TCRAP_Public/150820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, August 20, 2015, Vol. 18, No. 164


                            Headlines


A U S T R A L I A

ATLANTIS CORPORATION: First Creditors' Meeting Set For Aug. 27
BB INDUSTRIAL: First Creditors' Meeting Set For Aug. 27
EMECO HOLDINGS: At Risk of Defaulting on Debt, Moody's Warns
STEPHEN GREEN: First Creditors' Meeting Set For Aug. 27
TRADE MAILING: First Creditors' Meeting Set For Aug. 28

WALTON CONSTRUCTION: Subcontractors Question AUD400K Coles Payout


H O N G  K O N G

NOBLE GROUP: Open to Sell Assets to Boost Balance Sheet


I N D I A

ALFA TRANSFORMERS: CRISIL Ups Rating on INR120.4MM Loan to B+
AMBA HIGHRISE: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
AVINASH TOBACCOS: CRISIL Reaffirms B+ Rating on INR50MM Loan
BABA MALLESHWAR: ICRA Assigns B- Rating to INR5.18cr Term Loan
COTTON AND TEXTILE: CRISIL Reaffirms B+ Rating on INR5MM Loan

DHANLAXMI TMT: CRISIL Cuts Rating on INR240MM Cash Loan to 'D'
EQUIPLUS INDIA: CRISIL Assigns 'B' Rating to INR32.5MM Cash Loan
GREEN AGRO: CRISIL Suspends 'D' Rating on INR65MM Packing Credit
GVA INDUSTRIES: ICRA Suspends B+ Rating on INR8cr Loan
HARIPACK POLYMERS: CRISIL Reaffirms B Rating on INR50MM Loan

HORIZON BUILDCON: ICRA Assigns B+ Rating to INR28.50cr LT Loan
ISKCON METALS: ICRA Assigns 'B' Rating to INR8.0cr Cash Credit
JADHAO LAYLAND: CRISIL Ups Rating on INR50MM Loan to B+
JASMER PACKER: Ind-Ra Withdraws 'IND BB+'/Stable LT Issuer Rating
JHV STEELS: ICRA Lowers Rating on INR12.50cr Cash Loan to 'B'

KHAJA MOIDEEN: CRISIL Cuts Rating on INR16.1MM LT Loan to 'B+'
KISSAN INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR66MM Loan
MAHESHWAR OIL: ICRA Withdraws B+ Rating on INR6.0cr LT Loan
MARUTHAM APPARTMENT: CRISIL Suspends B+ Rating on INR200MM Loan
MAYURI BROILER: CRISIL Reaffirms 'B' Rating on INR65MM Term Loan

ONSAZ JEWELLERY: ICRA Assigns 'B' Rating to INR4.50cr Loan
OPALIUM INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR30MM Loan
PATTABI ENTERPRISES: CRISIL Suspends B Rating on INR46.8MM Loan
PMR FOOD: CRISIL Suspends 'D' Rating on INR96.5MM Cash Loan
RAJGANGA AGRO: CRISIL Reaffirms B+ Rating on INR33.2MM Loan

ROHARSH MOTORS: CRISIL Assigns B- Rating to INR170MM Cash Loan
SAMBROS TEX: CRISIL Suspends 'D' Rating on INR150MM Loan
SANIMO POLYMERS: ICRA Reaffirms B+ Rating on INR13.75cr Loan
SHIV SHAKTI: CRISIL Reaffirms 'B' Rating on INR327.5MM Loan
SHREE GANESH: CRISIL Reaffirms B Rating on INR70MM Cash Loan

SHREELA DIAMOND: ICRA Suspends 'D' Rating on INR10cr Bank Loan
SINGLA RICE: ICRA Reaffirms 'B' Rating to INR7.50cr LT Loan
SIVARAM YARNS: CRISIL Cuts Rating on INR155MM Loan to 'D'
SMS INTERNATIONAL: CRISIL Ups Rating on INR63MM Term Loan to B+
SPANCO LIMITED: Bombay High Court Orders Liquidation

SRI KAILASANADHA: CRISIL Reaffirms 'B' Rating on INR80MM Loan
SSPDL LIMITED: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
V3 ENGINEERS: CRISIL Raises Rating on INR60MM Cash Loan to B-
VEER CHEMICALS: CRISIL Assigns 'B' Rating to INR45MM Loan


J A P A N

TOSHIBA CORP: Expects to Book Annual Loss After Scandal


N E W  Z E A L A N D

BLUE CHIP: Boss Mark Bryers Owes 'Many, Many Millions'
MATAURI-X INCORPORATION: Receivers to Sell Land to Clear Debt


                            - - - - -


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


ATLANTIS CORPORATION: First Creditors' Meeting Set For Aug. 27
--------------------------------------------------------------
Ian James Purchas of SV Partners was appointed as administrator of
Atlantis Corporation Pty Ltd, trading as Atlantis Drainage Cell,
on Aug. 17, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, Level 7, Castlereagh Street, in Sydney, on Aug. 27,
2015, at 11:00 a.m.


BB INDUSTRIAL: First Creditors' Meeting Set For Aug. 27
-------------------------------------------------------
David Michael Stimpson and Anne Meagher of SV Partners were
appointed as administrators of BB Industrial Services Pty Ltd on
Aug. 17, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 1st Floor, Corner of Sydney and Gordon Street,
Mackay, in Queensland, on Aug. 27, 2015, at 11:00 a.m.


EMECO HOLDINGS: At Risk of Defaulting on Debt, Moody's Warns
------------------------------------------------------------
Peter Williams at The West Australian reports that under-pressure
mining contractors Emeco Holdings and Bis Industries are in danger
of defaulting on their debt, credit ratings agency Moody's warned.

The West Australian relates that Moody's in a report on mining
services providers said both Perth-based companies had high
leverage, low financial flexibility and weak levels of liquidity.

Emeco is a mining equipment supplier listed on the Australian
Securities Exchange. Bis, owned by private equity firm Kohlberg
Kravis Roberts & Co, provides logistics services for miners.

Moody's has downgraded their rating this year to Caa1, The West
Australian notes.

According to the West Australian, the agency said Bis was finding
it increasingly difficult to meet its debt-facility covenants,
which might inhibit use of existing credit facilities.

The report said Bis' expected cash flow of AUD60 million to
AUD80 million over the next year would meet anticipated spending
over that period, The West Australian relays. "However, any
further softening in mineral industry and/or a breach in covenants
under credit facilities will negatively impact liquidity
position," it said.

The West Australian adds that Moody's said it did not expect
Emeco's earnings to improve in fiscal 2016 because of increased
competition and cuts to profit margins.

Three other contractors rated by Moody's -- Ausdrill, Barminco
Holdings and Onsite Rental Group -- were considered at less risk
of default because of lower leverage and adequate liquidity
buffers, The West Australian notes.

Nevertheless, all had had their ratings downgraded in the past 18
months, adds The West Australian.


STEPHEN GREEN: First Creditors' Meeting Set For Aug. 27
-------------------------------------------------------
Sam Kaso and Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of Stephen Green &
Associates Pty Ltd on Aug. 17, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Aug. 27, 2015, at 11:00 a.m.


TRADE MAILING: First Creditors' Meeting Set For Aug. 28
-------------------------------------------------------
Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Trade Mailing & Fulfilment Services Pty Ltd on Aug. 18, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 30, Australia Square 264 George Street, in
Sydney, on Aug. 28, 2015, at 10:00 a.m.


WALTON CONSTRUCTION: Subcontractors Question AUD400K Coles Payout
-----------------------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that subcontractors
burned by the Walton Construction Queensland collapse want to know
why more than AUD400,000 was wiped off the amount owed for
"incomplete works" on the Nambour Coles project, months after
Coles' representatives had signed off on the work and released
Walton from a half million dollar performance bond.

When Walton went into external administration on October 3, 2013,
it left debts of more than AUD70 million across Australia,
including more than AUD29 million to Queensland sub-contractors.
Those that had worked on the Nambour Coles projects were out of
pocket AUD2.9 million, the report says.

Sunshine Coast Daily recalls that seven working days before Walton
Queensland closed its doors a project superintendent for Savills
Queensland, acting on behalf of Coles, signed off on practical
completion of the project.

The action triggered three days later the release of a AUD518,000
National Australia Bank-backed performance bond that had been
secured against the personal assets of Walton's sole director,
Craig Walton, the report relates.

A further bond of the same amount was retained to cover defect
liabilities on the project that may have emerged in the following
12 months, the report says.

However in December 2013 the then liquidator Lawler Draper Dillon,
now part of PKF Australia, reduced the amount Coles owed on the
project by AUD407,850.93, representing what was described in email
exchanges with Coles as works left incomplete on the project,
according to Sunshine Coast Daily.

There was no consultation with the committee representing
unsecured creditors, the report states.

According to Sunshine Coast Daily, the Subcontractors Alliance
wants to know how this was allowed to occur after Coles had signed
off on the project, and released the bond meant to cover work that
the contractor may fail to do under the contract.

The report says the move reduced the pool of funds available to be
distributed to unsecured creditors and also shut off any chance
subbies may have had under the Subcontractors' Charges Act to
access the performance bond to cover work they had done and
materials they had supplied.

A number of subcontractors lost their homes and businesses because
of the Walton collapse, says Sunshine Coast Daily.

Sunshine Coast Daily reports that Coles said August 14 that
Savills, as the contract superintendent, issued the notice of
Practical Completion "in accordance with the process set out in
the construction contract".

"Coles paid for the work completed by the contractor. Coles did
not negotiate a reduction in the contract price," a representative
said, the report relays.

PKF Australia was removed as liquidator last year on appeal to the
Federal Court by the Australian Investments and Security
Commission (ASIC) for perceived bias, the report recalls.

Sunshine Coast Daily notes that the accountancy firm had received
more than AUD700,000 in fees during 2012 and 2013 from the Mawson
Group, business advisors to Walton.

Mawson Group directors became shareholders of companies set up to
take over Walton contracts.

PKF Australia charged nearly AUD1 million for work it did on the
liquidation up to its dismissal by the Federal Court.

According to the report, new liquidator Grant Thorton has had to
delay until October a Public Examination into the Walton collapse
while it tries to gain access to a series of documents, not
collected by PKF, that are critical to a full understanding of
what occurred.

Craig Walton, executives of the Mawson Group and former Walton
employees are among those expected to be subpoenaed to give
evidence under oath to the proceedings in Melbourne, the report
adds.

Walton Construction was a Melbourne-based builder.  The company
was founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.



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


NOBLE GROUP: Open to Sell Assets to Boost Balance Sheet
-------------------------------------------------------
The South China Morning Post reports that Noble Group on
August 17 said it is open to paring assets to shore up its balance
sheet, as the Hong Kong-based commodities trader made another bid
to clear its name in the wake of allegations against its
accounting practices.

"It's our responsibility to review all of those options including
potentially selling businesses that in normal times would be
considered core business," the report quotes chief executive Yusuf
Alireza as saying at an investor conference in Singapore. "Any
deals will be of the primary focus to deleverage and strengthen
our balance sheet."

Singapore-listed Noble made a five-hour presentation to a 500-
strong audience on August 17, in another attempt to restore
investor confidence, SCMP says.

According to the report, the company has been mired in a
reputational crisis since little-known Iceberg Research started
assailing its accounting practices in February. Others including
Muddy Waters and Hong Kong-based GMT Research have followed with
similar questions over its books.

The report relates that the accusations have taken a toll on
Noble's share price, which fell 7.14 per cent on August 17 to
close at 46 Singaporean cents.  The company has lost about
60 per cent of its market capitalisation since the sniping began,
SCMP notes.

Despite the sharp price fall, Mr. Alireza ruled out the
possibility of Noble delisting from the bourse, the report
relates. "We've been successful as a public company for 25 years
and we will continue to be so."

He confirmed earlier reports the company had hired former
Citigroup banker Michael Klein to help hammer out possible
transactions, according to SCMP. "We've been approached by banks
and strategic investors," he said.

SCMP says Mr. Alireza also hit back at Iceberg for its continuing
anonymity. Noble said the blog was written by a disgruntled former
employee whom it was suing in Hong Kong. "We've been given
information on whom it might be. Hopefully, all the information
will come out from the legal process," SCMP quotes Mr. Alireza as
saying.

SCMP relates that in an emailed response, Iceberg said: "The legal
action is a [public relations] stunt. It will go nowhere.

"Alireza has often put words in our mouth and attacked us
aggressively. We do not pay much attention to that and the market
does not believe Noble and its [chief executive] anyway. If our
research were not credible, the share price would not collapse.

"The conference did not bring any meaningful information.
Investors have good reasons to worry."

To add to its woes, Noble, Asia's biggest commodities firm by
revenue, reported a 22 per cent drop in first-half net profit and
higher debt levels compared with last year, the report states.

SCMP relates that rating agencies Standard & Poor's and Moody's
have subsequently put Noble's investment grade rating on negative
watch.

After the rating actions, some US$500 million in bank lines had
been withdrawn, said Mr. Alireza. "They were commercial decisions
by banks with whom we don't have strong relations and we continue
to receive strong support from our core banks," Mr. Alireza, as
cited by SCMP, said.

As of June, Noble had US$4.6 billion in committed bank credit
lines, down from US$6 billion in March, the report discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2015, Bloomberg News said Noble Group Ltd. sued a
former Chinese iron ore customer of ten-years standing to stop any
attempts to shut a Singapore unit over an alleged debt of
$102,718.

Noble Resources International Pte has been granted an interim
injunction by the Singapore High Court preventing Rizhao Zhongrui
Native Produce Co. from winding-up proceedings, and is pursuing
separate claims against the firm, Noble said in a statement cited
by Bloomberg. A closed hearing was scheduled June 25.

Bloomberg added that the Singapore court case comes as Noble
fights on a wider front against criticisms of its accounting
practices. In Hong Kong, the trader is also suing a former
employee, whom it claims is behind the anonymous group Iceberg
Research, for spreading false information about the company,
Bloomberg said. Noble in an open letter to critics, which included
an ex-Morgan Stanley banker, defended its methods
and valuations, Bloomberg reported.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.



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


ALFA TRANSFORMERS: CRISIL Ups Rating on INR120.4MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Alfa Transformers Ltd (Alfa) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' while reaffirming its rating on the company's short-term
bank facilities at 'CRISIL A4'.

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

   Cash Credit             120.4      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Foreign Exchange
   Forward                   1.3      CRISIL A4 (Reaffirmed)

   Letter of Credit         52.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term       30.8      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The upgrade reflects improvement in Alfa's business risk profile
driven by sustained increase in revenue and profitability, and
improvement in working capital cycle. The rating upgrade also
factors in improvement in gearing, which has enhanced financial
flexibility.

The company's revenue increased to INR264 million in 2014-15
(refers to financial year, April 1 to March 31) from INR192
million in 2011-12, while operating profitability improved to 7.6
per cent from 6.8 per cent over the period. Improvement in working
capital management is indicated by decline in gross current assets
to 210 days as on March 31, 2015, from 433 days as on March 31,
2012. CRISIL believes that Alfa will maintain its improved working
capital cycle over the medium term on the back of its strategy of
keeping receivables low. The company's gearing declined to 0.4
times as on March 31, 2015, from 0.8 times as on March 31, 2012.
CRISIL believes that Alfa will sustain the improvement in its
business risk profile and liquidity over the medium term,
supported by consistent growth in topline and sustenance of
improved profitability.

The ratings reflect Alfa's average financial risk profile marked
by moderate net worth and weak debt protection metrics. This
rating weakness is partially offset by Alfa's established track
record and adequate technical competence in the transformer
industry.
Outlook: Stable

CRISIL believes that Alfa will continue to benefit over the medium
term from its promoters' extensive industry experience and its
technical expertise. The outlook may be revised to 'Positive' in
case of sustainable increase in scale of operations and
profitability, and improvement in debt protection metrics and
liquidity. Conversely, the outlook may be revised to 'Negative' if
Alfa records low revenue or profitability, or if its working
capital cycle lengthens, leading to deterioration in financial
risk profile, particularly liquidity.

Set up by Mr. D K Das in 1982, Alfa manufactures small
distribution transformers and offers related technical assistance
and services, including repair work. Alfa's manufacturing units
are in Bhubaneswar and Vadodara (Gujarat).


AMBA HIGHRISE: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Amba Highrise
Private Limited's (AHPL) 'IND BB-' Long-Term Issuer Rating with a
Stable Outlook. The agency has also withdrawn the 'IND BB-' rating
on AHPL's INR206.9m long-term loan.

The rating on the instrument has been withdrawn as it has been
paid in full. Consequently, Ind-Ra has withdrawn AHPL's Long-Term
Issuer Rating. Ind-Ra will no longer provide ratings or analytical
coverage for AHPL.


AVINASH TOBACCOS: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Avinash Tobaccos
(Avinash) continues to reflect the firm's below-average financial
risk profile, marked by modest net worth, a moderate total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics, and its modest scale of operations in the highly
fragmented and competitive tobacco industry.

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

These rating weaknesses are partially offset by the extensive
experience of Avinash's proprietor in the tobacco industry.
Outlook: Stable

CRISIL believes that Avinash will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' if there is substantial
and sustained improvement in the firm's revenue and profitability
margins, or if there is a substantial increase in net worth on the
back of sizeable infusion of funds from the proprietor.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in Avinash's profitability margins, or if there is
significant deterioration in its capital structure caused most
likely by large debt-funded capital expenditure or a stretch in
its working capital cycle.

Set up as a sole proprietorship by Mr. Peddi Bhaskar Rao, Avinash
is engaged in trading and processing of unmanufactured tobacco.
The firm is based in Ongole (Andhra Pradesh).


BABA MALLESHWAR: ICRA Assigns B- Rating to INR5.18cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5.18
crore term loan and INR4.62 crore cash credit facility of Baba
Malleshwar Rice Mill Private Limited. ICRA has also assigned a
short term rating of [ICRA]A4 to the INR0.2 crore bank guarantee
facility and letter of credit facility (sub-limit of the term
loan) of INR2.5 crore of BMRMPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit                  4.62       [ICRA]B- assigned

   Fund Based-Term
   Loan                    5.18       [ICRA]B- assigned

   Non Fund Based Limit-
   Bank Guarantee          0.20       [ICRA]A4 assigned

   Non Fund Based Limit-
   Letter of Credit        2.50       [ICRA]A4 assigned

The assigned ratings take into account BMRMPL's weak financial
risk profile as reflected by unfavorable capital structure and
weak debt coverage indicators. Moreover, the company undertook
part debt funded capital expenditure (capex) for capacity
expansion, which, in turn, is likely to keep the capital structure
as well as debt coverage indicators stretched over the near term.
The ratings also take into consideration the intensely competitive
nature of the industry characterized by a large number of small
players which is likely to keep the margins of the entity under
check, it's exposure to agro climatic risks with paddy being an
agriculture commodity, vulnerability to adverse changes in
Government policies towards agro based commodities like rice and
the high working capital intensity of business operations
adversely impacting its liquidity position. The ratings also take
note of the experience of the promoters in the rice milling
industry, the entity's presence in a major paddy growing area,
resulting in easy availability of paddy and the healthy growth in
revenues and operating profits of the company over the last two
years. In ICRA's opinion, the ability of the company to improve
its capacity utilization level and profitability while managing
its working capital requirements efficiently would be key rating
sensitivities going forward.

Established in 1994 as a partnership concern, Baba Malleshwar Rice
Mill Private Limited derived its present name in March 2010. The
entity is engaged in milling of parboiled rice and has an
installed capacity to manufacture 7,200 MTPA (enhanced to 55,200
MT per annum from November' 2014) of rice.

Recent Results
In 2014-15, as per the provisional results, BMRMPL reported a
profit before tax of INR0.07 crore on an operating income (OI) of
INR16.35 crore as compared to a profit after tax (PAT) of INR0.06
crore on an OI of INR9.84 crore in 2013-14.


COTTON AND TEXTILE: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of The Cotton and Textile
Corp (CTC) continues to reflect CTC's modest scale of operations
in the fragmented ready-made industry, large working capital
requirements and the susceptibility of its operating margin to
volatility in foreign exchange rates.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Foreign Documentary
   Bills Purchase           20      CRISIL A4 (Reaffirmed)

   Letter of Credit          5      CRISIL A4 (Reaffirmed)

   Packing Credit in
   Foreign Currency         60      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's partners and its moderate
financial risk profile.
Outlook: Stable

CRISIL believes that CTC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm reports significant
improvement in its revenues and profitability on a sustainable
basis, while improving its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if there is a considerable
deterioration in CTC's accruals, or its working capital cycle is
stretched, or substantial capital withdrawals by the partners
resulting in deterioration in the firm's financial risk profile.

Setup in 1971 by Mr. Dilip B Trivedi CTC manufactures ready-made
garments, targeted primarily at the export market. The firm's day-
to-day operations are being managed by his son/ brother- Mr.
Chirag Trivedi. Its manufacturing unit is at Tirupur (Tamil Nadu).


DHANLAXMI TMT: CRISIL Cuts Rating on INR240MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dhanlaxmi TMT Bars Private Limited (Dhanlaxmi: part of the
Dhanlaxmi group) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          240        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by the Dhanlaxmi
group in servicing its debt; the delays have been caused by the
group's weak liquidity, with inadequate cash accruals to meet its
debt obligations.

The Dhanlaxmi group has a weak financial risk profile, marked by
stretched liquidity, and its operating margin is susceptible to
volatility in steel prices. The group's operations are working
capital intensive, thus adding to the pressure on its liquidity.
However, the group continues to benefit from the extensive
experience of its promoters in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dhanlaxmi and Nilesh Steel and Alloys
Pvt Ltd (NSAPL). This is because, the two entities, together
referred to as the Dhanlaxmi group, are part of a value chain and
under a common management, and have significant sale/purchase
transactions and financial linkages with each other.

Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri, manufactures
thermo-mechanically treated (TMT) bars. In 2002, Mr. Sanjay Mantri
and Mr. Nilesh Chechani incorporated NSAPL, which manufactures
mild steel ingots/billets for consumption by Dhanlaxmi. The
group's manufacturing facility is located at Jalna (Maharashtra).


EQUIPLUS INDIA: CRISIL Assigns 'B' Rating to INR32.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Equiplus India Export Pvt Ltd (Equiplus).

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Bank Guarantee     2.5       CRISIL B/Stable
   Inland/Import Letter of
   Credit                     50         CRISIL A4
   Foreign Bill Purchase      15         CRISIL A4
   Cash Credit-Stock          32.5       CRISIL B/Stable
   Export Packing Credit      45.0       CRISIL A4

The ratings reflect Equiplus's modest scale of operations, large
working capital requirements, and geographic concentration in
revenue. These rating weaknesses are partially offset by the
promoters' extensive experience in the bags and briefcase
manufacturing industry and moderate financial risk profile, marked
by low gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes that Equiplus will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant growth in its scale of operations and manages its
working capital requirements efficiently. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in
Equiplus's cash accruals, or a stretch in its working capital
cycle, or if it undertakes large debt-funded capital expenditure,
leading to a pressure on its financial risk profile, especially
liquidity.

Equiplus was established in 2001 by Mr. Upendra Singh in Kanpur,
Uttar Pradesh. The company designs and manufactures horse riding
accessories, caps, and bags and briefcases. Equiplus's
manufacturing unit is based in Panki Industrial area in Kanpur and
has been granted the status of an export oriented unit by the
Noida Special Economic Zone. Mr. Kashi Nath Singh, father of Mr.
Upendra Singh, serves as the company's director.


GREEN AGRO: CRISIL Suspends 'D' Rating on INR65MM Packing Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Green Agro Pack Pvt Ltd (GAPPL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Bank Guarantee                1        CRISIL D
   Foreign Bill Discounting     55.5      CRISIL D
   Letter of Credit             15        CRISIL D
   Long Term Loan               23.3      CRISIL D
   Packing Credit               65        CRISIL D

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

GAPPL, incorporated in 1994, processes and exports gherkins. The
company's processing unit is at Davangere (Karnataka).


GVA INDUSTRIES: ICRA Suspends B+ Rating on INR8cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+ rating to INR8.00 crore, working
capital facilities & [ICRA]A4 rating to the INR2.00 crore, short
term, non fund based facilities of GVA Industries Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


HARIPACK POLYMERS: CRISIL Reaffirms B Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Haripack Polymers Pvt
Ltd (HPPL) continue to reflect HPPL's modest scale of operations
in the intensely competitive polymer products trading business,
customer concentration in its revenue profile, and its working-
capital-intensive operations.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      20       CRISIL A4 (Reaffirmed)

The ratings also factor in the company's weak financial risk
profile, marked by a modest net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of HPPL's promoters through group
entities.
Outlook: Stable

CRISIL believes that HPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
significant and sustained growth in its revenue and margins, while
it improves its capital structure. Conversely, the outlook may be
revised to 'Negative' if HPPL's revenue and margins decline
significantly, or if its working capital cycle lengthens, leading
to further weakening of its financial risk profile.

Update
HPPL's revenue was around INR110 million in 2014-15 (refers to
financial year, April 1 to March 31) as against INR40 million in
2013-14; the growth was largely on account of ramp up of
operations in 2014-15, its first full year of operations. The
company is expected to sustain its operating margin at 8.0 to 8.5
per cent over the medium term.

HPPL's operations remained highly working capital intensive, as
reflected in its gross current assets of around 344 days as on
March 31, 2015. The working capital requirements were high largely
on account of large receivables of 297 days and inventory of 28
days as on this date. This has resulted in high average bank limit
utilisation at around 97.7 per cent over the 12 months through
March 2015.

The company's financial risk profile has remained below average,
marked by a modest net worth of around INR31 million as on
March 31, 2015. Furthermore, large working capital requirements
have led to high reliance on external borrowings, resulting in
weak gearing of more than 10 times as on March 31, 2015; the
gearing is expected to remain weak over the medium term. Modest
cash accruals and high reliance on external debt have led to
subdued debt protection metrics, with interest coverage and net
cash accruals to total debt ratios of 1.14 and 0.01 times,
respectively, in 2014-15. The financial risk profile is expected
to remain below average over the medium term, with a weak capital
structure and subdued debt protection metrics.

HPPL was set up in 2012 by Mr. Dilip Murarka and his family
members; it trades in polymer products such as polyvinyl chloride
(PVC). The company imports these products from manufacturers in
Saudi Arabia and Taiwan, and sells them to PVC pipes and plastics
manufacturers in India. Its registered office is at Nagpur
(Maharashtra). The Murarka family has been associated with the
polymer products industry for around a decade.


HORIZON BUILDCON: ICRA Assigns B+ Rating to INR28.50cr LT Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR28.50
crore term loan of Horizon Buildcon Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term fund based      28.50       [ICRA]B+, assigned
   Limits-Term Loan (TL)

ICRA's rating favourably factors in the low approval, funding and
execution risks for the on-going project of the company (Project
Iridia; in Greater Noida, Uttar Pradesh) as reflected by a high
confirmed inflow (pending customer payments from already sold
flats + undrawn sanctioned Term Loan)/pending construction cost
ratio of 0.9x. The project which is expected to be completed in
October 2016 has seen a comfortable level of bookings (60% of
total area sold as on May 31, 2015) and customer advances, which
have funded most of the project cost incurred (71% as on May 31,
2015). The healthy pace of booking and collection efficiency in
Iridia provides comfort, as the project would need sales of only
~30-35 incremental flats (currently, of the total 500 flats, 314
have been sold) to ensure adequate funding for both completion of
construction and full repayment of the term loan. The rating is
however, constrained by the risks associated with the company's
proposed new project (Project Aaryana; in Vaishali, Delhi) for
which both approval and funding tie-up are yet to be completed.
The maps for the project are in the final stages of approval and
the company expects to launch the project in July 2015. Given that
the upcoming debt repayments for Project Iridia, start in July
2015 and the company has commitments towards project Aaryana, the
company's ability to achieve incremental sales and collections in
a timely manner will be critical for smooth cashflow management.
While market and execution risks exist, given the initial stage of
the new project, ICRA positively factors in the favourable
location of the project, being close to an operational Delhi Metro
station, and the low initial outlay, as the project is being
developed under a collaboration agreement with the land owner.

Going forward, the company's ability to maintain the pace of
incremental bookings and customer advances would be critical to
maintain adequate liquidity and this, along with the company's
ability to achieve financial closure for the proposed project,
will be the key rating sensitivities.

Incorporated in May 2006, HBPL (100% held by Mr. Naresh Sabharwal
and his family) is involved in the development and marketing of
real estate projects. In the past the company has developed
projects in Amritsar and Jammu with a saleable area of around 1.8
million square feet, and having sale value of ~INR90 crore.
Mr. Sabharwal has experience of over 32 years in construction,
real estate, hotels and turnkey projects and has successfully
handled almost 30 projects at many locations in India.

Details of Projects
Iridia is located at Sector 86, Noida, Uttar Pradesh and has an
estimated project cost of INR210 crore which is being part funded
by bank loan of INR28.50 crore. The project is estimated to be
completed by October 2016. Aaryana is located at Vaishali, Delhi
and has an estimated project cost of INR251 crore which is
proposed to be part funded by bank loan of INR50 crore. The
project is expected to be launched in Q2 FY16 and has a target
completion date of October 2018.


ISKCON METALS: ICRA Assigns 'B' Rating to INR8.0cr Cash Credit
--------------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR8.00
crore cash credit facility and INR4.50 crore term loans facility
of Iskcon Metals.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             8.00       [ICRA]B assigned
   Term Loan               4.50       [ICRA]B assigned

The assigned rating factors in the weak financial risk profile of
the firm characterised by modest scale of operations, net losses,
very high gearing levels and weak coverage indicators. The rating
is also constrained on account of the low profit margins in the
business due to low value additive nature of operations coupled
with intense competition on account of the fragmented industry
structure. Further, the rating remains constrained by the
vulnerability of the firm's profitability to raw material prices
as well as to the cyclicality associated with the steel sector.
ICRA also notes that IM is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby its capital structure.

The rating, however, positively factors in the longstanding
experience of the promoters in the secondary steel industry and
their established relationships with clients on account of their
association with other group concerns.

Established in August 2012 as a partnership firm by Patel family,
Iskcon Metals (IM) started commercial operations in November
2013.It is currently engaged in manufacturing of steel structural
products, largely Mild Steel (MS) angles, channels, and bars. The
manufacturing facility of the firm is located at Vijapur, Gujarat
with manufacturing capacity of 29,500 tons per annum of steel. The
partners were engaged in the same line of activity through their
partnership firm, Maruti Steel Re-Rolling Mill from 1995 to 2012.
The partners are currently associated with another firm, Pragati
Steel Industries, which is a scrap based unit engaged in the
manufacturing of small sized structural steel items.

Recent Results
During its first five months of operations from Nov-13 to Mar-14,
the firm reported an operating income of INR12.38 crore and net
loss of INR1.00 crore. In FY 15 (as per provisional financials)
the firm reported an operating income of INR58.79 crore and net
loss of INR0.41 crore.


JADHAO LAYLAND: CRISIL Ups Rating on INR50MM Loan to B+
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jadhao Layland Private Limited (JLPL) to 'CRISIL B+/Stable' from
CRISIL B/Stable.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital          50        CRISIL B+/Stable (Upgraded
   Facility                            from 'CRISIL B/Stable')

The rating upgrade reflects stabilisation of its manufacturing
unit and expected improvement in scale of operations in 2015-16
(refers to financial year, April 1 to March 31), following tie-ups
with new customers like Kirloskar and TATA Agrico, which will
provide assured off take to the company. The company reported
healthy profitability margins in 2014-15 and is expected to
continue to be moderate at around 14.5 percent for 2015-16. The
company's financial risk profile continues to remain moderate with
low external indebtedness and comfortable debt protection metrics,
backed by fund support from promoters in the form of unsecured
loans. The financial risk profile is expected to improve with
higher scale of operations, leading to higher accruals.

The ratings continue to reflect JLPL's modest scale and working
capital intensive nature of operations. These rating weaknesses
are offset by the extensive industry experience of the promoters
and their fund support.
Outlook: Stable

CRISIL believes that the JLPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher than expected growth in its revenues, while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in
revenues and profitability of the company, or if there is
elongation of its working capital cycle or if it undertakes any
large debt-funded capex, thereby weakening its financial risk
profile.

JLPL was incorporated in July 2011, by Mr. Sanjay Jadhao and his
family members. The company is into manufacturing of rotavators,
cultivators and other tractor mounted farm equipments. The
company's manufacturing facility is located in Amravati,
Maharashtra. JLPL began commercial operations in July 2013.


JASMER PACKER: Ind-Ra Withdraws 'IND BB+'/Stable LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research has withdrawn Jasmer Packer's (Jasmer)
Long-Term Issuer Rating of 'IND BB+' with Stable Outlook.

The loan ratings have been withdrawn due to a reduction in the
specified bank limits of Jasmer following which it does not
require any external rating. Consequently, the agency has also
withdrawn the company's Long-Term Issuer Rating. Ind-Ra will no
longer provide ratings or analytical coverage for Jasmer.
Jasmer's ratings are as below:

-- Long-Term Issuer Rating: 'IND BB+'/Stable; rating withdrawn
-- INR72.5 million fund-based limits: 'Long-Term IND BB+' and
    Short-Term
    IND A4+'; ratings withdrawn
-- INR0.8 million non-fund-based limits: 'Long-Term IND BB+' and
    Short-Term IND A4+'; ratings withdrawn


JHV STEELS: ICRA Lowers Rating on INR12.50cr Cash Loan to 'B'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR12.50 crore cash credit facility of JHV Steels Limited from
[ICRA]B+ to [ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             12.50        [ICRA]B downgraded

The downwards revision in the rating primarily takes into account
significant increase in working capital intensity of operations in
2014-15 owing to substantial rise in inventory holding coupled
with high receivables position, and weakened financial risk
profile of the company as reflected by a sharp dip in revenue
level and net losses reported in 2014-15. Moreover, high
dependence on unsecured loans from promoters and corporate to fund
its ongoing capital expenditure as well as to repay the
significant term loan obligations due to the low cash accruals,
has further deteriorated the capital structure as well as coverage
indicators in 2014-15. ICRA notes that the company is in the
process of setting a billet manufacturing facility, which in turn
is likely to lead to an improvement in the profitability going
forward. However, in the interim period the company would face
significant project related risks, including the risks associated
with timely execution of the project and stabilization of its
operations, post commissioning. ICRA also takes note of the
vulnerability of profitability to volatility in raw material
prices, amidst intense competition in the fragmented and
commoditised market for Thermo Mechanically Treated (TMT) bars.
The rating, however, favourably factors in the experience of the
promoters in the steel industry.

Incorporated in 2009, JHV is promoted and managed by the Mr. Hira
Lal Jaiswal and Mr. Abhishek Jaiswal. The company is engaged in
the manufacturing of TMT bars with a production capacity of
1,00,000 tons per annum (TPA). The manufacturing facilities are
located at Mirzapur in Uttar Pradesh. JHV is also in the process
of setting up a manufacturing unit for mils steel billets in its
existing plant with an installed capacity of 1,00,000 TPA. The
commercial operation of the unit is scheduled to commence shortly.

Recent Results
During 2014-15, JHV reported a net loss of INR0.20 crore
(provisional) on an operating income of INR38.32 crore
(provisional) as compared to a net profit of INR0.03 crore on an
operating income of INR94.97 crore during 2013-14.


KHAJA MOIDEEN: CRISIL Cuts Rating on INR16.1MM LT Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Khaja Moideen Leather Company (KMLC) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Export Bill            26.5      CRISIL A4 (Downgraded from
   Negotiation                      'CRISIL A4+')

   Packing Credit         30        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     16.1      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan               8.3      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects KMLC's subdued operating
performance, marked by a decline in revenue and a stretched
working capital cycle. The firm's revenue declined by 13 per cent
year-on-year to INR295 million in 2014-15 (refers to financial
year, April 1 to March 31), significantly lower than CRISIL
expectations of INR540 million. CRISIL expects the revenue to
remain modest, in the range of INR35 million to INR38 million per
annum, over the medium term. Furthermore, the firm's working
capital requirements increased substantially, with gross current
assets increasing to 172 days as on March 31, 2015, from 105 days
as on March 31, 2014, owing to inventory pile-up following slowing
demand. The firm's liquidity is stretched, marked by tightly
matched cash accruals vis-a-vis obligatory repayments, and highly
utilised bank lines.

The ratings reflect KMLC's modest scale of operations in the
intensely competitive leather industry and the susceptibility of
its marginss to fluctuations in raw material price. These rating
weaknesses are partially offset by the extensive industry
experience of KMLC's promoter.

Outlook: Stable

CRISIL believes that KMLC will continue to benefit over the medium
term from its promoter's extensive industry experience and
established relationship with clients. The outlook may be revised
to 'Positive' if the firm's cash accruals increase substantially
due to significant improvement in scale of operations and
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KMLC's
financial risk profile, particularly its liquidity, weakens
because of a decline in cash accruals, a stretch in working
capital cycle, or large debt-funded capital expenditure.

Set up in 2004, KMLC is engaged in tanning leather. The firm's
day-to-day operations are managed by its promoter, Mr. Peer
Mohammed. Its manufacturing facility is in Dindigul (Tamil Nadu).

KMLC provisionally reported a profit after tax (PAT) of INR4.9
million on revenue of INR295 million for 2014-15; the firm
reported a PAT of INR5.8 million on revenue of INR340 million for
2013-14.


KISSAN INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR66MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kissan
Industries (KI; part of the Kissan group) continues to reflect the
Kissan group's weak financial risk profile, marked by high gearing
and weak debt protection metrics, small scale of operations, and
large working capital requirements.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             66        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       6.8      CRISIL B/Stable (Reaffirmed)

The rating also factors in the susceptibility of the group's
operating margin to any adverse impact of changes in regulations
on paddy and rice prices. These rating weaknesses are partially
offset by the group's integrated nature of operations, the
promoters' extensive experience in the rice industry, and the
financial support it receives from them.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KI and Kissan Solvex Pvt Ltd (KSPL).
This is because the two entities, together referred to as the
Kissan group, have common promoters and management, and
considerable operational and business linkages with each other.
Outlook: Stable

CRISIL believes that the Kissan group will continue to benefit
over the medium term from its established relationships with
customers. The outlook may be revised to 'Positive' if the group's
financial risk profile improves, most likely driven by higher
operating margin and cash accruals, significant capital infusion
by the promoters, or better working capital management.
Conversely, the outlook may be revised to 'Negative' if its
working capital requirements increase substantially, or its
profitability is low, or it has large debt-funded capital
expenditure, leading to further weakening of its financial risk
profile.

The Kissan group, promoted by Mr. Indrajeet Singh of Jalalabad
(Punjab), manufactures rice, rice bran oil, and de-oiled cakes.

KI was set up in 1996 as a partnership firm by Mr. Indrajeet Singh
and his mother Mrs. Manjeet Kaur. It had been earlier operating
under the name Kissan Rice Mill from 1975. The firm processes rice
from paddy. Its facility in Jalalabad has an installed milling
capacity of 2 tonnes per hour. The firm processes 1121 variety of
basmati rice, which accounts for the major proportion of its
revenue. It also manufactures the parmal variety of non-basmati
rice.

KSPL was incorporated in 1992 with an intention to forward
integrate the operations of KI with focus on manufacturing rice
bran oil and de-oiled cakes. The company's unit, also in
Jalalabad, has a capacity of 250 tonnes per day. The revenue mix
varies from year to year; over 90 per cent of the company's
revenue came from sales of rice bran oil and the remaining from
de-oiled cake. The company also trades in other edible oil to a
limited extent.


MAHESHWAR OIL: ICRA Withdraws B+ Rating on INR6.0cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR10.00
crore long term bank facilities of Maheshwar Oil Mill, at the
request of the company, as there is no debt outstanding against
the rated instruments.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term, Fund based
   Limits- Cash Credit        6.00      [ICRA]B+ withdrawn

   Long Term, Fund based
   Limits- Term Loam          0.25      [ICRA]B+ withdrawn

   Long Term, Unallocated     3.75      [ICRA]B+ withdrawn

Established in 1982, Maheshwar Oil Mill is engaged in
manufacturing of groundnut edible oil, by-product DOC and cattle
feed. The firm manufactures groundnut edible oil and sells it
under its own brand name of 'Ganesh'. In addition, the firm is
engaged in trading of refined edible oils, groundnut seeds and
cattle feed which is also sold under the same brand name. The firm
is promoted by Banchhode family who has established track record
of more than three decades in edible oil trading business.


MARUTHAM APPARTMENT: CRISIL Suspends B+ Rating on INR200MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Marutham Appartment (MA).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan      200        CRISIL B+/Stable

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

Established as a partnership firm in 2002, Chennai (Tamil Nadu)-
based MA develops residential real estates primarily in Chennai
and Thiruvananthapuram (Kerala). The firm has completed and
delivered more than 20 projects till date and is currently
developing four residential projects.


MAYURI BROILER: CRISIL Reaffirms 'B' Rating on INR65MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Mayuri Broiler
Breeding Farms Pvt Ltd (MBFPL; part of the Mayuri Group) continues
to reflect the Mayuri group's stretched liquidity marked by
tightly matched cash accruals and term debt obligations.

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

   Proposed Long Term
   Bank Loan Facility       4        CRISIL B/Stable (Reaffirmed)

   Term Loan               65        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan               30        CRISIL B/Stable (Reaffirmed)

The rating also factors in susceptibility of profitability margins
to volatility in raw material prices, exposure to intense
competition and to inherent risks in the poultry industry, and
below-average financial risk profile marked by modest net worth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
group's promoter in the poultry industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MBFPL, Lakshmi Venkat Farms Limited
(LVFL), and Krishika Farms Private Limited (KFPL); these companies
are together referred to as the Mayuri group. This is because the
three companies, collectively referred to as the Mayuri group,
have operational synergies being in the same line of business, and
have a common promoter and fungible cash flows.
Outlook: Stable

CRISIL believes that the Mayuri group will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of a
substantial and sustained improvement in revenue and profitability
margins, or in capital structure or net worth backed by sizeable
equity infusion by promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in capital structure, caused
most likely by large debt-funded capital expenditure or stretch in
working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs. The group
is based in Hyderabad, Telangana.


ONSAZ JEWELLERY: ICRA Assigns 'B' Rating to INR4.50cr Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR4.50
crore* fund based bank limits of Onsaz Jewellery Creations. ICRA
has also assigned its short term rating of [ICRA]A4 to the INR2.0
crore non fund based limits of the firm.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        4.50       [ICRA]B; Assigned
   Non Fund Based Limits    2.00       [ICRA]A4; Assigned

ICRA's rating takes into account OJC's modest scale of operations,
as well as the highly fragmented and intensely competitive nature
of the jewellery industry in which it operates. The rating further
factors in the vulnerability of the firm's profitability to
volatility in raw material prices, as well as exchange rates, as
the firm is also engaged in exports but does not hedge its forex
risk. The rating is also constrained on account of the high client
concentration to which the firm is exposed, as its top three
customers account for about 90% of the total revenues. The rating
also takes into account the firm's stretched liquidity position as
evidenced by the near full utilization of its working capital
limits, weak capital structure, and weak coverage indicators. ICRA
also takes note of the partnership constitution of the firm which
exposes it to risks related to dissolution and withdrawal of
capital, as has been seen in the past. However, the rating
positively factors in the company's position as a supplier for a
reputed jewellery brand like 'Tanishq', its long standing market
presence and the extensive experience of OJC's promoters in the
field of jewellery manufacturing and retailing, along with the
healthy long term demand prospects for the jewellery industry in
India.

Going forward the firm's ability to ramp up its scale of
operations, diversify its client base and attain a sustained
improvement in its liquidity will be the key rating sensitivities.

OJC is a partnership firm and was incorporated in 2005 by Mr.
Satya Narain Rao and his family members and is engaged in the
manufacturing, trading and export of gold, diamond jewellery,
gemstones , studded jewellery and other similar items. The firm
carries out its operations from its office and factory located in
the Sitapura Industrial Area, Jaipur, Rajasthan.

Recent Results
OJC reported, on a provisional basis, a profit after tax (PAT) of
INR0.20 crore on an operating income of INR26.90 crore in FY 2014-
15 as compared to a PAT of INR0.16 crore on an operating income of
INR30.50 crore in the previous year.


OPALIUM INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Opalium International
Exports (OIE) continue to reflect OIE's below-average financial
risk profile, marked by small net worth and high total outside
liabilities to tangible net worth (TOLTNW) ratio, modest scale and
working-capital-intensive operations, and low profitability.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             15       CRISIL B+/Stable (Reaffirmed)
   Packing Credit          30       CRISIL B+/Stable (Reaffirmed)
   Packing Credit in
   Foreign Currency        15       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the fabric trading business and their
funding support, and OIE's established relationships with
suppliers and customers.

CRISIL had assigned its ratings on OIE's bank facilities to
'CRISIL B+/Stable/CRISIL A4' vide its rating rationale dated May
22, 2015.
Outlook: Stable

CRISIL believes that OIE will benefit from its promoters'
extensive experience in the fabric trading industry over the
medium term. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations and cash accruals
coupled with improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
OIE's financial risk profile, particularly liquidity, owing to
further elongation in working capital cycle or significant decline
in profitability.

OIE, set up in 1993 as a partnership firm, trades in fabric in the
domestic as well as international market. Currently, Mr. Raman
Jain, his wife Ms. Kamni Jain and his son Mr. Rahul Jain are the
partners of OIE. The firm markets its products under its own
Opalium and Bonytex brands.


PATTABI ENTERPRISES: CRISIL Suspends B Rating on INR46.8MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pattabi Enterprises (Pattabi).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               41        CRISIL B/Stable
   Export Packing Credit      4        CRISIL B/Stable
   Rupee Term Loan           46.8      CRISIL B/Stable

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

Pattabi was set up as a proprietorship firm in 1992 by Mr. JB
Pattabi, and was later reconstituted as a partnership firm in 2006
by introducing Mr. JB Nataraj (his brother), Mrs. J P Suchitra
(wife), and Mrs. JN Shruthi (sister-in-law) as partners. The firm
is engaged in the business of printing labels, stickers, cartons,
covers, envelopes, and other such items.


PMR FOOD: CRISIL Suspends 'D' Rating on INR96.5MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PMR Food Products Private Limited (PMR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             96.5       CRISIL D
   Funded Interest
   Term Loan               24.4       CRISIL D
   Rupee Term Loan         95         CRISIL D
   Working Capital
   Term Loan               29.1       CRISIL D

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

PMR, based in Chennai (Tamil Nadu), was established in 2009 by Mr.
P Muthuvelraj. The company is engaged in fruit-pulp extraction and
aseptic packaging of processed fruit products. The company
commenced its operations in December 2010. Its operations are
managed by Mr. P Muthuvelraj and his wife, Mrs. P Sangamitra.


RAJGANGA AGRO: CRISIL Reaffirms B+ Rating on INR33.2MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajganga Agro Product
Pvt Ltd (RAPPL) continue to reflect RAPPL's small scale of
operations and weak financial risk profile marked by high gearing
and small net worth.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           27.5      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Purchase              35        CRISIL A4 (Reaffirmed)

   Packing Credit        24        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    16.7      CRISIL B+/Stable (Reaffirmed)

   Term Loan             33.2      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the vulnerability of RAPPL's margins to
volatility in raw material prices and dependence on climatic
conditions. These rating weaknesses are partially offset by
healthy demand prospects for pysllium husk and the company's
advantageous location.
Outlook: Stable

CRISIL believes that RAPPL will benefit over the medium term from
enhanced capacity, diverse customer base, advantageous location,
and healthy demand for pysllium husk. The outlook may be revised
to 'Positive' in case of significant improvement in scale of
operations and profitability, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of decline in scale of operations and profitability, or large
debt-funded capital expenditure or working capital requirements,
weakening the company's financial risk profile.

Update
RAPPL reported net sales of INR408.5 million for 2014-15 (refers
to financial year, April 1 to March 31), up from INR312.8 million
for 2013-14 but lower than CRISIL's expectation due to delay in
completion of capex. The enhanced capacity of 10,800 tonnes per
annum (tpa), up from 5400 tpa, was commercialised in November 2014
against expectation of March 2014. RAPPL's operating
profitability, though vulnerable to fluctuations in raw material
prices, remained around 6 per cent over the three years through
2014-15. RAPPL's working capital requirements are moderate, with
gross current assets of around 120 days over the three years
through 2014-15. Prudent working capital management will remain a
key rating sensitivity factor over the medium term. CRISIL expects
RAPPL's revenue to grow at a healthy pace of 40 per cent in 2015-
16 due to enhanced capacity. Operating margin is expected to
remain around 6 per cent.

The company's financial risk profile remains weak, with small net
worth of INR18.1 million and high gearing of above 8 times as on
March 31, 2015, and modest interest coverage ratio of 1.4 times
for 2014-15. The bank limit utilisation was high, averaging 90 per
cent over the 12 months through March 2015. Liquidity is expected
to remain adequate over the medium term with expected cash
accruals of INR10 million vis-a-vis term debt obligations of
INR7.5 million in 2015-16. CRISIL expects RAPPL's financial risk
profile to remain weak over the medium term.

RAPPL was set up in 2008 by Mr. Sundeep Kumar and Mr. Sunil Kumar
Sarogi. The company processes and sells psyllium husk (popularly
known as Isabgol in India). RAPPL's manufacturing unit is in
Jodhpur (Rajasthan), which is a hub for Isabgol manufacturing, in
India.


ROHARSH MOTORS: CRISIL Assigns B- Rating to INR170MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Roharsh Motors Pvt Ltd (RMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              170       CRISIL B-/Stable
   Drop Line Overdraft
   Facility                  30       CRISIL B-/Stable

The rating reflects RMPL's below average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and exposure to intense competition in the
automobile dealership market. These rating weaknesses are
partially offset by its promoters' extensive experience in the
automobile dealership industry.
Outlook: Stable

CRISIL believes that RMPL will benefit from the experience of its
promoters in the automobile dealership industry. The outlook may
be revised to 'Positive' if company's financial risk profile and
liquidity improve backed by improvement in cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens further due to lower than expected
cash accruals or stretch in company's working capital cycle and/or
on account of any debt funded capital expenditure (capex) in the
near future.

Incorporated in 2012 and started operations in October 2013, RMPL
is promoted by the Pune-based, Ghatge family. The company is
dealer of passenger vehicle Renault India Ltd in Pune. RMPL has
two showrooms and workshops at Baner and Wagholi (both in Pune).


SAMBROS TEX: CRISIL Suspends 'D' Rating on INR150MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sambros
Tex Global Limited (STGL).

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                 70        CRISIL D
   Foreign Bill Purchase      150        CRISIL D
   Term Loan                   12.3      CRISIL D

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

Established in 1997 as a closely held public limited company, STGL
is involved in trading of spices. The company is promoted by
Mr.C.V.Sampath Kumar and his brother Mr.C.V.Raghu Kumar.


SANIMO POLYMERS: ICRA Reaffirms B+ Rating on INR13.75cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR13.75 crore (enhanced from INR11.75 crore) cash credit
limits and INR1.50 Crore term loan facility (reduced from INR3.91
Cr) of Sanimo Polymers Private Limited. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 to the INR0.65 crore non-fund
based bank limit of SPPL. ICRA has also reaffirmed the
[ICRA]B+/[ICRA]A4 ratings to the INR4.10 crore (enhanced from
INR3.69 crore) unallocated amount of SPPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Fund Based
   Limit-Cash Credit        13.75       [ICRA]B+ Reaffirmed

   Long-term Fund Based
   Limit-Term Loans          1.50       [ICRA]B+ Reaffirmed


   Short-term Non Fund
   Based Limit-Letter of
   Credit                    0.65       [ICRA]A4 Reaffirmed

   Unallocated Limit         4.10       [ICRA]B+ and/or [ICRA]A4
                                        Reaffirmed

The reaffirmed ratings continue to reflect the weak financial
profile of SPPL, characterized by low profitability, and high
gearing levels following its working capital intensive nature of
operations. The ratings are also constrained by SPPL's moderate
scale of operations; vulnerability of profit margins to volatility
in raw material prices and the high competitive pressure
prevailing in the industry because of the presence of numerous
unorganized players.

However, the ratings favorably factor in the promoter's long track
record in textile industry and location advantages due to its
presence in the textile belt of Surat. The ratings also factor in
SPPL's growth in operating income on the back of new products
added in its existing portfolio.

Incorporated in 1986, Sanimo Polymers Private Limited is engaged
in processing of various kinds of embroidery and carpet yarns. The
company has its registered office in Mumbai while the three
processing units are located at Kim village in Surat (Gujarat).
The first unit is used for twisting of yarn; the second unit is
used for dyeing of yarn, while the third unit is used for winding
and dispatching of finished embroidery yarns. The products are
sold under the brand name 'Sargam' and 'Reco Star'.

Recent Results
SPPL recorded a profit after tax of INR0.18 crore on an operating
income of INR39.84 crore for the year ending March 31, 2014 and
recorded a profit after tax of INR0.26 crore on an operating
income of INR57.84 crore for the year ending March 31, 2015
(Provisional numbers).


SHIV SHAKTI: CRISIL Reaffirms 'B' Rating on INR327.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Shiv Shakti Rice Mills
(Partnership) (SSRM) continues to reflect below-average financial
risk profile, driven by large working capital requirements,
resulting in high gearing and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            327.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Demand Loan            200.0      CRISIL B/Stable (Reaffirmed)

The rating also factors in modest market position in the
fragmented rice industry and susceptibility of the business risk
profile to changes in the Government of India regulations. These
weaknesses are partially offset by the promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that SSRM will continue to benefit over the medium
term, from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if working capital management
and profitability improve. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile weakens with deficient
working capital management, or large debt-funded capital
expenditure.

SSRM was set up as a sole proprietorship by Mr. Ashwani Kumar in
1999. In 2009, with Mr. Hari Ram Bansal and Mr. Sweety Singla also
joining in, the sole proprietorship was reconstituted as a
partnership. The firm processes basmati and non-basmati rice, and
its by-products. The firm is based in Lehragaga (Punjab).


SHREE GANESH: CRISIL Reaffirms B Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Ganesh
Industries (SGI) continues to reflect the firm's below-average
financial risk profile, marked by moderate gearing, modest net
worth, and weak debt protection metrics.

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

   Proposed Cash
   Credit Limit            30       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's small scale of operations in
the intensely competitive cotton ginning industry, and
susceptibility to adverse government regulations and volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of SGI's promoter.
Outlook: Stable

CRISIL believes that SGI will continue to benefit over the medium
term from its promoter's extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' if
there is substantial and sustained improvement in revenue,
profitability margin, or working capital management; or if a
sizeable equity infusion by the promoter enhances the capital
structure and net worth. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margin; or
if a stretch in working capital cycle or any large capital
expenditure weakens the capital structure.

Established in 2000, SGI is engaged in the cotton ginning
business. Promoted by Mr. Sanjay Bachuwar, the firm is based out
of Nizamabad, Telangana.


SHREELA DIAMOND: ICRA Suspends 'D' Rating on INR10cr Bank Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR10 crores
bank limits of Shreela diamond and Jewels private limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Glide Investments and Finance Pvt. Ltd. was incorporated in 1976
with the objective to invest in real estate. No business
activities were taken up by the company except for purchasing an
apartment at Mont Blanc in Kemp's Corner. The company was taken
over by Mrs. Gulab Jain and Mr. Hukmichand Jain in 1988. In 2002,
Ms. Sonia Jain joined the company as a director and the company
started exporting diamonds for export market. The name of the
company was changed to Shreela Diamonds & Jewels Pvt. Ltd. in
2005.

The promoters of the company have experience of over 24 years in
the business of diamond export and diamond jewellery. SDJPL is a
closely held entity and is managed typically like a family run
business with the promoters having direct control and supervision
over all operational aspects, with limited induction of outside
professionals. Mr. Hukmichand Jain has more than three decades of
experience in the gem and jewellery business and has established
reputation and customer contacts.


SINGLA RICE: ICRA Reaffirms 'B' Rating to INR7.50cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR7.50
crore fund based bank facilities of Singla Rice Oil and General
Mills.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Long Term               7.50       [ICRA]B; reaffirmed

The rating reaffirmation takes note of the year-on-year decline in
SRGM's operating income in 2014-15, due to low realizations and
decline in volumes. The high gearing of the firm, arising out of
substantial debt funding of working capital requirements, coupled
with low profitability, has resulted in the firm's weak coverage
indicators. The rating continues to be constrained by the highly
competitive nature of the rice milling industry, along with the
vulnerability of the firm's profitability to fluctuations in raw
material prices, which has resulted in thin profit margins.
Further, the rating continues to factor in agro climatic risks,
which can impact the availability of the basic raw material.
However this risk is partially offset by the proximity of the mill
to major rice growing areas which results in easy availability of
paddy. The rating also favorably takes into account the extensive
experience of the promoters in the rice industry.

Going forward, the firm's ability to register revenue growth, and
bring about a sustained improvement in its coverage indicators
will be the key rating sensitivities.

SRGM was established in 1985 as a partnership firm with Mr. Manoj
Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as partners
in equal ratio. The firm undertakes processing and trading of rice
(Basmati and Non- Basmati) in the domestic market. It also
performs custom milling operations for the state government of
Haryana. The manufacturing unit of the firm is located in Nissing,
Haryana with a milling capacity of 3 tonnes/hour of paddy.

Recent Results
SRGM reported a net profit of INR0.02 crore on an operating income
of INR40.07 crore for 2013-14, as compared to a net profit of
INR0.01 crore on an operating income of INR30.39 crore for the
previous year. The firm, on a provisional basis, reported an
operating income of INR31.81 crore for 2014-15.


SIVARAM YARNS: CRISIL Cuts Rating on INR155MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sivaram Yarns Private Limited (SYPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan       155        CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SYPL in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity with its depressed cash accruals being
inadequate to service its debt obligations.

SYPL has modest scale of operations, is exposed to intense
competition in the cotton yarn industry, and its profitability
margins are susceptible to volatility in cotton prices. The
company also has a below-average financial risk profile marked by
modest net-worth, high gearing, and below-average debt protection
metrics. However, the company benefits from its promoters'
extensive entrepreneurial experience.

SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his
family members. The company manufactures cotton yarn, and its
spinning unit is located in East Godavari district (Andhra
Pradesh).


SMS INTERNATIONAL: CRISIL Ups Rating on INR63MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
SMS International Beverages Pvt Ltd (SMS) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming its rating on the short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)

   Cash Credit           30         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit      25         CRISIL A4 (Reaffirmed)

   Term Loan             63         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SMS's business
risk profile will improve over the medium term, supported by
continuation of steady revenue growth and sustenance of improved
profitability because of higher utilisation of its capacities. The
company achieved sales of around INR160 million in 2014-15 (refers
to financial year, April 1 to March 31), with a moderate operating
margin of around 10 per cent during the same period which was
higher than CRISIL's expectations. The improvement in sales and
operating margin is because of healthy ramp-up in capacities,
supported by a pan-India distribution network. SMS reported sales
of around INR110 million for the three months through June 2015
and is expected to close 2015-16 at more than INR180 million.

The ratings reflect SMS's weak financial risk profile, marked by
its high gearing, below-average debt protection metrics and small
net worth. The ratings also factor in the company's moderate scale
of operations in the intensely competitive food processing
segment. These rating weaknesses are partially offset by the
promoters' extensive industry experience and their funding
support.
Outlook: Stable

CRISIL believes that SMS will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company generates better-than-
expected cash accruals or receives subsidy from the Ministry of
Food Processing Industries, leading to improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
SMS's financial risk profile is further constrained most likely by
lower than expected cash accruals or large working capital
requirements.

SMS was established in 2013 in Solan (Himachal Pradesh). The
company manufactures food products, including fruit juices, fruit
drinks, jam and jelly, and commenced production in January 2014.
SMS sells juices under the Pulpy Fresh brand. The company is
promoted by Mr. Mool Chand Garg, Mr. Sanjay Mittal, and Mr.
Sudheer Gupta.


SPANCO LIMITED: Bombay High Court Orders Liquidation
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Spanco Limited has
been ordered by the Bombay High Court to liquidate its operations.
This development reportedly comes following the company's failure
to pay creditors INR468 crore, the report says.

The report relates that the official liquidator will look after
the all creditors' interest and oversee the sale of the business
and assets.

Spanco Limited, an IT firm, has constructed different business
segments in BPO, power system integration, e-governance, mobile
banking and network integration.


SRI KAILASANADHA: CRISIL Reaffirms 'B' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Kailasanadha
Cotton Syndicate Pvt Ltd (SKS) continues to reflect the company's
below-average financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics.

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

The rating of the company is also constrained on account of the
susceptibility of SKS's profitability margins to volatility in raw
cotton prices, large working capital requirements and its exposure
to regulatory changes and intense competition in the cotton
ginning industry. These rating weaknesses are partially offset by
the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes that SKS will continue to benefit over the medium
term from its promoters' extensive experience in the cotton-
ginning business. The outlook may be revised to 'Positive' if
there is substantial and sustained increase in the company's scale
of operations, while maintaining its profitability margins, or if
there is substantial improvement in its capital structure on the
back of equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
SKS's profitability margins, or significant deterioration in its
capital structure caused most likely because of large debt-funded
capital expenditure or a stretch in its working capital cycle.

Set up as a private limited company in 2004 by Mr. T Ramkalyan,
Ms. T. Vijaya Lakshmi and Mr. T Surya Raghvendra, SKS is engaged
in ginning and pressing of raw cotton. The company's ginning unit
is based in Guntur (Andhra Pradesh).


SSPDL LIMITED: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SSPDL Limited a
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The
agency has also assigned SSPDL's proposed INR100m fund-based
working capital limits a 'Provisional IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect SSPDL's high reliance on customer advances for
the completion of its on-going projects. The ratings also reflect
the risk of timely execution for SSPDL's on-going projects as some
of them are in the nascent stage, with the biggest project being
completed to the extent of 12% of the total construction. The
ratings also consider the associated high geographical
concentration risk as the company is only executing its projects
in Chennai and Hyderabad.

The ratings benefit from the promoter's extensive experience of
over two decades in the real estate sector.

RATING SENSITIVITIES

Positive: Timely completion of on-going projects within the
projected cost outlay will be positive for the ratings.
Negative: Any slowdown in booking below projections leading to a
cash flow shortfall will be negative for the ratings.

COMPANY PROFILE

SSPDL was incorporated in 1994 as a public limited company -
Srinivasa Shipping and Property Development Limited - by Mr.
Prakash Challa and Srinivasa Hatcheries Group. In 2008, the
company was changed to SSPDL Limited.  Its registered office is in
Banjara Hills, Hyderabad. The company is primarily engaged in the
business of real estate development and the construction of
buildings, commercial and residential complexes. SSPDL's shares
are listed on the Bombay Stock Exchange.


V3 ENGINEERS: CRISIL Raises Rating on INR60MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
V3 Engineers Pvt Ltd (V3 Engineers) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit            60       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of Credit       40       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term     50       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Proposed Short Term    27.8     CRISIL A4 (Upgraded from
   Bank Loan Facility              'CRISIL D')

   Working Capital        15       CRISIL B-/Stable (Upgraded
   Term Loan                       from 'CRISIL D')

The rating upgrade reflects regularisation of V3 Engineers' delays
in debt servicing and prepayment of debt instalments due in the
next two months, following improvement in its liquidity. The
company generated cash accruals of around INR14 million in 2014-15
(refers to financial year, April 1 to March 31) as against cash
losses in 2013-14. Its annual accruals are likely to be in the
range of INR16 million to INR18 million over the medium term as
against minimal repayment obligations. Furthermore, the promoters
have a track record of providing need-based funds to the company,
thus supporting its liquidity.

The ratings reflect V3 Engineers' weak financial risk profile,
marked by a modest net worth and weak debt protection metrics, and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the furniture industry.

Outlook: Stable

CRISIL believes that V3 Engineers will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
achieves substantial improvement in its financial risk profile,
driven by higher cash accruals and improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if V3 Engineers' financial risk profile deteriorates, most likely
because of a sharp decline in its revenue or margins, or a
significant increase in its working capital requirements, or debt-
funded capital expenditure.

Incorporated in 1990, V3 Engineers manufactures and installs
modular furniture for corporate and domestic uses. The company
derives around 70 per cent of its revenue from corporate (office)
furnishings.

For 2014-15, V3 Engineers, provisionally, reported a net profit of
INR1.5 million on an operating income of INR351 million as against
net losses of INR6.6 million on an operating income of INR374
million for 2013-14.


VEER CHEMICALS: CRISIL Assigns 'B' Rating to INR45MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Veer Chemicals (Veer).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Letter of Credit         45        CRISIL B/Stable

The rating reflects below-average financial risk profile, with
high gearing and weak debt protection metrics. The rating also
factors in modest scale and moderately working-capital-intensive
operations, and low profitability in the highly competitive and
fragmented chemical trading industry. These weaknesses are
partially offset by the proprietor's extensive industry experience
and established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes that Veer will benefit over the medium term from
its proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves due to large cash accruals, or significant infusion of
fresh capital. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens due to low cash accruals or large working capital
requirements.

Established in 2005, Veer is a proprietorship firm trading in
organic and inorganic chemicals. The firm is promoted by Mr.
Virendra Shah and is based out of Mumbai (Maharashtra).



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


TOSHIBA CORP: Expects to Book Annual Loss After Scandal
-------------------------------------------------------
The Associated Press reports that Toshiba Corp. said it expects to
book a loss in the current fiscal year and is beefing up its
management standards after an investigation found extensive
problems with its accounting and corporate governance.

AP relates that the company said Aug. 18 that it plans to add more
outside directors to help ensure stricter oversight.

A probe found underreporting of project costs and losses in many
divisions in a scandal that prompted the resignations of former
company President Hisao Tanaka and two other top executives, the
report says.

According to the AP, Toshiba has announced plans to revise its
earnings by JPY152 billion ($1.2 billion) or more to correct the
mistakes. The company did not give a specific forecast for the
fiscal year which ends on March 31, 2016, the AP notes.

AP says the management reshuffle plan calls for Toshiba's chairman
and interim president, Masashi Muromachi, to stay on as president.
An outside board member will be named chairman. The newly
organized board is to have 11 members, seven of whom will be
outside directors.

The report by the investigation committee into the accounting
problems outlined many instances of company officials
underreporting costs, delaying reports of losses and other abuses
including "channel stuffing," or inflating sales figures by
putting more products into a distribution channel than it can
sell, adds the AP.

In many cases it attributed the missteps to worries that upper
management would not accept the losses and to lax internal
controls. No charges have been filed in relation to the problems,
which date back at least six years, the AP relays.

Toshiba has pledged to create a functional whistleblower system to
help stave off future abuses, the news agency adds.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



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


BLUE CHIP: Boss Mark Bryers Owes 'Many, Many Millions'
------------------------------------------------------
Phil Taylor at nzherald.co.nz reports that many, many millions are
owed by a group of 17 Australian companies former Blue Chip boss
Mark Bryers is alleged to have been illegally managing,
liquidators said.

BRI Ferrier was last week appointed liquidators of Sydney-based
Talos Accounting Group, where Bryers worked under the name
Mark Ryan to avoid negative associations with the collapse of
New Zealand group Blue Chip's, according to nzherald.co.nz.

Several Talos executives were involved with Bryers in the last
years of Blue Chip, the report says.  Creditors lost around
NZ$310 million in companies related to Blue Chip, which was a
property investment scheme operating in New Zealand until 2008,
the report recalls.

According to nzherald.co.nz, liquidator Andrew Cummins said he did
not have consolidated figures but the amount owed by the
companies, which offered accounting and financial services, was
"many, many millions".

This was comprised of debts to three banks, staff and unpaid
vendors of accounting firms acquired by the group, the report
notes.

"Allegations of impropriety" had been made but Mr Cummins told the
Herald he could not elaborate at this stage.

Talos director Stephen Lacy initiated the liquidation in a process
called a creditor's voluntary winding up and was co-operating.

Mr Bryers had not yet been approached but would be sought for
interview as part of the liquidation process, Mr Cummins said, the
report relays.

Accountancy firms acquired by Talos would be put up for sale with
proceeds expected to go to the banks as secured creditors, says
nzherald.co.nz.

In March Mr Bryers was released from bankruptcy by the High Court
but banned from managing a business in New Zealand for a further
seven years, the report discloses.

nzherald.co.nz says the High Court heard accusations Bryers was
running Talos Accounting Group in Australia, contrary to
New Zealand law.

nzherald.co.nz relates that Associate Judge Jeremy Doogue said
that individual instances put before the court did not disclose
activity at director level but showed he was "plainly not just a
consultant to the company but was discharging management decisions
within it".

nzherald.co.nz adds that the judge said Bryers used the alias Mark
Ryan "to deceive people dealing with him in his role at Talos as
to [his business history]", and that "Talos and Bryers adopted
measures which were designed to portray Bryers as having a less
than direct activity in the affairs of Talos than he actually
did."

Bryers' creditors lost more than NZ$150 million in his bankruptcy,
the report notes.

Mr Bryers has lived in Australia since 2006, the report adds.

                       About Blue Chip

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


MATAURI-X INCORPORATION: Receivers to Sell Land to Clear Debt
-------------------------------------------------------------
Lois Williams at Radio New Zealand reports that Maori landowners
of Tai Tokerau's Matauri-X Incorporation are hoping to save their
whenua at Matauri Bay by selling off a subdivision.

They will be losing 50 hectares to save the other 300-plus
hectares, which was all put up as security for a doomed business
venture 14 years ago, the report says.

Radio NZ relates that the Incorporation, under former chief
executive Hemi Rua Rapata, borrowed to buy a water bottling
company which turned out to be worthless.

The initial loan of about NZ$3 million then spiralled upwards, the
report discloses.

According to the report, the Maori Land Court investigated and
appointed an administrator and approved a scheme to refinance and
pay off the debt by subdividing and selling off 80 sections.

But the global financial crisis intervened and only eight sections
ever sold, the report says.

Radio NZ says receivers PricewaterhouseCoopers (PwC) have now
found a buyer for the entire subdivision and agreed to write off
the rest of the debt, much of it penalty interest.

The report relates that the Incorporation's business advisor, Pat
Durham, said it was the best possible outcome for the 400 Matauri-
X shareholders whose ancestral land had been under a debt cloud
for more than a decade.

But a lawyer specialising in Maori land and business affairs,
Chapman Tripp's Nick Wells, said the loss of any Maori land in
this day and age was heartbreaking and avoidable, the report
relays.

He said the Maori Land Court had recently approved agreements in
which trustees leased their land long-term to a subsidiary, which
borrowed against the lease, according to Radio NZ.

"The lease, let's say it's for 30 years, is quite a valuable
asset, because you've got the rights to land for 30 years embedded
in the lease, so it is valuable," the report quotes Mr. Wells as
saying.  "If everything goes bad, yes - I suppose the lease of the
land is lost for 30 years, but after that time the ability to use
it returns to the trust."



                             *********

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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