


I N D I A

ALANG METAL: CRISIL Lowers Rating on INR195MM Cash Loan to 'D'
AMRIT ENGINEERING: CRISIL Suspends B- Rating on INR55MM Loan
ANALOGICS TECH: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
ANIIRUDH CIVIL: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan
ANNAPURNA VYAPAAR: CRISIL Reaffirms B+ Rating on INR30MM Loan

ANUSHREE INFRASTRUCTURE: CRISIL Rates INR30MM Cash Loan at 'B'
ASG LEATHER: CRISIL Ups Rating on INR70MM Packing Loan to B+
ATAM MANOHAR: CRISIL Suspends B+ Rating on INR75MM Cash Loan
AVANI VANIJYA: Ind-Ra Suspends 'IND D' Rating on INR110MM Loan
B.MELARAM: ICRA Reaffirms B+ Rating on INR7cr Cash Credit

BHOROSHA RICE: CRISIL Reaffirms B- Rating on INR95MM Cash Loan
CANAAN ENGINEERING: CRISIL Reaffirms 'D' Rating on INR71.7MM Loan
DIGNITY INNOVATIONS: CRISIL Assigns B- Rating to INR40MM Loan
EMERALD INDUSTRIES: CRISIL Ups Rating on INR47MM Cash Loan to B+
GANGOTHRI NUTRIENTS: CRISIL Ups Rating on INR92MM Loan to B-

GANJAM NAGAPPA: CRISIL Suspends 'B+' Rating on INR425MM Loan
GAURAV CONTRACTS: CRISIL Suspends B Rating on INR100MM Bank Loan
GHAZIABAD MECHFAB: ICRA Reaffirms B+ Rating on INR4.50cr Loan
GOLDEN CELLAR: Ind-Ra Assigns 'IND B' Issuer Rating
GREENDIAMZ BIOTECH: CRISIL Suspends 'D' Rating on INR128.5MM Loan

GURU-G TEX: CRISIL Suspends 'D' Rating on INR199.9MM Cash Loan
ISHWAR RAJ: CARE Ups Rating on INR9.15cr LT Bank Loan to 'B'
KASIM COAL: ICRA Revises Rating on INR4.0cr LT Loan to B-
KAVERI COTTON: CRISIL Reaffirms B Rating on INR40MM Cash Loan
KHANDELWAL FIBERS: CRISIL Suspends B+ Rating on INR70MM Loan

KNOTT FASHION: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
LAVIS SIGNATURE: ICRA Reaffirms 'B+' Rating on INR10cr Cash Loan
M.G. INDUSTRIES: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
MAA DURGA: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
MAHALAXMI ROLLER: CARE Assigns B+ Rating to INR5.84cr LT Loan

MAHI CORPORATION: ICRA Assigns 'B+' Rating to INR5.0cr Cash Loan
MAILAM SUBRAMANIYA: CRISIL Suspends 'D' Rating on INR105MM Loan
MECLIN INFRAS: CRISIL Suspends B+ Rating on INR10.0MM Loan
MEGA VITRIFIED: CRISIL Suspends 'D' Rating on INR70MM Loan
MURLIDHAR AGRO: ICRA Assigns 'B+' Rating to INR7.0cr Capital Loan

MY FONE: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
N.C. INFRASTRUCTURE: CRISIL Suspends D Rating on INR162.5MM Loan
N. R. ISPAT: CRISIL Suspends B+ Rating on INR293.4MM Term Loan
NARAYANAN A: CRISIL Assigns B- Rating to INR50MM Overdraft Loan
NEEDLE EYE: CARE Assigns 'D' Rating to INR20.50cr LT Loan

OCEAN MOTORS: ICRA Suspends B+ Rating on INR21cr Fund Based Loan
RAI BAHADUR: CRISIL Cuts Rating on INR1.81BB Cash Loan to 'B+'
RAMOJI WAFER: CARE Assigns 'B' Rating to INR10.60cr LT Loan
RICHU MAL: CARE Assigns B+ Rating to INR5cr LT Bank Loan
RKSK OVERSEAS: ICRA Withdraws 'D' Rating on INR55cr Bank Loan

SIDDHIVINAYAK COTTON: CRISIL Suspends B Rating on INR130MM Loan
SONU BUILDERS: CRISIL Cuts Rating on INR30MM Cash Loan to B+
SRI SHREESHA: CRISIL Assigns B+ Rating to INR50.0MM Loan
STONE CONCERN: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
SUPER AGRO: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan

THAKAR DASS: ICRA Reaffirms B+ Rating on INR12cr Fund Based Loan
UJJAIN PACKAGING: CRISIL Reaffirms 'B' Rating on INR45.7MM Loan
VERA INDIA: ICRA Assigns 'B+' Rating to INR18cr Cash Credit
VIRAJ SPINNERS: CRISIL Assigns 'B' Rating to INR337.3MM LT Loan
VS METALLIC: ICRA Assigns 'B' Rating to INR10cr Fund Based Loan


I N D O N E S I A

INDONESIA: Default Risk Jumps Most in Asia on Fund Exit Concerns


N E W  Z E A L A N D

HAMILTON'S 131: Clothing Store Closes Doors After 30 Years
NZ DIRECTORIES: Creditors to Vote June 15 on Winding Up Company


                            - - - - -


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


BBY HOLDINGS: AIMS Financial Acquires Collapsed Stockbroker
-----------------------------------------------------------
Ecns.cn reports that AIMS Financial Group, owned by Chinese
Australian financier George Wang, said that it has completed an
asset purchase agreement with the administrators of BBY Holdings
Pty Limited, which before its voluntary administration claimed to
be the largest independent stockbroker in Australia and New
Zealand.

BBY and its subsidiary BBY Limited had been placed in
administration on May 18 after the broking and advisory group fell
short of capital requirements in the options-clearing market and
wasn't able to repay a AUD6 million loan to St. George Bank.

"The asset acquisition is the first step in the restructure which
may require a deed of company arrangement to be accepted by
creditors before the BBY corporate entity is returned to
solvency," the report quotes AIMS as saying in a statement.

According to the report, AIMS said it intends to operate the BBY
business as a standalone entity under the BBY Asia Pacific Group
brand, and will also consider bringing in new investors in the
future.

Ecns.cn relates that Mr. Wang, Chairman of AIMS Financial Group,
said AIMS wants to "keep and grow the BBY brand, its people and
its businesses".

"We are now actively working with the team at BBY to get things
back and running normally as soon as practical," the report quotes
Mr. Wang as saying.

AIMS subsidiary AIMS Securities is changing its name to BBY Asia
Pacific Group to help enable BBY's 56,000 clients to recommence
trading and access shares frozen by the suspension, according to
the report.

"AIMS is prepared to support and grow the BBY business over the
long term, and provide new opportunities for BBY advisors and
staff. Our broad vision for BBY is twofold firstly, to enable BBY
to grow and be an excellent, client-focused broking and corporate
finance business in Australia, with a conservative risk profile;
and secondly, as part of AIMS, to be the advisor of choice for
deal and capital flows between Australia and Asia," Mr. Wang, as
cited by Ecns.cn, said.

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.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.


INDIGO PROPERTIES: First Creditors' Meeting Set For June 17
-----------------------------------------------------------
Terrence John Rose and Terry Grant van der Velde of SV Partners
were appointed as administrator of Indigo Properties Australia
Limited on June 4, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
June 17, 2015, at 10:30 a.m.


JAG GLOBAL: First Creditors' Meeting Set For June 18
----------------------------------------------------
Daniel I Cvitanovic of DCW Insolvency Management was appointed as
administrator of Jag Global Security Solutions Pty Limited on June
9, 2015.

A first meeting of the creditors of the Company will be held at
DCW Insolvency Management, Suite 1, 151 Tongarra Road, in Albion
Park, NSW, on June 18, 2015, at 11:00 a.m.


SHERWIN IRON: Receivers Seek Buyers For Assets
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that KordaMentha, the
receivers of Sherwin Iron Limited, is seeking urgent expressions
of interest for the sale of the business and assets of the
company. The sale provides the buyer the chance to own a Northern
Territory iron ore project with big proven resource base.

The investment highlights include big and long-life JORC resource
base, approved environmental impact statement and unexplored
possible DSO deposits, Dissolv.com.au relates. The company boasts
of huge material value accretive opportunities.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2014, Peter Gothard and John Melluish of Ferrier Hodgson
were appointed Voluntary Administrators of Sherwin Iron Limited,
and of two subsidiaries, Sherwin Iron (NT) Pty Limited and South
Murchison Mines Pty Limited on July 10, 2014.

Janna Robertson and Scott Kershaw of KordaMentha were appointed
receivers and managers to each of these entities by the Group's
major lender.



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


LAI FUNG: Fitch Affirms 'BB-' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed Lai Fung Holdings Limited's (Lai Fung)
Long-Term Foreign-Currency and Local-Currency Issuer Default
Ratings (IDR) at 'BB-'. The Outlook is Stable. The agency has also
affirmed Lai Fung's senior unsecured rating at 'BB-'. The full
list of rating actions is at the end of this commentary.

The rating affirmation is based on Lai Fung maintaining a low
level of leverage and stable growth in rental income. It also
takes into consideration that there will be enough debt headroom
for Lai Fung to develop its flagship project in Hengqin, a city in
southern China that is close to Macau.

KEY RATING DRIVERS

Prudent Financial Management: Lai Fung has been able to maintain
low leverage in the past three years, mainly because property
development supplements its main business in property leasing.
With only 6.0m sq ft of gross floor area (GFA) of residential
space in its land bank as at January 2015, Lai Fung is not active
in the land market; instead, it progressively sells homes at
projects that were mostly acquired several years ago at lower
costs. The sale proceeds are used to support the expansion of its
investment property portfolio, which is Lai Fung's main goal.
Management aims to expand its rental portfolio to 6.7m sq ft in
2018 from 2.8m sq ft currently.

Hengqin Project a Long-Term Positive: The Hengqin Creative Culture
City project will be a sizeable investment for Lai Fung. We expect
the development of this project to increase Lai Fung's leverage in
the short to medium term, but it will become another important
source of recurring income in the long term and contribute
significant sellable resources in the medium term. Lai Fung will
need to spend around CNY2.4bn for its 80% stake in Phase 1 of the
project, which will require a total investment of CNY3bn,
including the land cost. Construction of this project is scheduled
to start in 2H15.

Concentration of Rental Income: Hong Kong Plaza in Shanghai
accounted for over 60% of Lai Fung's gross rental revenue in the
financial year ended 31 July 2014 (FY14) and 1HFY15. Although
Shanghai Hong Kong Plaza benefited from a surge in rental income
after a new food and beverage area was created in FY14, we expect
the economic slowdown and increasing competition from online
shopping to limit rental upside. Shanghai Hong Kong Plaza will
account for about 50% of Lai Fung's rental revenue in FY16-17 as
the company completes additional investment properties.

Residential Projects in Prime Cities: Lai Fung holds residential
property projects in Shanghai, Guangzhou and Zhongshan, where the
housing oversupply is small. The projects in Shanghai and
Guangzhou are situated in prime areas, which lead to satisfactory
profit margins. Lai Fung's gross profit margins were above 40% in
the past three years and may widen in the next 12 months as its
high-end projects in Shanghai and Guangzhou take up a bigger share
of presales. We believe Lai Fung has no intention to expand its
property development business substantially, and is likely to sell
its inventory gradually.

KEY ASSUMPTIONS

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

  - Weak growth in China's retail sector in 2015, resulting in
    low single-digit percentage rental growth at Lai Fung's
    Shanghai Hong Kong Plaza.

  - Average selling price for its development properties to
    increase slightly in FY15 and FY16, and be stable in the
    future.

  - Contracted sales in FY15 and FY16 to be higher than in FY14
    as more projects are completed, which will boost the sellable
    GFA.

  - Lai Fung to start the construction of its Hengqin project in
    2H15 and presales of the serviced apartments units to begin
    from FY18.

RATING SENSITIVITIES

Positive rating action is not expected in the next 18-24 months
due to Lai Fung's small operational scale. However, future
developments that may, individually or collectively, lead to
positive rating action include:

  - EBITDA from investment properties rising above HKD600m (FY14:
    HKD349m, 1H FY15: HKD191m)

  - EBITDA for investment properties/interest expenses exceeding
    1.5x (1H FY15: 1.1x) on a sustained basis

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  - EBITDA for investment properties/interest expenses falling
    below 1.0x on a sustained basis

  - Total debt/property assets exceeding 40% (26% at end-FY14 and
    at end-1H FY15) on a sustained basis

  - Increase of development assets to above 25% of total property
    assets (14% at end-FY14 and 13% at end-1H FY15)

FULL LIST OF RATING ACTIONS

Long-Term Foreign-Currency IDR Affirmed at 'BB-', Outlook Stable

Long-Term Local-Currency IDR Affirmed at 'BB-', Outlook Stable

Foreign-currency senior unsecured rating affirmed at 'BB-'

Local-currency senior unsecured rating affirmed at 'BB-'

CNY1.8bn senior unsecured notes due 2018 affirmed at 'BB-'


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


ALANG METAL: CRISIL Lowers Rating on INR195MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Alang Metal Exim Pvt Ltd (AMEPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'. The ratings downgrade reflect
AMEPL's overutilisation of its cash credit account for more than
30 consecutive days because of weakening of its liquidity. The
company's liquidity has weakened on account of unanticipated
utilisation of funds for supporting operations of an associate
concern.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           195       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Letter of Credit      100       CRISIL D (Downgraded from
                                   'CRISIL A4+')

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

AMEPL also has a below-average financial risk profile marked by
stretched liquidity, has large working capital requirements, and
is exposed to intense competition in the steel trading business.
However, the company benefits from its promoters' extensive
experience in the steel trading business.

AMEPL was incorporated in 2003, promoted by Mr. Billal Lakhadia,
in Mumbai. The company trades in scrap, including metal sheets,
pipes, rounds, structures, angles, and channels.


AMRIT ENGINEERING: CRISIL Suspends B- Rating on INR55MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amrit
Engineering and Foundry Works (AEFW).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          55         CRISIL B-/Stable
   Letter of Credit      5         CRISIL A4
   Term Loan             5         CRISIL B-/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AEFW and Amrit Duraparts Pvt Ltd
(ADPL).  This is because the two entities, together referred to as
the Amrit group, have operational and financial linkages with each
other, and are under a common management.

ADPL was incorporated in 2004, promoted by Mr. Amandeep Singh in
Goraya (Punjab). It is engaged in casting of pig iron and
machining of components for supply to the automotive and tractor
industry. Its manufacturing facilities are at Goraya and Phagwara
(Punjab).


ANALOGICS TECH: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research has assigned Analogics Tech India
Limited a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  Ind-Ra has also assigned ratings to ATIL's bank loans as:

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long-term loans          42.5       IND BB-/Stable
   Fund-based facilities   180.0       IND BB-/Stable; IND A4+
   Non-fund-based          225.0       IND A4+
   facilities

KEY RATING DRIVERS

The ratings reflect ATIL's moderate credit profile and tight
liquidity.  Liquidity was tight on long receivable collection
period (FYE15: 197 days, FYE14: 205 days) as 90% of business is
sourced from government enterprises and the company had multiple
instances of overutilization of less than 30 days in its fund-
based working capital facilities over the 12 months ended
April 2015.  Net leverage was 3.1x at FYE15 (FYE14: 3.6x) and
EBITDA interest cover was 1.7x (1.4x)

The ratings are supported by the promoters' two-decade-long
experience in manufacturing and supplying hand-held computers.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will be
positive for the ratings.

Negative: Any further decline in the profitability leading to
stressed liquidity will be negative for the ratings.

Hyderabad-based ATIL was started in 1994.  It is a manufacturer
and supplier of hand-held computers in India to various power
distribution companies for billing applications.  Unaudited FY15
financials indicate revenue of INR734 million, a yoy growth of
21.1% and EBITDA margin remaining unchanged at 9.9%.


ANIIRUDH CIVIL: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aniirudh Civil
Engineers and Contractors Pvt Ltd (ACECPL) continue to reflect
instances of delay by ACECPL in servicing its debt; the delays
have been caused by the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1         CRISIL D (Reaffirmed)
   Cash Credit          30         CRISIL D (Reaffirmed)
   Term Loan            19         CRISIL D (Reaffirmed)

The ratings also reflect the high degree of geographical
concentration in ACECPL's order book and its exposure to intense
competition in the construction industry. However, the company
benefits from its promoters' extensive industry experience.

ACECPL, incorporated in 2011, is engaged in jetty construction and
stone-crushing activities. Its day-to-day operations are managed
by Mr. Vivek Kawde and his son, Mr. Aditya Kawde. The promoters
have been engaged in the civil construction business since 1998
through group entity, Aniirudh Enterprises (rated 'CRISIL D').


ANNAPURNA VYAPAAR: CRISIL Reaffirms B+ Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Annapurna Vyapaar Pvt
Ltd (AVPL) continue to reflect AVPL's weak financial risk profile,
marked by a small net worth and average gearing, and its small
scale of operations in the intensely competitive tea industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          30         CRISIL B+/Stable (Reaffirmed)
   Term Loan            21         CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by AVPL's competitive
advantage over its peers due to its proximity to tea plantations,
supporting its business risk profile.
Outlook: Stable

CRISIL believes that AVPL will continue to benefit over the medium
term from its proximity to tea plantations and the healthy demand
for tea. The outlook may be revised to 'Positive' if the company
generates more-than-expected revenues while maintaining its
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AVPL's business and financial risk profiles weaken, most likely
because of lower-than-expected profitability or a stretch in its
working capital cycle.

AVPL was established in 2009 by Ms. Sweta Devi Agrawal and Ms.
Kusum Devi Agrawal. The company manufactures black crush-curl-and-
tear (CTC) tea in Siliguri (West Bengal).


ANUSHREE INFRASTRUCTURE: CRISIL Rates INR30MM Cash Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities Anushree Infrastructure Pvt Ltd (AIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      8         CRISIL B/Stable

   Cash Credit            30         CRISIL B/Stable

   Overdraft Facility     18         CRISIL A4

The ratings reflect AIPL's small scale of its operations in the
intensely competitive civil construction industry and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SLRPL's promoters
in the civil construction industry and the company's moderate
gearing.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports more-
than-expected increase in its revenue and profitability, leading
to a substantial increase in its net cash accruals, while
improving its working capital management. Conversely, the outlook
may be revised to 'Negative' if AIPL's financial risk profile
deteriorates on account of a decline in its revenue and
profitability, or large debt-funded capital expenditure, or an
increase in its working capital requirements.

AIPL was incorporated in 2007, promoted by the Delhi-based Singh
family. The company undertakes civil construction for its group
entity. Mr. Sanjay Singh is the major promoter of the company and
is also actively engaged in managing its day-to-day activities.


ASG LEATHER: CRISIL Ups Rating on INR70MM Packing Loan to B+
------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
ASG Leather Pvt Ltd (ASGLRPL) to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable and reaffirmed its short term rating at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit     70       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Letter of Credit           5       CRISIL A4(Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        35       CRISIL A4 (Reaffirmed)

   Standby Line of Credit     5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan                  5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects ASGLRPL's improved business risk
profile, with revenue increasing by around 32 per cent in 2014-15
(refers to financial year, April 1 to March 31) over the previous
year. The operating profitability has improved to 8.5 per cent
from 7.9 per cent during this period, backed by better
realisations and capacity utilisation.

The liquidity is ample, with cash accruals of INR10 million to
INR12 million against maturing debt of INR4 million to INR6
million. The bank limit utilisation was around 92 per cent over
the 12 months through March 2015.

Increase in net worth, backed by steady accretions to reserves and
equity infusion, has strengthened the financial risk profile. The
gearing has reduced to 1.24 times as on March 31, 2015 from 1.34
times in March 31, 2014. The debt protection metrics are moderate
with interest coverage of 2.58 times and net cash accruals to
total debt of 0.14 times for 2014-15.

The rating reflects the extensive experience of ASGLRPL's
promoters in the leather bags export business, and established
customer relations with diversification in domestic markets. These
rating strengths are partially offset by ASGLRPL's average
financial risk profile, marked by modest net worth, moderate
gearing and debt protection metrics, and small scale of, and
working capital intensity in, operations.
Outlook: Stable

CRISIL believes ASG will benefit from its promoters' extensive
experience in the leather industry. The outlook may be revised to
'Positive' in case ASG registers a sustained improvement in its
revenue and profitability leading to improved cash accruals and
debt protection metrics, and stronger liquidity. Conversely, the
outlook may be revised to 'Negative' if low cash accruals, or
large working capital requirements or debt-funded capital
expenditure constrains its debt servicing ability considerably.

Set up in 2002 by Mr. Alok Kumar Sengupta, ASG manufactures and
exports leather bags and wallets. It has three manufacturing units
in Kolkata (West Bengal) with a total installed capacity of 60,000
wallets and purses per month and 15,000 bags per month.

In 2014-15 ASG has provisionally reported a profit after tax (PAT)
of INR7.7 million on net income of INR244.3 million; the company
reported a PAT of INR3.7 million on a net income of INR182.9
million in 2013-14.


ATAM MANOHAR: CRISIL Suspends B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Atam Manohar Ship Breakers Pvt Ltd (AMSBPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            75       CRISIL B+/Stable
   Letter of Credit      600       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable

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

AMSBPL, incorporated in 1997, is a part of the Jain group. The
company undertakes ship-breaking activities, with capacity to
break ships ranging from 800 tonnes to 50,000 tonnes at its 1350
square metre plot at the port of Alang (Gujarat), which is the
leading centre for the ship breaking and recycling industry in
Asia.


AVANI VANIJYA: Ind-Ra Suspends 'IND D' Rating on INR110MM Loan
--------------------------------------------------------------
India Ratings and Research has suspended the short-term 'IND D'
rating on Avani Vanijya Private Limited's INR110 million fund-
based limits.  The rating will now appear as 'IND D(suspended)' on
the agency's website.

The rating has been migrated to the suspended category due to lack
of adequate information.  Ind-Ra will no longer provide ratings or
analytical coverage for AVPL's bank loans.

The rating will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


B.MELARAM: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the long term rating to the INR7.00 crore cash
credit limits, which is the sublimit of short term non fund based
limits of B.Melaram & Sons (B.Melaram or the firm) at [ICRA]B+
(pronounced ICRA B plus). ICRA has also reaffirmed the short term
rating at [ICRA]A4 (pronounced ICRA A four) for INR35.00 crore of
non-fund based bank limits of B.Melaram & Sons. The total
utilization should not exceed INR35.00 crore at any point of
usage.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based-Cash Credit   (7.00)       [ICRA]B+ re-affirmed
   Non-fund based-Letter
   of Credit                35.00        [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to take into account B.
Melaram & Sons' weak financial profile as evident from fluctuating
operating income and high reliance on external funds resulting
into TOL/TNW of 3.67 times as on 31st March 2015. Further, the
modest profit margin reflects the firm's weak market position on
account of low barriers to entry, lack of value addition and
intense competition in steel trading and ship breaking industry,
which limits its pricing flexibility. Besides the margin remain
exposed to fluctuation in steel prices and currency market.
Further the legal status of the entity as a partnership firm,
poses the risks of significant withdrawal of capital by the
partners.

The ratings, however factor in the promoter's established track
record in the steel trading and ship breaking industry and robust
revenue growth registered by the firm in FY15 on the back of
increased sales volume.

B.Melaram & Sons is a partnership firm engaged in the trading of
steel products. The firm has its own warehouse located at
Kalamboli, Navi Mumbai. Baijnath Melaram (Rated
[ICRA]BB(Stable)/[ICRA]A4+) and Vinodkumar Bhupendrakumar Melaram,
engaged in the same line of business, are the associate concerns
of B.Melaram.

Recent Results
B.Melaram & Sons incurred a net loss of INR0.12 crore on an
operating income of INR29.72 crore for the year ending March 31,
2014. The firm recorded profit before tax of INR1.15 crore on an
operating income of INR83.99 crore in FY15 (provisional).


BHOROSHA RICE: CRISIL Reaffirms B- Rating on INR95MM Cash Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Bhorosha Rice Mill Pvt
Ltd (BRMPL) continue to reflect BRMPL's weak financial risk
profile, weak liquidity resulting from its large inventory, and
susceptibility to volatility in raw material prices.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.6        CRISIL A4 (Reaffirmed)
   Cash Credit         95          CRISIL B-/Stable (Reaffirmed)
   Term Loan           25.4        CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of BRMPL's promoter in rice milling and the company's
diversified customer base.
Outlook: Stable

CRISIL believes that BRMPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its diversified customer base. The outlook may be revised to
'Positive' in case of substantial cash accruals, improved working
capital management, or capital infusion by promoters, leading to
significant improvement in BRMPL's financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if BRMPL's liquidity deteriorates, most likely because
of deterioration in working capital management or low cash
accruals.

Incorporated in 1998, BRMPL mills non-basmati parboiled rice at
its facility in Burdwan (West Bengal). BRMPL's daily operations
are managed by its promoter'director Mr. Nazmul Haque.


CANAAN ENGINEERING: CRISIL Reaffirms 'D' Rating on INR71.7MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Canaan Engineering Pvt
Ltd (CEPL) continue to reflect CEPL's delay in debt servicing
owing to weak liquidity, driven by cost overrun in the company's
capex due to delayed project commencement. The liquidity also
remained stretched due to cash losses made by CEPL over the three
years ending on March 31, 2014 and fully utilised bank lines
against large working capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        55        CRISIL D (Reaffirmed)

   Cash Credit           50        CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan             14.8      CRISIL D (Reaffirmed)

   Inland/Import Letter
   of Credit             25        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    23.5      CRISIL D (Reaffirmed)

   Term Loan             71.7      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             60        CRISIL D (Reaffirmed)

CEPL also has a weak financial risk profile, marked by high
gearing, small net worth, and constrained by large working capital
requirements. Furthermore, its financial flexibility remained
constrained due to working-capital-intensive operations and
negative cash accruals from operations. These weaknesses are
partially offset by the extensive industry experience of CEPL's
promoters and an established customer base.

Established in 2005 by Mr. Victor Baby, CEPL fabricates medium- to
heavy-sized equipments, such as heat exchangers, pressure vessels
and columns, for the petrochemical and fertiliser industries.


DIGNITY INNOVATIONS: CRISIL Assigns B- Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Dignity Innovations (DI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Working Capital
   Term Loan             40        CRISIL B-/Stable
   Proposed Packing
   Credit                25        CRISIL A4
   Foreign Bill
   Purchase              30        CRISIL A4
   Packing Credit        10        CRISIL A4

The ratings reflect DI's below-average financial risk profile
marked by highly leveraged capital structure and weak debt
protection metrics. The ratings also factor in DI's modest scale
of operations and its large working capital requirements. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of the promoters.
Outlook: Stable

CRISIL believes that the DI will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to 'Positive' if the company improves its liquidity driven by
improvement in its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if DI's
financial risk profile weakens with a decline in its cash
accruals, or deterioration in its working capital management, or
sizeable debt-funded capital expenditure.

Established as a proprietorship firm in 1993, DI is engaged in the
manufacture of readymade garments (RMG). The firm is based out of
Chennai and the day to day operations of the company are managed
by the promoter, Mr. S. Rajasekaran.

DI reported net loss of INR5.5 million on operating income of
INR217 million for 2013-14 (refers to financial year, April 1 to
March 31), against net loss of INR0.5 million on operating income
of INR170 million for 2012-13.


EMERALD INDUSTRIES: CRISIL Ups Rating on INR47MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Emerald Industries (Emerald) to 'CRISIL
B+/Stable'from 'CRISIL B/Stable', while reaffirming its rating on
the firm's short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        81        CRISIL A4 (Reaffirmed)

   Cash Credit           47        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Bank
   Guarantee             30.5      CRISIL A4 (Reaffirmed)

   Term Loan             10        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in Emerald's business
risk profile, marked by significant and sustainable increase in
its scale of operations and improvement in its working capital
cycle. The firm's revenue from operations increased to about
INR406 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR127 million in 2013-14, backed by healthy orders
of over INR2 billion from TATA Aldesa JV(TATA Aldesa) and
Nagarjuna Construction Company Ltd (NCC).

Emerald's working capital cycle improved significantly with gross
current assets of 135 days as on March 31, 2015, as against 441
days a year earlier. The improvement was mainly because of better
payment terms with TATA Aldesa and NCC resulting in improved
realisations, and also due to lower inventory holding, which is
expected to be sustained over the medium term. Furthermore, the
firm's liquidity is expected to be supported by its increasing
cash accruals, which are likely to be sufficient to meet its
maturing debt obligations over the medium term. Also, the expected
enhancement in its bank lines is likely to support the firm's ramp
up of operations and its incremental working capital requirements
over this period.

The ratings reflect Emerald's small scale of operations in the
competitive and fragmented stone-crushing industry and the firm's
low operating profitability. These rating weaknesses are partially
offset by the extensive industry experience of Emerald's
promoters, and its healthy order book.
Outlook: Stable

CRISIL believes that Emerald will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and profitability while sustaining its working
capital cycle, resulting in sizeable cash accruals and hence in a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if Emerald's liquidity deteriorates because
of low cash accruals or large working capital requirements,
leading to pressure on its debt repayment ability, or if the firm
undertakes a considerable debt-funded capital expenditure
programme.

Set up in 1974 by its managing partner Mr. Anil Bhansali and his
brothers, Emerald mines and extracts boulders, supplies crushed
stone aggregates, and undertakes site preparation and road
development activities. The firm has four leased stone quarries
and four stone-crushing units in Gwalior (Madhya Pradesh).

Emerald reported a profit after tax (PAT) of INR8.3 million on an
operating income of INR405.9 million for 2014-15, against a PAT of
INR3.5 million on an operating income of INR127.5 million for
2013-14.


GANGOTHRI NUTRIENTS: CRISIL Ups Rating on INR92MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Gangothri Nutrients and Fertilizers Private Limited (GNFPL) to
'CRISILB-/Stable' from 'CRISIL D''.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           34        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Long Term Loan        92        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    74        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating upgrade reflects GNFPL's track record of timely
servicing of its maturing obligations resulting in improvement in
liquidity. CRISIL believes that GNFPL will maintain its improved
business risk profile, supported by stabilisation of its
operations. With the stabilization of operations, the revenue will
improve, resulting in healthy net cash accruals. In the absence of
any capital expenditure plan, the cash accruals will support
working capital management, thus improving GNFPL's financial risk
profile, over the medium term.

The rating continues to reflect GNFPL's small scale of operations
in the intensely competitive granite industry, working capital
intensive nature of operations and its below-average financial
risk profile marked by moderate gearing and modest debt protection
metrics. These weaknesses are partially offset by benefits derived
from the extensive experience of its promoters.
Outlook: Stable

CRISIL believes that GNFPL will continue to benefit from the
extensive industry experience of its promoters and its established
customer relationship. The outlook may be revised to 'Positive' if
the company increases its scale of operations and profitability on
a sustained basis resulting in an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is considerable decline in revenues or profitability or
its working capital management deteriorates resulting in weak
liquidity or the company undertakes any large debt-funded capital
expenditure programme, constraining its financial risk profile.

Incorporated in 2010 as a private limited company by Mr.K.Madhuram
Reddy and Mr.K.Sammaiah, GNFPL is involved in the manufacturing of
soil conditioners and micronutrients. The company started
commercial operations during 2013-14 (refers to financial year
April 1 to March 31).

GNFPL reported a net loss (NL) of INR21 million on net sales of
INR19 million for 2013-14 (refers to financial year, April 1 to
March 31).


GANJAM NAGAPPA: CRISIL Suspends 'B+' Rating on INR425MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ganjam
Nagappa and Son Private Limited (GNSPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          425        CRISIL B+/Stable
   Term Loan             60        CRISIL B+/Stable

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

Incorporated in 1980 by the Bangalore-based Ganjam family, Ganjam
Nagappa & Sons Pvt. Ltd. (GNSPL) is engaged in manufacturing and
retailing of gold jewellery and diamond-studded ornaments. The
group is engaged in the retail jewellery business since 1889. The
company's flagship store is at Infantry Road, Bangalore; it has
three other stores, one each in Bangalore, Delhi, and Mumbai.


GAURAV CONTRACTS: CRISIL Suspends B Rating on INR100MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gaurav
Contracts Co (GCC).

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

   Proposed Short Term
   Bank Loan Facility      20        CRISIL A4

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

GCC was setup in 1994 as partnership firm, by four brothers - Mr.
Hiralal Shivgan Dholu, Mr. Govind Shivgan Dholu, Mr. Navin Shivgan
Dholu and Mr. Kishore Shivgan Dholu. The firm is primarily engaged
in excavation, overburden removal and dumping of lignite from
mines. The firm is based out of Bhuj, Gujarat.


GHAZIABAD MECHFAB: ICRA Reaffirms B+ Rating on INR4.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR4.50 crore fund based limits of Ghaziabad Mechfab Pvt Ltd and
reaffirmed its short-term rating of [ICRA]A4 on the INR6.0 crore
non-fund based facilities of GMPL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         4.50       [ICRA]B+; reaffirmed
   Non Fund Based Limits     6.00       [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the intensely
competitive nature of the fabrication industry, which coupled with
GMPL's modest scale of operations results in low bargaining power
and low pricing flexibility for the company. As a result, the
company's profitability remains vulnerable to adverse movement in
prices of raw materials such as hot and cold rolled steel
products. The ratings continue to be constrained by the stretched
liquidity position of the company as reflected in high utilization
of fund based working capital limits, as well as the moderately
high client concentration risk, with the top five customers
accounting for 67% of GMPL's total sales; however this risk is
partly mitigated by the company's established relationship with
its clients. However, the ratings continue to derive comfort from
the long experience of the promoters in the pre engineered
building industry and favorable demand prospects for GMPL's
products driven by the government's emphasis on infrastructure and
rural development in India.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while maintaining optimal
working capital intensity and comfortable liquidity position will
be the key rating sensitivities.

GMPL was established in 1996 as a private limited company and has
been promoted by Mr. Subodh Gupta, who has more than a decade of
experience in the fabrication industry. The company is engaged in
manufacturing of pre engineered buildings and components. The
manufacturing facility of the company is located at Ghaziabad in
Uttar Pradesh.

Recent Results
The company reported a net profit of INR0.64 crore on an operating
income of INR33.35 crore in FY 14, as against a net profit of
INR0.44 crore on an operating income of INR29.13 crore in the
previous year.


GOLDEN CELLAR: Ind-Ra Assigns 'IND B' Issuer Rating
---------------------------------------------------
India Ratings and Research has assigned Golden Cellar Private
Limited a Long-Term Issuer Rating of 'IND B'.  The Outlook is
Stable.  The agency has also assigned GCPL's INR50 million fund-
based limits a Long-Term 'IND B' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect GCPL's small scale of operations and weak
credit metrics.  FY15 unaudited financial statements indicate
revenue of INR646.52 million (FY14: INR639.30m), EBITDA margins of
0.87% (0.89%), gross interest coverage of 1.3x (0.7x) and net
leverage (total adjusted net debt/operating EBITDA) of 5.5x
(7.7x).

The ratings benefit from over-two-decade-long experience of the
company's promoters in the distribution of beer brands for
established companies such as United Breweries Limited and Khoday
India Limited in Mumbai.

RATING SENSITIVITIES

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A rise in the operating profitability leading to a
sustained improvement in the credit metrics will be positive for
the ratings.

Incorporated in 1991, GCPL is engaged in the distribution of beer
for United Breweries and Khoday India in Mumbai.  The company has
its registered office and a warehouse at Kurla, Mumbai.


GREENDIAMZ BIOTECH: CRISIL Suspends 'D' Rating on INR128.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Greendiamz Biotech Ltd (GBL).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       10        CRISIL D
   Cash Credit          70        CRISIL D
   Letter of Credit     72.5      CRISIL D
   Packing Credit       30        CRISIL D
   Rupee Term Loan     128.5      CRISIL D

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

GBL, a part of the Sanghvi group, was set up in 2009 by Mr.
Champat Sanghvi. The company primarily manufactures and sells
biodegradable plastic under the Truegreen brand.


GURU-G TEX: CRISIL Suspends 'D' Rating on INR199.9MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Guru-G Tex Print Pvt Ltd (Guru-G).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          199.9      CRISIL D

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

Guru-G was incorporated in 2009. The company trades yarn and
fabric. Guru-G also undertakes job work by undertaking embroidery
work on sarees and fabric.


ISHWAR RAJ: CARE Ups Rating on INR9.15cr LT Bank Loan to 'B'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Ishwar
Raj Beverages Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.15       CARE B Revised from
                                            CARE D

Rating Rationale
The revision in the rating assigned to the bank facilities of
Ishwar Raj Beverages Pvt. Ltd. (IRBPL) is mainly on account of
satisfactory debt servicing. However, the rating continues to
remain constrained by its short track record with small scale
of operations, its low bargaining power and fortune linked to the
principle brand owner. The aforesaid rating also considers
seasonal nature of the industry, working capital intensive nature
of its operation and its leveraged capital structure. The ratings,
however, derive strength from the experienced promoters though
newer in this line of business and exclusive franchise agreement
with Parle Agro.

The ability of the company to scale up its scale of operations and
improve its profit margins, along with improvement in its capital
structure with effective working capital management would be the
key rating sensitivities.

IRBPL incorporated in September 2010, was promoted by one Mr
Manish Kumar of Patna, Bihar. IRBPL is in manufacturing, bottling
and distribution of different carbonated soft drinks & packaged
drinking water brands of Parle Agro Pvt Ltd at its bottling
facilities. The company manufactures well-known brands like
"Frooti, Appy, Appy Fizz, Frio, Dhishoom, Cafe Cuba etc for the
state of Bihar under the exclusive franchise agreement with Parle
Agro Pvt. Ltd. The bottling plant of the company is located at
Fatuha in Patna having installed capacity of 1,036,800 kilo
litters per annum.

The day-to-day affairs of the company are looked after by Mr
Manish Kumar, Managing Director, with adequate support from other
director Mr Rajnish Kumar Singh and a team of experienced
personnel. The promoters are primarily in the hotel business since
long in Patna with a single property under the name Hotel
Ambassdor.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR11.68 crore
(FY13: INR6.40 crore) and a net loss of INR0.07 crore (FY13: Net
loss of INR1.70 crore). In FY15 (provisional), the company
has achieved a total operating income of INR17.21 crore with a net
profit of INR0.05 crore.


KASIM COAL: ICRA Revises Rating on INR4.0cr LT Loan to B-
---------------------------------------------------------
ICRA has revised the long term ratings assigned to the INR4.0
crore (revised from INR5.0 crore) fund based facilities of
Kasim Coal and Logistics Private Limited from [ICRA]B+ to [ICRA]B-
. The short term ratings for the INR5.0 crore (revised from
INR50.0 Cr) non-fund based of KCL have been reaffirmed at
[ICRA]A4. ICRA has also assigned a long term/short term rating of
[ICRA]B-/[ICRA]A4 to the INR46.0 crore proposed facilities of the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund Based
   Facilities               4.0        [ICRA]B- revised

   Short Term Non-Fund
   Based Facilities         5.0        [ICRA]A4 reaffirmed

   Proposed Facilities     46.0        [ICRA]B-/[ICRA]A4 assigned

The rating revision takes into consideration the sharp decline in
revenue and profitability metrics over the past few years owing to
a decline in overall quantity traded. The decline, in turn, was on
account of the reduction in the bank credit lines owing to
withdrawal of financial support from another group company. The
ratings also take into account the competitive nature of the
industry, KCL's limited client base and infrastructure facilities.
ICRA, nevertheless, favourably considers the considerable
experience of the promoters and the favourable medium term demand
prospects arising out of the demand supply mismatches in the
domestic market.

Established in FY 2008, Kasim Coal and Logistics Private Limited
(KCL) has been engaged in non-coking coal trading as well as
providing allied services such as logistics and transportation of
coal to its customers. The company performs direct imports and
sources coal from other traders in the domestic market to suit the
customer requirement on the grades and timely availability.
However, over the last two years, the client has not done any
direct imports and has relied solely on purchases from other
domestic traders and high seas sales.

In FY-2013-14, KCL recorded an operating income of INR9.78 Cr
against INR38.90 Cr in FY 2012-13 and incurred losses of INR0.42
Cr at the Opbitda and INR1.44 Cr at the net profit levels.


KAVERI COTTON: CRISIL Reaffirms B Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kaveri Cotton
Industries (Kaveri) continues to reflect Kaveri's modest scale of
operations in the intensely competitive cotton industry and the
firm's weak financial risk profile marked by weak capital
structure and debt protection metrics. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
Kaveri's partners.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kaveri will continue to benefit over the
medium term from its partners' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the firm
improves its scale of operations and capital structure, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if Kaveri undertakes any aggressive debt-
funded expansion, or if its revenue and profitability decline
substantially, or if the partners withdraw capital from the firm,
weakening its financial risk profile.

Set up in 2011 as a partnership firm, Kaveri gins and presses raw
cotton and sells cotton lint and cotton seeds. The firm is
promoted by Dr. V Satish, Mr. K Ramakrishna Rao, Mr. V Anjaneyulu,
and Mr. S Srinivas Rao, and their family members.

Kaveri reported profit after tax (PAT) of INR0.4 million on net
sales of INR127.06 million for 2013-14 (refers to financial year,
April 1 to March 31), against PAT of INR0.33 million on net sales
of INR91.56 million for 2012-13.


KHANDELWAL FIBERS: CRISIL Suspends B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Khandelwal Fibers (KF).

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

   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL B+/Stable

   Standby Line of
   Credit                10        CRISIL A4

   Term Loan             17.5      CRISIL B+/Stable

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

KF was set up as a partnership firm in 2011 by Mr. Kamal
Khandelwal and his family members. KF is engaged in the ginning
and pressing of cotton as well as in trading of cotton bales. KF
commenced its ginning operations from December 2011 at its
manufacturing unit at Sillod (Aurangabad). Mr. Kamal Khandelwal
oversees the day to day operations of KF. He has been associated
with other family owned entities which are also engaged in a
similar activity.


KNOTT FASHION: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Knott Fashion Studio (KFS).

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

The ratings reflect KFS's weak financial risk profile, marked by
high gearing, its small scale of operations in the textiles
trading industry, and large working capital requirements. These
rating weaknesses are partially offset by its promoters' extensive
experience in the textile business.
Outlook: Stable

CRISIL believes that KFS will maintain its business risk profile
over the medium term backed by its established proprietor's
experience. The outlook may be revised to 'Positive' if the firm
significantly improves its scale of operations and net cash
accruals, along with its working capital management, leading to
improved capital structure. Conversely, the outlook may be revised
to 'Negative' in case of any debt funded capex or lower than
expected accruals resulting in further weakening of capital
structure or in case of increase in working capital requirements
leading to further stretch in liquidity profile.

Incorporated in 2007, Knott Fashion Studio is a New Delhi-based
proprietorship firm that is primarily engaged export of readymade
garments, woollen garments, home furnishing items, handicrafts and
leather products such as wallets and purses. The concern's
administrative office is located in New Ashok Nagar, Delhi.


LAVIS SIGNATURE: ICRA Reaffirms 'B+' Rating on INR10cr Cash Loan
----------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR10.00 crore
fund based cash credit facility and the INR6.19 crore (reduced
from INR10.32 crore) term loan facility of Lavis Signature Panel
Private Limited. The rating of [ICRA]A4 has also been reaffirmed
to the INR0.36 crore short term non fund based bank guarantee
facility and INR10.00 letter of credit facility (sub-limit of cash
credit facility) of LSPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit            10.00        [ICRA]B+;reaffirmed
   Term Loan               6.19        [ICRA]B+;reaffirmed
   Bank Guarantee          0.36        [ICRA]A4;reaffirmed
   Letter of Credit      (10.00)       [ICRA]A4;reaffirmed

The rating continues to be constrained by Lavis Signature Panel
Private Limited (LSPPL)'s weak financial profile as reflected by
thin profitability, weak debt coverage indicators, adverse capital
structure and highly stretched liquidity position as evident in
stretched receivables and payables. The rating also takes into
account the high supplier concentration for supply of bagasse
which is seasonal in nature and susceptibility to its availability
and prices given its increasing demand for power generation. The
rating also factors in the vulnerability of profitability to
cyclicality inherent in the real estate industry. Further, the
ratings take note of LSPPL's modest scale of operations amidst
highly fragmented industry characterized by availability of
substitute products and intense competition from organized as well
as unorganized players.

The ratings however draw comfort from the long experience of the
promoters in the wood processing and laminate industry; favourable
cost dynamics for particle boards as compared to plywood and
proximity to raw material sources.

Established in 2009, Lavis Signature Panel Private Limited is
engaged in the business of manufacturing of particle and pre
laminated particle board. The company is promoted by Mr.
Dhansukhbhai Patel, Mr. Hasmukhbhai Patel and Mr. Amrutbhai Patel
who have interests in various common and individual businesses in
timber and laminates industry. The manufacturing facility of the
company is located at Kathlal in Kheda District, Gujarat, having
an installed capacity of producing 3500 units of particle board
and 2500 units of pre laminated particle boards of size of 2.44" X
1.22" sq. m. per day.

Recent Results
For the year ended 31st March, 2014, LSPPL reported an operating
income of INR34.82 crore and profit after tax of INR0.63 crore.


M.G. INDUSTRIES: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of M.G. Industries (MGI), and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. CRISIL had, on
September 10, 2014, suspended the ratings as MGI had not provided
the necessary information required for a rating review. The firm
has now shared the requisite information, enabling CRISIL to
assign ratings to its bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           40        CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Long Term Loan         1.3      CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    13.7      CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings reflect MGI's weak financial risk profile, marked by a
small net worth and high gearing, its working-capital-intensive
nature of operations, and high customer concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the firm's partners in the aluminium
conductors and its established relationships with customers.
Outlook: Stable

CRISIL believes that MGI will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if MGI registers a substantial growth in its
revenue while improving its working capital cycle and
profitability, or if its capital structure improves, most likely
due to capital infusion. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the firm's financial risk
profile due to delay in receivables or a decline in its revenue
and profitability.

MGI was set up as a partnership firm in 2005, and commenced
operations in June 2007. The firm is promoted by Mr. Nanu Ram
Aggarwal, Mrs. Meena Agarwal and Mr. Ashok Anand. It manufactures
aluminium conductors steel reinforced, which are used for overhead
transmission and distribution of electricity. MGI's manufacturing
unit is located at Bari Brahmana, Jammu.


MAA DURGA: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Durga Enterprises Limited (MDEL).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       15        CRISIL A4
   Cash Credit          40        CRISIL B/Stable
   Letter of Credit     40        CRISIL A4
   Proposed Long Term
   Bank Loan Facility   10        CRISIL B/Stable

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

MDEL was acquired by Mr. G L Kothari and Mr. Kewal Chand Kothari
in 2004 from Maharashtra State Finance Corporation. MDEL operates
a semi-integrated thermo-mechanically treated (TMT) bars
manufacturing plant. It has ingots manufacturing capacity and TMT
bars manufacturing capacity, of 36,000 tonnes per annum each, in
Goa.


MAHALAXMI ROLLER: CARE Assigns B+ Rating to INR5.84cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Mahalaxmi
Roller Flour Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.84       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Mahalaxmi Roller
Flour Mills (MAR) is primarily constrained by its small scale
of operations coupled with low net worth base and weak financial
risk profile characterized by thin profitability margins,
leveraged capital structure and weak debt coverage indicators. The
rating is further constrained on account of volatility in raw
material prices influenced by government policies on agro
commodity, highly competitive agro processing industry with low
entry barriers and partnership nature of its constitution. The
rating, however, draws comfort from experienced partners coupled
with MAR's long track record of operations and moderate operating
cycle.

Going forward, the ability of the firm to increase the scale of
operations while registering improvement in profitability
margins and capital structure shall be the key rating
ensitivities.

Mahalaxmi Roller Flour Mills (MAR) is a partnership firm and was
established in 1983 by Mr G K Khanduja. The current partners are
Mr Parvinder Khanduja and Mr Harvinder Khanduja sharing profit and
loss equally. The firm is engaged in processing of wheat into
wheat flour, refined flour (maida), suji and choker. The main raw
material of the firm is wheat which is procured from broker and
commission agents located in Delhi. The firm also procures wheat
from Food Corporation of India (FCI). MAR sells its products
through commission agents and dealers in states like Uttar Pradesh
and Punjab.

In FY14 (refers to the period April 1 to March 31), MAR has
achieved a total operating income (TOI) of INR48.84 crore and
PAT of INR0.13 crore as against TOI INR40.10 crore and PAT of
INR0.22 crore in FY13. During FY15 (Based on unaudited results),
the firm achieved TOI of INR48.77 crore.


MAHI CORPORATION: ICRA Assigns 'B+' Rating to INR5.0cr Cash Loan
----------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR5.00
crore cash credit facility and INR1.45 crore term loans facility
of Mahi Corporation Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        [ICRA]B+ assigned
   Term Loan               1.45        [ICRA]B+ assigned

The assigned rating is constrained by the company's modest scale
and limited track record of operations, and its weak financial
risk profile characterized by thin profitability, leveraged
capital structure and weak debt coverage indicators. The rating is
further constrained by the high commodity price volatility in guar
gum which could result in pressure on margins in the event of
significant correction in prices; the high fragmentation and
competitive intensity in the guar split manufacturing business and
the agro-climatic risks related to guar seed production.
The rating, however, favourably factors in past experience of
promoters in guar seed trading which is expected to support guar
seed procurement for the company as well as proximity of the
company's manufacturing plant to guar seed producing belt in
Gujarat enabling ease of access to quality raw material sources.

Incorporated in November 2013, Mahi Corporation Private Limited
(MCPL) is promoted by Mr. Amitbhai Bhimani, Mr. Pravinbhai Boda,
Mr. Shantilal Boda and Mr. Mahendrabhai Boda having vast
experience in gaur seed trading. The company commenced its
commercial operations from end of May 2014 and is engaged in
processing of guar seeds to produce guar gum refine splits and its
by-products like churi and korma. The company's processing
facility is located at Tankara in Rajkot district of Gujarat
having annual installed capacity of 16,500 MTPA. The guar gum
refine splits find application as raw material in guar gum powder
manufacturing whereas churi and korma are largely used as cattle
feed.

Recent Results
For the year ended 31st March 2015 (provisional unaudited
financials), MCPL has reported an operating Income of INR30.46
crore and profit before tax of INR0.25 crore.


MAILAM SUBRAMANIYA: CRISIL Suspends 'D' Rating on INR105MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Mailam
Subramaniya Swamy Educational Trust (MSSET).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            105        CRISIL D

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

Set up in 1998, MSSET runs Mailam Engineering College in
Villapuram district (Tamil Nadu). The college is affiliated to
Anna University, Chennai (Tamil Nadu), and it currently offers
twelve courses in the fields of engineering and management. The
trust has total student strength of close to 3700 students. Mr. M
Dhanasekaran, chairman of the trust, currently manages the day-to-
day operations of the trust.


MECLIN INFRAS: CRISIL Suspends B+ Rating on INR10.0MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Meclin
Infras Private Limited (MIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       121.7      CRISIL A4
   Cash Credit           10        CRISIL B+/Stable

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

Set up in 1992 and reconstituted in 2008, MIPL undertakes EPC
contracts, specifically for hydro power related projects. The day
to day operations are managed by Mr. S. Kandaswamy.


MEGA VITRIFIED: CRISIL Suspends 'D' Rating on INR70MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mega
Vitrified Private Limited (MVPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       22.5       CRISIL D
   Cash Credit          70         CRISIL D
   Letter of Credit     10         CRISIL D
   Term Loan            61.1       CRISIL D

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

Incorporated in 2006, MVPL is promoted by Mr Prakash Patel, Mr
Paresh Gopani, and Mr Anil Gopani. The company is engaged into
manufacturing of vitrified tiles with a manufacturing facility in
morbi (Gujarat).


MURLIDHAR AGRO: ICRA Assigns 'B+' Rating to INR7.0cr Capital Loan
-----------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR7.00 crore working
capital facility and INR0.11 crore term loan facility of Murlidhar
Agro Food Private Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based: Working
   Capital Limits           7.00         [ICRA]B+; Assigned

   Fund Based: Term Loan    0.11         [ICRA]B+; Assigned

The assigned ratings are constrained by Murlidhar Agro Food
Private Limited (MAFPL)'s relatively small scale of operations and
vulnerability to profitability towards regulatory and agro
climatic risks. The assigned ratings also consider the limited
value addition in rice milling operations and highly competitive
and fragmented industry structure which leads to low operating and
net margins. The ratings, further takes note of the weak financial
profile characterized by thin profit margins, stretched capital
structure and weak return indicators.

The assigned ratings however, derive comfort from MAFPL's over 10
years experienced promoters with long track record of the
promoters in the rice milling industry.However, the ratings
favorably factor in MAFPL's experienced promoters with long track
record in rice milling industry and proximity of the mill to major
rice growing area which results in easy availability of paddy.

Murlidhar Agro Food Private Limited (MAFPL) was incorporated in
2005 and is engaged in the business of milling par boiled rice.
The company operates from its plant located at Kheda in the state
of Gujarat, with an installed capacity of 18000 MTPA (Metric Tonne
Per Annum). The company is promoted by Mr. Hitesh Patel, Mr.
Hareshkumar Bhavani, Mr. Ashok Makwana and Mr. Neelangi Patel, who
set up the unit in 2005 as a private limited company.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR27.49 crore and profit after tax (PAT) of
INR0.18 crore.


MY FONE: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of MY Fone
Teleservices Private Limited (MFTPL) continues to reflect the
company's modest scale of operations with a low operating margin,
and large working capital requirements.

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

The rating also factors in the company's weak financial risk
profile, constrained by its small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the promoters in the dealership
segment.
Outlook: Stable

CRISIL believes that MFTPL's business risk profile will remain
constrained by its modest scale of operations and competitive
pressure on its principal's market share over the medium term. The
outlook may be revised to 'Positive' if the company's capital
structure and liquidity improve with a significant increase in its
topline and profitability, or a substantial equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
MFTPL's topline is restricted by competition or its liquidity
deteriorates.

MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes Nokia mobile handsets and
accessories; and HCL Technologies Ltd's computers and laptops in
Bhopal (Madhya Pradesh).

MFTPL on provisional basis reported a profit after tax (PAT) of
INR0.5 million on net sales of INR301 million for 2013-14, as
against a PAT of INR0.6 million on net sales of INR346.7 million
for 2012-13.


N.C. INFRASTRUCTURE: CRISIL Suspends D Rating on INR162.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
N.C. Infrastructure (NCI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan           162.5       CRISIL D

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

NCI was set up as a partnership firm in 2009, by Mr. Nareshkumar
Rammanlal Patel, his family members, and business associates. The
firm is currently constructing a residential complex named Aarush
Icon, and bungalows named Aarush Green Ville 2.


N. R. ISPAT: CRISIL Suspends B+ Rating on INR293.4MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
N. R. Ispat and Power Private Limited (NRIPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         124.5       CRISIL B+/Stable
   Term Loan           293.4       CRISIL B+/Stable

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

NRIPPL, set up in January 2008 by Raipur (Chhattisgarh)-based
Agrawal family, manufactures mild-steel ingots and sponge iron.
The company has its manufacturing facility in Raigarh
(Chhattisgarh) with ingot manufacturing capacity of 60 tonnes per
day (tpd) and sponge iron manufacturing capacity of 200 tpd.


NARAYANAN A: CRISIL Assigns B- Rating to INR50MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Narayanan A.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       11        CRISIL B-/Stable

   Bank Guarantee            9        CRISIL A4

   Overdraft Facility       50        CRISIL B-/Stable

The ratings reflect Narayanan A's modest scale of operations,
exposure to intense competition in the civil construction industry
and weak financial risk profile. These rating weaknesses are
partially offset by the benefits derived from the experience of
Narayanan A's promoter in the civil construction industry.
Outlook: Stable

CRISIL believes that Narayanan A will continue to benefit over the
medium term from the industry experience of its promoter in the
civil construction industry. The outlook may be revised to
'Positive' if significant improvement in scale of operations and
profitability result in stronger cash accruals for the firm.
Conversely, the outlook may be revised to 'Negative', if the
financial risk profile weakens on account of low cash accruals,
stretch in working capital cycle, or any large debt-funded capital
expenditure.

Established in 2011 as a sole proprietorship firm, Narayanan. A,
is a Wayanad (Kerala)-based civil contractor. The firm primarily
undertakes construction of roads. The firm bids for roads
contracts of Kerala State Road Development Authority, Kerala. The
operations are managed by Mr. Narayanan.


NEEDLE EYE: CARE Assigns 'D' Rating to INR20.50cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Needle Eye
Plastic Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     20.50      CARE D Assigned
   Short term Bank Facilities     4.00      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Needle Eye Plastic
Industries Pvt Ltd factor in the ongoing delays in the servicing
of the interest and principle repayment of debt due to the
stressed liquidity position.

Incorporated in 1986, Needle Eye Plastic Industries Pvt. Ltd.
(NEPIPL) started its operations in 2010 and is led by its
director Mr Ramesh Kumar Saboo. The company is into manufacturing
of sheet metal fabrication products for automobile players like
Ashok Leyland, Tata Motors etc. and also manufactures plastic
moulding products like washing machine parts, refrigerator parts
and water purifier parts.

NEPIPL registered a total operating income of INR40.56 crore
during FY14 (Audited) (refers to the period April 1 to March 31)
with net losses of INR0.27 crore as against a total operating
income of INR37.17 crore with PAT of INR1.21 crore in FY13. During
FY15 (Provisional), NEPIPL registered a total operating income of
INR16.89 crore with PBILDT of INR1.41 crore.


OCEAN MOTORS: ICRA Suspends B+ Rating on INR21cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR21.0 crore
fund based limits of Ocean Motors Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.


RAI BAHADUR: CRISIL Cuts Rating on INR1.81BB Cash Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rai Bahadur Narain Singh Sugar Mills Limited (RBNL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        20       CRISIL A4 (Downgraded from
                                  'CRISIL BB/Stable')

   Cash Credit        1810        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL A4+')

The rating downgrade reflects RBNL's large cash losses in 2014-15
(refers to financial year, April 1 to March 31) on account of
decline in sugar prices and revision in the state advised price
(SAP) for cane. While the average realization for sugar has been
less than INR2800 per quintal, the SAP for cane in Uttarakhand has
been revised to INR2800 per quintal, thereby leading to operating
losses for RBNL. A part of the losses has been subsidized by the
state government, and a sizeable tranche of subsidy is expected in
the near term. Nevertheless large annual maturing debt of about
INR200 million, and cane arrears of about INR950 million
outstanding as on March 31, 2015 add to the pressure on the firm's
liquidity.

The ratings reflect RBNL's below-average financial risk profile,
marked by aggressive gearing and inadequate debt protection
measures. The business risk profile has been weakened by
unanticipated cash losses and large working capital requirements.
These rating weaknesses are partially offset by the promoters'
extensive industry experience and RBNL's established track record
in the sugar industry.
Outlook: Stable

CRISIL believes that RBNL's financial risk profile will remain
under pressure, given the aggressive gearing and large debt
repayment obligations. The outlook may be revised to 'Positive' if
significant improvement in average realization of sugar, or any
equity infusion corrects RBNL's capital structure and enhances its
liquidity. Conversely, the outlook may be revised to 'Negative' if
delays in receipt of subsidy from the state government, or further
stretch in working capital cycle, adds to the pressure on the
liquidity.

Incorporated in 1932, by Shri Rai Bahadur Narain Singh, RBNL
started commercial production on 1934-35. The company is currently
being managed by Hardev Singh Akoi, son of Shri Rai Bahadur Narain
Singh.


RAMOJI WAFER: CARE Assigns 'B' Rating to INR10.60cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Ramoji Wafer
And Namkeen Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.60      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ramoji Wafer and
Namkeen Private Limited (RWNPL) is primarily constrained on
account of implementation and stabilization risk associated with
the ongoing project, competition from established players and raw
material price fluctuation risk.

However, the rating derives strength from the promoters'
experience in different industries albeit no relevant experience
in the food industry and locational advantage in terms of
proximity to raw material suppliers and prospective customers.
The ability of RWNPL to successfully complete its debt funded
capex and quickly stabilize its operations and achieve the
envisaged scale of operations and cash accruals are the key rating
sensitivities.

Surat-based (Gujarat) RWNPL was incorporated in October 2013 to
take up the business of manufacturing of potato wafers, noodles
and namkeens. RWNPL is promoted primarily by Mr Jitendra Kumar
Patel and Mr Dinesh Kumar Patel who have an experience of around
two decades in various industries ranging from manufacturing of
ceramic tiles to manufacturing of plywood. The promoters are
foraying into an entirely new line of business keeping in view the
increasing popularity and demand of snacks in the food industry.

For setting up a manufacturing unit, the company has undertaken a
project costing INR23.95 crore which is in the advanced stage of
completion. RWNPL is installing a machinery costing INR14.70 crore
for the production of namkeen, potato wafers, noodles and extruded
products with a total capacity of 12,600 Metric Tonne Per Annum
(MTPA). The entire project is proposed to be funded through a term
loan of INR10.60 crore and the rest by promoter's infusion in the
form of equity of INR6.50 crore and unsecured loan of INR6.85
crore. The machinery is proposed to be put to use in June 2015 and
is expected to operate at 40% capacity in FY16 (refers to the
period April 1 to March 31).


RICHU MAL: CARE Assigns B+ Rating to INR5cr LT Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Richu Mal
Bishan Sarup.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Richu Mal Bishan
Sarup(RMB) is primarily constrained on account of its small
scale of operations, weak financial risk profile marked by
fluctuating scale of operations, thin profitability margins,
leveraged capital structure & weak debt coverage indicators and
working capital-intensive nature of business along with associated
seasonality risk. The rating is further constrained owing to high
competition coupled with low entry barriers and constitution of
the entity being a partnership firm. The rating, however, draws
comfort from its experienced partners and RMB's long track record
of operations.

Going forward, the ability of the firm to increase its scale of
operations while efficiently managing its working capital
requirements and ability to improve the capital structure shall be
the key rating sensitivities.

Richu Mal Bishan Sarup (RMB) was established in 1961 as a
partnership firm by Mr Richumal and Mr Bishan Sarup and the
firm is currently being managed by their grandchildren viz Mr Arun
Gupta, Mr Ashish Gupta and Mr Anurag Gupta. The firm is engaged in
trading of food and food products such as dry fruits, desi ghee
etc. The firm mainly procures ghee from processing units in Delhi
and near regions whereas it procures dry fruits from traders
located across Delhi, Haryana and Uttar Pradesh. RMB sells its
products to retailers and distributors in Delhi and nearby
regions.

In FY14 (refers to the period April 1 to March 31), RMB has
achieved a total operating income (TOI) of INR12.38 crore and
PAT of INR0.03 crore as against TOI INR15.08 crore and PAT of
INR0.03 crore in FY13. As per the provisional results during
FY15, the firm achieved TOI of INR17.57 crore.


RKSK OVERSEAS: ICRA Withdraws 'D' Rating on INR55cr Bank Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to
INR55.0 crore bank lines of RKSK Overseas Private Limited. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


SIDDHIVINAYAK COTTON: CRISIL Suspends B Rating on INR130MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Siddhivinayak Cotton Industries (SVCI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           130       CRISIL B/Stable

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

SVCI was set up as partnership firm in 2007 at Babra (Gujarat) by
Mr. Manubhai K Solia and his relatives. The firm is engaged in
processing raw cotton into kapas and in oil extraction from cotton
seeds. SVCI is also engaged in seed crushing.


SONU BUILDERS: CRISIL Cuts Rating on INR30MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sonu
Builders (SB) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       32.5       CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit          30         CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The ratings downgrade reflect the deterioration in SB's liquidity
with a stretch in its working capital cycle resulting in almost
full utilization of its bank limits. CRISIL believes that SB will
need fresh capital from its promoters, or will have to register
sustained improvement in its working capital cycle, to alleviate
the pressure on its liquidity.

There has been a stretch in the firm's working capital cycle as
reflected in an increase in its gross current assets (GCAs) to an
estimated 185 days as on March 31, 2015 from 152 days as on March
31, 2014. The GCAs increased on account of delays in realisation
of payments from its clients. The stretch in the working capital
cycle resulted in almost full utilisation of the firm's bank
limits over the last nine months ended May 2015.

The ratings continue to reflect the firm's large working capital
requirements, its modest scale of operations, high degree of
customer concentration in its order-book, and its exposure to
intense competition in the construction industry. These rating
weaknesses are partially offset by the extensive experience of
SB's promoter in the construction industry.
Outlook: Stable

CRISIL believes that SB will continue to benefit from the
promoter's extensive industry experience in the construction
industry. The outlook may be revised to 'Positive' if the firm
registers a sustained improvement in its working capital cycle, or
there is a sustained increase in its scale of operations and
profitability margins. Conversely, the outlook may be revised to
'Negative' in case of steep decline in the firm's profitability
margins, or a significant deterioration in its liquidity caused
most likely by a further stretch in its working capital cycle.

SB was set up in 1992 as a proprietorship concern by Mr. R K
Chaudhary. The firm is a civil contractor, and undertakes
construction of residential and commercial building. It is based
in New Delhi.


SRI SHREESHA: CRISIL Assigns B+ Rating to INR50.0MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Sri Shreesha Rice Industries (SSRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.5        CRISIL B+/Stable
   Long Term Loan         32.5        CRISIL B+/Stable
   Overdraft Facility     50          CRISIL B+/Stable

The ratings reflect SSRI's weak financial risk profile, marked by
modest net worth, high gearing, its modest scale and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SSRI's promoters
in the rice industry.
Outlook: Stable

CRISIL believes that SSRI will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the firm's revenue and profitability margins,
leading to healthy accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SSRI's working capital cycle lengthens or its accruals decline,
thereby weakening its financial risk profile.

Set up in 2011, SSRI is engaged in milling and processing of paddy
into rice, rice bran, and broken rice. Its rice mill is located in
Tumkur district in Karnataka. The company is promoted by Mr. K
Nanjunda Prasad and his wife Ms. N P Sumarani.


STONE CONCERN: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Stone Concern
Infrastructure Development Private Limited (SIPL) continue to
reflect SIPL's modest scale of operations and its susceptibility
to intense competition in the fragmented civil construction
segment. These rating weaknesses are partially offset by extensive
industry experience of the company's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       100        CRISIL A4 (Reaffirmed)
   Cash Credit           70        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    25        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SIPL will maintain its healthy business risk
profile over the medium term, supported by its strong order book.
The outlook may be revised to 'Positive' in case of continued
improvement in the company's revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if SIPL
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Update
SIPL's operating performance improved in 2014-15 (refers to
financial year, April 1 to March 31), with revenue of about INR722
million compared with INR347.2 million, in 2013-14. Its operating
margin improved to 11.5 per cent from 9.9 per cent over this
period. The revenue growth was due to increased inflow of orders
and their timely execution. The company's revenue is expected to
remain at a similar level over the medium term.

SIPL's gearing remained moderate estimated at 1.17 times as on
March 31, 2015, and is expected to improve further over the medium
term backed by the scheduled repayment of its term loan. As on
March 31, 2015, the company's net worth is estimated at INR121
million. Its bank limits were highly utilised at an average of 97
per cent over the 12 months through March 2015. SIPL had a
moderate current ratio of about 1.45 times as on March 31, 2015.
CRISIL believes that the company's financial risk profile will
improve marginally over the medium term in keeping with its stable
operations.

SIPL reported a profit after tax (PAT) of INR10.7 million on an
operating income of INR347.2 million for 2013-14, as against a PAT
of INR6.4 million on an operating income of INR198.3 million for
2012-13.

SIPL was originally established in Kolkata in the early 1990s as a
proprietorship concern; this firm was reconstituted as a private
limited company in 2008. The company is a Class-A civil contractor
specialising in road projects. Mr. Kanak Changlani oversees the
company's daily operations.


SUPER AGRO: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR8.00 crore fund based bank facilities of Super Agro Industry
(SAI).

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term-Funds Based    8.00         [ICRA]B+; Reaffirmed
   Limits

ICRA has taken a consolidated view of the three group firms (Super
Agro Industry, Thakkar Dass Nand Gopal, and Surya Agro Industry)
which have similar operational profile.

ICRA's rating continues to be constrained on account of SAI's low
value additive nature of business which, coupled with high
competitive intensity, owing to presence of several unorganized
players in the market, results in low margins and modest debt
protection indicators. The operating income of the group declined
significantly in FY2015 due to lower trading activities as well as
lower sales volumes, however the operating margin registered an
improvement.

The rating also factors in the high working capital requirements
during the cotton procurement season which impacts the firm's
liquidity position and SAI's vulnerability towards changes in
Government regulations and fluctuations in cotton prices which
causes volatility in its accruals. ICRA also notes the partnership
constitution of the firm which exposes it to risks like limited
ability to raise equity capital, withdrawal of capital, risk of
dissolution etc.

ICRA's rating continues to derive comfort from the long standing
experience of the promoters of the firm in the cotton industry,
established relationships with clients and proximity of the firm
to the cotton producing belt in Gujarat.

Going forward, the ability of the firm to increase its scale of
operations as well as margins while maintaining its liquidity will
be the key rating sensitivties.

SAI is part of the Sirsa, Haryana based Thakkar Dass Group
promoted by late Mr. Nand Gopalji Gupta, and is engaged in the
business of cotton ginning. The promoters have been into this
business since 1956. The group has four cotton ginning units and
one trading unit. Under Super Agro Industry there is a ginning and
pressing unit in Sirsa (Haryana). The flagship firm of the group
Thakar Dass Nand Gopal has three operating units: trading unit in
Fatehabad (Haryana), and Ginning and pressing units each in
Sanosara(Gujarat) and Kothara(Gujarat). The other entity of the
group, Mahaluxmi Cotton & General Mills has a ginning and pressing
unit in Jind (Haryana).

Recent results
The firm, on a provisional basis, reported an Operating Income
(OI) of INR26.67 crore and a net profit of INR0.08 crore for
FY2015, as against an OI of INR22.40 crore and a net profit of
INR0.43 crore for the previous year.


THAKAR DASS: ICRA Reaffirms B+ Rating on INR12cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR12.00 crore (increased from INR10.60 crore) fund based limits,
INR0.80 crore (reduced from INR2.10 crore) term loans and INR0.20
crore (reduced from INR0.30 crore) unallocated limits of Thakar
Dass Nand Gopal (TDNG).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term - Fund
   Based Limits            12.00        [ICRA]B+; Reaffirmed

   Long Term - Term
   Loans                    0.80        [ICRA]B+; Reaffirmed

   Unallocated              0.20        [ICRA]B+; Reaffirmed

ICRA has taken a consolidated view of the three group firms (Super
Agro Industry, Thakar Dass Nand Gopal, and Surya Agro Industry)
which have a similar operational profile.

ICRA's rating continues to be constrained on account of TDNG's low
value additive nature of business which, coupled with high
competitive intensity, owing to the presence of several
unorganized players in the market, results in low margins and
modest coverage indicators. The operating income of the group
declined significantly in FY2015 due to lower trading activities
as well as lower sales volumes, however the operating margins
registered an improvement. The rating also factors in the high
working capital requirements during the cotton procurement season
which impacts the firm's liquidity position and TDNG's
vulnerability towards changes in Government regulations and
fluctuations in cotton prices which causes volatility in its
profitability. ICRA also notes the partnership constitution of the
firm which exposes it to risks like limited ability to raise
equity capital, withdrawal of capital, risk of dissolution etc.
ICRA's rating continues to derive comfort from the long standing
experience of the promoters of the firm in the cotton industry,
established relationships with clients and proximity of the firm
to the cotton producing belt in Gujarat.

Going forward, the ability of the firm to increase its scale of
operations as well as margins while maintaining its liquidity will
be the key rating sensitivties.

TDNG is part of the Sirsa, Haryana based Thakkar Dass Group
promoted by late Mr. Nand Gopalji Gupta, and is engaged in the
business of cotton ginning/trading. The promoters have been in
this business since 1956. The group has four cotton ginning units
and one trading unit. Under TDNG, there are three operating units
located in Fatehabad (Haryana), Sanosara (Gujarat), and Kothara
(Gujarat). The Fatehabad unit is a trading unit while the firm has
a Ginning and pressing unit each in Sanosara and Kothara. The
other two entities of the group, Super Agro Industry and Mahaluxmi
Cotton & General Mills have a ginning and pressing unit in Sirsa
and Jind (Haryana) respectively.

Recent results
The firm, on a provisional basis, reported an Operating Income
(OI) of INR51.17 crore and a net profit of INR0.75 crore for
FY2015, as against an OI of INR66.66 crore and a net profit of
INR0.91 crore for the previous year.


UJJAIN PACKAGING: CRISIL Reaffirms 'B' Rating on INR45.7MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Ujjain Packaging Pvt Ltd
(UPPL) continues to reflect UPPL's modest scale of operations in
the highly fragmented packaging industry and the company's large
working capital requirements. The rating also factors in the
pressure[on UPPL's weak financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
UPPL's promoters in the packaging industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.1      CRISIL B/Stable (Reaffirmed)

   Term Loan             45.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if UPPL stabilises its
expanded capacity as per schedule and generates significantly
large cash accruals leading to strong debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
delay in stabilisation of enhanced capacity or low revenue or
profit margins, impacting the company's financial risk profile.

Update
UPPL completed its project to convert its semi-automated
corrugation line to a fully automated line in July 2014 (against
earlier expectation of May 2014). The company's production
capacity has increased to 900 tonnes per month (tpm) from 300 tpm.

UPPL's revenue for 2014-15 (refers to financial year, April 1 to
March 31) is estimated at around INR80.0 million, which is less
than the expected INR220.0 million  on account of teething
problems in the new facility. However, the company's business risk
profile is expected to improve with increase in capacity
utilisation, resulting in turnover of INR180 million to INR200
million and operating margin of 12 to 15 per cent, over the medium
term.

UPPL's operations remain working capital intensive with gross
current assets estimated at 163 days as on March 31, 2015, broadly
in line with expectation and previous trend. The company maintains
large inventory of around three months and has debtors of 40 to 60
days. CRISIL believes that UPPL's working capital requirements
will remain large over the medium term.

UPPL's financial risk profile remains weak, marked by high
gearing, weak debt protection metrics, and small net worth.

The company's liquidity remains stretched; its cash accruals are
expected at around INR9 million per annum vis-a-vis annual debt
obligations of INR7 million over the medium term. UPPL's bank
limit utilisation is high, averaging 98 per cent for the 12 months
through March 2015. However, UPPL's promoters have supported the
company's liquidity through timely unsecured loans, which stood at
INR17 million as on March 31, 2015.

UPPL was incorporated in 2008 by Mr. Anand Bangur and Mr Vishnu
Jajoo. The company manufactures corrugated packing boxes. Its
manufacturing unit in Ujjain (Madhya Pradesh) has a automated
corrugation line.

UPPL reported a net loss of INR1.10 million on net sales of
INR46.0 million for 2013-14, against profit after tax of INR0.69
million on net sales of INR41.0 million for 2012-13.


VERA INDIA: ICRA Assigns 'B+' Rating to INR18cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR18 crore long
term fund based facilities of Vera India Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             18.00        [ICRA]B+; assigned

ICRA's rating is constrained by thin operating margins (0.90% in
2013-14 ) due to the low value add nature of trading business and
fragmented industry structure and the profitability being exposed
to agro-climatic risks which can cause volatility in raw material
prices. The rating also takes into account the moderately high
working capital requirements due to high receivable and inventory
days; the company's tight liquidity position with average working
capital utilization of 94% during 2013-14 and the weak return and
coverage indicators with ROCE of 5.24% ,interest coverage of 1.66
times and TD/OBDITA of 20.51 times during 2013-14. The rating,
however, favourably factors in the extensive experience of the
promoters in edible oils & oil seeds business with strong presence
in the state of Punjab through associate concerns and the
favourable location of the company in Muktsar (Punjab)
facilitating finished goods procurement by virtue of proximity to
cotton and mustard seed producing belts of the country.

VIL was incorporated in July 2013 with Mrs. Sita Rani, Mr. Vijay
Kumar and Mr. Rakesh Kumar as its promoters. The company began
operations in August 2013 and is engaged in trading of tea, cotton
and mustard seeds, cakes and oil. The firm operates out of its
office situated at Muktsar, Punjab, in the same area as the
group's other manufacturing firms. The plant has a built up area
of ~ 1 acre. The goods for trading are procured from the group
companies- Vijay Oil Mills (mustard oil and cakes) and Vijay Agro
Foods (tea). The products are sold through distributors under the
brand name of 'VERA' to customers across Punjab, HP, J&K, Delhi,
Haryana and other parts of North India.

During the period from September 2014 - March 2015, VIL reported a
net profit of INR0.08 crore on an operating income of INR28 crore.


VIRAJ SPINNERS: CRISIL Assigns 'B' Rating to INR337.3MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Viraj Spinners Ltd (VSL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           62.7       CRISIL B/Stable
   Long Term Loan       337.3       CRISIL B/Stable

The rating reflects VSL's initial phase and small scale of
operations in the intensely competitive cotton spinning industry,
and the company's below-average financial risk profile marked by
high gearing. These rating weaknesses are partially offset by the
extensive experience of VSL's promoters in the cotton spinning
industry and their funding support to the company.
Outlook: Stable

CRISIL believes that VSL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of early ramp-up in its operations
leading to sizeable cash accruals or large capital infusion by the
promoters to support its capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile, particularly its liquidity, weakens because of low
cash accruals or stretch in its working capital cycle or any debt-
funded capital expenditure.

Incorporated in 2010, VSL manufactures cotton yarn. VSL's key
promoter is Mr. Sadashiv Patil and its manufacturing facilities
are in Vita (Maharashtra). The company has capacity of 18,720
spindles and commenced commercial operations in January 2015.


VS METALLIC: ICRA Assigns 'B' Rating to INR10cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
crore fund based facilities of VS Metallic Private Limited. ICRA
has also assigned its short term rating of [ICRA]A4 to the
INR10.00 crore non-fund based facilities of VSMPL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based limits        10.00       [ICRA]B (assigned)
   Non fund based limits    10.00       [ICRA]A4 (assigned)

The assigned ratings are constrained by the company's moderate
scale of operations and thin profitability margins on account of
intense competition and limited value additive nature of the
trading business. The rating also reflects the company's stretched
capital structure characterised by high debt equity ratio. ICRA
has also taken into consideration the inherent cyclicality and
intensely competitive nature of the iron and steel industry. The
rating however draws comfort from the long experience of the
promoters of the company in metal trading business and the low
price fluctuation risk on account of less inventory maintained by
the company.

Going forward, the ability of the company to maintain a prudent
capital mix and healthy growth in revenues will remain key rating
drivers.

VS Metallic Pvt. Ltd. (VSMPL) was established in the year 2011
with office located in Delhi. The company is engaged in trading of
pig iron, cast iron and iron scrap. VSMPL commenced commercial
operations in July 2013. VSMPL is promoted by Mr. Rakesh Gupta.

Recent Results
During the financial year 2013-14, the company reported a profit
after tax (PAT) of INR0.27 crore on an operating income of
INR56.44. During FY15, on a provisional basis the, the company has
achieved sales of INR74.75 crore.



=================
I N D O N E S I A
=================


INDONESIA: Default Risk Jumps Most in Asia on Fund Exit Concerns
----------------------------------------------------------------
Yudith Ho and Y-Sing Liau at Bloomberg News report that the cost
to insure Indonesia's bonds against default rose to the highest
this year as the falling rupiah and accelerating inflation fueled
concern foreign investors will pull out of the country.

Five-year credit default-swaps on the debt jumped 19 basis points
to 180 in the past two weeks, Bloomberg says. Malaysia's risk rose
the same amount to make the nations the worst performers in Asia,
the report relates. Indonesia's central bank Governor Agus
Martowardojo said June 8 that the authority sees opportunities to
buy the notes when yields rise.

Bloomberg notes that inflation will remain above 7 percent through
September, Bank Indonesia forecasts, as an El Nino weather pattern
threatens to damage crops. The rupiah's descent to a 17-year low
is limiting scope for the central bank to support the economy by
cutting interest rates, Bloomberg states.

"The concern is that all these factors will see investors
demanding much higher yields and readjusting their positions,"
Bloomberg quotes Ikhwani Fauzana, head of rates trading at PT Bank
Negara Indonesia in Jakarta, as saying. "But it's too risky for
the central bank to lower rates to help growth as the rupiah's
response would be drastic, so they're caught in a difficult
place."

The rupiah has led declines in Asia to drop 7.5 percent this year
to 13,385 a dollar and reached the weakest since August 1998. If
it falls past 13,400, foreign investors who pumped IDR46 trillion
($3.4 billion) into Indonesian debt in January and February, will
start to incur losses, Bloomberg discloses citing PT Mandiri
Sekuritas, a unit of the country's largest lender.

The yield on 10-year sovereign bonds jumped 25 basis points this
week to a 15-month high of 8.77 percent, the report says. Four of
the last five sovereign auctions failed to meet their targets.

The central bank sees risk of a currency war over the next three
years if the Federal Reserve rates normalization happens
gradually, Martowardojo said on June 8, adding that the authority
will seek to maintain exchange-rate stability, adds Bloomberg.



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


HAMILTON'S 131: Clothing Store Closes Doors After 30 Years
----------------------------------------------------------
Stacey Oliver at Stuff.co.nz reports that clothing store owner
Gaye Watson has called time on 131 Fashions after three decades of
styling the women of the Waikato.

Stuff.co.nz says Hamilton's 131 Fashions, a women's clothing
store, has been the first stop for thousands of mothers of the
bride and groom in their search for that perfect outfit.

Ms. Watson's flawless eye for beautiful clothes has seen her hand
pick those dresses from the labels such as Trelise Cooper and
Anthea Crawford, the report says.

And at the end of this month, Ms. Watson will say farewell to the
Pembroke St clothes store that has been her "fashion-family" for
30 years. The store will close around June 27, the report relays.

They had tried to sell the business, but it had proved difficult,
she said. Closing the store had been a "very" difficult decision,
according to Stuff.co.nz.

"But I've come to terms with it now. I've come to terms with it
because I want to get on the plane and be with those children,"
the report quotes Ms. Watson as saying.

Those children are two granddaughters, 11 and 4, and two
grandsons, 8 and 7 in the United Kingdom, the report notes. Her
only son Greg and his wife Natasha moved to the United Kingdom 14
years ago.

According to Stuff.co.nz, Ms. Watson admits she has "mixed
feelings" about moving on. "But 30 years is a good innings. I have
lots of lovely memories of 131, lots of lovely memories of this
corner."

The closure will mean the loss of one part time job, the report
adds.


NZ DIRECTORIES: Creditors to Vote June 15 on Winding Up Company
---------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that creditors of
NZ Directories Holdings, the owner of the Yellow directories
service, will vote next week on a plan to wind up the company,
putting the assets into a new vehicle that would issue them with
securities in return for relinquishing claims to NZ$385 million of
debt.

BusinessDesk relates that the company said in a notice of meeting
that NZ Directories has gross assets of NZ$182.5 million and there
is "no realistic prospect that the company can refinance the
existing debt facilities with a third-party financier" when they
come due on August 31.

"The only financiers in a position to provide finance to the
company on expiry of the existing debt facilities are the
restructure creditors, who are the existing financiers to and
ultimate owners of the company," said the notice, notes the
report.

BusinessDesk says the creditors would be issued shares and notes
in the new vehicle, Yellow Holdings, which was incorporated on
April 21. Brett Chenoweth, the chairman of NZ Directories, is the
sole shareholder of Yellow Holdings.

According to BusinessDesk, the company said the board is of the
view that failure to approve the plan to restructure the financing
arrangements would force the company to cease trading and result
in receivership or liquidation.

The June 15 vote requires support from 75% of the creditors by
value, the report says. The notice of meeting said creditors York
Global Finance, which would hold about 25% of the shares and debt
of Yellow Holdings, Varde Investment Partners, Morgan Stanley,
Bennett Restructuring Fund, Bennett Offshore Restructuring Fund,
Silver Point Luxembourg Platform, Macquarie Bank, SC Lowy Primary
Investments, Merrill Lynch Capital Services, Staple Street Global
Opportunities (Master) LP and Deutsche Bank "have agreed in
principle to vote in favour of the restructure compromise,"
BusinessDesk relays.

BusinessDesk relates that the restructuring would effectively be
the second time in four years that creditors have seized control
of the directories business.  According to the report, bankers to
the company formerly known as Yellow Pages Group wrote off NZ$1.05
billion of debt when they took control of the business in 2011.
They were issued 250 million shares held via Yellow Pages Equity
Trust and NZ$500 million of senior notes, wiping out the equity of
the original owners, Hong Kong-based Unitas Capital and Canada's
Ontario Teachers' Pension Plan, which bought Yellow Pages from
Telecom for NZ$2.24 billion in 2007 in a leveraged buy-out, the
report relays.

NZ Directories Holdings, formerly known as Yellow Pages Group was
formed in 1988 and publishes the print, online and mobile
directories for Yellow, as well as the White pages(R) and the
Local directoryTM.  Yellow Pages owns the 018(R) directory
assistance service, a majority stake in 50s-plus website
grownups.co.nz, and publishes the Retirement guideTM and New
Zealand tourism guideTM, an award-winning online tourism
directory.



                             *********

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