TCRAP_Public/150625.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, June 25, 2015, Vol. 18, No. 124


                            Headlines


A U S T R A L I A

ANGEL AUTO: First Creditors' Meeting Set For July 1
CAPITAL WORKS: Likely Been Insolvent Since 2014
LINDLEY MINING: Court Overturns Demand For MCG Quarries to Pay
NEWCASTLE JETS: Owners Face Insolvent Trading Probe
SDV LONGWALL: First Creditors' Meeting Set For July 2


C H I N A

ADAMANT DRI: Reports $1.45-Mil. Net Loss in Q1 Ending March 31
CHINA: Beijing Allows Provinces to Issue $419 Billion in Bonds
CHINA SHANSHUI: Fitch Affirms B+ Long-Term Issuer Default Rating
WEST CHINA: Fitch Affirms 'BB-' LT IDR; Outlook Revised to Stable


I N D I A

ABHIJIT REALTORS: CRISIL Cuts Rating on INR350MM Cash Loan to D
ADITYA INDUSTRIES: CRISIL Suspends 'D' Rating on INR30MM LOC
ARYAN RESIDENCY: CRISIL Ups Rating on INR120MM LT Loan to 'B'
AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
BARANI HYDRAULICS: CRISIL Reaffirms B+ Rating on INR78.2MM Loan

BHOPAL SWITCHGEARS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
BIRBAL INTERNATIONAL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
BRIJ LAL: ICRA Assigns 'B' Rating to INR8.78cr Term Loan
D.V. EXPORTS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
DEVKI ENTERPRISE: CRISIL Suspends B+ Rating on INR140MM Cash Loan

GANPATI MEGA: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
HIMALAYA KRAFT: CRISIL Assigns B Rating to INR40MM Cash Loan
HOTEL SAIDEEPS: CRISIL Assigns 'B' Rating to INR102.8MM Term Loan
INDIA: High Debt Levels, Weak Balance Sheets Hamper Infra Growth
INDERMANI MINERAL: CRISIL Suspends B Rating on INR200MM Cash Loan

J.S.V MOTORS: CRISIL Ups Rating on INR36MM Term Loan to 'B+'
KOHLI AUTO: CRISIL Suspends 'D' Rating on INR175MM Cash Loan
KPM PROCESSING: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
LAKHANI ARMAAN: CRISIL Reaffirms 'D' Rating on INR85MM LOC
LAVASA CORPORATION: CARE Reaffirms D Rating on INR711.12cr Loan

LN FIELDS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
LSR FAB: ICRA Suspends B+/A4 Rating on INR16.29cr Loan
MADHUR OVERSEAS: CRISIL Cuts Rating on INR100MM Cash Loan to 'D'
MARUTI CASHEW: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
MARVELLA CORPORATION: ICRA Rates INR7.50cr Term Loan at B+

MELSTAR INFORMATION: CRISIL Reaffirms 'B' Rating on INR70MM Loan
NAVHARI FOOD: ICRA Assigns B+ Rating to INR7.0cr Cash Credit
PALLAVI ENTERPRISES: CRISIL Reaffirms B+ Rating on INR120MM Loan
PEPSU ROAD: ICRA Reaffirms B+ Rating on INR40cr Overdraft
PRACHEE FILAMENTS: ICRA Suspends 'D' Rating on INR15.63cr Loan

PSV INFRASTRUCTURES: CRISIL Suspends D Rating on INR50MM Loan
RAGHUNATH TRADERS: CRISIL Cuts Rating on INR100MM Loan to 'D'
RATNAM POULTRY: CRISIL Ups Rating on INR72.5MM Cash Loan to B+
RISE ON: ICRA Assigns 'B+' Rating to INR27.60cr Term Loan
S. R. SHIPPING: CRISIL Reaffirms B- Rating on INR250MM Bank Loan

SAINATH KNITEX: ICRA Suspends 'B' Rating on INR9cr Term Loan
SHIVA WHEELS: CRISIL Suspends B- Rating on INR25MM Inventory Loan
SHIVAM COTTON: CRISIL Reaffirms B Rating on INR70MM Cash Loan
SHRI RIDDHI: CRISIL Suspends B+ Rating on INR77.5MM Term Loan
SPACETECH EQUIPMENTS: ICRA Cuts Rating on INR4.20cr LOC to 'D'

SRI RAM: CRISIL Assigns B+ Rating to INR75MM Cash Loan
SRINIVASAN ASSOCIATES: Ind-Ra Suspends 'IND BB' LT Issuer Rating
SUN-SHINE FOOD: ICRA Assigns B+ Rating to INR9.0cr Cash Credit
SURAKSHA AVENUES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
UTSAV INDUSTRIES: CRISIL Suspends B+ Rating on INR57.5MM Loan

VICHITRA PRESTRESSED: ICRA Ups Rating on INR5cr Cash Loan to C+
WIRECOM INDIA: CRISIL Assigns 'B+' Rating to INR59.1MM LT Loan


N E W  Z E A L A N D

GRACE HOLDINGS: Director Pleads Guilty to SFO Charges
RFD FINANCE: Liquidator Knocked Back on NZ$80,000 Debt


V I E T N A M

VIETNAM BANK: Fitch Affirms 'B+' Long-Term Issuer Default Rating


                            - - - - -


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ANGEL AUTO: First Creditors' Meeting Set For July 1
---------------------------------------------------
Timothy Paul Heesh and Amanda Caroline Lott of TPH Insolvency were
appointed as administrators of Angel Auto Services Pty Limited on
19 June 2015

A first meeting of the creditors of the Company will be held at
TPH Insolvency, Suite 2.02 Platinum Building, 4 Ilya Ave, in
Erina, New South Wales, on July 1, 2015, at 10:30 a.m.


CAPITAL WORKS: Likely Been Insolvent Since 2014
-----------------------------------------------
Ahn Jae Wook at Sourceable reports that Capital Works Construction
Pty Ltd, a building firm which collapsed owing unsecured creditors
around AUD8.5 million, may have been trading while insolvent for
almost a year, the company's administrators said.

Sourceable relates that in its report into the affairs of Perth
based Capital Works Construction Pty Ltd and its related labour
hire firm Capital Construction Hire Pty Ltd, Deliotte
Restructuring Services Administrators Jason Tracy and Gary Doran
indicated while the final issue of insolvency would have to be
ultimately decided upon by the courts, it appeared that the
companies had incurred substantial trading losses in recent years
and had most likely been insolvent since June 2014.

"On the basis of our preliminary investigations, it appears that
the Companies may have been insolvent from at least 30 June 2014
based on the continued trading losses, significant trade creditor
debts outside of terms of trade, working capital deficiency, net
asset deficiency and the Companies' failure to meet statutory
payment requirements" the administrators said in the report cited
by Sourceable.

Sourceable relates that the administrators also reported that:

   * Combined, the two entities made a small loss of AUD79,000
     in 2012/13 followed by a much greater loss of AUD3.289
     million in 2013/14.

   * as at June 30, 2014, the companies had a net asset
     deficiency of almost AUD5 million and a working capital
     deficiency (short term assets less short term liabilities)
     of AUD6.406 million.

   * financial accounts and records appeared not to have been
     adequately maintained in accordance with the requirements
     of Section 286 of the Corporations Act.

   * a preliminary investigation had revealed there may have been
     'a number of possible contraventions' of director's duties
     under Section 180-184 of the Corporations Act.

   * it was unlikely that any dividend would be made available to
     unsecured creditors, who are owed as much as AUD8.5 million
     including AUD6.5 million owed to trade creditors.

Sourceable notes that it is unlawful under the Corporations Act
for a company director to allow the company to incur debts whilst
it is known or should have been known that the company was
insolvent.

Trading under the names of Freelife Homes and Visionaire Homes,
Capital Constructions employed around 24 people.  At the time of
being placed into administration in early May, the company was
building homes for around 229 customers mostly across metropolitan
Perth and had around 84 other new homes still waiting to be
commenced.

The administrators have since reached agreement with another
builder, Central Systems Pty Ltd, to complete all of the homes
which are in progress, according to Sourceable.

In their report, the administrators concluded that the business
had been undercapitalised, suffered from poor financial management
and a lack of financial control, and was based on an unviable
business model involving excessive focus on sales and
unrealistically low margins, adds Sourceable.


LINDLEY MINING: Court Overturns Demand For MCG Quarries to Pay
--------------------------------------------------------------
APN Newsdesk reports that before Krystelle Lemm's Bowen Basin
employer Lindley Mining went into administration, the phone was
ringing off the hook with businesses seeking hundreds of thousands
of dollars in unpaid bills.

One of the companies calling in Lindley Mining's debts was MCG
Quarries, south of Moranbah in central Queensland, the report
says.

In November 2009 Lindley ended up paying MCG the AUD106,000 and in
March 2010 Lindley went into voluntary administration.

APN Newsdesk relates that it was one year after Ms Lemm had been
hired to do the accounts.

According to the report, Lindley and its liquidators took MCG to
court in 2013 to make the quarry return the money, arguing Lindley
was insolvent and unable to pay debts during the six months before
it went into administration.

Ms Lemm told the court she was having regular conversations about
the outstanding accounts during that time, the report relays.

"Basically it didn't start out too bad," the report Ms Lemm as
saying.  "By the end of my appointment I was getting phone calls,
like copious phone calls per day, looking for payments."

The liquidators' report found Lindley owed AUD1 million in
September 2009, but only had AUD384,000 in assets and cash to pay
debts, APN Newsdesk discloses.

APN Newsdesk recalls that a judge last year accepted the
liquidators' and Lindley's insolvency argument and ordered MCG to
return the money and pay AUD32,000 in interest.

But on June 16 the Queensland Supreme Court overturned that
decision, the report says.

According to the report, MCG had appealed the 2014 decision on the
basis they did not know Lindley was insolvent, although they had
been chasing the company for the money, in November 2009 were
considering legal action to get it in and had been told orally and
by email Lindley could not pay.

APN Newsdesk relates that MCG said various financial documents
showed Lindley was not insolvent at that time.

The June 16 judgment granted MCG's appeal and dismissed the
previous judge's ruling that the company had to pay Lindley
AUD138,000, says APN Newsdesk.

The court found there was not enough proof Lindley was insolvent
when it paid MCG, APN Newsdesk adds.


NEWCASTLE JETS: Owners Face Insolvent Trading Probe
---------------------------------------------------
Donna Page at Newcastle Herald reports that Nathan Tinkler and his
sister Donna Dennis could face an investigation into their conduct
as owner and director of the Newcastle Jets after a damning report
into the demise of the club.

According to the report, Jets administrator James Shaw of Shaw
Gidley insolvency experts, alleged Ms Dennis may have breached her
duties as a director by allowing the company to trade while
insolvent.

Ms Dennis took over as sole director and secretary of Newcastle
Jets Football Operations on September 3, last year, replacing
former Hunter Sports Group chief executive Troy Palmer, the report
notes.

It is alleged that a month later, Mr Tinkler told the FFA he would
not pay a AUD271,502 wage bill and was not injecting more cash
into the club, the report relates. According to the Herald, Mr
Shaw said "it was likely" the company was insolvent from that date
or earlier.

The Herald relates that Mr. Shaw said a "preliminary estimate"
indicated a possible insolvent trading claim against Ms Dennis and
parent company, Hunter Valley Sports Group, of AUD1.9 million.

Mr Shaw said he had contacted Ms Dennis requesting a statement of
her financial position to determine her ability to pay any
potential insolvent trading claim. Investigations revealed she
held half shares in two properties, but their value was unknown,
the Herald relays.

"At the time of publishing this report I have not received a
response," the Herald quotes Mr Shaw as saying.

The 41-page report to creditors recommends the company be
liquidated, the Herald notes.

It concluded that Ms Dennis "may not have taken an active role in
the affairs of the company" which could be in breach of the Trade
Practices Act, adds the Herald.

"I will report my findings to ASIC who may choose to conduct their
own further investigations," Mr Shaw, as cited by the Herald,
said.

Unsecured creditors will be lucky to get back five per cent of the
AUD3.8 million they are owed and there is a good chance they will
get nothing, according to the Herald. Mr Tinkler has agreed not to
pursue more than AUD18 million he says he is owed by the Newcastle
Jets until other creditors have been paid, the Herald notes.

According to the Herald, the administrators said insolvent trading
was one of several issues that would be the subject of greater
inquiries if creditors agreed today, June 25, to appoint a
liquidator.

Mr Shaw said if the company was placed in liquidation, there could
be grounds for investigating Mr Tinkler's daily involvement in the
business. He said it was possible the former billionaire acted as
a "shadow or de facto director," the report adds.

                       About Newcastle Jets

Based in Newcastle, Australia, Newcastle Jets Football Operations
Pty Limited owns and operates Newcastle Jets, a football club.
Newcastle Jets Football Operations Pty Limited operates as a
subsidiary of Tinkler Sports Group.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2015, Dissolve.com.au said Newcastle Jets Football
Operations Pty Ltd has been placed into administration. Shaw
Gidley's James Shaw has been appointed administrator of the
club.  The appointment will provide owner Nathan Tinkler more time
to finalise a sale of the club to Dundee United.

According to Dissolve.com.au, the Football Federation of Australia
cited that the administrators' appointment is an act of insolvency
and a breach of the license conditions of the A-League. It added
that the Tinkler's Hunter Sports Group (HSG) had been provided the
chance to continue to own and operate the license of the club.
However, it failed to meet the required conditions, the report
stated.


SDV LONGWALL: First Creditors' Meeting Set For July 2
-----------------------------------------------------
Gayle Dickerson, Graham Killer and Said Jahani of Grant Thornton
Australia Limited, on June 22, 2015, were appointed as
administrators of:

   -- SDV Longwall Pty Ltd;
   -- SDV Long Wall Holdings Pty Ltd;
   -- SDV Longwall Support Pty Ltd in its own right and ATF The
      Scott Vella Discretionary Trust; and
   -- Cdeng Pty Ltd.

A first meeting of the creditors of each of the Companies will be
held at City Beach Function Centre, 1 Marine Drive Wollongong NSW
2500 and Mackay Entertainment Centre, Cnr Alfred and Mcalister
Street, in Mackay, Queensland, on July 2, 2015, at 12:00 p.m.



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ADAMANT DRI: Reports $1.45-Mil. Net Loss in Q1 Ending March 31
--------------------------------------------------------------
Adamant DRI Processing and Minerals Group filed its quarterly
report on Form 10-Q, disclosing a net loss of $1.45 million on
$244,000 of revenue for the three months ended March 31, 2015,
compared with a net loss of $835,000 on $nil of revenues for the
same period last year.

The Company's balance sheet at March 31, 2015, showed
$60.0 million in total assets, $60.7 million in total liabilities,
and a stockholders' deficit of $752,000.

A copy of the Form 10-Q is available at:

                        http://is.gd/nCmHIQ

Adamant DRI Processing and Minerals Group is engaged in the
mining, processing, and production of iron ore concentrate in
China. It owns an iron ore concentrate production line on the
Zhuolu Mine, which is located in Zhuolu County, Hebei Province,
China. Adamant DRI Processing and Minerals Group was founded in
2008 and is based in Zhangjiakou, China.

Kurland and Mohidin LLP expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company incurred a net loss of $1.9 million for the year ended
Dec. 31, 2014. It also had negative cash flows from operating
activities of $0.9 million and had a working capital deficiency of
$10.4 million.

The Company's balance sheet at Dec. 31, 2014, showed $60.6 million
in total assets, $59.9 million in total liabilities, and
stockholders' equity of $705,000.


CHINA: Beijing Allows Provinces to Issue $419 Billion in Bonds
--------------------------------------------------------------
Shen Hong at The Wall Street Journal reports that China is bailing
out the nation's heavily indebted local governments, relying on
trusted methods to keep its financial system stable despite
promises to allow market forces to play a greater role.

The Journal says Beijing is permitting provinces to issue at least
CNY2.6 trillion ($419 billion) in bonds in 2015, the first local
government issuances in more than 20 years, to stave off a debt
crunch.

According to the Journal, local administrations have accumulated
some CNY18 trillion, equivalent to a third of China's economy, in
bank loans and bonds to fund risky land and property deals. As the
real-estate market slows, state-owned banks that did much of the
lending are on the hook.

The report relates that the municipal bonds are aimed at allowing
local governments to refinance short-term bank loans, which carry
high interest rates of 7%. The move won plaudits from economists
and investors as a market-based solution to the debt problem.

What is transpiring, however, is more akin to the public bailout
of China's state-owned banks in the 1990s. Back then, the
government pumped billions of dollars in fresh capital into the
banks and carved out bad loans from the lenders, the Journal
recalls. Only around a fifth of the soured debt was ever
recovered, the Journal states.


CHINA SHANSHUI: Fitch Affirms B+ Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed China Shanshui Cement Group Limited's
(Shanshui) Long-Term Issuer Default Rating (IDR) and senior
unsecured ratings of 'B+'.

The agency has also put the rating on Negative Watch to reflect
the possibility of Shanshui running into insolvency in the event
that it is forced to redeem the USD500m 7.5% senior notes due 2020
(2020 notes) if its Chairman Mr. Zhang Bin is removed or the
majority of its board members is changed.

This follows the announcement on 19 June 2015 that the company has
received a requisition notice from some shareholders (owning
10.07% of the company) for an extraordinary general meeting (EGM)
to (1) remove all but one existing non-executive director
(including the chairman) and (2) appoint to the board seven new
directors, most of them carrying out executive duties in China
Tianrui Group Cement Company Limited (Tianrui). These key
management changes may result in a downgrade of multiple notches
of Shanshui's ratings to a level below 'B-'. To change the
chairman, more than 50% of Shanshui's shareholders' votes are
required.

KEY RATING DRIVERS

Inadequate Liquidity to Redeem All Bonds: Based on the preliminary
assessment by Shanshui, the proposed removal of directors
including the removal of Mr. Zhang Bin as chairman, would trigger
the change of control (CoC) event under the 2020 notes. It would
also lead to the company being required to make an offer to
repurchase all outstanding notes (including both the 2016 notes
and the 2020 notes) with a total amount of over USD921m within 30
days. Shanshui believes that it would not have enough cash to
complete these redemptions within the limited timeframe and will
result in its default.

EGM Result Uncertain: The outcome of the EGM is uncertain as it is
initiated by the largest shareholder Tianrui with 28.16%
ownership. Tianrui will need support from either one of the other
two major shareholders - Taiwan's Asia Cement Corporation (ACC,
20.9%) and CNBM (16.67%) and the minority shareholders to achieve
its intended outcome. As the proposed outcome may harm
shareholders' interests if this leads to Shanshui's insolvency, it
is not clear if Tianrui can find support for its proposal. Fitch
believes ACC and CNBM are in a position to protect their
investments in Shanshui if maintaining its operations is aligned
with their business interests.

China Shanshui Investment which owns 25.09% of Shanshui is 38.45%
owned by Shanshui's executive director Mr. Zhang Caikui (the
father of Mr. Zhang Bin, chairman and executive director), 43.29%
kept by receivers, and 18.26% owned by minorities. As the
receivers do not have the rights to alter the composition of
Shanshui's board of directors, China Shanshui Investment will
likely not support Tianrui's proposed change of board members.

Business Fundamentals Remain Strong: Shanshui's ratings are
supported by its business, which continues to operate and generate
cash. Its business, which generates a 19.9% EBITDA margin, holds a
leading market position in Shandong province. Fitch's recovery
analysis indicates that the replacement value of Shanshui's
production facilities that totalled around CNY27bn can cover 100%
of its onshore and offshore debt.

KEY ASSUMPTIONS

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

-- Average selling prices of cement in Shanshui's main markets do
   not improve;
-- Total capex (including acquisitions) between 2015-2017 no
   higher than CNY3bn;
-- The company is able to roll over short-term debt

RATING SENSITIVITIES

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

-- the EGM is called and voted to remove the chairman resulting
    in a forced redemption of the 2020 notes

Positive: Future developments that may, individually or
collectively, lead to the rating watch being removed, and Stable
Outlook being assigned include:

-- The EGM does not proceed or the chairman is not removed and
    no other conditions resulting in a forced redemption of the
    2020 notes exist, for example no shareholders own more than
    30%

-- No significant increase in working capital funding and/or
    banks continue to extend debt to the company

-- The employee dispute with Mr. Zhang does not result in
    material deterioration in the company's operations


WEST CHINA: Fitch Affirms 'BB-' LT IDR; Outlook Revised to Stable
-----------------------------------------------------------------
Fitch Ratings has revised West China Cement Limited's (WCC)
Outlook from Negative to Stable. Its Long-Term Issuer Default
Rating (IDR), senior unsecured and bonds ratings have been
affirmed at BB-. The change in Outlook reflects WCC's strengthened
position in its core Shaanxi market and its improved leverage,
following the recent equity placement to Anhui Conch Cement
Company Limited (Conch), the most profitable cement company in
China.

KEY RATING DRIVERS

Conch Ties Strengthen Market Leadership: Collaborating with conch
will strengthen WCC's market position in Shaanxi in our view. On
June 19 2015, WCC announced it placed 903 million new shares to
Conch for HK$1.5b (CNY 1.2b). After the transaction, Zhang Jimin's
(Chairman) ownership will be diluted to 32.4% from 38.9%, with
Conch becoming its second largest shareholder, and owning 16.67%.
The combined market share of WCC and Conch was 47% in 2014. Though
WCC is the largest player in Shaanxi, it has a smaller scale
compared to Conch which has greater geographical diversification.

Improving market dynamics: The partnership between Conch and WCC
can bring about a more rapid transition to a disciplined supply
side in the Shaanxi Cement market. Conch has been playing a
significant role in initiating price competition in Shaanxi to
squeeze out competitors. A combination of Conch's and WCC's
Shaanxi cement assets can result in the formulation of a more
cohesive strategy to limit cut-throat competition and maintain
rational production of cement in the province. The effectiveness
of their business strategy is multiplied with their enlarged
market share.

Placement Strengthened Financial Profile: The recent equity
placement to Conch will strengthen the company's cash position and
reduce the company's leverage from 3.5x in 2014 to 2.0x in 2015,
by our estimate.

Acquisition risk remains: According to the company, it will use
the proceeds for general working capital and future potential
acquisitions and/or other investment opportunities. There's a risk
that the company might use up its equity placement proceeds for
acquisition rather than deleveraging and should the company
overpay its acquisition.

RATING SENSITIVITIES

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

-- Free cash flow (post acquisition) turns negative
-- FFO adjusted net leverage rising above 3.0x on a sustained
    basis
-- Losing its dominant market position in southern Shaanxi

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Reduced occurrence and duration of price war in core Shaanxi
    market
-- FFO adjusted net leverage reduced below 1.5x on a sustained
    basis
-- GP/ton rise above CNY 100/tonne on a sustained basis



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ABHIJIT REALTORS: CRISIL Cuts Rating on INR350MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Abhijit Realtors and Infraventures Pvt Ltd (ARIPL) to 'CRISIL D'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           350       CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term     70       CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The rating downgrade reflects delays by ARIPL in servicing its
debt owing to liquidity constraints. This emanates from slower
than expected receipt of customer advances.

The rating also reflects ARIPL's below-average financial risk
profile marked by aggressive gearing and a modest net worth, and
moderate debt protection metrics and the exposure to
implementation-related risks associated with its ongoing projects,
geographical concentration, and exposure to risks and cyclicality
inherent in the real estate sector. These rating weaknesses are
partially offset by its promoter's extensive industry experience
and its track record in the construction industry.

ARIPL reported a profit after tax (PAT) of INR15 million on net
sales of INR222 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT and net sales of INR34 million
and INR549 million, respectively, for 2012-13.

ARIPL, incorporated in 2007, is a real estate developer based in
Nagpur (Maharashtra) and is promoted by Mr. Abhijit Majumdar. The
promoter has been in the real estate business since 1997 and has
completed about 30 projects till date.


ADITYA INDUSTRIES: CRISIL Suspends 'D' Rating on INR30MM LOC
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aditya Industries (Mumbai) (ADM).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL D
   Letter of Credit       30        CRISIL D
   Proposed Long Term
   Bank Loan Facility     16.7      CRISIL D
   Term Loan              18.3      CRISIL D

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

ADM was established in Mumbai (Maharashtra) in 1995 as a
partnership firm. It manufactures PVC products, such as hosepipes,
doors, trunks, and windows. ADM's manufacturing facility in Mumbai
(Maharashtra) has an installed production capacity of 5000 tonnes
per annum. The firm markets its products under the Penguin brand.

ADM is managed by the promoters, Mr. Ankur Master and Mrs.
Chandrika Master.


ARYAN RESIDENCY: CRISIL Ups Rating on INR120MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Aryan Residency Limited (ARL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         120       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in ARL's liquidity
profile. ARL's liquidity is supported by funding support from its
promoter in the form of unsecured loans. The promoters have
infused interest free unsecured loans of INR7 million in past 2
years through 2014-15 to meet the debt obligations in timely
manner.  ARL's business risk profile has also improved in 2014-15
(refers to financial year, April 1 to March 31) on account of
better occupancy in its hostel as compared to last year. ARL is
estimated to achieve revenue of INR39 million in 2014-15 (refers
to financial year, April 1 to March 31). On account of higher
occupancy, ARL is expected to generate sufficient cash accruals in
2015-16 to meet its debt obligation in timely manner. ARL revenue
is further expected to improve over the medium term on account of
improved occupancy levels in the future.

The ratings reflect ARL's modest scale of operations and below-
average financial risk profile, marked by average gearing and weak
debt protection measures. These rating weaknesses are partially
offset by funding support from the promoters and location
advantage of its hostel.
Outlook: Stable

CRISIL expects ARL to benefit from the financial support from its
promoters and its location. The outlook may be revised to
'Positive' in case of significant increase in the occupancy and
average room revenue (ARR), resulting in better-than-expected cash
accruals. Conversely the outlook may be revised to 'Negative' in
case of lower than expected occupancy rates, low ARR due to
competitive pressures which may strain the company's debt
repayment capacity.

Aryan Residency Limited was incorporated in 2008 and taken over by
Beg family and N. S. Associate Private Limited (NSAPL) in 2009.
The company is operating boy's hostel for students and working men
in Knowledge Park-1, Greater Noida, Uttar Pradesh.


AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of AVC Motors (Nissan; AVC)
continues to reflect the firm's modest scale of operations in the
auto-dealership industry and below-average financial risk profile.

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

These rating weaknesses are partially offset by the extensive
industry experience of AVC's partners in the automotive dealership
market in Punjab and Haryana.
Outlook: Stable

CRISIL believes that AVC's credit profile would remain moderate
over the medium term, on account of its small scale of operations
and weak financial profile.  The outlook may be revised to
'Positive' if significantly higher top-line or efficient working
capital management strengthens the firm's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if sizeable
working capital requirements or significantly low top-line
considerably weakens the financial risk profile.

Update
AVC's top-line was estimated at INR190 million for 2014-15 (refers
to financial year, April 1 to March 31) while the profitability
remained stable, in line with CRISIL's estimates. Though the scale
of operations is small for the auto-dealership industry, the
revenue is expected to grow at a moderate 8 to 10 per cent per
annum over the medium term. The operating margin of around 6 to 8
per cent in 2014-15 is expected to remain at this level over the
medium term.

The financial risk profile remains weak, with a total outside
liabilities to tangible net worth ratio of 3.48 times as on March
31, 2015 on account of large working capital requirements. The
interest coverage ratio was moderate at 1.76 times for 2014-15.
The financial profile is expected to remain weak constrained by
small net worth and reliance on bank limits over the medium term.

The firm's operations are working capital intensive, with gross
current assets estimated at 230 days as on March 31, 2015. The
large working capital requirements are on account of large
inventory of 60 to 90 days. The liquidity is weak, marked by bank
limit utilisation of 98 per cent on average over the 12 months
through March 2015, cash accruals of around INR6 million, and
maturing term debt of INR4.8 million in 2014-15. CRISIL believes
that AVC's liquidity will remain weak over the medium term on
account of working capital intensity in operations.

Incorporated in 2011 in Bhatinda (Punjab), AVC is an authorised
dealer for Nissan Motors India Ltd. The operations are managed by
Mr. Makkar.


BARANI HYDRAULICS: CRISIL Reaffirms B+ Rating on INR78.2MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Barani Hydraulics India
Pvt Ltd (BHIPL) continue to reflect BHIPL's modest scale of
operations, and average financial risk profile marked by a modest
net worth and gearing, and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of BHIPL's promoter and the company's established
relationships with customers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           78.2       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        19         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BHIPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if the company registers a significant and
sustained increase in its revenue and cash accruals, while it
improves its working capital cycle and capital structure.
Conversely, the outlook may be revised to 'Negative' if BHIPL
generates lower-than-expected accruals or if its working capital
cycle stretches, leading to pressure on its financial risk
profile, particularly its liquidity.

BHIPL was originally set up as a proprietorship concern in 1988 by
Mr. T K Karuppanaswamy; the firm was reconstituted as a private
limited company in 2004. The Coimbatore (Tamil Nadu)-based company
manufactures hydraulic presses, diaphragms, and mounting brackets.


BHOPAL SWITCHGEARS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhopal
Switchgears Pvt Ltd (BSPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. The agency has also assigned ratings to
BSPL's bank facilities as follows:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Fund-based          65.00       'IND B+'; Outlook Stable
   working capital
   limits

   Term loans           3.50       'IND B+'; Outlook Stable

   Non-fund based      22.50       'IND A4'
   working capital
   limits

KEY RATING DRIVERS

The ratings reflect BSPL's small scale of operations and moderate
credit profile. Provisional FY15 financials indicate revenue of
INR209 million (FY14: INR195 million), operating EBITDA interest
coverage of 1.5x (1.3x), net leverage of 4.0x (4.4x) and operating
EBITDA margins of 11.8% (12.2%).

The ratings are constrained by the company's tight liquidity
position with instances of overutilisation of the working capital
limits in each of the 12 months ended April 2015 which were
however regularised within one to nine days.

The ratings though benefit from BSPL's founders' experience of
more than three decades in the electrical industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from improvements
in the liquidity position of the company.

Negative: A negative rating action could result from further
deterioration in the liquidity along with deterioration in the
credit metrics of the company.

COMPANY PROFILE

BSPL was incorporated in March 1992 and is engaged in the design,
manufacture, supply, installation and commissioning of electrical
switchgears and control equipment. The company has its
manufacturing facility in the industrial area of Govindpura in
Bhopal.


BIRBAL INTERNATIONAL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Birbal
International Private Limited (BIPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

The agency has also assigned BIPL's bank loans the following
ratings:

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Fund-based Packing      100      Long-Term 'IND B+'/Stable
   credit limit                     and Short-Term 'IND A4'

   Term loan                20      Long-Term 'IND B+'/Stable

KEY RATING DRIVERS

The ratings are constrained by BIPL's small scale of operations
and weak credit metrics. In FY15, revenue was INR382.93m, gross
interest coverage (operating EBITDA/gross interest expense) was
1.78x and financial leverage (adjusted debt/ operating EBITDAR)
was 5.99x in FY15. The company is present in a highly fragmented
and competitive industry and faces working capital intensity.

The ratings are supported by the 30 years of experience of BIPL's
promoters in the manufacturing of garments and their export. The
ratings are also supported by the company's strong relationship
with its customers and suppliers. Moreover, operating EBITDA
margins are healthy and improved marginally to 9.73% in FY15
(FY14: 9.23%, FY13: 8.86%).

The ratings are further supported by BIPL's comfortable liquidity
position with its average utilisation of the working capital
limits being 57.64% in the 12 months ended May 2015.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue while credit
profile being maintained or improving will be positive for the
ratings.

Negative: Any deterioration in the credit metrics will lead to a
negative rating action.

COMPANY PROFILE

BIPL was incorporated in 1995 in New Delhi. The company is engaged
in the manufacturing of garments and their export. The company
manufactures kidswear, shirts, t-shirts, jeans, trousers etc. The
company is a 100% export house. BIPL has a production capacity of
30,000 garments per day and is managed by Surender Gupta and
Sunita Gupta.


BRIJ LAL: ICRA Assigns 'B' Rating to INR8.78cr Term Loan
--------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR14.98 crore bank
facilities of Brij Lal Hospital & Research Centre Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term; Fund
   Based Limits            6.20         [ICRA]B; assigned

   Term Loans              8.78         [ICRA]B; assigned

ICRA's rating is constrained by the concentration risk inherent to
single-asset companies; intense competition from several
established hospitals in proximity; and the decline in margins on
account of decline in per bed revenue and increased employee cost
as well as professional charges. Further, the ratings also factor
in the stretched liquidity on account of high receivables
resulting in high utilization of fund based limits and leveraged
capital structure as reflected in a gearing of 1.6x as on March
31, 2015 owing to modest net-worth base and significant debt-
funded capex undertaken in the past few years for capacity
expansion as well as technology advancement. However, the ratings
favourably take into account the healthy business prospects
supported by its favourable location and ability to provide
comprehensive healthcare facilities which have translated into a
gradual year-on-year improvement in its operating metrics and
hence scale of operations. Going forward, the ability of the
company to improve its profitability of its operations and
prudently manage its working capital cycle along with increase in
scale of operations will be the key rating sensitivities. Any
major debt funded capital expenditure would also be a key
monitorable.

Incorporated in June 2007, BLHRC is a part of Haldwani-based Pal
group of companies. Owned and managed by Mr. Ramesh Pal and his
two sons Dr. Ajay Pal and Mr. Ashok Pal, the company owns and
operates a 230-bedded multi-specialty hospital and a nursing
college in Haldwani, Nainital (Uttarakhand). While the hospital
commenced operations in 2007-08, the nursing college was launched
in September 2011.

Recent Results
BLHRC reported operating income (OI) of INR23.29 crore and a net
profit of INR0.57 crore in 2013-14, as against OI of INR18.72
crore and a net profit of INR0.64 crore in the previous year. As
per provisional results, the company reported OI of INR25.10 Crore
and a net profit of INR0.71 crore in 2014-15.


D.V. EXPORTS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D.V. Exports
(DVE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The agency has also assigned DVE's INR190m fund-based
working capital limits an 'IND BB-' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect DVE's moderate scale of trading operations
coupled with its weak financial profile. In FY14, revenue was
INR521m, operating EBITDA interest coverage was 1.5x, net leverage
was 12.9x and operating EBITDA margins were 2.8%.

The ratings are constrained by the proprietorship nature of DVE's
business.

The ratings are supported by the company's promoter's experience
of over six years in the cotton business. Moreover, DVE is a part
of the Manjeet Cotton group which consists of various companies
and firms engaged in cotton ginning, cotton pressing and cotton
trading activities.

RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in the profitability leading to an overall improvement
in the credit metrics.

Negative: A negative rating action could result from deterioration
in the profitability leading to a deterioration of the credit
metrics.

COMPANY PROFILE

DVE is a proprietorship concern of Sanchit Rajpal and is engaged
in the trading of cotton yarn and cotton bales. The company is a
part of the Manjeet Group, which belongs to the Rajpal family of
Sendhwa.

The liquidity of the company has been moderate with the average
utilisation level of the fund-based limits being 86.4% over the 12
months ended March 2015.

FY15 provisional financials indicate revenue of INR512m along with
operating EBITDA margins of 3.0%


DEVKI ENTERPRISE: CRISIL Suspends B+ Rating on INR140MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Devki
Enterprise (Devki).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            140       CRISIL B+/Stable

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

Devki Enterprise (Devki) was set up in April 2011 by Dedhia family
along with business acquaintances Mr. Tejraj Jain and Mr. Suresh
Kamath. Devki is engaged in residential and commercial real estate
development in Mumbai, and is currently developing a residential
cum commercial property in Borivali. The overall operations of the
firm are managed by Mr. Damji Dedhia.


GANPATI MEGA: CRISIL Cuts Rating on INR60MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ganpati Mega Builders India Private Limited (GMB) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable' and reaffirmed its rating on the
company's short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         90        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects the weakening of GMB's financial
risk profile, particularly its liquidity. Though the company has
improved its scale of operations in 2014-15 (refers to financial
year, April 1 to March 31), with an increase in revenue to an
estimated INR380 million from INR198 million in 2013-14, its
working capital limits have not been enhanced. Consequently, its
liquidity weakened significantly with frequent instances of over-
utilisation of cash credit limits. The liquidity has also been
impacted on account of a delay in receipt of a disputed payment
from Agra Development Authority (ADA) amounting to over INR30
million. The expected increase in the company's scale of
operations over the medium term will also increase its working
capital requirements. If its cash credit limits are not
correspondingly enhanced, its liquidity would be stretched
further.

The ratings reflect GMB's weak financial risk profile and its
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the civil construction industry, and the revenue visibility
provided by its healthy order book.
Outlook: Stable

CRISIL believes that GMB will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
the company's working capital cycle reduces while it improves its
scale of operations and operating margin, leading to an
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
GMB's operating profitability declines significantly, or there is
a slowdown in its revenue growth or a further stretch in its
working capital cycle, leading to deterioration in its financial
risk profile, particularly its liquidity.

GMB, established in 2007, is a civil contractor and undertakes
projects for government authorities. The company, based in Agra
(Uttar Pradesh), is managed by Mr. Piyush Jain and Mr. Parag Jain.
GMB bids for government projects; its projects include
redevelopment of buildings, construction of housing for the poor,
and canal construction.


HIMALAYA KRAFT: CRISIL Assigns B Rating to INR40MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Himalaya Kraft Private Limited (HKPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable
   Term Loan              28.4      CRISIL B/Stable

The rating reflects HKPL's below-average financial risk profile,
marked by high gearing and below-average debt protection metrics
and small scale of operations in the intensely competitive kraft
paper industry. These rating weaknesses are partially offset by
the benefits that the firm derives from its promoters' extensive
experience in the industry.
Outlook: Stable

CRISIL believes that HKPL will maintain its business risk profile
over the medium term backed by its extensive experience of its
promoters . The outlook may be revised to 'Positive' if the
company significantly increases its scale of operations on a
sustainable basis along with improvement in operating margins
leading to higher than expected cash accruals and improved capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected accruals or any debt funded capex
resulting in weakening of capital structure or in case of increase
in working capital requirements leading to further stretch in
liquidity profile.

Incorporated in 2007, Himalaya Kraft Private Limited, is a Una-
based company that is primarily engaged in the manufacture of
kraft paper.  The company's operations are currently being managed
by Mr. Tarsem Mahajan. The company has its mill based in Una
(Himachal Pradesh).

HKPL reported a net profit of INR2.49 million on net sales of
INR265.2 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR2.66 million on net sales
of INR220.7 million for 2012-13.


HOTEL SAIDEEPS: CRISIL Assigns 'B' Rating to INR102.8MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hotel Saideeps Holiday Park (HSHP).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      6         CRISIL B/Stable
   Term Loan             102.8       CRISIL B/Stable

The rating reflects HSHP's small scale of operations and
geographical concentration in revenue in the intensely competitive
hospitality industry. The rating also factors in the firm's below-
average financial risk profile, marked by small net worth and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of HSHP's promoters
in the hospitality industry and their funding support.
Outlook: Stable

CRISIL believes that HSHP will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if significant and sustained
improvement in revenue and stable profitability lead to higher
cash accruals, leading to an improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of low cash
accruals on account of lower occupancy, or any large debt-funded
capital expenditure.

Established in 1998, HSHP is a partnership firm, with Mr. Rajendra
Gondkar and his family members as partners. The firm runs two
hotels in Shirdi (Maharashtra)'Holiday Park and Sayali.


INDIA: High Debt Levels, Weak Balance Sheets Hamper Infra Growth
----------------------------------------------------------------
What was meant to be the crowning achievement of Jaypee Group and
Jay Prakash Gaur, its 85-year-old patriarch, has become a monument
instead to unrealistic aspirations and poor execution on the one
hand and a shortfall in growth, the high cost of capital and an
uncertain political landscape on the other, the Financial Times
reports.

The FT relates that the scale of Jaypee's ghost city -- which
extends across five expansive parcels of land along the highway
adjacent to the racetrack -- rivals that of some of China's famous
unoccupied cities. Fortunately for Jaypee, it also owns a
collection of power and cement plants across India as well as
three listed companies, the report notes. Unfortunately, it also
has about $12 billion of debt, the FT reports citing creditors and
analysts.

The FT says Jaypee is not alone in its plight. Citing data from
Ashish Gupta, an analyst with Credit Suisse, the FT discloses that
the company is ranked number six of 10 indebted Indian
conglomerates that collectively owe about $125 billion to their
bankers, and account for 13 per cent of all bank loans in India.

Others on the list include Lanco, a construction and power
company; GVK, an energy and transport group; and GMR, an
infrastructure conglomerate, the report relays.

They are among the companies that should be leading India's
efforts to bolster its inadequate infrastructure, but instead are
hampered by high debt levels and weak balance sheets, adds the FT.


INDERMANI MINERAL: CRISIL Suspends B Rating on INR200MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Indermani Mineral India Pvt Ltd (IMPL; part of the Indermani
group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           200        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by IMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, IMPL is yet to
provide adequate information to enable CRISIL to assess IMPL'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, IMPL is a part of the Raipur (Chhattisgarh)-
based Indermani group. The group's flagship entity, Indermani
Coal, was set up by Mr. Sunil K Agarwal in 1998. IMPL was
incorporated to take over the coal trading business of Indermani
Coal.


J.S.V MOTORS: CRISIL Ups Rating on INR36MM Term Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
J.S.V Motors and Constructions Pvt Lt (JSVL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', and has reaffirmed its rating on the
company's short-term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     125        CRISIL A4 (Reaffirmed)

   Proposed Long Term      30.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               36.0      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that JSVL's liquidity
will improve, driven by the expected increase in its cash
accruals, over the medium term. The company is estimated to have
generated cash accruals of INR12 million to INR14 million in 2014-
15 (refers to financial year, April 1 to March 31), sufficient to
meet its maturing debt obligations for the year. CRISIL believes
that JSVL will generate sufficient cash accruals to meet its debt
obligations over the medium term and its liquidity will be further
supported by unsecured loans from its promoters.

The ratings reflect JSVL's average financial risk profile, marked
by a weak interest coverage ratio and a high total outside
liabilities to tangible net worth ratio, and its exposure to
intense competition in the automobile dealership segment. These
rating weaknesses are partially offset by JSVL's established
relationship with Hyundai Motors India Ltd (HMIL) and the
company's increasing scale of operations.
Outlook: Stable

CRISIL believes that JSVL's business risk profile will continue to
benefit over the medium term from its established relationship
with HMIL. The outlook may be revised to 'Positive' if the company
sustainably improves its scale of operations while sustaining its
operating margin and efficient working capital management, or if
it improves its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if JSVL's financial risk profile
deteriorates, most likely because of an increase in its working
capital requirements or large debt-funded capital expenditure.

JSVL was incorporated in 2000 in Lucknow. The company is an
authorised dealer for HMIL's vehicles. It operates two showrooms
and a workshop in Lucknow, and a sales office in Barabanki (Uttar
Pradesh). The company is owned and managed by Mr. Jatin Verma and
Mr. Pankaj Verma.


KOHLI AUTO: CRISIL Suspends 'D' Rating on INR175MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kohli Auto Company (S) (Kohli Auto).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           175        CRISIL D
   Long Term Loan          5        CRISIL D

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

Kohli Auto, a partnership firm, was set up by Mr. Navinder Singh
Kohli and his family members in 1968. It is a dealer in Mahindra &
Mahindra Ltd's vehicles and spare parts.


KPM PROCESSING: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded KPM Processing
Mill Private Limited's (KPM) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable. The agency has also upgraded
the following ratings of KPM's bank loans:

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Long-term Loans         199           Upgraded to 'IND BB-'/
                 (increased from 145)    Stable from 'IND B+'

   Fund-based working       70           Upgraded to 'IND BB-'/
   capital limits (increased from 50)    Stable from 'IND B+'

   Non-fund based         22.5           Upgraded to 'IND A4+'
   Working capital (increased from 15)   from 'IND A4'
   limits

KEY RATING DRIVERS

The upgrade reflects the improvement in KPM's scale of operation
and credit metrics due to the higher work orders. Unaudited
financials for FY15 (year end March) indicate net revenue of
INR340m (up 125.9% yoy) with net financial leverage of 3.1x (FY14:
3.9x) and EBITDA interest cover of 3.8x (3.0x). The ratings are
also supported by over two decades of experience of KPM's
promoters in fabric dyeing.

The ratings are constrained by KPM's tight liquidity position as
reflected in its 100% use of the working capital borrowings during
the six months ended May 2015.

RATING SENSITIVITIES

Positive: Improvements in the scale of operation leading to
improvements in the credit metrics would lead to a positive rating
action.

Negative: Deterioration in the overall credit metrics would lead
to a negative rating action.

COMPANY PROFILE

KPM was registered on 19 November 2010 under the Companies Act,
1956. The company has set up a 12,000kg per day fabric dyeing unit
at Tirupur, Tamil Nadu.  The company is promoted by P. Sekaran, N.
Chandra Sekaran and Thamilselvi.


LAKHANI ARMAAN: CRISIL Reaffirms 'D' Rating on INR85MM LOC
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakhani Armaan Shoes
Pvt Ltd (LASPL; 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
   ----------         ---------     -------
   Bill Purchase-Disc.
   Facility               50        CRISIL D (Reaffirmed)

   Cash Credit            65        CRISIL D (Reaffirmed)

   Letter of Credit       85        CRISIL D (Reaffirmed)

   Term Loan              45.1      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 '
LASPL, Lakhani Footwear 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).


LAVASA CORPORATION: CARE Reaffirms D Rating on INR711.12cr Loan
---------------------------------------------------------------
CARE revises/reaffirms/withdraws the rating assigned to the bank
facilities/instruments of Lavasa Corporation Limited.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities-
   Term Loan                       476.74     CARE D Reaffirmed

   Long-term Bank Facilities-
   Term Loan                       711.12     CARE D Reaffirmed

   Long-term Instruments-NCD I     100.00     CARE D Reaffirmed

   Long-term Instruments-NCD IV    250.00     CARE D Revised from
                                              CARE C

   Long-term Instruments-NCD V     117.00     CARE D Revised from
                                              CARE C

   Long-term Instruments - DDCD I (B)   -    Withdrawn

   Long-term Instruments - DDCD III (B) -    Withdrawn

Rating Rationale
The revision in the rating assigned to instruments of Lavasa
Corporation Limited (LCL) factors in delays in debt servicing
owing to tight liquidity position. The ratings continue to be
constrained owing to deferment in project commissioning from
scheduled timelines and concomitant stress on project cash flows
resulting in delays in debt servicing.

Timely servicing of debt obligations, additional infusion of funds
to complete project work as per revised schedule and further
scaling up of operations to improve the liquidity profile of the
company are the key rating sensitivities.

CARE has withdrawn the ratings assigned to DDCD I (B) and DDCD III
(B) issue of LCL with immediate effect, as the company has fully
repaid the amounts under the said issue and there is no amount
outstanding under the issue as on date.

LCL is jointly promoted by Hindustan Construction Company Limited
(HCC; rated 'CARE C/CARE D/CARE A4' for bank facilities and
instruments) through its subsidiary company Hindustan Real Estate
Limited and others including Avantha Realty Limited, Venkateshwara
Hatcheries Private Limited andMr. Vinay V Maniar. HCC group holds
68.70% stake in LCL.

On November 25, 2010, a show cause notice was served to LCL by the
Ministry of Environment and Forests (MoEF) for violation of
environment laws and LCL was ordered to stop all construction work
on site till the Centre takes an appropriate decision on the show-
cause notice. On November 9, 2011, MoEF gave an environmental
clearance to work on a reduced scale of a total area admeasuring
5,000 acres which includes Dasve, Mugaon and some parts of
Damanhole.

The same resulted in delay in commissioning of the project as
against original scheduled timelines.

During FY15 (refers to the period April 1 to March 31) due to high
interest and finance cost, LCL reported a net loss of INR147.68
crore on total operating income of INR308.14 crore vis-a-vis net
loss of INR182.48 crore and total operating income of INR175.67
crore in FY14.


LN FIELDS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned LN Fields Pvt Ltd
(LNFPL) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable. The agency has also assigned LNFPL's INR120m fund-based
working capital limits an 'IND B' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect LNFPL's weak credit profile due to its trading
nature of business. Provisional FY15 financials indicate interest
coverage of 1x (FY14: 1.1x) and net financial leverage of 8.6x
(6.3x). The ratings also factor in the company's intense working
capital cycle of 179 days in FY15 (FY14: 227 days) because of high
debtor days.
The ratings are supported by LNPL's director's experience of
around two decades in the trading business.

RATING SENSITIVITIES

Positive: A sustained improvement in the interest coverage could
lead to a positive rating action.

Negative: Any deterioration in the interest coverage could lead to
a negative rating action.

LNFPL was founded by Arvind Karnani in 1998. The company is
engaged in the trading of agro chemicals and agro commodities. Its
target customers are tea plantation companies namely Jayshree Tea
& Industries Ltd, Goodricke Group Ltd, etc.

The company's operations are limited to West Bengal, Assam,
Jharkhand and Maharashtra.


LSR FAB: ICRA Suspends B+/A4 Rating on INR16.29cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR16.29 crore limits of LSR Fab Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

LSR Fab Private Limited was initially established for the purpose
of carrying out investment activities in 1991, under the name of
Damanganga Investments Pvt. Ltd. The company was engaged only in
investment (trading of shares) activities till FY 10. During FY11,
it ventured into the business of cone winding on job-work basis
and also continued with its share trading business. Subsequently
in FY12, the company was renamed to LSR Fab Private Limited; the
share trading business was closed down and a green field project
was implemented to set up a manufacturing unit for chenille yarn
and weaving of fabric with an initial installed capacity of 242
Tonnes per Annum (TPA) and 4.12 Lakh Meters Per Annum (LMPA) at
Nani Daman, near Gujarat.


MADHUR OVERSEAS: CRISIL Cuts Rating on INR100MM Cash Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Madhur Overseas (MO) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by MO in
servicing its debt; the delays have been due to MO's weak
liquidity, resulting from its working-capital-intensive
operations. CRISIL believes that MO's liquidity will remain
stretched with no significant improvement expected over the medium
term, owing to the ongoing slump in the rice industry.

The rating also reflects the firm's below-average financial risk
profile, marked by weak debt protection metrics, and its small
scale of operations in the intensely competitive rice industry,
leading to low operating profitability. However, the firm benefits
from its proprietor's extensive experience in the basmati rice
industry.

MO, a proprietorship firm set up by Mr. Kiran Pal, trades in rice.
The Narela (Delhi)-based firm procures rice primarily from the
Narela Mandi.


MARUTI CASHEW: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Maruti Cashew Processors (SMCP).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      3.6      CRISIL B/Stable
   Term Loan               3.9      CRISIL B/Stable

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

Maruti Cashew Processors (SMCP) is a partnership firm established
in 2008 by Mr. Deepak Naik and Mr. Ganesh Naik. SMCP is engaged in
the business of processing raw cashew nuts and selling of cashew
kernels. The firm mainly caters to the domestic markets.


MARVELLA CORPORATION: ICRA Rates INR7.50cr Term Loan at B+
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.50
crore term loan facility of Marvella Corporation.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based      7.50        [ICRA]B+ Assigned
   Term Loan

The assigned rating is constrained by the market risks associated
with the project on account of large unsold inventory and the
refinancing risks which may occur if the bookings of the project
are not completed on time. The rating also takes into
consideration the intense competition in the Surat real estate
segment and the vulnerability of the project to the cyclicality
inherent in the real estate sector. ICRA also notes that being a
partnership firm, any substantial withdrawal from the capital
account would impact the capital structure of the firm.

The rating, however, favorably factors in the long standing
experience of the firm's partners in the real estate business, and
the favorable location of the ongoing project. The limited
execution risk associated with the project as it is at an advanced
stage of completion has also been taken into account by ICRA while
assigning the rating.

Marvella Corporation was established in 2014 as a partnership firm
and is engaged in construction of the commercial real estate
project 'Marvella Corridor' in Surat. The firm currently has six
partners.


MELSTAR INFORMATION: CRISIL Reaffirms 'B' Rating on INR70MM Loan
----------------------------------------------------------------
The rating continues to reflect Melstar Information Technologies
Limited (MITL)'s modest scale of operations in the highly
fragmented staff augmentation and software trading industry,
continued losses, and weak financial risk profile marked by small
net worth and inadequate debt protection metrics. These rating
weaknesses are partially offset by the benefits that the company
derives from the extensive industry experience of its key
personnel.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              70       CRISIL B/Stable (Reaffirmed)
   Overdraft Facility       20       CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan       60       CRISIL B/Stable (Reaffirmed)

MITL acquired Melstar Inc in 2008 and CRISIL had been combining
the business and financial risk profiles of Melstar Inc and MITL
while arriving at the rating. However, for this rating exercise,
CRISIL has considered the standalone business and financial risk
profiles of MITL as Melstar Inc has not been operational since
2010. Moreover, MITL's investment of about INR215 million in
Melstar Inc has been provisioned in the books of MITL.
Outlook: Stable

CRISIL believes that MITL's scale of operations will remain small
over the medium term. The outlook may be revised to 'Positive' if
the company sustainably turns around its operations and posts a
substantial profit. Conversely, the outlook may be revised to
'Negative' if it extends further financial support to associate
concerns or continues to incur losses.

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large information technology (IT)
companies and IT divisions of large corporations. MITL also
provides application development and implementation services,
albeit on a modest scale. MITL is listed on the Bombay Stock
Exchange and the National Stock Exchange.


NAVHARI FOOD: ICRA Assigns B+ Rating to INR7.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR7.00 crore cash
credit facility of Navhari Food Products (P) Limited. In arriving
at the rating, ICRA has taken a consolidated view of the group
concerns namely, NFPPL and Sun-Shine Food Products (SSFP rated
[ICRA]B+), as both the entities are in the same line of business
and have common promoters, customers and banker.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              7.00        [ICRA]B+; assigned

ICRA's rating is constrained by the firm's modest scale of
operations, its weak financial profile as characterized by low
profitability and high gearing levels on account of the high
working capital intensity of operations and debt funded capital
expenditure undertaken by the firm. The rating also takes into
account the intensely competitive nature of the industry which
exerts pressure on the firm's operating margins. However, the
rating favourably takes into account the extensive experience and
the long track record of the promoters in the snacks and sweets
industry and strong regional presence in Bikaner.

Going forward, the firm's ability to increase its scale of
operations, improve its profitability and efficiently manage its
working capital requirements will be the key rating sensitivities.

NFPPL was established in 1996 to manufacture traditional Indian
sweets. The company is located at Bikaner and has two directors-
Mr. Hari Ram Agarwal and Mr. Madan Agarwal. The promoters of the
company are also associated with other group concern- SSFP which
was established in 1990 to manufacture traditional Indian snacks
i.e. namkeen. The group sells its products under its brand
'Bhikharam Chandmal'.

Recent Results

In 2013-14, NFPPL recorded a net loss of INR0.03 crore on an
operating income of INR26.48 crore, as against a net profit of
INR0.08 crore on an operating income of INR17.30 crore in the
previous year.


PALLAVI ENTERPRISES: CRISIL Reaffirms B+ Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Pallavi
Enterprises (part of the Pallavi group) continue to reflect the
Pallavi group's modest scale of operations in the intensely
competitive rice milling industry, and the susceptibility of its
profitability margins to changes in government regulations and
paddy prices. These rating weaknesses are partially offset by the
benefits that Pallavi group derives from its promoters' extensive
experience in the rice milling industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility      80       CRISIL B+/Stable (Reaffirmed)

   Term Loan              120       CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded its rating on the long-term bank facilities of
Pallavi group to 'CRISIL B+/Stable' from 'CRISIL D' on May 29,
2015.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises, and Girija Modern
Rice Mill (Girija Mill). This is because these two entities,
together referred to as the Pallavi group, have common promoters,
are in the same line of business, and have operational linkages
and fungible cash flows.
Outlook: Stable

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

Pallavi Enterprises was set up in 1983 by Mr. Tatikonda
Viswanadham and his wife - Mrs. Tatikonda Savitri. Girija Mill was
set up in 2007 by Mr. Viswanadham and his daughter - Ms. Athuluri
Girija.

The group mills and process paddy into rice; they also generate
by-products such as broken rice, bran, and husk. The rice milling
units of both the entities are located in Vijayawada (Andhra
Pradesh).


PEPSU ROAD: ICRA Reaffirms B+ Rating on INR40cr Overdraft
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR40.00
crore fund-based bank facilities of Pepsu Road Transport
Corporation.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-Based Limits       40.00       [ICRA]B+; reaffirmed
   (Overdraft)

Rationale
The rating continues to take into consideration PRTC's strategic
importance to the Government of Punjab (GoP) as a provider of
passenger transport services in the southern region of the State
of Punjab and fare revisions at regular intervals by PRTC in the
past, however the same requires the approval of the State
Government, which could lead to delays. Also, the extent of fare
hike in recent years has not kept pace with the rise in operating
costs as reflected by the losses reported by PRTC. The rating is,
however, constrained by PRTC's weak financial profile as reflected
by its losses, though it showed an improvement during 2014-15 on
account of a decline in fuel prices, deterioration in its
operational performance during 2014-15, leading to higher
operational cost, and large payables by PRTC to the retired
employees which, if funded by fresh debt, would impacts its
capital structure and liquidity position adversely. The rating is
also impacted by PRTC's negative networth, which deteriorated
further during 2014-15 on account of the losses suffered during
2014-15 and depressed debt coverage indicators. The rating also
factor in PRTC's large receivables for the concessional travel
provided by it, impacting its liquidity position adversely.

Pepsu Road Transport Corporation (PRTC), Patiala was set-up in
October, 1956 under the provision of the Road Transport
Corporations (RTC) Act, 1950 with a view to provide efficient,
adequate, economic and properly co-ordinated operation system of
Road Transport Services in the southern region (erstwhile PEPSU -
Patiala and East Punjab States Union) of Punjab. PRTC operates
over 990 buses daily through 10 depots.

Recent Results
As per the provisional financial statements, PRTC reported an
operating income of INR364.00 crore and a net loss of INR5.00
crore in 2014-15 as compared to an operating income of INR361.37
crore and a net loss of INR11.35 crore in 2013-14.


PRACHEE FILAMENTS: ICRA Suspends 'D' Rating on INR15.63cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating to the INR21.75 crore bank
facilities of Prachee Filaments Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund-         15.63        [ICRA]D Suspended
   Based Limits

   Long term/Short          6.12        [ICRA]D Suspended
   term Unallocated
   Limit

Prachee Filaments Yarns Private Limited (Prachee) incorporated in
April 2009, is involved in the business of manufacture of
metalized films and paper based packaging materials. The company
has its registered office in Surat city, while its manufacturing
plant is at Karanj village, Surat.


PSV INFRASTRUCTURES: CRISIL Suspends D Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PSV Infrastructures Limited (PSV).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        15         CRISIL D
   Cash Credit           50         CRISIL D
   Term Loan              5         CRISIL D

The suspension of ratings is on account of non-cooperation by PSV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSV is yet to
provide adequate information to enable CRISIL to assess PSV'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 2010, PSV Infrastructure Limited undertakes civil
construction projects on turnkey basis primarily for companies in
power sector. Mr. Virendra Singh oversees the day-to-day
operations of the firm. The registered office is located at
Bhopal, Madhya Pradesh.


RAGHUNATH TRADERS: CRISIL Cuts Rating on INR100MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Raghunath Traders (RT) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL D (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by RT in
servicing its debt; the delays have been due to RT's weak
liquidity, resulting from its working-capital-intensive
operations. CRISIL believes that RT's liquidity will remain
stretched with no significant improvement expected over the medium
term, owing to the ongoing slump in the rice industry.

The rating also reflects the firm's below-average financial risk
profile, marked by weak debt protection metrics, and its small
scale of operations in the intensely competitive rice industry,
leading to low operating profitability. However, the firm benefits
from its proprietor's extensive experience in the basmati rice
industry.

RT is a proprietorship firm incorporated by Mr. Parveen Sharma and
is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


RATNAM POULTRY: CRISIL Ups Rating on INR72.5MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ratnam Poultry Pvt Ltd (RPPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        60.6      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Open Cash Credit      72.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    66.9      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in RPPL's business
risk profile, driven by improved profitability margins aided by
stabilisation of operations and stable raw material prices. The
upgrade also factors in the increase in RPPL's net worth estimated
at around INR37 million as on March 31, 2015, from around INR24
million as on March 31, 2014, aiding its financial flexibility and
improved capital structure. CRISIL believes that RPPL will sustain
the improvement in its financial risk profile over the medium term
supported by consistent growth in its net worth.

The rating reflects RPPL's below-average financial risk profile,
marked by high gearing and modest debt protection metrics, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of RPPL's promoters
in the poultry industry and the company's established market
position.
Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a sustained
improvement in the company's scale of operations and operating
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RPPL's
revenue and operating profitability decline, or if it extends
substantial fund support to its associate entities, or if it
undertakes a significant debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

RPPL was set up in 1986 by Mr. M P Seshaiah and his family. The
company undertakes poultry farming.


RISE ON: ICRA Assigns 'B+' Rating to INR27.60cr Term Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR27.60
crore fund based limits of Rise On Group.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based limits-
   Term Loan               27.60        [ICRA]B+ Assigned

The rating assigned to Rise On Group (RG) is constrained by the
project's exposure to high execution risk given that ~70% of the
estimated construction cost yet to be incurred. The rating is
further constrained by the project's exposure to sales risk
following nil bookings as on date thereby increasing the risk of
cash flow mismatches. Besides, ICRA notes that a limited cushion
is available between the scheduled date of completion and
repayment of term loan. Thus, any delay in realization of sales
and receipt of payments could lead to refinancing risks. The
rating also takes into consideration the cyclicality inherent in
the real estate sector and the geographical concentration risk of
the promoters, with all their projects being located in the same
area. ICRA also notes that being a partnership firm, any
substantial withdrawal from the capital account would impact the
net worth and thereby the capital structure of the firm.

The rating, however, favorably factors in the long experience of
the promoters in Surat real estate market and the project's
limited exposure to regulatory risk as necessary approvals are in
place and the moderate funding risks on account of the equity
contribution and bank debt being tied up.

Established as a partnership firm in February 2013, Rise On Group
(Firm) Group is engaged in the real estate business. The firm is
promoted by Maniya and kheni families, both of which are engaged
in real estate development for more than three decades. It
commenced the development of its first project viz. Melaanio
Residency (i.e. Low Rise Residential Building) and Leonard Square
(i.e. Low Rise Commercials Building) in April 2014. The firm is
promoted by Rise On Group (a group). The promoters of the group
are actively engaged in the field of the real estate &
construction activity in Surat, Ahmadabad and Mumbai.


S. R. SHIPPING: CRISIL Reaffirms B- Rating on INR250MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. R. Shipping
Co. (SRS) continues to reflect SRS's modest scale of operations,
pressure on its profitability on account of discontinuation of
dredging activities, and its weak financial risk profile, marked
by a small net worth, high gearing, below-average debt protection
metrics, and weak liquidity. These rating weaknesses are partially
offset by the extensive experience of the firm's proprietor in the
barge-chartering industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Proposed Long Term     250     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SRS's business risk profile will remain
constrained over the medium term on account of discontinuation of
dredging activities. The outlook may be revised to 'Positive' in
case of significant increase in the firm's topline and
profitability if it maintains a comfortable working capital cycle
or if there is substantial long-term fund infusion by the firm's
proprietor, leading to sustained improvement in its liquidity and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in SRS's liquidity or
if it undertakes significant debt-funded capital expenditure
programme.

SRS was established in 2007 as a proprietorship concern by Mr.
Rashad Mujawar. The firm is engaged in barge chartering, and
primarily operates in Maharashtra.


SAINATH KNITEX: ICRA Suspends 'B' Rating on INR9cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR9.00 crore term loan and fund based facilites of Sainath Knitex
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Sainath Knitex Private Limited (SKPL) was incorporated in the year
2010 and is engaged in the knitting of polyester as well as nylon
yarn. The company has its manufacturing unit located in Surat
(Gujarat) that has five knitting machines which have been procured
from the Germany based company Karl Mayer. The commercial
operations were started in June 2011.


SHIVA WHEELS: CRISIL Suspends B- Rating on INR25MM Inventory Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shiva
Wheels Pvt Ltd (SWPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B-/Stable
   Inventory Funding
   Facility               25        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     11.1      CRISIL B-/Stable
   Standby Line of
   Credit                  2.3      CRISIL A4
   Term Loan               6.6      CRISIL B-/Stable

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

SWPL was incorporated in 1988 and promoted by Mr. Shib Jivan Paul
as a multi-brand sub-dealer in two-wheelers. The company is an
authorised dealer in two-wheelers of Honda Motorcycle & Scooter
India Pvt Ltd (HML) and also operates as a sub dealer for other
two-wheeler manufacturers like TVS Motor Company Ltd. Currently,
SWPL's day-to-day operations are being managed by Mr. Shib Jivan
Paul's two sons, Mr. Sanjib Paul and Mr. Kaushik Paul.


SHIVAM COTTON: CRISIL Reaffirms B Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shivam Cotton
Industries (Junagadh)(SCI) continues to reflect its modest scale
of operations in a highly competitive cotton industry, working-
capital-intensive operations and its weak financial risk profile,
marked by high gearing and weak debt-protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B/Stable (Reaffirmed)
   Term Loan              49        CRISIL B/Stable (Reaffirmed)

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

CRISIL believes that SCI will continue to benefit over the medium
term from its partner's extensive industry experience. The outlook
may be revised to 'Positive' if the firm generates sizeable cash
accruals, backed by increased revenue, leading to improvement in
its financial risk profile, including liquidity. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
of SCI, including its liquidity, deteriorates due to low accruals,
or lengthening of working capital cycle, or any debt-funded
capital expenditure (capex).

Update
SCI commenced commercial operations in April 2014 and recorded
revenue of INR166 million in 2014-15 (refers to financial year,
April 1 to March 31). The revenues were low due to weak demand
scenario and initial stage of operations. The firm recorded an
operating profitability of 9 per cent and generated cash accruals
of INR1.7 million in 2014-15. CRISIL believes that SCI would be
able to scale its revenues over the medium term on the back of
stabilization of capacities; however, its operating profitability
could moderate with an increase in scale.

Treating unsecured loans of INR21.30 million as neither debt nor
equity (as they are expected to remain in the business over the
medium term), the firm's adjusted gearing was high at over 5 times
as on March 31, 2015 on the back of modest net worth and large
debt availed for funding its capex. The firm's debt protection
metrics were weak, marked by interest coverage and net cash
accruals to total debt of 1.1 times and 0.02 times respectively,
in 2014-15 owing to low profitability and high bank debt. CRISIL,
however, believes that SCI's financial risk profile will improve
over the medium term on the back of steady accretion to reserves
and absence of any debt-funded capex.

SCI's operations are working capital intensive, marked by gross
current assets of 224 days as on March 31, 2015, on the back of
high inventory days due to seasonal nature of business. The
aforesaid has resulted in full utilization of bank limits at an
average of around 94% over the 5 months ending March'15. The firm
generated cash accruals of INR1.7 million in 2014-15 against
repayment obligations of INR6.6 million; the repayments were met
through partner's support. CRISIL expects firm to generate cash
accruals of INR5.5 million in 2015-16 against a repayment
obligation of INR6.9 million.

Incorporated in 2013, SCI is a partnership firm located in
Junagadh (Gujarat).It is engaged in cotton ginning and pressing.
The firm is promoted by the Ribidiya family. The firm commenced
commercial operations in April 2014.


SHRI RIDDHI: CRISIL Suspends B+ Rating on INR77.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shri
Riddhi Siddhi (Jaora) Infrastructure and Builders Private Limited.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             77.5       CRISIL B+/Stable

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

SRSIB, incorporated in  2004 as ' M V Jain Financial Consultants
Private Limited', is engaged in real estate and construction
business in Jaora, Madhya Pradesh The company's name was changed
to SRSIB in 2010. The day to day operations of the company are
overseen by the promoters, Mr. Bhoopendra Dangi, Mr. Sanjay
Bhandari, Mr. Mukesh Kumar Jain and Mr. Vijay Nahar.


SPACETECH EQUIPMENTS: ICRA Cuts Rating on INR4.20cr LOC to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.75
crore fund based bank facilities of Spacetech Equipments &
Structurals Private Limited to [ICRA]D from [ICRA]B assigned to
the company. ICRA has also revised the short-term rating assigned
to the INR4.20 crore non-fund based bank facilities of SESPL to
[ICRA]D from [ICRA]A4 assigned to the company. The ratings for
unallocated limits of INR0.05 crore has also been revised to
[ICRA]D/[ICRA]D from [ICRA]B/[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             1.75       Downgraded from [ICRA]B
                                      to [ICRA]D

   Bank Guarantee/         4.20       Downgraded from [ICRA]A4
   Letter of Credit                   to [ICRA]D

   Unallocated limits      0.05       Downgraded from [ICRA]B/
                                      [ICRA]A4 to [ICRA]D/[ICRA]D

The revision in ratings reflects delays in payment to bank loans
due to the stretched liquidity position arising out of delayed
payments from customers.

Established in 1982, SESPL is engaged in the fabrication of
pressure vessels, with its facility located at Ambernath in Thane
district of Maharashtra. SESPL's fabrication facility is ISO 9001-
2000 certified and the pressure vessels manufactured by the
company find application mainly in the steel, oil & gas, power and
engineering sectors.

Recent Results:
For the financial year ending March 2015, SESPL provisionally
reported an operating income of INR12.14 crore and a net profit of
INR0.25 crore as compared to operating income of INR10.89 crore
and net profit of INR0.12 crore in the previous year.


SRI RAM: CRISIL Assigns B+ Rating to INR75MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Ram Modern Rice Mill (SRMRM).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           75         CRISIL B+/Stable
   Term Loan             22         CRISIL B+/Stable

The rating reflects SRMRM's below average financial risk profile
marked by high gearing, and its modest scale of operations in the
highly fragmented rice milling industry. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's partners.

For arriving at its rating, CRISIL has treated unsecured loans
aggregating to INR7.50 million extended to the firm by its
partners' friends and relatives as neither debt nor equity. This
is based on a specific undertaking by SRMRM's management that
these loans will not be withdrawn from the business for the next
three years.
Outlook: Stable

CRISIL believes that SRMRM will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's cash accruals, significant improvement in
its working capital management along with considerable infusion of
capital by its partners, leading to improvement in its financial
risk profile, particularly its liquidity. Conversely, the outlook
may be revised to 'Negative' if SRMRM's accruals are low, its
working capital cycle is stretched, or it undertakes a large debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile, particularly its liquidity.

SRMRM was originally established in 1976 as a proprietorship
concern, which was reconstituted as a partnership firm after the
demise of Mrs. P Muthu, the firm's proprietor. At present, Mr. A
Periasamy and Mr. P Venkatesa Prasadh are the two partners of the
firm. SRMRM mills rice from paddy. It markets its products under
the brand 'Royal'.


SRINIVASAN ASSOCIATES: Ind-Ra Suspends 'IND BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Srinivasan
Associates Private Limited's (SAPL) '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 SAPL's INR150m 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 SAPL.

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.


SUN-SHINE FOOD: ICRA Assigns B+ Rating to INR9.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR9.00 crore cash
credit facility of Sun-Shine Food Products. In arriving at the
rating, ICRA has taken a consolidated view of the group concerns
namely, SSFP and Navhari Food Products (P) Limited
(rated [ICRA]B+), as both the entities are in the same line of
business and have common promoters, customers and banker.


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             9.00         [ICRA]B+; assigned


ICRA's rating is constrained by the firm's modest scale of
operations, its weak financial profile as characterized by low
profitability and high gearing levels on account of the high
working capital intensity of operations and debt funded capital
expenditure undertaken by the firm. The rating also takes into
account the intensely competitive nature of the industry which
exerts pressure on the firm's operating margins. The rating also
considers the capital withdrawal risk associated with a
partnership firm. However, the rating favourably takes into
account the extensive experience and the long track record of the
promoters in the snacks (namkeen) industry and strong regional
presence in Bikaner.

Going forward, the firm's ability to increase its scale of
operations, improve its profitability and efficiently manage its
working capital requirements will be the key rating sensitivities.

SSFP was established in 1990 to manufacture traditional Indian
snacks i.e. namkeen. The firm is located in Bikaner, Rajasthan and
has three partners (i) Mr. Hari Ram Agarwal (ii) Mr. Jai Prakash
Agarwal and (iii) Ms. Lalita Agarwal. Prior to the establishment
of SSFP, the promoters used to operate as a local vendor engaged
in the similar line of business in Bikaner. The promoters of the
company are also associated with other group concern- NFPPL which
was established in 1996 to manufacture traditional Indian sweets.
The group sells its products under its brand 'Bhikharam Chandmal'.

Recent Results

In 2013-14, SSFP recorded a net profit of INR0.50 crore on an
operating income of INR44.60 crore, as against a net profit of
INR0.29 crore on an operating income of INR29.79 crore in the
previous year.


SURAKSHA AVENUES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suraksha Avenues
Pvt Ltd (SAPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned SAPL's proposed INR70m
long-term loan a 'Provisional IND BB-' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the execution risks associated with phase 2 of
SAPL's on-going residential project. The project is in the nascent
stage and only ground work has been completed. Also, advance
booking of only INR2.8m (0.81% of the total project cost) was
achieved for phase 2 till end-June 2015.

The ratings are constrained by the company's high reliance on
customer advances to fund the project. Any delays in milestone
payments by customers will put pressure on its cash flows.

The ratings are, however, supported by SAPL's comfortable sales
track record. The entity sold 141 units in phase 1 by end-March
2015 (83.93% of the total units in that phase). The ratings are
also supported by the location of the project in a residential
area with few educational institutions and hospitals nearby. Also,
two of the company's promoters have around 15 years of experience
in the real estate industry.

RATING SENSITIVITIES

Positive: The timely completion of the project within the
projected cost outlay will be positive for the ratings.

Negative: Any slowdown in the bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, SAPL is building a residential project
namely Akruthi Township in Bodduppal, Hyderabad. The construction
of the project was started in 2010 and four blocks in phase 1 have
been fully built up. SAPL has 168 flats as its share as builder
out of the 272 flats in the four blocks. Out of 168 flats, the
company has sold 141 flats and remaining 27 flats are under
negotiation for sale. It has commenced construction of another
three blocks in phase 2 with total flats of 168. Out of 168 flats,
SAPL shall have 98 flats as its share. The construction of phase 2
is likely to be completed in FY19.

The company is managed by four directors V. Aravinder Reddy, T.
Sashikanth Reddy, K. Satyanarayana Reddy and A. Vivekananda Reddy.


UTSAV INDUSTRIES: CRISIL Suspends B+ Rating on INR57.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Utsav Industries Pvt Ltd (UIPL; part of the Alloy group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           57.5       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by UIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UIPL is yet to
provide adequate information to enable CRISIL to assess UIPL'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 rating, CRISIL has combined the business and
financial risk profiles of UIPL and its two group companies, Raj
Aluminium Pvt Ltd (RAPL) and AIM Technologies Pvt Ltd (AIM),
collectively referred to as the Alloy group. This is because all
the three companies are in similar lines of operations, share a
common management, and have significant inter-company
transactions.

Incorporated in 1996, UIPL trades in aluminium products and
manufactures aluminium extrusions. AIM was the first company set
up by the Alloy group in 1980. The company also trades in
aluminium products. RAPL (formerly, Metal Extrusion) was set up in
1985 as a proprietorship firm. The company deals in aluminium
rolled products.


VICHITRA PRESTRESSED: ICRA Ups Rating on INR5cr Cash Loan to C+
---------------------------------------------------------------
ICRA has revised its rating on the INR5 crore fund based bank
facility of Vichitra Prestressed Concrete Udyog Private Limited to
ICRA]C+ from [ICRA]D. The rating on the company's INR15 crore non
fund based facilities has been revised to [ICRA]A4 from [ICRA]D.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Cash Credit     5.0       [ICRA]C+; revised
                                        from [ICRA]D

   Non Fund Based- Bank      15.0       [ICRA]A4; revised
   Guarantee                            from [ICRA]D

The revision in ratings centrally factors in the correction by VPC
in delays of its debt servicing obligations. The ratings are
constrained on account of the company's high working capital
intensity on account of high inventory and receivable days,
limited financial flexibility on account of fully utilized working
capital limits, declining scale of operations and vulnerability of
margins to fluctuations in raw material prices. The ratings are
also constrained on account of exposure to sector and geographic
concentration risks emanating from VPC's pending order book, which
is highly concentrated towards the state of Rajasthan and water
segment (laying of pipes). Further, VPC's high dependence on
government entities for orders, exposes it to risks arising out of
variability in budgetary allocation. ICRA also takes note of the
extensive track record of the promoters in the civil construction
industry and the company's moderate gearing levels.

Going forward, VPC's ability to attain a sustained improvement in
its liquidity, translating into a track record of timely debt
servicing will be the key rating sensitivity.

Based in Delhi, VPC was incorporated in 1989 and is closely held
by the promoters. VPC manufactures pre-stressed concrete pipes, MS
Pipes and RCC Pipes. The total capacity of the manufacturing
facility is 120,000 meters per annum. VPC undertakes contracts for
manufacture and laying of water and sewerage lines for various
government agencies like Haryana Urban Development Authority
(HUDA), Uttar Pradesh Jal Nigam, Rajasthan Urban Sector
Development and Investment Program, etc.

Recent Results
VPC reported an Operating Income (OI) of INR14.45 crore and a net
profit of INR0.00 crore for 2013-14, as compared to an OI of
INR24.87 crore and a net profit of INR0.67 crore for the previous
year. For 2014-15, on a provisional basis, the firm reported an OI
of INR10.98 crore.


WIRECOM INDIA: CRISIL Assigns 'B+' Rating to INR59.1MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Wirecom India Pvt Ltd (WIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan      20.9       CRISIL B+/Stable
   Cash Credit             20         CRISIL B+/Stable
   Long Term Loan          59.1       CRISIL B+/Stable

The rating reflects WIPL's weak financial risk profile, with low
net worth, high gearing and working capital intensity in
operations. This rating weakness is partially offset by WIPL's
healthy operating profitability and the extensive experience of
its promoters in the building products industry.
Outlook: Stable

CRISIL expects WIPL to maintain its established presence in the
building products industry over the medium term on the back of its
promoters' extensive experience in the business. The outlook may
be revised to 'Positive' if the company increases its revenue
substantially and sustainably, and improves its working capital
management while maintaining stable profitability margins.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in its capital structure on account of
large working capital requirements or debt-funded capital
expenditure.

Set up in 1985 by Mr. Bharat Shah and his wife, WIPL manufactures
compression spring, tension spring, torsion spring, conical
spring, garter spring, die spring, clutch spring, spiral spring,
umbrella spring and wire forms for the automobile, electrical, and
consumer electronics industries. It also manufactures sheet metal
components. It is based in Mumbai.



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


GRACE HOLDINGS: Director Pleads Guilty to SFO Charges
-----------------------------------------------------
The Director of Grace Holdings NZ Limited, Kairuaiti Tangata
Oropai Robert Kairua (55), has pleaded guilty in the Auckland
District Court to charges laid by the Serious Fraud Office (SFO).

In January 2013, the Serious Fraud Office laid 17 Crimes Act
charges of theft by a person in a special relationship and 12
charges of false statement by a promoter.

Mr Kairua has pleaded guilty to 13 of the 17 theft charges, and 9
of the 12 false statement charges.

Grace NZ traded under the name BullionBuyer; its core business
being the trading of gold and other precious metal on behalf of
investors.

At the time of its collapse, Grace NZ reportedly held investor
funds of approximately NZ$2.7 million. Mr Kairua made false
statements in brochures regarding his experience and
qualifications, the nature of the trading, and the insurance and
storage of physical metals. He also failed to report losses
suffered by investors, which created a misleading picture. This
induced further investment and influenced investors to maintain
their existing investments with Grace NZ. Mr Kairua
misappropriated funds of approximately NZ$370,000 and invested
funds contrary to investor instructions.

SFO Director, Julie Read said the SFO commends those investors who
stepped forward and contacted the agency.

"Precious metals trading and other highly speculative investments
represent a significant risk to retail investors. Generally, such
investors rely entirely on the integrity and expertise of their
advisers. If investor trust is abused, the SFO considers it
important to ensure those advisers are brought to justice to
protect New Zealand's reputation as a safe place to invest and do
business."

Mr Kairua is to be sentenced on July 3, 2015.

Grace Holdings New Zealand Limited, traded as Bullion Buyer,
offered a precious metals trading service to New Zealand
investors.  The company was placed in liquidation in
February 2012 owing investors a total of at least NZ$3 million.


RFD FINANCE: Liquidator Knocked Back on NZ$80,000 Debt
------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that the Court of Appeal
has backed a ruling allowing Christchurch property developer David
Henderson to bat off a statutory demand for NZ$80,000.

Stuff.co.nz says the Henderson win is another chapter in the long
and bitter saga between Wellington liquidator Robert Walker, who
is the liquidator of Henderson's failed property empire, and Mr.
Henderson, who is a bankrupt.

According to the report, the Court of Appeal, in a judgement on
June 17, upheld a decision by associate Judge Rob Osborne setting
aside a statutory demand on RFD Finance Ltd (RFD), lodged by Mr.
Walker as liquidator of Sol Management Ltd (Sol).

Mr. Walker served the demand on RFD, part of another group of
Henderson companies, on August 7, 2013, requiring repayment of
NZ$80,000.

Stuff.co.nz relates that the money was part of NZ$150,000 paid to
Henderson's company, Tomanovich Holdings Ltd (THL), by the
Queenstown Lakes District Council.  The report says Mr. Henderson
directed about NZ$135,000 of the money to Sol's Westpac account.
About NZ$26,000 was applied to Sol's overdraft and, on the same
day, he ordered the transfer of NZ$80,000 to the trust account of
Cousins & Associates, for the credit of RFD.

The NZ$80,000 was then transferred between other Henderson
companies. No records were kept of the terms on which THL diverted
part of its NZ$150,000 payment to Sol and of the nature of the
transaction between Sol and RFD apart from a trust account note,
according to the report.

In the High Court, Judge Osborne said the documentation was
completely inadequate.

Stuff.co.nz relates that Mr. Henderson contended the Sol account
had been used as a conduit because THL had lost its bank account.
The liquidator introduced documentary evidence Westpac was
maintaining a bank account for THL as late as January 2011.

According to Stuff.co.nz, the Appeal Court endorsed "the associate
Judge's sympathy for the liquidator regarding the apparent ground
for finding Mr Henderson in default of his director's obligations
to maintain financial records. Similarly we agree it was relevant
Mr Henderson and Ms Buxton (Henderson's wife) were not co-
operative in attempts to clarify factual matters".

However the court said Mr. Osborne was right he could not discount
the prospect THL did not have a bank account and that Henderson
had an argument putting the debt into dispute, the report relays.

"The decision does not constitute a final determination of rights.
Rather it precludes the liquidator from relying on the summary
procedure in recovering assets claimed to be owed to the company
in liquidation. The (issues) must await substantive determination
on the issues," the Appeal Court, as cited by Stuff.co.nz, said.



=============
V I E T N A M
=============


VIETNAM BANK: Fitch Affirms 'B+' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on four Vietnamese banks --
Vietnam Bank for Agriculture and Rural Development (Agribank),
Vietnam Joint Stock Commercial Bank for Industry and Trade
(Vietinbank), Asia Commercial Joint Stock Bank (Vietnam) (ACB),
and Military Commercial Joint Stock Bank (Military Bank).

The Long-Term Issuer Default Ratings (IDR) on both Agribank and
Vietinbank were affirmed at 'B+' with Stable Outlooks, and
Vietinbank's Viability Rating (VR) was affirmed at 'b-'.

The IDRs on both ACB and Military Bank were affirmed at 'B', and
their VRs affirmed at 'b'. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

IDRS, SENIOR DEBT, SUPPORT RATINGS (SR) AND SUPPORT RATING FLOOR
(SRF) OF AGRIBANK AND VIETINBANK

The ratings of Agribank and Vietinbank are driven by Fitch's
expectation that the government would provide extraordinary
support as both entities are systemically important and majority-
owned by the Vietnamese government with quasi-policy functions in
the domestic economy. Agribank and Vietinbank are the largest and
second-largest banks respectively, by asset size in Vietnam with
strong domestic franchises.

The banks' ratings are one notch down from Vietnam's sovereign
rating (BB-/Stable) as the relative large size of the banking
industry compared with GDP and the government's finances may limit
the timeliness of support.

Vietinbank's senior notes are rated at the same level as its Long-
Term IDR, given that the notes constitute direct, unsubordinated
and senior unsecured obligations of the bank, and rank equally
with other unsecured and unsubordinated obligations. The Recovery
Rating on the notes is affirmed at 'RR4'. Fitch assigns Recovery
Ratings to issues from entities with IDRs of 'B+' or below.

The Stable Outlook of Agribank and Vietinbank reflect the Stable
Outlook on Vietnam's sovereign rating.

KEY RATING DRIVERS
VR OF VIETINBANK

Vietinbank's VR reflects its weak credit metrics characterised by
high concentration risk in its loan book including to state-owned
enterprises. Fitch believes the bank's low reported NPL ratio
understates problematic exposures, thereby undermining the bank's
reported capital levels. Vietinbank's loan-to-deposit ratio of
around 100% is higher than peers'. However, the bank will likely
have an advantage over private banks in times of stress as
depositors would have higher confidence in a majority state-owned
bank. Fitch does not expect the bank's recently announced plan to
acquire Petrolimex Group Bank (PG Bank) to affect its VR due to
the very small size of the latter (3.6% of Vietinbank's total
assets).

KEY RATING DRIVERS

IDRS, VRS, SRS AND SRFS OF ACB AND MILITARY BANK

The Long-Term IDRs of ACB and Military Bank are driven by their
VRs and remain constrained by lingering loan quality risks. Fitch
believes that their capital encumbrance from the underreporting of
NPLs is significantly lower compared with the state-owned banks.

ACB's ratings reflect its relatively stable credit profile and
what Fitch believes to be better risk management on the back of
assistance from its strategic shareholder, Standard Chartered Bank
(SCB; AA-/Negative). Loan quality is likely to remain stable and
less concentrated than peers' due to its focus on private SMEs and
individuals. The reported NPL ratio was 2.2% at end-2014 (2013:
3.0%) while its Fitch Core Capital ratio declined slightly to
12.3% at end-2014 after purchasing treasury shares.

Military Bank's ratings reflect its franchise as one of the
largest private commercial banks in Vietnam. Fitch expects that
the bank will continue to generate stronger profitability relative
to peers which in turn will support its capitalisation. The
ratings also take into account the bank's above-industry-average
loan growth, its high reliance on corporate deposits, and its
stronger government linkages, relative to other private banks
given its military background.

The Stable Outlooks on ACB and Military Bank reflect Fitch's
expectation that their risk profiles will be maintained over the
near to medium term amid improved macroeconomic stability in
Vietnam.

The '5' SRs and 'No Floor' SRFs of ACB and Military Bank reflect
Fitch's view that state support may be possible but cannot be
relied upon.

RATING SENSITIVITIES

IDRS, SRS and SRFS OF AGRIBANK, VIETINBANK, ACB AND MILITARY BANK

The SRs and SRFs are sensitive to shifts in the sovereign's credit
worthiness and ratings, which at present, are on a Stable Outlook.

These ratings may be affected by any perceived change in the
government's propensity to support the banks, although such a
scenario is unlikely for the systemically important state-owned
banks, including Agribank and Vietinbank. In contrast, the SRs and
SRFs for ACB and Military Bank are already at the lowest end of
the ratings scale.

RATING SENSITIVITIES

VRS OF VIETINBANK, ACB AND MILITARY BANK

Vietnamese banks may be pressured if asset quality further
deteriorates, and significantly weakens the banks' capitalisation.
Downward pressure for Vietinbank may be higher given its downward-
trending capital ratios and higher loan book concentration.
Negative rating action may also result from increasing risk
appetite, which may be demonstrated by excessive asset growth, or
event risks such as M&A or operational lapses that could
materially affect the banks' credit profile.

VRs may be upgraded if structural issues such as lack of
uniformity in loan classification standards and bad debt
resolution are more adequately addressed - leading to greater
transparency and sustainable improvement in the banks' asset
quality and their overall financial profiles.

The rating actions are as follows:

Agribank
Long-Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'

Vietinbank
Long-Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'
USD250m 8% notes due 2017 affirmed at 'B+'; Recovery Rating
affirmed at 'RR4'

ACB
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'

Military Bank
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'


                             *********

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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