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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, July 20, 2015, Vol. 18, No. 141


                            Headlines


A U S T R A L I A

BUNDABERG BLOCKS: Goes Into Liquidation
ERB INTERNATIONAL: Directors Get 2-Year Jail Sentence
R.F. & M.D.: First Creditors' Meeting Slated For July 27
RESIDENTIAL HOMEWARES: First Creditors' Meeting Set For July 27
RYAN AND ASSOCIATES: First Creditors' Meeting Slated For July 27


C H I N A

SOUND GLOBAL: S&P Affirms 'CCC' Corp. Credit Rating; Outlook Neg.


I N D I A

A.G. HOSPITALITIES: CARE Assigns 'B+' Rating to INR9cr LT Loan
AAKAF STEEL: CARE Assigns B+ Rating to INR12cr LT Loan
ARPORA PROJECTS: CRISIL Assigns B+ Rating to INR105MM Term Loan
BADRINATH COTTON: CRISIL Assigns B+ Rating to INR65MM Cash Loan
BTT INDUSTRIES: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

CAPITAL ELECTRICALS: Ind-Ra Affirms 'IND B' LT Issuer Rating
CAPITAL POWER: Ind-Ra Lowers Long-Term Issuer Rating to BB-
CHANDNA INFRAPROJECTS: CARE Reaffirms B Rating on INR18.57cr Loan
CHHABI ELECTRICALS: ICRA Revises Rating on INR8.5cr Loan to B
DATTA AGRO: CARE Raises Rating on INR16.5cr LT Loan to 'B'

DEWASHISH CONSTRUCTION: CARE Puts 'B' Rating on INR5cr LT Loan
DRASHTI COTSPIN: CARE Assigns 'B' Rating to INR26cr LT Loan
EVERSHINE TOWERS: Ind-Ra Withdraws 'IND D(Suspended)' Rating
GAYATRI SRI: ICRA Suspends 'B-' Rating on INR10cr Fund Based Loan
GOEL FOOD: CRISIL Assigns B+ Rating to INR50MM Cash Credit

GOPALA KRAFT: CRISIL Ups Rating on INR62.5MM Term Loan to B+
GURUTEK ESTATE: ICRA Upgrades Rating on INR16cr Loan to 'B'
HARSH POLYMERS: CARE Ups Rating on INR10.19cr LT Loan to 'BB-'
HMR STEELS: ICRA Suspends B+/A4 Rating on INR22cr Bank Loan
INSHA COTTEX: CARE Assigns 'B' Rating to INR7.07cr LT Loan

ISHWARLAL HARJIWANDAS: CRISIL Reaffirms B+ Rating on INR300M Loan
KALIKUND DEVELOPERS: Ind-Ra Assigns B+ Long-Term Issuer Rating
KANDLA PACKAGING: CRISIL Cuts Rating on INR120MM Cash Loan to B
KRISHNA GINNING: ICRA Reaffirms B Rating on INR8.0cr Cash Credit
MEWAR HI-TECH: ICRA Assigns 'B' Rating to INR8.0cr Cash Credit

MILLI TRUST: ICRA Assigns 'B+' Rating to INR40cr Term Loan
MRO-TEK LIMITED: ICRA Lowers Rating on INR20cr LT Loan to B+
MUDREMANE COFFEE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
NECTAR CRAFT: CRISIL Reaffirms B Rating on INR50MM Cash Credit
OMR MALL: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

PAEDIA HEALTH: ICRA Reaffirms B- Rating on INR14.25cr Term Loan
PANSARI STEELS: ICRA Reaffirms 'B' Rating on INR8cr Loan
PENTA GOLD: ICRA Suspends B+/A4 Rating on INR8.0cr Bank Loan
R S VANIJYA: Ind-Ra Withdraws D Long-Term Issuer Rating
RESTORE MACHINES: Ind-Ra Withdraws D Long-Term Issuer Rating

RIDDHI SIDDHI: ICRA Revises Rating on INR8.0cr Cash Loan to B+
S R ENTERPRISES: Ind-Ra Withdraws D Long-Term Issuer Rating
SAGAR COTTON: ICRA Suspends B+ Rating on INR9.0cr Working Capital
SHARP REALTORS: CARE Ups Rating on INR85cr LT Loan to 'B'
SHREE RAMESHWAR: CARE Assigns B+ Rating to INR7.86cr LT Loan

SHRI KRISHNA: CARE Assigns B+ Rating to INR5cr LT Loan
SPECTRUM RENEWABLE: ICRA Assigns 'D' Rating to INR8.40cr Loan
SREE BHARGAVI: CRISIL Reaffirms 'B+' Rating on INR200MM Cash Loan
SREE NARAYANA: ICRA Assigns 'B' Rating to INR9.0cr LT Loan
SREENAGAR COLD: ICRA Suspends 'B' Rating on INR3cr Cash Loan

SUDAR INDUSTRIES: CARE Lowers Rating on INR210cr Cash Loan to D
SUKHSAGAR INFOTECH: Ind-Ra Withdraws D Long Term Issuer Rating
SUNDIAL MINING: Ind-Ra Suspends B- Long-Term Issuer Rating
SUNFAB: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
SUNLAND PLUS: ICRA Assigns B+ Rating to INR24cr Term Loan

SYNFAB INDUSTRIES: ICRA Withdraws 'D' Rating on INR8cr Loan
TIRUPATHI CONSTRUCTION: CRISIL Rates INR50MM Bank Loan at B-
VARIETY PRINTS: Ind-Ra Withdraws D Long-Term Issuer Rating
VASAN CONSTRUCTION: Ind-Ra Assigns BB- Long-Term Issuer Rating
VISHWANATH PAPER: ICRA Suspends B+ Rating on INR20cr LT Loan


I N D O N E S I A

MNC INVESTAMA: S&P Lowers CCR to 'B+'; Outlook Negative


P H I L I P P I N E S

PANAPINO MINING: DENR Cancels Permits on Mining Rules Breach


S O U T H  K O R E A

PANTECH CO: Consortium Inks Deal on Smartphone Maker Takeover
* SOUTH KOREA: FSS Puts 35 Debt-Heavy Firms on Restructuring List


S R I  L A N K A

PEOPLE'S LEASING: Fitch Affirms 'B+' LT Foreign Currency IDR


                            - - - - -


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


BUNDABERG BLOCKS: Goes Into Liquidation
---------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bundaberg Blocks
and Pavers has entered liquidation following a Brisbane Supreme
Court ruling. Sunstate Cement made the application to the court to
recover AUD132,000 that Bundaberg owed to it, the report says.

Dissolve.com.au, citing court papers, says Bundaberg also owed
AUD35,000 to Cement Australia and AUD195,000 to Australasian
Agencies. Brett Hawkey of Bentleys Chartered Accountants has been
appointed liquidator of Bundaberg Blocks and Pavers, the report
says. The judgment cited that the creditors of the company would
be reimbursed, adds Dissolve.com.au.


ERB INTERNATIONAL: Directors Get 2-Year Jail Sentence
-----------------------------------------------------
Ali Hammoud, the director of ERB International Pty Limited (ERB),
on July 17 was jailed for dishonestly breaching his duties as a
director and making false statements.

Appearing before the District Court of NSW in Sydney, Mr Hammoud,
of Brighton-Le-Sands, was sentenced to a total period of
imprisonment of 2 years, with 12 months to serve, after which he
is to be released on the condition that he is of good behaviour
for an additional period of 2 years.

In sentencing Mr Hammoud to a term of actual imprisonment, Judge
Haesler emphasised that company directors hold important positions
of trust and need to be aware that they face jail if they breach
that trust and act dishonestly.

ASIC Commissioner John Price said, 'Directors have a duty to act
honestly and with integrity and in the best interests of the
company.'

In November 2014, Mr Hammoud, 56, pleaded guilty to one count of
dishonestly using his position as a director by misappropriating
more than AUD2.6 million from ERB shortly prior to the company
being put into liquidation, and one count of making a false
statement to obtain a financial advantage, following an ASIC
investigation.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

In 2014 ASIC successfully took action against the joint
liquidators of ERB, Mr Fiorentino and Mr Hamilton before the
Companies Auditors and Liquidators Disciplinary Board.

During the course of its investigation, the conduct of Mr Hammoud
was uncovered.

Since the detection of the offending by ASIC, all creditors of ERB
have been paid.


R.F. & M.D.: First Creditors' Meeting Slated For July 27
--------------------------------------------------------
Giovanni Maurizio Carrello and Ronald Derek Gamble of BRI Ferrier
Western Australia were appointed as administrators of R.F. & M.D.
Millers Moves Pty. Ltd., trading as Miller's Moves, on July 15,
2015.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 3, 600
Bourke Street, in Melbourne, on July 27, 2015, at 10:00 a.m.


RESIDENTIAL HOMEWARES: First Creditors' Meeting Set For July 27
---------------------------------------------------------------
Nathan Vance Landrey and Quentin James Olde of FTI Consulting were
appointed as administrators of Residential Homewares Pty Limited,
trading as Moss River, on July 16, 2015.

A first meeting of the creditors of the Company will be held at
FTI Consulting, Level 15, 50 Pitt Street, in Sydney, on July 27,
2015, at 3:00 p.m.


RYAN AND ASSOCIATES: First Creditors' Meeting Slated For July 27
----------------------------------------------------------------
Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of Ryan and Associates Geo Technical Testing Pty
Ltd on July 15, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, on July 27, 2015, at
10:30 a.m.



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


SOUND GLOBAL: S&P Affirms 'CCC' Corp. Credit Rating; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
corporate credit rating on Sound Global Ltd. with a negative
outlook.  S&P also affirmed its 'CCC-' long-term issue rating on
the company's senior unsecured notes.  At the same time, S&P
affirmed its 'cnCCC' long-term Greater China regional scale rating
on Sound Global and the 'cnCCC-' rating on the notes.  S&P removed
all the ratings from CreditWatch, where they had been placed with
negative implications on April 30, 2015.  Sound Global is a China-
based provider of water and wastewater treatment solutions.

"We affirmed the ratings to reflect our view that Sound Global
continues to face near-term liquidity stress," said Standard &
Poor's credit analyst Gloria Lu.  "We also foresee heightened
information risk on the company."

S&P believes Sound Global has triggered an event of default for
its U.S. dollar-denominated senior unsecured notes since late May
when it could not provide a covenant test after the expiry of the
cure (or grace) period.

However, S&P do not have any information as to whether bondholders
have accelerated debt repayment.  S&P also do not have updated
data on Sound Global's available cash balance for debt repayment.
The company has yet to publish its audited report for 2014. S&P
maintains its assessment that Sound Global has weak management and
governance, reflecting deficiencies in terms of its internal
controls, and reliability over financial reporting and
transparency.

In S&P's view, the conditions that the Hong Kong Stock Exchange
has set for the resumption of trading in Sound Global's listed
securities reflect the heightened risk over the company's
financial disclosures and internal controls.

"The negative outlook reflects our view that Sound Global's
liquidity could further deteriorate over the next 12 months
because of a prolonged delay in financial disclosure, unexpected
depletion of financial resources, payment acceleration by
creditors, and potential disciplinary action by the regulator,"
said Ms. Lu.

S&P has no visibility over any favorable changes in the company's
circumstances, including any positive action by major
shareholders.

S&P may lower the rating if it assess that a default, distressed
exchange, or early redemption appears to be inevitable within six
months, barring any significantly favorable changes in Sound
Global's circumstances.

S&P may revise the rating outlook to stable if Sound Global's
liquidity crisis remains but S&P assess that the company may not
face an immediate payment default in the next six months.



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


A.G. HOSPITALITIES: CARE Assigns 'B+' Rating to INR9cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of A.G.
Hospitalities Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9         CARE B+ Assigned

Rating Rationale

The rating assigned to A.G. Hospitalities Private Limited (AGH) is
constrained by the limited experience of the promoters in the
hotel industry, significant competition from established hotel
properties in the vicinity and the susceptibility of revenues and
profitability to the cyclicality and seasonality of the industry.
The rating factors in the implementation risk associated with the
property under construction.

The rating derives comfort from the location advantage of the
property in the heart of Chennai and project being predominantly
funded by owner's contribution.

Going forward, the ability of the company to complete the project
on time and without cost over runs, achieve optimum occupancy
levels and average room rentals (ARRs) as envisaged will be the
key rating sensitivities.

AGH is a private limited company promoted by Mr S. K. Gupta and
his family to establish a three-star hotel property in the
heart of Chennai. The property is envisaged to have 10 floors with
110 rooms, one restaurant, spa, swimming pool and conference hall.

The total cost of the project excluding land was estimated at
INR45 crore. The construction had commenced in January 2011 and is
expected to be completed by July 2016. The project was proposed to
be funded by promoter's equity/unsecured loans of INR36 crore and
term loan of INR9.00 crore. As on June 30, 2015, the company had
incurred INR38.79 crore towards project, funded through term loan
of INR4.61 crore and balance through the promoter's equity and
unsecured loans.


AAKAF STEEL: CARE Assigns B+ Rating to INR12cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Aakaf
Steel Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Aakaf Steel Private
Limited (ASPL) is constrained on account of its thin operating
profit margin due to low value additive nature of business, high
leverage, weak debt coverage and stretched liquidity. The rating
is further constrained by risk associated with volatility in steel
prices and intense competition in the trading of steel products.

The rating, however, derives strength from the experience of the
promoters in the trading of steel products and ASPL's established
relationship with its customers and suppliers.

ASPL's ability to increase its scale of operations and improve its
profitability in a highly competitive steel trading business along
with an improvement in its capital structure are the key rating
sensitivities.

Incorporated in June 2000 in Ahmedabad, post the merger of Aakaf
Industrial Corporation and its associate company Aakar Steel. M/s
Aakaf Steel Private Limited (ASPL) is promoted by Mr Abdul Kadir H
Memon and Mr Siraj Abdul Rajak Nagani. The company is engaged in
trading of steel products mainly steel plates, beams, channels,
angel plate, round bars, square bars, etc.

As per the provisional results for FY15 (refers to the period
April 1 to March 31), ASPL reported a total operating income
of INR101.88 crore [FY14: INR103.79 crore] with a PAT of INR0.39
crore [FY14: PAT of INR0.37 crore].


ARPORA PROJECTS: CRISIL Assigns B+ Rating to INR105MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arpora Projects Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Short Term
   Bank Loan Facility       20        CRISIL A4
   Term Loan               105        CRISIL B+/Stable

The ratings reflect the start-up nature of the company's project,
and its exposure to risks relating to offtake, lack of an
established brand name, and to intense competition in the
hospitality industry in North Goa. These rating weaknesses are
partially offset by the low funding and completion risks of the
project and the extensive experience of the promoters in the real
estate industry.
Outlook: Stable

CRISIL believes that Arpora will maintain a stable business risk
profile over the medium, backed by the promoters' extensive
experience in the real estate industry. The outlook may be revised
to 'Positive' if higher occupancy and/or tariff for the rooms lead
to better-than-expected cash accruals for Arpora. Conversely, the
outlook may be revised to 'Negative' if low occupancy and/or
tariff or delays in customer advances constrain the company's cash
accruals and liquidity.

Arpora was incorporated in 2014 by Mr. Pawan Yadav and Mr.
Bhupendra Yadav with an aim to enter the hospitality industry. The
company has acquired and renovated a property of around 3951
square metres comprising 15 villas branded as Aromias. The
property comprises 49 rooms and is situated at Arpora village, Goa
and commenced operations in March 2015.


BADRINATH COTTON: CRISIL Assigns B+ Rating to INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Badrinath Cotton (Badrinath).

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

The rating reflects Badrinath's modest scale of operations and
working capital intensive nature of operations resulting in below
average financial risk profile. These rating weaknesses are
partially offset by extensive experience of the promoters in
cotton industry.
Outlook: Stable

CRISIL expects Badrinath to maintain its business risk profile on
the back of its promoters' extensive experience and established
relationships in the cotton industry. The outlook may be revised
to 'Positive' in case of a substantial increase in its scale of
operations and profitability, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's revenues or
profitability or if its capital structure deteriorates on account
of high working capital requirements.

Badrinath was established in 2011 as a partnership firm by Mr.
Rohit Patel and his family members. The firm is engaged in
processing of raw cotton (kappas) into cotton bales and cotton
seeds. The firm's unit is based in Kadi, Gujarat.


BTT INDUSTRIES: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BTT Industries
Private Limited' (BTT) 'IND D' Long-Term Issuer Rating to the
suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

BTT's Ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR121.5 mil. long-term loans: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'
   -- INR110 mil. fund-based limits: migrated to Long-term/short-
      term 'IND D(suspended)' from Long-term/Short-term 'IND D'


CAPITAL ELECTRICALS: Ind-Ra Affirms 'IND B' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Capital
Electricals Limited's (CEL) Long-Term Issuer Rating at 'IND B'.
The Outlook is Stable.  Rating actions on CEL's bank loans are:

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long-term loan         30        Assigned 'IND B'/Stable

   Fund-based limits      70        Affirmed at 'IND B'/
                    (reduced from   Stable/'IND A4'
                          120)

   Non-fund-based        100        Affirmed at 'IND B'/
   limits           (reduced from   Stable/ 'IND A4'
                         250)

KEY RATING DRIVERS

The affirmation reflects CEL's small scale of operations and
volatility in its revenue and margins due to the tender-based
nature of its business.  After growing at a CAGR of 18.7% over
FY11-FY14, CEL's revenue dipped sharply in FY15 (around 46.7% yoy)
to INR305 mil., mainly due to a subdued order book.  The receipt
of contracts from the company's major customers - state power
utilities (SPUs) - was also slow during 2014 as it was an election
year.

CEL's EBITDA margins (FY15: 10% (provisional financials), FY14:
7.2%, FY13: 5.2%) remain volatile due to the fluctuating raw
material (aluminum and copper) prices and its inability to pass on
higher costs to customers due to its size, and the fixed price
nature of contracts.  Credit metrics also remain weak with gross
interest coverage (EBITDAR/gross interest expense) and net
leverage (net adjusted debt/EBITDAR) of 1.34x and 41.24x,
respectively, in FY14.  The adjusted net debt includes the effect
of a corporate guarantee extended by CEL to a group company.

The ratings also reflect the highly working capital intensive
nature of CEL's business operations.  The net operating cycle for
FY14 stood at 143 days.  Liquidity remains tight as reflected by
close to 100% utilization of its working capital limits for the 12
months ended May 2015.  The ratings also factor in the weak credit
profiles of CEL's major customers, SPUs.

The ratings, however, benefit from the promoters' three-decade-
long experience in the electrical industry and CEL's well-
established relationships with its customers which also include
reputed private sector clients.

RATING SENSITIVITIES

Positive: An increase in the revenue and profitability leading to
improved credit metrics along with improved liquidity will be
positive for the ratings.

Negative: A decline in the revenue and profitability resulting in
deterioration in the credit metrics and/or any further
deterioration in the liquidity could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1992 and promoted by Pawan Kumar Bansal, CEL
manufactures electric wires and cables.  The company was earlier
known as Mayur Electrical Industries Pvt. Ltd.  CEL's
manufacturing plant is located at Noida, Uttar Pradesh.


CAPITAL POWER: Ind-Ra Lowers Long-Term Issuer Rating to BB-
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Capital Power
Infrastructure Limited's (CPIL) Long-Term Issuer Rating to
'IND BB-' from 'IND BB'.  The Outlook is Stable.  Rating actions
on CPIL's bank loans are:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Fund-based limits    450        Downgraded to Long-term
                                   'IND BB-'/Stable from 'IND BB'
                                   and affirmed at Short-term
                                   'IND A4+'

   Non-fund-based       944.8      Downgraded to Long-term
   limits         (reduced from    'IND BB-'/Stable from
                       1,500)      'IND BB' and affirmed at
                                    Short-term 'IND A4+'

KEY RATING DRIVERS

The downgrade reflects a steep fall in CPIL's operational income
and its tight liquidity position.  According to the provisional
financials for FY15, revenue fell 35% yoy to INR1,063 mil, mainly
due to a subdued order book.  The company utilized almost 100% of
its working capital over the 12 months ended May 2015.

The tender-based nature of the company's operations makes it
vulnerable to order cyclicality.  The receipt of contracts from
its major customers - state power utilities (SPUs) - was low in
FY15 as 2014 was an election year.  The company, however, was able
to improve its EBITDA margins to 11% in FY15 from 9.02% in FY14
and 7.8% in FY13.  The margin improvement was led by the company's
focus on higher margin contracts.

The company is prone to high counterparty risk, as most of its
customers are SPUs having weak credit profiles; this risk is,
however, mitigated by the coverage of CPIL's products under
government-sponsored funding schemes.  Also, the government has
finalised a financial restructuring package for SPUs to providing
the necessary liquidity support.

The ratings also reflect the highly working capital intensive
nature of CPIL's business.  The net operating cycle remained long
at 151 days in FY14, mainly due to the slow liquidation of
receivables.  Despite the improvement in margins in FY14, interest
coverage ratio declined to 1.3x (1.48x) mainly due to higher
working capital utilization.  The net leverage, however, improved
slightly to 3.81x in FY14 (FY13: 4.02x) as the increase in
absolute EBITDA (FY14: INR148.4 mil, FY13: INR128.3 mil) more than
offset the increase in total debt.

The ratings also factors in the company's moderate order book
position of INR1,997 mil. at end-April 2015, providing revenue
visibility of 1.87x.

RATING SENSITIVITIES

Positive: An improvement in liquidity profile of the company along
with an increase in the revenue while maintaining the
profitability margins will be positive for the ratings.

Negative: Further deterioration in the liquidity and or a steep
fall in the operational income will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2008, CPIL provides material, erection, testing
and commissioning services in the power transmission and
distribution sectors.


CHANDNA INFRAPROJECTS: CARE Reaffirms B Rating on INR18.57cr Loan
-----------------------------------------------------------------
CARE reaffrims the ratings assigned to bank facilities of
Chandna Infraprojects (India) Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.57      CARE B Reaffirmed
   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Chandna
Infraprojects (India) Private Limited continue to remain
constrained on account of its weak financial risk profile marked
by continued net losses registered in the last three financial
years ended FY15 (provisional; refers to the period April 1 to
March 31), highly leveraged capital structure and stressed
liquidity position. The ratings, further, continue to remain
constrained on account of its presence in the highly competitive
granite processing industry and direct linkage with the cyclical
real estate sector.

The ratings, however, continue to favourably take into account the
vast experience of the management in the marble and granite
industry, continuous financial support provided by the promoters,
strong group support and location advantage with an easy access to
rawmaterial and labour.

Improvement in the scale of operations along with improvement in
profitability, solvency position and efficient working capital
management remain the key rating sensitivities.

Jaipur-based (Rajasthan) CIIPL, incorporated in 2010, is a part of
Chandna Group which is engaged primarily in the mining of marbles
and granites as well as cutting and processing of marbles since
2000. The group concern includes Chandna Marble Private Limited
(CMPL; incorporated in 2005) which is engaged in the mining and
processing of marbles, Chandna Granite Private Limited (CGPL;
incorporated in 2009) which is engaged in mining of granites,
Chandna Marbles (CHM; formed in 2000) which is engaged in mining
of marbles.

CIIPL is engaged in the processing of granites and has commenced
the operations of its greenfield project for processing of
granites from November 2012. The plant of the company has an
installed capacity of 42.90 Lakh Square Feet Per Annum (LSPA) and
owns six cutters and one gangsaw machine.

During FY14 (A), the company has achieved a total operating income
(TOI) of INR6.52 crore as against INR0.49 crore in FY13 (A) and
net loss of INR5.13 crore in FY14 as against INR2.15 crore in
FY13. Furthermore, during FY15 (Provisional), CIIPL has registered
TOI of INR9.94 crore and net loss of INR1.29 crore.


CHHABI ELECTRICALS: ICRA Revises Rating on INR8.5cr Loan to B
-------------------------------------------------------------
ICRA has revised the rating assigned to the INR9.18 crore long
term fund based facility of Chhabi Electricals Private Limited
(CEPL) from [ICRA]B+ to [ICRA]B. ICRA has reaffirmed the [ICRA]A4
rating assigned to the INR6.00 crore short term non-fund based
facility of CEPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term, Cash
   Credit                    8.50       Revised to [ICRA]B from
                                        [ICRA]B+

   Long Term, Unallocated    0.68       Revised to [ICRA]B from
                                        [ICRA]B+

   Short Term, Non fund
   based                     6.00       [ICRA]A4 Reaffirmed

The rating revision takes into consideration larger than expected
deterioration in the financial profile of the company
characterized by decline in revenue and profitability since last
two fiscal. Low order inflows on account of slowdown in the power
industry in terms of fresh capacity augmentation and project
execution along with high competitive pressure has affected
company's revenue growth and profitability over the last few
years. The rating revision also takes into consideration strained
liquidity profile of the company owing to its stretched
receivables cycle and high inventory levels. The projects executed
by CEPL are generally a small portion of larger EPC contracts
wherein document approvals, delivery and site trials are generally
contingent upon the progress of the larger contracts. As a result
any delays in the execution of the main projects have a direct
impact on the progress of orders executed by CEPL often
necessitating increased investments in working capital owing to
sticky debtors and high inventory levels. However, ICRA continues
to derive comfort from the long standing experience of the
promoters in the industry, CEPL's established track record and its
strong relationship with its client base reflected in the sizeable
share of repeat orders from its clients.

Set up in 1965 by Mr. Madhusudan Rane, Chhabi Electricals Private
Limited is a manufacturer of AC (alternating current)/DC (direct
current) power supply components and systems. The company is
headquartered in Mumbai with its manufacturing facility located in
Jalgaon, Maharashtra.


DATTA AGRO: CARE Raises Rating on INR16.5cr LT Loan to 'B'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Datta Agro Services Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.50      CARE B Revised from
                                            CARE D

   Short-term Bank Facilities    25.00      CARE A4 Revised from
                                            CARE D

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Datta Agro Services Private Limited (DASPL) primarily factors in
clear track record in debt servicing during the period April 2015
to June 2015 coupled with modest improvement in capital structure
and debt coverage indictors as onMarch 31, 2015.

The ratings assigned to the bank facilities of DASPL are
constrained primarily on account of the decline in total operating
income and profitability which is further susceptible to the
volatile raw material prices coupled with weak liquidity
position and risk associated with debt-funded capex with financial
closure pending. Furthermore, the ratings continue to remain
constrained on account of the challenges of operating in a highly
regulated fertilizers industry and risk of nonavailability
of required raw material in a timely manner.

The ratings, however, favorably take into account long-standing
track record of the promoters in the fertilizer industry,
established marketing network and its strategically favorable
presence in Jalgaon district (Maharashtra).

DASPL's ability to increase its market presence and improve its
profitability and capital structure along with effective
working capital management is the key rating sensitivity.
Furthermore, its ability to sustain and gradually improve its
overall financial risk profile in the wake of any adverse
government policies towards the fertilizer industry would also
remain crucial.

Jalgaon-based (Maharashtra) DASPL was promoted by Mr Mahendra
Patil for the manufacturing of Single Super Phosphate (SSP)
fertilizer in 2007. DASPL's manufacturing plant is located in
Jalgaon having an installed capacity of 132,000 metric tonnes per
annum as on March 2015. The company started manufacturing
operations from September 2011 and markets its product under brand
name "Satpuda".

As per the audited results of FY15, DASPL reported profit after
tax (PAT) of INR2.43 crore on a total operating income (TOI) of
INR68.36 crore as against PAT of INR3.54 crore on a TOI of
INR77.38 crore during FY14.


DEWASHISH CONSTRUCTION: CARE Puts 'B' Rating on INR5cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Dewashish
Construction Company.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loan brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale
The rating assigned to the bank facilities of Dewashish
Construction Company (DCC) is constrained by declining income
from operations, moderate solvency and weak liquidity position and
limited comfort from price escalation making margins susceptible
to volatility in raw material prices. The rating is further
constrained by concentration in government contracts and delay in
projects leading to uncertainity of timely booking of revenues
along with exposure to tender driven process.

The above weaknesses are partially offset by the experience of the
proprietor in executing irrigation projects, registration of the
firm as a class I contractor with Maharashtra government and
healthy order book position of INR73.21 crore representing 12x of
FY14 (refers to the period April 1 toMarch 31) sales.

The ability of the firm to execute the projects as per the
scheduled timeline and enhancing its scale of operations is the
key rating sensitivity.

DCC was established as proprietorship firm by Mr Ashish Zawar in
the year 2006. The firm is engaged in infrastructure contract work
with operations focused in Maharashtra. Within the infrastructure
space the firm majorly operates in irrigation segment. The firm
got registered under the class I A contractor in the year 2012
with the public works department (PWD), Maharashtra state, by
virtue of which it is eligible to undertake all types of civil
work, irrespective of size within the state of Maharashtra.

The firm receives construction contracts mainly fromPWD or as sub-
contracts from government contractors. During FY14, the firm
registered a PAT of INR 0.55 crore as against the total operating
income of INR6.07 crore.


DRASHTI COTSPIN: CARE Assigns 'B' Rating to INR26cr LT Loan
-----------------------------------------------------------
CARE assigned 'CARE B' the ratings to bank facilities of Drashti
Cotspin Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       26       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Drashti Cotspin
Private Limited (DCPL) is primarily constrained on account of
project implementation and stabilization risk associated with the
ongoing Greenfield cotton yarn manufacturing project.

The ratings are further constrained on account of susceptibility
of profit margin to volatility in cotton prices, along with
inherent cyclicality and high competitive intensity associated
with the textile industry.

The above constraints outweigh the benefits derived from the wide
experience of the promoters in the cotton industry coupled with
strategic location in the cotton-producing region of Gujarat with
easy availability of raw material, power and fuel along with
fiscal benefits from the government.

The ability of DCPL to complete its ongoing project within
envisaged cost and timeline coupled with achieving envisaged
sales and profitability are the key rating sensitivities.

Amreli-based (Gujarat) Drashti Cotspin Private Limited (DCPL) was
incorporated during April 2011 by Mr Jayvantbhai D Finava, Mr
Vijaybhai D Finava, Mr Jenithbhai J Finava and Mr Brijesh N Patel.
DCPL is currently setting up a Greenfield project for carrying out
business of cotton spinning with total cost of INR44.12 crore
which will be financed through a term loan of INR26 crore, share
capital of INR12.25 crore and balance by way of unsecured loans.
Total capacity of the plant will be 14,592 spindles with an
installed production capacity of 3591 MTPA and will produce Combed
and Carded Cotton Yarn in 30s count. Commercial production from
proposed plant is envisaged to commence from August 2015.


EVERSHINE TOWERS: Ind-Ra Withdraws 'IND D(Suspended)' Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Evershine Towers
Pvt Ltd's (ETPL) 'IND D(suspended)' Long Term Issuer Rating.

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

Ind-Ra suspended ETPL's ratings on April 22, 2014.

ETPL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR110 mil. fund-based limits: Long-Term 'IND
      D(suspended)'; rating withdrawn
   -- INR35 mil. non-fund-based limits: Short- Term 'IND
      D(suspended)'; rating withdrawn


GAYATRI SRI: ICRA Suspends 'B-' Rating on INR10cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B- assigned to INR10.00 crore fund based
facilities of Gayatri Sri Narayana Swamy Ginning Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Gayatri Sri Narayana Swamy Ginning Mill was incorporated as a
partnership firm in 2012 by Mr. S. B. Suryanarayana and Mr. Ch.
Hanumantha Rao with ginning activity as its main operations. The
firm has its production facility located at Rajupalem Village
(Guntur Dis.), Andhra Pradesh. Presently the firm is operating 24
Gins and 1 press. GSNSGM is a TMC unit, engaged in extraction of
cotton lint and cotton seeds from Kapas. Cotton lint produced is
sent for pressing and then sold in market. Cotton seeds extracted
are sold to oil mills through commission agents.


GOEL FOOD: CRISIL Assigns B+ Rating to INR50MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Goel Food Product (GFP).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Term Loan             40        CRISIL B+/Stable

The rating reflects GFP's weak financial risk profile marked by
high gearing, its large working capital requirements, and modest
scale of operations. These rating weaknesses are partially offset
by the extensive experience of GFP's promoters in the rice
industry and the firm's moderate profitability.
Outlook: Stable

CRISIL believes that GFP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
substantial increase in operating revenue and margins, along with
improvement in its financial risk profile and working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
GFP's financial risk profile, particularly its liquidity,
deteriorates on account of decline in its revenue and
profitability or large debt-funded capital expenditure or increase
in working capital requirements.

GFP was set up in 2014 as a partnership firm managed by Mr. Tarsem
Kumar Goel, Ms. Anita Rani, Ms. Mamta Rani, and Ms. Neelam Rani.
Based in Kaithal (Haryana), the firm mills and sorts basmati rice.


GOPALA KRAFT: CRISIL Ups Rating on INR62.5MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Gopala Kraft Pack Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          37.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan            62.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade in ratings reflects the improvement in Gopala's
financial risk profile, particularly its liquidity, because of
better-than-expected profitability levels along with fund support
from promoters. Gopala's operating profitability increased to
approximately 10 per cent in 2014-15 (refers to financial year,
April 1 to March 31) from 9.1 per cent in 2012-3, on the back of
improved operational efficiencies resulting from higher capacity
utilisation. Furthermore, the company's scale of operations is on
an improving trend, with the revenues for 2014-15 increasing by
over 25 per cent to approximately INR245 million. Backed by
improving scale and profitability, Gopala is expected to generate
cash accruals of INR10 to 13 million in 2014-15 against repayments
of INR7.0 million. Moreover, the promoters have supported the
working capital and capital expenditure requirements through
continual fund support in the form of equity infusion and
unsecured loans; the promoters infused INR7 million in 2014-15.
The improvement in profitability along with infusion has led to a
decline in gearing to 1.8 times as on March 31, 2015, from 2.2
times as on March 31, 2014; however, it continues to remain high.
The debt protection metrics have also improved with interest
coverage ratio of 2.4 times and net cash accruals to total debt
ratio of 0.18 times for 2014-15.

The rating reflects Gopala's modest scale of operations and
average financial risk profile, marked by high gearing and
moderate debt protection indicators. These rating weaknesses are
partially offset by the extensive industry experience of Gopala's
promoters and its strong customer relationships.
Outlook: Stable

CRISIL believes that Gopala will benefit from the extensive
industry experience of its promoters and stable demand outlook for
its products, over the medium term. The outlook may be revised to
'Positive' if the company generates higher-than-expected operating
revenues and profitability; leading to higher cash accruals and
improvement in liquidity profile. Conversely, the outlook may be
revised to 'Negative' if Gopala faces challenges in scaling up its
operations leading to lower-than-expected cash accruals or its
working capital cycle lengthens substantially, resulting in
deterioration in the company's liquidity.

Incorporated in 1996 by the Somani family, Gopala manufactures and
sells corrugated boxes. Its manufacturing unit is located in
Baramati (Maharashtra). Mr. Gautam Somani, managing director,
looks after the day-to-day operations of the company.

Gopala reported a profit after tax (PAT) of INR1.6 million on net
sales of INR188 million for 2013-14, as against a PAT of INR2.1
million on net sales of INR158 million for 2012-13.


GURUTEK ESTATE: ICRA Upgrades Rating on INR16cr Loan to 'B'
-----------------------------------------------------------
ICRA has upgraded its long-term rating on the INR16.0 crore fund
based limits of Gurutek Estate Private Limited to [ICRA]B from
[ICRA]C+. ICRA has reaffirmed its short term rating on the INR4.0
crore non-fund based limits of GEPL at [ICRA] A4.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Fund Based Facilities       16.0      [ICRA]B; Upgraded
   Non-Fund Based Facilities    4.0      [ICRA]A4, Reaffirmed


The rating upgrade takes into account the improved sales velocity
in GEPL's ongoing project 'Gurutek Eshan Vatikka' which has
resulted in steady cash inflows. This, along with consistent fund
infusion from promoters has enabled the company to repay its high
cost debt in addition to funding the execution of the project. The
ratings are however constrained by the high funding risk, given
the increased scope of the project with planned purchase of
additional adjacent land area. Notwithstanding the improvement in
sales velocity and physical progress, GEPL's committed outflows
remain high (As against committed receivables of INR67.29 crore,
the company has project execution commitment of INR46.53 crore and
outstanding debt of INR7.80 crore). Going forward, GEPL will
require significant funding support from the promoters in the
absence of adequate ramp up in sales. This apart, the rating takes
into account the residual market risks with the project currently
achieving bookings of 40%.

Going forward, the company's ability to execute the project in a
timely manner, achieve additional bookings and receive promoter
funds in case of any contingency will be the key rating
sensitivities.

GEPL is developing a 51 acre Township in Sectors 25 and 26,
Rewari, Haryana; the scope of the township has subsequently
increased to 62.53 acres. Apart from developing the entire
township, the company will also construct residential flats and a
commercial complex in the township. The company is promoted by Mr.
Kamal Agarwal who is also the Managing Director in GEPL. This is
the first real estate project as a developer for the promoters and
their previous experience has been limited to construction of real
estate projects. The township named 'Gurutek Eshan Vatikka' is
being constructed on a 62.53 acre land, which has been fully paid
for. As per the revised scope, the company plans to sell 304 plots
of different sizes and 243 group housing flats. Of this, it had
sold 147 plots and 100 flats by the end of June 2015. By the end
of June 2015, the company had incurred about 53% of the
construction cost and 63% of the total project cost.

Recent results
GEPL reported a net loss of INR0.10 crore on an operating income
(OI) of INR0.01 crore in FY 2014, as compared to a net loss of
INR1.96 crore on an OI of INR0.23 crore in the previous year. The
company, on a provisional basis, reported a net profit of INR0.44
crore on an OI of INR5.23 crore FY 2015.


HARSH POLYMERS: CARE Ups Rating on INR10.19cr LT Loan to 'BB-'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Harsh Polymers.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.19      CARE BB- Revised from
                                            CARE B+

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loan brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The revision in rating assigned to the long term bank facilities
of Harsh Polymers (HPS) is based on account of stabilization
of operations post commencement of the project and achievement of
desired capacity utilization level and growth in total income
during FY15 (refers to April 01 to March 31) considering the first
full year of operations. The rating, however, continues to remain
constrained on account of susceptibility of operating margin to
fluctuation in the raw material prices, limited track record of
operations along with presence in a highly competitive and
fragmented nature of poly woven bags.

The rating further takes into account leveraged capital structure
and working capital intensive nature of operations. The rating,
however, takes comfort from the experience of the partners and
stable outlook for the plastic packaging industry.

The ability of the firm to scale up the operations along with
improvement in profitability and efficient management of the
working capital remains the key rating sensitivities.

Established in the year 2012, HPS is promoted by Mr. Netaji Yadav
along with his wife Mrs. Manisha Yadav. HPS is engaged in the
manufacturing of polypropylene (PP) sacks and commenced its
commercial operations from January 2014.

The PP sacks manufactured by HPS are used as packaging material
for food grains, cement, sand, chemicals and others.

The products of HPS are sold to various sugar companies and cement
companies in the state of Maharashtra. In addition, the sacks are
also sold to traders who in turn sell it to the end users. The
firm manufactures these woven bags in standard/customized
specifications as provided by the customers. The key raw material
required for manufacturing of PP sacks is plastic granules and the
same is procured from Reliance Industries Limited (RIL) and other
traders.

The firm has its manufacturing unit located in Sangli,
Maharashtra, with an installed capacity to manufacture about 3,600
metric tonnes of PP sacks per annum. The company started its
operations during FY14, and operated for a period of three
months during the year with a capacity utilization level stood at
about 30% which gradually increased to average utilization of 60%
in March 2015.


HMR STEELS: ICRA Suspends B+/A4 Rating on INR22cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to
INR22.0 crore bank facilities of HMR Steels Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.


INSHA COTTEX: CARE Assigns 'B' Rating to INR7.07cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Insha Cottex
Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.07      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Insha Cottex Private
Limited (ICPL) is constrained by weak financial profile marked
with thin profitability margins, leveraged capital structure,
moderately weak debt coverage indicators and moderate liquidity
position. The rating also takes into account the risk associated
with seasonality of raw material along with fragmented nature of
the industry and susceptibility to adverse government policies
regarding prices, supply and export to cotton.

The above weaknesses are partially offset by wide experience of
the promoters in the business, growing scale of operations,
location advantage emanating from presence in cotton-growing area
and integration into cotton seed oil extraction resulting into
zero discharge plant.

The ability of the company to improve its profitability along with
improvement in solvency position is the key rating sensitivity.

Incorporated on August 5, 2009, ICPL is engaged in the process of
ginning and pressing of cotton. In addition, the company also
produces cotton oil from the seeds left in the manufacturing
process of cotton and the left residue i.e. cotton oil cake is
also sold by the company.

The major raw material for the company is raw cotton which it
procures from the regional market on spot purchase basis. The mill
operates for 10 months in a year, ie, from October to July owing
to seasonal availability of cotton. The customers of ICPL are
located in and around Maharashtra.

In October 2014, the company has doubled its capacity to 52,000
quintals of bales per annum and the commercial production has
started. The total cost of the project was INR2.76 crore which was
funded by term loan of INR1.75 crore and the promoter's
contribution (equity and unsecured loan) of INR1.01 crore.

In FY14, the company registered a PAT of INR 0.31 crore as against
the total operating income of INR46.12 crore as compared with the
PAT and total operating income of INR0.21 crore and INR34.35
crore, respectively, in FY13.


ISHWARLAL HARJIWANDAS: CRISIL Reaffirms B+ Rating on INR300M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ishwarlal
Harjiwandas Jewellers Pvt Ltd (IHJPL) continues to reflect IHJPL's
below-average financial risk profile, marked by high gearing and a
modest net worth, and the company's vulnerability to changes in
government policies pertaining to the jewellery industry. These
rating weaknesses are partially offset by the extensive experience
of IHJPL's promoters in the jewellery business, and the funding
support that it receives from them.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           300       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IHJPL will benefit over the medium term from
its moderate profitability and additional sales from its new
showroom. The outlook may be revised to 'Positive' if the company
achieves substantial sales at its second showroom, resulting in an
improvement in its business risk profile, or in case of infusion
of funds by promoters to support its working capital requirements,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there are
sizeable working capital requirements due to large inventory,
leading to a further stretch in the company's liquidity.

Update
IHJPL's net sales for 2014-15 (refers to financial year, April 1
to March 31) grew year-on-year by 35 per cent to around INR1.04
billion as against INR770 million in 2013-14. It has sustained its
profitability at 6 to 6.5 per cent during the three years through
March 2015 and the same is expected to remain at similar levels
over the medium term. IHJPL continues to have working-capital-
intensive operations, as indicated by its gross current assets of
185 days as on March 31, 2015, in line with CRISIL's expectations.
The company's stretched working capital cycle has resulted in high
bank limit utilisation, at an average of 90 to 95 per cent over
the 12 months through March 2015.

IHJPL's interest coverage ratio remains modest and was around 1.4
times for 2014-15. Although the company is not planning any debt-
funded capital expenditure, its gearing is expected to remain high
at about 3 times over the medium term with net worth of about
INR127 million as on March 31, 2015.

IHJPL was set up in 1989 by the Choksi family. The company retails
gold, platinum, and diamond-studded jewellery, and gold bullion in
Ahmedabad (Gujarat). IHJPL has a retail showroom in Ahmedabad and
has opened a second showroom in the city, commercial operations of
which started in March 2014.

IHJPL reported a profit after tax (PAT) of INR8.6 million on a net
sales of INR1.04 billion for 2014-15, against a PAT of INR10
million on net sales of INR778 million for 2013-14.


KALIKUND DEVELOPERS: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has assigned Kalikund Developers (KD) a
Long-Term Issuer Rating of 'IND B+'.  The Outlook is Stable.  The
agency has also assigned KD's INR295 mil. long-term loan an
'IND B+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the nascent stage of KD's on-going residential
project, which leads to the risks of time and cost overrun.  The
project is scheduled to be completed by December 2018; however,
till end-March 2015, only 18.02% of the total construction cost
was incurred and none of the flats were sold.  The ratings are
constrained by the partnership nature of the organization.

The ratings benefit from KD's promoter's extensive experience of
completing four residential projects over the last decade.  The
ratings also factor in the locational advantage of the project in
terms of its vicinity to basic facilities such as school,
hospital, market, etc.

RATING SENSITIVITIES

Positive: The timely completion of the on-going projects and the
sale of a substantial number of housing units leading to a strong
visibility of cash flow will be positive for the ratings.

Negative: Any slowing down of flat booking leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

KD is a registered partnership firm constituted in 2007 for the
construction of residential towers.  The firm is promoted by Sunil
Chandulal Shah.


KANDLA PACKAGING: CRISIL Cuts Rating on INR120MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kandla Packaging Pvt Ltd (KPPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

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

The downgrade reflects CRISIL's belief that KPPL's financial risk
profile will remain weak over the medium term, constrained by low
sales and stretched liquidity. The company, on a provisional
basis, registered operating income of INR127.1 million in 2014-15
(refers to financial year, April 1 to March 31) which was low
considering its capacity. Almost 50 per cent of the operating
income came from civil construction activity. The company reported
operating margin of 13.4 per cent for 2014-15, supported by civil
construction activity.

KPPL's weak financial risk profile is marked by high gearing of 13
times driven by small net worth of INR10.4 million and large debt
of INR14.30 million as on March 31, 2015. The company's operations
remain working capital intensive, with gross current assets (GCAs)
at 259 days, driven by inventory of 180 days, as on March 31,
2015.

The rating reflects KPPL's weak debt protection metrics and
volatile, though high, operating margin. These rating weaknesses
are partially offset by the entrepreneurial experience of KPPL's
promoters and its nil long-term debt obligations.
Outlook: Stable

CRISIL believes that KPPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if the company scales up its operations while
maintaining profitability on expected lines, resulting in
sustainable improvement in its financial risk profile. On the
other hand, the outlook may be revised to 'Negative' in case of
low revenue growth and profitability or stretch in working capital
cycle resulting in weakening of the company's financial risk
profile.

KPPL was set up in 2005. The company was taken over by the current
promoters Mr. Raj Kangad and Mr. Kaushik Kinera in 2013. KPPL
manufactures corrugated boxes using kraft paper and is based in
Gandhidham (Gujarat).

KPPL reported a loss of INR0.48 million on net sales of INR127.1
million for 2014-15 on a provisional basis, against a profit of
INR0.32 million on net sales of INR18.37 million for 2013-14.


KRISHNA GINNING: ICRA Reaffirms B Rating on INR8.0cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the 8.00
crore fund based cash credit facility and Rs.1.80 crore fund based
term loan facility of Krishna Ginning Pressing & Oil Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             8.00         [ICRA]B; reaffirmed
   Term loan               1.80         [ICRA]B; reaffirmed

The ratings continue to be constrained by Krishna Ginning Pressing
& Oil Industries (KGPOI)'s weak financial profile as reflected by
low profitability, adverse capital structure and weak debt
coverage indicators. The ratings also take into account the low
value additive nature of operations and the intense competition on
account of the fragmented industry structure leading to thin
profit margins. The ratings are further constrained by the
vulnerability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on the minimum support price (MSP) for the procurement
of raw cotton. Further, with KGPOI being a partnership firm, any
significant withdrawals from the capital account would affect its
net worth and thereby the gearing levels.

The ratings, however, positively factor in the strategic location
of the plant giving it easy access to high quality raw cotton as
well as diversification in terms of revenue with its presence in
oil expelling.

Established in 2012, Krishna Ginning Pressing and Oil Industries
is engaged in ginning, pressing as well as crushing operations.
The business is owned and managed by Mr. Dalpatbhai and other
family members. The firm's manufacturing facility is located in
Jamnagar, Gujarat. The firm has 24 ginning machines and 1 pressing
machine having a cumulative processing capacity of 125 TPD of raw
cotton. The firm is also equipped with 6 expellers for cottonseed
crushing to produce cottonseed oil as well as cottonseed oil cakes
with production capacity of 7500 kgs of cottonseed oil per day.
The firm commenced commercial operations from March 2013.


MEWAR HI-TECH: ICRA Assigns 'B' Rating to INR8.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR8
crore bank limits of Mewar Hi-Tech Engineering Ltd.

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

The assigned rating is constrained by MHEL's modest scale of
operations along with its weak financial risk profile
characterised by low profitability margins, low return indicators,
leveraged capital structure and modest coverage indicators. The
rating is further constrained by the high working capital
intensity of operations and MHEL's tight liquidity position as
reflected by almost full utilisation of working capital limits.
The rating also takes into account the vulnerability of the
company's profitability to increase in the prices of key raw
materials as well as the intense competitive scenario owing to the
presence of reputed companies along with various regional
operators.

The rating, however, takes comfort from extensive experience of
promoters in related business lines and significant scaling up of
operations in 2014-15 along with its healthy order book position
as on June 30, 2015.

MHEL was incorporated in 2006 by Mr. C S Rathore and his family
members and is engaged in the manufacturing and sale of stone
crushers, vibrating screens, hoppers, feeders, conveyor belts and
other related equipments. The manufacturing facility of the
company is located in Sukher, Udaipur and is well equipped with
the requisite machinery.

Recent Results
In 2014-15, MHEL reported a net profit of INR0.09 crore on an
operating income of INR40.41 crore as against a net profit of
INR0.33 crore on an operating income of INR23.65 crore in the
previous year.


MILLI TRUST: ICRA Assigns 'B+' Rating to INR40cr Term Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR40.00 crore
proposed term loan facility of Milli Trust.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Proposed Term Loan      40.00        [ICRA]B+ assigned

The assigned rating takes into consideration the large capital
expenditure plan on the proposed medical college and hospital
facility, exposing the trust to considerable execution risks,
including the risk of completion of the project within budgeted
cost and scheduled timeframe, and lack of experience of the
trustees in running of medical college and hospital, which may
expose the trust to high competitive pressures from the existing
players in the state.

The rating is also impacted by the lack of placement track record
by the trust and the significant funding risk as debt required for
the ongoing project is yet to be tied-up. ICRA notes that the
overall liquidity position of the trust is likely to remain
stretched during the execution stage of the project, as the
internal accruals will be earmarked for the project. Moreover, the
trust would have significant debt service obligations, post
commencement of operations of the proposed project, which would
continue to keep pressure on the cash flows of the trust in the
near to medium term at least. The rating, however, derives comfort
from MT's established track record in imparting education, which
is supported by the experience of the trustees, the favourable
demand prospects for higher education in the country, and the
proposed medical college and hospital, which is likely to create
synergies in the longer term in the form of junior doctors and
resident medical officers apart from providing stable, upfront,
fee based income.

MT is a charitable trust established in 2000 with a motive to
impart higher education in India. The trust currently manages four
institutes, offering primary, secondary and undergraduate level
courses. In addition to the above institutes, the trust is also in
the process of setting up a medical college and hospital in the
state of Bihar.

Recent Results
In 2014-15, the trust recorded a net surplus of INR0.40 crore on
an operating income of INR12.33 crore; as against a net surplus of
INR0.70 crore on an operating income of INR15.91 crore in 2013-14.


MRO-TEK LIMITED: ICRA Lowers Rating on INR20cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR20.0
crore fund based limits of MRO-TEK Limited from [ICRA]BB- to
[ICRA]B+. ICRA has also revised the long-term rating assigned to
the INR10.0 crore unallocated limits of the company from [ICRA]BB-
to [ICRA]B+. ICRA has re-affirmed the short-term rating assigned
to the INR10.0 unallocated limits at [ICRA]A4.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based Facilities     20.0         [ICRA]B+; revised from
   Long Term                              [ICRA]BB- (Stable)

   Long-Term/Short-Term      10.0         [ICRA]B+; revised from
   Unallocated Limits                     [ICRA]BB- (Stable)/
                                          [ICRA]A4 Re-affirmed

The rating revision reflects MRO-TEK's weak financial performance
as reflected by five successive years of net losses which has
resulted in the erosion of the company's net worth. With the
company's fixed costs remaining high vis-…-vis the turnover
(employee expenses and other fixed operating costs have largely
remained at the same level during the past three years), the
company has continued to incur cash losses over the past three
fiscals (FY 2013 to FY 2015). The gross margins in the solar
segment have also been under pressure in FY 2015 due to the
slowdown in the sector. While the asset backed loan availed
provides some comfort in the near term liquidity position, the
company's ability to generate cash accruals is critical to meet
repayment obligations and rising working capital requirements.
ICRA notes that the company is planning to raise funds through an
additional asset backed loan, which can alleviate the stress on
liquidity to some extent.

The ratings continue to favorably factor in MRO-TEK's long track
record in the access networking equipment business. The company
has established itself in the access networking industry as a
designer and manufacturer of networking products with continued
focus on R&D and strong after-sales support, which has helped in
establishing long-term relationships with reputed clients such as
Vodafone India Ltd. and Bharti Airtel Ltd. Moreover, the company
has been able to successfully diversify its revenue streams by
venturing into solar-based project equipment supplies, which
contributed INR15.21 crore to the topline in FY 2015 (27% of FY
2015 turnover). The company has a strong order book of around
INR130.0 crore (Rs. 90.0 crore from the solar division and INR40.0
crore from the networking and access division) as on March 31,
2015, which provides healthy revenue visibility in the near term.
Going forward, the company's ability to scale up its operations in
the solar division and sustain the performance of the networking
and access division, while optimizing its fixed costs so as to
turn cash positive, will be the key rating sensitivities.

MRO-TEK Limited, founded in 1984, is mainly engaged in the
business of providing access networking and communication
products, as well as solar-based equipments and integration
services. The main products offered by the company in the former
segment include modems, interface converters and multiplexers.
Till FY 2009, more than 85% of the company's total turnover was
contributed by manufacturing and distribution of products
developed by certain overseas principal. Since FY 2010, however,
the company has increased its focus on in-house developed products
to reduce its dependence on the principal. As the gestation period
of new telecommunications products is typically long, involving
extensive testing at the customer end, the company's new product
launches are yet to find adequate traction in the market. In FY
2013, MRO-TEK also ventured into the solar-based.

Recent Results
For FY 2015, the company reported a net loss of INR11.17 crore on
an operating income (OI) of INR56.16 crore, as against a net loss
of INR11.36 crore on an OI of INR67.76 crore in FY 2014.


MUDREMANE COFFEE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mudremane Coffee
Curers' (MCC) 'IND BB' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.  The rating will now appear as
'IND BB(suspended)' on the agency's website.  The agency has also
suspended Long-term 'IND BB' and Short-term 'IND A4+'ratings on
the company's INR250 mil. fund-based working capital limits to
'IND BB(suspended)' and 'IND A4+ (suspended)'.

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

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


NECTAR CRAFT: CRISIL Reaffirms B Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nectar Craft (NC)
continue to reflect NC's below-average financial risk profile,
marked by weak debt protection metrics, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the textile
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL A4 (Reaffirmed)
   Cash Credit          50         CRISIL B/Stable (Reaffirmed)
   Foreign Letter of
   Credit                5.7       CRISIL A4 (Reaffirmed)
   Foreign Letter of
   Credit               10.0       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      2.5       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    4.6       CRISIL B/Stable (Reaffirmed)
   Term Loan            28.3       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a sustained
increase in the firm's revenue and profitability, resulting in
substantial cash accruals and improved liquidity. Conversely, the
outlook may be revised to 'Negative' if NC's capacity utilisation
and operating margin decline substantially, or if it undertakes a
large debt-funded capital expenditure programme, resulting in
further weakening of its financial risk profile.

NC was set up in 2005 by Mr. B Bharath and Mr. B Rathinavelu as a
partnership firm. The firm, based in Tirupur (Tamil Nadu),
manufactures dyed and knitted fabric from cotton yarn.


OMR MALL: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated OMR Mall
Developers Private Limited's (OMDPL) 'IND B+' Long-Term Issuer
Rating with a Stable Outlook to the suspended category.  The
rating will now appear as 'IND B+(suspended)' on the agency's
website.  The agency has also migrated the 'IND B+' rating on the
company's INR950 mil. term loans to 'IND B+(suspended)'.

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

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


PAEDIA HEALTH: ICRA Reaffirms B- Rating on INR14.25cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR14.25 crore term loans (enhanced from 10.50 crore earlier)
and INR0.50 crore cash credit (reduced from INR1.00 crore earlier)
facilities of Paedia Health Private Limited. ICRA has also
assigned a long term rating of [ICRA]B- to an untied limit of
INR2.75 crore of PHPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loans              14.25        [ICRA]B- reaffirmed

   Fund Based Limit-
   Cash Credit              0.50        [ICRA]B- reaffirmed

   Untied Limit             2.75        [ICRA]B- assigned

The reaffirmation of the rating takes into account the weak
financial profile of the company characterized by losses incurred
at net level and depressed coverage indicators in 2014-15, and a
highly adverse capital structure, owing to debt funded capital
expenditure undertaken in the recent past for setting up the multi
speciality hospital. Moreover, the company has substantial debt
service obligations in the short to medium term, which is likely
to keep cash flows of the company under pressure. The rating is
also constrained by the small size of current operations with
limited track record of the hospital. ICRA notes that the
company's ability to attract and retain key consultants, and
doctors in the light of increasing competition remains a concern.
However, introduction of various senior doctors as well as
consultants as shareholders in the company mitigates the attrition
risk to an extent. The rating, however, favourably considers the
presence of experienced promoters with established track record in
the medical field, which strengthens business prospects for the
hospital, and positive demand outlook for the healthcare industry
in Bhilai due to the rising expenditure on healthcare and presence
of few multi-speciality hospitals in the city.

Incorporated in 2005, PHPL currently operates a 125 bedded multi
speciality hospital in the name of "Sparsh Multispeciality
Hospital", which commenced its operations in April 2014. The
hospital is located in Bhilai, Chhattisgarh. Prior to this, the
company was managing a 30 bedded child super speciality hospital
Sparsh Children Hospital since 2007. However, the operations of
SCH were discontinued from January, 2014.

Recent Results
PHPL reported a net loss of INR1.83 crore (provisional) during
2014-15 on an OI of INR13.92 crore (provisional) as against a net
profit of INR0.06 crore on an OI of INR0.58 crore during 2013-14.


PANSARI STEELS: ICRA Reaffirms 'B' Rating on INR8cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR8.00
crore fund based limits of Pansari Steels Private Limited. ICRA
has also reaffirmed its short term rating of [ICRA]A4 on the
INR6.00 crore non fund based limits of PSPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        8.00        [ICRA]B; reaffirmed
   Non Fund based limits   (6.00)       [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the intensely
competitive and low value additive nature of the metal trading
industry which results in PSPL's weak profitability. Further,
PSPL's modest scale of operations results in limited economies of
scale and the company's profitability is susceptible to foreign
exchange fluctuations (due to large volumes of imported raw
materials) as well as movement in traded goods prices. The ratings
also take into account the weak financial profile of the company
marked by weak coverage indicators. However, the ratings derive
comfort from PSPL's experienced management and the steady growth
in operating income driven by its diversified product portfolio.
Going forward, PSPL's ability to improve its profitability and
optimally manage its working capital cycle, will be the key rating
sensitivities.

PSPL, a closely held company, was incorporated in 1991 and is
currently managed by Mr. Vishwanath Pansari. The company is
involved in trading of iron sheets and polymers, mainly comprising
of Ethylene Vinyl Acetate (EVA) and Poly Vinyl Chloride (PVC).

Recent Results
The company reported, on a provisional basis, a net profit of
INR0.09 crore on an operating income of INR21.59 crore in FY15, as
against a net profit of INR0.08 crore on an operating income of
INR21.20 crore in the previous year.


PENTA GOLD: ICRA Suspends B+/A4 Rating on INR8.0cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR8.00 crore bank facilities of Penta Gold Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


R S VANIJYA: Ind-Ra Withdraws D Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R S Vanijya Pvt
Ltd's 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended RSV's ratings on April 22, 2014.

RSV's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR200 mil. fund-based limits: Long-Term 'IND
      D(suspended)'; rating withdrawn
   -- INR60 mil. non-fund-based limits: Short-Term
      'IND D(suspended)'; rating withdrawn


RESTORE MACHINES: Ind-Ra Withdraws D Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Restore Machines
(India) Private Limited's (RMIPL) 'IND D(suspended) Long-Term
Issuer Rating.

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

Ind-Ra suspended RMIPL's ratings on April 22, 2014.

RMIPL's ratings:
   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR90 mil. fund-based limits: Long-Term 'IND D(suspended)';
      rating withdrawn
   -- INR10 mil. non-fund-based limits: Short-Term
      'IND D(suspended)'; rating withdrawn


RIDDHI SIDDHI: ICRA Revises Rating on INR8.0cr Cash Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR8.00
crore cash credit facility and INR2.85 crore term loan facility of
Riddhi Siddhi Cotfiber Private Limited from [ICRA]B to [ICRA]B+.

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

   Term loan               2.85         Revised from [ICRA]B
                                        to [ICRA]B+

The rating revision reflects the healthy growth in operating
income with stabilization of operations of Riddhi Siddhi Cotfiber
Private Limited (RSCPL) in FY15. The rating also considers the
experience of key managerial personnel in the cotton industry and
easy availability of raw material by virtue of its favourable
location.

The rating however continues to be constrained by RSCPL's limited
track record of operations, thin profitability and modest debt
coverage indicators with high gearing levels due to reliance on
external borrowings. The rating also factors in the low value
additive nature of operations and intense competition on account
of the fragmented industry structure, which leads to thin profit
margins. Further, the rating also takes in to account the
vulnerability to adverse movement in agricultural produce prices
as seen from present weak cotton prices following weak global
markets. Another concern is the reduced imports by China, as well
as slow domestic demand from spinning units.

Riddhi Siddhi Cotfiber Private Limited was incorporated as a
private limited company on June 2013. It engaged in the business
of ginning and pressing of raw cotton. It is promoted by Mr.
Vashrambhai Surani with other 16 shareholders, including friends
and family members. The manufacturing unit is located in Gondal,
Dist. Rajkot, Gujarat. It is equipped with 48 ginning machines and
one pressing machine (automatic) with an installed capacity to
produce 500 cotton bales per day (24 hours operation). Three
directors namely, Mr. Vashrambhai Surani, Mr. Tusharbhai Surani
and Mr. Ravi Surani manage the company.

During FY15 (Unaudited provisional financials), RSCPL reported an
operating income of INR108.18 crore and PBT of INR0.09 crore.


S R ENTERPRISES: Ind-Ra Withdraws D Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S R Enterprises'
(SRE) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended SRE's ratings on April 22, 2014.

SRE's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR160 mil. fund based limits*: Long-Term 'IND
      D(suspended)' and Short-Term 'IND D(suspended)';
      ratings withdrawn
   -- INR30 mil. non-fund-based limits*: Short-Term
      'IND D (suspended)'; rating withdrawn *total limits not to
      exceed INR160 mil.


SAGAR COTTON: ICRA Suspends B+ Rating on INR9.0cr Working Capital
-----------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR9.00
crore long term fund based limits of Sagar Cotton Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Working
   Capital                 9.00         [ICRA]B+ suspended

Established in 1997, Sagar Cotton Industries is engaged in cotton
ginning and pressing operations. The business is owned and managed
by Mr. Shahbuddin Gangani and other family members. The firm's
manufacturing facility is located at Babra, Gujarat. The firm has
28 ginning machines and 1 pressing machine with the processing
capacity of 54 TPD of raw cotton.


SHARP REALTORS: CARE Ups Rating on INR85cr LT Loan to 'B'
---------------------------------------------------------
CARE revises rating assigned to bank facilities of Sharp Realtors.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     85.00      CARE B Revised from
   (including proposed loan                 CARE D
   of INR25 crore)

Rating Rationale
The revision in rating assigned to the long term bank facilities
of Sharp Realtors factors in regularization of debt servicing
of SR during last three months. The rating continues to remain
constrained by the project execution risk of the mall and
pending partial debt tie-up, low margin to absorb any time or cost
over runs.

The rating, however, derives strength from experience of the
promoters in the real estate industry, rapidly developing
residential area in the vicinity of the ongoing mall development
project, Letter of Intent (LOIs) signed with tenants covering ~50%
of the mall's leasable area.

The ability to raise the proposed debt as planned and complete the
project without any further time and cost overruns and bringing
potential tenants on board for remaining area of mall, are the key
rating sensitivities.

M/s Sharp Realtors (SR) is promoted by Swastik Group to execute a
residential-commercial-retail project as a part of "Yashwant Viva
Township" in the Alkapuri locality at Nallasopara (East), Thane.
Swastik group, engaged in construction business for more than 11
years was started by Mr. Deepak Shah, Mr. Hemant Mhatre, Mr.
Kishore Naik and Mr. Pankaj Thakur and has completed about 10.10
lsf of construction till date and has ongoing projects with total
area under construction of 10 lsf. SR has undertaken construction
of the said township project in phases. For the first phase (Phase
I), SR completed the development of a residential project on land
admeasuring 31,165 square meters (sqm) having a total saleable
area of 3.43 lakh square feet (lsf) namely 'Durvas' residential
project and it is a part of the Yashwant Viva Township. For the
second Phase (Phase II), SR is constructing a Mall (named Viva
Swastik Shopping mall) in Yashwant Viva Township having a total
area of 4.50 lsf. The estimated cost for the Mall project has been
revised from INR100 crore to INR155 crore due to addition of area
and cost escalation in MEP services. Total cost is estimated to be
funded by equity of INR70 crore , debt of INR85 crore out of which
debt of INR60 crore is already tied up and remaining INR25 crore
is being sought from their banker.

During FY15(Provisional) (refers to the period April 1 to
March 31), the company earned an income of INR12.22 crore and
reported a profit of INR9.22 crore as compared with the income of
INR20.07 crore and profit of INR4.79 crore in FY14(Audited).


SHREE RAMESHWAR: CARE Assigns B+ Rating to INR7.86cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of Shree
Rameshwar Cotex Industries.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.86       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Rameshwar
Cotex Industries (SRCI) is primarily constrained on account of its
short track record of operations and financial risk profile marked
by thin profit margins, moderately leveraged capital structure and
weak debt coverage indicators. The rating is also constrained on
account of SRCI's presence in the highly fragmented and
competitive cotton industry, susceptibility of its profit margins
to volatility in raw material prices and seasonality associated
with cotton industry along with partnership nature of
constitution.

The rating, however, takes comfort from the experience of partners
in the cotton industry along with location advantage on account of
presence of SRCI within cotton producing belt of Gujarat.

The ability of SRCI to increase the overall scale of operations
along with the improvement in profitability and capital structure
along with efficient management of its working capital
requirements are the key rating sensitivities.

Jamnagar-based (Gujarat), SRCI was established during May 2013 as
a partnership firm by 11 partners. During July 2013, two more
partners were admitted to the partnership firm and one partner
voluntarily retired from partnership firm. SRCI is engaged into
the business of cotton ginning pressing and it commenced
commercial production from January 2014.

SRCI operates from its sole manufacturing facility located at
Jamnagar with an installed capacity of 14,112 metric tonnes
per annum (MTPA) of cotton bales and cotton seeds as on March 31,
2015.

During FY14 (refer to the period April 1 to March 31), SRCI
reported net loss of INR0.23 crore on a total operating income
(TOI) of INR5.92 crore. As per FY15 (provisional) financials, SRCI
reported TOI of INR22.96 crore.


SHRI KRISHNA: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Shri Krishna
Cold Storage.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loan brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shri Krishna Cold
Storage (SKCS) is constrained on account of limited track record
of operations, debt funded project and project stabilisation risk.
The rating is further constrained on account of seasonality of
business with susceptibility to vagaries of nature coupled with
price volatility of raw material.

The rating, however, draws support from experience of the partners
in the agro industry, locational advantage emanating from presence
in grain growing area and vicinity to the target market,
eligibility for interest and capital subsidy from the central
government as well as state government of Chattisgarh.

The ability of the firm to stabilize its operations and achieve
envisaged level of sale & profitability is the key rating
sensitivity.

Shri Krishna Cold Storage (SKCS) is a Raigarh-based (Chattisgarh)
partnership firm established in 2014 by Mr Khoobchand Agrawal, Mrs
Mayadevi Agrawal and Mrs Anita Kedia. The firm commenced it
commercial operations from April 2015.

SKCS is engaged in providing cold storage facility for all types
of dry fruits and vegetables like mahua and potato. The firm
is also involved in processing of grain (gram) including all
activities from cleaning to packaging. The major part of revenue
would come from the cold storage facility and a small portion from
grain processing. The firm has one central processing unit in
Raigarh (Chattisgarh) consisting of a multi chambered and multi
commodity cold storage having a capacity of around 6000 Metric
tonnes (MT) and 18,000 MT for grain processing. The firm collects
raw material directly from the farmers and local market and sells
the same to organised retailers in the local market.
On March 31, 2015, the firm has completed its capex of INR7.49
crore funded through promoter contribution of INR2.99 crore, term
loan from bank of INR4 crore and interest free unsecured loan from
relative of partners of INR0.5 crore. The firm has started
commercial operation from April 2015.


SPECTRUM RENEWABLE: ICRA Assigns 'D' Rating to INR8.40cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to the INR8.40
crore term loan and INR1.25 crore cash credit facilities of
Spectrum Renewable Energy Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund
   Based-Term Loan         8.40         [ICRA]D Assigned

   Long Term, Fund
   Based-Cash Credit       1.25         [ICRA]D Assigned

The assigned rating reflects instances of delays in debt servicing
by the company due to stretched liquidity position arising from
the delay in commencement of operations leading to high interest
and debt repayment burden. The rating also takes into account
vulnerability of realizations of CBG to the price movement of LPG
and other substitute fuels. Further, adequate availability of feed
material throughout the year remain critical for ensuring optimum
capacity utilization. The rating also factors in stretched
financial profile marked by weak interest and debt coverage
indictors; however on back of comfortable net worth position, the
gearing remains at moderate level. The company's scale of
operations remains small with thin profitability on account of
relatively high interest expenses. ICRA has however taken note of
long standing promoter's experience of more than three decades in
the energy and power industry, long term agreement with Shree
Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Limited (STKL) for
ensuring supply of press mud and spent wash gas at pre determined
prices and healthy demand prospects for renewable energy sources
over the long term. The company had incurred losses during initial
year of operations due to high power costs and manufacturing
expenses; though during FY15, SRPL is likely to turn profitable on
back of considerable reduction in operating expenses with
stabilization of operations and expected to sustain the same going
forward which would enable timely servicing of debt obligations
and improvement in overall profitability of the company.

SRPL (erstwhile J R Development and Research Consultants Private
Limited) was incorporated in Mar'02 and later on renamed in
Dec'07. The company is promoted by Dr. A V Mohan Rao and his son
Mr. Akula Srikant. SRPL is involved in the manufacturing of
Compressed Bio Gas (CBG) from agricultural and other biodegradable
wastes. The company provides start to finish solution that
converts organic waste into CBG and organic manure/ soil enhancer
that results in increased industrial and farmer productivity and a
cleaner environment. Currently the company manufactures CBG from
press mud (waste generated in sugar mills) and spent wash (waste
generated in distillery unit) at its plant located at Warananagar
in Kolhapur district of Maharashtra. SRPL has tied up with Shree
Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Limited for the
supply of raw materials.

Recent Results
SRPL reported OPBDIT of INR1.12 crore in FY14 on an operating
income of INR9.09 crore. The company had reported net loss of
INR2.33 crore during the same period.


SREE BHARGAVI: CRISIL Reaffirms 'B+' Rating on INR200MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Bhargavi
Agro Tech. (SBA) continues to reflect SBA's weak financial risk
profile, marked by high gearing, and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           200      CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility               40      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's susceptibility to adverse
government regulations and volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of SBA's management in the rice industry and moderate
scale of operations.
Outlook: Stable

CRISIL believes that SBA will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if substantial increase in
revenue and profitability, or sizeable capital infusion
strengthens the firm's financial risk profile. Conversely, the
outlook may be revised to 'Negative' if aggressive debt-funded
expansions, decline in revenue and profitability, or substantial
withdrawals of capital weaken the financial risk profile.

SBA was set up as a partnership firm in 1984. The firm, based at
Adivipolam (Puducherry), and promoted by Mr. M Durga Prasad and
Mr. M Agastayya, processes rice.

SBA reported a provisional profit after tax (PAT) of INR9.9
million on net sales of INR1.25 billion for 2014-15 (refers to
financial year, April 1 to March 31)-up from INR6.6 million and
INR1.05 billion, respectively for 2013-14.


SREE NARAYANA: ICRA Assigns 'B' Rating to INR9.0cr LT Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.0
crore term loan and fund-based facilities of Sree Narayana
Gurukulam Charitable Trust.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, fund
   based facilities        9.00         [ICRA]B assigned

The ratings consider the established track record of the
engineering college managed by the Trust and long standing
experience of the trustees in the education sector. ICRA also
takes note of the increase in intake capacity in existing courses
and the higher value courses launched in the recent past, which
have aided in margin improvement and is expected to support future
growth. The trust also has healthy capital structure aided by
funds in the form of donations brought in by trustees in the last
few years. The ratings are however constrained by the large capex
project currently being undertaken by the Trust to set up a
hospital, with expected project cost of ~Rs 135 crore, of which
~Rs. 75 crore is proposed to be debt funded. With ~ INR29 crore
spent till January 2015 (~21% of project), supported by funds from
trustees and further funding of INR19.0 crore needed and debt yet
to be tied up, the project is susceptible to funding and execution
risks, which may result in time and cost overruns and large debt
funding is expected to put pressure on capital structure and
coverage indicators in the short to medium term. ICRA also takes
note of the issues of limited disclosures being a charitable
trust.

Sree Narayana Gurukulam Charitable Trust (SNGCT) is a charitable
trust established in 2001 by the Sree Narayana Dharma Paripalana
Yogam (SNDP), Kunnathundu Union. The trust manages the Sree
Narayana Gurukulam College of Engineering(SNGCE) which was
established in 2002. SNGCE is an NBA Accredited Engineering
college offering six B. Tech Courses, 7 M. Tech courses, MBA, MCA
and dual degree MCA courses with a total annual intake capacity of
1140 students. The trust is also currently setting up a 300 bedded
super speciality hospital named Gurudeva Institute of Medical
Sciences (GIMS) which is expected to complete the first phase of
its construction in September 2015.


SREENAGAR COLD: ICRA Suspends 'B' Rating on INR3cr Cash Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR2.50 crore term loan, INR0.84 crore working capital term loan,
INR3.00 crore cash credit facility, INR1.00 crore working capital
loan of Sreenagar Cold Storage Private Limited (SCSPL). ICRA has
also suspended the short term rating of [ICRA]A4 to the INR0.24
crore bank guarantee facility of SCSPL. The long term/short term
ratings for INR1.42 crore of unallocated facilities have also been
suspended. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.


SUDAR INDUSTRIES: CARE Lowers Rating on INR210cr Cash Loan to D
----------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Sudar
Industries Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Bank Facilities- Fund-
   based- Long-term- Term
   Loan                          49.51      CARE D Revised from
                                            CARE BB

   Bank Facilities- Fund-
   based- Long-term- Cash
   Credit                       210.00      CARE D Revised from
                                            CARE BB

   Bank Facilities- Non-fund-
   based- STLetter of Credit     45.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The rating revision factors in ongoing delay in debt servicing
owing to the strained liquidity position.

Sudar Industries Limited (SIL, erstwhile Sudar Garments Limited)
was originally incorporated under the name of Sudar Garments
Private Limited (SGPL) in 2002 by Mr Murugan Muthiah Thevar, the
promoter and Managing Director of the company. In March 2010, it
was reconverted into a public company under the name of Sudar
Garments Limited. In March 2011, it came out with an IPO with an
issue size of INR70 crore. Subsequently in July 2012, name of the
company changed to the current form.

Mr Murugan Muthiah Thevar is the first generation entrepreneur,
started his career by working as a cutting master with Gokaldas
Exports Ltd and later on moved out to commence his own garment
manufacturing business. He started contract manufacturing for
exporters through a proprietary concern named 'Sudar Garments'.
Sudar Garments was later on converted into SGPL in 2002.

Delays in debt servicing
As on April 2015, there were ongoing delays in debt servicing
owing to the strained liquidity position. As informed by the
lender the account has been classified as a Non-Performing Asset
(NPA).


SUKHSAGAR INFOTECH: Ind-Ra Withdraws D Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sukhsagar
Infotech Pvt Ltd's (SSIPL) 'IND D(suspended)' Long Term Issuer
Rating.

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

Ind-Ra suspended SSIPL's ratings on April 22, 2014.

SSIPL's ratings:

   -- Long-Term Issuer Rating: IND D(suspended); rating withdrawn
   -- INR250 mil. fund-based limits: Long-Term 'IND D(suspended)'
      and Short Term 'IND D(suspended)'; ratings withdrawn
   -- INR26.5 mil. non-fund-based limits: Short-Term
      'IND D(suspended)'; rating withdrawn


SUNDIAL MINING: Ind-Ra Suspends B- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sundial Mining
and Metals LLP 'IND B-' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.  The rating will now appear as
'IND B-(suspended)' on the agency's website.

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

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

Sundial's Ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'
   -- INR100 mil. fund-based working capital limits: migrated to
      Long-term 'Provisional IND B-(suspended) ' and Short term
      'Provisional IND A4(suspended)' from Long-term 'Provisional
      IND B-' and Short term 'Provisional IND A4'


SUNFAB: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sunfab's 'IND BB'
Long-Term Issuer Rating with a Stable Outlook to the suspended
category.  The rating will now appear as 'IND BB(suspended)' on
the agency's website.

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

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

Sunfab's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'
   -- INR60.0 mil. term loans: migrated to 'IND BB(suspended)'
      from 'IND BB'
   -- INR37.5 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' and 'IND A4+(suspended)' from Long-term
      'IND BB' and Short-term 'IND A4+


SUNLAND PLUS: ICRA Assigns B+ Rating to INR24cr Term Loan
---------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR10.00 crore cash
credit facility and INR24.00 crore term loan facility of
Sunland Plus Vitrified Private Limited. ICRA has also assigned a
short term rating of [ICRA]A4 to the Rs.4.00 crore bank guarantee
facility of SPVPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               24.00        [ICRA]B+ assigned
   Cash Credit             10.00        [ICRA]B+ assigned
   Bank Guarantee           4.00        [ICRA]A4 assigned

The assigned ratings reflect the execution and implementation
risks associated with greenfield projects and highly competitive
business environment given the fragmented nature of the tiles
industry. Further, the assigned ratings are constrained by the
vulnerability of SPVPL's profitability to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power. While assigning the ratings, ICRA also
notes that the financial profile is expected to remain stretched
in the near term given the debt funded nature of the project and
the impending debt repayment.

The assigned ratings, however, favourably consider the experience
of promoters in the ceramic industry, the location advantage,
giving it easy access to raw material as well as marketing and
distribution support from established group concern in the tiles
industry.

Incorporated in 2014, Sunland Plus Vitrified Private Limited is a
vitrified tiles manufacturer having installed capacity to
manufacture 93000 MT of tiles per annum. The company is promoted
by six directors i.e. Mr. Kishorbhai Kundariya, Mr. Shantilal
Kundariya, Mr. Darshitbhai Sherasiya, Mr. Kapilbhai Kagathara, Mr.
Girishbhai Santoki and Mr. Arvindbhai Bhatasana. The promoters
have been associated with the ceramic industry through other group
company 'Sunland Ceramic Pvt. Ltd' involved in manufacturing of
wall tiles located in Morbi.


SYNFAB INDUSTRIES: ICRA Withdraws 'D' Rating on INR8cr Loan
-----------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR8.00
crore fund-based bank and non-fund based facilities of Synfab
Industries Private Limited, at the request of the company since
there is no amount outstanding against the rated instrument.


TIRUPATHI CONSTRUCTION: CRISIL Rates INR50MM Bank Loan at B-
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Tirupathi Construction Corporation (TCC).

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

   Proposed Bank
   Guarantee             50        CRISIL B-/Stable

The ratings reflect TCC's below-average financial risk profile,
marked by a small net worth and high gearing, its modest scale of
operations with geographic concentration risks in its revenue
profile, and exposure to risks related to tender-based nature of
operations in an intensely competitive civil construction segment.
These rating weaknesses are partially offset by the extensive
experience of TCC's promoters in the civil construction industry.
Outlook: Stable

CRISIL believes that TCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations and profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm's working
capital management weakens or it undertakes a large debt-funded
capital expenditure programme, resulting in weakening of its
capital structure and liquidity.

TCC was established in 1997 as a partnership firm by Mr. Paresh K
Madhani and Mr. Karuna B Jain. The firm is engaged in civil
construction works in Maharashtra. It is primarily a contractor
for the Government of Maharashtra's Public Works Department (PWD),
and is engaged in laying of roads, construction of bridges, and
repairs of municipal schools for the Maharashtra PWD


VARIETY PRINTS: Ind-Ra Withdraws D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Variety Prints
Pvt Ltd's (VPPL) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended VPPL's ratings on April 22, 2014.

VPPL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR14 mil. long-term loans:  Long-Term 'IND D (suspended)';
      rating withdrawn
   -- INR150 mil. fund-based limits: Long-Term 'IND
      D(suspended)'; rating withdrawn


VASAN CONSTRUCTION: Ind-Ra Assigns BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vasan
Construction Company Private Limited (VCCPL) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.  The agency has also
assigned VCCPL's INR250 mil. fund-based working capital facilities
Long-Term 'IND BB-' with a Stable Outlook and Short-Term
'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect VCCPL's weak credit metrics and tight
liquidity position.  According to the unaudited financials for
FY15, leverage was 7.1x (FY14: 12.4x) and coverage was 1.7x
(3.3x).  The company overutilized the working capital limits for
up to nine days over the 12 months ended April 2015.  The ratings
also factor in VCCPL's customer concentration risk as its top
customer Dhanalakshmi Group accounts for around 80% of its
revenue.

However, the ratings benefit from VCCPL's strong order book
position which was INR4.5 bil. at end-May 2015 (3.28x of FY15
revenue).  The current order book from Dhanalakshmi Group is
INR1.5bn.  EBITDA margins improved to 5.2% in FYE15 (FY14: 3.8%).

RATING SENSITIVITIES

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

Negative: Any deterioration in profitability or a further stress
on the liquidity position leading to sustained deterioration in
credit metrics could be negative for the ratings.

COMPANY PROFILE

VCPL was established in 2011 and commenced operations in FY12.  It
is engaged in the business of developing properties, construction
of buildings, complexes, townships, etc., both for residential and
commercial purposes.  Unaudited FY15 revenue was INR1.37 bil.
(FY14: INR1.08 bil.).


VISHWANATH PAPER: ICRA Suspends B+ Rating on INR20cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR20.0 crore long term fund based limits and INR5.0 crore
term loan limits of Vishwanath Paper & Boards Ltd. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to INR20.0
crore of non fund based limits of the company. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.



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


MNC INVESTAMA: S&P Lowers CCR to 'B+'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on PT MNC Investama Tbk. to 'B+' from 'BB-'.  The
outlook is negative.  S&P also lowered the long-term ASEAN
regional scale rating to 'axBB-' from 'axBB+'.  In addition, S&P
lowered its long-term issue rating on Ottawa Holdings Pte. Ltd.'s
US$365 million senior secured notes to 'B+' from 'BB-'.  MNC
Investama guarantees the notes.  S&P removed all the ratings from
CreditWatch, where it placed them with negative implications on
May 14, 2015.

The downgrade reflects S&P's expectation that MNC Investama's
consolidated leverage will remain higher than S&P earlier
anticipated through 2016.  The company's debt, which is largely in
U.S. dollars, has increased beyond S&P's expectations, especially
at its main media and pay-TV operating companies.  The debt
increase coincided with a depreciation in the Indonesian rupiah, a
tougher operating environment, and weaker growth in revenue and
cash flow.  MNC Investama is an Indonesia-based holding company
with sizable media interests and growing operations in financial
services.

S&P now projects MNC Investama's ratio of debt to EBITDA at 4.2x-
4.6x over the next two years, versus S&P's earlier estimate of
about 3.5x.  As a result, S&P has changed its assessment of the
company's financial risk profile to "aggressive" from
"significant."  The debt-to-EBITDA ratio is based on a
proportionate consolidation in S&P's analysis to reflect MNC
Investama's effective ownership of 33.6% in PT Media Nusantara
Citra Tbk. (PT MNC) and 33.3% in PT MNC Sky Vision Tbk. (MNC Sky
Vision).  S&P's debt-to-EBITDA ratio computation differs from the
computation in the company's financial covenants.

"We believe a subdued economy in Indonesia will limit cash flow
improvement at MNC Investama's media segment," said Standard &
Poor's credit analyst Katsuyuki Nakai.  "We expect consumer
sentiment to remain muted in Indonesia for the next 12 months at
least, given softer growth prospects, slowing disposable income
growth, and reduced confidence following the rupiah depreciation."

S&P's forecasts of sluggish operating cash flow growth through
2016 coincide with its expectation of still-aggressive capital
spending for the next two years at least.  S&P believes MNC
Investama remains committed to rapidly growing its media business
despite a softer operating environment.  S&P expects annual
capital spending to be about IDR2 trillion, mainly in the media
segment for studio construction, pay-TV infrastructure, and the
roll-out of broadband operations to increase penetration.

MNC Investama is also growing aggressively in financial services
and property development.  In S&P's forecasts, operating cash
flows will remain barely sufficient to fund this growth and the
company may need to raise debt.

"We estimate that close to 80% of the company's debt is in U.S.
dollars, along with some expenses and equipment in the pay-TV and
media business.  The company does not hedge its currency exposure,
and the rupiah depreciation will likely translate into higher
interest expense on its U.S.-dollar debt, especially for the debt
at the holding company level," Mr. Nakai said.

The group's debt maturity profile is becoming a credit weakness,
in S&P's view.  S&P estimates the weighted average of debt
maturities in MNC Investama to be slightly above two years.
Various group entities will start facing debt maturities of IDR3
trillion-IDR3.5 trillion annually in 2016 and 2017, culminating
with the note repayment of US$365 million in May 2018.

In June 2015, MNC Investama and its group companies detailed a
plan to buy back shares over the next few quarters.  If the plan
is implemented, S&P would view such buybacks as an example of
aggressive financial policies, given the company's currently
subdued operations, aggressive capital spending, and high levels
of maturing debt.

"We may revise our assessment of MNC Investama's management and
governance if group companies proceed with these share repurchases
unless the company implements countermeasures to lower leverage.
S&P's base-case forecasts do not incorporate any share buybacks,
given MNC Investama's weakened consolidated financial risk
profile, thinner cash flows, and still-high capital spending," Mr.
Nakai said.

The negative outlook reflects the possibility of a downgrade over
the next 12 months barring a refinancing and lengthening of debt
maturity within the group.  It also reflects S&P's expectation
that the liquidity buffer at the holding company will remain thin.

S&P may lower the rating if MNC Investama or its operating
companies face difficulty over the next 12 months in refinancing
maturing debts and lengthening the debt tenor.  S&P may also lower
the rating if: (1) management's risk tolerance becomes more
aggressive and debt-funded acquisitions or share buybacks raise
MNC Investama's debt-to-EBITDA ratio near 5.0x for an extended
period; and (2) the coverage of interest expense at the holding
company with dividends from operating companies remains
sustainably below 1.0x.

S&P may revise the outlook to stable if MNC Investama or its
operating subsidiaries manage their refinancing schedules and
substantially lengthen their debt maturity profiles.  A revision
of the outlook to stable would also be contingent upon the
company: (1) improving its debt-to-EBITDA ratio, based on
proportionate consolidation, close to 4.0x; and (2) raising its
coverage of interest expense at the holding company with dividends
from operating companies comfortably above 1.0x.



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


PANAPINO MINING: DENR Cancels Permits on Mining Rules Breach
------------------------------------------------------------
Czeriza Valencia at The Philippine Star reports that the
Department of Environment and Natural Resources (DENR) recently
cancelled the mineral production sharing agreements (MPSA) of two
mining firms based in Pangasinan and Samar due to violation of
several mining policies.

Cancelled were the contracts of Panapino Mining Inc. (PMI) and GML
Corp. (GML) for their failure to renew their exploration permits
for more than 14 years, the report says.

The Star relates that in nullifying the contracts, the DENR cited
Section C.3 of Memorandum Order 2010-04 which states that "mineral
agreements with expired exploration periods of five years or more
shall be cancelled."

The two companies were also found to have failed to pay the
occupation fees and comply with all the reportorial requirements,
says the Star.

According to the report, PMI's MPSA covers an area of 2,389.50
hectares located in Batag Island, Laoang, Northern Samar while
GML's contract area covers 1,225 hectares in Bani and Agno,
Pangasinan.

The Star notes that the Mines and Geosciences Bureau (MGB) has
been cancelling mining agreements with rights holders that failed
to develop their tenement long after their explorations periods
had expired.

The report relates that the move is pursuant to the new mining
policy enforced since 2012 that mandates the review of non-moving
mining projects.  This is meant to ensure the effective use of the
country's resources.

Since 2013, the MGB has tightened regulations on accepting
applications for new mining permits in a bid to weed out
speculative investors who hold on to their permits to influence
stock prices but do not actually develop their tenements, adds the
Star.



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


PANTECH CO: Consortium Inks Deal on Smartphone Maker Takeover
-------------------------------------------------------------
Yonhap News Agency reports that a South Korean consortium said on
July 17 that it has signed a deal to take over ailing smartphone
maker Pantech Co., paving the way for its normalization.

Pantech, the country's No. 3 smartphone maker, has been teetering
on the verge of bankruptcy after it sought to give up court
protection from creditors in May, the report says.

Yonhap relates that the agreement came as the Seoul Central
District Court has approved the consortium's plan, led by South
Korean optical manufacturer Optis, to acquire Pantech.

The deal is estimated at KRW40 billion (US$34.9 million), although
it may be revised later, the report discloses.

On July 16, Solid, a South Korean telecom device firm listed on
the tech-heavy KOSDAQ market, also joined the consortium to lend
further financial support, according to Yonhap.

Following the court's approval, the Optis-led consortium will hand
in a detailed normalization plan to the court in the near future
and hold talks with the creditors of Pantech to finalize the
procedures, Yonhap relates.

"Solid and Optis, both of which have a strong presence in the
overseas market, will create strong synergy with Pantech, which
holds global-level handset manufacturing technologies and
experience," the report quotes Byeon Yang-kyoon, who heads Optis,
as saying.  Byeon was a former presidential chief secretary for
national policy in 2006 and inaugurated to head Optis in June.

"We will refurbish Pantech to lead the country's employment and
exports to contribute to the South Korean economy," Byeon, as
cited by Yonhap, added.

Yonhap notes that Pantech started out successfully as a small
pager manufacturer but faced challenges as a handset maker in 2007
as its debt increased and an acquisition of a local handset maker
resulted in losses.

The company was rescued and put under a five-year debt
rescheduling program in 2007. But its financial footing weakened
again as it struggled with falling sales from increased
competition in the smartphone market dominated by giants like
Samsung Electronics Co. and Apple Inc., Yonhap notes.

In December 2011, it ended the debt rescheduling program, but a
continued drop in sales led the firm to file for court
receivership in August last year, the report recalls.

But rounds of bids to sell the handset maker fell through due to a
lack of viable investors, casting a cloud over the fate of Pantech
and sparking possibilities of a liquidation, says Yonhap.

The consortium, however, announced in June that it was seeking to
purchase the firm, emerging as a last hope for the troubled firm,
the report states.

The merger is expected to be completed by September, the
consortium added, Yonhap reports.

                            About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in
August 2014 after its latest flagship smartphone failed to take
off.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.


* SOUTH KOREA: FSS Puts 35 Debt-Heavy Firms on Restructuring List
-----------------------------------------------------------------
Yonhap News reports that the Financial Supervisory Service (FSS)
said on July 17 that it has picked 35 companies to be placed under
debt restructuring this year as part of its efforts to prevent a
sudden default in major industries.

The number of debt-heavy firms selected for 2015 rose one notch
from a year earlier, with 16 of them given a rating of "C" and the
remaining 19 graded a "D," according to the watchdog.

Yonhap relates that the FSS releases the watch list of highly
indebted large companies every year as part of its regular
corporate oversight.

According to the report, the steel and electronic industries were
hit hardest by weak global demand as the number of listed
steelmakers soared to eight from one, while that of electronic
firms jumped to seven from zero.

Construction firms, however, saw the figure drop to 13 from 21
over the cited period on the back of the recovering local housing
market, the FSS noted, the report relays.

Yonhap adds that the watchdog said local banks and other financial
institutions have extended a combined KRW7.1 trillion  (US$6.2
billion) worth of loans to the 35 troubled firms, with an
additional KRW1 trillion needed to be set aside against potential
defaults.

The C-rated companies are subject to a debt workout program led by
their creditor banks, while those given a D must file for court
receivership for liquidation, the report notes.

The FSS said it will carry out on-site inspections of credit risks
of local ailing companies later this year in cooperation with
credit rating firms and accounting offices, adds Yonhap.


================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch Affirms 'B+' LT Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings Lanka has assigned People's Leasing & Finance PLC's
(PLC, B+/AA-(lka)/Stable) proposed senior unsecured debentures of
up to LKR6 bil. an expected National Long-Term rating of 'AA-
(lka)(EXP)'.

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

The issue is expected to have tenors of four and five years with
fixed-rate coupon payments.  PLC expects to use the proceeds for
working capital purposes, to diversify its funding mix, and to
reduce maturity mismatches.

KEY RATING DRIVERS

The proposed debenture is rated in line with PLC's National Long-
Term Rating of 'AA-(lka)', given that the issue is expected to
rank equally with the claims of company's other senior unsecured
creditors.

PLC's IDRs and National Long-Term Rating reflects Fitch's view
that PLC's parent, the state-owned and systemically important
People's Bank (AA+(lka)/Stable), has a high propensity but limited
ability to provide extraordinary support to PLC if required.  This
is because PLC is strategically important to People's Bank;
People's Bank owns 75% of PLC and has board representation; the
two entities share a common brand; and PLC is associated with
People's Bank's franchise.

In 2014, PLC accounted for about 10% of People's Bank group
assets, and contributed about 17% of its post-tax profits.  Apart
from its own branches, PLC also operates 109 window offices within
branches of People's Bank.

It is likely that state support will flow to PLC through People's
Bank due to their strong linkages.  PLC's association with the
People's Bank brand and therefore with the state, and the
consequent reputational risk to the state should PLC fail, also
supports Fitch's view.

RATING SENSITIVITIES

The rating on the proposed debentures will move in tandem with
PLC's National Long-Term Ratings.

PLC's ratings may be downgraded if People's Bank is no longer a
majority shareholder in PLC, or if People's Bank's ability to
provide support weakens, or if PLC's strategic importance to its
parent diminishes over time.

Fitch does not expect PLC's ratings to be upgraded, unless
People's Bank's ratings are upgraded.

PLC's other ratings are:

Long-Term Foreign-Currency IDR: 'B+'; Outlook Stable
Long-Term Local-Currency IDR: 'B+'; Outlook Stable
National Long-Term Rating: 'AA-(lka)'; Outlook Stable
Sri Lanka rupee-denominated senior unsecured debentures: 'AA-
(lka)'



                             *********

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

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

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


                            *********


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

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

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

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

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



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