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

                      A S I A   P A C I F I C

          Thursday, December 11, 2014, Vol. 17, No. 245


                            Headlines


A U S T R A L I A

B J CROWLEY: First Creditors' Meeting Set For December 16
DRAMATIC HOLDINGS: First Creditors' Meeting Slated For Dec. 16
ONLINE LIGHTS: First Creditors' Meeting Set For Dec. 17
QANTAS AIRWAYS: Sees Return to Profit in First Half of 2015
QANTAS AIRWAYS: Alan Joyce to Stay as CEO as Shares Doubles


C H I N A

LOGAN PROPERTY: Fitch Assigns 'BB-' Rating to USD250MM Sr. Notes
OW BUNKER: Cockett Marine Hires 10 Former Employees in China
TIMES PROPERTY: Fitch Publishes 'B+' LT IDR With Stable Outlook


I N D I A

AIR INDIA: Government Asks Firm to Cut Operational Costs by 10%
ANNEX PHARMACEUTICAL: CRISIL Puts B Rating on INR40MM Term Loan
BANSAL PATHWAYS: ICRA Assigns B+ Rating to INR196cr Term Loan
DEEPIKA INFRATECH: CARE Revises Rating on INR128cr Loan to 'D'
ENERGY COAL: CRISIL Assigns 'B' Rating to INR65MM Cash Credit

FOREVER PRECIOUS: CRISIL Suspends D Rating on INR16.50BB Loan
FUTURE ECO: CARE Assigns 'B' Rating to INR16cr LT Bank Loan
GOVIND CABLE: ICRA Reaffirms B Rating on INR5cr Fund Based Loan
JEYPORE SUGAR: CRISIL Suspends D Rating on INR2.68BB LT Loan
KIRON TRANSPORT: CRISIL Assigns D Rating to INR66.8MM Cash Credit

KUBER FOODS: ICRA Assigns B Rating to INR6.50cr Cash Credit
LALCHAND BUILDERS: CARE Revises Rating on INR13.36cr Loan to 'B'
LODHA DEVELOPERS: Fitch Withdraws 'B+(EXP)' Expected Rating
MAGIC VIBRATION: ICRA Cuts Rating on INR12cr Fund based Loan to D
MANDEEP INDUSTRIES: ICRA Reaffirms B Rating on INR20cr Cash Loan

MANGALDEEP COTTON: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
META INDUSTRIES: CRISIL Rates INR52.8MM Export Packing Loan at B+
NISAN ELECTRICALS: CARE Reaffirms B+ Rating on INR10.63cr LT Loan
NIWARA BUILDERS: CRISIL Suspends B Rating on INR20MM Bank Loan
PANDOUL FLOUR: ICRA Reaffirms B Rating on INR12.28cr FB Loan

PARENTERAL SURGICALS: CARE Revises Rating on INR5.24cr Loan to B
PHOENIIX: ICRA Reaffirms B Rating on INR1.75cr Term Loan
R.B. RICE: CRISIL Assigns 'D' Rating to INR50MM Cash Credit
RAJHANS METALS: CARE Revises Rating on INR28.5cr Loan to 'B'
RAMAN ISPAT: ICRA Reaffirms B+ Rating on INR5cr Loan

RAWALWASIA TEXTILE: CARE Assigns B+ Rating to INR5cr LT Bank Loan
RAWALWASIA YARN: CARE Assigns B+ Rating to INR8cr LT Bank Loan
RMJ MODERN: CRISIL Suspends B+ Rating on INR60MM Cash Credit
SAVALIA COTTON: CARE Revises Rating on INR44.63cr Loan to B+
SONEC SANITARY: CARE Reaffirms B Rating on INR6.09cr LT Bank Loan

SSD OIL: CRISIL Suspends D Rating on INR410MM Term Loan
TAPOVAN PROJECTS: CRISIL Suspends B Rating on INR100MM Bank Loan
VERA NETS: CRISIL Assigns B Rating to INR75MM Long Term Loan
VIJAI MAHALAXMI: ICRA Lowers Rating on INR25cr Term Loan to 'D'
WINSOME DIAMONDS: CRISIL Suspends D Rating on INR34.70BB LOC

* INDIA: 78 Companies Vanish After Raising Funds


N E W  Z E A L A N D

CREDIT UNION: S&P Raises ICR to 'BB' & Revises Outlook to Neg.


P H I L I P P I N E S

NATIONAL FOOD: Urges Government to Absorb PHP163-Bil. Debts


T H A I L A N D

CAT TELECOM: To End Two International Voice Services


                            - - - - -


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


B J CROWLEY: First Creditors' Meeting Set For December 16
---------------------------------------------------------
Helen Newman and Andrew Fielding of BDO were appointed as
administrators of B J Crowley Pty Ltd on Dec. 4, 2014.

A first meeting of the creditors of the Company will be held at
the offices of BDO, Level 10, 12 Creek Street, in Brisbane,
Queensland, on Dec. 16, 2014, at 10:30 a.m.


DRAMATIC HOLDINGS: First Creditors' Meeting Slated For Dec. 16
--------------------------------------------------------------
Helen Newman & Andrew Fielding of BDO appointed as administrators
of Dramatic Holdings Pty Limited on Dec. 4, 2014.

A first meeting of the creditors of the Company will be held at
the offices of BDO, Level 10, 12 Creek Street, in Brisbane,
Queensland, on Dec. 16, 2014, at 11:00 a.m.


ONLINE LIGHTS: First Creditors' Meeting Set For Dec. 17
-------------------------------------------------------
Graeme Beattie & Christopher Darin of Worrells were appointed as
administrators of Online Lights and Bathrooms Pty Ltd. on Dec. 8,
2014.

A first meeting of the creditors of the Company will be held at
The Linden Room, Parramatta RSL Club, Cnr Macquarie & O'Connell
Streets, in Parramatta, on Dec. 17, 2014, at 11:00 a.m.


QANTAS AIRWAYS: Sees Return to Profit in First Half of 2015
-----------------------------------------------------------
The Qantas Group on December 8 announced that it expects to report
an Underlying Profit Before Tax in the range of
AUD300 million to AUD350 million for the first six months of
financial year 2015.

All operating segments of the Qantas Group are expected to be
profitable in the first half, at an Underlying Earnings Before
Interest and Tax level.

The strong turnaround in the Group's financial performance is
being driven by rapid progress with the AUD2 billion accelerated
Qantas Transformation program announced 12 months ago. To date,
all targets under the program have been either met or exceeded

After realising AUD204 million in Qantas Transformation benefits
in the second half of financial year 2014, the Group is on track
to realise at least AUD350 million in further benefits in the
first half of financial year 2015

The Group expects to receive a AUD30 million benefit in the first
half from lower Australian dollar fuel prices.

Qantas CEO Alan Joyce said the Qantas Transformation program was
gathering pace and, with a more stable operating environment,
benefits were flowing directly to the Group's financial results.

"Today we confirm that Qantas is set to report its best first half
result since 2010," Mr Joyce said. "This demonstrates that the
strategy we have outlined to transform our business is working.
This is an improvement of over AUD550 million compared with the
first half last year, with Qantas Transformation being the primary
driver of the turnaround.

"Qantas is 12 months into a three and a half year program, but
these strong early results give us the confidence that we will
continue to meet all the targets we have set. We are committed to
completing the full, AUD2 billion program to ensure a sustainable,
competitive position for the long term.

"Thanks to the hard work of our people, we are delivering the cost
and revenue-focused initiatives needed to strengthen our business,
without compromising the premium service that matters to our
customers. As our recent announcements show, from new lounges to
new routes and the upgrade of our A330 fleet, customers remain at
the heart of our strategy."

Qantas announces its first half results for the financial year
2015 on Feb. 26, 2015.

                       About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2014, Moody's Investors Service said Qantas Airways
Limited's full year results to June 30, 2014 are credit negative
but have no immediate impact on its Ba1 corporate family rating,
Ba2 senior unsecured long term rating or non-prime (NP) short term
rating. The outlook on the ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of'3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.


QANTAS AIRWAYS: Alan Joyce to Stay as CEO as Shares Doubles
-----------------------------------------------------------
David Fickling at Bloomberg News reports that Qantas Airways Ltd.
Chief Executive Officer Alan Joyce plans to see through a
AUD2 billion ($1.7 billion) cost-cutting program at Australia's
largest carrier.

With shares more than doubling this year and its international
unit set to post its first profit since 2011, Mr. Joyce, 48, said
he's got no plans to move, Bloomberg relates.

"I'm here to complete the job that I started," he said on a media
call on December 9 after forecasting the best half-year earnings
in four years, Bloomberg relays. "With the company turning the way
it is, I'm very confident that my tenure -- as long as the board
and shareholders are comfortable with what I'm doing -- will
continue."

Bloomberg says Irish-born Joyce's handling of 94-year-old Qantas
has been criticized over the past year as it lost its investment-
grade credit rating, posted AUD2.8 billion of losses, and started
cutting 5,000 jobs.  Nick Xenophon, an independent Senator who
sits on the Senate's economics committee, has called for him to
resign and Australia's Prime Minister Tony Abbott in March blamed
management for losses as he ruled out providing the formerly
state-owned carrier with a government debt guarantee, according to
Bloomberg.

The report relates that Michael Maughan, a portfolio manager at
Nikko Asset Management Ltd. in Sydney, said the airline is looking
healthier now and will benefit further as savings come through
from a 23 percent fall in fuel prices since Oct. 1.

"They are on track or a bit ahead of plan on these transformation
savings," Bloomberg quotes Mr. Maughan as saying. "Given that they
were upgrading earnings without a huge benefit from fuel in the
period, it augurs well for the full year."

According to Bloomberg, Qantas shares hit a record-low 95.25
Australian cents in December 2013 amid a market-share war with
Virgin Australia Holdings Ltd.  Three foreign airlines bought
stake in Virgin to prop up its finances, the report notes.

Qantas's stock rose the most in more than a year in Sydney on
December 8 after the carrier said profit before tax and one-time
items will be between AUD300 million and AUD350 million this half,
Bloomberg discloses.  That would be its best six months since it
posted AUD417 million profit on the measure in the December half
in 2010, the report notes.

The stock was trading at AUD2.38, its highest level since February
2011 and up 14 percent on the day, at 12:27 p.m. in Sydney,
Bloomberg relates.

The airline, known as the Flying Kangaroo, is the best-performing
stock this quarter on Australia's benchmark index and the best-
performing carrier outside the U.S. with more than AUD1 billion in
revenues this year, according to data compiled by Bloomberg.

The first-half result will be helped by AUD350 million in cost
savings over the six months as well as AUD30 million in cheaper
fuel, Qantas, as cited by Bloomberg, said. Fuel savings in the
second half will rise to AUD202 million, Anthony Moulder, an
analyst at Citigroup Inc. in Sydney, wrote in a Nov. 28 note to
clients, Bloomberg relays.

"Without the transformation program the Qantas group wouldn't be
reporting a profit for this half of the year," Mr. Joyce said,
referring to the cost cuts which will last until the 2017 fiscal
year.

The average tenure of a Qantas chief executive had been about 10
years, he said, adding that he wasn't forecasting he'd necessarily
have the same tenure, Bloomberg adds.

                       About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2014, Moody's Investors Service said Qantas Airways
Limited's full year results to June 30, 2014 are credit negative
but have no immediate impact on its Ba1 corporate family rating,
Ba2 senior unsecured long term rating or non-prime (NP) short term
rating. The outlook on the ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of'3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.



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LOGAN PROPERTY: Fitch Assigns 'BB-' Rating to USD250MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Logan Property
Holdings Company's (BB-/Stable) USD250m 9.75% senior notes due
2017 a final rating of 'BB-'.

Logan plans to use the note proceeds to refinance existing onshore
borrowings.  The assignment of the final rating follows the
receipt of documents conforming to information already received
and the final rating is in line with the expected rating assigned
on 30 November 2014.

The notes are rated at the same level as Logan's senior unsecured
debt rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

KEY RATING DRIVERS

Established Market Position: Logan's ratings reflect its
established business position with contracted sales of CNY13.2bn
in 2013 (1H14: CNY5.54bn), and strong execution ability in large-
scale mass-market residential developments in key cities where it
operates.  About 66% of Logan's existing land bank is located in
Huizhou, Nanning and Shantou, where Logan has been ranked among
the top five developers by sales value in the past three years.
Logan will continue to use its strong track record in these
locations to expand over the medium term.

Large Land Bank Gives Flexibility: Logan's large land bank of 12.8
million square metres (sqm) that it purchased at an average cost
of below CNY1,200/sqm is sufficient for five to six years' worth
of sales.  This large low-cost land reserve, gives the company
operational flexibility in terms of land purchases over the medium
term.  The leeway is especially important at a time when land
prices are rising rapidly.

Stable Margins: As land costs increase over time, Fitch expects
the company's overall EBITDA margin to be sustained at above 25%
(1H 2014: 24%) as lower margins from its fast-churn projects would
be balanced by stronger profit margins from projects with low land
cost.  Logan also reaps some savings by using its in-house
construction arm.

Balance Sheet Supports Moderate Expansion: Logan's net
debt/adjusted inventory is healthy at 30% as at 1H14 (end-Dec
2013: 33%).  Logan's leverage may increase to beyond 40% at end-
2014 following its acquisition of seven new land parcels in
January-October 2014.  Fitch expects it to drop below 40% over the
medium term, assuming Logan slows down its pace of acquisition in
2015 and maintains healthy sales performance.

Manageable Single Project Exposure: Although plots in Huizhou make
up about 40% of Logan's land bank, sales from its main project,
Logan City (Huizhou), will be spread out over several years and
likely remain below 25% of Logan's total annual sales.  In
addition, the low land cost of CNY220/ sqm for Logan City
(Huizhou), compared with the average selling price (ASP) of
CNY6,300/ sqm, provides a comfortable buffer against price
corrections and potential competition from nearby projects.

High Exposure in Guangdong: Logan's rating is constrained by its
concentration in Guangdong province, which accounts for more than
70% of its sales and land bank.  This increases its susceptibility
to changes in the local economy and policies.  Its exposure to
smaller cities may leave it vulnerable to higher price volatility;
however this is partially mitigated by the company's strong profit
buffer due to the low cost of its land and products that target
first-home buyers and upgraders.  Due to its proximity to Shenzhen
and to a lesser extent Guangzhou, Logan City (Huizhou) also
targets end-users from these first-tier cities in Guangdong
province.

Large Projects May Lengthen Cash Cycle: Logan's strategy is to
secure large parcels of land outside the city centre to tap demand
from urbanization in China.  The success of these projects hinges
on the continuation of the urbanization trend and demands a longer
cash cycle.  Low land costs for these projects, Logan's healthy
leverage, and cash flow from the company's fast-churn projects
will mitigate some of this risk.

RATING SENSITIVITIES

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

   -- EBITDA margin sustained below 25%
   -- Net debt/adjusted inventory sustained above 40%
   -- Contracted sales / total debt sustained below 1.0x
   -- Sustained decline in contracted sales from current levels

Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.


OW BUNKER: Cockett Marine Hires 10 Former Employees in China
------------------------------------------------------------
Jane Xie and Jacob Gronholt-Pedersen at Reuters report that
China-based traders said on Dec. 5 Cockett Marine, a Dubai-based
venture half-owned by commodities trader Vitol SA, has hired more
than 10 ex-OW Bunker employees in China, showing how swiftly
merchants are filling the vacuum left by the former top marine
fuel supplier.

According to Reuters, Cockett Marine's hiring will extend its
reach in China, where total sales of bunker fuel amount to around
900,000 tonnes of bunker fuel a month.  Dubai-based Cockett
Marine currently sells about 30,000 to 50,000 tonnes a month in
China, Reuters says, citing a China-based trader.

OW Bunker China, which had offices in Beijing and Shanghai, sold
around 80,000-100,000 tonnes of shipping fuel a month in China,
nearly 10% of the entire Chinese market, Reuters discloses.

Market sources said there were at least 10 traders in the China
team, and that finance and operations staff have also been
absorbed by Cockett Marine, Reuters notes.

According to Reuters, Singapore-based industry sources said
besides seizing OW Bunker China's businesses, Cockett Marine is
also looking to hire six to seven traders from OW Bunker's
Singapore office.

                        About OW Bunker

OW Bunker A/S is a Danish shipping fuel provider.

On Nov. 7, 2014, OW Bunker A/S, which went public in March,
declared bankruptcy and reported two employees at its Singapore
unit to the police following allegations of fraud.  It owes 15
banks a total of about US$750 million.

OW Bunker said on Nov. 5 it had lost US$275 million through a
combination of fraud committed by senior executives at its
Singapore office and poor risk management.  Trading in its shares
was suspended on Nov. 5 and the company said its banks had
refused to provide more credit.

OW Bunker's U.S. businesses, which opened in 2012 as part of its
global expansion, filed for Chapter 11 bankruptcy protection on
Nov. 13, 2014, in the U.S. Bankruptcy Court for the District of
Connecticut.  The U.S. subsidiaries have assets worth as much as
US$50 million and debt of as much as US$100 million.


TIMES PROPERTY: Fitch Publishes 'B+' LT IDR With Stable Outlook
---------------------------------------------------------------
Fitch Ratings has published China-based residential property
developer Times Property Holdings Limited's Long-Term Issuer
Default Rating (IDR) of 'B+' with Stable Outlook and a senior
unsecured rating of 'B+' with RR4.

The ratings of Times reflect its pure residential property
development model targeting first-time home-buyers and upgraders
in Guangdong province. The ratings are also supported by its low
cost of land bank, its contracted sales scale, its urban
redevelopment project pipeline in Guangzhou and its improving
capital structure. The ratings are constrained by its high
leverage and its geographical concentration in the Guangdong
province.

Key Rating Drivers

Good Land Bank Quality: Times had a total land bank size of 9.0m
sqm with average unit cost of CNY1,271/sqm as at end-June 2014.
Times has a good quality land bank as reflected by its good
project location and low unit cost. In 1H14, as much as 70% of the
company's contracted sales came from Guangzhou and Foshan in
Guangdong province. Fitch estimated that about half of Times'
sellable resources are located in these two cities, where the end-
user demand is the strongest and most stable in Guangdong. Given
the low land bank cost and the future acquisition of urban
redevelopment projects, we believe Times can maintain a gross
profit margin of 30%.

Sustainable Land Bank Drives Growth: Times is in negotiations for
20 urban redevelopment projects in Guangzhou that could be
converted to its land bank in the future. This could enhance its
product mix and profitability, so as to support its future sales
growth. As of June 2014, Times has converted one urban
redevelopment site, while the conversion of two other sites is in
progress. Fitch believes that Times' land bank can support its
sales performance, as reflected by its January-September 2014
contracted sales of CNY9.8bn, with the total for the year likely
to approach CNY15bn, compared with CNY11bn in 2013.

Improving Capital Structure: Times has been optimising its capital
structure in 2014 through diversifying funding channels and
reducing effective borrowing costs. The company repaid some of its
trust loans that have higher interest costs and issued longer-
tenor offshore bonds at lower rates. It is one of the most active
offshore bond issuers in the 'B' rating category, issuing four
tranches of US dollar and Chinese yuan bonds in the last nine
months amounting to USD550m.

Geographical Concentration in Guangdong: Times is a regional
property developer focused on Guangdong with exposure in
Guangzhou, Foshan, Zhuhai, Zhongshan and Qingyuan. It also has
some operations in Changsha in Hunan province. The company's
geographical concentration and scale constrain the ratings. We
believe that Times will concentrate on expanding its size within
Guangdong province and is unlikely to expand into other provinces
before solidifying its position in its home province.

High Leverage During Expansion: Times' leverage is likely to
remain at an above-average level as the company is expanding.
However, given the company's disciplined land acquisition strategy
and its modest growth target, we believe that leverage will not
reach excessively high levels. We expect Times' leverage, as
measured by net debt divided by adjusted inventory, to remain at
40%-50% in 2014-2015.

Sufficient Liquidity to Repaying Debt: At end-June 2014, Times had
cash and cash equivalents of CNY2.2bn and restricted bank deposits
of CNY3.1bn. The company also has a good track record in accessing
the capital market. Hence, we believe that Times has sufficient
liquidity to cover its short-term debt of CNY1.6bn.

Rating Sensitivities

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

-- Net debt/adjusted inventory sustained above 50% (June 2014:
46.6%)
-- Contracted sales/total debt sustained below 1x (2013: 1.2x)
-- Annual contracted sales falling below CNY12bn
-- EBITDA margin sustained below 15% (2013: 17.5%)

Fitch does not expect further positive rating action until Times
significantly increases its scale and diversifies geographically.


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AIR INDIA: Government Asks Firm to Cut Operational Costs by 10%
---------------------------------------------------------------
The Times of India reports that facing a cash crunch, Air India
was asked by the government to slash expenditure on operational
heads by ten per cent and improve performance and passenger
facilitation, officials said.

TOI relates that the direction came after top airline officials
including CMD Rohit Nandan made a presentation on Air India's
performance parameters at a meeting with civil aviation minister
Ashok Gajapathi Raju and his minister of state Mahesh Sharma.

According to the report, the officials said Air India, burdened by
losses of about INR5,400 crore in 2013-14, was asked by the
minister to strive to prune its operational costs by at least ten
per cent.

The minister also told the airline officials to improve on-time
performance of its flights by reducing delays and providing timely
and proper information to passengers about any delay, the report
relays.

The report says the passengers hit by flight delays should be
provided with refreshments and alternate connections in case of
major delays, they said, adding that a system of leadership should
be established at the operational level to meet any crisis.

TOI notes that Raju reviewed Air India's performance over the last
six months and noted the improvement in its market-share and
financial performance, but said accelerated efforts should be made
to improve profitability to achieve a faster turnaround,
especially when jet fuel prices have come down substantially.

Constant efforts should be made to ensure that the rich benefits
earned by Air India by entering into the Star Alliance should be
sustained, the Minister, as cited by TOI, said.

Stressing optimum utilisation of resources, Raju suggested greater
utilisation of its subsidiary, Air India Engineering Services
Limited, so that most of the aircraft repairs and maintenance
activities are carried out in-house and savings made, according to
the report.

TOI relates that the Minister said improvements in the in-flight
entertainment system and other passenger-related activities should
be carried out in order to meet the expectations of the travelling
public.

Issues relating to streamlining the pay-scales and promotions of
employees of the two erstwhile state-run airlines following the
merger also need to be addressed expeditiously, the Minister
emphasised at the review meeting, the report adds.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said.  Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ANNEX PHARMACEUTICAL: CRISIL Puts B Rating on INR40MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Annex Pharmaceutical & Chemicals Pvt Ltd
(Annex).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             10         CRISIL B/Stable
   Term Loan               40         CRISIL B/Stable

The rating reflects the expected weakening of Annex's financial
risk profile on account of its ongoing debt-funded capital
expenditure (capex) and moderately large working capital
requirements, and its modest scale of operations. These rating
weaknesses are partially offset by the benefits that Annex derives
from its promoters' extensive experience in the chemicals
industry.

Outlook: Stable

CRISIL believes that Annex will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant growth in the
company's revenue and cash accruals along with sustained moderate
profitability and working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of decline in the company's
cash accruals, or delay in implementation of capex or ramping up
of operations of the new capacity, leading to deterioration in its
financial risk profile, especially its liquidity.

Annex, based in Mumbai, manufactures speciality chemicals, mainly
solvents. The company was incorporated in 2006 by Mr. Sirajuddin
Khan and his sons Mr. Sahabuddin Khan and Mr. Sadruddin Khan. The
company's manufacturing facility is in Ahmednagar (Maharashtra).
It is implementing a capex programme of INR60 million to upgrade
its machines; the capex will be funded in a debt-to-equity ratio
of 2 times.


BANSAL PATHWAYS: ICRA Assigns B+ Rating to INR196cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR196.00
crore Term Loans of Bansal Pathways (Damoh-Katni) Private Limited.
ICRA has also assigned a long term rating of [ICRA]B+ to the
INR12.00 crore Non Fund based facilities of BPDKPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           196.00       [ICRA]B+ (Assigned)
   Non-Fund Based        12.00       [ICRA]B+ (Assigned)
   Facilities

The rating of BPDKPL takes into account the satisfactory track
record of its promoters in the road and bridge construction
sector, who are also the Engineering, Procurement and Construction
(EPC) contractor for the project. The rating also draws comfort
from the fixed time and fixed price nature of the EPC contract and
from the fact that the requisite approvals have been acquired and
debt funding has been tied-up. However, the rating is constrained
by implementation risks given the initial stage of the project,
and exposure to funding risk considering substantial part of
equity is yet to be infused. Further as Bansal group is a new
entrant in the BOT segment, its ability to implement, operate and
maintain the road in line with the concession agreement throughout
the long concession period and ensure lane availability in order
to earn the specified annuity in a timely manner remains to be
demonstrated. Besides being exposed to traffic risks typical in
toll-based projects, the company will also be exposed to interest
rate risks owing to the floating rate nature of debt. Going
forward, the acquisition of the remaining right of way and timely
execution of the project within estimated cost will be the key
rating sensitivities.

Bansal Pathways (Damoh - Katni) Private Limited (BPDKPL) is an SPV
incorporated in May 2013 for strengthening, widening, maintaining
and operating of Damoh-Katni Road (SH-14) Road on BOT basis (Toll
+ Annuity Basis) in the state of Madhya Pradesh. The Company has
been incorporated as a Special Purpose Vehicle Private Limited
Company promoted by Bansal Group of Bhopal, MP with technical
support from PATH Group of Indore, MP. The project has been
awarded by Madhya Pradesh Road development Corporation LTD
(MPRDC). The project was awarded to the consortium of PATH & BCWPL
by the Madhya Pradesh Roads Development Corporation) as it quoted
the lowest annuity premium payable by MPRDC at INR17.76 crore per
annum payable in semi-annual installments. The project has a
concession period of 15 years including the construction period.


DEEPIKA INFRATECH: CARE Revises Rating on INR128cr Loan to 'D'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Deepika
Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     128        CARE D Revised from
                                            CARE B

   Short-term Bank Facilities     42.15     CARE D Revised from
                                            CARE A4

   Long-term/Short-term Bank      75        CARE D/CARE D Revised
   Facilities                               from CARE B/CARE A4

Rating Rationale

The revision in ratings take into account the stretched liquidity
position of the company and ongoing delays in debt servicing.

Deepika Infrastructure Pvt. Ltd (DIPL) was incorporated in March
2004 and commenced its operations in March 2008 upon taking over
Deepika Constructions, which was a partnership firm engaged in
construction activities since 1984. Mr K Upender Reddy is the
current Chairman of the company and has around 26 years of
experience in the industry. DIPL has mainly executed various
projects in the irrigation segment within infrastructure.

During FY14 (refers to the period April 01 to March 31), DIPL
registered a total income of INR152.71 crore with PAT of INR4.45
crore vis-a-vis total income of INR153.20 crore and PAT of INR2.88
crore in FY13.


ENERGY COAL: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Energy Coal (EC).

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

The rating reflects EC's modest scale of operations and low
profitability because of trading nature of its business, and weak
financial risk profile. These rating weaknesses are partially
offset by its promoters' extensive experience in the ceramic and
coal trading industry leading to healthy relationship with
customers and suppliers.

Outlook: Stable

CRISIL believes that EC will maintain its business risk profile
over the medium term from its promoter's industry and trading
experience. The outlook may be revised to 'Positive' in case EC
substantially increases its scale of operations and profitability
resulting in large cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm reports low cash accruals
because of decline in revenue or profitability, or its working
capital requirements increase leading to weak liquidity.

EC, based in Morbi (Gujarat), was established in 2013. The firm is
involved in trading of Indonesian coal. It started commercial
operations in May 2013.


FOREVER PRECIOUS: CRISIL Suspends D Rating on INR16.50BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Forever
Precious Jewellery and Diamonds Ltd (Forever Precious; part of
Winsome group).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Letter of credit &     16,500        CRISIL D
   Bank Guarantee

   Packing Credit          1,000        CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Winsome Diamonds & Jewellery Ltd
(Winsome), and its group companies, Su-Raj Diamond Industries Ltd
(Su-Raj) and Forever Precious. This is because all these
companies, collectively referred to as the Winsome group, have
common promoters, and significant managerial, operational, and
financial linkages with each other.

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) is the
flagship company of the Winsome group, which processes diamonds
and manufactures gold jewellery. Winsome has a diamond cutting and
polishing unit at Surat (Gujarat). The company's jewellery
manufacturing units are in Bengaluru (Karnataka), Kochi (Kerala),
Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

Su-Raj cuts and processes diamonds; it has manufacturing units in
Surat and Jodhpur (Rajasthan). The company also exports gold
jewellery.

Forever Precious manufactures gold jewellery and the company's
wholesale centres are based in New Delhi, Gujarat, Maharashtra,
Andhra Pradesh, Karnataka, and Tamil Nadu. The company is also
engaged in retailing of gold jewellery.


FUTURE ECO: CARE Assigns 'B' Rating to INR16cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Future Eco
Crete Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term Bank Facilities     16        CARE B Assigned

Rating Rationale

The rating assigned to the long-term bank facilities of Future Eco
Crete Private Limited (FECPL) is primarily constrained on account
of stabilization risk associated with its recently completed
project of manufacturing autoclaved aerated concrete (AAC) blocks
and its presence in a highly competitive industry which is further
exposed to the risks and cyclicality inherent to the real estate
industry.

The rating, however, derives comfort from experienced and
resourceful promoters, strategic location in Panipat (Haryana)
giving it easy access to fly ash and positive demand outlook for
AAC blocks on account of increasing acceptance of the product in
the Indian market.

FECPL's ability to stabilize its business operations with
establishment of customer base is the key rating sensitivity.
Furthermore, achieving envisaged level of sales and profitability
would also remain crucial.

Incorporated in the year 2013, FECPL has recently set up the plant
for manufacturing of AAC block at Haryana and had
started commercial production from November 2014. FECPL is
promoted by six promoters led by Mr Anil Chopra. FECPL
has undertaken project to manufacture AAC blocks with an annual
proposed installed capacity of 200,000 sq. cubic meter
at its facilities located at Panipat, Haryana.


GOVIND CABLE: ICRA Reaffirms B Rating on INR5cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR5.00
crore fund based limits of Govind Cable Industries. ICRA has also
reaffirmed its short term rating of [ICRA]A4 on the INR5.00 crore
non-fund based limits of GCI.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       5.00       [ICRA]B; reaffirmed
   Non Fund Based Limits   5.00       [ICRA]A4; reaffirmed

The ratings continue to take into account the high working capital
intensity (NWC/OI of 66% as on March 31, 2014) of the business on
account of high inventory and receivable levels and reliance of
the firm on debt for working capital funding. This has resulted in
continued high gearing levels (2.30 times as on March 31, 2013),
moderate debt coverage indicators, and stretched liquidity of the
firm as reflected in its fully utilized working capital limits.
Further the profitability of the firm remains exposed to inventory
price risk given the high inventory levels, although it has been
able to maintain its operating profitability in the past.

The ratings are also constrained by the high competitive intensity
of the industry owing to the presence of a large number of
unorganized as well as established players; and the risks inherent
in a partnership firm such as limited ability to raise capital,
and risk of dissolution etc. The ratings also continue to factor
in the modest scale of operations of the firm, although the
revenues have witnessed steady growth over the past 2-3 years.
However, the ratings draw comfort from the extensive experience of
the promoters in the cable manufacturing business, long track
record of operations of the firm, and its established
relationships with reputed customers such as Bharat Heavy
Electricals Limited, units of Steel Authority of India Limited in
Bokaro, Bhilai, Durgapur and Rourkela, Oil and Natural Gas
Corporation, NTPC Limited, Indian Railways, Bhushan Power and
Steel Limited etc.

GCI was incorporated in 1978 by the Agarwal family and its
manufacturing facility is located in Sahibabad in Uttar Pradesh.
The firm is engaged in the manufacturing of low-tension cross
linked polyethylene and low tension poly vinyl chloride power
cables and control, instrumentation/signal cables etc. It supplies
these cables mainly to the steel and power industries.

Recent Results
For FY2014, the firm reported an operating income of INR18.17
crore and a net profit of INR0.19 crore as against an operating
income of INR14.96 crore and a net profit of INR0.15 crore in
FY2013.


JEYPORE SUGAR: CRISIL Suspends D Rating on INR2.68BB LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Jeypore Sugar Company Ltd (Jeypore).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             940         CRISIL D
   Long Term Loan        2,680         CRISIL D

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

Incorporated in 1936, Jeypore is a public limited company listed
on the Madras Stock Exchange and the Bombay Stock Exchange. It
manufactures sugar and ethanol. The company is promoted by Ms.
Rajeswary Ramakrishnan and her family.


KIRON TRANSPORT: CRISIL Assigns D Rating to INR66.8MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Kiron Transport Company Pvt Ltd (KTCPL). The rating
reflects delays by KTCPL in servicing its debt; the delays are
because of the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               20          CRISIL D
   Cash Credit             66.8        CRISIL D
   Proposed Long Term      63.2        CRISIL D
   Bank Loan Facility

KTCPL has a below-average financial risk profile marked by small
net worth, high total outside liabilities to tangible net worth
ratio, weak interest coverage, and weak liquidity because of its
working-capital-intensive operations. However, the company
benefits from experience of its promoter in automobile dealership
business.

KTCPL, incorporated by Guwahati (Assam)-based Mr. Pulak Goswami,
is an authorised dealer of the commercial vehicles of Tata Motor
Ltd's in several districts of lower Assam. The company is also
engaged in the transportation business.


KUBER FOODS: ICRA Assigns B Rating to INR6.50cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR6.50 crore cash
credit limits and INR3.50 crore unallocated fund based limits of
Kuber Foods.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit Limits     6.50        [ICRA]B; Assigned
   Unallocated Fund       3.50        [ICRA]B; Assigned
   Based Limits

The rating assigned to Kuber Foods is constrained by its moderate
scale of operations in the fragmented and competitive rice
industry, weak profitability metrics, high gearing levels and
consequently weak debt protection indicators. The rating further
takes into account the risks inherent in a partnership firm like
limited ability to raise equity capital, risk of dissolution etc.
However, the rating favourably factors in the proximity of the
mill to a major rice growing area which results in easy
availability of paddy and stable demand outlook given that India
is a major consumer and exporter of rice.

Kuber Foods is a partnership firm, formed in 2002, engaged in the
business of milling, processing and selling of basmati rice, and
operates from its office in Taraori, Karnal (Haryana). It has a
fully automated plant at Karnal (Haryana) which has a milling
capacity of 2 tonnes per hour. The by-products of basmati rice viz
husk, rice bran and 'phak' are sold in the domestic market. At
present, there are two partners in the firm -- Mr. Rajiv Kumar and
Mr. Anil Kumar, each having a share in profit of 50%.

The firm reported a net profit of INR0.05 crore on an operating
income of INR17.19 crore in FY 2013-14 as against a net profit of
INR0.01 crore on an operating income of INR10.31 crore in FY 2012-
13.


LALCHAND BUILDERS: CARE Revises Rating on INR13.36cr Loan to 'B'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Lalchand Builders Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility      13.36       CARE B Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Lalchand Builders Pvt Ltd (LBPL)
takes into cognizance delay in the project implementation schedule
by 7 months and occupancy risk as the entire space is yet to be
leased out. Furthermore, the rating continues to be constrained by
the execution risk as the project is in the implementation stage,
the promoter's lack of experience in the real estate business and
intense competition in the vicinity of the proposed shopping mall.

The rating, however, continues to draw comfort from the experience
of the promoters in the retail and hotel business, long track
record of the group and favourable location of the proposed
shopping mall.

Going forward, LBPL's ability to complete the project without any
further time or cost overrun and successful tie up for the lease
rental agreements would be the key rating sensitivities.

Lalchand Builders Pvt. Ltd. (LBPL), was incorporated in
December, 1996 by Mr Sunjoy Hans and his family members based out
of Bhubaneswar, Odisha for the purpose of carrying on activities
related to the real estate. The company, after remaining dormant
till March 2013, started a project to develop a mid-scale shopping
mall at Vani Vihar, Bhubaneswar (Odisha).

The proposed project shall be spread over 0.5 acre of land and
shall comprise of G+3 building. The total leasable area of
the project is 45,900 square feet (lsf). The estimated cost of the
project is INR23.82 crore (excluding cost of land) which is
proposed to be financed by way of equity of INR10.46 crore and
debt of INR13.36 crore (at a debt equity mix of 1.28:1).

Financial closure for the debt has been achieved. The contract for
construction has been awarded to Sidharth Construction and Trading
Pvt. Ltd. (engaged in civil construction and infrastructure
development). The project is scheduled to be completed by
March, 2015.


LODHA DEVELOPERS: Fitch Withdraws 'B+(EXP)' Expected Rating
-----------------------------------------------------------
Fitch Ratings has withdrawn the 'B+(EXP)' expected rating and
'RR4' Recovery Rating assigned to Lodha Developers Private
Limited's (Lodha; B+/Stable) proposed US dollar notes.  The notes
were to be issued by Lodha Developers International (Mauritius)
Limited, and guaranteed by Lodha.

The rating is being withdrawn because Lodha does not expect to
proceed with the bond issue within the previously envisaged
timeline.

The expected rating and Recovery Rating were assigned on Dec. 2,
2014.


MAGIC VIBRATION: ICRA Cuts Rating on INR12cr Fund based Loan to D
-----------------------------------------------------------------
ICRA has downgraded the rating on the INR12 crore long term fund
based bank limits of Magic Vibration India Private Limited to
[ICRA]D from [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     12.00        [ICRA]D, downgraded

The revision in rating reflects delays in debt servicing by the
company. The rating is also constrained by the company's weak
financial profile marked by high level of total outside
liabilities and low profitability.

Going forward, a track record of timely debt servicing will be the
key rating sensitivity.

MVIPL was incorporated in July 2010 by the Khosla family and since
inception, it has been primarily engaged in trading of fabrics.
Within fabrics, majority of its sales come from knitted fabric.
The promoters of the company have been dealing in trading of
fabrics for more than a decade.


MANDEEP INDUSTRIES: ICRA Reaffirms B Rating on INR20cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR20.00 crore cash credit facility and assigned INR1.50 crore
term loans of Mandeep Industries. ICRA has also reaffirmed the
short term rating of [ICRA]A4 for the INR15.00 crore (enhanced
from INR10.00 crore) short-term fund based facility of MI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    20.00       [ICRA]B reaffirmed

   Term Loans            1.50        [ICRA]B assigned

   Short Term Fund       15.00       [ICRA]A4 reaffirmed/assigned
   Based-Warehouse
   receipt financing

The ratings continue to remain constrained by MI's low profit
margins due to low value additive nature of operations and intense
competition on account of fragmented industry structure; and the
firm's adverse capital structure and weak debt protection metrics.
The ratings also take into account the high working capital
intensity of the firm's operations; vulnerability of MI's
profitability to volatility in raw material prices which are
subject to seasonality and crop harvest.

Further, MI is a partnership firm and any significant withdrawals
from the capital account could adversely impact its net worth and
thereby the capital structure. The ratings, however, favorably
factor in the extensive experience of partners and long track
record of the firm's solvent extraction business; favourable
location of the firm giving it easy access to quality raw
materials; and healthy revenue growth witnessed in FY14 and H1
FY15.

Mandeep Industries (MI) was set up as a partnership firm in the
year 1973 by Talaviya family. The firm is engaged in producing
groundnut de-oiled cake (DOC) and groundnut oil from groundnut oil
cake. The extraction unit of the firm is located at Upleta in
Gujarat and has a processing capacity of 250 MT per day of oil
cake. Apart from groundnut oil cake, MI is also involved in
processing rapeseed cake, castor seed cake and other oil seed
cakes depending on the crop season and availability of raw
material (oil cakes) from the oil millers.

Recent Result

In FY14, MI reported an operating income of INR108.79 crore and
profit after tax of INR1.24 crore as against an operating income
of INR57.37 crore and profit after tax of INR0.34 crore during
FY13. In H1 FY15 (unaudited, provisional), the firm reported an
operating income of INR79.03 crore and profit before depreciation
and tax of INR2.17 crore.


MANGALDEEP COTTON: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR5.00
crore cash credit facility and INR1.76 crore term loan facility of
Mangaldeep Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             1.76         [ICRA]B reaffirmed
   Cash Credit           5.00         [ICRA]B reaffirmed

The reaffirmation of the rating factors in MCI's relatively new
and modest scale of operations and its weak financial profile as
reflected by net loss in FY14, stretched capital structure and
poor debt coverage indicators. The rating is further constrained
by the highly competitive and fragmented industry structure owing
to low entry barriers; and the vulnerability of the firm's
profitability to raw material (i.e. cotton) prices, which are
subject to seasonality, crop harvest and regulatory risks.

ICRA also notes that as MCI is a partnership firm; any significant
withdrawals from the capital account by the partners would
adversely affect its net worth and thereby its capital structure.
The rating, however, continues to positively consider the long
track record of the promoters in the cotton industry and
favourable location of the firm's manufacturing facility in
Jabalpur (Rajkot) in Gujarat, giving it an easy access to quality
raw material.

Mangaldeep Cotton Industries (MCI) was established as a
partnership firm in May 2013 and is engaged in the business of
ginning and pressing of raw cotton. The firm's manufacturing
facility is located at Jabalpur in Gujarat and is equipped with
twenty four ginning machines and one pressing machine with
processing capacity of 12,000 MT of raw cotton annually.

Recent Results

During FY 2014, MCI reported an operating income of INR9.59 crore
and net loss of INR0.08 crore.


META INDUSTRIES: CRISIL Rates INR52.8MM Export Packing Loan at B+
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Meta Industries (MI).

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Letter of Credit         16          CRISIL A4
   Export Packing Credit    52.8        CRISIL B+/Stable
   Foreign Letter
   of Credit                10.5        CRISIL A4

The ratings reflect MI's small scale of operations, large working
capital requirements, weak financial risk profile and profit
withdrawal by promoters, constraining the firm's liquidity. These
rating weaknesses are partially offset by the extensive experience
of MI's promoters in the steel industry, and the firm's healthy
return on capital employed.

Outlook: Stable

CRISIL believes that MI will benefit over the medium term from its
promoters' extensive experience in the steel industry. The outlook
may be revised to 'Positive' if MI's scale of operations improves
substantially, resulting in improved business and financial risk
profiles. Conversely, the outlook may be revised to 'Negative' in
case of decline in the firm's operating margin, leading to low
cash accruals, or large debt-funded capital expenditure.

Set up in 2007 as a partnership firm, MI exports stainless steel
kitchenware products to Europe and Latin America. Its products
include cookware, cooking utensils, storage and preparation
solutions, kitchen tools, and cutlery. Mr. Shishpal Singh, Mrs.
Mamta Singh, Mr. Kamaljeet Singh, and Mr. Ashok Alahwat are its
partners; the firm is based in Ludhiana (Punjab).

MI's book profit and net sales are estimated at INR7.5 million and
INR224.8 million, respectively, for 2013-14 (refers to financial
year, April 1 to March 31); the firm reported a book profit of
INR9.3 million on net sales of INR154.3 million for 2012-13.


NISAN ELECTRICALS: CARE Reaffirms B+ Rating on INR10.63cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nisan Electricals (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.63       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Nisan Electricals
(India) Private Limited (NEIPL) continues to remain constrained on
account of its weak financial profile marked by net losses in FY14
(refers to the period April 1 to March 31), moderately leveraged
capital structure and weak liquidity indicators. Furthermore, the
rating continues to remain constrained on account of its modest
scale of operations in the fragmented compact fluorescent lamp
(CFL) industry, high exposure to foreign exchange rate
fluctuations and working capital-intensive nature of operations.

The rating, however, continues to take comfort from the benefits
derived from the vast experience of the promoters.

The rating also positively factors in the gradual increase in the
scale of operations during FY14 and the consistent financial
support from the promoters by way of infusion of unsecured loans
to support the operations of the company.

The ability of NEIPL to increase its scale of operations, improve
profitability and capital structure while efficiently managing its
working capital requirements remain the key rating sensitivities.

Ahmedabad-based NEIPL is an ISO 9001, ISO 14001 and OHSAS 19001
certified CFL manufacturer. NEIPL was originally established as a
partnership firm in 2009 as "Nisan Electricals". However, the firm
was converted into private limited company in May 16, 2011. Mr
Shailesh Hirpara, Mr Suresh Hirpara and Mr Arvind Hirpara are the
key promoters of NEIPL.

NEIPL operates from its sole manufacturing facilities located at
Ahmedabad with an installed capacity to manufacture 216 lakh CFLs
per annum as on March 31, 2014.

During FY14, NEIPL reported the net loss of INR2.68 crore on a
total operating income (TOI) of INR12.05 crore as against
the net loss of INR3.18 crore on a TOI of INR7.50 crore in FY13.
As per the provisional results for 7MFY15, the company has
registered the TOI of INR10.06 crore.


NIWARA BUILDERS: CRISIL Suspends B Rating on INR20MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Niwara Builders (NB; part of Gojagekar group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       20         CRISIL B/Stable
   Bank Loan Facility

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NB and its group entity Deepak
Constructions (DC; together referred to as the Gojagekar group).
This is because the two entities are expected to derive business
synergies from each other in executing its upcoming real estate
residential project, 'Ganesh Baag' and expected cash flow
fungibility between them.

Established in 1994, the Gojagekar group consists of two
proprietorship entities, NB and DC promoted by Mr. Gurunath
Gojagekar and his son Mr. Deepak Gojagekar, respectively. Both the
entities are in the real estate development business.


PANDOUL FLOUR: ICRA Reaffirms B Rating on INR12.28cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating of the INR12.28 crore long
term fund based limits of Pandoul Flour Mills Pvt. Ltd. ICRA has
also reaffirmed the [ICRA]A4 rating of INR0.13 crore non-fund
based limits of PFMPL. The unallocated limits of INR0.74 crore has
been rated on the short term and long term, to which ICRA has
reaffirmed the [ICRAB]/[ICRA]A4 rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     12.28       [ICRA]B reaffirmed
   Non Fund Based         0.13       [ICRA]A4 reaffirmed
   Unallocated            0.74       [ICRA]B/[ICRA]A4 reaffirmed

The ratings continue to take into account the risk associated with
stabilization of operations as per the expected parameters post
commissioning of the project and the expected pressure on the cash
flows owing to significant debt repayment obligations in the short
to medium term. The ratings also take into consideration the
highly competitive nature of the flour processing industry on
account of the low barriers to entry, and limited value addition,
which will lead to suppressed profit margins. The ratings further
incorporate PFMPL's vulnerability to agro-climatic conditions and
Government regulations on pricing, distribution and export of
agricultural commodities, and the company's exposure to margin
risks on account of volatility in the price of wheat.

The ratings, however, derives support from the demonstrated track
record of the promoters in the flour processing business, and the
favourable location of the plant in Darbhanga, Bihar, which is in
proximity to wheat growing regions, thereby leading to low freight
costs. The ratings also factor in the expected support from the
State Government of Bihar under the 'Integrated Development of
Food Processing Sector' scheme, which would lead to lower reliance
on bank funding. Nonetheless, with the company yet to receive a
major portion (70%) of the disbursements from the State Government
till date, the timeliness of receipt of Government grant would
remain crucial. The ratings also incorporate PFMPL's stable
market, given that flour and semolina forms an essential
constituent of the Indian diet.

PFMPL was established in the year 2010 by Mr. Sunil Murarka, Mr.
Niketan Gupta and Mr. Pawan Kumar, to set up a flour mill plant.
PFMPL is currently developing a flour mill in Darbhanga, Bihar,
which will have an installed capacity of 200 tonne per day (TPD),
comprising of 150 TPD roller flour mill and 50 TPD atta chakki.
The plant is expected to be operational shortly.


PARENTERAL SURGICALS: CARE Revises Rating on INR5.24cr Loan to B
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Parenteral
Surgicals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.24       CARE B Revised from
                                            CARE B+
   Short term Bank Facilities    2.75       CARE A4 Revised from
                                            CARE A4

Rating Rationale

The ratings assigned to the bank facilities of Parenteral
Surgicals Limited (PSL) is backed by unconditional and irrevocable
corporate guarantee of Parenteral Drugs (India) Limited (PDIL,
rated CARE D/CARE D). However, with the significant deterioration
in the financial risk profile of PDIL, PSL doesn't derive any
credit enhancement from PDIL.

The revision in the ratings assigned to the bank facilities of PSL
takes into account its loss making operations coupled with the
weak financial risk profile characterized by negative networth
base.

Ratings are further constrained on account of its presence in the
highly competitive price controlled domestic Intravenous Fluids
(IVF) market and risks related to proper quality assurance and
storage of IVF.

The ratings however, favourably factors in the rich experience of
promoters of PSL in the pharmaceutical industry.

The ability of PSL to generate envisaged cash accrual while
managing its working capital requirements is the key rating
sensitivity.

PSL was originally incorporated as Sanjiwani Medications Pvt. Ltd.
in 2006. Subsequently, in September 2008, the name of the company
was changed to the present one. PSL is a wholly owned subsidiary
of Parenteral Drugs (India) Ltd (PDIL, rated CARE D/CARE D). PSL
is a marketing arm of PDIL and is engaged in trading of
Intravenous Fluids (IVF) manufactured by PDIL and started its
operations in March 2010.

Based on the audited financials for FY14 (refers to the period
April 1 to March 31), PSL reported a total operating income of
INR41.71 crore (P.Y: INR41.10 crore) and net loss of INR3.82 crore
(P.Y: Profit of INR0.39 crore). Based on the provisional results
for H1FY15, PSL reported TOI of INR18.57 crore and net loss of
INR-1.54 crore.


PHOENIIX: ICRA Reaffirms B Rating on INR1.75cr Term Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR1.75
crore (revised from INR5.29 crore) term loan facilities of M/s.
Phoeniix at [ICRA]B.  ICRA has also reaffirmed the short-term
rating assigned to the INR16.00 crore (revised from INR12.00
crore) fund based facilities, the INR16.00 crore (revised from
INR12.00 crore) fund based (sub-limit) facilities, the INR0.30
crore non-fund based facilities and the INR1.95 crore (revised
from INR2.41 crore) proposed facilities of the Firm at [ICRA]A4.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term - Term        1.75        [ICRA]B reaffirmed
   loans

   Short-term - Fund      16.00        [ICRA]A4 reaffirmed
   based facilities

   Short-term - Fund     (16.00)       [ICRA]A4 reaffirmed
   based facilities
   (sub-limit)

   Short-term - Non        0.30        [ICRA]A4 reaffirmed
   fund based facilities

   Short-term-Proposed     1.95        [ICRA]A4 reaffirmed
   Facilities

The ratings re-affirmation factors in healthy revenue growth
witnessed during last fiscal, on the back of increase in orders
from Primark (post commencement of direct supply) and favourable
demand scenario resulting in strong order flow from other
customers and the improvement in liquidity position of the Firm
supported by decline in receivables and inventory levels.

The ratings also takes into account the experience of promoter in
the garment export business for two decades, Phoeniix's presence
in the high-margin kids wear segment and the Firm's healthy order
book position providing revenue visibility in the near term.
However, the ratings remain constrained by the Firm's modest scale
of operations which restrict the benefits of scale economics,
intense competition prevalent in the highly fragmented textile
industry thus restricting pricing flexibility.

Also, competition from low-cost countries and the economic
exposure risk related to foreign exchange rate fluctuations affect
the Firm's business risk profile. While high customer
concentration (with top three customers adding ~93% of revenues in
2013-14) enhances the risk of order volatility on revenue growth,
the repeat orders from reputed customers like Primark and
Mothercare and the long-standing relationship with them lends
stability to revenues.

Going forward, the Firm's ability to broad base its clientele,
enhance the scale of operation and improve its operating margins
amidst volatile input costs and competition from large number of
players would be key rating sensitivities.

Phoeniix is a proprietorship concern, promoted by Mr. T.M.
Muthukumar in 1994. The Firm is engaged in manufacture and export
of knitted garments for men, women and children and supplies
predominantly to reputed customers like Primark and Mothercare
(United Kingdom). Phoeniix's manufacturing facility is located in
Avinashi (Tamil Nadu) and it performs processes like cutting,
stitching, embroidery, printing, washing, checking and packing in-
house, whereas processes like knitting, dyeing and compacting are
outsourced to local units.

Recent Results

Phoeniix reported net profit of INR1.5 crore on an operating
income of INR47.1 crore during 2013-14 (according to un-audited
results) as against net profit of INR0.9 crore on an operating
income of INR26.9 crore during 2012-13.


R.B. RICE: CRISIL Assigns 'D' Rating to INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of R.B. Rice Mill (Pvt) Ltd (RBRMPL). The rating
reflects instances of delay by RBRMPL in servicing its debt
obligations; the delays have been caused by the company's weak
liquidity, driven by its large working capital requirements.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Warehouse Financing      25         CRISIL D
   Cash Credit              50         CRISIL D
   Term Loan                14         CRISIL D

RBRMPL has a weak financial risk profile, marked by a high total
outside liabilities to tangible net worth (TOLTNW) ratio and small
net worth, small scale of operations, and large working capital
requirements. However, the company benefits from the extensive
experience of its promoters in the basmati rice industry.

RBRMPL, incorporated in 2008 by Mr. Naim Khan and Mr. Rais Khan,
is engaged in the milling and processing of paddy into basmati
rice. The company has a 6 tonne per hour milling capacity located
at Chibbramau in Kannauj (Uttar Pradesh).

RBRMPL reported, on a provisional basis, a net profit and net
sales of INR0.2 million and INR80.2 million, respectively, for
2013-14 (refers to financial year, April 1 to March 31), against a
net profit of INR0.4 million on net sales of INR42.0 million for
2012-13.


RAJHANS METALS: CARE Revises Rating on INR28.5cr Loan to 'B'
------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Rajhans Metals Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     28.50      CARE B Revised from
                                            CARE BB-

   Short term Bank Facilities    13         CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into account the
stretched liquidity position of Rajhans Metals Pvt. Ltd (RMPL)
on account of subdued operating performance and foreign currency
rate fluctuation losses resulting in to cash losses during FY14
(refers to the period April 1 to March 31). The ratings continue
to be constrained by susceptibility of its profitability margins
to volatile raw material prices and foreign currency rate
fluctuation on its imports, high working capital intensity of its
operations and presence in highly competitive and fragmented brass
and copper alloy extrusion industry.

The ratings, however, continue to draw strength from vast
experience of its promoters along with RMPL's established
track record of operations in the industry aided by effective
sales and distribution network.

RMPL's ability to improve its profitability by managing raw
material price volatility and foreign exchange rate fluctuations
in a highly competitive copper industry, recover advances extended
to its associate concern and improvement in its capital structure
would be the key rating sensitivities.

RMPL was incorporated in 1987 at Jamnagar, Gujarat, by Mr Milan
Dodhia. RMPL is engaged in the manufacturing of brass and copper
alloy extruded rods and extruded sections, which find application
in automobile components, fixtures & fittings and lock-bodies.
RMPL had an installed melting capacity of 12,150 metric tonnes per
annum (MTPA) and brass rods and sections extrusion capacity of
about 9,600 MTPA as on March 31, 2014. Apart from its own
extrusion facility, RMPL also gets some work done on job work
basis from outside entities and its associates.

As per the audited results for FY14, RMPL reported a net loss of
INR3.55 crore (FY13: net loss of INR4.05 crore) on a total
operating income of INR183.78 crore (FY13: INR199.90 crore).
Furthermore, as per un-audited results for H1FY15, RMPL has
registered a total operating income of INR86.55 crore (H1FY14:
INR92.35 crore) with a PBT of INR0.66 crore (H1FY14: INR0.42
crore).


RAMAN ISPAT: ICRA Reaffirms B+ Rating on INR5cr Loan
----------------------------------------------------
ICRA has re-affirmed [ICRA]B+/[ICRA]A4 rating for the enhanced
bank facilities of INR7.68 crore of Raman Ispat Private Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Working Capital        5.00        [ICRA]B+ reaffirmed
   Limits

   Term Loan              0.18        [ICRA]B+ reaffirmed

   LC/BG                  2.50        [ICRA]A4 reaffirmed

The reaffirmation of the ratings for the enhanced limits takes
into account long experience of the promoters in the industry;
steady increase in manufacturing volumes achieved by the company;
and RIPL's wide customer base spread across Delhi NCR, Punjab and
Uttar Pradesh. Further, ICRA notes that the promoters have done
equity infusion, which has reduced its gearing from 1.1x as on
March 31, 2013 to 0.7x as on March 31, 2014.

The ratings, however, are constrained by the RIPL's moderate scale
of operations in its core business of manufacturing of steel
ingots; highly competitive and fragmented nature of the industry;
and susceptibility of the company's profitability to adverse
movements in raw material prices.

These factors, combined with limited value additive nature of
operations, have continued to result in low profitability
indicators for the company. Further, ICRA notes that the high
power costs have led to losses at operating level in 2013-14,
although the non-operating income has helped the company post
positive PAT for the year. Additionally though RIPL's gearing
level is healthy, low profitability has resulted in average debt
protection indicators. Going forward an increase in RIPL's scale
of operations and profitability in light of competitive pressures
will remain the key rating sensitivities.

RIPL is a private limited company engaged in the manufacturing of
mild steel ingots. The company was promoted by Mr. R.P. Singh in
1989 and presently the business is being managed by him and Mr.
Virendra Singh Verma. RIPL's manufacturing facility is located in
Muzaffarnagar (Uttar Pradesh) with an installed capacity of 40,000
tonnes per annum (TPA).

Recent Results

In 2013-14, RIPL reported an Operating Income of INR75.9 crore and
a net profit of INR0.2 crore as against an operating income of
INR67.7 crore and a net profit of INR0.1 crore in the previous
year.


RAWALWASIA TEXTILE: CARE Assigns B+ Rating to INR5cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Rawalwasia Textile Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5         CARE B+ Assigned
   Short-term Bank Facilities     5         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rawalwasia Textile
Industries Private Limited (RTIPL) is primarily constrained on
account of the modest experience of the promoters in coal trading
business,thin profitability, decline in the total operating income
in FY14 (refers to the period April 1 to March 31) and its
presence in the highly competitive and fragmented coal trading
industry along with vulnerability of profits to fluctuations in
traded goods prices.  The above constraints far offset the
benefits derived from the location advantage and modest solvency
and liquidity position.

The ability of RTIPL to increase its scale of operations along
with the improvement in profitability and working capital
cycle is the key rating sensitivities.

Surat-based (Gujarat) RTIPL was incorporated in the year 1993 as a
private limited company with an objective to carry out the
business of yarn manufacturing on a job work basis. The entity did
job work for its group entity namely Rawalwasia Yarn Dyeing
Private Limited till March 2013. Subsequently the entity remained
idle till February 2014 and started coal trading from March 2014
onwards. During FY14, there was only one month of operation in
RTIPL.

RTIPL procures Indonesian coal from the importers and sell it to
local players in Surat which are into yarn dyeing and printing.
Due to higher CNG charges in Surat many textile companies are now
using thermo pack technology which uses coal to heat boilers.

During FY14, RTIPL reported a TOI of INR1.61 crore and Profit
after Tax (PAT) of INR0.02 crore as against a TOI of INR7.61
crore and PAT of INR0.03 crore during FY13. As per the provisional
results for 6MFY15 (refers to the period April 1, 2014 to
September 30, 2014), RTIPL registered a TOI of INR42.48 crore.


RAWALWASIA YARN: CARE Assigns B+ Rating to INR8cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Rawalwasia Yarn Dyeing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term Bank Facilities     8         CARE B+ Assigned
   Long-term/Short-term Bank      4         CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rawalwasia Yarn
Dyeing Private Limited (RYDPL) are primarily constrained on
account of its modest scale of operations in the highly
competitive and fragmented textile industry and its weak financial
risk profile marked by thin profitability, leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position. The ratings are also constrained on account of
vulnerability of profits to fluctuations in raw material and
foreign exchange rates.

The above constraints far offset the benefits derived from the
vast experience of the partners in the textile industry and
location advantage on account of its presence in Surat, a textile
hub of India.

The ability of RYDPL to increase its scale of operations and
improvement in profitability and capital structure with an
improvement in liquidity position through better working capital
management remains the key rating sensitivities.

Surat-based (Gujarat) RYDPL was incorporated in the year 1991 as a
private limited company with an objective to carry out the
business yarn dying and printing activity however the company
started the yarn manufacturing activities. As on March 31, 2014,
company has an installed capacity of manufacturing 200 ton per
month of texturized yarn. Till March 2013, it was getting the yarn
manufactured by its group entity Rawalwasia Textile Industries
Private Limited (RTIPL; rated CARE B+/ CARE A4) on a job work
basis. However, from April 2013, RYDPL has started own
manufacturing operations at its premises. Moreover, from August
2013, RYDPL has also started coal trading. RYDPL imports coal from
Indonesia and sells coal to local players in Surat which are into
textile and agro processing business. Many Surat-based textile
companies which use thermo-pack technology which requires coal to
heat boilers are customers of RYDPL. During FY14, RYDPL derived
38.93% of its TOI from the sale of imported coal and the remaining
61.07% of its TOI from the sale of texturized yarn.

During FY14 (refers to the period April 1 to March 31), RYDPL
reported a TOI of INR54.32 crore and Profit after Tax (PAT) of
INR0.02 crore as against a TOI of INR22.18 crore and PAT of
INR0.02 crore during FY13. As per the provisional results for
6MFY15 (refers to the period April 1, 2014 to September 30, 2014),
RYDPL registered a TOI of INR13.07 crore.


RMJ MODERN: CRISIL Suspends B+ Rating on INR60MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RMJ Modern Rice Mill (RMJ).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             60          CRISIL B+/Stable
   Term Loan               12.5        CRISIL B+/Stable


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

RMJ processes and sells non-basmati rice. Its facility is located
at Madurai (Tamil Nadu). The firm is managed by Mr. Sundara
Pandian and Mr. Thangapandi.


SAVALIA COTTON: CARE Revises Rating on INR44.63cr Loan to B+
------------------------------------------------------------
CARE revises and assigns rating to the bank facilities of
Savalia Cotton Ginning and Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     44.63      CARE B+ Revised from
                                            CARE B

   Short term Bank Facilities     6.50      CARE A4 Assigned

Rating Rationale

The revision in the long term rating of Savalia Cotton Ginning and
Pressing Private Limited (SCGPL) takes into account consistent
improvement in the scale of operations, albeit on a modest rate,
and equity as well as unsecured loans infusion by the promoter
group to support its growing scale of operations.

The ratings, however, continues to be constrained by SCGPL's thin
profitability on account of the low value addition in the cotton
ginning and trading business, high working capital intensity and
susceptibility of its margins to volatile cotton prices and high
leverage.  The impact of changes in the government policies and
its presence in the highly fragmented cotton ginning industry
further constrain the ratings.

The ratings, however, derives strength from its experienced
promoters and favourable location with presence in Gujarat,
the leading cotton-producing region of India.

The ability of SCGPL to increase the share of manufacturing
activity along with an improvement in its profitability and
capital structure are the key rating sensitivities.

Incorporated in November 1999, Rajkot-based, SCGPL is promoted by
Mr Utpal Savalia and Mr Jitendra Bhalara and is engaged in cotton
ginning and pressing, and trading of cotton and cotton seeds. As
on March 31, 2014, SCGPL had an installed capacity of 13,000
Metric Tonne Per Annum (MTPA) of cotton ginning at its processing
unit located at Shapar Industrial Area near Rajkot in Gujarat.

During FY14 (refers to the period April 01 to March 31), SCGPL
reported PAT of INR0.37 crore on a total operating income (TOI) of
INR243.70 crore as against a PAT of INR0.33 crore a TOI of
INR223.09 crore during FY13.


SONEC SANITARY: CARE Reaffirms B Rating on INR6.09cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sonec Sanitary Ware Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.09       CARE B Reaffirmed
   Short-term Bank Facilities    0.25       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sonec Sanitary Ware
Private Limited (SSPL) continue to remain constrained due its
nascent stage of operations and highly leveraged capital
structure. The ratings are further constrained on account of
volatility associated with raw material and fuel prices and its
presence in the highly competitive ceramic industry with fortunes
linked to demand from the cyclical real estate industry. The
ratings take into account change in ownership and management and
operating losses and stressed liquidity position during FY14
(refers to the period April 1 to March 31).

These constraints outweigh the benefits derived from the wide
experience of the management in the ceramic industry and its
strategic location by way of being situated in the ceramic tile
manufacturing hub of Morbi in Gujarat.

Stabilization of operations with achievement of the envisaged
sales level, profitability and rationalization of debt level as
well as efficient working capital management amidst the
competitive industry are the key rating sensitivities.

Sonec Sanitary Ware Private Limited (SSPL) incorporated in April
2012 was originally promoted by Mr Balvant Khimji Dalsaniya and Mr
Mahavir Shantilal Jain. SSPL had set up its green field project
for manufacturing sanitary wares with an installed capacity
200,000 pieces per annum at Morbi in Gujarat. The total cost of
the project was INR8.25 crore financed through equity capital of
INR2 crore, term loan of INR5.60 crore and balance of INR0.65
crore through unsecured loan.

After a delay of three months on account of delay in the
disbursement of term loan, the project commenced in June,
2013. However, after incurring losses and mismanagement of
operations during FY14, the promoters sold their stakes to
Mr Hitesh Vasiyani, Mr Jaswant Patel, Mr Kantilal Serasiya and
their relatives in March 2014. The new promoters have extensive
experience in the ceramic industry through their firm Atlas
Industries. The new management has stabilised the operations
during Q1FY15 and the plant was operating at 90% capacity
utilization during Q2FY15.

As per the audited results for FY14, SSPL reported a TOI of
INR0.84 crore and net loss of INR1.33 crore. During 7MFY15,
SSPL achieved a turnover of INR3.20 crore and PAT of INR0.07
crore.


SSD OIL: CRISIL Suspends D Rating on INR410MM Term Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of SSD Oil
Mills Company Ltd (SSD).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           25         CRISIL D
   Cash Credit-Stock       295         CRISIL D
   Letter of Credit        185         CRISIL D
   Long Term Loan           22         CRISIL D
   Proposed Long Term
   Bank Loan Facility       46.3       CRISIL D
   Working Capital
   Term Loan               410         CRISIL D

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

SSD, set up in 1982, manufactures edible refined oil and vanaspati
products under its brand, Supreme.


TAPOVAN PROJECTS: CRISIL Suspends B Rating on INR100MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tapovan
Projects (TP).

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

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

Established in April 2012 as a partnership entity, Tapovan
Projects(TP) is involved in the development of two residential
projects namely-'Tapovan Glades' and 'Tapovan Solace' at RT Nagar,
Mysore (Karnataka). The projects are being executed by the firm on
a joint development basis. The firm is promoted by Mr.Ajith
Narayanan and Mr.Sriram Krishnamurthy who has been associated with
the residential real estate industry for more than a decade. The
firm commenced its commercial operations during 2011-12.


VERA NETS: CRISIL Assigns B Rating to INR75MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vera Nets Private Limited (VNPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Long Term Loan           75           CRISIL B/Stable

The rating reflects VNPL's exposure to project related risks and
its weak financial profile, marked by a leveraged capital
structure and expected weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
group's promoter in the yarn and fishing net industry.

Outlook: Stable

CRISIL believes that VNPL will continue to benefit over the medium
term from the extensive industry experience of its group's
promoter. The outlook may be revised to 'Positive' if the company
successfully implements its set-up project and reports higher-
than-expected revenue and earnings, while improving its capital
structure and liquidity. Conversely, the outlook may be revised to
'Negative' if VNPL's financial risk profile, including its
liquidity, deteriorates, most likely because of time and cost
overruns while execution of its set-up projects, or if it takes
longer than expected to stabilise the project, resulting in lower
cash accruals.

VNPL was incorporated as a private limited company in January 2014
by Mrs. Champaben Makwana and Mrs. Sheebaben Makwana. The company
is in the process of setting up a plant at Bhavnagar (Gujarat) to
manufacture nylon fishing nets and allied products, with an
installed capacity of 561.6 tonnes per annum (tpa), which is
expected to start commercial production from January 2015.


VIJAI MAHALAXMI: ICRA Lowers Rating on INR25cr Term Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR25.00 crore term loans and INR12.00 crore long term fund based
facilities of Vijai Mahalaxmi Spinning Mills India Private Limited
to [ICRA]D from [ICRA]BB-. ICRA has also downgraded the short term
rating outstanding on the INR3.00 crore short term non fund based
facilities of the Company to [ICRA]D from [ICRA]A4 and the long
term/short term rating outstanding on the INR3.00 crore non fund
based sub-limit to [ICRA]D/[ICRA]D from [ICRA]BB-/[ICRA]A4.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    25.00      [ICRA]D/downgraded from
                                      [ICRA]BB- (stable)

   Fund based facilities   12.00      [ICRA]D/downgraded from
                                      [ICRA]BB- (stable)

   Non fund based           3.00      [ICRA]D/downgraded from
   facilities                         [ICRA]A4

   Non fund based          (3.00)     [ICRA]D/[ICRA]D downgraded
   (sub-limit)                        from [ICRA]BB-/A4
   facilities

The rating revision reflects the delays witnessed in debt
servicing by the Company.

Vijai Mahalaxmi Spinning Mills India Private Limited, incorporated
in the year 2010, started its commercial operations on
December 14, 2011. The Company has installed capacity of 12,960
spindles and produces cotton yarn in the counts range of 20s to
30s. The Company procures Shankar-6 type cotton from Gujarat and
caters mainly to export market by exporting ~75-80% of the
produced yarn through merchant agents. In domestic market, the
company caters to Tirupur and Kolkata markets; the Company is also
engaged in trading of yarn and fabrics. The manufacturing facility
of the Company is located at Dharapuram Taluk, Tirupur District.


WINSOME DIAMONDS: CRISIL Suspends D Rating on INR34.70BB LOC
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Winsome Diamonds and Jewellery Ltd (Winsome; part of the Winsome
group).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Letter of credit &     34,700        CRISIL D
   Bank Guarantee

   Packing Credit          3,750        CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Winsome, and its group companies, Su-
Raj Diamond Industries Ltd (Su-Raj) and Forever Precious Jewellery
and Diamonds Ltd (Forever Precious). This is because these
companies, collectively referred to as the Winsome group, have
common promoters, and significant managerial, operational, and
financial linkages with each other.

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) is the
flagship company of the Winsome group, which processes diamonds
and manufactures gold jewellery. Winsome has a diamond cutting and
polishing unit at Surat (Gujarat). The company's jewellery
manufacturing units are in Bengaluru (Karnataka), Kochi (Kerala),
Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

Su-Raj cuts and processes diamonds; it has manufacturing units in
Surat and Jodhpur (Rajasthan). The company also exports gold
jewellery.

Forever Precious manufactures gold jewellery and the company's
wholesale centres are based in New Delhi, Gujarat, Maharashtra,
Andhra Pradesh, Karnataka, and Tamil Nadu. The company is also
engaged in retailing of gold jewellery.


* INDIA: 78 Companies Vanish After Raising Funds
------------------------------------------------
The Times of India reports that 78 companies have gone untraceable
after raising funds from investors, with Gujarat having the
maximum number of 17 of such entities, according to official data.

These entities are spread across Gujarat, Tamil Nadu, Maharashtra,
Madhya Pradesh, West Bengal, Uttar Pradesh and some other states,
the report relates.

Companies, which fail to file documents and balance sheets after
raising funds through public issues and go untraceable, are called
'vanishing companies', according to TOI.

Cumulatively these 78 vanishing companies have raised a little
over INR310 crore, the report notes.

Among the 78 entities, Gujarat has the maximum at 17. Others
include 10 such companies in Tamil Nadu and nine in Maharashtra.
West Bengal, Madhya Pradesh and Delhi each have five vanishing
firms, TOI relays citing data compiled by the Corporate Affairs
Ministry.

According to the report, FIRs have been lodged against all 78
companies and their directors to trace their whereabouts and also
to take action against them under the Indian Penal Code,
government informed Parliament on December 5.

Besides, prosecutions have been filed against these entities under
various provisions of the Companies Act, TOI adds.



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


CREDIT UNION: S&P Raises ICR to 'BB' & Revises Outlook to Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term issuer credit rating on Credit Union South (CUS) to 'BB'
from 'BB-'.  The outlook has been revised from developing to
negative.  At the same time, S&P affirmed its short-term issuer
credit ratings on CUS at 'B'.

The change in New Zealand-based CUS's long-term issuer credit
rating (ICR) to 'BB' from 'BB-' reflects S&P's opinion that the
recently observed contraction in lending and operating revenue
have bottomed for the credit union, with forecast growth
anticipated for both in 2015.  S&P also expects earnings to be
positively impacted by an absence in one-off costs that detracted
from the credit union's earnings in fiscal 2014.

"In raising the ICR on CUS, we believe the credit union's
management has successfully managed CUS into a forecast period of
positive momentum in both lending and operating revenue growth, in
contrast to the declining performance from 2010-2013," said credit
analyst Andrew Mayes.  "Importantly, we believe much of the
improved growth can be attributed to a range of initiatives
undertaken by the credit union in recent years in an attempt to
generate more commercially-acceptable outcomes, which should augur
well for the credit union in the medium term as the broader
operating environment improves, especially as a result of the
rebuild activity in Christchurch."

The outlook on CUS is negative, reflecting S&P's view that
New Zealand's economic risks, including its material dependence on
external borrowings, persistent current account deficits, and
recent growth in house prices in some of the larger cities, could
worsen.  S&P is therefore of the view that should New Zealand's
economic vulnerabilities worsen within the next one-to-two years
and S&P lowered the anchor stand-alone credit profile (SACP) for a
bank operating within New Zealand to 'bbb' from 'bbb+', the rating
on CUS is likely to be lowered by one notch to reflect that lower
anchor.  The anchor SACP forms the starting point of the issuer
credit rating on CUS.

"We believe downward rating pressure would also arise if CUS were
to experience a return to negative growth in lending volumes to
support its ongoing business viability or if it lost the deposit
support it currently enjoys from its member base," said Mr. Mayes.
"We could revise our outlook on CUS back to stable if we formed a
view that uncertainties around New Zealand's economic risks have
abated."



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


NATIONAL FOOD: Urges Government to Absorb PHP163-Bil. Debts
-----------------------------------------------------------
Gil C. Cabacungan at Inquirer.net reports that the National Food
Authority (NFA) is urging Congress to approve its proposal that
the Aquino administration absorb its estimated PHP163 billion in
debts so that it could continue its mandate of keeping a stable
supply and affordable price of rice.

Inquirer.net relates that newly appointed NFA Administrator Renan
Dalisay said the agency would be able to maintain a 15-day
strategic rice reserve worth PHP14.5 billion to PHP16 billion
without taking on new obligations as long as it was freed of its
current loan obligations which were incurred in the last decade.

According to Inquirer.net, the NFA has racked up a massive debt
load over the last decade largely due to its efforts to keep both
farmers and consumers happy by subsidizing both the farm gate and
market prices of rice.

Inquirer.net says Butil Rep. Agapito Guanlao has filed House Bill
No. 3477 seeking to strengthen the NFA and prevent a recurrence of
the rice crisis brought about by Supertyphoon "Yolanda" last year.

Rep. Guanlao said that with no takers for the privatization of the
NFA, the government should strengthen the agency so it could
continue with its mandate, Inquirer.net relates.

But the GCG, or Governance Commission on Government-Owned and
Controlled Corporations (GOCCs) cautioned members of the joint
House committees on government enterprises and privatization,
agriculture and food, and food security against approving a debt
restructuring program for the NFA without addressing its dual but
conflicting roles in rice supply and pricing, the report notes.

Inquirer.net relates that GCG Commissioner Rainer Butalid said any
attempt to rehabilitate the NFA should include a clear delineation
of its regulatory and developmental functions to prevent the
agency from falling into a debt trap again.

Akbayan has filed House Bill No. 5118 creating a new entity to
replace the NFA with its regulatory, development and research
functions transferred to the Department of Agriculture, the report
adds.



===============
T H A I L A N D
===============


CAT TELECOM: To End Two International Voice Services
----------------------------------------------------
Bangkok Post reports that the CAT Telecom board has decided to
terminate its two international voice services through the
operator system in order to stem the state agency's financial
bleeding.

Services will end next April after CAT's customers are advised of
the change, the report relates.

Bangkok Post relates that acting CAT Telecom president Col
Sanpachai Huvanandana said CAT is also required to inform the
National Broadcasting and Telecommunications Commission (NBTC) of
the terminations.

According to the report, the move is part of a policy by the State
Enterprises Policy Commission or superboard to terminate
unprofitable businesses and focus on six core areas instead basic
telecommunications infrastructure, telecom towers, wireless
broadband service, fixed-line broadband, international internet
gateways and submarine cables.

CAT 100 and CAT Thailand Direct, both of them operator-assisted
international voice services, have posted a combined operating
loss of THB30 million a year since 2012, Bangkok Post notes.

According to the report, Col Sanpachai said customers preferred
making international calls directly via mobiles.

CAT 100, a service that places international collect calls, is
used only 500 minutes a year on average, while CAT Thailand Direct
registers only 10,000 minutes a year, Col Sanpachai, as cited by
Bangkok Post, said.

"This usage cannot cover our costs including the numbering fee
paid to the NBTC," the report quotes Col Sanpachai as saying.

But he insisted the service termination would not affect CAT's
operator staff, saying they would be transferred to lucrative
business units, the report relays.

Col Sanpachai said CAT would continue focusing on its
international direct dialing (IDD) services. Customers can
telephone abroad directly by dialling CAT's IDD codes 001 or 009
together with the country, according to Bangkok Post.

CAT expects revenue of THB52 billion next year, up by 8.4% from
this year, with THB26 billion from wireless business,
THB7.5 billion from broadband internet, THB3.3 billion from IDD,
THB850 million from IT and cloud computing and THB12 billion from
concession-related operations, the report discloses.

Its mobile business is expected to generate THB1 billion this
year, while its business under the mobile virtual network operator
model is forecast for THB24 billion.

CAT plans to spend THB10 billion to expand its businesses next
year, the report adds.


                             *********

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

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

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


                            *********


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

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

Copyright 2014.  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.

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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
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                 *** End of Transmission ***