TCRAP_Public/150916.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 16, 2015, Vol. 18, No. 183


                            Headlines


A U S T R A L I A

ARGON WELDING: First Creditors' Meeting Set For Sept. 23
BANK OF QUEENSLAND: Moody's Rates Class E Notes '(P)Ba1(sf)'
CUISINECO PTY: First Creditors' Meeting Set For Sept. 22
CUSTOM STAINLESS: First Creditors' Meeting Set For Sept. 21
NATURAL FOOD: Director Guilty of Ignoring Competition Watchdog


C H I N A

FOSUN INT'L: Moody's Says Equity Placement No Impact on Ba3 CFR


I N D I A

ARN TEXTILES: CRISIL Cuts Rating on INR50MM Cash Loan to 'D'
EAGLE AUTOPEARL: ICRA Suspends B- Rating on INR27cr LT Loan
FUTECH PROJECTS: CRISIL Cuts Rating on INR35MM LT Loan to 'B+'
GRAMALAYA URBAN: CRISIL Assigns 'B' Rating to INR90MM LT Loan
HIMALAYIYA AYURVEDIC: CRISIL Ups Rating on INR85MM Loan to B+

J AND B ENGINEERING: CRISIL Rates INR65MM LT Loan at B-
JANTA RICE: ICRA Reaffirms 'B' Rating on INR9.50cr Cash Credit
JJ PV SOLAR: ICRA Suspends 'B' Rating on INR11.95cr LT Loan
KARVY THERAPEUTICS: ICRA Reaffirms B+ Rating on INR7cr Term Loan
KERALA ELECTRICAL: CRISIL Reaffirms B Rating on INR173.5MM Loan

KSS PETRON: CRISIL Cuts Rating on INR5.52BB Bank Loan to 'D'
KTC THREADS: ICRA Reaffirms B Rating on INR11cr Cash Credit
LAKSHMI GANAPATHI: ICRA Reaffirms B+ Rating on INR6.95cr LT Loan
M-STAR HOTELS: CRISIL Cuts Rating on INR90MM Term Loan to 'D'
MAA KALI: CRISIL Assigns B+ Rating to INR247.5MM Cash Loan

MAHIDHARA PROJECTS: CRISIL Reaffirms B+ Rating on INR50MM Loan
MARUTI METAL: CRISIL Cuts Rating on INR130.5MM LT Loan to 'B'
NAKUL ENTERPRISE: CRISIL Reaffirms B Rating on INR50MM Loan
PERRY IMPEX: CRISIL Cuts Rating on INR400MM Loan to B+
PMC RUBBER: CRISIL Reaffirms B Rating on INR337.5MM Cash Loan

SAHARA GROUP: RBI Cancels Sahara India Financial's Certificate
SARA EXPORTS: CRISIL Reaffirms B+ Rating on INR360MM Cash Loan
SEABOY FISHERIES: CRISIL Assigns B+ Rating to INR7.5MM LT Loan
SHIVA STRUCTURES: CRISIL Ups Rating on INR250MM Term Loan to B
SHRI SHIV: CRISIL Cuts Rating on INR103.2MM LT Loan to 'D'

SIDDHARTH FIBRE: CRISIL Reaffirms B+ Rating on INR116MM Cash Loan
SLK PROGRESSIVE: CRISIL Reaffirms B+ Rating on INR20MM LT Loan
SPARK GREEN: ICRA Suspends B- Rating on INR80cr Term Loan
SREE GIRIDHARI: ICRA Assigns B+ Rating to INR5.75cr Loan
SRI AUROBINDO: ICRA Reaffirms B+ Rating on INR49.30cr Loan

SUPREME HOLDINGS: ICRA Assigns B+ Rating to INR85cr Term Loan
VINAYAK ULTRAFLEX: CRISIL Rates INR75MM Cash Credit at 'B+'


J A P A N

MT GOX: Founder Mark Karpeles Charged With Embezzlement


                            - - - - -


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


ARGON WELDING: First Creditors' Meeting Set For Sept. 23
--------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Argon Welding Pty Ltd on Sept. 13,
2015.

A first meeting of the creditors of the Company will be held at
the Meeting Room of Vincents Chartered Accountants, Level 19 MLC
Centre, 19-29 Martin Place, in Sydney, on Sept. 23, 2015, at
3:00 p.m.


BANK OF QUEENSLAND: Moody's Rates Class E Notes '(P)Ba1(sf)'
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the Series 2015-1 REDS EHP Trust.
Issuer: Series 2015-1 REDS EHP Trust

AUD395.0 million Class A Notes, Assigned (P)Aaa (sf);

AUD29.0 million Class B Notes, Assigned (P)Aa2 (sf);

AUD24.0 million Class C Notes, Assigned (P)A2 (sf);

AUD12.0 million Class D Notes, Assigned (P)Baa2 (sf);

AUD12.5 million Class E Notes, Assigned (P)Ba1 (sf).

The AUD 27.5 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class A
and B Notes by the legal final maturity. As the coupons for the
Class C, D and E Notes are split into senior and subordinate
amounts -- where the senior amounts are 1M-BBSW, and the
subordinate coupon margin amounts are subordinate to all other
items in the interest waterfall -- the structure allows for timely
payment of the senior amount of interest and ultimate payment of
principal with respect of the Class C, D and E Notes.

The transaction is a securitisation of a portfolio of Australian
specific security agreements (previously called chattel mortgages
and bills of sale), finance leases, and hire purchase contracts
secured by motor vehicles and equipment (all wheels). All loans
were originated by Bank of Queensland Equipment Finance Pty
Limited ("BOQEF"), a wholly owned subsidiary of Bank of Queensland
("BOQ").

This is the fourth Australian ABS transaction issued by BOQ since
2008 and BOQ's tenth ABS transaction to date.

RATINGS RATIONALE

Series 2015-1 REDS EHP Trust is similar to the last REDS EHP
transaction in that the composition of the receivables pool
backing the transaction is split between motor vehicles and other
equipment (all wheels) (57.77% and 42.23% respectively). In this
sense, the current transaction is also similar to pre-2009 Trusts
in terms of pool composition. As with the last REDS EHP
transaction, this deal features only AUD denominated tranches,
with one senior (P)Aaa (sf) rated tranche and no short dated P-1
rated tranche.

In order to fund the purchase price of the portfolio, the Trust
will issue up to six classes of Notes. The Notes will be repaid on
a sequential basis in the initial stages, until the subordination
percentage increases from the initial 21.0% to 26.9% for the Class
A Notes and from 15.2% to 19.5% for the Class B Notes and before
the outstanding balance of the notes falls below 10% of the
initial note balance at closing. At all other times, all classes
of notes will be repaid on a pro-rata basis. This principal
paydown structure is comparable to other recent ABS transactions
in the Australian market.

Our base case assumptions are a default rate of 3.45% and a
recovery rate of 35.0%. These imply an expected (net) loss of
2.24%. Both the default rate and recovery rate have been stressed
relative to observed historical levels of 2.48% and 50.09%
respectively.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS published in
January, 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 6.90% (double Moody's assumption of
3.45%) and recovery rates are reduced to 15% (more than half of
Moody's assumption of 35%) then the model-indicated rating for the
Class A Notes and Class B Notes both drop seven notches to Baa1
and eight notches to Ba1 respectively.


CUISINECO PTY: First Creditors' Meeting Set For Sept. 22
--------------------------------------------------------
Glen Oldham of Oldhams Advisory was appointed administrator of
Cuisineco Pty Ltd on Sept. 10, 2015.

A first meeting of the creditors of the Company will be held at
Oldhams Advisory, Level 20, 300 Queen St, in Brisbane, Queensland,
on Sept. 22, 2015, at 10:00 a.m.


CUSTOM STAINLESS: First Creditors' Meeting Set For Sept. 21
-----------------------------------------------------------
David Michael Stimpson and Terry Grant van der Velde of SV
Partners were appointed as administrators of Custom Stainless
Industries Pty Ltd, formerly trading as Custom Stainless
Industries & Moreton Marine Stainless.

A first meeting of the creditors of the Company will be held at
SV Partners, 1 Plaza Parade, in Maroochydore, Queensland, on
Sept. 21, 2015, at 11:00 a.m.


NATURAL FOOD: Director Guilty of Ignoring Competition Watchdog
--------------------------------------------------------------
Broede Carmody and Renee Thompson at SmartCompany reports that the
sole director of a vending machine company has been found guilty
of failing to comply with a compulsory notice issued by the
Australian competition watchdog.

SmartCompany relates that the Federal Court in Brisbane has ruled
Robert Davies, the director of Natural Food Vending, failed to
issue particular documents to the Australian Competition and
Consumer Commission in order to assist with an investigation into
his company.

According to the report, the competition watchdog served the
notice to Davies back in 2010 following allegations the business
was making false or misleading representations in regards to
business opportunities with the company's vending machines.

A liquidator was appointed to Natural Food Vending the same day
the company was due to respond to the competition watchdog's
compulsory notice, SmartCompany says.

A sentencing hearing will be held in the coming weeks, the report
adds.



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


FOSUN INT'L: Moody's Says Equity Placement No Impact on Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says Fosun International Limited's
announced equity placement is credit positive as it will help
improve the company's financial flexibility and liquidity profile.
However, the proposed issuance will not immediately impact Fosun's
Ba3 corporate family rating and Ba3 senior unsecured rating for
the bond issued by Sparkle Assets Limited and guaranteed by Fosun.

The outlook for the rating remains stable.

On September 11, 2015, Fosun announced that it will raise around
HKD11.6 billion through a right issue to existing qualified
shareholders. It plans to use the proceeds of the equity placement
for general corporate purposes, including to fund its acquisitions
in the banking and insurance industry and to repay existing loans.
This is Fosun's second equity raising this year, following its
HKD9.3 billion equity placement in May 2015.

"The share placement will help improve Fosun's financial profile
and reduce the need for additional debt to fund its acquisitions.
It also indicates the management's intention to preserve its
financial profile while continuing its fast expansion," says Lina
Choi, Moody's Vice President and Senior Analyst.

Moody's estimates that the equity placement -- if completed as
planned and if the proceeds are used to repay debt -- will help
lower Fosun's reported debt/capitalization to 46% from 51% as of
1H 2015.

Fosun accelerated the recycling of its investments in 1H 2015,
taking advantage of the high market valuation during the period.
Its disposal gains reached HKD5.3 billion in 1H2015, up
significantly from HKD990 million a year ago. The proceeds from
these asset disposals will further help alleviate Fosun's funding
pressure for its active acquisitions.

Moody's estimates that Fosun had unpaid considerations of $2.8
billion at end-2014. The company made a few big acquisitions so
far this year, including Ironshore Inc. (unrated), Phoenix
(unrated), Meadowbrook Insurance Group (unrated). The
considerations for these acquisitions totaled around $2.9 billion.

In addition, the reallocation of capital has improved the business
and geographical diversification of Fosun's portfolio. In 1H 2015,
Fosun's reported operating profits (excluding disposal gains)
dropped 22%. Stronger profits from its less cyclical businesses,
including insurance, asset management and healthcare, offset the
lower profits from its steel and mining segments.

The profits before tax contributed by these three less cyclical
businesses increased to 79% in 1H 2015 from 48% in same period
last year.

Fosun's recent overseas acquisitions, predominantly in the
insurance industry, also help reduce its exposure to systemic
risks in mainland China.

However, such acquisitions also bring execution risks and increase
funding pressure.

Moody's will continue to monitor Fosun's financial policies,
investments and funding plans, as well as the performance of its
key underlying businesses.

The principal methodology used in this rating was Global
Investment Holding Companies published in October 2007.

Fosun group was founded in 1992. Its core businesses are (1)
insurance; (2) steel; (3) property; (4) pharmaceuticals and
healthcare; and (5) mining.

Apart from these core businesses, Fosun also has a growing
presence in other areas such as asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses, and
investment partnerships that are not publicly listed.



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


ARN TEXTILES: CRISIL Cuts Rating on INR50MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
ARN Textiles Pvt Ltd (ARN; part of the Swastik group) to 'CRISIL
D' from 'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the ARN's continuously overdrawn
cash credit facility and nil business transactions in the Swastik
group's bank account. The overdrawn facility was due to
significant deterioration in the group's liquidity, mainly because
of a stretched working capital cycle due to loss of business from
its major customers.

The Swastik group has a weak financial risk profile, marked by a
high, total outside liabilities to tangible net worth ratio and
weak debt protection metrics, and large working capital
requirements. However, the group benefits from its promoters'
extensive experience in the fabric-trading business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ARN and Swastik Traders (ST). This is
because the two entities, together referred to as the Swastik
group, have common promoters, are in the same line of business,
and are likely to extend support to each other, if needed.

ARN, based in Delhi, was set up in 2009 by Mr. Rajesh Attri. The
company trades in grey, printed, and knitted fabrics. Mr. Attri
has experience of over 22 years in the fabric-trading business.

ST, also based in Delhi, was set up as a proprietorship firm in
2010 by Mr. Attri. The firm trades in grey fabrics. Mr. Attri and
his family have an experience of over 22 years in the fabric-
trading business through group entities.


EAGLE AUTOPEARL: ICRA Suspends B- Rating on INR27cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA] B- rating assigned to the INR27.00
crore long term fund based facilities of Eagle Autopearl Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2012 by the Eagle Group, Eagle Autopearl Private
Limited (EAPL) is a dealer of Ashok Leyland Limited (ALL). EAPL
currently has three showrooms in Saurashtra, Gujarat at Rajkot,
Jamnagar, and Morbi and the fourth showroom is under construction
at Bhavnagar. Eagle Group was founded in 2006 by Mr. Manish
Bavaria with Eagle Motors Pvt Ltd, which is authorized dealer of
Ford India Private Limited. Further the group acquired dealerships
of Vespa in 2011 and of Yamaha in 2013.


FUTECH PROJECTS: CRISIL Cuts Rating on INR35MM LT Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Futech Projects India Pvt Ltd (FPPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Negative' and reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           125      CRISIL A4 (Reaffirmed)

   Clean Bill Discounting    15      CRISIL A4 (Reaffirmed)

   Proposed Long Term        35      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Negative')

   Secured Overdraft         25      CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Negative')

The downgrade reflects deterioration in FPPL's business risk
profile, marked by decline in revenue, and stretched working
capital requirements funded through additional debt, leading to
weakening of liquidity. FPPL reported operating income of INR192
million in 2014-15 (refers to financial year, April 1 to
March 31), down from INR217 million in 2013-14, driven by stretch
in payments from customers resulting in delay in execution of
orders. Consequently, FPPL's working capital cycle lengthened,
resulting in deterioration in liquidity marked by high bank limit
utilisation, and decline in net cash accruals to INR1.1 million in
2014-15 from INR2.4 million the previous year. CRISIL believes
FPPL's liquidity will remain stretched with slow execution of
orders and high dependence on bank borrowings, leading to low net
cash accruals, over the medium term.

The ratings reflect FPPL's modest scale of operations,
susceptibility to slowdown in capacity addition in its end-user
industry, and average financial risk profile marked by average
capital structure. These rating weaknesses are partially offset by
the extensive experience of FPPL's promoters in the erection-
procurement-commissioning (EPC) segment, and the company's
established relationships with clients.
Outlook: Stable

CRISIL believes that FPPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if FPPL scales up operations substantially,
leading to large cash accruals, while managing its working capital
efficiently, resulting in a better financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
liquidity, deteriorates, most likely because of a stretch in
working capital cycle or large debt-funded capital expenditure.

FPPL was incorporated in New Delhi in 1995 by Mr. Narshiman and
Mr. S Ahmed. The company undertakes EPC projects to set up fire
protection systems on a turnkey basis (from concept to
commissioning). It also undertakes piping and construction work
for fuel-oil storage systems.


GRAMALAYA URBAN: CRISIL Assigns 'B' Rating to INR90MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Gramalaya Urban and Rural Development Initiatives
and Network (Guardian).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      90         CRISIL B/Stable

The rating reflects Guardian's small scale of, and geographical
concentration in, operations, the weak credit risk profiles of its
borrowers, and modest capitalisation. These rating weaknesses are
partially offset by the promoters' extensive experience in
development activities in the rural areas.
Outlook: Stable

CRISIL believes that Guardian will continue to benefit over the
medium term from its promoters' extensive experience. The outlook
may be revised to 'Positive' if Guardian substantially improves
the scale and diversity of its operations, and its capitalisation.
Conversely, the outlook may be revised to 'Negative' if the asset
quality or earnings profile declines.

Guardian was set up in November 2007 by its parent organisation,
Gramalaya, registered under Section 25 of the Companies' Act,
1956, as a non-profit organisation. Guardian provides water and
sanitation loans to poor households under the Joint Liability
Groups (JLG) model. Guardian is promoted by Gramalaya, an NGO,
which has been in the field of rural development since 1987.

For 2014-15 (refers financial year, April 1 to March 31), Guardian
reported a profit after tax of INR2.4 million on a total income of
INR30.9 million'up from INR0.8 million and INR21.7 million,
respectively, for the previous year.


HIMALAYIYA AYURVEDIC: CRISIL Ups Rating on INR85MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Himalayiya Ayurvedic Yog Evam Prakartik Chikitsa Sansthan
(HAYEPCS) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan           85       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that HAYEPCS's business and
financial risk profiles will improve over the medium term, with
increase in demand for medical courses, and with the trust's newly
added courses and incremental revenue from hostel leading to
sufficient cash accruals to meet term loan obligations. The trust
reported operating profitability of 34.5 per cent in 2014-15
(refers to financial year, April 1 to March 31) against 20.8 per
cent the previous year, on account of improved occupancy for
courses. The margin is expected to improve gradually over the
medium term. Financial risk profile improved with decline in
gearing to 1.76 times as on 31 March, 2015, from 2.16 times a year
earlier.

The rating reflects HAYEPCS's average financial risk profile,
marked by small net worth, moderate gearing, and moderate debt
protection metrics. The rating also factors in small scale of
operations and exposure to risks related to regulation of
educational institutions. These rating weaknesses are partially
offset by healthy demand for medical courses and the extensive
industry experience of HAYEPCS's trustees.
Outlook: Stable

CRISIL believes HAYEPCS will benefit over the medium term from its
trustees' extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial operating
profitability or revenue, leading to improved liquidity.
Conversely, the outlook may be revised to 'Negative' if the trust
generates low cash accruals or undertakes a large debt-funded
capital expenditure programme, weakening liquidity.

HAYEPCS was registered under the Societies Act with the Registrar
of Societies, Government of Uttarakhand, in 2005. The trust is
managed by Mr. Balkrishan Chamoli. Mr. Pradeep Kumar is its
chairman. The trust was formed to provide medical education
through the Himalayiya Ayurvedic Medical College and Hospital in
Rishikesh (Uttarakhand). The medical college and its courses are
approved by the Central Council of Indian Medicine and the college
is affiliated to the Hemvati Nandan Bahugana University, Garhwal
(Uttarakhand). The trust also operates a medical hospital with
around 100 beds on a non-profit basis.


J AND B ENGINEERING: CRISIL Rates INR65MM LT Loan at B-
-------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B-/Stable' to the long-
term bank loan facilities of J and B Engineering and Construction
Company (JBEC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       65        CRISIL B-/Stable

The ratings reflect the small scale of operations and exposure to
high competition in the highly fragmented civil construction
industry. The ratings also reflect the weak financial risk profile
and JBEC's working capital intensive nature of operations. These
weaknesses are partially offset by the extensive industry
experience of J&B's promoters in the civil construction segment.

Outlook: Stable

CRISIL believes that JBEC will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
firm's revenue and profitability leading to improved cash accruals
while improving its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of pressure on JBEC's
scale of operations and profitability or weakening of its
liquidity, most likely due to delays in collection of receivables.

JBEC undertakes civil construction, majorly contracting works for
government departments of Kerala, including the Public Works
Department and Kerala Water Authority. The firm is managed by Mr.
K A Abraham, who has experience of over three decades in the
industry.


JANTA RICE: ICRA Reaffirms 'B' Rating on INR9.50cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR9.50 crore
cash credit facility and INR1.00 crore term loan of Janta Rice
Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           9.50         [ICRA]B; reaffirmed
   Term Loan             1.00         [ICRA]B; reaffirmed

The rating reaffirmation takes into account the 25% year on year
increase in JRM's operating income in FY15, driven by an increase
in the sales of basmati rice; however, the firm's scale of
operations continues to remain small at an absolute level. ICRA's
rating continues to be constrained by the highly competitive and
low value additive nature of the rice milling industry, which
coupled with the firm's limited pricing power, results in thin
operating profitability. ICRA also takes note of the vulnerability
of the firm's operations to agro climatic risks, which can affect
the pricing and availability of paddy; the firm's leveraged
capital structure and the highly working capital intensive nature
of its operations. However, the rating positively factors in the
extensive experience of the partners, having more than a decade of
experience in the rice processing and trading industry; the
proximity of the mill to a major rice growing area which results
in easy availability of paddy and also the stable demand outlook
for rice given that India is a major consumer and exporter of
rice.

Going forward, the ability of the firm to increase its size and
scale, while improving its margins and optimally managing its
working capital cycle will constitute the key rating
sensitivities.

JRM is a partnership firm established in 1978 and is primarily
engaged in the milling of basmati and non-basmati rice. JRM's
milling unit is located in Karnal, Haryana, which provides ease in
terms of raw material procurement on account of close proximity to
the local grain market. The firm has a milling capacity of 2
tonnes/hour and sorting capacity of 3-4 tonnes/hour.

Recent Result
In FY15, JRM reported a net profit of INR0.03 crore on an
operating income (OI) of INR32.73 crore, as against a net profit
of INR0.03 crore on an operating income of INR26.10 crore for the
previous year.


JJ PV SOLAR: ICRA Suspends 'B' Rating on INR11.95cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR11.95
crore long term fund based facilities and [ICRA]A4 rating assigned
to the INR4.00 crore short term fund based facility (sublimit of
long term fund based facilities) of JJ PV Solar Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in August 2010, JJ PV Solar Private Limited (JPSL)
promoted by Mr. Damjibhai Akbari is engaged in manufacturing of
crystalline solar photo voltaic (PV) modules. JSPL's module
manufacturing plant is located at Rajkot, Gujarat and has an
installed capacity to produce 12.50 MW of solar PV modules per
annum. The company's product mix comprises of solar panels,
lanterns, submersible pumps and other solar products; its products
are IEC standard certified by TUV, Germany. JSPL is also a
Ministry of New and Renewable Energy (MNRE) approved PV channel
partner.


KARVY THERAPEUTICS: ICRA Reaffirms B+ Rating on INR7cr Term Loan
-----------------------------------------------------------------
The long-term rating of [ICRA]B+ has been reaffirmed to the
INR7.00 crore term loans and the INR5.00 crore cash credit
facility of Karvy Therapeutics Private Limited. The long
term/short-term rating of [ICRA]B+/[ICRA]A4 has also been
reaffirmed to the INR2.00 crore letter of credit facility
(sublimit of term loan) of KTPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Cash Credit Facility     5.00     [ICRA]B+ reaffirmed
   Term Loans               7.00     [ICRA]B+ reaffirmed
   Letter of Credit        (2.00)    [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account KTPL's small scale
of current operations with marginal de-growth in operating income
for FY 15, notwithstanding the healthy growth in FY14. The ratings
continue to remain constrained by the high working capital
intensity of operations as well as the expected weakening of the
company's credit metrics in the near to medium term on account of
the ongoing large debt funded capex. Further, the ratings also
take into consideration the company's concentrated product mix
with majority of its sales being derived from a few intermediates;
the competitive pressures due to the presence of a large number of
Chinese manufacturers; and the vulnerability of its profitability
to adverse foreign exchange fluctuations on account of its import
dependence.

The ratings, however, continue to favourably factor in the
company's long track record in the industry spanning more than two
decades and its established and reputed client base.

Incorporated in the year 1989, Karvy Therapeutics Private Limited
(KTPL) is promoted by Mr. Jagdish Kothari along with his son Mr.
Parag Kothari, and is engaged in manufacturing of fine chemicals
and bulk drug intermediates. The manufacturing facility is located
in the Lodhika region, which is about 10 kms from Rajkot in the
state of Gujarat. The production facility is ISO 9001:2008
certified, and is equipped with four glass reactors with capacity
ranging from 1.60 to 3.00 kilo litres and five stainless steel
reactors having capacities between 1.00 to 4.00 kilo litres.

Recent Results
For the year FY 2014, the company reported an operating income of
INR10.89 crore and profit after tax of INR0.57 crore. During FY
2015 (as per provisional financials), KTPL reported an operating
income of INR9.99 crore and profit before tax of INR0.70 crore.


KERALA ELECTRICAL: CRISIL Reaffirms B Rating on INR173.5MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Kerala Electrical and
Allied Engg. Co. Limited (KEL) continues to reflect its weak
financial risk profile, marked by negative net worth and weak debt
protection metrics, and large working capital requirements. These
rating weaknesses are partially offset by the company's
established market position in the transformer segment in Kerala
and continuous fund support from GoK for operational and financial
requirements.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          80        CRISIL A4 (Reaffirmed)

   Bill Purchase            3        CRISIL A4 (Reaffirmed)

   Cash Credit            173.5      CRISIL B/Stable (Reaffirmed)

   Letter of Credit        60.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KEL will continue to receive fund support
from GoK for its operations. The outlook may be revised to
'Positive' if the company's scale of operations and operating
margin improve significantly, leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
significant cash losses or delay in fund support from GoK
resulting in deterioration in financial risk profile.

KEL, set up in 1964 and based in Kochi (Kerala), manufactures
transformers and other electrical products, and steel structures.
The company is wholly owned by GoK and its nominees. Its daily
operations are managed by Mr. Beemapally Rasheed.


KSS PETRON: CRISIL Cuts Rating on INR5.52BB Bank Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
KSS Petron Pvt Ltd (KSSPPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BBB-/Stable/CRISIL A3'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       5527       CRISIL D (Downgraded from
                                   'CRISIL A3')

   Cash Credit          5910       CRISIL D (Downgraded from
                                   'CRISIL BBB-/Stable')

   Letter of Credit     1517.5     CRISIL D(Downgraded from
                                   'CRISIL A3')

   Long Term Loan        200       CRISIL D (Downgraded from
                                   'CRISIL BBB-/Stable')

   Proposed Short Term   180.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A3')

The rating downgrade reflects KSSPPL's overdrawn cash credit
limits for more than 30 consecutive days. The default was because
of the company's stretched liquidity on account of significant
cost and time overruns that it faced in its Paradip (Odisha)
Refinery project for Indian Oil Corporation Ltd in Paradip. KSSPPL
had to suspend work at the site twice because of unfavourable
weather conditions, leading to considerable cost overrun. The
project has been KSSPPL's major source of revenue over the two
years ended March 2015.

CRISIL had previously anticipated the delays in KSSPPL's Paradip
project, leading to a temporary cash flow mismatch. CRISIL had
expected the cash flow mismatch to be met through equity infusion
of USD20 million by the parent, KSS Global BV Netherlands (KSS),
leading to timely servicing of bank obligations. However, against
CRISIL's expectations, KSS infused only around USD8 million in
2014-15 (refers to financial year, April 1 to March 31), and a
further USD10 million in June 2015. Delay in equity infusion by
KSS led to KSSPPL overdrawing its cash credit limits.

KSSPPL also has large working capital requirements and below-
average financial risk profile. The ratings also factor in the
company's exposure to intense competition from large and
established players. However, KSSPPL benefits from its long-
standing presence and proven ability to execute projects in the
oil and gas industry.

Incorporated in July 2007, KSSPPL is a wholly owned subsidiary of
KSS, one of the largest engineering, procurement, and construction
companies in Kazakhstan. KSSPPL undertakes projects to lay
pipelines, and also executes turnkey projects.


KTC THREADS: ICRA Reaffirms B Rating on INR11cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR14.55 crore
(reduced from INR14.60 crore) long term fund based facilities of
KTC Threads LLP. Further, ICRA has reaffirmed an [ICRA]A4 rating
to the INR10.00 crore non fund-based facility (sublimit of cash
credit facility) and the INR4.00 crore non fund-based facility
(sublimit of term loan facility) of KTC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.00       [ICRA]B reaffirmed
   Term Loans             3.55       [ICRA]B reaffirmed
   Non Fund Based
   (sublimit of Cash
   Credit facility)      10.00       [ICRA]A4 reaffirmed
   Non Fund Based
   (sublimit of Term
   Loan facility)         4.00       [ICRA]A4 reaffirmed

Rating Rationale
The ratings continue to remain constrained by intense competitive
pressures from small unorganised as well as large organised
players owing to fragmented nature of the industry; limited
supplier base leading to low bargaining power for the firm;
vulnerability of profitability to adverse fluctuations in yarn
prices which may not be passed onto the customers adequately and
exposure to foreign exchange rate risk as majority of the firm's
yarn requirement is met through direct imports. Further, the
ratings continue to factor KTC's weak financial profile as
reflected by moderate profitability, aggressive capital structure
and low coverage indicators; and the firm's tight liquidity
position as a result of long receivable turnaround time. The
ratings also take into account the debt funded nature of the capex
likely to be undertaken in the current financial year which is
expected to exert stress on overall capital structure of the firm
and debt coverage indicators.

The ratings, however, favourably factor the long experience of
partners in textile industry and the location advantage derived
from proximity of the unit to end customers like embroidery units,
garment manufacturers etc.

KTC Threads LLP (KTC) incorporated in November 2010 as a limited
liability partnership firm is engaged in the trading and
processing of viscose yarns. With two knitting machines installed
in April 2015, the firm has started manufacturing nylon net
fabrics which were earlier traded from its associate concern. The
partners of the firm have been associated with the textile
industry for over a decade through their associate concerns
engaged in trading of embroidery machines and manufacturing of
sarees.

Recent Results

For the year ended March 31, 2015 the firm reported an operating
income of INR60.33 crore and profit after tax of INR0.84 crore as
against operating income of INR41.43 crore and profit after tax of
INR0.66 crore for the year ended March 31, 2014.


LAKSHMI GANAPATHI: ICRA Reaffirms B+ Rating on INR6.95cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR6.95 crore fund based limits and INR2.55 crore unallocated
limits of Lakshmi Ganapathi Rice Industries. ICRA has also
reaffirmed short term rating of [ICRA]A4 to INR0.50 crore short
term fund based limits of LGRI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Fund
   based limits          6.95       [ICRA]B+ reaffirmed

   Short term Fund
   based limits          0.50       [ICRA]A4 reaffirmed

   Unallocated limits    2.55       [ICRA]B+ reaffirmed

The reaffirmations of ratings are constrained by the weak
financial profile of the firm characterised by low profitability,
moderate gearing and coverage indicators. The ratings are further
constrained by the susceptibility of profitability and revenues to
agro-climatic risks which can impact the availability of the paddy
in adverse weather conditions. ICRA notes that the recent
reduction in levy has resulted in greater supplies to the open
market, which has resulted in improved average realizations for
the industry. However, the sustainability of the prices in a
competitive environment is yet to be seen. The ratings are also
constrained by the vulnerability to any other regulatory changes,
especially those regarding minimum support price and export
restrictions. The ratings also take into account the risks
inherent in the partnership nature of the firm.

The ratings however take comfort from the long track record of the
promoters in the rice mill business and the easy availability of
paddy on account of the proximity of the plant to the major paddy
cultivating regions of Telangana and Andhra Pradesh. Further,
favourable demand prospects for the industry with India being the
second largest consumer and producer of rice internationally
augurs well for the firm.

Going forward, the firm's ability to improve its profitability and
effectively manage its working capital will be the key rating
sensitivity from the credit perspective.

Founded in the year 2008 as a partnership firm, Lakshmi Ganapathi
Rice Industries (LGRI) is engaged in the milling of paddy and
produces raw and boiled rice. The rice mill is located at
Annapareddy Gudem village of Nalgonda district, Telangana. The
installed production capacity of the rice mill is 5.5 tons per
hour.

Recent Results
According to unaudited results, the firm reported profit after tax
of 0.23 crore on an operating income of 33.21 crore for FY2015, as
against a reported profit after tax of INR0.14 crore on an
operating income of INR22.71 crore during FY2014.


M-STAR HOTELS: CRISIL Cuts Rating on INR90MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its  rating on the long-term bank facility
of M-Star Hotels Palakkad Pvt. Ltd. (MSHPL) to 'CRISIL D' from
'CRISIL B/Stable' on back of instances of delays in term debt
obligation for the quarter ended June 2015.

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

The rating continues to reflect the nascent stage of MSHPL's
operations in the hotel industry, which is intensely competitive
and cyclical in nature. The rating also factors in the company's
below average financial risk profile marked by subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of MSHPL's promoters.

MSHPL is setting up a five-star hotel near the Kanjikode
industrial zone in Kerala. It is a 100 per cent subsidiary of M-
Star Hotels Pvt Ltd. MSHPL's day-to-day operations is being
managed by Mr. P. Balakrishnan.


MAA KALI: CRISIL Assigns B+ Rating to INR247.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maa Kali Alloys Udyog Pvt Ltd (MKAUPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               240        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       37.5      CRISIL B+/Stable
   Bank Guarantee            5.0      CRISIL A4
   Cash Credit             247.5      CRISIL B+/Stable

The ratings reflect MKAUPL's large working capital requirements
and vulnerability to cyclicality in the steel industry. These
weaknesses are partially offset by the promoters' extensive
industry experience and established relationships with customers
and suppliers.

Outlook: Stable

CRISIL believes MKAUPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if improved scale of operations or better
working capital management enhances the business risk profile.
Conversely, the outlook may be revised to 'Negative' if
significantly low operating income and profitability, stretched
working capital cycle or debt-funded capital expenditure plans
weakens the financial risk profile.

Incorporated in 2002, MKAUPL manufactures sponge iron and billet.
Its plant is located in Raigarh (Chhattisgarh). The company's
operations are looked after by its promoter-director, Mr. Rajendra
Kumar Poddar.


MAHIDHARA PROJECTS: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mahidhara
Projects Pvt Ltd (MPPL) continues to reflect its susceptibility to
implementation and offtake risks for its upcoming projects. These
weaknesses are partially offset by the extensive experience of
MPPL's promoters in the real estate segment.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft
   Facility                 50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MPPL will benefit over the medium term from its
promoters' extensive experience in the Chennai and Bengaluru real
estate markets. The outlook may be revised to 'Positive' if large
cash flows are generated, supported by earlier-than-expected
completion of, or significantly higher realisations for its
upcoming projects. Conversely, the outlook may be revised to
'Negative' if MPPL faces delays in project completion or in
receipt of customer payments, or if it is unable to sell its
upcoming projects, or undertakes significantly large debt-funded
projects.

Incorporated in 2007, Chennai-based MPPL develops residential real
estate projects in Chennai and Bengaluru. Its operations are
managed by the managing director, Mr. T Prashanth Reddy, and the
executive director, Mr. Ramakrishna Prasad.

MPPL reported profit after tax (PAT) of INR10.4 million on net
sales of INR319.9 million in 2013-14 (refers to financial year,
April 1 to March 31) against PAT of INR37.8 million on net sales
of INR1.04 billion in 2012-13.


MARUTI METAL: CRISIL Cuts Rating on INR130.5MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Maruti Metal Industries (MMI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit         95        CRISIL A4 (Reaffirmed)

   Proposed Long Term      130.5      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Standby Line of           4.5      CRISIL B/Stable (Downgraded
   Credit                             from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in MMI's financial
risk profile owing to stretch in working capital cycle, leading to
weak liquidity. The firm's working capital requirements increased
due to stretched receivables, as reflected in gross current assets
of 176 days as on March 31, 2105, against 107 days a year ago,
resulting in greater reliance on external debt. Deterioration in
working capital requirements led to modest liquidity, as reflected
in high average bank line utilisation of 97 per cent for the 10
months through January 2015. Also, capital withdrawals of INR16.5
million reduced net worth to INR26.3 million as on March 31, 2015
from INR38.1 million in previous year. CRISIL believes any major
capital withdrawal or stretch in working capital cycle can affect
MMI's liquidity significantly and will hence, remain a rating
sensitivity factor over the medium term.

The ratings reflect MMI's below-average financial risk profile,
marked by small net worth and high total outside liabilities to
tangible net worth ratio, stretched working capital cycle, and low
profitability. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in trading in non-
ferrous metals.
Outlook: Stable

CRISIL believes that MMI will continue to benefit over the medium
term from promoters' extensive industry experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if the firm's capital structure improves
significantly, driven most likely by equity infusion, or if
accruals are substantially high, or if working capital
requirements decrease. Conversely, the outlook may be revised to
'Negative' if MMI's liquidity deteriorates due to decline in
profitability or large withdrawal by partners, or if its working
capital cycle stretches.

MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in
2003. Managed by Mr. Mahendrakumar Rana, the firm trades in non-
ferrous metals such as bronze, copper, nickel, zinc, and lead.


NAKUL ENTERPRISE: CRISIL Reaffirms B Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on Nakul Enterprise (NE) continue to reflect
average financial risk profile marked by high total outside
liabilities total net worth, and its exposure to intense
competition in steel industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        250       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by extensive
experience of NE's promoters in steel industry and established
relations with the customers.
Outlook: Stable

CRISIL believes that NE's will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with the customers. The outlook may be
revised to 'Positive' if the firm generates higher-than-expected
cash accruals or benefits from significant equity infusion by its
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in NE's cash accruals or deterioration in its
working capital cycle management or the firm undertakes a large,
debt-funded capex programme, resulting in further weakening of its
financial risk profile.

Update
For the year 2014-15 (refers to financial year, April 1 to
March 31), NE's sales are estimated to be lower at around INR1.43
billion against INR1.58 billion a year earlier. The sales declined
year-on-year by around 9 per cent mainly due to sluggish industry
demand. Over the medium term, CRISIL expects the firm to grow its
sales at moderate pace of around 10 to 15 per cent supported by
steady order flow. In 2014-15, the operating profitability of the
group was stable at around 1.5 per cent and expected to be at same
level over the medium term. However, the operating margin is
susceptible to any adverse price hikes in raw material prices. As
on March 31, 2015 the gross current assets (GCA) are estimated to
be lower at around 44 days due to sluggish sales during the year
end. CRISIL expects the GCA to be in range of 95 to 100 days and
overall working capital requirements to rise with scale of
operations over the medium term. As on March 31, 2015 the firm's
capital structure measured in terms of total outside liabilities
to tangible networth (TOLTNW) is estimated to improve to around
3.1 times against 5.9 times  a year earlier on account of lower
working capital debt. However, over the medium term with rise in
working capital debt, TOLTNW is expected to be in range of 6.0 to
6.5 times. The interest coverage ratio is estimated to be below
average at around 1.1 times and expected to be at same level over
the medium term. CRISIL believes that the financial risk profile
is expected to be constrained by weak capital structure and below
average debt protection metrics. CRISIL believes that the
liquidity profile is constrained by high capital withdrawal in the
past, no plans of major debt funded capex and high reliance on
bank debt for working capital requirements over the medium term.

Established in March 2012, NE is engaged in trading of TMT bars,
iron-ore pellets and scraps. The proprietor is Mr. Nakul Ayachi
who oversees the overall operations of the firm.


PERRY IMPEX: CRISIL Cuts Rating on INR400MM Loan to B+
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Perry Impex Ltd (PIL; a part of the PIL group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit         400       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Packing Credit         400       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

   Proposed Long Term     200       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB+/Stable')


The downgrade reflects the weakening of the PIL group's liquidity,
with a sustained stretch in its working capital cycle resulting in
almost full utilisation of its bank limits. There have been
instances of overdues in PIL's bank limits in July 2015 and August
2015 ' the overdues are being cleared within two weeks. CRISIL
believes that the group's promoters will have to infuse fresh
capital or the group will have to improve its working capital
cycle to alleviate the pressure on its liquidity.

The ratings reflect the Perry group's established presence in the
diamond industry supported by its promoters' extensive industry
experience and established relations with customers. These
strengths are partially offset by the group's large working
capital requirements, its exposure to intense competition in the
diamond industry resulting in its modest profitability margins,
and the susceptibility of its profitability margins to volatility
in diamond prices and fluctuations in foreign exchange rates.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of PIL with its subsidiaries, Perrian
Lifestyle Pvt Ltd (Perrian) and Perry Creation Pvt Ltd (Perry
Creation). These companies are together referred to as the Perry
group.
Outlook: Stable

CRISIL believes that the Perry group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established relations with customers. The outlook may be
revised to 'Positive' if there is sustained improvement in the
group's working capital cycle, or an improvement in its liquidity
on the back of sizeable equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the group's profitability margins, or weakening
of its liquidity caused most likely by a further stretch in its
working capital cycle.

PIL was set up in 1997 as a partnership concern, Perry Impex. The
firm was reconstituted as a private limited company in 2010 and
was reconstituted as a public limited company in 2014.

PIL is engaged in cutting and polishing of diamonds. The company
also trades in polished diamonds. It derives around 40 per cent of
its revenue from processing of diamonds and the remaining 60 per
cent from the trading in diamonds.

Perrian was set up in 2013 as a wholly owned subsidiary of PIL.
Perrian retails readymade garments, and operates one retail store
in Mumbai. Perry Creation, set up in 2013, manufactures diamond-
studded jewellery.


PMC RUBBER: CRISIL Reaffirms B Rating on INR337.5MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of PMC Rubber Chemicals
India Pvt Ltd (PRCIPL) continue to reflect PRCIPL's large working
capital requirements and the susceptibility of its operating
margin to fluctuations in raw material prices and foreign exchange
rates.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)
   Cash Credit            337.5      CRISIL B/Stable (Reaffirmed)
   Letter of Credit       112.5      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the company's
established customer base and its promoters' extensive experience
in the rubber chemicals industry.

Outlook: Stable

CRISIL believes that PRCIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer base. The outlook may be revised to
'Positive' in case of improvement in the company's working capital
management or a significant increase in profitability, leading to
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of low accruals, a stretch in its working
capital cycle, and large debt-funded capital expenditure (capex),
weakening its liquidity.

Update
PRCIPL's business risk profile has improved slightly with revenue
of INR1.05 billion in 2014-15 (refers to financial year, April 1
to March 31) against INR973 million in 2013-14. The company has
achieved an operating profit in 2014-15 after suffering losses in
the earlier two years. With further stability in operations, its
business risk profile is expected to improve over the medium term.

PRCIPL's financial risk profile remains moderate, with a healthy
net worth of INR219 million and average gearing of 1.61 times as
on March 31, 2015. In the absence of any major debt-funded capex
plans and negligible repayment obligations, the gearing is
expected to improve over the medium term.

The company's liquidity remains adequate for the rating category,
with sufficient annual cash accruals of INR13 million to INR14
million against negligible vehicle loan repayment obligations of
INR0.3 million per annum, over the medium term. The promoters have
continued to support it through unsecured loans, the balance of
which was around INR17.6 million as on March 31, 2015. PRCIPL also
maintains a sufficient cash balance of around INR15 million to
support its liquidity during any exigencies.

PRCIPL reported a net loss of INR77.5 million on net sales of
INR985.0 million for 2013-14, as against a net loss of INR62.4
million on net sales of INR1208.3 million for 2012-13.

PRCIPL manufactures and trades in rubber chemicals such as
accelerators, antioxidants, retarders, and peptisers. It is held
by PMC Group France, SARL, and PMC Chemicals India Pvt Ltd. Its
day-to-day operations are managed by Mr. Subir Sen.


SAHARA GROUP: RBI Cancels Sahara India Financial's Certificate
--------------------------------------------------------------
The Times of India reports that the Reserve Bank of India has
canceled Sahara India Financial Corporation's certificate of
registration as non-banking financial institution (NBFC).

"Following the cancelation of registration certificate, the above
company cannot transact the business of a non-banking financial
institution as laid down under clause (a) of Section 45-I of the
Reserve Bank of India Act, 1934," the central bank said in a
statement.

The registration of the Lucknow-headquartered NBFC stands canceled
with effect from September 3, it added.

The NBFC was registered in December 1998.

Earlier in July, market regulator Sebi had canceled the
registration of Sahara Mutual Fund saying it was no longer 'fit
and proper' to carry out this business and ordered transfer of its
operations to another fund house, the report recalls.

The report says Sebi had also canceled the portfolio management
licence of a Sahara firm.

Sahara Group chief Subrata Roy is in jail since March 4, 2014, the
report notes.

The group is engaged in a long-running battle with Sebi in a case
related to refunds totalling thousands of crores of rupees to
investors, adds TOI.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SARA EXPORTS: CRISIL Reaffirms B+ Rating on INR360MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sara Exports
Ltd (SE) continues to reflect SE's weak financial risk profile,
marked by high gearing and weak debt protection metrics, its small
scale of operations, and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the pharmaceutical industry and
their funding support, and its healthy relationships with
suppliers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            360       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      67       CRISIL B+/Stable (Reaffirmed)

   Term Loan               18       CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated unsecured loans of
INR185 million, as on 31st March 2015, extended to SE by its
promoters and their acquaintances as neither debt nor equity. This
is because these loans are subordinate to bank debt and bear
interest at a lower rate - 6 to 9 per cent - as compared with the
bank rate.

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with suppliers. The outlook may be
revised to 'Positive' if SE's financial risk profile improves,
driven most likely by substantial cash accruals or equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of pressure on the company's liquidity because of large
working capital requirements or withdrawal of unsecured loans by
the promoters and their acquaintances.

Update
SE booked revenue of around INR624.8 million for 2014-15 (refers
to financial year, April 1 to March 31), against INR674.6 million
in 2013-14. The decline was largely due to lower-than-expected
export orders and stiff competition. The company's operating
margin was about 10.0 per cent in 2014-15, marginally higher than
in the previous year on account of sales of higher margin
products. CRISIL believes that SE's business risk profile will
remain stable over the medium term with moderate growth in revenue
and a stable operating margin. However, the small scale of
operations and large working capital requirements will continue to
constrain the rating.

SE's financial risk profile remains weak, marked by a modest net
worth, average total outside liabilities to tangible net worth
(TOLTNW) ratio, and weak debt protection metrics. The TOLTNW ratio
was 1.12 times as on March 31, 2015, lower than the previous year,
thereby providing higher financial flexibility. CRISIL believes
that the ratio will remain at a similar level over the medium
term. Also, declining term debt obligations and nil debt
obligations after 2017, in the absence of any large debt-funded
capital expenditure plans, will support the liquidity.

SE's liquidity is moderate with adequate annual cash accruals
estimated at INR20.0 million to INR25.0 million, against annual
debt-repayment obligations of less than INR11.0 million, over the
medium term. The liquidity is supported by its promoters through
unsecured loans, the balance of which stood at INR194.9 million,
and a cash and bank balance of about INR25.5 million, as on
March 31, 2015. The liquidity is, however, constrained by high
utilisation of bank lines at an average of over 90.0 per cent
during the 12 months through March 2015. CRISIL believes that SE's
liquidity will remain moderate with sufficient cash accruals
expected over the medium term.

Incorporated in 1998, SE manufactures paracetamol and its
derivatives, as well as dye intermediaries and chemicals.


SEABOY FISHERIES: CRISIL Assigns B+ Rating to INR7.5MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Seaboy Fisheries Pvt Ltd (SBF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      7.5        CRISIL B+/Stable

   Packing Credit         30.0        CRISIL A4

   Foreign Discounting
   Bill Purchase          20.0        CRISIL A4

   Long Term Loan          2.5        CRISIL B+/Stable

The ratings reflect SBF's small scale of operations, large working
capital requirements, and below-average financial risk profile
marked by high gearing, modest debt protection metrics, and small
net worth. The ratings also factor in the company's susceptibility
to volatility in raw material prices and foreign exchange rates,
and to inherent risks in the seafood industry. These rating
weaknesses are partially offset by the benefits derived from the
extensive industry experience of its promoters and its established
customer relationship

Outlook: Stable

CRISIL believes that SBF will continue to benefit from its
promoters' extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
if the company significantly scales up operations or if its
profitability improves substantially. Conversely, the outlook may
be revised to 'Negative' in case of decline in revenue and
operating margin, or large debt-funded capital expenditure,
leading to deterioration in financial risk profile.

Established in 2004, SBF processes and exports seafood products.
Based in Thiruvananthapuram (Kerala), the company is promoted by
Mr. Anil Vincent, Mr. Jose Vincent, and Mr. Sunil Vincent.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, SBF reported profit after tax (PAT) of INR4.10
million on net sales of INR133 million, against PAT of INR1.70
million on net sales of INR121 million for 2013-14.


SHIVA STRUCTURES: CRISIL Ups Rating on INR250MM Term Loan to B
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Shiva Structures Pvt Ltd (SSPL) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           60        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit              50        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan               250        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects pre-payment of term loan installments
by SSPL on the back of improved liquidity, following realisation
of receivables and infusion of funds. It pre-paid term loans of
INR68.6 million in the first quarter of 2015-16 (refers to
financial year, April 1 to March 31), supported largely by
infusion of INR23 million by the promoters and by realisation of
receivables. SSPL's cash accruals are expected to tightly match
maturing debt over the medium term.

The ratings also reflect SSPL's small scale of, and geographical
concentration in, operations, and sizeable working capital
requirements. These rating weakness are partially offset by the
promoters' extensive industry experience, and the company's
healthy order book and moderate revenue visibility.
Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from the promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
significant and sustainable improvement in scale of operations and
working capital cycle, and stable profitability result in sizeable
net cash accruals. Conversely, the outlook may be revised to
'Negative' if the liquidity weakens most likely on account of
significant decline in revenue or profitability, stretch in
working capital cycle, or any large, debt-funded capital
expenditure.

SSPL was incorporated in 2009, promoted by Mr. Madhukar Deshmukh
to take over the business of his sole proprietorship concern,
Shiva Constructions. SSPL undertakes civil construction activities
in the irrigation segment in Maharashtra. It is a registered Class
I contractor for the state's public works department and Godavari
Marathwada Irrigation Development Corporation (GMIDC).


SHRI SHIV: CRISIL Cuts Rating on INR103.2MM LT Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Shiv Shakti Cot Fab Private Limited (SSSCF) to 'CRISIL D'
from 'CRISIL BB-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              15        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Proposed Long Term      103.2      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

   Term Loan                81.8      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects instances of delay by SSSCF in servicing
its term debt; the delays have been caused by the company's weak
liquidity driven by operational issues such as damage to its
caustic recovery plant and inventory loss at the unit.

SSSCF is also exposed to risks related to initial phase and modest
scale of operations in the highly fragmented textile industry, and
average capital structure. However, the company benefits from its
management's extensive industry experience.

Incorporated in 2012, SSSCF is promoted by Ahmedabad (Gujarat)-
based Sindhav family. It undertakes jobwork for dyeing grey fabric
and has installed capacity of close to 150,000 metres per annum.
It commenced operations in December 2013.

SSSCF, on a provisional basis, reported net loss of INR40.9
million on net sales of INR125 million for 2014-15 (refers to
financial year, April 1 to March 31); it had reported net loss of
INR3.2 million on net sales of INR26.5 million for 2013-14.


SIDDHARTH FIBRE: CRISIL Reaffirms B+ Rating on INR116MM Cash Loan
-----------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Siddharth Fibre
(SF) continues to reflect SF's modest scale of operations in a
fragmented industry, and vulnerability to changes in government
policies and to volatility in cotton prices.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           116        CRISIL B+/Stable (Reaffirmed)
   Term Loan               9        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk profile
marked by high gearing and average debt protection metrics. These
rating weaknesses are partially offset by its promoters' extensive
experience in the cotton industry and their financial support to
the firm.

Outlook: Stable

CRISIL believes that SF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if revenue and profitability
increase considerably, leading to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates because of lengthening of working
capital cycle or decline in revenue or profitability.

Set up in 2009 by Mr. Shekhar Chand Patni and Mr. Jugal Kishore
Jain, SF gins cotton and trades in cotton seeds. The firm has
three manufacturing facilities, in Barwani (Madhya Pradesh),
Gintoor (Maharashtra), and Jathikai (Andhra Pradesh).

SF reported net profit of INR8.4 million on net sales of INR871
million for 2013-14 (refers to financial year, April 1 to
March 31), against net profit of INR3.1 million on net sales of
INR706 million for 2012-13.


SLK PROGRESSIVE: CRISIL Reaffirms B+ Rating on INR20MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of SLK Progressive
Veneer Pvt Ltd (SLK) continue to reflect SLK's modest scale of
operations in the intensely competitive plywood-manufacturing and
timber-trading industries.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        75       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       20      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's small net worth and
average capacity utilisation. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL believes that SLK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SLK's scale of operations
and operating profitability improve considerably, leading to
higher cash accruals and net worth. Conversely, the outlook may be
revised to 'Negative' if the company's revenue or operating margin
reduces substantially, or if its financial risk profile,
particularly liquidity, weakens, most likely because of large
debt-funded capital expenditure or a significant increase in
working capital requirements.

Update
SLK reported a turnover of INR190 million for 2014-15 (refers to
financial year, April 1 to March 31), up from INR168 million in
2013-14. The operating margin improved to 2.63 per cent from 2.51
per cent over this period owing to higher capacity utilisation and
better absorption of overheads.

SLK's operations are working capital intensive, despite reduction
in gross current assets (GCAs) to about 150 days as on March 31,
2015, from 191 days as on March 31, 2014. The high GCAs were
primarily on account of sizeable debtors of around 61 days and
inventory of around 65 as on March 31, 2015. Credit from suppliers
partly helps the company meet its working capital requirements.
The creditor days had reduced to between 95 and 100 days as on
March 31, 2015, from 152 days a year earlier. The bank lines have
had low average utilisation, at 34 per cent during the 10 months
through July 2015.

SLK's financial risk profile remains constrained by a small net
worth, which stood at INR21.2 million as on March 31, 2015. Though
the gearing is negligible, the total outside liabilities to
tangible net worth ratio was moderate at 1.5 times as on this date
(2 times a year earlier) due to sizeable credit extended to the
company by its suppliers. On account of low debt, the debt
protection metrics were robust, with net cash accruals to total
debt and interest coverage ratios at about 0.68 times and 2.8
times, respectively, for 2014-15.

SLK's liquidity is adequate, with cash accruals of around INR2.9
million against no repayment obligations. The promoters have
supported the liquidity through unsecured loans of INR16.2 million
as on March 31, 2015. SLK also maintains a cash balance of around
INR10 million.

SLK, set up on May 11, 2007, by the Kolkata-based Patel and Kedia
families, manufactures veneer. It also trades in timber. Its
veneer-manufacturing unit commenced commercial operations in 2009-
10.


SPARK GREEN: ICRA Suspends B- Rating on INR80cr Term Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR80.00
crore term loans of Spark Green Energy (Ahmednagar) Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SREE GIRIDHARI: ICRA Assigns B+ Rating to INR5.75cr Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ assigned to
Rs.5.75 crore* fund based limits of Sree Giridhari Raw & Boiled
Rice Mill. ICRA has also assigned short term and long term ratings
of [ICRA]B+/[ICRA]A4 to INR4.25 crore unallocated limits of Sree
Giridhari Raw & Boiled Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      5.75       [ICRA]B+ assigned
   Unallocated limits     4.25       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations of the firm, and its weak financial profile
characterised by low profitability, high gearing of and modest
coverage indicators. The ratings are further constrained by the
susceptibility of profitability and revenues to agro-climatic
risks which can impact the availability of the paddy in adverse
weather conditions. ICRA notes that the reduction in levy has
resulted in greater supplies to the open market, which has
resulted in improved average realizations for the industry.
However, the sustainability of the prices in a competitive
environment is yet to be seen. The rating continues to be
constrained by the vulnerability to any other regulatory changes,
especially those regarding minimum support price and export
restrictions. The rating also takes into account the risks
inherent in the partnership nature of the firm.

The ratings however take comfort from the long track record of the
promoters in the rice mill business and the easy availability of
paddy from proximity of plant to the major paddy cultivating
region of Andhra Pradesh. Further, favourable demand prospects for
the industry with India being the second largest consumer and
producer of rice internationally augurs well for the firm.
Going forward, the firm's ability to improve its profitability
while managing working capital effectively will be the key rating
sensitivity from the credit perspective.

Established in 1991 as a partnership firm, Sree Giridhari Raw and
Boiled Rice Mill (SGRBRM) is engaged in milling of paddy to
produce raw and boiled rice. The firm is located in the Nellore
district of Andhra Pradesh, with a total installed capacity of 6
tonnes per hour. The firm's operations are overseen by the
promoter, Mr.G.Somasekhar.

Recent Results
According to unaudited results, the firm reported profit after tax
of INR0.09 crore on an operating income of INR29.59 crore for
FY2015, as against a reported profit after tax of INR0.09 crore on
an operating income of INR27.04 crore during FY2014.


SRI AUROBINDO: ICRA Reaffirms B+ Rating on INR49.30cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR49.30 crore (reduced from INR61 crore earlier) fund based bank
facilities and INR13.91 crore (reduced from INR39 crore) non-fund
based bank facilities of Sri Aurobindo Institute of Medical
Sciences (SAIMS).

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based facilities
   (Term Loans)             49.30     [ICRA]B+ reaffirmed

   Non-fund based limits
   (Bank Guarantee)         13.91     [ICRA]B+ reaffirmed

The rating reaffirmation derives comfort from the steady increase
in the student base of the institutes operating under the society
which coupled with gradual improvement in performance metrics of
the hospital segment have led to year-on-year increase in receipts
and surplus levels of the society. This in turn has facilitated an
improvement in the society's debt protection metrics. Further, the
rating reaffirmation also factors in the healthy occupancies
witnessed by the society in its flagship medical courses, which
account for ~26% of the receipts generated by the society. The
rating, however, continues to be constrained by the society's
exposure to regulatory risk considering Medical Council of India's
(MCI's) adverse observations in the issue pertaining to increase
in intake capacity of MBBS course, and arrest of society's former
chairman Dr. Vinod Bhandari for his alleged involvement in Vyapam
scam in Madhya Pradesh. While the existing student base lends
visibility to revenues and cash accruals, in the event of any
adverse action by MCI, cash flows of the society might get
impacted. Thus outcome on the two issues and their possible impact
on the operating metrics of the institutes, if any, continue to be
the key rating monitorables.

Though with improvement in accruals and lower capex undertaken
during FY15, the society's liquidity position improved vis-a-vis
previous year, it continues to remain moderate owing to sizeable
scheduled debt repayments and reliance on internal accruals for
funding capex as well as for partial repayment of unsecured loans
advanced by the society's members. This coupled with the lumpy
nature of fee receipts and regular outflow towards capital
expenditure and debt servicing (while principal repayments are
annual in nature, interest is serviced monthly) exposes the
society to risk of cash flow mismatch. While the society has not
finalized its capital expenditure plans for the current fiscal,
given the scheduled debt repayments (Rs 15-17 crore over the next
two years), the scale of capital expenditure and adequacy of debt
funding availed to fund the same in a timely manner will be the
key determinants of its credit profile and liquidity and will thus
remain the key rating sensitivities going forward.

Incorporated in 2003 by Dr. Vinod Bhandari, Sri Aurobindo
Institute of Medical Sciences (SAIMS) runs and operates six
colleges and two hospitals in an integrated campus of 50 acres in
Indore (Madhya Pradesh). The society's operations are currently
being managed by Dr. Manjushree Bhandari (Dr. Vinod Bhandari's
wife) and other family members.


SUPREME HOLDINGS: ICRA Assigns B+ Rating to INR85cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR85.00
crore term loan, facility of Supreme Holdings & Hospitality
(India) Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             85.00        [ICRA]B+ assigned

Rating Rationale
The assigned rating favourably factors in the established track
record of the promoters in hospitality sector particularly in
construction of hotels, clear land title as well as presence of
key approvals for the ongoing project, achievement of tie up for
bank funding, and favourable location of the project in proximity
to the well established and rapidly developing residential area of
Kalyaninagar in Pune.

The rating, however, remains constrained on account of the
company's exposure to significant project execution related risk
in terms of cost and time overrun for the remaining construction
work, exposure to selling risks with no area booked as on date,
and exposure to market risk on account of competition from other
ongoing projects from established developers in the surrounding
areas. Additionally, a significant part of the project funding is
to be met from customer advances which are contingent on timing of
bookings and collections from customers which adds on to the
funding risk further.

The company was incorporated in April 1982 as a private limited
company under the name of Supreme Holdings Private Limited. It was
acquired as going concern by the JATIA group in the year 1987. It
became a listed public limited company in April 1994. Till 2010,
the company operated as a Non Banking Finance Company. The
promoters i.e. Jatia family, have business interest in hospitality
sector and were joint owners of Asian Hotels Limited along with
two other promoter families -- the Sarafs and the Guptas. The
promoters, under Asian Hotels Limited have developed three five
star hotels which are operated by Hyatt International. The
promoters had freehold land under two associate companies -- Jatia
Hotels and Resorts Private Limited and Royalways Trading &
Investments Services Private Limited. These two entities were
amalgamated in 2010-11 with Supreme Holdings Limited and
subsequently name of the company was changed to Supreme Holdings &
Hospitality (India) Limited. The company holds significant land
bank in the form of two plots -- a ~6 acre plot at Wadgaon Sheri,
Pune and a ~40 acre plot at Panvel. The company has started with
construction of a residential project on its Pune plot, while the
Panvel plot will be used for developing a five star hotel in
future.


VINAYAK ULTRAFLEX: CRISIL Rates INR75MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facility of Vinayak Ultraflex Private Limited (VUPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                10        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       25        CRISIL B+/Stable
   Letter of Credit          5        CRISIL A4
   Cash Credit              75        CRISIL B+/Stable
   Foreign Bill Purchase    10        CRISIL B+/Stable

The ratings reflect VUPL's below-average financial risk profile
marked by high gearing. The rating also factors in its modest
scale of operations in highly fragmented industry and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the promoters' extensive experience in
flexible packaging industry
Outlook: Stable

CRISIL expects VUPL to continue to benefit over the medium term
from the promoters' extensive industry experience and funding
support from them. The outlook maybe revised to 'Positive' in case
of significant improvement in the company's capital structure
along with efficient working capital management. Conversely, the
outlook maybe revised to 'Negative' in case of lower-than-expected
cash accruals or larger-than-expected working capital requirements
or the company undertakes any large debt-funded capital
expenditure exerting further pressure on its liquidity.

Incorporated in 1996, Vinayak Ultraflex Private Limited (VUPL) is
based in Kanpur (Uttar Pradesh). The company is engaged in the
manufacturing of flexible packaging materials such as polyester
laminated rolls and pouches. The company is promoted by the
Paliwal family.



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


MT GOX: Founder Mark Karpeles Charged With Embezzlement
-------------------------------------------------------
Business Insider reports that the former head of the defunct
bitcoin exchange Mt Gox, Mark Karpeles, has been charged with
embezzlement by Japanese prosecutors, according to reports from
the Japanese media.

Business Insider says Mr. Karpeles is accused of embezzling JPY321
million ($2.6 million) from the bitcoin exchange, which collapsed
in 2014 after revelations of a massive shortfall in customer
funds.

He is accused of transferring money from Gox's bank account to
other accounts in October 2013, where it was mainly spent on
buying licenses for 3D-rendering software, the report relates
citing Jiji Press. Some of the money was also allegedly used on an
"expensive custom-built bed," Jiji added.

According to the report, Mr. Karpeles was arrested in August in
connection with the loss of hundreds of millions of pounds' worth
of bitcoin when the exchange collapsed.

At the time, a spokesman for the Tokyo police said the French-born
Karpeles, 30, was suspected of accessing the exchange's computer
system in February 2013 and inflating his cash account by $1
million.

He has denied the charges, saying he had intended to pay back the
money, according to the Yomiuri Shimbun newspaper, the report
relys.

In January this year, Yomiuri said, contrary to reports from Mt.
Gox, the vast majority of missing bitcoins from the company's
stash were stolen by an insider, with just 7,000 bitcoins, or 1%
of the shortfall, attributable to hacking attacks from outside the
company, the report recalls.

                            About Mt. Gox

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

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

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

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

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

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

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

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

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



                             *********

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.


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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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