TCRAP_Public/150709.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, July 9, 2015, Vol. 18, No. 134


                            Headlines


A U S T R A L I A

DESHAR PTY: First Creditors' Meeting Slated For July 17
EXTREME MECHANICAL: First Creditors' Meeting Set For July 16
HUTCH CORPORATION: First Creditors' Meeting Set For July 16
HYACINTH DEVELOPMENTS: First Creditors' Meeting Set For July 16
OUR HOME: First Creditors' Meeting Slated For July 16


C H I N A

CAR INC: Fitch Affirms 'BB+' Senior Unsecured Rating
CHINA: Markets Plunge as Latest Government Measures Fail


I N D I A

ADHIK RESORT: CRISIL Assigns B+ Rating to INR60MM Cash Loan
ADISHAKTI ALLOYS: ICRA Reaffirms B+ Rating on INR7.25cr Cash Loan
AFRAS CASHEW: CRISIL Assigns B+ Rating to INR45.0MM Cash Loan
AGRAWAL COTEX: CRISIL Ups Rating on INR70MM Cash Loan to B+
AMRITSAR RICE: ICRA Assigns B+ Rating to INR24cr Fund Based Loan

B. R. SPONGE: ICRA Ups Rating on INR15cr Cash Credit to 'B+'
BALAJI MOTORS: ICRA Assigns 'B-' Rating to INR7.0cr Cash Credit
DAZZLE OVERSEAS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
EXTOL EDUCATION: Ind-Ra Assigns 'IND BB' Rating toINR60MM Loan
GANESH GINNING: CRISIL Ups Rating on INR35MM Cash Loan to B+

GREEN FACADE: CRISIL Ups Rating on INR20.5MM LT Loan to B-
GUJARAT PEANUT: ICRA Reaffirms B+ Rating on INR4.5cr Cash Loan
HARIHAR ROCKS: CRISIL Assigns 'D' Rating to INR39MM Cash Loan
HAYAT COMMUNICATIONS: CRISIL Suspends B+ Rating on INR101MM Loan
HOTEL GANESH: CRISIL Assigns 'B' Rating to INR100MM Bank Loan

JALNA SIDDHIVINAYAK: CRISIL Reaffirms B+ Rating on INR450MM Loan
K. V. CHINNAAIH: CRISIL Suspends B Rating on INR35MM Cash Loan
KALLIYATH DEVELOPERS: CRISIL Assigns B+ Rating to INR25MM Loan
KAPOOR COTSYN: CRISIL Ups Rating on INR52.5MM LT loan to B+
KARTIKEY RESORTS: ICRA Assigns B- Rating to INR12.5cr Term Loan

KALPESH CORPORATION: ICRA Reaffirms B+ Rating on INR3.0cr Loan
M. S. VENKATESH: CRISIL Reaffirms B+ Rating on INR89MM Loan
MAGADH PRECISION: ICRA Assigns 'B' Rating to INR50cr Cash Loan
MAHALUXMI COTTON: ICRA Withdraws B+ Rating on INR5.75cr Loan
MANIMAHESH HYDEL: ICRA Reaffirms B+ Rating on INR10cr Term Loan

MARS CONSTRUCTION: ICRA Suspends B+ Rating on INR5cr Cash Loan
NARAYAN COTGIN: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
PANVELKAR TWIN: CRISIL Assigns B+ Rating to INR50MM Project Loan
PRABHAVA CASHEW: CRISIL Assigns B+ Rating to INR75MM Cash Loan
RADIKAL FOODS: ICRA Suspends 'D' Rating on INR995.2cr Loan

RAGHUVIR OIL: ICRA Suspends 'B+' Rating on INR1.0cr Cash Credit
ROOPAM STEEL: CRISIL Reaffirms B+ Rating on INR120.1MM Cash Loan
ROTON VITRIFIED: CRISIL Assigns B+ Rating to INR270MM Term Loan
SAFE CERAMIC: CRISIL Assigns B+ Rating to INR48.7MM Term Loan
SAGAR PAPER: CRISIL Reaffirms 'B+' Rating on INR55MM Cash Loan

SALUJA STEEL: ICRA Suspends 'B' Rating on INR14cr Cash Loan
SHILPA ELECTRICAL: CRISIL Reaffirms B+ Rating on INR35MM Loan
SHREE JYADEEP: ICRA Suspends 'B+' Rating on INR8cr Cash Credit
SHREE RANCHHOD: ICRA Reaffirms B+ Rating on INR0.50cr Cash Loan
SHRINET & SHANDILYA: ICRA Assigns 'D' Rating to INR50cr Loan

SIVA AUTOMOTIVE: CRISIL Assigns B- Rating to INR60MM Cash Loan
SKS BUILD-TECH: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
SOPAN PAPER: CRISIL Assigns B+ Rating to INR71MM Term Loan
SREE KARPAGAMBAL: CRISIL Reaffirms B+ Rating on INR158.3MM Loan
SRI BALMUKUND: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

SRI SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR8.25cr Loan
UTKARSH INDUSTRIES: CRISIL Suspends 'D' Rating on INR155MM Loan
VAISHNO ASSOCIATES: CRISIL Suspends B+ Rating on INR17.5MM Loan
VASANI POLYMERS: ICRA Suspends 'B' Rating on INR7.82cr Term Loan

VIJAYAKRISHNA HATCHERIES: CRISIL Reaffirms 'D' Term Loan Rating
VIKRANT FORGE: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating


J A P A N

MTGOX CO: Trustee Extends Claims Filing Deadline to July 29


N E W  Z E A L A N D

HANOVER FINANCE: Accord Leaves Guardian Trust Role Unclear


S O U T H  K O R E A

SHINASB YARD: Up For Sale Again After Previous Sale Fails


                            - - - - -


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


DESHAR PTY: First Creditors' Meeting Slated For July 17
-------------------------------------------------------
Richard Rohrt of Hamilton Murphy was appointed as administrator of
Deshar Pty Ltd, trading as "Grand Hotel Healesville" & "The Grand
Hotel", on July 7, 2015.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Certified Practising Accountants, 237 Swan
Street, in Richmond, on July 17, 2015, at 11:00 a.m.


EXTREME MECHANICAL: First Creditors' Meeting Set For July 16
------------------------------------------------------------
David Iannuzzi and Steven Naidenov of Veritas Advisory were
appointed as administrator of Extreme Mechanical Services Pty Ltd
on July 6, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on July 16, 2015, at
11:00 a.m.


HUTCH CORPORATION: First Creditors' Meeting Set For July 16
------------------------------------------------------------
Kimberley Wallman of HLB Mann Judd (Insolvency WA) was appointed
as administrator of Hutch Corporation Pty Ltd, formerly trading as
Hutch Contracting, on July 6, 2015.

A first meeting of the creditors of the Company will be held at
Ground Floor, 15 Rheola Street, in West Perth, on July 16, 2015,
at 10:00 a.m.


HYACINTH DEVELOPMENTS: First Creditors' Meeting Set For July 16
---------------------------------------------------------------
David Michael Stimpson of SV Partners was appointed as
administrator of Hyacinth Developments Pty Ltd on July 6, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
July 16, 2015, at 11:00 a.m.



OUR HOME: First Creditors' Meeting Slated For July 16
-----------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Our Home Building
Solutions Pty Limited on July 6, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edward Street,
in Brisbane, Queensland, on July 16, 2015, at 11:00 a.m.


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


CAR INC: Fitch Affirms 'BB+' Senior Unsecured Rating
----------------------------------------------------
Fitch Ratings has affirmed China-based car rental company CAR
Inc.'s (CAR) Long-Term Foreign-Currency Issuer Default Rating and
senior unsecured rating at 'BB+'. The Outlook is Stable. The
agency has also affirmed CAR's USD500m notes at 'BB+'.

The affirmation reflects CAR's strong rental income growth and
improved margins from larger economies of scale, which mitigate
the increased financial risk posed by higher leverage during a
period of rapid growth.

KEY RATING DRIVERS

Rapid Expansion Increases Leverage: Fitch expects CAR's FFO
adjusted net leverage to increase to 2.8x by end-2015 from 0.9x at
end-2014 due to a faster-than-expected fleet expansion. This
expansion is driven by growing demand for short-term rentals and
CAR's cooperation with UCAR, a chauffeured car service provider in
which CAR owns a 10% stake. The risk posed by the higher leverage
during this period of rapid growth is mitigated by the improved
profitability that stems from better economies of scale. Fitch
estimates CAR would quadruple its EBITDA to USD1bn by end-2017;
with EBITDA margin improving to above 50% in the next 24 months
from 45.4% in 2014.

Enhanced Business Profile: Fitch sees strong market potential for
the chauffeured car service industry in China, with growth driven
by demand for premium and differentiated transportation services
from high-end customers. CAR expects to generate up to 40% of its
EBITDA from long-term rentals, which provide more predictable
income, by end-2016 through its collaboration with UCAR.
Furthermore, CAR will deploy its idle vehicles to UCAR for use in
short-term chauffeured services. The tie-up will provide CAR with
strong synergies because the company will be able to optimise use
of its short-term rental cars during weekdays, which will enhance
profitability.

Increased Regulation Supports Development: Fitch believes a
regulated chauffeured car service market is potentially negative
for taxi-hailing apps such as Didi and Uber. These apps are major
competitors to UCAR, which has been operating within China's legal
framework since its started formal operations in January 2015.
Fitch also believes CAR, as the leading car rental company in
China, would continue to play an important role in standardising
and promoting best practices for the industry. According to
Caijing business news website, China's Ministry of Transport is
planning to issue new rules to regulate the chauffeured car
service market in July 2015 at the earliest. The rules could
reshape the use of mobile-enabled chauffeured services, and
regulate the use of unlicensed private cars and drivers and
promotions that offer services at below operating cost by
chauffeured car services.

Operational and Financial Flexibility: CAR has no minimum purchase
commitments with car manufacturers. In addition, it has the choice
to postpone fleet renewal by adding fewer new cars or disposing
more used cars during downturns. Operationally, it has reduced its
long-term store rental expenses by increasing the number of pick-
up points - parking facilities with simple service stands -
instead of full storefronts. All the car parks have flexible lease
termination arrangements. These factors give CAR full flexibility
to adjust operations during downturns.

Market Leader, Strong Profile: CAR is the No.1 car rental company
in China with 31% share of the short-term self-drive market as at
end-2014. Consulting company Roland Berger expects the Chinese car
rental industry to grow at more than 20% a year into 2018, with
existing players having the advantage of high entry barriers due
to capital intensity, high funding needs and restrictions on
vehicle license plates by the Chinese government. CAR has
significant first-mover advantage over its peers: it has a fleet
size that is four times that of the second-largest player; more
than 100 vehicle models to meet different rental needs; a wide
geographic spread covering 70 major cities; a lower cost structure
than its competitors; a dynamic pricing system; and a strong
distribution channel to dispose of its used cars.

KEY ASSUMPTIONS

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

-- Rental fleet size to expand at 37% compounded annual growth
    rate till 2018 to satisfy continued growth in market demand;
-- Average daily rental rate to be stable at CNY270 per day;
-- Utilisation rate to gradually increase to above 66% by 2017;
-- Short-term rental cars depreciated over 2.5 years and long-
    term rental cars over three years.

RATING SENSITIVITIES

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

-- FFO adjusted net leverage exceeds 3.0x during the high growth
    stage
-- EBITDA margin sustained below 45%
-- EBIT margin sustained below 20% (FY14: 25.2%)
-- Loss of dominant market share in the car rental industry
-- Evidence of greater regulatory or legal intervention leading
    to an adverse change in the company's operation and business
    profile

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

-- A more mature regulatory environment in the car rental
    business
-- Longer track record of sustained fleet renewal cycle
-- Maintenance of strong financial profile during the growth
    phase.


CHINA: Markets Plunge as Latest Government Measures Fail
--------------------------------------------------------
Agence France-Presse reports that China stocks took another plunge
on July 8, as the securities regulator warned the market was in
the grip of "panic" selling after fresh government moves failed to
arrest a rout that has now infected regional markets.

AFP says confidence took a hit as trading halts expanded to cover
more than 1,300 companies -- nearly half of mainland listings --
to prevent further sharp declines in their stock prices.
According to AFP, the benchmark Shanghai Composite Index closed
down 5.90%, or 219.93 points, to 3,507.19. The Shenzhen Composite
Index, which tracks China's second exchange, dropped 2.50%, or
48.38 points, to 1,884.45.

"Investors started selling heavyweight blue chips as there is no
liquidity left in the small company stocks, which means there are
very few of these companies they can sell," Zheshang Securities
analyst Zhang Yanbing told Agence France-Presse.

The news agency relates that the latest tumble came despite the
government announcing new measures to support the market,
including allowing insurance companies to invest more assets in
stocks and a program to buy the shares of smaller companies.

"Investors' panic and irrational sell-off caused a liquidity
strain on the stock market," Deng Ge, a spokesman for the China
Securities Regulatory Commission -- the market watchdog -- said
according to state media, AFP relays.

Asian bourses, already under pressure from the protracted Greek
debt crisis, also posted sharp declines as contagion from the rout
in China spread, with investors running for safe-haven assets such
as the yen, the report says.

AFP says Hong Kong equities dived 7.35% in afternoon trade, July
8, their lowest level since December, while Tokyo closed down
3.14% and Sydney retreated 2.01%.

US-listed Chinese stocks were also marked down overnight despite
gains across all three main indexes on Wall Street, the report
notes.

"China's stock market rout is now spreading to other financial
markets, creating a sweeping sense of panic and liquidity crunch,"
AFP quotes Zheng Ge, an analyst at Wanda Futures Co., as saying.

AFP reports that the Shanghai market is down 32% from its closing
peak on June 12, when it had risen by more than 150% in 12 months,
in a borrowing-fueled frenzy powered by millions of new retail
investors.

According to the report, analysts said the resulting deep
correction has been mainly triggered by new restrictions on margin
trading -- a practice that magnifies both profits and losses --
and accelerated by concern about overvaluations.

Among the latest interventions by Beijing, the country's 111 major
state-owned enterprises were barred from selling shares in their
listed subsidiaries by the State-owned Assets Supervision and
Administration Commission, which oversees them, AFP relates.

For its part, the China Securities Regulatory Commission urged
shareholders with stakes of more than 5% in listed companies
generally to buy more, adds AFP.

AFP relates that the insurance industry regulator said Chinese
insurance companies will be able to invest up to 10% of their
assets in a single "blue chip" stock, up from the previous five
percent.

Separately, the state-backed China Securities Finance Co. will
"increase" stock purchases of small- and medium-sized companies
while pledging CNY260 billion ($43 billion) in credit to
brokerages for buying stocks, AFP reports.

The People's Bank of China, the central bank, also pledged to
support the "stable development" of the stock market by helping
the China Securities Finance Co. raise funds, AFP discloses citing
a statement on the bank's website.

On July 5, the government said the central bank would provide
funds to the China Securities Finance Co. to help "protect the
stability of the securities market," AFP relays.

AFP, citing Bloomberg News, says that in the wake of the stock
market slump, at least 1,301 companies have halted trading on
mainland Chinese exchanges, locking up $2.6 trillion of shares, or
about 40% of the market's capitalization.

"With so many companies suspending trading, it will hurt market
liquidity and cause the risks to collect in the rest of the firms
still trading," Yingda Securities analyst Li Daxiao told Agence
France-Presse.

At the weekend, the CSRC said there would be a temporary halt to
initial public offerings, which by offering near-guaranteed
profits tend to drain funds from the rest of the market, hurting
prices and sentiment, the report adds.


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


ADHIK RESORT: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Adhik Resort India Pvt Ltd (ARIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B+/Stable
   Term Loan                10        CRISIL B+/Stable

The rating reflects ARIPL's below-average financial risk profile,
marked by a small net worth and high gearing, its large funding
support to associates, and its modest scale of operations in the
competitive catering and hospitality segment. These rating
weaknesses are partially offset by the extensive industry
experience of ARIPL's promoters, the company's moderate
profitability, and its established clientele.

Outlook: Stable
CRISIL believes that ARIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established clientele. The outlook may be revised to
'Positive' if the company reports significant and sustainable
improvement in its revenue while maintaining its moderate
profitability, leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if ARIPL's financial risk
profile, especially its liquidity, deteriorates, most likely due
to lower cash accruals, sizable incremental fund support to
associates, or any unanticipated large debt-funded capital
expenditure.

Incorporated in 2005, ARIPL provides catering and cafeteria
services primarily to corporates. The company, promoted by Mr.
Vijay Botre and Mrs. Sadhana Botre, is based in Pune
(Maharashtra).


ADISHAKTI ALLOYS: ICRA Reaffirms B+ Rating on INR7.25cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR7.25 crore cash credit facility of Adishakti Alloys Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR14.45 crore non fund based bank
facility of AAPL.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limit-
   Cash Credit              7.25       [ICRA]B+ reaffirmed

   Non Fund Based Limit    14.45       [ICRA]A4 reaffirmed


The ratings reaffirmation takes into account AAPL's small scale of
current operations, notwithstanding the growth in turnover during
the last couple of years, its depressed debt protection metrics on
account of low profitability and low value additive nature of
business which keeps profit margins under check. The ratings also
take into consideration AAPL's exposure to the risks associated
with adverse fluctuations in the foreign exchange rate, given the
high dependence of the company on imports for procuring its raw
materials. The ratings, however, positively factor in the
established track record of AAPL's promoters in the domestic
aluminium recycling industry, repeat orders received from existing
customers, which demonstrates acceptable product quality and the
moderate capital structure of the company characterized by a
gearing of 1.11 times as on 31st March, 2015. Going forward,
AAPL's ability to grow its business and improve profitability with
effective working capital management would remain a key rating
sensitivity.

AAPL, incorporated in 1995, is engaged in manufacturing aluminium
alloy ingots and billets mostly from recycled aluminium scrap. The
company's manufacturing facility located in West Bengal. The
company's product portfolio is used in power transmission, auto
components and other engineering units.

Recent Results
AAPL registered a profit after tax (provisional results) of
INR0.26 crore on the back of net sales of INR42.15 crore
(provisional results) in 2014-15. In 2013-14, the company
registered a profit after tax of INR0.12 crore on the back of net
sales of INR39.77 crore.


AFRAS CASHEW: CRISIL Assigns B+ Rating to INR45.0MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Afras Cashew Traders (ACT).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL B+/Stable
   Long Term Loan            6.2      CRISIL B+/Stable

The rating reflects ACT's modest scale of operations in an
intensely competitive cashew industry and below-average financial
risk profile marked by modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the firm's proprietor in the cashew
industry.

Outlook: Stable

CRISIL believes that ACT will benefit over the medium term from
its proprietor's extensive experience in the cashew industry. The
outlook may be revised to 'Positive' if the firm records
considerable increase in revenue and profitability, leading to
better cash accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ACT reports low revenue or profitability, or if the firm's working
capital management weakens resulting in weak liquidity, or if it
undertakes a large debt-funded capital expenditure programme
leading to weakening of its financial risk profile.

Set up in 2007, ACT processes and trades in raw cashew nuts. The
firm's day-to-day operations are managed by the proprietor, Mr.
Sayivudeen.

The firm reported, on a provisional basis, profit after tax (PAT)
of INR2.1 million on net sales of INR280 million for 2014-15
(refers to financial year, April 1 to March 31) against PAT of INR
1.6 million on net sales of INR219 million for 2013-14.


AGRAWAL COTEX: CRISIL Ups Rating on INR70MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Agrawal Cotex (AC) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

The rating upgrade reflects CRISIL's belief that AC will sustain
its improved credit risk profile over the medium term, supported
by an increase in its scale of operations, leading to higher cash
accruals, and sustenance of its working capital cycle. The firm
achieved a strong year-on-year growth of over 20 per cent in its
revenue to about INR600 million in 2014-15 (refers to financial
year, April 1 to March 31), backed by strong demand for its
products and higher capacity utilisation. Also, AC sustained its
working capital cycle with gross current assets of 120 days as on
March 31, 2015, thereby easing pressure on its liquidity. The firm
has maintained its operating profitability at about 3.5 per cent
during 2014-15. CRISIL believes that AC will sustain its improved
credit risk profile over the medium term, backed by steady demand,
stable profitability, and an efficiently managed working capital
cycle.

The rating reflects AC's modest, though improving, scale of
operations with a low operating margin, the susceptibility of its
margins to volatility in cotton prices, and its exposure to risks
related to the regulatory framework governing the cotton industry.
These rating weaknesses are partially offset by the extensive
experience of AC's promoters in the cotton ginning industry and
the firm's moderate financial risk profile, marked by moderate
gearing and net worth, though constrained by below-average debt
protection metrics.

Outlook: Stable
CRISIL believes that AC's business risk profile will remain
constrained over the medium term on account of its modest scale of
operations. The outlook may be revised to 'Positive' if the firm's
topline and profitability increase significantly, or if there is
substantial capital infusion by the promoters, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of pressure on AC's liquidity, or if
it undertakes an unanticipated debt-funded capital expenditure
programme, or if its working capital cycle is stretched.

AC was set up as a partnership firm in 2003 by members of the
Agrawal family. The firm gins and presses cotton. Its
manufacturing unit is in Sillod (Maharashtra). It also has an in-
house oil mill for extracting oil from cotton seeds.

For 2013-14, AC reported a profit after tax (PAT) of INR4.3
million on net sales of INR498.7 million, against a PAT of INR4.5
million on net sales of INR462.5 million for 2012-13.


AMRITSAR RICE: ICRA Assigns B+ Rating to INR24cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to INR30.00 crore fund
based, non fund based and unallocated bank limits of Amritsar Rice
Land.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits       24.00       [ICRA]B+
   Non fund Based limits    2.54       [ICRA]B+
   Unallocated (Proposed
   Limits)                  3.46       [ICRA]B+

ICRA's rating takes into account the high intensity of competition
in the rice milling industry, agro climactic risks which the firm
is exposed to, and which can affect the availability of paddy in
adverse weather conditions. The rating also factors in the firm's
weak financial risk profile as reflected in the firm's low
profitability which is however, in line with the industry trends,
and its high gearing and weak interest coverage. The rating
however, positively factors in proximity of the mill to major rice
growing areas, which results in easy availability of paddy and
expected benefits arising out of established client relationships
of its group companies in rice industry.

Going forward the ability of the firm to maintain healthy growth
in revenues and profitability; while maintaining a prudent capital
structure and optimal working capital intensity will be the key
rating sensitivities.

Amritsar Rice Land (ARL) is engaged in the business of milling and
sorting of Basmati Rice. The firm started commercial production
from October 2013. The installed capacity of the unit is 9
tons/hour which is located at Amritsar (Punjab). ARL markets its
products in the domestic market under its own brand "Wagah"
through a network of distributors covering 5-6 states; the rice is
sold in packs of 1, 2, 5, 10 and 25kgs.

Recent Results
The firm reported a profit after tax (PAT) of INR0.09 crore on an
operating income of INR92.37 crore for FY15 as against a PAT of
INR0.05 crore on an operating income of INR42.06 crore in 6MFY14.


B. R. SPONGE: ICRA Ups Rating on INR15cr Cash Credit to 'B+'
------------------------------------------------------------
ICRA has revised upwards the long term rating to the INR15 crore
cash credit facility (of which INR2.50 crore is proposed) of
B. R. Sponge & Power Limited from [ICRA]B to [ICRA]B+. ICRA has
reaffirmed the short term rating of [ICRA]A4 to the INR3 crore
fund based facility of the company. The short term fund based
facility is a sublimit of the cash credit facility.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term Cash
   Credit Facility        15.00         [ICRA]B+ upgraded

   Short term Fund
   based facility          3.00         [ICRA]A4 reaffirmed

The upgrade of long term rating and reaffirmation of short term
rating favorably factor in the regular infusion of equity by the
promoters that has helped in the repayment of unsecured loans and
thereby resulting in a conservative capital structure as depicted
by a gearing of 0.29 time as on March 31, 2015. The ratings also
take into account long experience of the promoters in the sponge
iron business and the favorable location of the manufacturing unit
in proximity to raw material sources, which keeps the freight
costs low.

The ratings are, however, constrained by high working capital
intensity of the business, its weak financial profile as reflected
by low profitability, which coupled with sub-optimal level of
capacity utilization has resulted in depressed business return
indicators. The ratings also take note of BRSPL's modest scale of
operations, its susceptibility to the current weakness and
inherent cyclicality in the steel industry which is likely to keep
the company's profitability and cash flows volatile and lack of
vertical integration which makes margins sensitive to input and
output prices. In ICRA's opinion, the ability of the entity to
improve its profitability while increasing its capacity
utilisation would remain a key rating sensitivity going forward.

Incorporated in 2003, BRSPL is engaged in the manufacturing of
sponge iron with an annual installed capacity of manufacturing
60,000 MT of sponge iron. The plant of the company is located in
Rajamunda in the Sundergarh district of Odisha.

Recent Results
During FY15, as per provisional financials, BRSPL reported a net
profit of INR0.48 crore on an OI of INR72.27 crore as against a
net profit of INR0.37 crore and OI of INR77.22 crore during FY14.


BALAJI MOTORS: ICRA Assigns 'B-' Rating to INR7.0cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR4.8
crore term loan, INR7 crore cash credit facility and INR0.2 crore
unallocated limits of Balaji Motors.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based - Term
   Loan                     4.8         [ICRA]B- assigned

   Fund based - Cash
   Credit facility          7.0         [ICRA]B- assigned

   Unallocated Limits       0.2         [ICRA]B- assigned


The assigned rating takes into account the limited track record of
the partners of BM in the automobile dealership business, and the
start up nature of the entity with operations yet to commence. The
rating also takes note of BM's high reliance on debt for funding
of the project cost which is likely to keep the credit profile of
the entity adverse in the medium term. Given the high working
capital intensity in the auto mobile dealership business, the
liquidity position of the company is likely to remain stretched;
however, the ballooning debt repayment pattern is likely to ease
liquidity pressure to some extent in the near term. Additionally,
the entity remains exposed to geographical concentration risks,
with operations being limited to the state of Chhattisgarh and its
status as a partnership firm that makes it vulnerable to the risks
of capital withdrawal.

The rating also takes into consideration BM's status as the sole
dealer of MML, which has a major market share in the utility
vehicle segment in the Indian market, in the district of Bastar,
Chhattisgarh. Although ICRA notes that the market share of MML
witnessed a decline in FY15 and the entity remains exposed to the
inherent cyclicality of the Indian automobile industry, however,
presence in multiple vehicle segments is likely to mitigate risk
to some extent. In ICRA's opinion, BM's ability to ramp up its
sales while efficiently managing its working capital requirements
would remain key rating sensitivities going forward.

Established in July 2014, as a partnership firm, Balaji Motors is
an authorized dealer for the sale of Passenger vehicles (PV),
Commercial vehicles (CV) and three wheelers as well as for
services and sale of spares and accessories of Mahindra & Mahindra
Limited (MML) vehicles in the district of Bastar, Chhattisgarh.
The operations are expected to begin by end of May, 2015.


DAZZLE OVERSEAS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dazzle Overseas (DO).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      5.5        CRISIL B+/Stable
   Letter of Credit        5.0        CRISIL A4
   Cash Term Loan         40.0        CRISIL B+/Stable
   Bank Guarantee          4.5        CRISIL A4
   Cash Credit            40.0        CRISIL B+/Stable

The rating reflects DO's exposure to risks related to funding and
implementation of its project and its average financial risk
profile marked by average project gearing. These rating weaknesses
are partially offset by the extensive experience of DO's partners
in the textile industry and their funding support to the firm.

Outlook: Stable

CRISIL believes that DO will benefit over the medium term from its
partners' extensive industry experience and committed funding
support. The outlook may be revised to 'Positive' in case of
timely completion of DO's project within the budgeted cost
followed by significant ramp-up in sales leading to sufficient
cash accruals to meet debt obligations. Conversely, the outlook
may be revised to 'Negative' if DO faces time or cost overrun in
the implementation of its project or delay in stabilisation of
operations.

DO was set up in November 2014 as a partnership firm by Panipat
(Haryana)-based Goel family; Mr. Ravinder Kumar, Mr. Anil Kumar,
Mr. Ashok Kumar, Mr. Vishal Goel, Mr. Sagar Goel, and Mr. Manav
Goel are partners in the firm. The firm plans to set up a unit for
manufacturing mink (polyester) blankets in Panipat. Its partners
have experience of two decades in trading and manufacturing of
shoddy yarn, cotton yarn, waste and rags.


EXTOL EDUCATION: Ind-Ra Assigns 'IND BB' Rating toINR60MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Extol Education
Society's (EES) INR37.04 million term loans and INR60 million bank
overdraft facility an 'IND BB' rating. The Outlook is Stable.

The rating reflects Extol's small size of its operations, moderate
annual student additions and moderate liquidity profile. Available
funds (cash and unrestricted investments) at FYE14 (year end
March) stood at INR14.03m with a moderate financial cushion to
operating expenditure (52.83%) and debt (25.37%). However, the
rating benefits from EES' strong operating margins of 53.53% in
FY14. Its liquidity profile is likely to improve marginally with a
rise in headcount with proposed new courses and no major capex
plans.

KEY RATING DRIVERS

Debt/current balance before interest, depreciation and rent
(CBBIDR) showed a volatile trend while remaining at low levels
from FY10 (0.13x) to FY14 (1.81x). It went up to 2.22x in FY13 due
to maximum borrowings in that year.

Until FY14, the society borrowed by pledging its fixed deposit
receipts; and bank funding started from FY14 only. Debt/CBBIDR is
likely to improve marginally due to improvement in CBBIDR. Debt
service coverage ratio and interest service coverage ratios are
all likely to remain comfortable on the back of an improvement in
CBBIDR and the absence of any major borrowing plans.

The society's revenue was stable over FY10 (INR58.38m) to FY14
(INR57.16m). Tuition fee income plays a pivotal role with an
average contribution of 94.91% over FY10-FY14 to the total revenue
pool, while the interest income average contribution was 3.03%.
Tuition fee yoy growth in FY14 was 18.4%. Total expenditure grew
at a CAGR of 4.92% over FY10-FY14. The tuition fee component is
likely to increase the income side on the back of a rising
headcount and proposed new courses.

Net student additions in the society's institutes have been low
(FY14: 394) and per student tuition fee was nearly flat over FY12-
FY14. Based on the past trends, Ind-Ra expects the headcount to
increase on the back of new courses, the society plans to start
two-to-three non-engineering and non-finance courses in next two-
to-three years. The presence of a K-12 school provides stability
to the revenue with limited upside.

RATING SENSITIVITIES

Positive: Continued strong operating performance coupled with
growth in available funds cover to long-term debt and operating
expenditure could be positive for the rating.

Negative: Deteriorating financial profile resulting from a lower-
than-expected rise in the headcount and weakening demand
flexibility coupled with a disproportionate increase in debt could
be negative for the rating.

COMPANY PROFILE

EES is an educational society registered under Madhya Pradesh
Society Registration Act in 1996. The college became operational
in 1997 and school became operational in 2005. Both are situated
in Bhopal, Madhya Pradesh.


GANESH GINNING: CRISIL Ups Rating on INR35MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ganesh Ginning Factory (GGF) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              35       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Warehouse Financing      18.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan                16.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects GGF's improved liquidity, marked by
sufficient cash accruals against maturing term debt obligations,
moderate bank line utilisation, and strong funding support from
the partners in the form of unsecured loans. The upgrade also
factors in the improvement in GGF's scale of operations, with net
sales increasing to INR75.9 million (provisional) in 2014-15
(refers to financial year, April 1 to March 31) from INR684.1
million in 2013-14. The firm's cash accruals for 2014-15 were
about INR7.6 million against  its debt obligations of INR3.3
million for the year.

The rating continues to reflect GGF's weak financial risk profile,
marked by high gearing and weak debt protection metrics,
susceptibility of its revenue and profitability to fluctuations in
commodity prices, and its exposure to intense competition in the
cotton ginning industry. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
cotton industry.

Outlook: Stable
CRISIL believes that GGF will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations and
operating margin improve or in case of infusion of funds by the
partners, leading to a better capital structure. Conversely, the
outlook may be revised to 'Negative' if GGF's financial risk
profile deteriorates, most likely because of large working capital
requirements or substantial debt-funded capital expenditure.

GGF was set up in 1998 as a partnership firm by Mr. Shiv Gangani,
Mr. Amba D Nakrani, Mr. Mukesh B Gangani, and Mr. Prem Gangani. It
is engaged in ginning and pressing of cotton, and in sale of
cotton bales, cotton seed, and cotton seed oil as well as their
by-products. The firm's manufacturing facilities are in Bhavnagar
(Gujarat).


GREEN FACADE: CRISIL Ups Rating on INR20.5MM LT Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Green Facade Solutions Private Limited (GFSPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', while reaffirming its rating on
the company's short-term facility at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4  (Reaffirmed)

   Cash Credit              10        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term       20.5      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Rupee Term Loan           9.3      CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects GFSPL's improving liquidity marked by
increasing cash accruals, which are expected to be sufficient to
meet its debt repayment obligations. Improvement in cash accruals
will be driven by the company's growing scale of operations,
backed by an increase in its order book, coupled with a higher
operating margin. The company's unexecuted order book has
increased to around INR900 million as on May 31, 2015, as against
INR500  million as on 31 March, 2014 , driven by addition of high-
value and higher margin orders.

The ratings reflect the susceptibility of GFSPL's operating
profitability to volatility in prices of raw materials, its
working-capital-intensive operations, and its average financial
risk profile, marked by modest net worth, comfortable gearing and
above-average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of GFSPL's promoters
in the facade engineering segment, and the company's moderate
operating efficiency.

Outlook: Stable
CRISIL believes that GFSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
substantial cash accruals, or if there is significant equity
infusion, thus improving its financial risk profile, especially
its liquidity. Conversely, the outlook may be revised to
'Negative' if GFSPL's financial risk profile, especially its
liquidity, deteriorates, most likely because of low cash accruals,
or a stretch in its working capital cycle, or substantial debt-
funded capital expenditure.

GFSPL, based in New Delhi, was established in 2009 by Mr. Rai
Singh and Mrs. Anju Singh. The company began commercial operations
2010-11 (refers to financial year, April 1 to
March 31). GFSPL is engaged in engineering and installation of
aluminium and glass doors and windows, cladding, and facades.

GFSPL has provisionally reported a profit after tax (PAT) of
INR8.3 million on net sales of INR337 million for 2014-15, as
against a PAT of INR4.9 million on net sales of INR282.2 million
for 2013-14.


GUJARAT PEANUT: ICRA Reaffirms B+ Rating on INR4.5cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed a rating of [ICRA]B+ to the INR4.50 crore fund
based cash credit facility and to the INR1.89 crore term loan
facility of Gujarat Peanut Products Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             4.50        [ICRA]B+; Reaffirmed
   Term Loan               1.89        [ICRA]B+; Reaffirmed

The rating continues to be constrained by Gujarat Peanuts Products
Private Limited's (GPPPL) relatively modest scale of operation and
thin profitability which along with high dependence on working
capital borrowing has resulted in adverse capital structure and
weak debt protection metrics. The rating further takes into
account the low entry barriers resulting in high competitive
intensity and fragmentation in the industry which results in thin
profit margins. ICRA also takes note of the seasonality associated
with business and agro climatic risks associated with the traded
commodities exposing profitability to adverse price fluctuations
as well as vulnerability to regulatory changes primarily with
respect to frequent bans on exports and changes in export
incentives structure which have contributed significantly to the
profitability.

The rating, however, positively considers the long experience of
promoters in business of agro commodities trading and exports,
favourable location in Gujarat results in easy availability for
most of the agro products traded by the company as well as
operational and marketing support from group concern i.e. Sagar
International.

Incorporated in 2005, GPPPL is promoted by the Chag family who has
been associated with this business for more than three decades.
GPPPL is primarily engaged in the trading and processing such as
cleaning, sorting, grading and packaging of agro-commodities
including groundnuts (shelling is also done), sesame seeds, cumin
seeds, wheat, spices, pulses, etc. GPPPL has a processing unit in
Rajkot, Gujarat with a production capacity of 5 MT (Metric Ton) of
agro-products per hour.

Recent Results
The company has achieved an operating income of INR24.80 crore and
a PBT (profit before taxes) of INR0.56 crore during FY15
(unaudited financial results).


HARIHAR ROCKS: CRISIL Assigns 'D' Rating to INR39MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Harihar Rocks (HR).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                14        CRISIL D
   Letter of Credit          4        CRISIL D
   Cash Credit              39        CRISIL D
   Export Packing Credit     5        CRISIL D

The ratings reflect instances of delay by HR in servicing its term
debt and continuous over-utilisation of its cash credit limit; the
delays have been caused by the firm's weak liquidity and large
working capital requirements.

HR has a weak financial risk profile, marked by modest net worth
and weak debt protection metrics. However, the firm benefits from
its promoters' extensive industry experience.

HR, a partnership firm owned by Mr. Anand Swarup Gupta and his
family members, processes and polishes rough granite rocks into
granite slabs. HR is a 100 per cent export-oriented unit (EOU) and
supplies to direct export customers as well as other 100 per cent
EOUs. The firm's operations are managed by Mr. Anand Swarup Gupta.
Its processing facility is in Madurai (Tamil Nadu).


HAYAT COMMUNICATIONS: CRISIL Suspends B+ Rating on INR101MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hayat
Communications Pvt Ltd (HCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL A4
   Cash Credit             20         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     101         CRISIL B+/Stable

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

HCPL was set up in India during 2000-01. HCPL is a wholly-owned
subsidiary of HayatComm, which is listed on the Kuwait Stock
Exchange. The company installs and commissions telecom-related
passive infrastructure, and offers operation and maintenance (O&M)
services.


HOTEL GANESH: CRISIL Assigns 'B' Rating to INR100MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Hotel Ganesh Pvt Ltd (HGPL).

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

The rating reflects HGPL's weak liquidity, modest scale of
operations, and exposure to risk related to its ongoing renovation
project. These rating weaknesses are partially offset by the
extensive experience of HGPL's promoters in the hospitality
industry and the favourable location of its hotel.

Outlook: Stable
CRISIL believes that HGPL will benefit over the medium term from
the favourable location of its hotel and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company completes its ongoing renovation project as per
schedule and ramps up operations earlier than expected. On the
other hand, the outlook may be revised to 'Negative' in case of
cost or time overrun in the project or if ramp-up in operations is
not as expected.

HGPL, incorporated in 2006, owns a 90-room hotel at Nungambakkam
in Chennai. The hotel is currently under renovation and is
expected to resume operations in January 2016. HGPL is promoted by
Mr. M. Raj Pradeep and his family members.

For 2014-15 (refers to financial year, April 1 to March 31), HGPL
reported profit after tax (PAT) of INR2.4 million on net sales of
INR6.4 million; the company reported PAT of INR1.0 million on net
sales of INR4.9 million in 2013-14.


JALNA SIDDHIVINAYAK: CRISIL Reaffirms B+ Rating on INR450MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jalna Siddhivinayak
Alloys Private Limited (JSAPL; part of the Jalna group) continue
to reflect the Jalna group's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
highly working-capital-intensive operations.

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

   Cash Credit            450       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term

   Bank Loan Facility       2.3     CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the Jalna group's promoters in the steel industry, the group's
partially-integrated nature of its operations, and the presence of
its own brand, Roopam, in the Marathwada (Maharashtra) and the
central India regions. The ratings also factor in the large
funding support that the group receives from its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSAPL and Roopam Steel Rolling Mills
(RSRM). This is because these entities, together referred to as
the Jalna group, have significant business synergies and fungible
cash flows.

CRISIL has treated unsecured loans from promoters amounting to
INR317 million as on March 31, 2015 as neither debt nor equity.

Outlook: Stable
CRISIL believes that the Jalna group will continue to benefit over
the medium term from its promoters' extensive industry experience
and continued funding support. The outlook may be revised to
'Positive' in case of a substantial improvement in the group's
capital structure, significantly higher net cash accruals, and a
better working capital cycle. Conversely, the outlook may be
revised to 'Negative' in case of low operating profitability, or
further deterioration in the Jalna group's capital structure or
debt protection metrics leading to deterioration in the group's
financial risk profile.

Update:
In 2014-15 (refers to financial year, April 1 to March 31), the
Jalna group registered a turnover of around INR2.1 billion, a
year-on-year growth of around 20 per cent. The group's operating
margin was around 8.6 per cent in 2014-15. The group continues to
have large working capital requirements, with gross current assets
of around 170 days as on March 31, 2015, leading to almost fully
utilised bank limits.

The Jalna group has a below average financial risk profile, marked
by high gearing of over 4 times as on March 31, 2015. The group's
debt protection metrics remained weak, with interest coverage and
net cash accruals to total debt ratios of around 1.40 times and
0.07 times, respectively, in 2014-15. Though the group had an
average net worth of INR178.6 million as on March 31, 2015, its
operations are supported by unsecured loans from promoters, the
balance of which stood at INR317.2 million as on March 31, 2015.
The group's liquidity is constrained by high bank limit
utilisation and large debt repayment obligations.

JSAPL, incorporated in 2000, manufactures mild steel (MS) billets.
The company sells 75 to 80 per cent of its output to RSRM.

RSRM, a partnership firm of the Jalna (Maharashtra)-based Agrawal
family, manufactures thermo-mechanically treated (TMT) bars. The
firm chiefly sells these bars through large traders in and around
central India.


K. V. CHINNAAIH: CRISIL Suspends B Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K. V. Chinnaaih (KVC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL A4
   Cash Credit              35        CRISIL B/Stable
   Long Term Loan           35        CRISIL B/Stable

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

KVC, established as a proprietorship firm in 1978, executes civil
construction works for various government entities in Karnataka.
It also operates a 51-bed hotel in Mysore (Karnataka). Mr. K V
Chinnaaih is the sole proprietor of the firm.


KALLIYATH DEVELOPERS: CRISIL Assigns B+ Rating to INR25MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kalliyath Developers Pvt Ltd (KDPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL A4
   Cash Credit              25        CRISIL B+/Stable

The ratings reflect KDPL's small scale of operation and its
exposure to intense competition in the steel and tyre trading
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the steel industry and its
moderate financial risk profile marked by moderate debt protection
metrics albeit modest net worth.

Outlook: Stable
CRISIL believes that KDPL will benefit over the medium term from
its promoters' extensive experience in the steel industry. The
outlook may be revised to 'Positive' if KDPL generates substantial
revenue, while maintaining its profitability and capital
structure. Conversely the outlook may be revised to 'Negative' if
the company's financial risk profile, particularly its liquidity,
weakens, driven by a decline in profitability and revenue, or a
significant stretch in its working capital cycle, or a large debt-
funded capital expenditure.

Incorporated in 2006, KDPL trades in steel-based products such as
thermo-mechanically treated steel bars and Goodyear tyres in the
Kochi (Kerala) region. The company is part of the Kalliyath group.
The day-to-day operations of the company are managed by Mr.
Noorisha.


KAPOOR COTSYN: CRISIL Ups Rating on INR52.5MM LT loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
Kapoor Cotsyn India (KCI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating at CRISIL A4.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bills - Foreign          70       CRISIL A4 (Reaffirmed)

   Cash Credit               7.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit           50.0     CRISIL A4 (Reaffirmed)

   Proposed Long Term       52.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects the CRISIL's expectation that KCI's
liquidity shall improve over medium term driven by expected steady
improvement in net cash accruals, increased cushion in bank limit
utilisation to meet any exigency, funding support from its
promoters and absence of any significant capital expenditure plan.
KCI's cash accruals are expected to improve over medium term on
the back of expected moderate revenue growth and sustained
operating profitability.

Outlook: Stable
CRISIL believes that KCI will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if KCI significantly improves
its capital structure, either by equity infusion or improved
profitability, or diversifies its customer base. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates, most likely due to increase in debt
contracted for large working capital requirements or lower-than-
expected revenues and operating margin.

KCI was set up in 1993 as a partnership firm. It manufactures
ready-made garments and mainly caters to the export market. The
firm is based in Ludhiana (Punjab), and is owned and managed by
Mr. Dalip Kapoor and his family.

KCI reported a profit after tax (PAT) of INR1.2 million on net
sales of INR508 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.6 million on net
sales of INR662 million for 2012-13.


KARTIKEY RESORTS: ICRA Assigns B- Rating to INR12.5cr Term Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- on INR12.50
crore of term loan of Kartikey Resorts and Hospitality Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan Facilities
   (LT Scale)              12.50        [ICRA]B-; assigned

The assigned rating takes into consideration the vulnerability of
the project completion and funding risk as the entire bank finance
has not yet been tied up. The industry in which KRHPL operates is
cyclical in nature, remaining vulnerable to general economic
slowdown and exogenous shocks. Also, the high level of competition
in the geography of operations might put pressure on the occupancy
levels and the average room rents in the initial period of
operations, which might put pressure on the cash flows in the
gestation period. However, the rating draws comfort from the past
experience of promoters in managing hotels and the tie-up with the
Carlson group (Country Inn Resorts) which provides some brand
visibility to the project.

Going forward, the ability of the resort to achieve moderate
occupancy during the initial phase of operations, to generate
healthy cash flows remains the key rating sensitivities.

Recent Results
In 2013-14, KRHPL reported an operating income of INR0.39 crore
and a Profit After Tax (PAT) of INR0.05 crore as against an
operating income of INR0.42 crore and a PAT of INR0.04 crore in
the previous year.

KRHPL was incorporated in September 2006 and currently runs a 22
room hotels, namely Hotel Rajhans in Manali. KRHPL was also
operating a hotel at Kausauli however it's been closed since
January 2015. The company is setting up a 4 star hotel project in
Mukteshwar, Uttarakhand with an investment of INR20.01 crore. The
hotel is planned to be launched in September 2016 and will provide
facilities such as accommodation, marriage packages, seminars,
fairs, conventions etc apart from having facilities of card room,
tea lounge, etc.


KALPESH CORPORATION: ICRA Reaffirms B+ Rating on INR3.0cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR1.50 crore term loan and INR4.50 crore fund based working
capital facilities of Kalpesh Corporation. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR7.50 crore
short-term fund based export packing credit facility of KC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B+; reaffirmed
   Term Loan               1.50        [ICRA]B+; reaffirmed
   Stand by Limit          1.50        [ICRA]B+; reaffirmed
   Export Packing Credit   7.50        [ICRA]A4; reaffirmed

The ratings continue to be constrained by the vulnerability of the
firm's profitability to fluctuations in the raw material prices on
account of agro-climatic risks associated with psyllium seed
production and the weak financial risk profile, as characterized
by low profitability, adverse capital structure and modest
coverage indicators. The ratings are further suppressed by
vulnerability of the firm's profitability to foreign currency
fluctuations and partial/complete withdrawal of various export
incentives extended by the Government of India. ICRA also notes
that KC is a partnership firm and any significant withdrawals from
the capital account could adversely impact its net worth and
thereby the capital structure.

The ratings, however, favourably factor in the established track
record of the firm in the manufacturing and export of psyllium
husk, established relations with international customers and
location advantage arising from proximity to ports and raw
material sources.

Kalpesh Corporation was established in 1992 and the firm is
primarily engaged in the processing of psyllium/isabgol seeds to
manufacture psyllium husk powder. The firm is currently managed by
Mr. Rameshchandra Nayak and Mr. Ashvin Nayak along with two other
partners. The processing plant is located at Unjha, Gujarat and
has a capacity to process 5000 metric tonnes of seeds per annum.

Recent Results
As per provisional results, the company has reported operating
income of INR66.74 crore and profit after tax of INR0.80 crore in
FY 2015.


M. S. VENKATESH: CRISIL Reaffirms B+ Rating on INR89MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of M. S. Venkatesh (MSV)
continue to reflect MSV's modest scale of operations in a
fragmented civil construction industry, its working-capital-
intensive operations, and customer concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive industry experience of MSV's proprietor in the civil
construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           30      CRISIL A4 (Reaffirmed)
   Overdraft Facility       89      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       81      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that MSV will continue to benefit over the medium
term from its proprietor's extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case of infusion of substantial long-term funds by the proprietor
to improve MSV's liquidity. Conversely, the outlook may be revised
to 'Negative' if MSV's working capital cycle lengthens or if its
revenue and profitability decline, leading to lower cash accruals.

Update
For 2014-15 (refers to financial year, April 1 to March 31), MSV's
revenue was about INR445 million. The revenue has increased from
INR155 million in 2012-13, supported by adequate orders in hand.
The firm has an unexecuted order book of INR500 million as of June
2015, to be executed over the next 12 months, which provides near-
term revenue visibility. MSV's operating margin is expected to
remain stable at 11 to 11.5 per cent over the medium term.

The firm's financial risk profile is comfortable, marked by
moderate net worth of about INR120 million and controlled gearing
of about 1 time, as on March 31, 2015. Furthermore, the firm's
debt protection metrics were adequate, with net cash accruals to
total debt and interest coverage ratios at about 2.6 times and
about 0.18 times, respectively, for 2014-15. MSV's liquidity
remains weak because of its highly working-capital-intensive
operations, as reflected in its provisional gross current assets
of over 140 days as on March 31, 2015. Resultantly, the firm's
bank limits have remained highly utilised at an average of 98 per
cent over the 12 months through May 2015. However, MSV is likely
to generate cash accruals of just over INR24 million in 2015-16,
which will be sufficient to meet its debt obligations of INR8
million during the year. CRISIL believes that MSV's liquidity will
remain weak over the medium term, constrained by its working-
capital-intensive operations.

MSV was set up in 1990 as a sole proprietorship concern by Mr. M S
Venkatesh in Bengaluru. The firm undertakes civil construction
contracts in the roads segment for Bruhat Bengaluru Mahanagara
Palike (BBMP). MSV is registered as a Class IA contractor with
BBMP.


MAGADH PRECISION: ICRA Assigns 'B' Rating to INR50cr Cash Loan
--------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B on the INR50 crore long
term fund based facility and [ICRA]A4 on the INR25 crore non fund
based facilities of Magadh Precision Equipments Limited (MPEL).


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             50.00        [ICRA]B; assigned

   Non Fund Based Limits-
   LC & BG                 25.00        [ICRA]A4; assigned

ICRA's ratings are constrained by the stretched liquidity position
of the company attributable to its large working capital
requirements on account of its long project operating cycle of
around 18-24 months as reflected by full utilization of fund based
limits. The ratings also take into account the vulnerability of
the company's profitability to any adverse fluctuations in raw
material prices and volatility in foreign exchange rates and the
sectoral concentration risk with 100% of the sales to the steel
industry. The ratings, however, favourably factor in the extensive
experience of the promoters with established presence in the
industry and the diverse and reputed customer profile spread
across the domestic as well as the export markets. ICRA also takes
note of the moderate capital structure of the company with gearing
of 0.67 time as on March 31, 2014 and 0.80 time as on March 31,
2015.


Going forward, the ability of the company to improve its
profitability and liquidity position will be the key rating
sensitivities.

MPEL was incorporated in 1986 and is engaged in manufacturing and
export of capital equipments to the metal processing industry. The
product portfolio of the company includes: Galvanizing lines, Hot
and Cold Rolling Mills and Slitting lines which find application
in the steel industry. The manufacturing unit of the company is
located in Dewas, Madhya Pradesh.

Recent results
As per provisional financials for 2014-15, the company reported,
profit before tax of INR6.09 crore on an operating income of
INR199.81 crore as against a net profit of INR0.55 crore on an
operating income of INR130.50 crore in the previous year.


MAHALUXMI COTTON: ICRA Withdraws B+ Rating on INR5.75cr Loan
------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+ assigned to the INR5.75
crore fund-based facilities and INR0.25 crore unallocated
facilities of Mahaluxmi Cotton and General Mills. The ratings have
been withdrawn at the request of the company as the facilities
have been fully redeemed and there is no amount pending against
the facilities.


MANIMAHESH HYDEL: ICRA Reaffirms B+ Rating on INR10cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR10.00 crore term
loans of The Manimahesh Hydel Power Projects Cooperative Society.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loan               10.00        [ICRA]B+; reaffirmed

ICRA's rating continues to factor in the high gearing levels of
the society given the debt funded nature of the project, the
vulnerability of MHP's revenues and cash flows to variability in
Plant load Factor (PLF) and hydrology risks given that there are
no deemed generation clauses in the Power Purchase Agreement
(PPA). However, the rating draws comfort from the firm PPA with
the Himachal Pradesh State Electricity Board (HPSEB) to supply
power for 40 years and limited demand risks given the competitive
tariff and energy deficit in North India. The rating also
favorably factors in the receipt of capital subsidy from the
Ministry of New and Renewable Energy (MNRE) for the project.
Going forward, the ability of the society to meet the designed
performance parameters (since tariff is fixed at INR2.95 per unit)
and availability of adequate water in the catchment area will be
the key rating sensitivities.

MHP has been promoted by Mr. S.P Dhall and his family members.
Mr.Dhall has extensive business interests in Himachal Pradesh-
these include two hotels-Hotel Indraprastha in Dalhousie and Hotel
Miniswiss in Khajjiar. His other businesses include execution of
government contracts, a shopping complex (Dhall Complex) and wine
contracts.

MHP has a developed 2 Mega Watt (MW) hydro power plant in Village
Chamba Sadar, District Chamba, Himachal Pradesh. This is a run of
the river project on Sal Nallah, a tributary of the Ravi River.
The project commenced operations in May 2013.

Recent Results
MHP reported a net loss of INR0.53 crore on an operating income of
INR3.38 crore in FY15 (on provisional basis) as against a net loss
of INR0.74 crore on an operating income of INR2.45 crore in FY14.


MARS CONSTRUCTION: ICRA Suspends B+ Rating on INR5cr Cash Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR0.25 crore
term loan, INR5.00 crore cash credit and [ICRA]A4 rating assigned
to the INR2.00 crore, short term, non-fund based bank facilities
of Mars Construction. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.


NARAYAN COTGIN: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR0.45
crore term loan (reduced from INR0.82 crore) and INR7.00 crore
cash credit facilities of Narayan Cotgin Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit Limits      7.00         [ICRA]B reaffirmed
   Term Loan Limits        0.45         [ICRA]B reaffirmed

The rating reaffirmation continues to reflect the small scale of
operations of Narayan Cotgin Pvt. Ltd. (NCPL). The rating also
takes into account the low value additive nature of the ginning
industry and the intense competition among the players which
restricts pricing flexibility resulting in thin profitability. The
rating is also constrained by the vulnerability of profitability
to fluctuations in raw material prices, which are in turn subject
to seasonality, crop harvest. ICRA also notes the weak financial
profile as reflected by decline in revenue in FY15, leveraged
capital structure resulting from high working capital intensity
inherent in the business and stretched liquidity.

The rating, however, positively considers the long experience of
the promoters in the cotton industry and locational advantage
enjoyed by the company. ICRA also notes the presence of the
company in diversified activities such as ginning, pressing and
crushing.

Narayan Cotgin Private Limited (NCPL) was incorporated in 2011 and
is engaged in the cotton ginning, pressing and seed crushing
business. The company has 30 ginning machines with an intake
capacity of around 70 MTPD of raw cotton to produce cotton bales
and cotton seeds. For seed crushing, the company has four
expellers with an intake capacity of around 36 MTPD of cottonseeds
to produce oil and oil cakes. The company is managed jointly by
Mr. Kaushik Fefar, Mr. Manish Fefar, Mr. Jignesh Fefar and Mr.
Hashmukh Bhimani who are the directors of the company. The company
commenced commercial production in December 2011. The company's
registered office and factory is located in Rajkot, Gujarat.

Recent Results:
As per the unaudited results of FY15, the company reported a
profit before depreciation of INR0.72 crore on an operating income
of INR21.47 crore.


PANVELKAR TWIN: CRISIL Assigns B+ Rating to INR50MM Project Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Panvelkar Twin Towers (PTT).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Project Loan             50        CRISIL B+/Stable

The rating reflects PTT's susceptibility to risks related to
execution and marketing of its ongoing project, accentuated by its
reliance on customer advances and cyclicality in the domestic real
estate industry. These rating weaknesses are partially offset by
the promoters' extensive experience in the real estate industry.

Outlook: Stable
CRISIL believes that PTT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the bookings for the
project are significantly better-than-expected leading to higher
cash flow generation and improvement in financial risk profile.
The outlook shall be revised to 'Negative' if cash flow from
operations are significantly below expectations, either due to
subdued response to the project or lower flow of advances,
significantly affecting its debt servicing ability.

PTT is a residential project in Ambernath (Maharashtra) comprising
of 2 buildings of 7 floors having 1 and 2 bedroom-hall-kitchen
flats (96 flats) and 8 shops. The project is being undertaken by
the Panvelkar family who in the past have completed numerous
residential projects in Ambernath and Badlapur (Maharashtra).


PRABHAVA CASHEW: CRISIL Assigns B+ Rating to INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Prabhava Cashew Processors (PCP).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         75         CRISIL B+/Stable
   Pledge Loan         25         CRISIL B+/Stable

The rating reflects PCP's below-average financial risk profile
marked by weak capital structure, and its modest scale of
operations in the intensely competitive cashew processing
industry. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the cashew industry
and diversified customer portfolio.

Outlook: Stable
CRISIL believes that PCP will continue to benefit over the medium
term from its partners' extensive experience in the cashew
processing industry. The outlook may be revised to 'Positive' in
case there is significant and sustained improvement in the firm's
revenues and profitability, while improving its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if a significant decline in revenue or
profitability, or stretch in working capital cycle, or any large
debt-funded capital expenditure weakens the firm's financial risk
profile.

PCP is a partnership firm set up in 2005 by Mr. Subbanna Prabhu
and Mrs. Komal S Prabhu. The firm processes raw cashew nuts and
sells cashew kernels. The firm is located in Mangalore, Karnataka.
Its operations are managed by Mr. Prabhu.

For 2014-15 (refers to financial year, April 1 to March 31), PCP
reported a provisional profit after tax (PAT) of INR0.70 million
on total revenue of INR221.20 million against a PAT of INR0.53
million on total revenue of INR153.66 million for 2013-14.


RADIKAL FOODS: ICRA Suspends 'D' Rating on INR995.2cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR995.20 crore
bank facilities of Radikal Foods Limited. The suspension follows
ICRAs inability to carry out a rating surveillance due to non
cooperation from the company.

Radikal Foods Ltd. (RFL) was incorporated in June 2009 as Radikal
Overseas Pvt. Ltd. and the name of the company was subsequently
changed in November 2013 to Radikal Foods Ltd. RFL is engaged in
processing and sale of basmati rice in the export and domestic
markets under its brand Radikal. The company has a rice mill unit
in Garh Mukteshwar (Uttar Pradesh) which commenced operations from
June 2010 with an installed rice processing capacity of 240
MT/day, which was expanded to 960 MT/day in October 2013.


RAGHUVIR OIL: ICRA Suspends 'B+' Rating on INR1.0cr Cash Credit
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.00
crore long term fund based sub limits and [ICRA]A4 rating assigned
to the INR9.95 crore short term limits of Raghuvir Oil Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit            (1.00)       [ICRA]B+ suspended
   Export Packing Credit   9.75        [ICRA]A4 suspended
   Credit Exposure Limit   0.20        [ICRA]A4 suspended

Raghuvir Oil Mill (ROM) is primarily engaged in the business of
crushing of groundnut seeds to produce groundnut oil and groundnut
cake with a capacity to manufacture 100 MT of groundnut oil per
day. The firm is also engaged in trading of groundnuts, groundnut
seeds and groundnut oil. The business was taken over by the
current partners in 2010 and is currently managed by Mr. Bharat
Gami and Mr. Mehul Thumber.


ROOPAM STEEL: CRISIL Reaffirms B+ Rating on INR120.1MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Roopam Steel Rolling
Mills (RSRM; part of the Jalna group) continue to reflect the
Jalna group's below-average financial risk profile, marked by high
gearing and weak debt protection metrics, and its highly working-
capital-intensive operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         7.5       CRISIL A4 (Reaffirmed)
   Cash Credit          120.1       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the Jalna group's promoters in the steel industry, the group's
partially-integrated nature of its operations, and the presence of
its own brand, Roopam, in the Marathwada (Maharashtra) and the
central India regions. The ratings also factor in the large
funding support that the group receives from its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RSRM and Jalna Siddhivinayak Alloys Pvt
Ltd (JSAPL). This is because these entities, together referred to
as the Jalna group, have significant business synergies and
fungible cash flows.

CRISIL has treated unsecured loans from promoters amounting to
INR317 million as on March 31, 2015 as neither debt nor equity.

Outlook: Stable
CRISIL believes that the Jalna group will continue to benefit over
the medium term from its promoters' extensive industry experience
and continued funding support. The outlook may be revised to
'Positive' in case of a substantial improvement in the group's
capital structure, significantly higher net cash accruals, and a
better working capital cycle. Conversely, the outlook may be
revised to 'Negative' in case of low operating profitability, or
further deterioration in the Jalna group's capital structure or
debt protection metrics leading to deterioration in the group's
financial risk profile.

Update:
In 2014-15 (refers to financial year, April 1 to March 31), the
Jalna group registered a turnover of around INR2.1 billion, a
year-on-year growth of around 20 per cent. The group's operating
margin was around 8.6 per cent in 2014-15. The group continues to
have large working capital requirements, with gross current assets
of around 170 days as on March 31, 2015, leading to almost fully
utilised bank limits.

The Jalna group has a below average financial risk profile, marked
by high gearing of over 4 times as on March 31, 2015. The group's
debt protection metrics remained weak, with interest coverage and
net cash accruals to total debt ratios of around 1.40 times and
0.07 times, respectively, in 2014-15. Though the group had an
average net worth of INR178.6 million as on
March 31, 2015, its operations are supported by unsecured loans
from promoters, the balance of which stood at INR317.2 million as
on March 31, 2015. The group's liquidity is constrained by high
bank limit utilisation and large debt repayment obligations.

RSRM, a partnership firm of the Jalna (Maharashtra)-based Agrawal
family, manufactures thermo-mechanically treated (TMT) bars. The
firm chiefly sells these bars through large traders in and around
central India.

JSAPL, incorporated in 2000, manufactures mild steel (MS) billets.
The company sells 75 to 80 per cent of its output to RSRM.


ROTON VITRIFIED: CRISIL Assigns B+ Rating to INR270MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Roton Vitrified Pvt Ltd (RVPL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               270       CRISIL B+/Stable
   Bank Guarantee           45       CRISIL A4
   Cash Credit              70       CRISIL B+/Stable

The ratings reflect the company's start-up phase and expected
modest scale of operations in the highly competitive ceramic tiles
industry. The ratings also factor in the company's large expected
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of RVPL's
promoters and the benefits that the company derives from its
favourable location in Morbi (Gujarat), the hub of the ceramics
industry in India.

Outlook: Stable
CRISIL believes that RVPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its operations on
time, leading to substantial cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of low accruals
because of low order flow or profitability, or weakening of RVPL's
financial risk profile because of substantial working capital
requirements or large debt-funded capital expenditure.

RVPL, incorporated in Morbi in 2015, is promoted by Mr. Lalitkumar
Sanghani, Mr. Rahul Sanghani, and Mr. Brijesh Sitapara. The
company is setting up a facility for manufacturing ceramic
vitrified tiles; it will commence operations by the mid-August
2015.


SAFE CERAMIC: CRISIL Assigns B+ Rating to INR48.7MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Safe Ceramic Pvt Ltd (SCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               48.7       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1.3       CRISIL B+/Stable
   Bank Guarantee          10.0       CRISIL A4
   Cash Credit             20.0      CRISIL B+/Stable

The ratings reflect SCPL's initial phase and modest scale of, and
working capital intensity in, operations in the ceramics industry.
These rating weaknesses are partially offset by the extensive
experience of the promoters, and the favourable location of the
plant, ensuring availability of raw materials and other resources.

Outlook: Stable

CRISIL believes that SCPL will benefit over the medium term from
its promoters' experience in the ceramics industry. The outlook
may be revised to 'Positive' if the company stabilises its
operations ahead of schedule, leading to healthy accruals, or if
it manages its working capital cycle efficiently. Conversely, the
outlook may be revised to 'Negative', if low operating margin, any
large debt-funded expansion, or stretch in working capital cycle
weakens the financial profile significantly.

Incorporated in January, 2014, SCPL is promoted by Mr. Anilbhai
Makasana and his family members and relatives. SCPL has set up a
plant for manufacturing wall tiles at Morbi, Gujarat. The company
is expected to begin manufacturing ceramic glazed tiles from mid-
June, 2015.


SAGAR PAPER: CRISIL Reaffirms 'B+' Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sagar Paper Mills
Private Limited (SPMPL) continues to reflect SPMPL's small scale
of operations in highly fragmented and competitive paper industry
and its large working capital requirements. These rating
weaknesses are partially offset by SPMPL's moderate financial risk
profile and the extensive industry experience of SPMPL's promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      15       CRISIL B+/Stable (Reaffirmed)
   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SPMPL will benefit from its promoters'
extensive industry experience along with moderate financial risk
profile. The outlook may be revised to 'Positive' if the company
has sustained improvement in its scale and profitability,
supported by timely capacity addition leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates on account
of significant increase in working capital requirements or lower-
than-expected revenue or/and profitability.

Update
SPMPL's sales are estimated at around INR324 million for 2014-15
(refers to financial year, April 1 to March 31) as compared to
INR299 million during 2013-14 on account of enhanced capacities.
SPMPL's capacity has been increased from 13200 tonne per annum to
26400 per annum during 2014-15. Resultantly, the operating revenue
is expected to improve moderately over medium term. SPMPL's
operating profitability has remained low but stable in the range
of 4 to 5 per cent over the period of three years through 2013-14.
Going forward also, operating profitability is expected to remain
sub-dued on account of presence in fragmented & intensely
competitive industry.

SPMPL's operations are moderately working capital intensive, with
gross current assets estimated at 107 days as on March 31, 2015,
mainly comprising of debtor days in the range of 70 to 80 days and
inventory days of around 30 to 35 days which is an increase from
15 days mainly due to management's conscious efforts to stock in
more inventory to serve additional quantum of orders.

The company's liquidity is constrained on account of large debt
funded capex undertaken in 2014-15 leading to tightly matched net
cash accruals against repayment obligations over the near term.
It has incurred capital expenditure to the tune of ~Rs. 90 million
funded with the mix of internal accruals, unsecured loans extended
by the promoters and term loan. Its repayment obligation is
expected to jump to around 10.8 million from 2015-16 onwards,,
accruals are expected to tightly match term debt repayment
obligations over the same period.  Its bank limit utilisation was
moderate at an average of around 85 per cent through the 12 months
through February, 2015. The liquidity is supported by unsecured
loans extended by promoters of around INR12.2 million as on 31
March, 2015.

SPMPL had estimated net worth of around INR65 million as on March
31, 2015 which is expected to improve gradually over medium term
backed by expected stable accretion to reserves. The company's
gearing is estimated to have deteriorated to 1.9 times for the FY
2015 as compared to 0.82 times for FY 2013 on the back of capital
expenditure incurred during 2014-15. It is expected to improve to
1.5 times over the medium term. SPMPL's net cash accruals to term
debt ratio (NCATD) is expected to remain moderate in the range of
10 to 12 per cent and interest coverage ratio is expected to
remain in the range of 1.5 to 3 times over the medium term.

SPMPL was incorporated in 2004 in Muzaffarnagar (Uttar Pradesh)
and began operations in 2005. It manufactures fine quality kraft
paper used for making corrugated boxes at its facility located in
Roorkee (Uttaranchal). The directors of the company are Mr. Anil
Tyagi, Mr. Rajkumar Tyagi, Mr. Dhananjay Tyagi, Mr. Sunil Kumar,
and Mr. Mohd. Salim.

For 2013-14 (refers to financial year, April 1 to March 31), SPMPL
reported profit after tax (PAT) of INR3.9  million on net sales of
INR299 million as against PAT of INR4.7 million on net sales of
INR310 million for 2012-13.


SALUJA STEEL: ICRA Suspends 'B' Rating on INR14cr Cash Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR14.00 crore
cash credit, INR9.69 crore term loan, INR4.47 crore untied limit
and [ICRA]A4 rating assigned to the INR10.65 crore short term,
non-fund based bank facilities of Saluja Steel & Power Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHILPA ELECTRICAL: CRISIL Reaffirms B+ Rating on INR35MM Loan
-------------------------------------------------------------
CRISIL's ratings to the bank facilities of Shilpa Electrical
Engineers India Private Limited (Shilpa) reflect Shilpa's modest
scale of operations in a highly fragmented and competitive
electrical contracts industry, its working-capital-intensive
operations and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the longstanding
industry experience of its promoters and its moderate financial
risk profile, marked by comfortable gearing albeit constrained by
a low net worth.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       40       CRISIL A4 (Reaffirmed)
   Cash Credit          35       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     15       CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes that Shilpa will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
improves its scale of operations and profitability on a
sustainable basis, while maintaining its comfortable capital
structure. Conversely, the outlook may be revised to 'Negative' in
case its financial risk profile deteriorates owing to reduced
revenue and margins, or if the company undertakes a large debt-
funded capital expenditure programme, or if delay in receipt of
payments from the principal customers leading to deterioration in
its liquidity profile.

Incorporated in 2007, Shilpa is engaged in the erection of high
tension electrical transmission lines, substations and electrical
contracts for industrial and residential buildings. The company is
promoted by Mr.G Sudhakar Reddy and Mrs.G.Sailaja and is
headquartered in Hyderabad in Andhra Pradesh.


SHREE JYADEEP: ICRA Suspends 'B+' Rating on INR8cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.00
crore Long term facilities of Shree Jyadeep Ginning Factory. The
suspension follows ICRAs inability to carry out a rating
surveillance due to non cooperation from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              8.00        [ICRA]B+ suspended

Established in 1992, Shree Jaydeep Ginning Factory is engaged in
cotton ginning, pressing and crushing operations. The business is
owned and managed by Mr. Dipak Patel and other family members. The
firm's manufacturing facility is located in Dhrangadhra, District-
Surendranagar. The firm has forty five ginning machines and one
pressing machine with the processing capacity of 200 TPD of raw
cotton. The firm also has seven expellers having capacity to
produce 6000-7000 kgs of crude cotton seed oil per day.


SHREE RANCHHOD: ICRA Reaffirms B+ Rating on INR0.50cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR0.50
crore long term fund based sub limits and [ICRA]A4 rating assigned
to the INR10.30 crore short term limits of Shree Ranchhod Oil Mill
Co. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             (0.50)      [ICRA]B+ reaffirmed
   Export Packing Credit    9.50       [ICRA]A4 reaffirmed
   Credit Exposure Limit    0.80       [ICRA]A4 reaffirmed


Established in 1998, Shree Ranchhod Oil Mill Co. is primarily
engaged in processing of various types of seeds (cumin, fenugreek,
coriander, sesame, groundnut, etc) and trading of seeds &
groundnut oil. The firm has a capacity to process ~500MT of seeds
per day. The bulk of the income is from exports, with the firm
exporting to Europe, Far East and China. The business is managed
by industry veterans Mr. Bharat Gami and and Mr. Mehul Thumber.


SHRINET & SHANDILYA: ICRA Assigns 'D' Rating to INR50cr Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]D to the INR3
crore fund based facility of Shrinet & Shandilya Construction Pvt
Ltd. ICRA has also assigned its short term rating of [ICRA]D to
the company's INR50 crore non fund based facility.

                               Amount
   Facilities                 (INR crore)  Ratings
   ----------               -----------    -------
   Fund based limits-CC          3.0       [ICRA]D; Assigned
   Non fund based limits-BG     50.0       [ICRA]D; Assigned

ICRA's rating centrally factors in delays in debt-servicing by SPL
because of its stretched liquidity position. The company has
witnessed muted revenue growth on account of approval related
delays in existing orders and limited new order inflow. In
addition, the company's stretched receivables position has
rendered it dependent on promoter's contribution for managing cash
flows, given that the bank limits remain fully utilised. ICRA has
also taken note of the execution track record of the company and
the extensive experience of the promoters in the construction
sector.

Going forward, the ability of the company to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity. This in turn will hinge on the company's ability to
get fresh orders and execute the same in a timely manner, along
with an improvement in its working capital cycle; absent which,
timely infusion of funds from the promoters will be critical.

SPL is engaged in construction of roads, widening and
rehabilitation of roads and canals for various clients, mainly in
the public sector. SPL was promoted by its current Chairman and
Managing Director, Mr. Sanjay Pratap Singh, who has been in the
construction business since 1998.

Recent results
SPL reported a net profit of INR1.1 crore on an operating income
(OI) of INR28.9 crore in FY 2014, as compared to a net profit of
INR0.3 crore on an OI of INR27.8 crore in the previous year. SPL,
on a provisional basis, reported an OI of INR36.5 crore for 9MFY
2015.


SIVA AUTOMOTIVE: CRISIL Assigns B- Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Siva Automotive Trading Pvt Ltd (SATPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working
   Capital Facility        21.5       CRISIL B-/Stable

   Long Term Bank
   Facility                 8.5       CRISIL B-/Stable

   Cash Credit             60.0       CRISIL B-/Stable

   Inventory Funding
   Facility                10.0       CRISIL B-/Stable

The rating reflects SATPL's modest scale of operations in the
intensely competitive automobile dealership industry, and its
below-average financial risk profile, marked by modest net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive entrepreneurial
experience.

Outlook: Stable
CRISIL believes that SATPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company reports a sustainable increase in its revenue and
profitability, thereby strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SATPL
generates low cash accruals or undertakes a large debt-funded
capital expenditure programme, resulting in weakening of its
financial risk profile.

Incorporated in 2013, SATPL is an authorised dealer for Maruti
Suzuki India Ltd (rated, 'CRISIL AAA/Stable/CRISIL A1+'). SATPL
runs one show room in Madurai (Tamil Nadu) and is promoted by Mr.
M Arumugam and family.

For 2013-14 (refers to financial year, April 1 to March 31), SATPL
reported a net loss of INR12.9 million on net sales of INR179.3
million.


SKS BUILD-TECH: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SKS Build-Tech Pvt Ltd (SKS).

                        Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           150       CRISIL A4
   Cash Credit               50       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SKS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKS is yet to
provide adequate information to enable CRISIL to assess SKS'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 2004, SKS is a Class AA civil contractor, engaged
in construction of roads and power substations. Its key promoter
is Mr. S K Sharma.


SOPAN PAPER: CRISIL Assigns B+ Rating to INR71MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sopan Paper Mill Pvt Ltd (SPPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                71        CRISIL B+/Stable
   Bank Guarantee            5        CRISIL A4
   Cash Credit              30        CRISIL B+/Stable

The ratings reflect SPPL's initial phase of operations in a highly
fragmented and competitive paper industry and its susceptibility
to fluctuations in waste paper prices. These weaknesses are
partially offset by the promoters' extensive industry experience.

Outlook: Stable
CRISIL believes that SPPL will benefit, over the medium term, from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SPPL reports successful ramp-up in its
sales from the newly commissioned project, generating large cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SPPL reports low ramp-up in sales, low cash accruals or large
working capital requirements, thus weakening its business or
financial risk profile.

Incorporated in 2014, SPPL is promoted by the Raiyani and Patel
families. SPPL has set up a plant to manufacture kraft paper at
Morbi (Gujarat). The commercial production is expected to start
from July 2015.


SREE KARPAGAMBAL: CRISIL Reaffirms B+ Rating on INR158.3MM Loan
---------------------------------------------------------------
CRISIL's rating to the bank facilities of Sree Karpagambal Mills
Limited (SKML) continue to reflect SKML's below average financial
risk profile marked by high gearing and weak debt protection
metrics and susceptibility of operating profitability to
volatility in raw material and power costs. These rating
weaknesses are partially offset by extensive experience of SKML's
promoters in the textile industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           158.3      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         41.7      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKML will continue to benefit from the
extensive experience of its promoters in the textile industry. The
outlook may be revised to 'Positive' if the company's scale of
operations improves on a sustainable basis while it maintains its
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the company witnesses a significant dip in revenue or
profitability or ventures into any unrelated diversification or
increases it investments in group companies.

Established in 1956, SKML manufactures polyester yarn, cotton yarn
and fabric. The company is based out of Rajapalayam (Tamil Nadu).
The day to day operations of the company is managed by Mr. A.
Palaniappan.


SRI BALMUKUND: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balmukund Polypack
Pvt Ltd (SBBPL) continue to reflect SBBPL's small scale of
operations, its exposure to volatility in raw material prices, and
its vulnerability to risks relating to the highly fragmented
nature of the packaging industry, restricting its pricing
flexibility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      13.2     CRISIL B+/Stable (Reaffirmed)
   Term Loan               46.3     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's low
gearing and the industry experience of its promoters.

Outlook: Stable
CRISIL believes that SBBPL will continue to benefit over the
medium term from its promoters' industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, backed by optimum utilisation of its
enhanced capacities, while it maintains its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if SBBPL undertakes a large debt-funded capital
expenditure programme, faces suboptimal utilisation of its
enhanced capacities, or extends substantial financial assistance
to its group entities.

Update:
SBBPL's operating income increased marginally to around INR353
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR340 million in the previous year, despite a fall in key
raw material prices. The company's operating margin has decreased
to 9.3 per cent from 10.5 per cent over this period. CRISIL
believes that SBBPL's operating margin will remain at 8.5 to 9.5
per cent over the medium term.

SBBPL's financial risk profile has remained moderate, marked by
low gearing and average debt protection metrics. The company's
gearing was 1.02 times as on March 31, 2015; its net worth as on
this date was modest at INR112 million because of low accretion to
reserves. SBBPL's debt protection metrics remained average, with
interest coverage and net cash accruals to total debt ratios of
2.0 times and 0.16 times, respectively, in 2014-15, because of its
average profitability. The company is likely to sustain its
moderate financial risk profile over the medium term.

SBBPL's liquidity is stretched, marked by moderate cash accruals
and working-capital-intensive operations. The company is expected
to generate cash accruals of INR18 million to INR22 million
annually over the next two years, vis-a -vis annual debt
obligations of INR16 million, over this period. SBBPL's operations
are working capital intensive, as reflected in its gross current
assets of 188 days as on March 31, 2015, mainly on account of high
inventory of 130 days. The company utilised its bank facilities at
an average of 94 per cent over the 12 months through March 2015.

SBBPL, incorporated in December 2007, manufactures HDPE and PP
fabrics and bags. Its facility in the industrial area of Tendua,
Raipur (Chhattisgarh) has a capacity of 9600 tonnes per annum. It
manufactures bags for cement, fertiliser, petrochemicals, leno,
sugar, tea, food grain, and other commodities.


SRI SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the bank facilities Sri Sai Krishna
Constructions (SSKC) continues to reflect the firm's large working
capital requirements, high degree of geographic and customer
concentration in its order-book, and its modest scale of
operations in the intensely competitive civil construction
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         130        CRISIL A4 (Reaffirmed)
   Cash Credit            100        CRISIL B/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
below-average financial risk profile marked by its small net-
worth, high gearing, and moderate debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of SSKC's promoters in the civil construction industry, and the
firm's healthy order book providing medium-term revenue
visibility.

Outlook: Stable
CRISIL believes that SSKC 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
there is a sustained improvement in the firm's working capital
cycle, or if there is substantial improvement in its capital
structure on the back of sizeable capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' in
case of steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a stretch in its working capital cycle.

SSKC was set up in 2011 as a partnership firm. The firm undertakes
infrastructure development projects, which includes construction
of roads, bridges, reservoirs, and canals. It mainly undertakes
sub-contracted projects from other engineering, procurement, and
construction contractors. The firm is based out of Hyderabad and
has four partners G. Audisesha Reddy, G. Prathima Reddy, G.
Yashwant Reddy, and G. Sai Mounica.


SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR8.25cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR9.00 crore
fund based bank facilities of Sri Venkateswara Rice Mill(SVRM) at
[ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               0.74         [ICRA]B+ ;Reaffirmed
   Cash Credit             8.25         [ICRA]B+ ;Reaffirmed
   Unallocated             0.01         [ICRA]B+ ;Reaffirmed

The rating reaffirmation factors in the weak financial profile of
the firm characterised by low profitability, high gearing and
modest coverage indicators; and the strain on liquidity that has
resulted in instances of overutilization of cash credit limits.
The rating continues to factor in the highly fragmented and
competitive nature of the industry which limits the ability of the
firm to pass on input costs. ICRA also notes that the performance
of the industry is dependent on procurement policy of Food
Corporation of India, the government's MSP policy and also the
agro-climatic risks which affect the availability of paddy. ICRA
has taken into account the recent reduction in FCI levy percentage
from 75% to 25% which has resulted in increased availability of
the rice in the open market pushing down realizations.

The rating, however, factors in the presence of the milling
facility in major rice growing region of Andhra Pradesh (East
Godavari District), and the longstanding experience of promoters
in this industry.

Going forward, the ability of the firm to increase its sales and
improve the profitability would remain key to rating
sensitivities.

Sri Venkateswara Rice Mill is a partnership firm established in
1999 and is engaged in the milling of paddy for the production of
non-basmati rice products (raw rice & boiled rice). The milling
unit is located in East Godavari District, Andhra Pradesh with an
installed capacity of 52000 MTPA. The promoters of the firms have
a long standing experience in the Rice Milling Industry.

Recent Result
The firm registered PAT levels of INR0.50 crore on an Operating
income of INR41.76 crore in FY15 as against PAT levels of INR0.48
crore on an Operating income of INR43.55 crore in FY14.


UTKARSH INDUSTRIES: CRISIL Suspends 'D' Rating on INR155MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Utkarsh
Industries Pvt Ltd (UIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             155        CRISIL D
   Letter of Credit         25        CRISIL D
   Warehouse Receipts      100        CRISIL D

The suspension of ratings 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'

Incorporated in 2008 and promoted by Mr. Sathyanarayana Rathi,
UIPL manufactures soya oil and de-oiled cakes for the domestic and
export markets. Its manufacturing facility is in Indore (Madhya
Pradesh).


VAISHNO ASSOCIATES: CRISIL Suspends B+ Rating on INR17.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vaishno Associates (VA).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           89        CRISIL A4
   Cash Credit              17.5      CRISIL B+/Stable
   Term Loan                 4.5      CRISIL B+/Stable

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

Established in 2005, VA is the proprietorship firm of Mr. Raj
Babhutta. The firm is into implementing various turnkey projects
for state electricity boards (SEBs) and private players. In 2010-
11, VA backward-integrated its operations to manufacture
structural items such as low transmission distribution panels,
transformer platforms, switches, and other related electric
equipment. VA's manufacturing unit in Jaipur (Rajasthan) has
installed capacity of 400 tonnes per month. The firm is registered
with Chief Electrical Inspector (Rajasthan) and can bid for
tenders across India. VA is also registered with Jaipur Vidyut
Vitran Nigam Ltd, Ajmer Vidyut Vitran Nigam Ltd, Jodhpur Vidyut
Vitran Nigam Ltd, Jaipur Development Authority, Urban Improvement
Trust, and Dakshin Haryana Bijli Vitran Nigam. Recently, VA was
registered with Military Engineering Services under S class, and
can bid for any tender of up to INR300 million.


VASANI POLYMERS: ICRA Suspends 'B' Rating on INR7.82cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR5.00 crore cash credit facility and the INR7.82 crore term loan
facility of Vasani Polymers Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR0.25 crore short-term non-fund based facility of VPPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        [ICRA]B suspended
   Term Loan               7.82        [ICRA]B suspended
   Non-fund Based,
   Short-term facility     0.25        [ICRA]A4 suspended

Vasani Polymers Private Limited (VPPL) is engaged in manufacturing
of PVC pipes of sizes ranging from 20 mm to 400 mm. The company's
manufacturing facility is located at Talod near Sabarkantha in
Gujarat and has an installed capacity of 7920 metric tonnes per
annum (MTPA). The company commenced commercial production from
April 2013 and is promoted by Mr. Mahesh Patel, Mr. Pravin Patel
and other family members, who have more than 15 years of
experience in the PVC pipes business.


VIJAYAKRISHNA HATCHERIES: CRISIL Reaffirms 'D' Term Loan Rating
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vijayakrishna
Hatcheries (VKH) continues to reflect instances of delay by VKH in
servicing its debt; the delays have been caused by the firm's weak
liquidity, resulting from its depressed cash accruals.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             28.5       CRISIL D (Reaffirmed)
   Term Loan               21.5       CRISIL D (Reaffirmed)

VKH's profitability margins are susceptible to volatility in raw
material prices, and the firm is exposed to intense competition
and risks inherent in the poultry industry. These weaknesses are
partially offset by the benefits VKH derives from its promoters'
extensive industry experience.

Set up in 2010, as a proprietorship concern by Mrs. Vijaya Reddy,
VKH is engaged in poultry hatching in the layer segment. Its
poultry unit is located in Ranga Reddy (Telangana).


VIKRANT FORGE: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vikrant Forge
Limited's (VFL) Long-Term Issuer Rating at 'IND B'.  The Outlook
is Stable.  Rating actions on VFL's bank loan ratings are as
follows:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loan          319         Affirmed at 'IND B'/Stable

   Fund-based limits       350         Affirmed at 'IND B'/Stable

   Non-fund-based limits   100         Affirmed at 'IND A4'

KEY RATING DRIVERS

The affirmation reflects VFL's continuously tight liquidity
position with its near full use of the working capital limits in
the 12 months ended May 2015. However, operating EBITDA margins
improved to 7.9% in FY15 (FY14: 5.5%) on better sales realisation
leading to the interest coverage increasing slightly to 0.9x
(0.8x) and net leverage reducing to 4.4x (5.3x).

The ratings also consider the company's over 25 years of operating
track record in the forging business and its strong customer base.
Moreover, VFL sources most of its raw material requirements from
Arcvac Forgecast Limited which gives it a competitive advantage in
terms of raw material availability and prices.

RATING SENSITIVITIES

Positive: A significant increase in the profitability leading to
improved liquidity and credit metrics could lead to a positive
rating action.

Negative: Continued low profitability resulting in further
liquidity pressures could result in a negative rating action.
COMPANY PROFILE

Incorporated in 1985, VFL manufactures open die forgings which are
supplied in the black forged state or further processed into rough
machined and finish machined states. The company is owned by the
Chhajer family of Kolkata.



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


MTGOX CO: Trustee Extends Claims Filing Deadline to July 29
-----------------------------------------------------------
Maria Nikolova at LeapRate reports that the bankruptcy trustee has
set noon July 29, 2015 as the new deadline for filing compensation
claims against MTGOX Co, Ltd.

The previous deadline set by a Tokyo Court was May 29, 2015.
However, the bankruptcy trustee has been accepting claims after
that period and is now extending the deadline until 12 (noon) July
29, 2015 (Tokyo time), LeapRate relates.

The filing of bankruptcy claims has been possible online since
April 22, 2015.

According to LeapRate, after 12 noon on July 29, 2015, the only
things that a user will be able to do using the Online Method will
be to:

-- view bankruptcy claims that he or she has filed himself or
    herself; and
-- transfer his or her bankruptcy claims to another person.

LeapRate notes that when the time of distribution gets closer, the
bankruptcy trustee is planning to give Users an opportunity to use
the System again to make changes to the details of their
bankruptcy claims other than increasing the amount of the
bankruptcy claims that Users have filed (for example, changes in
their addresses or company names).

At that point, however, users will not be able to file new
bankruptcy claims or to increase the amount of the bankruptcy
claims that they have filed, says LeapRate.

                           About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under
Chapter 15 of the U.S. Bankruptcy Code on March 9, 2014, days
after the company sought bankruptcy protection in Japan.  The
bankruptcy in Japan came after the bitcoin exchange lost 850,000
bitcoins valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


HANOVER FINANCE: Accord Leaves Guardian Trust Role Unclear
----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that as
investors digest the implications of the FMA's Hanover deal, it is
still unclear if Guardian Trust will be liable to pay any of the
NZ$18 million settlement amount.

According to the Herald, Guardian was the trustee of Hanover
Finance and Mark Hotchin has spent years trying to join it into
the FMA's civil case against him and five others associated with
the finance group.

That civil case -- against Hotchin, Eric Watson, Greg Muir, Bruce
Gordon, Sir Tipene O'Regan and Dennis Broit -- has now settled,
the Herald relates.

All of the men, with the exception of Watson, are required to pay
a combined NZ$18 million that will eventually be distributed to up
to 5,500 eligible investors, it was announced on July 6, the
Herald relays.

Whether Guardian Trustee will be required to contribute to any of
what is paid is still a live issue, the report states.

Mr. Hotchin in March made a Supreme Court bid to have the company
included in the FMA's civil case and a decision has yet to be
released, according to the Herald.

If Mr. Hotchin's appeal against Guardian Trust is successful, he
and the other directors would want to pursue a claim that it
should contribute to whatever they paid in the settlement, his QC
Nathan Gedye said, the Herald relays.

In 2013, then Chief High Court Judge Helen Winkelmann said
Hanover's trustees did not have a duty to verify the accuracy of
statements in the prospectuses that formed the heart of the FMA's
case, the report recalls.

Mr. Hotchin challenged that decision but was unsuccessful in the
Court of Appeal. He was given leave to argue the case before the
country's highest court but the five judges who heard it have yet
to release a decision, the Herald says.

Mr. Hotchin had also attempted to join Perpetual Trust into that
case but settled with it in a confidential deal, the Herald
reports.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


====================
S O U T H  K O R E A
====================


SHINASB YARD: Up For Sale Again After Previous Sale Fails
---------------------------------------------------------
Crystal Chan at IHS Maritime 360 reports that ShinaSB Yard Co.,
Ltd., is up for sale again, after a previous sale attempt fell
through.

The report says potential buyers submitted letters of intent to
ShinaSB's shareholders on June 30 and assessment of the bids began
the following day.

This is ShinaSB's second attempt at a sale after an earlier
attempt failed last year, the report notes.

The latest sale attempt comes after the Changwon District Court
earlier this year appointed accounting firm Samjong KPMG to take
over Samil PricewaterhouseCoopers in supervising the sale,
according to the report.

Based in Tongyeong, South Korea, ShinaSB Yard Co., Ltd., is a mid-
tier shipbuilder. It specialises in constructing product and
chemical tankers ranging in capacity from 40,000-51,000 dwt.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***