TCRAP_Public/150624.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 24, 2015, Vol. 18, No. 123


                            Headlines


A U S T R A L I A

AARDVARK LOGISTICS: First Creditors' Meeting Set For June 29
BBY LTD: Creditors Vote to Liquidate Four BBY Companies
CARNA GROUP: Set to be Placed Into Liquidation
FINECOAST HOLDINGS: First Creditors' Meeting Set For June 30
IMPRESSIVE ELECTRICAL: In Admin.; Creditors Meeting Set June 29

STEEL-CRETE PTY: First Creditors' Meeting Set For June 30


I N D I A

AANCHAL COLLECTION: CRISIL Suspends B+ Rating on INR120MM Loan
AMBA HIGHRISE: Ind-Ra Assigns Long-Term Issuer Rating of IND BB-
AMI RIDDHI: CRISIL Suspends B+ Rating on INR65MM Cash Credit
ASC POWER: CRISIL Suspends B+ Rating on INR65MM Cash Credit
AVADH BUILDERS: CARE Assigns B+ Rating to INR15cr LT Bank Loan

BRIJNANDAN INDUSTRIES: Ind-Ra Suspends 'IND B' LT Issuer Rating
CONROS STEEL: ICRA Withdraws 'D' Rating on INR101.45cr Loan
CYPER PHARMA: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
DIVIJ INFRAPROJECTS: CRISIL Suspends 'D' Rating on INR310MM Loan
FASTBUILD BLOCKS: ICRA Assigns 'D' Rating to INR14.55cr Term Loan

G. G. DANDEKAR: CRISIL Suspends 'B' Rating on INR70MM Term Loan
G I INDUSTRIES: CRISIL Suspends B+ Rating on INR50MM Cash Credit
GEMINI ALUMINIUM: ICRA Assigns B+ Rating to INR10cr Cash Credit
GOLKONDA HOSPITALITY: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
HARI KRISHNAA: CRISIL Reaffirms B+ Rating on INR161.6MM Loan

HEMANT GOYAL: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
HM OVERSEAS: CRISIL Suspends B+ Rating on INR20MM Cash Loan
IMECO LIMITED: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
KALJANI COLD: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
KATHPAL SOLVEX: ICRA Assigns B- Rating to INR1.50cr Term Loan

KHIMJI VISRAM: ICRA Suspends 'B' Rating on INR15cr FB Loan
KIZHAKKEBHAGATHU RICE: CRISIL Rates INR60MM Cash Loan at 'B'
KRISHNA GLOBAL: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
LAKHANI FOOTWEAR: CRISIL Reaffirms 'D' Rating on INR593.1MM Loan
LAKHANI RUBBER: CRISIL Reaffirms 'D' Rating on INR159.8MM Loan

LAKHANI RUBBER WORKS: CRISIL Reaffirms D Rating on INR100MM Loan
LEKH RAJ: CRISIL Reaffirms B+ Rating on INR680MM Packing Credit
MANJEERA RETAIL: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR100MM Loan
MAWMLUH CHERRA: Ind-Ra Withdraws 'IND C' LT Issuer Rating

MS PANESAR: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
NAMBIAR BUILDERS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
OSWAL SPINNING: CARE Assigns 'C' Rating to INR18.60cr LT Loan
PARAMOUNT FORGE: CRISIL Reaffirms B+ Rating on INR217.8MM Loan
PASHUPATI TRADERS: CRISIL Suspends B+ Rating on INR66.3MM Loan

PATO BUILDERS: CRISIL Suspends 'D' Rating on INR70MM Cash Credit
PCK COTTON: CRISIL Reaffirms B+ Rating on INR95MM Packing Loan
PRINT SOLUTIONS: CRISIL Suspends 'D' Rating on INR110MM Term Loan
REVATHI MODERN: ICRA Assigns B+ Rating to INR9.0cr LT Loan
SHEETAL PHARMA: CRISIL Suspends 'D' Rating on INR105MM LOC

SHREE GANESH: CRISIL Assigns B- Rating to INR1.87BB Term Loan
SHREE GOVARDHAN: CRISIL Suspends B Rating on INR30MM Cash Loan
SHREE SACHIDANAND: CRISIL Suspends B- Rating on INR82MM Loan
SHREE TRIBHUVAN: CRISIL Suspends B+ Rating on INR87.5MM Loan
SHREE VENKATESHWARA: CRISIL Suspends 'D' Rating on INR100MM Loan

SHRI RAMSWAROOP: Ind-Ra Suspends Long-term 'IND B+' Rating
SINGH CONSTRUCTION: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
SOBHAGIA SALES: CRISIL Suspends B- Rating on INR100MM Term Loan
SOUTHERN CARGO: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
STABLE PACKAGING: CRISIL Suspends B+ Rating on INR25MM Cash Loan

SULAKSHANA AGENCIES: CRISIL Suspends B Rating on INR60MM Loan
SUNNY DIAMONDS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
SUNNY DIAMONDS PRIVATE: CRISIL Suspends B+ Cash Loan Rating
SWAMI VIVEKANANDA: CRISIL Suspends 'D' Rating on INR350MM Loan
TIRUPATI AGENCIES: CRISIL Assigns B- Rating to INR70MM Cash Loan

TRAVANCORE COCHIN: ICRA Reaffirms B Rating on INR20cr LT Loan
TRINITY INFRAPARK: Ind-Ra Affirms IND BB Long-Term Issuer Rating
VAMSI LABS: ICRA Reaffirms 'B+' Rating on INR4.0cr Cash Credit
VARDAAN EXPORTS: CRISIL Suspends 'B' Rating on INR150MM Cash Loan
WALLCERA TILES: CRISIL Reaffirms B+ Rating on INR71.5MM Loan


J A P A N

SHARP CORP: Re-elects CEO; Approves Second Bank Bailout
TAKATA CORP: May Have Put Profits Over Safety, U.S. Senators Say


M A L A Y S I A

MALAYSIA AIRLINES: Names CEO For New Ground Handling Subsidiary


M O N G O L I A

DEVELOPMENT BANK: S&P Assigns 'B+' LT ICR; Outlook Negative
MONGOLIA: Fitch Rates Offshore CNY-Denom. Bonds 'B+(EXP)'


N E W  Z E A L A N D

ROSS ASSET: Liquidators Win Clawback Test Case


                            - - - - -


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


AARDVARK LOGISTICS: First Creditors' Meeting Set For June 29
-------------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
as Joint and Several Liquidators of Aardvark Logistics Pty Ltd on
June 18, 2015.

A meeting of creditors will be held at 12:00 p.m. on June 29,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


BBY LTD: Creditors Vote to Liquidate Four BBY Companies
-------------------------------------------------------
The Daily Telegraph reports that creditors of BBY Ltd have voted
unanimously to liquidate four companies within the group.

AT a creditors meeting on June 22, they agreed to wind up parent
company BBY Holdings, the main trading company BBY Ltd, an
employment company Broker Services Australia and BBY Advisory
Services, according to the report.

The report says the creditors also voted unanimously for a deed of
company arrangement in relation to AIMS Financial Group's planned
takeover of BBY's Smartrader and Hometrader operations.

The administrators plan to call a second meeting of creditors for
four other divisions in the BBY group, the report notes.

According to the report, administrators KPMG on June 22 listed a
litany of factors contributing to BBY's collapse, including:

  * indications of possible use of client trust funds for
    unauthorised purposes; and

  * possible failure to maintain financial records according to
    the Companies Act.

"There are a number of director and related party transactions
that require further investigation," the report quotes the
administrators as saying.

Daily Telegraph relates that the administrators last week said the
shortfall in BBY former client accounts could be as high as AUD16
million.

On June 22, they said 180 BBY employees were owed AUD2.7 million.

Among secured creditors, St George Bank was owed AUD13 million
while about 150 unsecured creditors were due AUD8 million, the
report relays.

"There are currently no funds available for distribution to
unsecured creditors," the administrators, as cited by Daily
Telegraph, said.

The report adds that KPMG said it would seek directions on further
actions from the courts in the next few weeks.

It said that the timetable for further action could not be
estimated, but it was likely to take several months, the report
says.

The corporate watchdog, the Australian Securities and Investments
Commission, is investigating the collapse, adds Daily Telegraph.

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.


CARNA GROUP: Set to be Placed Into Liquidation
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Carna Group Pty
Ltd is set to be placed into liquidation.  The company entered
voluntary administration on March 6, 2015 with Ian Charles Francis
and Michael Joseph Ryan of FTI Consulting being appointed
administrators of the company, the report says.

According to the report, the collapse of the group has been
reportedly caused by a falling-out that led to the termination of
its mining contract with Griffin Coal on December 3.

Dissolve.com.au relates that the liquidation will lead to selling
the remainder of the group's almost 400 pieces of plant and
equipment as well as allow workers to make a claim for the
majority of their unpaid entitlements.

Since the appointment of administrators, Carna has continued to
trade to allow the administrators to complete work, gather
receivables of about $1 million and auction much of the group's
equipment, the report notes.

Carna Group is a family-owned business which began in 1992 and has
been involved in more than 250 projects across West Australia. The
group employed 119 people.


FINECOAST HOLDINGS: First Creditors' Meeting Set For June 30
------------------------------------------------------------
Kimberley Wallman of HLB Mann Judd (Insolvency WA) was appointed
as administrator of Finecoast Holdings Pty Ltd, formerly Trading
as 'Mr Insulation', "The Insulation Man" and "Budget Insulation
WA", on June 19, 2015.

A first meeting of the creditors of the Company will be held at
15 Rheola Street, in West Perth, WA, on June 30, 2015, at
11:00 a.m.


IMPRESSIVE ELECTRICAL: In Admin.; Creditors Meeting Set June 29
---------------------------------------------------------------
SmartCompany reports that Impressive Electrical Pty Ltd has folded
into voluntary administration following a wind-up order from the
Australian Tax Office.  Impressive Electrical appointed Gess
Rambaldi and Andrew Yeo of Pitcher Partners as administrators of
the company on June 18, the report says.

SmartCompany relates that the collapse came after the ATO's recent
spate of wind-up orders saw the tax office issue 556 notices to
businesses in May alone.

Impressive Electrical appeared before the Supreme Court of
Victoria in April after the Deputy Commissioner of Taxation
initiated action to wind up the company, the report recalls.

Mr. Rambaldi on June 23 told SmartCompany since his appointment,
the ATO -- the company's major creditor -- had adjourned its
petition against Impressive Electrical until the finalisation of
the voluntary administration.

According to the report, Mr. Rambaldi said the sole-director
company had a 15-year history in electrical contracting, 14
employees and five contracts with apartment buildings and schools
at the time of the appointment.

"We are not able to continue those contracts, so unfortunately we
had to terminate those employees upon our appointment," the report
quotes Mr. Rambaldi as saying.

SmartCompany relates that Mr. Rambaldi said the wind-up order was
undoubtedly a catalyst for his appointment but says there were a
number of factors at play in the company's fate.

"The director has advised us the problems for the business date
back to 2012, where there were a number of clients that the
director struggled with businesses that were placed into
liquidation themselves," Mr. Rambaldi told SmartCompany. "It was a
domino effect."

SmartCompany relates that Mr. Rambaldi said he anticipates the
director will put forward a deed of company arrangement for the
business.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 19, 15 William Street, in Melbourne, on
June 29, 2015, at 3:00 p.m.

Impressive Electrical Pty Ltd is Melbourne-based electrical
company.


STEEL-CRETE PTY: First Creditors' Meeting Set For June 30
---------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Steel-Crete Pty Ltd on June 18, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Level 8, 10 Bridge Street, in
Sydney, on June 30, 2015, at 11:30 a.m.



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


AANCHAL COLLECTION: CRISIL Suspends B+ Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aanchal Collection Ltd (ACL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL B+/Stable
   Letter of Credit       15        CRISIL A4

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

ACL was originally set up as a proprietorship concern, Aanchal
Saree Emporium, in Kolkata (West Bengal) in 2003-04 by Mr. Mukesh
Goel. The firm was later, reconstituted as a closely held limited
company with the current name. ACL is a retailer and wholesaler of
women's garments.


AMBA HIGHRISE: Ind-Ra Assigns Long-Term Issuer Rating of IND BB-
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amba Highrise
Private Limited (AHPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. Ind-Ra has also assigned AHPL's INR206.9m long-
term loan a Long-Term 'IND BB-'/stable rating.

KEY RATING DRIVERS

The ratings reflect AHPL's exposure to a high degree of
concentration risk as its entire debt is backed by rental from a
single tenant, Future Retail Limited (FRL). Any delays in receipt
of rent will lead to liquidity pressure in the absence of a debt
service reserve account. Ind-Ra has noticed delays in receipt of
rent on a couple of occasions in the past.

AHPL's debt service coverage ratio (DSCR) is likely to remain low
at around 1.03x over the medium term. However, the ratings are
supported by a secured payment mechanism wherein the entire rent
is deposited in an escrow bank account by the tenant and the
residual cash is available to the company only after the debt
service obligations have been met.

RATING SENSITIVITIES

Negative: A sustained, significant deterioration in AHPL's DSCR,
termination of lease by FRL could result in a rating downgrade.
Positive: Improvement in DSCR could lead to a positive rating
action

COMPANY PROFILE

Incorporated in 2006, AHPL is an SPV formed by the Alcove group
for construction of a residential complex along with commercial
blocks 'Alcove Gloria' in Kolkata. The project has been completed,
the commercial unit had started operations and residential units
have been handed over.

Total construction area is around 0.675m sq ft comprising two
residential towers of 17 floors with 236 residential units, 170
servant quarters and 428 car parks. The commercial block comprises
16 units and one hyper market. The hyper market measuring 71,269
sq ft chargeable area has been leased out to FRL for a period of
27 years with a lock in of nine years with a 15% escalation after
three years.


AMI RIDDHI: CRISIL Suspends B+ Rating on INR65MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ami Riddhi
Chem Private Limited (ARCPL).

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

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

ARCPL, incorporated in 2004, is currently owned by Mr. Vijay Sheth
and his wife, Mrs. Bhavna Sheth. The company is based in Mumbai
and trades in chemicals that find application primarily in the
pharmaceuticals industries.


ASC POWER: CRISIL Suspends B+ Rating on INR65MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
ASC Power Pvt Ltd (ASC).

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

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

ASC was incorporated in 2011 by Mumbai-based Kothari family. The
company was formed to take over the business of Ambika Service
Centre, a proprietorship concern of Mr. Jeetendra Kothari. The
company is an EPC contractor engaged in setting up of substations,
transmission lines, and electricification works for private and
public entities. The day-to-day operations of the company are
managed by Mr. Kapil Kothari (son of Mr. Jeetendra Kothari).


AVADH BUILDERS: CARE Assigns B+ Rating to INR15cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of Avadh
Builders.

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

Rating Rationale

The rating assigned to the bank facilities of Avadh Builders (ABL)
is primarily constrained on account of low booking status, low
advance received against booked units and risk associated with
timely receipt of remaining advances. The rating also factors in
the inherent risk associated with the cyclical and fragmented real
estate industry coupled with partnership nature of its business
operations.

The rating, however, takes comfort from the vast experience of the
partners in the real estate development business along with low
project implementation risk.

The ability of ABL to complete its ongoing project within
envisaged timeline along with timely receipt of the booking
advances and sale of balance units at envisaged prices are the key
rating sensitivities.

Surat-based (Gujarat), ABL was established as a partnership firm
in 2013. ABL is the part of the Avadh group which is also engaged
into real estate development business. The group has successfully
completed number of residential projects under different entities
in Surat. ABL is currently executing a commercial shopping complex
project with shops and offices at Surat named 'Avadh Viceroy'
which comprises of total 4 floors involving development of 312,404
square feet area. The project offers 392 units of shops.

The project implementation commenced in November 2014 and till
March 31, 2015, ABL has incurred the total cost of INR32.79 crore
(65% of total project cost) out of the total cost of INR50.51
crore and rest is expected to be incurred by end of December 2015.
ABL has received approvals for land and other relevant clearances
for the project.


BRIJNANDAN INDUSTRIES: Ind-Ra Suspends 'IND B' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brijnandan
Industries Pvt Ltd's (BIPL) 'IND B' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for BIPL.

The ratings 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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

BIPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
   'IND B'
-- INR25m long-term loans: migrated to 'IND B(suspended)' from
   'IND B'
-- INR65m fund-based limits: migrated to 'IND B(suspended)' from
    'IND B'


CONROS STEEL: ICRA Withdraws 'D' Rating on INR101.45cr Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to the
INR3.12 crore , fund-based working capital facilities and INR33.04
crore, term loan facilities; and short term rating of [ICRA]D to
the INR101.45 crore, non-fund based bank facilities of Conros
Steel Private Limited , as the notice period of three years since
suspension of rating has expired.


CYPER PHARMA: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Cyper Pharma (Cyper), and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. CRISIL had
earlier, on April 1, 2015, suspended the ratings as Cyper had not
provided the necessary information for a rating review. The
management has now shared the requisite information, enabling
CRISIL to assign ratings to its bank facilities.

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

   Letter of Credit        2.7      CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Proposed Long Term     17.3      CRISIL B/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The ratings reflect Cyper's modest scale of operations in the
intensely competitive pharmaceuticals industry, working-capital-
intensive operations, and below-average financial risk profile,
marked by a small net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its proprietor in the pharmaceuticals industry, and
established distribution network.
Outlook: Stable

CRISIL believes that Cyper will continue to benefit over the
medium term from its proprietors' extensive industry experience
and established distribution network. The outlook may be revised
to 'Positive' if the firm reports higher-than-expected growth in
revenues, while improving its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in Cyper's liquidity, most likely due to delay in receivables, or
decline in revenues and profitability, or in case of further
lengthening of its working capital cycle.

Cyper was set up as a proprietorship concern in 1967 by Mr. Y S
Bhargava. It manufactures and markets pharmaceuticals and
healthcare products under its own brands. The firm manufactures
formulations in the form of tablets, dry syrups and capsules under
various segments, such as anti biotic, anti malarial, anti
allergic, anti fungal, anti diabetic, and vitamins supplements
amongst others at its unit located in Baddi (Himachal Pradesh).
Mr. Gaurav Bhargava (son of Mr. Y S Bhargava) oversees the firm's
day-to-day operations.


DIVIJ INFRAPROJECTS: CRISIL Suspends 'D' Rating on INR310MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Divij
Infraprojects Private Limited (DIPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        190        CRISIL D
   Cash Credit           310        CRISIL D
   Term Loan              30        CRISIL D

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

DIPL was incorporated in Delhi in 2009. The company is promoted by
Mr. Girish Chopra and his wife, Mrs. Ashima Chopra. DIPL commenced
operations on July 14, 2009. The company was set up as a
partnership firm, Global Creations, also managed by Mr. Girish
Chopra and Mrs. Ashima Chopra; the firm operated in the civil
construction segment.

DIPL is registered as a Class-A contractor with the Central Public
Works Department, and the Public Works Department of Himachal
Pradesh and Haryana.


FASTBUILD BLOCKS: ICRA Assigns 'D' Rating to INR14.55cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR14.55
crore term loan and INR4.00 crore open cash credit facilities of
Fastbuild Blocks Private Limited. The open cash credit facility
includes sub-limit of INR1.50 crore towards OD/BD. ICRA has also
assigned an [ICRA]D rating to an untied limit of INR1.45 crore of
FBPL, which is rated both on long term and short term scale.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loan               14.55        [ICRA]D assigned

   Fund Based Limit-
   Open Cash Credit         4.00        [ICRA]D assigned

   Fund Based Limit-
   OD/ BD                  (1.50)       [ICRA]D assigned

   Fund Based/Non Fund
   Based Limit-Untied
   Limit                    1.45        [ICRA]D assigned

The assigned rating primarily takes into account FBPL's
unsatisfactory track record in timely servicing of debt
obligations, leading to overdue principal on the term loan. The
rating is also constrained by the small scale of current
operations of the company owing to initial year of its operations,
limited experience of the promoters in the manufacturing of AAC
blocks and the company's significant debt service obligations in
the near to medium term, which is likely to keep its cash flows
under pressure. The rating also factors in the increasing
competition in the AAC Block segment due to low entry barriers,
which creates pricing pressure and continued competition from the
alternative product like, clay bricks/ fly ash bricks in terms of
usage in construction activities. The rating, however, favourably
considers the positive demand outlook for AAC blocks on account of
increased acceptance of the product in the domestic construction
industry and the favourable location of the company's
manufacturing facility in proximity to raw material sources, which
ensures regular supply and low landed cost of input materials.

Incorporated in 2012, FBPL is engaged in the manufacturing of
Autoclaved Aerated Concrete (AAC) blocks with an installed
capacity of 1,50,000 cubic meter per annum. The manufacturing
facility of the company is located at Harianta, Cuttack, in the
state of Odisha. The company commenced its commercial production
in April 2014.

Recent Results
During 2014-15, the company has reported a net loss of INR5.59
crore on an operating income of INR5.60 crore.


G. G. DANDEKAR: CRISIL Suspends 'B' Rating on INR70MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
G. G. Dandekar Machine Works Ltd (GGD).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable
   Term Loan              70        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by GGD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GGD is yet to
provide adequate information to enable CRISIL to assess GGD'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 1979, GGD was established in 1912 by Mr. G G
Dandekar and was acquired by the Kirloskar group in the 1960s. The
company manufactures, installs, commissions, and provides after-
sales service of machines used in processing and milling of rice
and cereals. Its plants are located at Bhiwandi and Nagpur (both
in Maharashtra).


G I INDUSTRIES: CRISIL Suspends B+ Rating on INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G I Industries Pvt Ltd (GIIPL; part of the Goyal group).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                 50        CRISIL B+/Stable
   Foreign Letter of Credit   170        CRISIL A4

The suspension of ratings is on account of non-cooperation by
GIIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GIIPL is yet to
provide adequate information to enable CRISIL to assess GIIPL'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 its ratings, CRISIL has now combined the business
and financial risk profiles of GIIPL, AB Chem (India) [ABCI], HM
Overseas Pvt Ltd (HMOPL), and G H Crop Science Pvt Ltd (GHC),
together referred to as the Goyal group, as against its earlier
approach of consolidating only GIIPL and HMOPL, following the
management's revised stance. All these entities are now under a
common management, and have operational linkages as they have
common suppliers and customers. The entities also have significant
financial linkages as they extend support to each other to meet
their financial requirements.

GIIPL was originally established in 1975 as a partnership firm by
three brothers Mr. Surinder Pal, Mr. Bishnu Kumar, and Mr. Kamal
Kumar; the firm was reconstituted as a private limited company in
July 2010. GIIPL trades in edible oil, mainly CPO and mustard oil.
The company also trades in small quantities of spices, salt, and
other products. It also undertakes crushing of mustard seeds
through its two units in Bathinda (Punjab). In December 2010,
GIIPL started processing cattle feed.

Set up in 2008, ABCI manufactures pesticides and trades in CPO.
ABCI's pesticide manufacturing unit in Jammu (Jammu and Kashmir)
has an annual capacity of about 10,000 tonnes. Incorporated in
2009, GHC markets ABCI's pesticides and also trades in CPO.

HMOPL trades in CPO, non-edible oil, and palm fat. The company was
non-operational until 2009-10 (refers to financial year, April 1
to March 31). In October 2010, it acquired Goyal Traders, which
was in this line of business. Mr. Deepak Goyal and Mr. Rahul
Goyal, sons of Mr. Bishnu Kumar, are the directors of HMOPL, while
the operations are managed by their father.


GEMINI ALUMINIUM: ICRA Assigns B+ Rating to INR10cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore fund-based bank facilities of Gemini Aluminium Trading Co.
Pvt. Ltd.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term fund-based     10.00        [ICRA]B+ assigned
   Cash Credit

The assigned rating takes into account the long standing
experience of the promoters in aluminium trading business and the
company's established clientele relationship which has enabled it
to garner repeat orders. The rating also reflects the healthy
growth in revenues in last fiscal driven by volume and realization
growth. The rating is, however, constrained by the weak
profitability levels of the company owing to limited value
additive nature of the trading business and the highly fragmented
nature of the industry with presence of a large number of traders
in domestic markets which, in turn, limits the ability of the
company to pass on hike in commodity prices to its customers.
This, coupled with stretched liquidity profile as reflected by
high utilization of working capital facilities during the past one
year has translated into a weak financial profile for the company.
The rating also takes into account the high supplier concentration
risk with ~65% of total procurement from Bharat Aluminium Company
Limited (BALCO) and Jindal Aluminium Limited (JAL). Nevertheless,
the same is mitigated to some extent by annual supply MoUs which
minimize uncertainty in raw material supply.

Incorporated in 2003, Gemini Aluminium Trading Co. Pvt. Ltd.
(GATCPL) is promoted by Mr. Futarmal Mehta and his son Mr. Kuldeep
Mehta. The company is engaged in trading of aluminium-based
products including extrusions, coils, sheets and chequered sheets.
These products find applications in fabrication of window frames,
railway coaches and other vehicles. The company has three
warehouses in Masjid Bunder, Kalbadevi and Bhiwandi located in
Mumbai.

Recent Results
In FY2014, GATCPL reported a Profit before tax (PBT) of INR0.83
crore and profit after tax (PAT) of INR0.57 crore on an operating
income of INR67.13 crore. As per the unaudited results for FY2015,
GATCPL has registered a PBT of INR0.93 crore on an operating
income of INR105.04 crore.


GOLKONDA HOSPITALITY: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Golkonda
Hospitality Services and Resorts Limited's (Golkonda) Long-Term
Issuer Rating of 'IND BB-(suspended)'.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of Golkonda.

Ind-Ra suspended Golkonda ratings on 22 July 2013.
Golkonda's ratings:

  -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
     withdrawn
  -- INR99.9m long-term loans: 'IND BB-(suspended)'; rating
     withdrawn
  -- INR12.5m cash credit limits: 'IND BB-(suspended)'; rating
     withdrawn
  -- INR7.5m non-fund-based working capital limits: 'IND BB-
     (suspended)'/'IND A4+(suspended)'; ratings withdrawn


HARI KRISHNAA: CRISIL Reaffirms B+ Rating on INR161.6MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hari Krishnaa Spinning
Mills Pvt Ltd (HKSMPL) continue to reflect HKSMPL's below-average
financial risk profile, marked by high gearing.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5.6       CRISIL A4 (Reaffirmed)

   Cash Credit           50.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    14.0       CRISIL B+/Stable (Reaffirmed)

   Term Loan            161.6       CRISIL B+/Stable (Reaffirmed)

The ratings also reflect the susceptibility of the company's
margins to volatility in raw material prices and power costs.
These rating weaknesses are partially offset by the extensive
experience of HKSMPL's promoters in the textile industry.
Outlook: Stable

CRISIL believes that HKSMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while maintaining its margins leading to
improvement in cash accruals and capital structure. Conversely,
the outlook may be revised to 'Negative' if HKSMPL reports low
revenue and cash accruals, or if its capital structure weakens
because of large debt-funded capital expenditure leading to
deterioration in its financial risk profile.

HKSMPL, incorporated in September 2011, is engaged in spinning of
cotton yarn. The company commenced commercial operations in
September 2013. It is promoted by Mr. N Balakrishnan.


HEMANT GOYAL: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hemant
Goyal Motors Pvt Ltd (HGMPL).

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit               130       CRISIL D
   Standby Line of Credit     10       CRISIL D
   Term Loan                  30       CRISIL D

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

HGMPL, incorporated in 2005, is promoted by Mr. Amit Goyal. Goyal
Motors, a proprietorship concern, was merged with HGMPL in 2007-
08. HGMPL has been a dealer of Tata Motors Ltd (rated 'CRISIL
AA/Stable/CRISIL AAA (SO)/Stable/CRISIL A1+') vehicles since 2000.
HGMPL has set up its showrooms and six service centers in Patiala,
Fategarh, Barnala, and Sangrur (all in Punjab). From February 1,
2012 onwards, three of the six centers have been hived off to a
new dealership (under the same management), Hemant Goyal Motors (a
proprietorship concern of Ms. Pushpa Goyal [wife of Mr. Amit
Goyal]). Currently, HGMPL has one showroom at Patiala and two
extension counters at Barnala and Fatehgarh.


HM OVERSEAS: CRISIL Suspends B+ Rating on INR20MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
HM Overseas Private Limited (HMOPL; part of the Goyal group).

                               Amount
   Facilities                 (INR Mln)   Ratings
   ----------                 ---------   -------
   Cash Credit                    20      CRISIL B+/Stable
   Foreign Letter of Credit      275      CRISIL A4

The suspension of ratings is on account of non-cooperation by
HMOPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HMOPL is yet to
provide adequate information to enable CRISIL to assess HMOPL'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 its ratings, CRISIL has now combined the business
and financial risk profiles of HMOPL, GI Industries Pvt Ltd
(GIIPL), AB Chem (India) [ABCI], and GH Crop Science Pvt Ltd
(GHC), together referred to as the Goyal group, as against its
earlier approach of consolidating only HMOPL and GIIPL, following
the management's revised stance. All these entities are now under
a common management, and have operational linkages as they have
common suppliers and customers. The entities also have significant
financial linkages as they extend support to each other to meet
their financial requirements.

GIIPL was originally established in 1975 as a partnership firm by
three brothers'Mr. Surinder Pal, Mr. Bishnu Kumar, and Mr. Kamal
Kumar; the firm was reconstituted as a private limited company in
July 2010. GIIPL trades in edible oil, mainly CPO and mustard oil.
The company also trades in small quantities of spices, salt, and
other products. It also undertakes crushing of mustard seeds
through its two units in Bathinda (Punjab). In December 2010,
GIIPL started processing cattle feed.


IMECO LIMITED: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn IMECO Limited's
(IMECO) 'IND D(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for IMECO.

Ind-Ra suspended IMECO's ratings on 15 September 2014.

IMECO's ratings:

-- Long-Term Issuer Rating: Long Term 'IND D(suspended)'; rating
    withdrawn
-- INR290m fund-based limits: Long Term 'IND D(suspended)';
    rating withdrawn
-- INR109.5m non-fund-based limits: Short Term 'IND
    D(suspended)'; rating withdrawn


KALJANI COLD: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaljani
Cold Storage Pvt Ltd (KCSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL D
   Letter of credit &
   Bank Guarantee          1        CRISIL D
   Proposed Long Term
   Bank Loan Facility      3.9      CRISIL D
   Term Loan               10.5     CRISIL D
   Working Capital Loan       5     CRISIL D
   Working Capital Term
   Loan                    15       CRISIL D

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

Despite repeated requests by CRISIL, KCSPL is yet to provide
adequate information to enable CRISIL to assess KCSPL'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'

KCSPL was incorporated in 2002, promoted by Mr. Mrinmoy
Bhattacharjee, his wife Mrs. Rita Bhattacharjee, and his friend
Mr. Uday Sankar Das. The company has a cold storage facility in
Coochbehar (West Bengal) for the potato traders and farmers of
West Bengal.


KATHPAL SOLVEX: ICRA Assigns B- Rating to INR1.50cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- on the INR12.00
crore cash credit facility (enhanced from INR10.00 crore) and the
INR1.50 crore term loans (enhanced from nil) of Kathpal Solvex
Private Limited. ICRA has also assigned its short-term rating of
[ICRA]A4 on the INR5.00 crore (enhanced from nil) short-term fund-
based facilities and the INR1.50 crore (enhanced from nil) short-
term non-fund based facilities of KSPL.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Term Loans            1.50      [ICRA]B-; assigned

   Fund-based, Long-
   term facilities      12.00      [ICRA]B-; assigned/outstanding

   Fund-based, Short-
   term facilities       5.00      [ICRA]A4; assigned

   Non-fund-based,
   Short-term
   facilities            1.50      [ICRA]A4; assigned

The assigned ratings are constrained by KSPL's small scale of
operations, weak financial profile as reflected by thin
profitability, stretched liquidity profile owing to working
capital intensive nature of business and stressed capital
structure as evident from high gearing of 17.89 times as on 31st
March 2015 (based on provisional financials). The ratings also
take into account the vulnerability of the company's profitability
to adverse fluctuations in raw material costs which are subject to
seasonality and crop harvest and the highly competitive nature of
the industry with the presence of a large number of unorganized
players.

However, the ratings derive comfort from the experience of the
promoters in the rice industry; the location advantage of being
situated in Punjab with easy availability of paddy and stable
demand prospects for rice with India being the second largest
producer and consumer of rice. Going forward, the company's
ability to improve its scale of operations, profitability and the
capital structure through efficient management of its working
capital cycle will be the key rating sensitivities.

Incorporated in 2000, KSPL is owned and managed by Mr. Krishna Lal
and his family. The company is engaged in the milling and sorting
of basmati rice. The plant is located at Ferozepur (Punjab) with
milling capacity of 4 tons per hour (TPH). The promoter family has
an experience of more than three decades in the rice industry.
Prior to setting up KSPL, the promoters used to act as commission
agents in local mandis.

Recent Result

As per its provisional financials for 2014-15, KSPL recorded a net
profit of INR0.13 crore on an operating income of INR35.54 crore
against a net profit of INR0.29 crore on an operating income of
INR20.83 crore in the previous year.


KHIMJI VISRAM: ICRA Suspends 'B' Rating on INR15cr FB Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR15.00 Crore
fund based limits of Khimji Visram & Sons (Gujarat) Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KIZHAKKEBHAGATHU RICE: CRISIL Rates INR60MM Cash Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities Kizhakkebhagathu Rice Mills (KRM).

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

The rating reflects KRM's modest scale of operations in the
intensely competitive rice milling industry, and the
susceptibility of the firm's operating profitability to changes in
government regulations and to volatility in raw material prices.
The rating also factors in the firm's weak financial risk profile,
especially debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of KRM's promoters in
the rice industry, and the firm's established relationships with
customers and suppliers.
Outlook: Stable

CRISIL believes that KRM will maintain a stable business risk
profile over the medium term on the back of the promoter's
extensive experience in the rice milling industry. The outlook may
be revised to 'Positive' if substantial increase in revenue and
profitability, or significant infusion of capital strengthens the
firm's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if any large debt-funded capital expenditure
or withdrawal of capital weakens the financial risk profile.
Set up in 1997, KRM mills and processes paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 5 tonnes per hour (tph). Its rice mill is located at
Muvattupuzha, Kerala. Its operations are managed by Mr. Dinu
Kurien.

For 2014-15 (refers to financial year, April 1 to March 31), KRM
had a provisional profit after tax (PAT) of INR2.44 million on net
sales of INR288.18 million, against a PAT of INR2.11 million on
net sales of INR262.96 million for 2013-14.


KRISHNA GLOBAL: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Krishna Global
Industries (KGI) continues to reflect KGI's modest scale of
operations in a highly competitive industry and susceptibility of
its operating margin to volatility in raw material prices.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           52.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    28.0       CRISIL B+/Stable (Reaffirmed)

   Term Loan             49.5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk profile,
marked by high gearing and below-average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of KGI's promoters in the mustard oil industry.
Outlook: Stable

CRISIL believes that KGI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals or if its capital structure improves.
Conversely, the outlook may be revised to 'Negative' in case of
low accruals due to reduced order flow or profitability, or
deterioration on KGI's financial risk profile, most likely because
of a stretch in its working capital cycle or substantial debt-
funded capital expenditure.

Update
KGI is likely to report sales of INR260 million for 2014-15
(refers to financial year, April 1 to March 31), down 10 per cent
year-on-year on account of low demand. Its operating margin
remained stable, at around 6 per cent, in 2014-15.

The firm's net worth remains small, estimated around INR477
million as on March 31, 2015; consequently, its gearing remains
high, estimated at 2.2 times, as on that date. The firm's debt
protection matrices remain moderate, with net cash accruals to
total debt ratio estimated at 0.10 times in 2014-15. KGI's
liquidity remains moderate, aided by moderate cash accruals, while
its financial flexibility is supported by capital infusions and
unsecured loans from promoters.

Set up in 2011, KGI is promoted by Radhanpur (Gujarat)-based
Maheshwari Family. The firm processes mustard oil and manufactures
mustard oil cake from mustard seeds. It has processing capacity of
30,000 tonnes per annum.


LAKHANI FOOTWEAR: CRISIL Reaffirms 'D' Rating on INR593.1MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Footwear Pvt
Ltd (LFPL; part of the Lakhani group) continue to reflect
instances of delay by the Lakhani group in meeting its debt
obligations. The delays were on account of the group's weak
liquidity mainly driven by highly working-capital-intensive
operations, which led to continuous high bank limit utilisation.

However, the Lakhani group benefits from the extensive experience
of its promoters in the footwear industry and the group's
established brands.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Purchase-Disc.   150        CRISIL D (Reaffirmed)
   Facility

   Cash Credit           593.1      CRISIL D (Reaffirmed)

   Letter of Credit      270.0      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     49.5      CRISIL D (Reaffirmed)

   Term Loan             118.6      CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group -
LFPL, Lakhani Armaan Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani
Rubber Works. This is because all these entities, together
referred to as the Lakhani group, have the same promoters and
senior management; moreover, they have common procurement,
marketing, and finance functions, and are in similar lines of
business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
During the period between 2006 and 2008, there was a family split
in the Lakhani group, with Mr. K C Lakhani and his younger
brother, Mr. P D Lakhani, reorganising the business and its
assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad (Haryana), two units in Haridwar (Uttarakhand), and one
unit each in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LAKHANI RUBBER: CRISIL Reaffirms 'D' Rating on INR159.8MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Rubber Products
Pvt Ltd (LRPPL; part of the Lakhani group) continue to reflect
instances of delay by the Lakhani group in meeting its debt
obligations.

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

   Bill Purchase-Disc.
   Facility               75        CRISIL D (Reaffirmed)

   Cash Credit            85        CRISIL D (Reaffirmed)

   Letter of Credit      100        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    159.8      CRISIL D (Reaffirmed)

   Term Loan              22.2      CRISIL D (Reaffirmed)

The delays were on account of the group's weak liquidity mainly
driven by highly working-capital-intensive operations, which led
to continuous high bank limit utilisation.

However, the Lakhani group benefits from the extensive experience
of its promoters in the footwear industry and the group's
established brands.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group -
LRPPL, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd,
Lakhani Armaan Shoes Pvt Ltd, Mascot Footcare, and Lakhani Rubber
Works. This is because all these entities, together referred to as
the Lakhani group, have the same promoters and senior management;
moreover, they have common procurement, marketing, and finance
functions, and are in similar lines of business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
During the period between 2006 and 2008, there was a family split
in the Lakhani group, with Mr. K C Lakhani and his younger
brother, Mr. P D Lakhani, reorganising the business and its
assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad (Haryana), two units in Haridwar (Uttarakhand), and one
unit each in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LAKHANI RUBBER WORKS: CRISIL Reaffirms D Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Rubber Works
(LRW; part of the Lakhani group) continue to reflect instances of
delay by the company in meeting its debt obligations on account of
the company's weak liquidity; mainly because of highly working
capital intensive operations leading to continuous high bank limit
utilization. However, the group benefits from the experience of
its promoters and its established brands.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL D (Reaffirmed)
   Bill Purchase-Disc.
   Facility               60        CRISIL D (Reaffirmed)
   Cash Credit            85        CRISIL D (Reaffirmed)
   Letter of Credit      100        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      52.8     CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group -
LRW, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd,
Lakhani Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani
Armaan Shoes Private Limited. This is because all these entities
have the same promoters and senior management; common procurement,
marketing and finance functions, and are in the similar line of
businesses.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, the group has expanded its footwear
business and established the Lakhani brand in the footwear market
in India. During the period between 2006 and 2008, there was a
family split in the Lakhani group, with Mr. K C Lakhani and his
younger brother, Mr. P D Lakhani, re-organising the business and
its assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad, two units in Haridwar (Uttarakhand), and one unit each
in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LEKH RAJ: CRISIL Reaffirms B+ Rating on INR680MM Packing Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lekh Raj Narinder Kumar
(LNK; part of the LNK group) continue to reflect the LNK group's
weak financial risk profile marked by high gearing driven by large
debt-funded capital expenditure.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility               439.9     CRISIL B+/Stable (Reaffirmed)
   Packing Credit         680       CRISIL B+/Stable (Reaffirmed)
   Post Shipment Credit   300       CRISIL A4 (Reaffirmed)

The ratings also factor in the group's stretched liquidity on
account of large working capital requirements and low
profitability. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in, and the healthy
growth prospects for, the basmati rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LNK and LR International (LRI). This is
because the two firms, together referred to as LNK group, are
under a common management and LRI rents machinery to LNK.
Outlook: Stable

CRISIL believes that the LNK group will continue to benefit over
the medium term from its promoters' industry experience. CRISIL
also believes that the group's financial risk profile will remain
constrained by its weak capital structure and large working
capital requirements over the period. The outlook may be revised
to 'Positive' if the LNK group registers significant improvement
in its capital structure, most likely driven by fresh equity
infusion by its promoters or improved profitability. Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile deteriorates, most likely because of a decline in its
operating margin, continuous capital withdrawal, or deterioration
in its liquidity as a result of lengthening of its working capital
cycle.

LNK mills, sorts, and grades basmati rice. The firm's processing
unit in Kaithal (Haryana) has capacity of 15 tonnes per hour. LNK
exports around 90 per cent of its produce and sells the rest in
the domestic market. In India, the firm sells rice under the JB
brand.


MANJEERA RETAIL: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Manjeera Retail
Holdings Private Limited's (MRHPL) Long-Term Issuer Rating of 'IND
B(suspended)'. The agency has also withdrawn MRHPL's INR2,500m
long-term loans' 'IND B(suspended)' rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of MRHPL.

Ind-Ra suspended MRHPL ratings on September 19, 2013.


MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Mascot FootCare
(Mascot; part of the Lakhani group) continue to reflect instances
of delay by the Lakhani group in meeting its debt obligations. The
delays were on account of the group's weak liquidity mainly driven
by highly working-capital-intensive operations, which led to
continuous high bank limit utilisation.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL D (Reaffirmed)
   Bill Purchase-Disc.
   Facility              100        CRISIL D (Reaffirmed)
   Cash Credit            85        CRISIL D (Reaffirmed)
   Letter of Credit       75        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     83.6      CRISIL D (Reaffirmed)

However, the Lakhani group benefits from the extensive experience
of its promoters in the footwear industry and the group's
established brands.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of six entities of the Lakhani group -
Mascot, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Rubber Products Pvt Ltd, Lakhani Armaan Shoes Pvt
Ltd, and Lakhani Rubber Works. This is because all these entities,
together referred to as the Lakhani group, have the same promoters
and senior management; moreover, they have common procurement,
marketing, and finance functions, and are in similar lines of
business.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, it has expanded its footwear business and
established the Lakhani brand in the footwear market in India.
During the period between 2006 and 2008, there was a family split
in the Lakhani group, with Mr. K C Lakhani and his younger
brother, Mr. P D Lakhani, reorganising the business and its
assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad (Haryana), two units in Haridwar (Uttarakhand), and one
unit each in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


MAWMLUH CHERRA: Ind-Ra Withdraws 'IND C' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mawmluh Cherra
Cements Limited's (MCCL) 'IND C(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn MCCL's INR509.6m long-term
debt's 'IND BBB+(SO)(suspended)' rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MCCL.

Ind-Ra suspended MCCL's ratings on October 31, 2014.


MS PANESAR: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MS Panesar &
Sons' (MSPS) 'IND BB-(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn MSPS' INR25m fund-based facilities' 'IND
BB-(suspended)' rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MSPS.

Ind-Ra suspended MSPS' ratings on September 8, 2014.


NAMBIAR BUILDERS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nambiar Builders
Private Limited's (NBPL) 'IND BB-' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. This rating will now
appear as 'IND BB-(suspended)' on the agency's website. The agency
has also migrated NBPL's INR450m long-term loans to 'IND BB-
(suspended)' from 'IND BB-'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for NBPL.

The ratings 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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


OSWAL SPINNING: CARE Assigns 'C' Rating to INR18.60cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Oswal Spinning Andweaving Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.60      CARE C Assigned
   Short term Bank Facilities     0.88      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of the company are
constrained by its weak financial risk profile, susceptibility
of profitability margins to changes in raw material prices,
working capital intensive nature of operations, highly competitive
nature of the industry and past history of debt restructuring. The
ratings, however, derive strength from past experience of the
promoters, established track record of operations and established
supplier and dealer network. The ability of the company to
profitably scale up its operations, with improvement in
profitability margins and management of working capital will
remain the key rating sensitivities.

Oswal Spinning and Weaving Mills Ltd. (OSWML) is a public limited
company incorporated under the provisions of the Companies Act in
1955. The Company was promoted by late Mr Lachhman Dass Oswal and
at present the controlling interest vests with his son Mr R P
Oswal and grandson Mr A K Oswal and their associates. Initially,
OSWML had four manufacturing units i e vanaspati ghee, solvent
extractions, G.I. pipe units and a cotton spinning unit. Due to
the nonviability, operations of vanaspati ghee, G.I. Pipe units
and solvent extractions, were discontinued during the year
1996-97, 1997-98 and 2000-01 respectively. The operations of the
textile division started in 1955, but due to various reasons, the
same was discontinued in 1972. However, during FY1994 (refers to
the period April 1 to March 31), the company revived its textile
division operations. Currently, OSWML has an Export Oriented
Cotton Spinning Unit in Ludhiana (Punjab), manufacturing 100% Grey
Cotton Yarn, in the count range of NE 20 to NE 40. The unit was
set up in 1993-94 with a capacity of 18,144 Spindles and its
capacity was increased to 26,208 Spindles in 1997-98. The debt of
the Company was restructured under Corporate Debt Restructuring
(CDR) mechanism in FY03. However, due to liquidity problems, the
debt of the company was again restructured in FY07.

OSWML registered a total operating income of INR136.98 crore
during FY14 with PAT of INR0.37 crore as against a total
operating income of INR152.75 crore with PAT of INR7 crore in
FY13. As of 9MFY15 (provisional), OSWML registered a total
operating income of INR66.54 crore with net losses of INR6.81
crore.


PARAMOUNT FORGE: CRISIL Reaffirms B+ Rating on INR217.8MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramount Forge (PF)
continue to reflect PF's weak liquidity driven by large working
capital requirements and limited bargaining power with its
customers. These rating weaknesses are partially offset by PF's
moderate financial risk profile, marked by its moderate gearing
and debt protection metrics, and its promoters' extensive industry
experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4 (Reaffirmed)

   Cash Credit            95        CRISIL B+/Stable (Reaffirmed)

   Foreign Currency
   Term Loan              45.7      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    217.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PF will continue to benefit over the medium
term from its promoters' extensive industry experience and their
established relationship with customers. The outlook may be
revised to 'Stable' in case of significant improvement in its
scale of operations or profitability, or improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of deterioration in company's financial risk
profile, most-likely because of decline in its revenues or
profitability, or elongation in its working capital cycle, or
larger-than- expected debt-funded capital expenditure plans, thus
impinging its liquidity.

PF was established in 1996 as a partnership firm by the members of
Hararwala and Bhagat family. The firm is engaged in manufacturing
and exports of carbon steel, stainless steel, and alloy steel
forged flanges used in pipe fittings catering to the oil and gas
and petrochemicals industry.


PASHUPATI TRADERS: CRISIL Suspends B+ Rating on INR66.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Pashupati Traders (PT).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               57.4       CRISIL B+/Stable
   Long Term Bank Facility   26.3       CRISIL B+/Stable
   Proposed Long Term Bank
   Loan Facility             66.3       CRISIL B+/Stable

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

PT is an authorised dealer for GMIPL's Chevrolet range of
passenger vehicles and spare parts in Dibrugarh and Shivsagar, in
Assam. PT recently obtained the dealership of Ashok Leyland
Limited (AL) for the sale of its light commercial vehicles and
spares in Dibrugarh, Tinsukia, Jorhat and Shivsagar (in Assam).


PATO BUILDERS: CRISIL Suspends 'D' Rating on INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pato Builders Ltd (PBL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL D
   Cash Credit            70        CRISIL D
   Term Loan              20        CRISIL D

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

PBL was set up in 1997 by Mr. Mukesh Kumar and his family members.
It undertakes construction work for various projects funded by
government entities. The projects primarily include construction
of commercial buildings on a contract basis.


PCK COTTON: CRISIL Reaffirms B+ Rating on INR95MM Packing Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of PCK Cotton Pvt Ltd
(PCK) continue to reflect the company's average financial risk
profile, marked by a weak capital structure and subdued debt
protection metrics.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         1       CRISIL A4 (Reaffirmed)
   Cash Credit           85       CRISIL B+/Stable (Reaffirmed)
   Packing Credit        95       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    18.2     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in PCK's modest scale of operations and
the susceptibility of its margins to volatility in cotton prices.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters in the cotton industry and
the company's efficient working capital management.
Outlook: Stable

CRISIL believes that PCK will continue to benefit over the medium
term from its extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case PCK reports
substantial improvement in its cash accruals, driven by ramp-up in
its scale of operations and profitability, or equity infusion,
thus correcting its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in its financial
risk profile, most-likely because of decline in revenues and
profitability, or elongation in working capital cycle, impinging
its liquidity.

PCK, incorporated in 1998 and promoted by Mr. Chetan Mehta,
commenced operations in 2004 at Jalgaon (Maharashtra). The company
undertakes cotton ginning and pressing activities.


PRINT SOLUTIONS: CRISIL Suspends 'D' Rating on INR110MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Print
Solutions Private Limited (PSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             110        CRISIL D

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

PSPL incorporated in 2006, has a presence in the printing and
publishing business, in addition to conducting real estate
activities. The company belongs to the Chhabra group, and is
promoted by Mr. Gurjeet Singh Chhabra. The company is constructing
a hotel in Indore which is to be leased out.


REVATHI MODERN: ICRA Assigns B+ Rating to INR9.0cr LT Loan
----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR0.43
crore term loans, INR9.00 crore fund based facilities and INR0.57
crore proposed fund based facilities of Revathi Modern Rice Mill.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Term Loans    0.43       [ICRA]B+/Assigned
   Long-term fund based
   facilities              9.00       [ICRA]B+/Assigned
   Long-term proposed
   fund based facilities   0.57       [ICRA]B+/Assigned

The assigned rating considers the intense competition in the rice
mill industry, and limited scope for value addition, which
restricts the operating margins. The ratings are also constrained
by the high working capital requirements necessitated by the
seasonality in availability of paddy and due to time required for
ageing of rice. Further, non-basmati rice milling industry is
highly regulated, with government intervention through procurement
of paddy, minimum support price for paddy and levy on the rice
mills. The rating, however, derives comfort from the promoter's
experience in the milling business and their long term association
with its major customers, which support volume levels.

Established in the year 1990 as Manikandan Rice Mill was later
renamed as Revathi Modern Rice Mill in the year 1997.The firm is a
single unit rice mill in Salem, Tamilnadu with a boiler capacity
of 410 tonnes/hour. RMRM is a modern rice mill with continuously
linked operations for paddy soaking, boiling, milling, cleaning,
de-stoning, polishing and grading rice. The major variety of rice
dealt by the firm is White Ponni, Karnataka Sona, BPT Rice and
Delux ABT 43. The single boiled rice produced by the firm is sold
entirely in Tamilnadu and its main customers are super markets
located in Erode, Coimbatore, Salem, Karur, Dharmapuri and Trichy.
RMRM sells rice under various brand names - Revathi Mallikai,
Kumuthamallii, Amudammalli, Mallikai Brand and Mahaganapathy.

Recent Results
As per provisional and unaudited results for the year 2014-15, the
firm reported a net profit of INR0.3 crore on an operating income
of INR46.6 crore; as against this the firm reported a net profit
of INR0.3 crore on an operating income of INR38.5 crore in the
previous year 2013-14.


SHEETAL PHARMA: CRISIL Suspends 'D' Rating on INR105MM LOC
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sheetal
Pharma (Sheetal Pharma).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            95        CRISIL D
   Letter of Credit      105        CRISIL D

The suspension of ratings is on account of non-cooperation by
Sheetal Pharma with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Sheetal
Pharma is yet to provide adequate information to enable CRISIL to
assess Sheetal Pharma 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 1984, Sheetal Pharma trades in APIs and animal-feed
supplements. It was reconstituted as a partnership firm in 2002
after Mr. Nailesh K Shah, brother of Mr. Kalpesh K Shah, became a
partner in the firm. The firm has a warehouse in Bhiwandi
(Maharashtra).


SHREE GANESH: CRISIL Assigns B- Rating to INR1.87BB Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shree Ganesh Metaliks Ltd (SGML).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            1,875       CRISIL B-/Stable
   Cash Credit            660       CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee         115       CRISIL A4

The ratings reflect SGML's weak liquidity, marked by cash accruals
that are expected to be just about adequate to service the
maturing debt in 2015-16 (refers to financial year, April 1 to
March 31). The ratings also factors in the company's weak
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the promoters in the steel industry
and the company's moderate scale of operations in the intensely
competitive mild steel ingots industry.
Outlook: Stable

CRISIL believes that SGML will continue to benefit over the medium
term from the promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if strong cash
accruals and efficient working capital management enhance the
company's liquidity. Conversely, the outlook may be revised to
'Negative' if low cash accruals, stretch in working capital
management or any large debt-funded capital expenditure weakens
the liquidity.

Incorporated in 2003, SGML manufactures sponge iron and billets.
The company has its manufacturing facility at Sundergarh District,
Orissa, with sponge iron and billet capacities of about 400 and 30
tonnes per day respectively.

SGML has commissioned an 18-megawatt (MW) waste heat recovery-
based power plant, a 14 MW fluidized bed combustion-based power
plant, and an induction furnace and coal washery with capacities
of 300 and 150 tonnes per day, respectively.


SHREE GOVARDHAN: CRISIL Suspends B Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Govardhan Sugar Industries (Shree Govardhan).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable
   Funded Interest
   Term Loan               1.8      CRISIL B/Stable
   Rupee Term Loan        24.3      CRISIL B/Stable
   Working Capital
   Term Loan               6.0      CRISIL B/Stable

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

Shree Govardhan was established in 1997. It is engaged in
production of sugar, molasses, bagasse and pressmud. The firm has
a manufacturing unit based at Kukarmunda in Gujarat with capacity
of 800 tonnes of sugar per day. The current partners in Shree
Govardhan are Mr. Sadanand Pruthviraj Raghuvanshi, Mr. Devendra
Pruthviraj Raghuvanshi, Mr. Nikhil Pruthviraj Raghuvanshi, Mr.
Pushpendra Raghuvanshi, and Mrs. Bharti Raghuvanshi.


SHREE SACHIDANAND: CRISIL Suspends B- Rating on INR82MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Sachidanand Industries Pvt Ltd (SSIPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            38        CRISIL B-/Stable
   Term Loan              82        CRISIL B-/Stable

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

SSIPL was set up by the Jajoo family of Surat (Gujarat) in 2009.
The company undertakes fabric dyeing and printing on job-work
basis.


SHREE TRIBHUVAN: CRISIL Suspends B+ Rating on INR87.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shree
Tribhuvan Ispat Private Limited (STIPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           87.5       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by STIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STIPL is yet to
provide adequate information to enable CRISIL to assess STIPL'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 2005, STIPL manufactures mild steel ingots.
STIPL's manufacturing facilities are located in Bazpur,
Uttarakhand and the company is promoted by Mr. Vibhor Mittal and
Mr. Anand Agarwal and their family.


SHREE VENKATESHWARA: CRISIL Suspends 'D' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Venkateshwara Sponge and Power Private Limited (SVSPPL; part of
the Venkateshwara group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting       50        CRISIL D
   Cash Credit           100        CRISIL D
   Letter of Credit       50        CRISIL D
   Proposed Long Term
   Bank Loan Facility     68        CRISIL D
   Term Loan              85        CRISIL D

The suspension of ratings is on account of non-cooperation by
SVSPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVSPPL is yet to
provide adequate information to enable CRISIL to assess SVSPPL'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 SVSPPL and Tapal Steel Pvt Ltd (TSPL).
This is because the two companies, together referred to as the
Venkateshwara group, have operational and financial linkages (fund
transactions) with each other.

Promoted by Mr. Bhavani Prasad in 2005, the Venkateshwara group
manufactures sponge iron and steel ingots. TSPL manufactures steel
ingots and thermo-mechanically treated (TMT) bars whereas SVSPPL
manufactures sponge iron.


SHRI RAMSWAROOP: Ind-Ra Suspends Long-term 'IND B+' Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) migrated the Long-term 'IND
B+' rating on Shri Ramswaroop Memorial Charitable Trust's (SRMCT)
INR690 million term loans and INR120m working capital loans to
'IND B+(suspended)'.

The rating has been suspended due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
SRMCT.

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.


SINGH CONSTRUCTION: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Singh
Construction Company's (SCC) 'IND BB-(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn SCC's INR25m fund-based
facilities' 'IND BB-(suspended)' rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SCC.

Ind-Ra suspended SCC's ratings on September 8, 2014.


SOBHAGIA SALES: CRISIL Suspends B- Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sobhagia Sales Private Limited (SSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B-/Stable
   Letter of Credit       40        CRISIL A4
   Term Loan              40        CRISIL B-/Stable

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

SSPL was established in 1993 by Mr. Raj Awasthy. The company
manufactures ready-made garments for men, women, and kids at its
unit in Ludhiana (Punjab). It sells its products through its
exclusive showrooms, and franchisees of its associate company,
Classic Wears Pvt Ltd, in Punjab and New Delhi. SSPL's products
are sold under its brands, Sportking and Mentor.


SOUTHERN CARGO: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Southern Cargo
Carriers (India)'s (SCC) 'IND BB+' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.  This agency has also
migrated SCC's INR140m fund-based working capital limits to 'IND
BB+(suspended)' and 'IND A4+(suspended)' from 'IND BB+' and 'IND
A4+'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SCC.

The ratings 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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


STABLE PACKAGING: CRISIL Suspends B+ Rating on INR25MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Stable
Packaging Pvt Ltd (SPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Buyer Credit Limit     25        CRISIL B+/Stable
   Cash Credit            25        CRISIL B+/Stable
   Letter of Credit       10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      6.7      CRISIL B+/Stable
   Term Loan               3.3      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPPL is yet to
provide adequate information to enable CRISIL to assess SPPL'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 2009, Stable Packaging Pvt Ltd (SPPL) is engaged
in manufacturing of Garbage Bags, Carry Bags, Linners, Corrugated
Boxes, Mono Cartons and Pizza Boxes which are used for packaging
in various industries like Food Packaging, Meat exports, medical,
automobiles, Textiles and others. The company has its
manufacturing unit at Noida, Uttar Pradesh. The company is
promoted by Mr. Sushil Kant Gupta.


SULAKSHANA AGENCIES: CRISIL Suspends B Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sulakshana
Agencies (SA).

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

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

SA was originally established as a proprietorship firm in 1994 by
Mr. Sridhar Kamath; it was reconstituted as a partnership firm in
2010. SA, based in Mangalore (Karnataka), is currently engaged in
distribution of the Samsung brand of consumer durables over three
districts of Karnataka' Dakshina Kannada, Udupi, and North Kanara.


SUNNY DIAMONDS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunny Diamonds (SD; part of the Sunny group).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                70        CRISIL B+/Stable
   Long Term Loan             50        CRISIL B+/Stable
   Standby Line of Credit     10        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SD is yet to
provide adequate information to enable CRISIL to assess SD'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 its rating, CRISIL has combined the business and
financial risk profiles of SD and Sunny Diamonds Pvt Ltd (SDPL).
This is because the two entities, together referred to as the
Sunny group, operate in the same line of business and have
significant operational and financial linkages between them.

The Sunny group derives its revenue from retailing in diamond
jewellery in Kerala. SDPL, incorporated in 2008, operates two
showrooms in Trivandrum and Calicut (both in Kerala).

SD, set up in 2005, operates one showroom in Ernakulam (Kerala).
The Sunny group is promoted by Mr. P P Sunny and his family
members.


SUNNY DIAMONDS PRIVATE: CRISIL Suspends B+ Cash Loan Rating
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sunny Diamonds Private Limited (SDPL; part of the Sunny group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable
   Long Term Loan          4        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      6        CRISIL B+/Stable
   Working Capital
   Term Loan              20        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SDPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SDPL is yet to
provide adequate information to enable CRISIL to assess SDPL'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 its rating, CRISIL has combined the business and
financial risk profiles of SDPL and Sunny Diamonds (SD). This is
because the two entities, together referred to as the Sunny group,
operate in the same line of business and have significant
operational and financial linkages between them.

The Sunny group derives its revenue from retailing in diamond
jewellery in Kerala. SDPL, incorporated in 2008, operates two
showrooms in Trivandrum and Calicut (both in Kerala).

SD, set up in 2005, operates one showroom in Ernakulam (Kerala).
The Sunny group is promoted by Mr. P P Sunny and his family
members.


SWAMI VIVEKANANDA: CRISIL Suspends 'D' Rating on INR350MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Swami
Vivekananda Educational and Charitable Trust (SVECT).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              350       CRISIL D

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

SVECT, established in 2008, operates a management and engineering
institute (Gurukul Institute of Management and Technology), an
engineering institute (Gurukul Vidyapeeth Institute of Engineering
and Technology), and a management institute (Centre for Management
Studies). In 2010, SVECT set up a school (Gurukul Vidyapeeth
Senior Secondary School). All these institutes are located on a
10-acre campus in Mohali (Punjab), and have total intake capacity
of around 1200 students. These institutes are affiliated to the
Punjab Technical University.


TIRUPATI AGENCIES: CRISIL Assigns B- Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities Tirupati Agencies Pvt Ltd (TAPL) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities of
TAPL.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         6         CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit           70         CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated April 16, 2013 , since TAPL had not provided
necessary information required for a rating review. TAPL has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

The ratings reflect TAPL's small scale of operations and large
working capital requirements leading to stretched liquidity. These
rating weaknesses are partially offset by the extensive experience
of TAPL's promoters in the roller bearing trading business.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR55 million from TAPL's promoters, friends, relatives, and group
concerns as neither debt nor equity as the management is willing
to provide an undertaking that the loans will remain in the
business for more than three years.
Outlook: Stable

CRISIL believes that TAPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established regional presence. Its liquidity and financial
flexibility, though, are expected to remain constrained over this
period by its highly working-capital-intensive operations. The
outlook may be revised to 'Positive' if TAPL reports substantial
increase in accruals or considerably improves its working capital
management, or if its promoters infuse substantial capital leading
to improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of low cash accruals, or deterioration of working capital
management, or any large debt-funded capital expenditure,
resulting in deterioration in TAPL's financial risk profile,
especially its liquidity.

TAPL, incorporated in 1981, trades in roller ball bearings of odd
sizes. The company currently has four warehouses, one in Kolkata
and the others in Mumbai.


TRAVANCORE COCHIN: ICRA Reaffirms B Rating on INR20cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to INR20.0 crore long term
fund based facilities of The Travancore Cochin Chemicals Limited
and the [ICRA]A4 rating to INR9.0 crore short term non fund based
facilities and to the INR1.0 crore short term fund based
facilities of TCC.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, fund
   based limits            20.0         [ICRA]B reaffirmed

   Short-term, fund
   based limits             1.0         [ICRA]A4 reaffirmed

   Short-term, non-
   fund based limits        9.0         [ICRA]A4 reaffirmed

The reaffirmation of the ratings reflects the company's continuing
adverse financial position with stressed cash flows leading to
weak profitability, low net worth and adverse liquidity
conditions. Further, the company has significant contingent
liabilities, mostly arising from disputed power charges payable to
KSEB. The profitability of the company's operations continue to
remain constrained by the high cost structure in chlor-alkali
operations of the company due to lack of access to cost effective
power, the inherent cyclicality in the chlor-alkali industry, the
disadvantage of TCCL's location with respect to availability of
key raw materials, and the vulnerability of profitability to
import duty levels & exchange fluctuations. However, ICRA has
taken into account the recent process changes undertaken by the
company to reduce its power requirements which are expected to
improve the cost structure of the company and to lead to an
improvement in the profitability going forward. The ratings also
favorably factor the company's established track record in the
chlor-alkali business in Kerala as the sole caustic soda
manufacturer with a reputed customer profile and implicit
financial support from GoKL, arising from its status as a state-
level Public Sector Undertaking.

The Travancore Cochin Chemicals Ltd (TCC) is a state-level public
sector undertaking owned by Government of Kerala (GoKL) and its
entities situated at Udyogamandal, Cochin. The company was
originally started as Travancore & Mettur Chemical Co (TMCC) in
1949 as a partnership between FACT Limited and Mettur Chemical &
Industrial Corporation Limited. In 1960, the Government of Kerala
(GoKL) acquired TMCC and it was renamed The Travancore Cochin
Chemicals Limited. TCC manufactures basic industrial chemicals
viz., Caustic Soda and Chlorine products. The current licensed
capacity of TCC is 175 tpd (tons per day) of caustic soda.

For FY 2015, the company reported a turnover and PAT of INR155.7
crore and INR0.5 crore as per provisional financials shared by the
client.


TRINITY INFRAPARK: Ind-Ra Affirms IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Trinity Infrapark
LLP's (TILLP) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. The agency has also affirmed the company's INR204.5m fund-
based limit at Long-Term 'IND BB' with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects TILLP's continued high risk of timely
completion of its project which has been delayed. However, this
has not caused any implications on its cash flow because the
entity had delayed its borrowings plans. The affirmation also
reflects liquidity risks due to the slowdown in the sale of new
space as 38.25% funding of project depends on customer advances.

The ratings are supported by the significant experience of all
three partners P S Group Realty Limited, Srijan Realty Pvt Ltd and
Signum group in the execution of several residential projects
jointly in Kolkata. The ratings are also supported by around 35.8%
sale of the total area by mid- June 2015 and the corporate
guarantee extended by all the partners jointly for the bank debt
of TILLP.

RATING SENSITIVITIES

Negative: Future developments that could stress timely debt
servicing and lead to a negative rating action include:

-- time and cost overruns
-- additional debt to fund new projects
-- any event resulting in a substantial slowdown in sales

Positive: Substantial sale of residential units resulting in
visibility of cash flow could lead to a positive rating action.

COMPANY PROFILE

TILLP was originally formed in the name of M/s Trinity Park as a
partnership firm in 2010. In September 2012, the partnership firm
was converted into a limited liability partnership. The firm
comprises three partners, which are the group companies of three
real estate groups Kolkata PS Group, Srijan Group and Heritage
Group on equal partnership basis.

TILLP is executing a residential project in Kolkata having a
saleable area of 184,755 sq ft (108 flats and 72 servant quarters)
and 131 car parks. Of the total constructed area, 9% (16,574 sq ft
and 12 car parkings) will be given to the land owner as
consideration for land and balance will be available to TILLP for
sale.

The total project cost is estimated at INR721.8 million and is
being funded by debt of INR204.5 million, founder's contribution
of INR204.5 million and advances of INR276.1 million from the sale
proceeds.


VAMSI LABS: ICRA Reaffirms 'B+' Rating on INR4.0cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR1.33
crore (reduced from INR7.10 crore) term loan, INR4.00 crore cash
credit and INR3.62 crore (enhanced from nil) unallocated amount of
Vamsi Labs Limited. ICRA has also reaffirmed the short term rating
of [ICRA]A4 for INR2.25 crore (enhanced from INR0.10 crore) short
term non-fund based facility of VLL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund Based
   Term Loan               1.33         [ICRA]B+ Reaffirmed

   Long Term, Fund Based
   Cash Credit             4.00         [ICRA]B+ Reaffirmed

   Long Term Unallocated   3.62         [ICRA]B+ Reaffirmed

   Short Term, Non-Fund
   Based                   2.25         [ICRA]A4 Reaffirmed

The reaffirmation of ratings takes into consideration long
standing experience of the promoters in the pharmaceutical
industry along with established relations with key pharmaceutical
players in the domestic market and company being the key supplier
for some of the anti asthma intermediates catering to both
domestic as well as exports market. The share of exports revenue
for the company has been increasing over the years with focus on
high margin products and VLL has healthy product pipeline targeted
mainly towards exports market. ICRA also takes into account
improved capital structure and coverage indicators with repayment
of term loans followed by settlement of the insurance claim
against the fire accident.

The ratings, however, remain constrained by small scale of
operations concentrated towards anti asthma therapy due to
presence in the niche active pharmaceutical ingredient (API)
segment and currently the presence in regulated markets remains
minimal. The operating margins of the company had moderated in
last fiscal due to increased raw material prices and change in the
product mix. The company's growth prospects are constrained by its
limited balance sheet size in capex driven pharmaceutical API
industry though the plans for setting up a new facility with focus
on high margin products and exports market would enable the
company to scale up its operations in medium to long term. ICRA
also factors in stringent regulatory norms prevailing in the
pharmaceutical industry in both domestic as well as exports
market. Going forward, scaling up operations and maintaining
adequate operating margins will remain key rating sensitivities.

VLL, based out of Solapur Maharashtra, is engaged in manufacturing
APIs and intermediates for therapeutic segments like Anti-
asthmatic, Antiemetic, Antidiarhoeal, Antipsychotic and
Piperidine/ Piperidone derivatives. The company was promoted by
Mr. M Kesava Reddy and his co-brother Mr. G Pratap Reddy in 1991.

Recent Results
VLL reported OPBDIT of INR5.00 crore in FY15 on an operating
income of INR33.62 crore. The company had reported PAT of INR2.31
crore during the same period (provisional and unaudited
financial).


VARDAAN EXPORTS: CRISIL Suspends 'B' Rating on INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Vardaan
Exports (VE).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            150       CRISIL B/Stable

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

Vardaan Exports (VE) is based in Kaithal (Haryana). The firm was
founded by Mr. J B Bansal and Mrs. Poonam Garg in April 2009. VE
is engaged in milling, processing, and selling parmal and basmati
rice in the export and domestic markets. The firm has a rice
milling capacity of 5 tons per hour (tph). It has a plant in
Kaithal. Mr. J B Bansal and Mr. Sushil Garg (Mrs. Poonam Garg's
husband) oversee VE's day-to-day operations.


WALLCERA TILES: CRISIL Reaffirms B+ Rating on INR71.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Wallcera Tiles Pvt Ltd
(WTPL) continue to reflect WTPL's modest scale of operations in
the highly competitive ceramic tiles industry and company's large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of WTPL's
promoters, and the proximity of its manufacturing facilities to
sources of raw material and labour.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       12.5        CRISIL A4 (Reaffirmed)
   Cash Credit          40          CRISIL B+/Stable (Reaffirmed)
   Term Loan            71.5        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that WTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if WTPL improves its
operating profitability, while scaling its revenues, leading to
larger than expected cash accruals, or if it improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile of the company, including
its liquidity, deteriorates on the back of it continuing to incur
operating losses or due to elongation of working capital cycle or
due to any debt-funded capex.

Update
WTPL commenced commercial operations in September 2014, and
recorded revenue of around INR81 million in 2014-15 (refers to
financial year, April 1 to March 31). The company reported an
operating loss of around 10% in 2014-15 owing to initial teething
problems while commencing production. CRISIL, however, expects the
company to turn profitable at the operating level over the medium
term on the back of stabilization of its capacities.

Treating unsecured loans of INR22.50 million as on March 31, 2015,
as neither debt nor equity (as they are expected to remain in the
business over the medium term), WTPL's adjusted gearing was high
at around 3.77 times as on March 31, 2015, on the back of a modest
net worth and large debt availed for funding its capex. Due to
operating losses, the company had inadequate debt-protection
metrics in 2014-15. CRISIL, however, expects the company to
improve its financial risk profile over the medium term on the
back of it turning profitable at the operating & net level

WTPL's operations are working capital intensive, with gross
current assets (GCAs), estimated at 186 days as on March 31, 2015,
which coupled with negative accruals exerted a stretch on its
liquidity profile. The high GCAs are driven by large inventory
requirements and an extended credit period given to customers.
While, the debt repayments in 2014-15 were being serviced through
the company's cash credit facility, CRISIL expects the company to
generate cash accruals of INR14.70 million in 2015-16 against
repayment obligations of INR12.30 million during the said period.

WTPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Dhaval Padsumbia, Mr. Manish Savsani, and Mr. Divyesh
Patel. The company manufactures wall tiles at its facilities, in
Morbi. It commenced commercial operations in September 2014.



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


SHARP CORP: Re-elects CEO; Approves Second Bank Bailout
-------------------------------------------------------
Reuters reports that Sharp Corp's shareholders re-elected CEO Kozo
Takahashi and approved plans for a second bank bailout on June 23,
backing the electronics company's strategy to survive a deep
downturn in its troubled display business amid fierce competition.

Chief Executive Takahashi was re-elected at the end of the annual
general meeting in Osaka despite disquiet among investors that his
restructuring efforts, including 5,000 job cuts and the sale of
its headquarters, did not go far enough, Reuters relates.

A detailed vote count was not immediately available, but support
is expected to have fallen from 97 per cent a year earlier due to
disappointment over losses, the lack of a dividend and a massive
cut to capital as part of the bailout, Reuters says.

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

As reported in Troubled Company Reporter-Asia Pacific on May 18,
2015, Standard & Poor's Ratings Services said that it has lowered
by two notches to 'CCC-' its long-term corporate credit rating on
Japan-based electronics company Sharp Corp.  S&P kept the rating
on CreditWatch with negative implications.  At the same time,
S&P's 'CCC+' long-term debt rating and its 'C' short-term
corporate credit and commercial paper program ratings remain on
CreditWatch with negative implications.  In addition, S&P lowered
its long-term corporate credit rating on Sharp's overseas
subsidiary Sharp International Finance (U.K.) PLC to 'CCC-' and
kept it on CreditWatch with negative implications. Our 'C' short-
term corporate credit and commercial paper program ratings on
Sharp International Finance remain on CreditWatch with negative
implications.


TAKATA CORP: May Have Put Profits Over Safety, U.S. Senators Say
----------------------------------------------------------------
Associated Press reports that a group of U.S. senators said Takata
Corp. may have placed profit over safety by halting safety audits
of factories.

Democratic members of the Senate Commerce Committee made the
allegation in a report on the Takata air bag crisis, citing
internal company emails showing that the global audits were
stopped for financial reasons from 2009 to 2011, according to the
news agency.

AP notes that inflators in Takata air bags can explode with too
much force, sending metal shrapnel into drivers and passengers.
The problem has caused at least eight deaths and 105 injuries.

"The more evidence we see, the more it paints a troubling picture
of a manufacturer that lacked concern," the report quotes
Sen. Bill Nelson of Florida, the committee's ranking Democrat, as
saying in a statement.

AP relates that the report, released a day ahead of a committee
hearing on Takata air bag problems, said that once a senior vice
president called for the audits to be resumed, a safety director
faulted a factory in Mexico for failing to properly close bags of
ammonium nitrate, the air bag propellant, and for storing
contaminated propellant near good materials.

According to the report, Takata has said that the propellant can
deteriorate when exposed to airborne moisture, causing it to burn
faster than designed. That can blow apart a metal canister
designed to contain an explosion that's supposed to inflate the
air bag.

Takata said it never discontinued factory safety audits and said
the Democratic report took the emails out of context, the report
relays.

AP relates that the company said it never halted what it called
safety audits of product quality and manufacturing processes at
its plants. The audits that were halted dealt with employee
handling of pyrotechnic materials, a Takata statement said. The
company said it now has an independent quality assurance panel
that reviews manufacturing processes, AP says.

AP adds that the Democratic report also found that an unknown
number of Takata air bag inflators made to replace recalled parts
might also be defective. And it accused the government's National
Highway Traffic Safety Administration of failing to promptly
investigate early reports of defective air bags.

In May, Takata bowed to U.S. government pressure and agreed to
double the number of air bag inflators it's recalling to 33.8
million, making it the largest automotive recall in U.S. history,
AP says.

The problem, which has persisted for more than a decade, has
brought congressional hearings and investigations from NHTSA and
the Justice Department.

Vehicles from 11 automakers are affected including BMW, Daimler
Trucks, Fiat Chrysler, Ford, General Motors, Honda, Mazda,
Mitsubishi, Subaru and Toyota, AP notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Names CEO For New Ground Handling Subsidiary
---------------------------------------------------------------
New Sabah Times reports that Malaysia Airlines (MAS) has appointed
Mohd Nadziruddin Mohd Basri as Chief Executive Officer (CEO) of
Malaysia Airlines Bhd's new subsidiary, MAB Ground Handling
Services Sdn Bhd, effective Sept 1, 2015.

"Nadziruddin brings with him over 20 years of experience in
airline operations, investment and finance.

"In his new position, Nadziruddin will focus on enhancing the
efficiency and effectiveness of ground handling services provided
to our new airline's passengers and aircraft, as well as to third
party airlines," MAS CEO Christoph Mueller said in a statement on
June 23, the report relays.

New Sabah Times says Nadziruddin has been in MAS since late 2013
during which held the position of Chief Financial Officer until
his appointment to lead the Restructuring Management Office as
Chief Restructuring Officer in late 2014.

He had earlier served in MAS for six years as General Manager,
Project Management and Assurance (2001-2004) and Senior General
Manager, Airport Operations (2005-2007), the report adds.


                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 3, 2015, Bloomberg News said Malaysia's national airline is
terminating about 6,000 workers and reviewing plane purchases in a
bid to return to profit as Chief Executive Officer Christoph
Mueller declared the company "technically bankrupt."

According to Bloomberg News, Mr. Mueller said Malaysia Airlines
Bhd. is kicking off a corporate revamp with a "hard reset" as it
seeks to cut costs by 20 percent and break even by 2018 after two
air disasters last year. The carrier is retaining at least 14,000
employees for the new company and will refurbish the business-
class section on some planes as part of its turnaround, he said.

Bloomberg said Malaysia Airlines is seeking to reinvent itself
after stiff competition led to years of losses, even before flight
MH370 disappeared in March last year and MH17 was shot down over
Ukraine.  Bloomberg related that Mr. Mueller said the carrier
needs time to turn around with a plan that includes adjusting the
size of operations and renegotiating key contracts.

The old structure, Malaysian Airline System Bhd., will cease
operations in August, and selected assets and liabilities will be
transferred to the new company, Bloomberg noted.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



===============
M O N G O L I A
===============


DEVELOPMENT BANK: S&P Assigns 'B+' LT ICR; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term and 'B' short-term issuer credit ratings to
Development Bank of Mongolia (DBM).  The outlook on the long-term
rating is negative.

"The ratings on DBM reflect our view of an almost certain
likelihood that the Mongolian government would provide timely and
sufficient extraordinary support if the bank faces financial
distress," said Standard & Poor's credit analyst HongTaik Chung.

S&P therefore equalizes the ratings on DBM with the sovereign
credit ratings on Mongolia (B+/Negative/B).  S&P assess DBM's
stand-alone credit profile (SACP) as 'b-'.

In accordance with S&P's criteria for government-related entities,
its assessment of the likelihood of government support to DBM is
based on the bank's "critical" role as the government's sole
policy bank for the economic development of Mongolia.  S&P also
assess the bank's "integral" link with the Mongolian government,
through 100% ownership and ongoing government intervention.  S&P
believes government's full ownership and influence on the bank
will not change over the long term.  The government has also
provided strong support, including equity capital injections and
direct guarantees to DBM's debt.

"We expect DBM to focus on managing risks rather than continuing
significant business expansion as economic growth has been slowing
in Mongolia," said Mr. Chung.

DBM has been growing very fast since its establishment in 2011 and
became the largest bank in terms of assets in Mongolia by the end
of 2014.

S&P's assessment of DBM's capital and earnings primarily reflects
the bank's very weak risk-adjusted capital (RAC) ratio before
diversification and concentration adjustments.  S&P estimates that
the bank's RAC ratio will remain 2.5%-3% in the next 18 months,
compared with about 2.8% at the end of 2014.  S&P's estimate is
based on its expectation that the bank's growth will be
significantly slower for the coming few years although its
profitability will be under pressure owing to high provisioning
costs.

S&P's risk position assessment for DBM primarily reflects the
bank's high credit concentration in a narrow-based economy.  DBM
has a larger corporate loan portfolio than major local peers'.
Its business is concentrated in some riskier industries, including
infrastructure projects.  DBM is also exposed to foreign-currency
and interest rate risks, given its high dependence on foreign-
currency and wholesale funding.

S&P expects the Mongolian government to continue to provide
funding and liquidity support to DBM on an "as-needed" basis.  The
government provides direct loans and guarantees, which account for
about 95% of DBM's total funding at the end of 2014.

The negative outlook on the long-term rating on DBM reflects the
outlook on the sovereign rating on Mongolia.

S&P could downgrade DBM if S&P lowers the sovereign rating.  S&P
could also lower the ratings on DBM if the sovereign's willingness
or ability to support the bank declines, which S&P views as
unlikely, given the bank's critical role in financing Mongolia's
infrastructure development.

S&P could revise the outlook on DBM to stable if S&P takes a
similar action on the sovereign.


MONGOLIA: Fitch Rates Offshore CNY-Denom. Bonds 'B+(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Mongolia's forthcoming offshore CNY-
denominated bonds, issued under the Government of Mongolia's
global medium-term note program, an expected rating of 'B+(EXP)'.

The final rating is contingent on the receipt of final documents
conforming to the information already received.

KEY RATING DRIVERS

The expected rating is in line with Mongolia's Long-Term foreign
currency Issuer Default Rating (IDR) of 'B+' with a Negative
Outlook.

RATING SENSITIVITIES

The notes' rating would be sensitive to any changes in Mongolia's
Long-Term foreign currency IDR.

On December 11, 2014, Fitch affirmed Mongolia's Long-Term foreign
currency IDR at 'B+' with a Negative Outlook. The Long-Term local
currency IDR is also 'B+' with a Negative Outlook.




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


ROSS ASSET: Liquidators Win Clawback Test Case
----------------------------------------------
The High Court has confirmed that the Liquidators of Ross Asset
Management Limited are entitled to claw back the full amount of
fictitious profits received by an investor prior to the Company's
liquidation. The claim was successful under both the provisions of
the Companies Act 1993 and the Property Law Act 2006.

The Liquidators note that the Court has attempted to balance the
interests of both the individual investor and the general body of
creditors. The decision provides guidance to allow further such
claims to be made by them - with the aim of providing a higher
return to those investors remaining when RAM was placed into
liquidation.

In light of the decision, the Liquidators intend to continue with
the two existing cases which have been commenced in the High
Court. They are also reviewing the position of a number of other
investors who have received payments from RAM in the period
leading up to the Company's liquidation.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



                             *********

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

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

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


                            *********


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

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

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

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

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



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