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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

          Wednesday, January 14, 2015, Vol. 18, No. 009


                            Headlines


A U S T R A L I A

AUSTRALIA: Bank Outlook Remains Stable in 2015, Fitch Says
DIVA INTERNATIONAL: Placed in Liquidation
DM & ML: Creditors' Meeting Set For January 28
ERNEST HILLIER: First Creditors' Meeting Set For January 20
IVNX GROUP: Sinks Into Administration

MELL HOLDINGS: First Creditors' Meeting Slated For Jan. 19
MISSCHU PTY: Sydney Operation Up For Sale
PARRAMATTA DISTRICT: First Creditors' Meeting Set January 22
WET TECHNOLOGIES: First Creditors' Meeting Slated For Jan. 22


C H I N A

CIFI HOLDINGS: USD200MM Sr. Notes Gets Fitch's Final BB- Rating
GENERAL STEEL: Shareholders Elected 5 Directors to Board
KAISA GROUP: Gets Loan Default Waiver; To Tap Financial Advisor
RENHE COMMERCIAL: Moody's Hikes CFR & Sr. Unsec. Ratings to Caa1


I N D I A

AGNI LTD: CRISIL Reaffirms B Rating on INR34.6MM Cash Credit
AMBUJA GINNING: ICRA Ups Rating on INR8cr Cash Credit to B+
ANTIQUE COTTEX: ICRA Reaffirms B+ Rating on INR7.5cr Cash Credit
CHOICE BOARDS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
DELHI INTERNATIONAL: S&P Assigns 'BB' LT CCR; Outlook Stable

DELHI INTERNATIONAL: Moody's Assigns (P)Ba1 Corp. Family Rating
DHRUV EPC: CRISIL Assigns B- Rating to INR39.2MM Term Loan
EVEREST KANTO: CRISIL Cuts Rating on INR3.68BB Term Loan to 'D'
GANPATI ISPAT: CRISIL Cuts Rating on INR85MM Cash Credit to 'B'
GEETHA TIMBER: ICRA Assigns B Rating to INR2.27cr Fund Based Loan

JV STEEL: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
JV STEEL: ICRA Reaffirms B+ Rating on INR12.50cr Cash Credit
KASTURI MULTI: CRISIL Assigns B+ Rating to INR98.6MM Term Loan
KUMARAGIRI TEXTILES: ICRA Reaffirms C+ Rating on INR4cr Loan
LANCO ANPARA: CRISIL Suspends D Rating on INR38.76BB Term Loan

MAHAVIR CONSTRUCTION: ICRA Assigns B- Rating to INR8cr Cash Loan
MASTER BUSINESS: CRISIL Reaffirms B Rating on INR130MM Cash Loan
MEHTA BROTHERS: ICRA Reaffirms B+ Rating on INR35cr Loan
MIRACLE DEVELOPERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
MITA ENGINEERS: ICRA Reaffirms B Rating on INR7.07cr Term Loan

NIRAV METALS: CRISIL Assigns B+ Rating to INR75MM Cash Credit
PERIYAR AGRO: CRISIL Assigns B+ Rating to INR10MM Line of Credit
PLY COM: CRISIL Reaffirms B Rating on INR50MM Letter of Credit
PREMIUM EXPORTS: ICRA Puts B+/A4 Rating on INR8cr Loan
RADHE COTTON: ICRA Assigns B+ Rating to INR6cr Proposed Loan

RAMNIK POWER: CRISIL Reaffirms D Rating on INR130MM Bank Loan
ROTOMAC GLOBAL: CRISIL Puts D Ratings on Notice of Withdrawal
SANKALP REALMART: ICRA Assigns B Rating to INR10cr Term Loan
SHAHEED DR. ANIL: CRISIL Ups Rating on INR164MM Loan to B-
SHRI RAM: ICRA Reaffirms B Rating on INR44cr Cash Credit

SONA CHANDI: CRISIL Reaffirms B Rating on INR550MM Cash Credit
SUSHEEL YARNS: CRISIL Assigns B+ Rating to INR85MM Cash Credit
SUVILAS PROPERTIES: CRISIL Rates INR250MM Cash Credit at B+
THRIIVE CARS: CRISIL Reaffirms B+ Rating on INR50MM Funding Loan
TULSA GAS: CRISIL Reaffirms B+ Rating on INR40MM Bank Loan

VEERABHADRESWARA RAW: ICRA Suspends B+/A4 Rating on INR25cr Loan
VITA GRANITO: ICRA Reaffirms B Rating on INR14.50cr Cash Credit


J A P A N

JAPAN: Corporate Bankruptcies Drop to Lowest Level in 2014


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Rates Proposed USD Senior Notes 'BB(EXP)'
RIZAL COMMERCIAL: Moody's Rates USD-Denom. Sr. Unsec. Notes 'Ba2'


S R I  L A N K A

SRI LANKA: Election Positive Sign for Stability, Fitch Says


                            - - - - -


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


AUSTRALIA: Bank Outlook Remains Stable in 2015, Fitch Says
----------------------------------------------------------
Fitch Ratings has a stable sector outlook for Australian banks in
2015, reflecting what should be a relatively steady operating
environment despite a likely modest decline in real GDP growth and
an elevated unemployment rate. These factors should in turn result
in modestly weaker asset quality and an increase in impairment
charges, which are likely to be offset by strengthened balance
sheets and strong profitability.

A significant slowdown in China is the biggest risk to the
outlook, given it is Australia's largest trading partner, but such
a slowdown is not Fitch's base case. A relaxation of underwriting
standards to improve growth also looms as a risk, although this
appears less likely following the announcement in December 2014 of
regulatory reviews of potentially higher-risk lending.

Housing credit growth is likely to slow in 2015, in part because
of the regulatory review but also due to high household
indebtedness and slower house price growth. Fitch expects
household indebtedness to stabilise in 2015, with an easing in
wage rises and as unemployment remains high.

Nevertheless, competition for loans will likely remain intense,
placing some pressure on net interest margins. This and an
expected rise in impairment charges will likely mean lower profit
growth in 2015. Offsetting this, capital positions are likely to
be strengthened, in part to address potential new requirements
stemming from the 2014 Financial Services Inquiry (FSI)
recommendations, while the shift towards more stable funding
sources will probably continue.

Although banks may act on some FSI recommendations during 2015,
many of the measures requiring government action, including
legislation, are unlikely to be implemented before the end of the
year. Fitch expects implementation timeframes to be set such that
meeting the new requirements should not be overly onerous for
banks.


DIVA INTERNATIONAL: Placed in Liquidation
-----------------------------------------
Eloise Keating at SmartCompany reports that a company affiliated
with the Diva chain of retail stores has been placed in
liquidation.  Brenden Hughes -- bhughes@boroughs.net.au -- of
Boroughs Australia was appointed liquidator of Diva International
Pty Ltd on January 9, the report says.

Australian Securities and Investments Commission records seen by
SmartCompany show Diva International Pty Limited is owned by
millionaire Rich Lister Brett Blundy's BB Retail Capital.
Mr. Blundy is a director, as is his sister Tracey Blundy and the
company's registered office is the BB Retail Capital head office
in Sydney.

Mr. Hughes declined to comment on the appointment when contacted
by SmartCompany except to say the company he has been appointed to
liquidate is "not the main trading entity" of Diva.

Diva International Pty Ltd is the operator of the Diva jewellery
stores in Australia and New Zealand and is located in Brookvale,
New South Wales, SmartCompany discloses citing an entry in the
Bloomberg Businessweek company directory.

Diva International Pty Ltd also owns the last registered owner of
the US trademark for the tagline 'Love Diva' in relation to retail
jewellery and hair accessory stores and retail stores and
mailorder catalogue services featuring jewellery and hair
accessories, the report adds.

The trademark was registered by the Australian company in 2009 but
its current status is "abandoned," according to SmartCompany.

SmartCompany relates that the liquidation of Diva International
Pty Ltd follows reports in May 2014 that a number of Australian
Diva retail stores had closed or been rebranded as sister-brand
Lovisa.

SmartCompany spoke to staff at two Diva stores in Melbourne at the
time, who said the brand was in the process of switching to the
Lovisa name, although one store manager said her store would not
be changing. The same manager confirmed to SmartCompany the Diva
website had ceased operating, with the website still offline as of
Jan. 12.


DM & ML: Creditors' Meeting Set For January 28
----------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of DM & ML & GW Hancock Pty Ltd on Jan. 9,
2015.

A meeting of creditors will be held at 12:00 p.m. on Jan. 28,
2015, at Quality Inn Presidential, 154-156 Jubilee Highway West,
in Mount Gambier, South Australia.


ERNEST HILLIER: First Creditors' Meeting Set For January 20
-----------------------------------------------------------
Messrs Bruno A Secatore and Daniel P Juratowitch of Cor Cordis
Chartered Accountants were appointed as administrators of Ernest
Hillier (Operations) Pty Ltd, trading as Hillier's, on Jan. 11,
2015.

A first meeting of the creditors of the Company will be held at
the Institute of Chartered Accountants, Level 3, 300 Bourke
Street, in Melbourne, on Jan. 20, 2015, at 11:00 a.m.


IVNX GROUP: Sinks Into Administration
-------------------------------------
CRN News reports that the Australian multinational communications
provider best known for brands such as CoMobile and iTelecom has
gone into administration.

IVNX Group -- which was only formed eight months ago after a
restructure of iTelecom Wholesale -- appointed administrator
Andrew Schwarz of AS Advisory.

The report notes that the restructure, as reported by CRN in May,
resulted in parent company IVNX operating specialist subsidiaries
iTelecom Wholesale (wholesale), IVNE (enterprise) and IVNO
(consumer).  All four entities entered administration on 6
January, according to ASIC, the report relates.

The report discloses that IVNX's consumer arm, IVNO, made
headlines in June after signing university campus retailer The Co-
op as its first reseller.  Its CoMobile prepaid service, based on
the Telstra network, was to be sold through The Co-op's 53
physical stores, the report says.  Calls to CoMobile's support
number now divert to voicemail after 10 minutes on-hold, notes CRN
News.

"We are aware that the IVNX Group, which includes IVNO, entered
voluntary administration last week," a Telstra spokesperson told
CRN in an interview.  "We have been in discussions with the
administrator and all Telstra Wholesale services to IVNX remain
active at this time in line with the administrator's request," the
spokesman added.

Reseller partner The Co-op was contacted but a response had not
been received at the time of writing, the report notes.

A creditors' meeting has been called for January 16.

IVNX group employed about 60 people spread across offices in
Melbourne; Sydney; Manila, Philippines; Hyderabad, India; and
Dalian, China.


MELL HOLDINGS: First Creditors' Meeting Slated For Jan. 19
----------------------------------------------------------
Nicholas Malanos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Mell Holdings Pty Limited on
Jan. 8, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 3, Level 3, 350
George Street, in Sydney, on Jan. 19, 2015, at 11:00 a.m.


MISSCHU PTY: Sydney Operation Up For Sale
-----------------------------------------
The Daily Telegraph reports that the Sydney operations of
Vietnamese street food group MissChu are up for sale after the
business collapsed under AUD4 million in debt.

About 30 inquiries from potential buyers have been received by
administrators KordaMentha, who will advertise the sale from
Jan. 12, the report relates.

Six MissChu branded tuckshops and a commercial kitchen, all in
Sydney, are being offered in the sale, according to the Daily
Telegrap.

The report says founder Nahji Chu, a former refugee who founded
the business in Sydney in 2007, has appealed to diners to support
the business to keep it alive: "Am I begging, am I pleading? Yes,
a little bit. But in my heart this simply feels like a call to
action. Go and eat MissChu food!"

She said MissChu's Sydney and Melbourne stores continued to thrive
but the business had come unstuck due to an ill-fated entry into
the UK market, according to the Daily Telegraph.

"I didn't grow too quickly. I grew in the wrong direction at the
last minute," the report quotes Ms. Chu as saying.

The Daily Telegraph relates that Ms. Chu vowed to stay with the
business under any new ownership: "I'm still here running the
business no matter who buys the company."

Rahul Goyal and Janna Robertson of KordaMentha Restructuring were
appointed Voluntary Administrators of Miss Chu Pty Limited and
Miss Chu Manly Pty Limited (collectively known as 'MissChu') on
Dec. 23, 2014.

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.


PARRAMATTA DISTRICT: First Creditors' Meeting Set January 22
------------------------------------------------------------
Peter Krejci and Brian Silvia of BRI Ferrier were appointed as
administrators of Parramatta District Rugby League Club Ltd on
Jan. 12, 2015.

A first meeting of the creditors of the Company will be held at
Level 30, Australia Square, 264 George Street, in Sydney, on
Jan. 22, 2015, at 11:00 a.m.


WET TECHNOLOGIES: First Creditors' Meeting Slated For Jan. 22
-------------------------------------------------------------
Nicholas Martin and Craig Crosbie of PPB Advisory were appointed
as administrators of Wet Technologies (Australia) Pty Ltd on
Jan. 12, 2015.

A first meeting of the creditors of the Company will be held at
the Institute of Chartered Accountants, Level 3, Bourke Place, 600
Bourke Street, in Melbourne, on Jan. 22, 2015, at 11:00 a.m.



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C H I N A
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CIFI HOLDINGS: USD200MM Sr. Notes Gets Fitch's Final BB- Rating
---------------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB-/Stable) USD200 million 8.875%
senior notes due 2019 a final rating of 'BB-'.

The notes are a tap of the USD200m 8.875% notes due 2019 issued in
January 2014, with the same terms and conditions. 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 17 December 2014. The notes are
rated at the same level as CIFI's senior unsecured debt rating as
they represent direct, unconditional, unsecured and unsubordinated
obligations of the company.

KEY RATING DRIVERS

Sustainability of Scale: CIFI's contracted sales grew to CNY21.21
million despite China's property market downturn in 2014
(2013:CNY15.3bn). The company also maintained healthy sales
turnover with last twelve months (LTM) ended-June 2014 contracted
sales/total debt at 1.1x and LTM contracted sales/adjusted
inventory at 0.8x . The sales efficiency reflects the company's
greater resilience in different market conditions compared with
lower-rated peers.

Stabilising Leverage: CIFI's net debt/adjusted inventory increased
to around 42% at mid-2014 from 33% at end-2013, mainly due to a
CNY3.5bn payment of committed land premium. However, its leverage
is likely to be below 40% at end-2014, largely because of the
relatively small committed land premium payment of CNY1.9bn and
higher cash collection from contracted sales for the rest of the
year.

Improved EBITDA Margin: CIFI's high asset turnover and product
types kept its EBITDA margin at the low end among its peers.
However, Fitch expects a gradual increase in contracted average
selling price (ASP) to CNY12,000/sqm in 1H14 from below
CNY10,000/sqm two years ago and a bigger share for office sales in
its product mix, which may improve the EBITDA margin to around 20%
in the next 12 months.

Focus on Higher-Tier Cities: CIFI has a diversified presence in
the Yangtze River Delta, Bohai Economic Rim and Central Western
Region, reducing its exposure to uncertainties inherent in local
policies and local economies while providing room to scale up.
With around 90% of attributable land bank in first- and second-
tier cities at mid-2014, the company is less exposed to housing
oversupply in lower-tier cities.

Substantial JV: CIFI has 9.5m sqm of gross floor area (GFA) of
total land bank, but only around 80% of the GFA is attributable to
the company as many of the acquisitions were made through joint
ventures. Fitch believes the company will continue to form joint
ventures with other developers in the next 24 months to avoid
competition that could inflate land prices and to reduce the
burden of having to pay land premiums.

RATING SENSITIVITIES

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

- Annual attributable contracted sales rising above CNY30 billion
  with a healthy financial profile and the current product mix

- Maintaining the current strategy of high cash-flow turnover,
  such that contracted sales/total debt is sustained at over 1.3x

- EBITDA margin over 20% on a sustained basis

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

- Substantial decrease in scale from 2014, or contracted sales/
  total debt falling below 1x on a sustained basis

- EBITDA margin declining to 15% or lower

- Net debt to adjusted net inventory rising towards 45% on a
  sustained basis

- Deviation from the current fast churn-out and high cash-flow
  turnover business model


GENERAL STEEL: Shareholders Elected 5 Directors to Board
--------------------------------------------------------
General Steel Holdings, Inc., held its 2014 annual general meeting
on Dec. 29, 2014, at which the shareholders:

  1. elected five members to its Board of Directors (Zuosheng Yu,
     John Chen, James Hu, Angela He, and Zhongkui Cao) to serve
     until the annual meeting of shareholders to be held in 2015
     and until their respective successors are elected and
     qualified;

  2. ratified the appointment of Friedman LLP as the independent
     registered public accounting firm of the Company for the
     fiscal year ending Dec. 31, 2014;

  3. approved and ratified an amendment to the Company's 2008
     Equity Incentive Plan, as amended, to increase the number of
     shares of the Company's common stock reserved for issuance
     thereunder to 6,000,000;

  4. approved, on a non-binding basis, the compensation of the
     Company's Named Executive Officers; and

  5. approved a reverse stock split of the Company's common
     stock, pursuant to which, each stockholder will receive one
     share of the Company's common stock in exchange for every
     two, three or four shares of the Company's common stock
     owned at the effective time of that reverse split, with the
     exact ratio to be determined by the Company's Board of
     Directors.

At the meeting, an amendment to the aforementioned resolution was
introduced to the effect that the Reverse Split would not take
effect immediately upon approval of the resolution, but rather
subject to and only upon the Board of Directors of the Company
resolving to approve and proceed with such Reverse Split.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  The Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region
and Tianjin municipality with seven million metric tons of crude
steel production capacity under management.  For more information,
please visit http://www.gshi-steel.com/

The Company reported a net loss of $42.6 million in 2013, a net
loss of $232 million in 2012, a net loss of $283 million in
2011, and a net loss of $46.27 million in 2010.

The Company's balance sheet at Sept. 30, 2014, showed $2.76
billion in assets, $3.35 billion in liabilities, and a $584
million total deficiency.


KAISA GROUP: Gets Loan Default Waiver; To Tap Financial Advisor
---------------------------------------------------------------
The board of directors of Kaisa Group Holdings Ltd. (the "Board")
on Jan. 12, 2015, issued an update on certain recent developments
of the Group.

             Pending Appointment of Financial Advisor

The Board said that the Company is currently in discussions with
several candidates (including international investment banking
firms), with the objective of appointing a financial advisor to
provide strategic advice with respect to the Company's capital
structure, including its offshore and onshore debt and other
obligations. The Company expects that the financial advisor will
assist the Company in reviewing and assessing various options and
in formulating a plan to reach a consensual solution, taking into
consideration the interests of all stakeholders, including the
Company's onshore and offshore creditors. The Company expects to
announce such appointment within a short period of time. Further
announcement will be made by the Company once the appointment of
the financial advisor has been confirmed.

                     Waiver Notice From HSBC

On Jan. 7, 2015, the Company received a waiver notice from HSBC to
waive the breach of the HSBC Facility Agreement in respect of the
resignation of Mr. Kwok Ying Shing as the chairman of the Company
in order to allow the Company to formulate viable repayment
proposals and related options. Accordingly, the Company is no
longer required to repay the Outstanding HSBC Facility immediately
pursuant to the terms of the HSBC Facility Agreement.

    Termination of Discloseable Transaction in Relation to the
  Disposal of Equity Interests and Shareholder's Loan in Shanghai
                       Qingwan Zhaoye

The Board said that on Jan. 9, 2015, the Vendor and the Purchaser
entered into a termination agreement, pursuant to which the
parties have mutually agreed to terminate the Agreement and to
release and discharge all obligations and duties of the
parties thereunder with effect from Jan. 9, 2015. No payment has
been made by the Purchaser to the Vendor in respect of the
Disposal.

                  Demand Notices From Creditors

As at Jan. 9, 2015, apart from the notice received by the Company
as mentioned in its announcement dated Jan. 6, 2015, the Company
has received additional notices from its creditors which demanded
for immediate repayment of the outstanding sum.

As at Jan. 9, 2015, several bank accounts of the Group were frozen
and under investigation by several banks with a total bank balance
of approximately RMB447 million and RMB266 million (equivalent to
approximately HK$566.40 million and
HK$337.05 million). The Company is currently assessing the overall
impact on the financial position of the Group as a result of the
above and will publish further announcement(s) to provide an
update as soon as practicable.

                       Court Applications

On Jan. 9, 2015, the Company has noted that various applications
in relation to the preservation of the assets of the Group have
been filed by its creditors. In addition, on Jan. 9, 2015, the
Company received a civil ruling from the relevant PRC court in
relation to the preservation of assets of a member of the Group
amounted to RMB651.15 million (equivalent to approximately
HK$825.08 million).

Save as disclosed above, as at Jan. 9, 2015, the Company has not
received any other documents from the PRC courts in relation to
the preservation of assets of the Group.

                     Default Interest Payment

Reference is made to the announcement of the Company dated
Jan. 4, 2013, in relation to the issuance of US$500 million 10.25%
senior notes due 2020.

The 2013 Notes shall bear interest from and including Jan. 8, 2013
at the rate of 10.25% per annum, payable semi-annually in arrears.
The Company did not make a scheduled interest payment of US$23
million (equivalent to approximately HK$174.27 million) which was
due Jan. 8, 2015. The Company is currently assessing its financial
position and will make further announcement regarding such
interest payment.

                          Clarification

The Board noted certain recent news articles which reported that
Funde Sino Life Insurance Co., Ltd. ("Sino Life"), a substantial
shareholder of the Company as project partner has demanded the
Company to refund the fees of RMB1,200 million (equivalent to
approximately HK$1,520.53 million) paid under the Cooperation
Agreements in relation to the Projects.

The Board would like to clarify that Sino Life is not one of the
Project Partners, the Company has not received any demand from
Sino Life to repay any sum as at the date of this announcement.

                       Suspension of Trading

At the request of the Company, trading in the shares of the
Company on the Stock Exchange was suspended with effect from
9:00 a.m. on Dec. 29, 2014, and it will remain suspended pending
the publication of further announcement(s) containing inside
information of the Company in relation to, among others, the Court
Applications and the appointment of financial advisor of the
Group.

                         About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.

Moody's Investors Service has also downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Caa3
from B3.  The ratings outlook is negative.


RENHE COMMERCIAL: Moody's Hikes CFR & Sr. Unsec. Ratings to Caa1
----------------------------------------------------------------
Moody's Investors Service has upgraded Renhe Commercial Holdings
Company Limited's corporate family and senior unsecured ratings to
Caa1 from Caa3.

The upgrade follows the completion of a rights issue and tender
offer in exchange for its offshore bonds on 7 January 2015.

The ratings outlook remains negative.

Ratings Rationale

"The ratings upgrade reflects a reduction in debt and an
improvement in Renhe's capital structure following the completion
of its rights issue and debt exchange offer," says Fiona Kwok, a
Moody's Analyst.

On 7 January 2015, Renhe completed its debt exchange exercise and
repaid USD221 million of its 2015 notes and USD439 million of its
2016 notes at a distressed price of USD930 and USD820,
respectively, per USD1,000 principal amount.

The company used the proceeds of USD376 in bank borrowings and
USD423 million from its rights issue to fund the debt exchange
offer transaction.

Renhe's capital structure improved after it lowered its debt. Its
pro-forma gross debt declined to RMB6.7 billion from RMB8.4
billion at end-June 2014. At the same time, its pro-forma total
equity increased to RMB21.9 billion from RMB19.4 billion.

Consequently its pro-forma adjusted debt/total capitalization
improved to 20% from 27% at end-June 2014.

"On the other hand, the Caa1 ratings continue to reflect the
company's high liquidity risk," adds Kwok, who is also the lead
analyst for Renhe.

The company faces a material amount of debt repayments in the next
12 to 18 months: (1) USD240 million in outstanding 2015 and 2016
notes; (2) RMB1.5 billion in estimated short-term debt; and (3)
USD378 million bridging loan to fund the distressed exchange bond
offer.

The company has a low level of net rental income that amounted to
around RMB350 million for the 12-month period ending 30 June 2014.
Such weak cash inflow and its cash on hand of around RMB2 billion
estimated by Moody's fall short of meeting the above-mentioned
debt repayments and any capital expenditure for development.

The negative outlook reflects Renhe's weak liquidity position and
the likelihood that it will default on its bond repayments, which
would result in losses for its bond holders.

Upgrade pressure is unlikely in the near term, given the negative
outlook. However, the outlook could return to stable if the
company is able to obtain sufficient committed funding to address
its debt repayment obligations.

Further downgrade pressure will emerge if the company does not
meet its debt repayment obligations.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms,
published in July 2010.

Renhe specializes in the development and operation of underground
shopping centers that can also function as civilian air defense
shelters. The projects are built below city commercial centers and
transportation hubs, and are free of land-use premium fees.
However, Renhe does not own any of the assets. As of June 2014,
the company operated and managed 22 malls in 12 Chinese cities.
The company was listed on the Hong Kong Stock Exchange in October
2008. Mr Dai Yongge, the chairman and CEO, owned a 49.37% stake in
January 7, 2015.



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AGNI LTD: CRISIL Reaffirms B Rating on INR34.6MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agni Ltd (AGL) continue
to reflect AGL's high gearing and its small scale of operations in
the intensely competitive civil construction industry. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         15         CRISIL A4 (Reaffirmed)
   Cash Credit            34.6       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      8.4       CRISIL B/Stable (Reaffirmed)
   Term Loan              12         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AGL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' in
case of a significant increase in the company's scale of
operations, along with geographical diversification of its revenue
profile, while it improves its profitability and working capital
management. Conversely, the outlook may be revised to 'Negative'
if AGL's cash accruals are low, or if it undertakes a large
additional debt-funded capital expenditure programme, or if its
working capital requirements increase considerably, leading to
deterioration in its financial risk profile, particularly its
liquidity.

AGL was originally incorporated in 2000 as a private limited
company, Agni Constructions Pvt Ltd; this company was subsequently
reconstituted as a public limited company with the current name in
April 2012. AGL is promoted by Delhi-based Mr. C Agnihotri. It is
a civil contractor, engaged in construction of buildings.


AMBUJA GINNING: ICRA Ups Rating on INR8cr Cash Credit to B+
------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR8.00
crore cash credit facility (includes sublimit of INR1.50 crore
against book debts) and INR1.39 crore (reduced from INR1.50 crore)
term loan facility of Ambuja Ginning Pressing & Oil Company
Private Limited from [ICRA]B to [ICRA]B+.

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

   Fund Based-Term Loan      1.39       Revised from [ICRA]B
                                        to [ICRA]B+

The rating revision of Ambuja Ginning Pressing & Oil Company
Private Limited factors in the modest improvement in profitability
and gearing profile supported by the experience of the promoters
in the cotton industry positively. The rating also considers the
forward integration in crushing facilities for cottonseeds,
resulting in diversification and additional revenues and the
favourable location of the company giving it easy access to high
quality raw cotton. ICRA notes that the recent refurbishment and
automation of machineries carried out by the firm is further
expected to enhance production capacities and lend operational
efficiencies.

The rating is however constrained by Ambuja Ginning Pressing & Oil
Company Private Limited's (AGPOCPL) modest scale of operation and
financial profile characterized by thin profitability, weak debt
coverage indicators and leveraged capital structure due to
recently incurred debt funded capex. ICRA also takes a note of the
highly competitive and fragmented industry structure with the
limited value additive nature of operations which leads to
pressure on profitability. The rating further incorporates the
vulnerability of margins to adverse movement in raw material
prices, which in turn are linked to the seasonal nature of the
cotton industry and government regulations on MSP and export. ICRA
also takes note of the recent dip in cotton prices due to reduced
imports from China and sluggish demand from spinning mills against
anticipated high production.

Ambuja Ginning Pressing & Oil Company Private Limited was
incorporated in 1995 as a private limited company. It is engaged
in the ginning and pressing of raw cotton and crushing of
cottonseeds. It is managed by four directors namely Mr. Ashokbhai
Lathiya, Mr. Jinabhai Patel, Mr. Manojbhai Lathiya and Mr.
Tulshibhai Patel. The manufacturing unit is located at Talaja,
Bhavnagar, Gujarat. It currently has 32 double roller ginning
machines, one pressing machine (automatic) and five expellers with
the installed capacity to produce 600 cotton bales, three MT of
cottonseed oil and 30 MT cottonseed oil cake per day (24 hours
operation).

Recent Results
In FY14, the firm reported an operating income of INR49.38 crore
and net profit of INR0.04 crore against an operating income of
INR66.97 crore and net profit of INR0.12 crore in FY13.


ANTIQUE COTTEX: ICRA Reaffirms B+ Rating on INR7.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.50 crore fund-
based cash credit facility and INR0.68 crore fund-based term loan
facility of Antique Cottex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.50        [ICRA]B+; Reaffirmed
   Term loan             0.68        [ICRA]B+; Reaffirmed

The rating reaffirmation continues to factor in Antique Cottex
Private Limited (ACPL) moderate scale of operations with financial
profile described by thin profitability, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by the low operating margins on account of limited
value addition and highly competitive and fragmented industry
structure due to low entry barriers. The rating further
incorporates the susceptibility of the cotton prices to
seasonality and regulatory risks which together with the highly
competitive industry environment exerts more pressure on the
margins.

The rating, however, favorably factors in the long experience of
the promoters in the cotton ginning and pressing industry as well
as location advantage resulting in easy availability of raw
cotton.

Antique Cottex Private Limited was incorporated in February 2011
and the plant was commissioned in December 2011. The company is
promoted and managed by three directors Mr. Vinod Ghatodiya, Mr.
Vishal Ghatodiya and Mr. Arvind Ghatodiya. The company is engaged
in cotton ginning and pressing to produce cotton bales. The
company's manufacturing facility is equipped with 24 ginning
machines with an intake capacity of 92 MTPD (considering 20 hours
per day). The promoters also operate two other group companies --
Amar Trading Company and M/s Amar Cera Decorative. Both the group
companies are involved in trading operations.

Recent Results
For the year ended March 31, 2014, the company reported an
operating income of INR55.30 crore with profit after tax (PAT) of
INR0.03 crore.


CHOICE BOARDS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Choice Boards Pvt Ltd
(CBPL) continue to reflect the company's below-average financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics.
                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Cash Credit            7.5       CRISIL B+/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit             30         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    12.5       CRISIL B+/Stable (Reaffirmed)

The ratings are also constrained on account of its modest scale of
operations and its exposure to intense competition in the steel
trading business resulting in its low profitability margins. These
rating weaknesses are partially offset by the benefit that the
company derives from its promoters' extensive experience in the
steel industry, and its efficient working capital management.

Outlook: Stable

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

CBPL was promoted in 1997 by Mrs. Buji Devi Agarwal and her family
members. The company trades in various steel products such as
billets, mild-steel plates, and thermo-mechanically treated bars.
The company is an authorised distributor for products of Narayani
Steels Pvt Ltd (rated 'CRISIL BB-/Stable/CRISIL A4+') and is based
in Vishakhapatnam (Andhra Pradesh).


DELHI INTERNATIONAL: S&P Assigns 'BB' LT CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to India-based airport
operator Delhi International Airport Pte. Ltd. (DIAL).  The
outlook is stable.  S&P also assigned its 'BB' long-term issue
rating to the company's proposed U.S.-dollar denominated senior
secured notes.

"The rating reflects our expectation that DIAL's cash flow
adequacy will be weak for the next 18 months as tariffs are re-
set," said Standard & Poor's credit analyst Mehul Sukkawala.  "In
addition, the company is likely to be exposed to higher regulatory
risks than peers elsewhere in Asia-Pacific.  Nevertheless, we
believe DIAL's market position and operating efficiency are good."

DIAL's financial position will materially weaken in fiscal 2016
(ending March 31, 2016) from the current healthy level, once the
second regulatory period comes into effect.  The Airports Economic
Regulatory Authority is likely to significantly cut tariffs as per
the principles of the first tariff order, effective April 1, 2015.
The decline reflects the high tariffs required to recover costs
under the first regulatory period (April 2009-March 2014) within
two years.  To offset the drop in revenue, DIAL aims to
significantly increase leasing income from commercial property
developments.

Regulatory risk in India is highlighted by the authority's delay
in passing regulatory orders, even though the framework for
tariff-setting is well defined.  The regulator's first ever tariff
order was set to expire on March 31, 2014, but was extended until
Oct. 31, 2014, and then until Jan. 31, 2015, due to a delay in
determining tariffs for the second regulatory period (April 2014-
March 2019).  The regulator was formed in 2009.

Regulatory risk is much lower for airports in Australia, for
example, where the regulatory regime is well-established and
light-handed.  Nevertheless, unlike Australian airports, DIAL's
tariff-setting mechanism includes a "true-up" mechanism, under
which the company will be compensated if actual performance (such
as passenger numbers) is lower than anticipated. DIAL also
benefits from a transparent tariff-determination mechanism, with
principles outlined in an agreement with the Indian government.

DIAL has a good market position as the operator of the Delhi
airport, which is India's largest and the key airport for the
northern region.  The company also appears to have adequate
capacity until at least 2022.  It has scope to further expand and
simultaneously operate two runways.  S&P expects passenger traffic
to increase 7%-8% for DIAL over the next three years in the
underpenetrated Indian aviation market without the need for the
company to significantly increase its capital expenditure.  DIAL
has also increased the share of transfer passengers in its total
passengers to almost 20% in fiscal 2014 from 6% in fiscal 2010.

S&P expects DIAL's revenue concentration in the aero business to
reduce over the next two years from the current level of about
70%.  S&P anticipates that the improvement will be driven by
growth in commercial property development.  DIAL has good
operating efficiency with favorable performance on aspects such as
on-time departures and baggage turnaround times.  Nevertheless,
the company is exposed to the weak credit profiles of Indian
airlines.  Its profitability is also likely to remain weak because
it is required to share about 45.99% revenue with the Airports
Authority of India (AAI).

The materially weaker credit profile of DIAL's major shareholder,
GMR Infrastructure Ltd., is unlikely to negatively affect DIAL's
credit profile, in S&P's view.  GMR Infrastructure's ability to
control the strategy and cash flows of DIAL is significantly
restricted under AAI's shareholder's agreement and by the
operation, management, and development agreement with AAI.  AAI
has a 26% shareholding in DIAL, participates at the board level,
and needs to approve any change in strategy or related-party
transactions.

S&P assess DIAL as a government-related entity (GRE), and see a
"moderate" likelihood of government support in the event of
distress.  However, S&P do not factor in any support from the
company's GRE status because S&P do not expect the financial
support to be timely.

"The stable outlook reflects our view that DIAL's property leasing
income would temper the company's weak cash flow adequacy
following the tariff reduction, such that the ratio of FFO to debt
will stay over 10% in fiscal 2017," said Mr. Sukkawala.

S&P could lower the rating if:

   -- It expects DIAL's ratio of funds from operations (FFO) to
      debt to be less than 8% for a prolonged period because: (1)
      the regulator's tariff order is not in line with S&P's
      expectation;

   -- (2) the company faces significant delays in completing
      phase two of its commercial property development; or

   -- (3) its rental income is significantly lower than S&P
      anticipated.

   -- S&P believes that the regulatory environment is weaker than
      it expected, resulting in significant uncertainty and
      volatility in the company's operating performance; or

   -- GMR Infrastructure has a materially negative influence on
      DIAL's strategy or cash flows.

S&P may raise the rating if it expects DIAL's FFO cash interest
coverage to be more than 2x on a consistent basis.  S&P believes
this would depend on the company's ability to complete phase three
of its commercial property development.  An upgrade would also
preclude a weaker regulatory environment.


DELHI INTERNATIONAL: Moody's Assigns (P)Ba1 Corp. Family Rating
---------------------------------------------------------------
Moody's has assigned a first-time provisional corporate family
rating of (P)Ba1 to Delhi International Airport Private Limited
(DIAL).

At the same time, Moody's has also assigned a provisional (P)Ba1
rating to DIAL's proposed USD senior secured bond.

DIAL will apply the proceeds of the bond issuance to fully
refinance an existing foreign currency bank term loan facility.

The bond will represent a senior secured obligation and will be
secured by first-priority security interests in substantially all
tangible and intangible assets which DIAL is permitted -- under
its concession arrangements -- to encumber.

Moody's has reviewed draft documents for the proposed bond as well
as a proposed draft inter-creditor agreement. The assigned ratings
assume that there will be no material variation from the drafts
reviewed and that all agreements will be legally valid, binding
and enforceable.

Ratings Rationale

Moody's has used its Joint Default Analysis approach for
Government Related Issuers in assessing DIAL's rating, because the
company is more than 20% government-owned through the Airports
Authority of India (AAI), a government agency.

DIAL's Ba1 rating combines: (1) the company's baseline credit
assessment (BCA) of ba1; and (2) the low likelihood of support
that Moody's believes the Government of India (Baa3/P-3 stable)
will provide to DIAL in the event that extraordinary financial
support is required. This assumption of support results in the
absence of uplift to the company's BCA.

"The (P) Ba1 corporate family rating primarily reflects DIAL's
strong market position as the international gateway to India's
landlocked capital, a region of around 17 million people", says
Arnon Musiker, a Moody's Vice President and Senior Credit Officer.

"We expect the airport to benefit from increased travel demand in
the country as income grows, particularly because an increasing
proportion of the airport's revenues - being non-aeronautical
revenues -- will be driven by rising passenger volumes", adds
Musiker.

The airport's core aeronautical revenue stream is regulated on a
price cap basis and, as such, is not exposed to the risk of
fluctuations in passenger volumes, a source of fundamental rating
support.

While the regulatory framework for the sector was only established
around three years ago, and therefore lacks a track record, the
regulator has to date shown a supportive stance towards the
sector.

This supportive regulatory environment should act as a buffer
against unanticipated weakness in unregulated non-aeronautical
revenues.

The company's business plan assumes a material increase in non-
aeronautical revenues, which comprise both passenger-driven
revenues -- such as duty free, retail and cargo handling services
-- and commercial property developments. The rating factors in a
lower level of visibility in relation to the commercial property
developments, particularly because the concession arrangements
restrict the type of permissible developments.

Over the longer term, the revenue from these non-aeronautical
sources will become increasingly important in the evolution of
DIAL's credit profile, as well as for the partial funding of its
planned capacity expansions. Although such expansions will occur
beyond the rating horizon, the associated execution and funding
risk will become increasingly important to the rating over time.

The AAI has the right to terminate the concession if DIAL fails to
meet its operating performance targets for a sustained period.
However, we believe that DIAL's solid operating track record,
combined with the security trustee's rights to remedy and a cure
period regime in the tripartite agreement, render the risk of
early termination as remote.

The rating also factors in the effectiveness of the ring fence
between DIAL and its shareholders under the transaction documents
which insulates DIAL's credit profile from that of its
shareholders.

The primary rating constraint is the company's high financial
leverage -- as measured by funds from operations to gross adjusted
debt -- which we expect to be in high single-digit range over the
next 12 to 24 months.

Upward rating movement is possible if the forthcoming regulatory
reset is consistent with our base-case assumption and the company
grows its non-aeronautical revenue streams. Factors we would look
for include funds from operations /gross adjusted debt above 8%-9%
and a debt service coverage ratio of above 2x, both on a sustained
basis

The ratings could be lowered if funds from operations/gross
adjusted debt falls below 6.5%- 7.0% and/or the DSCR declines
below 1.3x on a sustained basis. Factors that could give rise to a
downgrade include adverse regulatory outcomes, and failure to grow
non-aeronautical revenues or deteriorating operating performance.
Financial stress at the shareholder level, leading to DIAL's
lenders attempting to trigger an event of default, will likely
lead to a downgrade.

The methodologies used in this rating were Privately Managed
Airports and Related Issuers published in December 2014, and
Government-Related Issuers published in October 2014.

Delhi International Airport Private Limited (DIAL) is the
concessionaire for Indira Gandhi International Airport, which is
located in the political capital of India under an Operations,
Management and Development Agreement (OMDA), entered in 2006 with
the Airports Authority of India (AAI), a government agency. The
concession is for a 30-year period, and DIAL has an option to
extend it for another 30 years, subject to meeting defined
performance criteria.


DHRUV EPC: CRISIL Assigns B- Rating to INR39.2MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Dhruv Epc Solutions Pvt Ltd (DESPL). The
ratings reflect DESPL's working capital intensive and modest scale
of operations. These rating weaknesses are partially offset by its
promoters' extensive industry experience.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               39.2         CRISIL B-/Stable
   Letter of Credit        20           CRISIL A4
   Bank Guarantee          15           CRISIL A4
   Cash Credit             15           CRISIL B-/Stable

Outlook: Stable

CRISIL believes that DESPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
substantial cash accruals along with improvement in working
capital management leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if DESPL's
financial risk profile deteriorates, most likely because of debt-
funded capital expenditure, or its working capital cycle
stretches, leading to weak liquidity.

Incorporated in January 2010, DESPL is owned and managed by Mr.
Rajesh Dhruv. It is an engineering company engaged in the
designing and fabrication of process equipment. Its major products
include pressure vessels, storage tanks, valves, and other
fabricated process equipment. The company has its fabrication
facilities at Baroda (Gujarat).

DESPL reported a net loss of INR5.7 million on net sales of
INR30.6 million for 2013-14 (refers to financial year, April 1 to
March 31). The company reported a net loss of INR4.1 million on
net sales of INR55.9 million for 2012-13.


EVEREST KANTO: CRISIL Cuts Rating on INR3.68BB Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the term loan of Everest Kanto
Cylinder Ltd (EKC; part of the Everest Kanto group) to 'CRISIL D'
from 'CRISIL BB-/Negative'.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan              3,682         CRISIL D (Downgraded from
                                        'CRISIL BB-/Negative')

The rating action is based only on information available in the
public domain as EKC has not cooperated with CRISIL in its
surveillance process. The downgrade reflects delays by EKC in
servicing its debt; the delays were due to the group's weak
liquidity. The Everest Kanto group's liquidity is constrained by
its continued weak operating performance, as reflected by its
operating losses. This, coupled with high interest costs on
sizeable debt, severely impacts the group's debt protection
metrics.

The rating also reflects the Everest Kanto group's working-
capital-intensive operations, susceptibility of revenues to
macroeconomic conditions and the suboptimal utilisation of its
large manufacturing capacities, resulting in pressure on cash
accruals. The group, however, has an established market position
in the high-pressure seamless cylinder segment.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EKC and its wholly owned subsidiaries,
including step-down entities, EKC International FZE, Dubai; EKC
Industries (Tianjin) Co Ltd, China; EKC Industries (Thailand) Co
Ltd, Thailand; EKC Hungary Kft, Hungary; Calcutta Compressions &
Liquefaction Engineering Ltd, India; EKC-Europe GmbH and CP
Industries Holdings Inc, USA. This is because all these companies,
collectively referred to as the Everest Kanto group, have common
promoters, are in the same line of business, and have intra-group
operational synergies, including fungible cash flows.

Promoted by Mr. P K Khurana in 1978, the Everest Kanto group
manufactures high-pressure seamless compressed natural gas and
industrial cylinders. The gas cylinders are used by automobile
original equipment manufacturers, retrofitters, and gas
distribution companies; the industrial cylinders are used in the
healthcare, fire-fighting, and food and beverages segments. The
group has manufacturing units in India, Dubai, the US, and China,
with a total capacity of 1.3 million cylinders per annum, and
marketing offices in Thailand and Germany.

For 2013-14 (refers to financial year, April 1 to March 31), the
Everest Kanto group reported a net loss of INR1.38 billion on an
operating income of INR4.98 billion, against a net loss of INR1.32
billion on an operating income of INR5.59 billion for 2012-13. For
the first half of 2014-15, the EKC group reported a net loss of
INR548 million (INR814 million for the first half of 2013-14) on
an operating income of INR2.29 billion (INR2.53 billion).


GANPATI ISPAT: CRISIL Cuts Rating on INR85MM Cash Credit to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ganpati Ispat (GI) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              85        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that credit risk
profile will deteriorate in the medium term driven by weakening of
financial risk profile; particularly liquidity driven by declining
trend in cash accruals over the past three years. This because of
firm incurred an operating loss in 2013-14. This also resulted in
deterioration of debt protection measures which weakened its
financial risk profile, with its interest coverage ratio declining
to less than 1 time for the year. During the year 2014-15, the
firm is expected to improve margins on an operating level due to
technological improvement and cost saving measures adopted by the
management. CRISIL believes that GI's financial risk profile will
continue to remain weak over the medium term owing to expected low
cash accruals from operations against moderate working capital
requirements of the firm.

The rating reflects GI's average scale of operations in the highly
fragmented mild steel (MS) ingots industry, its low profitability,
and its susceptibility to economic downturns in its end-user
industry and to volatility in steel prices. These rating
weaknesses are partially offset by the firm's moderate financial
risk profile, marked by low gearing, and the extensive experience
of its promoters in the steel industry.

Outlook: Stable

CRISIL believes that GI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations and improves its profitability, resulting in a
substantial increase in its cash accruals and better debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if GI's financial risk profile, particularly its
liquidity, weakens, most likely because of large incremental
working capital requirements, low cash accruals, or considerable
debt-funded capital expenditure.

GI, was taken over by its present promoters, the Goyal family of
Raipur (Chhattisgarh), in 2004. The firm has MS ingots and MS
channels manufacturing capacity at URLA Industrial Area, Raipur.


GEETHA TIMBER: ICRA Assigns B Rating to INR2.27cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B for the INR2.27
crore long term fund based facilities of Geetha Timber. ICRA has
also assigned a short term rating of [ICRA]A4 for the INR10.23
crore short-term fund based and INR10.23 sub limits of the Firm.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long Term-Fund based        2.27        [ICRA]B; Assigned
   Short Term- Fund based     10.23        [ICRA]A4; Assigned
   Short Term (sub-limit)    (10.23)       [ICRA]A4; Assigned

The assigned ratings take comfort from the experience of the
promoters in the industry; the Firm's established customer
relationships with high repeat orders lending revenue stability;
and its diverse product portfolio. The ratings are however
constrained by the Firm's small scale of operations limiting cost
benefits, high competitive intensity due to low entry barriers
which limits pricing flexibility, weak financial profile marked by
thin profit margins and the susceptibility of margins to
fluctuations in raw material prices and foreign currency exchange
rates.

Geetha Timber, which is located in Dindigul, Tamil Nadu, started
operations as a proprietorship in 1954 and was converted into a
partnership firm in 1989. The Firm is engaged in import of timber
from various countries and marketing the timber products
throughout southern India. It offers a wide range of timber types
like silver oak, pine wood, teak wood, timber wood, Purple Heart
wood logs, joined wood boards, and many other hard/soft woods.


JV STEEL: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR15.00 Crore bank limits of JV Steel Traders.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          15.00         [ICRA]B+ (reaffirmed)

The rating reaffirmation takes into account the intensely
competitive nature of the business which translates into modest
profitability; the vulnerability of the firm's profits to
commodity price risk; its modest scale of operations and high
gearing. The rating continues to take into consideration the risks
inherent in a partnership firm and the firm's stretched liquidity
profile on account of high working capital intensity attributable
to high debtor days. However, the rating favorably factors in the
firm's experienced promoters with long track record in trading of
iron and steel products and its established relations with the
customers and the suppliers.

Established in 1995, JVT is a partnership firm promoted by Mr.
Varinder Kumar and his family members. The firm is engaged in the
trading of iron and steel products primarily Hot Rolled coil and
Cold Rolled Coils etc. The firm's head office is located in
Ludhiana from where it controls the marketing and finance
operations. For stocking of inventory, the firm has established
its warehousing facility in Jugiana, Ludhiana.

Recent Results
As per its unaudited financials for 2013-14, JVT reported a net
profit of INR0.44 crore on an operating income of INR73.93 crore
as against a net profit of INR0.38 crore on an operating income of
INR72.86 crore in the previous year.


JV STEEL: ICRA Reaffirms B+ Rating on INR12.50cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR12.50 Crore bank limits of JV Steel Tubes.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           12.50        [ICRA]B+ (reaffirmed)

The rating reaffirmation takes into account the intensely
competitive nature of the business which translates into modest
profitability; the vulnerability of the firm's profits to
commodity price risk; its modest scale of operations and high
gearing. The rating continues to take into consideration the risks
inherent in a partnership firm and the firm's stretched liquidity
profile on account of high working capital intensity attributable
to high debtor days.

However, the rating favorably factors in the extensive experience
of the promoters in the iron and steel trading and the firm's
established relations with the customers and the suppliers.

Established in 2005, JVS is a partnership firm promoted by Mr.
Varinder Kumar and his family members. The firm is engaged in the
trading of iron and steel products primarily Hot Rolled coil &
Cold Rolled Coils and manufacturing of steel tubes. The firm sells
the steel tubes to local cycle manufacturers in Ludhiana. The firm
has established its manufacturing and warehousing facility in
Jugiana, Ludhiana.

Recent Results
As per its unaudited financials for 2013-14, JVT reported a net
profit of INR0.24 crore on an operating income of INR32.39 crore
against a net profit of INR0.26 crore on an operating income of
INR41.32 crore in the previous year.


KASTURI MULTI: CRISIL Assigns B+ Rating to INR98.6MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kasturi Multi Solutions Pvt Ltd (KMPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               98.6          CRISIL B+/Stable
   Cash Credit             60            CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1.7          CRISIL B+/Stable

The rating reflects KMPL's nascent stage of operations in a
fragmented industry and its average financial risk profile driven
by large working capital requirements and marked by modest net
worth. These rating weaknesses are partially offset by the
extensive experience of KMPL's promoters in the agricultural
products industry.

Outlook: Stable

CRISIL believes that KMPL will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the company generates substantial cash accruals and
manages its working capital requirements efficiently. Conversely,
the outlook may be revised to 'Negative' in case of low cash
accruals or large working capital requirements during the initial
phase of operations resulting in pressure on the company's
liquidity.

Incorporated in 2005, KMPL is promoted by the Dokania family (Mr.
Ratan Kumar Dokania, Mr. Rajesh Dokania, Mr. Ravi Dokania, and Mr.
Nikhil Dokania). The promoter family has experience of more than a
decade in the agricultural commodities business. The company is
setting up a processing plant for parboiled rice, with installed
capacity of about 8 tonnes per hour, in Giridih (Jharkhand).


KUMARAGIRI TEXTILES: ICRA Reaffirms C+ Rating on INR4cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR2.00 crore (revised from INR4.80 crore) term loan facilities
and INR4.00 crore fund based facilities of Kumaragiri Textiles
Limited at [ICRA]C+. The short-term rating on the INR4.00 crore
non-fund based facilities has been re-affirmed at [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term: Term loan    2.00        [ICRA]C+ reaffirmed
   Long Term: Fund
   based facilities        4.00        [ICRA]C+ reaffirmed
   Short Term: Non-fund
   based facilities        4.00        [ICRA]A4/ re-affirmed

The ratings reaffirmation considers the weak financial profile of
the Company characterized by net losses during 2013-14, despite
healthy revenue growth on account of high raw material prices;
highly geared capital structure and stretched coverage indicators.

The ratings also considers the company's small scale of
operations, which limits benefits from scale economics; limited
pricing flexibility on account of high competition, thereby
exposing the margins to volatility in raw material prices and
while the Company does not have any significant debt funded
capital expenditure plans for the next two years, the debt
repayment obligations stand at ~INR1.6 crore and ~INR1.4 crore for
2014-15 and 2015-16, respectively. Therefore, ability of the
Company to improve profitability and cash flows will be critical
to meet the debt obligations in a timely manner. ICRA however
draws comfort from the experience of the promoters in the spinning
industry of over three decades.

Kumaragiri Textiles Limited, incorporated in the year 1980, is
engaged in the production of cotton yarn primarily in 60s to 80s
count range. The Company has an installed capacity of 30,240
spindles and 600 rotors with its manufacturing facility located at
Dharmapuri, Tamil Nadu. KTL had installed an 800 KW windmill in
Tamil Nadu for captive power consumption during 2006-07. KTL is
closely held by the promoter (Mr.P. Palaniappan) and their
relatives / friends.

Recent Results
For the financial year 2013-14, the company reported net loss of
INR0.5 crore on an operating income of INR51.5 crore as against a
net profit of INR3.1 crore on an operating income of INR42.1 crore
for the financial year 2012-13.


LANCO ANPARA: CRISIL Suspends D Rating on INR38.76BB Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lanco
Anpara Power Ltd (LAPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Letter of credit &
   Bank Guarantee         23,050         CRISIL D

   Term Loan              38,768         CRISIL D

   Working Capital
   Demand Loan             3,500         CRISIL D

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

LAPL is promoted by Lanco Infratech Ltd (LIL), which is part of
the Lanco group. LAPL was incorporated in June 2006 for setting up
a 1200-megawatt (MW) coal-based thermal power plant in Anpara
(Uttar Pradesh). Of the total capacity, 1100 MW is sold to four
distribution companies of Uttar Pradesh and 100 MW is earmarked
for merchant sale. The first unit at the plant began commercial
operations in December 2011 (a delay of nine months) and the
second unit began operations in January 2012 (a delay of six
months).


MAHAVIR CONSTRUCTION: ICRA Assigns B- Rating to INR8cr Cash Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR8.00
crore long term fund based cash credit facility of Mahavir
Construction Co. ICRA has also assigned a short term rating of
[ICRA]A4 to the INR4.00 crore short term non fund based bank
guarantee facility of MCC. The unallocated limit of INR3.00 crore
is rated on both, long & short term scale, and will attract a
rating as per tenure of usage.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit    8.00          [ICRA]B- assigned

   Short Term Non
   Fund Based-Bank
   Guarantee            4.00          [ICRA]A4 assigned

   Long Term/Short
   Term-Unallocated     3.00          [ICRA]B-/[ICRA]A4 assigned

Rating Rationale
The assigned ratings factor in the long experience of the
proprietor in civil and road construction business; the firm's
diversified execution capabilities; and its sound order book
position at present. The ratings are however constrained by MCC's
small scale of operation; its adverse financial risk profile
characterized by high debt levels and negative net worth position
as on March 31,2014; and high working capital intensity of
operations arising out of large sums of retention deposits needed
to be kept with the clients for projects undertaken. The ratings
are further constrained on account of the firm's exposure to
customer as well as geographical concentration risks as majority
of its projects are executed for MCGM and are located in Mumbai
region. ICRA also notes that MCC is a proprietorship concern and
remains exposed to any significant capital withdrawals.

Mahavir Construction Co. was established in the year 1983 as a
partnership firm for undertaking civil construction projects in
the Mumbai region. Till FY13, the firm was managed by three
partners -- Mr. Kishor Shah, Mrs. Diwali Jain and Mr. Tushar
Dawade. On April 01,2013, it was converted into a proprietorship
concern of Mr. Kishor Shah following the exit of the other
partners. The company is engaged in execution of civil
construction contracts with focus on construction & repair of
roads, structures, buildings, storm water drains & drain works,
nallahs etc.

Recent Results
For the financial year ended March 31, 2014, the firm reported an
operating income of INR5.17 crore and profit after tax of INR0.39
crore as against an operating income of INR10.13 crore and profit
after tax of INR0.69 crore for the financial year 2012-13.


MASTER BUSINESS: CRISIL Reaffirms B Rating on INR130MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings at CRISIL B/Stable/CRISIL A4 to
the bank facilities of Master Business Enterprises (MBE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            130        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20        CRISIL A4 (Reaffirmed)

The ratings reflects MBE's below average financial risk profile
marked by a high total outside liabilities (TOL) by tangible net
worth (TNW) ratio and weak debt protection metrics, and its
working capital intensive operations. These rating weaknesses are
partially offset by the extensive experience of MBE's promoters in
the steel trading business.

Outlook: Stable

CRISIL believes that MBE will continue to benefit from the
extensive industry experience of its promoters in the steel
trading business. The outlook may be revised to 'Positive' if the
firm reports higher-than-expected accruals or significant equity
infusion, there by leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is a decline in the firm's revenues and operating
profitability or if the partners withdraw capital from the firm
leading to weakening of its financial risk profile.

Set up in 1999 as a partnership entity by Mr.Sudhakar and his
brother Mr.Radhakrishnan, MBE is involved in trading of steel
products at Visakhapatnam (Andhra Pradesh).

During 2013-14 (refers to financial year April 1 to March 31), MBE
reported a profit after tax (PAT) of INR3.9 million on net sales
of INR1 billion, as against a PAT of INR3 million on net sales of
INR975 million in 2012-13.


MEHTA BROTHERS: ICRA Reaffirms B+ Rating on INR35cr Loan
--------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating to the INR35.00 crore
fund based facilities of Mehta Brothers Gems Private Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund based limits-        35.0         [ICRA]B+ reaffirmed
   Post shipment credit
   (PSC)

   Fund based limits-       (7.00)        [ICRA]B+ reaffirmed
   Packing credit(PC)
   sublimit of PSC

   Fund based limits-      (35.00)        [ICRA]B+ reaffirmed
   Packing credit(PC)-
   Diamond Dollar Account
   (DDA) sublimit of PSC

   Fund based limits-      (35.00)        [ICRA]B+ reaffirmed
   Direct Export sublimit
   of PSC

   Fund based limits-        (7.0)        [ICRA]B+ reaffirmed
   Group Export sublimit
   of PSC

The rating reaffirmation continues to remain constrained by Mehta
Brothers Gems Private Limited's (MBGPL) relatively weak financial
profile characterized by strained liquidity position due to large
inventory levels resulting in high working capital utilization
and, stretched payments to the creditors.

The rating is also constrained by the leveraged capital structure
resulting from high working capital borrowings. However, comfort
is derived from the fact that a significant proportion of the
total debt is from directors. The rating continues to factor in
the susceptibility of company's margins to movement in foreign
exchange rates. The risk is accentuated in absence of a firm
hedging mechanism undertaken by the company although purchases and
sales in foreign currency act as a natural hedge to some extent.
While the company's operating profit margin has improved in FY14,
the forex losses have dented the net profit margin. Also, the
intensely competitive nature of the CPD industry exerts pricing
pressures thereby impacting the profit margins.

The rating, however, continue to reflect the vast experience of
the directors in the diamond industry supported by a professional
management setup, long relationships with customers and the
company's established sourcing arrangements with its overseas
associates which ensures uninterrupted supply of rough diamonds.

Mehta Brothers Gems Private Limited (MBGPL) was established in
1966 as a partnership firm by Mr. Dinesh Mehta & Mr. Jagdish
Mehta. Gradually; in 2005 the entity's legal status was converted
into a private limited company. The company is engaged in the
business of manufacturing cut and polished diamond of size ranging
medium to high carat in different shapes and colour. The company
has its registered office at Mumbai and dedicated processing
facilities at Borivali and Goregaon in Mumbai.

Recent Results:
MBGPL has reported a net profit of INR0.9 crore on an operating
income of INR117.8 crore for the year ending 31st March 2014
against net profit of INR0.7 crore on an operating income of
INR104.7 crore for the year end 31st March 2013.


MIRACLE DEVELOPERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Miracle
Developers (Miracle) continues to reflect the risks related to the
saleability of the remaining units and timely flow of customer
advances and its vulnerability to cyclicality in the real estate
industry in India. These rating weaknesses are partially offset by
the extensive experience of the firm's partners in the real estate
industry and the advantageous project location.

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

Outlook: Stable

CRISIL believes that Miracle will continue to benefit over the
medium term from its partners' extensive experience in the real
estate industry in Pune (Maharashtra). The outlook may be revised
to 'Positive' in case of better-than-expected bookings of units
and receipt of customer advances, leading to higher-than-expected
cash flows. Conversely, the outlook may be revised to 'Negative'
in case of slow ramp up in customer bookings, leading to low cash
inflows and deterioration in Miracle's financial risk profile,
particularly its liquidity.

Miracle, established in 2009 by Mr. Rahul Gawade and his brother
Mr. Amit Gawade, develops residential property at Wakad in Pune.
The firm is currently developing Miracle Mark, a project of about
100,000 square feet (in two phases).


MITA ENGINEERS: ICRA Reaffirms B Rating on INR7.07cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR7.07 crore term loans of Mita Engineers and Fabricators
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            7.07         Reaffirmed at [ICRA]B

The rating reaffirmation continues to factor in the long-standing
experience of the promoters in the sheet metal processing industry
and the company's reputed and diversified customer base.
The rating, however, continues to remain constrained by delay of
close to a year in the implementation of the company's capacity
expansion project stretching the liquidity position which is
expected to remain tight with sizeable repayment obligations in
the near-to-medium term; the highly competitive industry and the
cyclical nature of the steel industry. The rating is further
constrained by the small size of operations and the leveraged
capital structure of the company.

Incorporated in 1997, Mita Engineers and Fabricators Private
Limited (MEFPL) is engaged in sheet metal processing on job-work
basis. The sheet metal products of the company cater to the
requirements of the automobile, furniture and consumer durables
industries. The company's processing facility is located at Taloja
(Maharashtra) with installed processing capacity of 200,000 MTPA
(metric tonnes per annum).

Recent Results
During FY14, MEFPL reported an operating income of INR4.74 crore
(as against INR3.80 crore during FY13) and profit after tax of
INR0.91 crore (as against INR0.68 crore for FY13).


NIRAV METALS: CRISIL Assigns B+ Rating to INR75MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nirav Metals Pvt Ltd (NMPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Letter of Credit        15           CRISIL A4
   Bank Guarantee          10           CRISIL A4
   Cash Credit             75           CRISIL B+/Stable

The rating reflects NMPL's small scale of operations in the highly
fragmented steel industry, its large working capital requirements,
and its weak financial risk profile marked by small net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of NMPL's promoters
in the steel industry and the company's established relationships
with customers and suppliers.
Outlook: Stable

CRISIL believes that NMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NMPL registers sharp
growth in revenue and profitability, or if its promoters infuse
significant equity into the company, thereby improving its
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if NMPL's working capital
cycle lengthens or if the company undertakes any unanticipated
debt-funded capital expenditure programme.

NMPL was incorporated 1991 in Mumbai (Maharashtra). The company
trades in steel scrap. Its operations are managed by Mr. Vijay
Jha.

NMPL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR287.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.1 million on net sales
of INR271.2 million for 2012-13.


PERIYAR AGRO: CRISIL Assigns B+ Rating to INR10MM Line of Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' rating to
the long-term bank facilities of Periyar Agro Food Industries Pvt
Ltd (PAFIPL).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Overdraft Facility        65        CRISIL A4
   Standby Line of Credit    10        CRISIL B+/Stable

The rating reflects the company's modest scale of operations and
susceptibility of its margins to volatility in commodity (wheat)
prices. The rating also factors in its working-capital-intensive
operations and weak financial risk profile, marked by modest net
worth, high gearing, and subdued debt protection metrics. These
rating weaknesses are partially offset by the benefits that PAFIPL
derives from its promoter's extensive experience in the
agricultural commodities industry.

Outlook: Stable

CRISIL believes that PAFIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters over the medium term. The outlook may be revised to
'Positive' if the company achieves significant and sustained
improvement in its revenue while maintaining profitability and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if PAFIPL registers significant decline in
its revenue or profitability, or faces an elongation of its
working capital cycle, or if it undertakes a larger-than-expected
debt-funded capital expenditure programme, resulting in weakening
of its financial risk profile.

PAFIPL, set up in 1999, processes wheat into different by products
such as refined flour (maida), semolina (suji), and whole wheat
flour (atta). These products are sold in the market under the Taj
brand name. The company has a flour mill at Perumbavoor (Kerala)
with installed milling capacity of 80 tonnes per day.

PAFIPL reported profit after tax (PAT) of INR4.4 million on net
sales of INR318 million for 2013-14 (refers to financial year,
April 1 to March 31); it had reported PAT of INR1.8 million on net
sales of INR221.2 million for 2012-13.


PLY COM: CRISIL Reaffirms B Rating on INR50MM Letter of Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ply Com Pvt Ltd (PCPL)
continue to reflect PCPL's below-average financial risk profile
marked by small net worth, high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           40         CRISIL B/Stable (Reaffirmed)
   Cash Credit           10         CRISIL B/Stable (Reaffirmed)
   Letter of Credit      50         CRISIL A4 (Reaffirmed)

The ratings are also constrained on account of company's modest
scale of operations, large working capital requirements, and
exposure to intense competition in the steel trading business
resulting in low profitability margins. These rating weaknesses
are partially offset by the benefit that the company derives from
its promoters' extensive experience in the steel and timber
industries.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a substantial and sustained
increase in the company's scale of operations and profitability
margins, or substantial improvement in its capital structure on
the back of sizeable equity infusion by its promoters.

Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

PCPL was incorporated in 2004 by Mrs. Buji Devi Agarwal and her
family members. The company trades in steel products and timber.
It derives around 70 per cent of its revenue from trading in steel
products, and the balance 30 per cent from trading in timber. The
company is headquartered in Visakhapatnam (Andhra Pradesh) and has
a branch office in Bengaluru (Karnataka).


PREMIUM EXPORTS: ICRA Puts B+/A4 Rating on INR8cr Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and a short term
rating of [ICRA]A4 to the INR8.00 Crore fund based facilities of
Premium Exports.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term & Short     8.00        [ICRA]B+/[ICRA]A4 assigned
   Term Fund Based-
   FCBD/FBP cum PCFC

   Long Term & Short     6.00        [ICRA]B+/[ICRA]A4 assigned
   Term Fund Based-PC

The assigned ratings take into account Premium Export's (PE)
modest scale of operations amidst highly fragmented industry
structure thereby increasing vulnerability to demand fluctuations
and weak financial profile reflected by thin profitability, high
working capital intensity and highly leveraged capital structure
coupled with weak coverage indicators. ICRA also takes note of the
vulnerability of earnings to any change in regulatory policies in
India and importing countries and exposure to price fluctuation
risk and foreign exchange fluctuations.

The ratings, however, favorably factor in the long standing
experience of the management in export of various commodities and
benefits accruing due to its proximity to suppliers.

Established as a partnership firm in 1989, Premium Exports is
primarily engaged in export of various agricultural commodities.
It's a government recognized star export house. The company has
two group concerns Sugar Supply Company and Premium Sugars which
are engaged in similar lines of business. PE has its registered
office in Mumbai and a warehouse at Navi Mumbai, Maharashtra.

Recent Results
PE recorded a net profit of INR0.65 crore on an operating income
of INR37.15 crore for the year ending March 31, 2013 and a net
profit of INR0.12 crore on an operating income of INR18.20 crore
for the year ending March 2014.


RADHE COTTON: ICRA Assigns B+ Rating to INR6cr Proposed Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR5.00 crore cash
credit, INR1.50 crore term loan facility and INR6.00 crore
proposed limit of Radhe Cotton Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash Credit    5.00     [ICRA]B+ assigned
   Fund Based-Term Loan      1.50     [ICRA]B+ assigned
   Fund Based-Proposed
   Limit                     6.00     [ICRA]B+ assigned

The assigned rating is constrained by Radhe Cotton Company's (RCC)
modest scale of operations, thin profitability, stretched capital
structure owing to recently incurred debt fund capex and impending
debt repayment and low debt coverage indicators. ICRA also takes
note of the highly competitive and fragmented industry structure
with the limited value additive nature of operations which leads
to pressure on profitability. The rating further incorporates the
vulnerability to adverse movements in raw material prices, which
in turn is linked to the seasonal nature of the cotton industry
and government regulations on MSP and export as well recent low
cotton prices. This is due to reduced imports by China and
sluggish demand from spinning mills against anticipated high
production. Also, being a partnership firm, any substantial
withdrawal by the partners can have an adverse impact on the
capital structure of the firm.

The rating however, favourably factors in the experience of the
promoters in the cotton industry, the location in the cotton
growing belt of Gujarat which ensures easy availability of cotton
and stabilized operations.

Radhe Cotton Company was incorporated in October 2012 as a
partnership firm. It is promoted by Mr. Rameshbhai Khakhariya and
seven other partners. The management of the firm is handled by one
of the partners Mr. Rameshbhai Khakhariya. The manufacturing unit
of the firm is situated at Gokhalana, Rajkot, Gujarat. It is
equipped with 20 ginning machines and one pressing machine with an
installed capacity to produce 200 cotton bales. It rented a
crushing facility, for the forward integration of cottonseeds to
produce cottonseed oil and cottonseed oil cake in FY14. The firm
has paid an annual rent of INR1.32 lacs to Jay Gopal Oil Mill for
the same period.

Recent Results
In FY14, RCC reported an operating income of INR23.30 crore and
net profit of INR0.08 crore. Further, the firm has reported an
operating profit of INR0.40 crore on an operating income of
INR12.67 crore as on 30th November 2014.


RAMNIK POWER: CRISIL Reaffirms D Rating on INR130MM Bank Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ramnik Power
and Alloys Pvt Ltd (RPAPL) continues to reflect instances of delay
by RPAPL in servicing its debt due to its weak liquidity,
resulting from large working capital requirements.Also, the
company's scale of operations is small. However, RPAPL benefits
from its promoter's extensive experience in the mining and
manganese trading segments, and its captive manganese ore mines,
which mitigate risks related to raw material availability.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      130         CRISIL D (Reaffirmed)
   Term Loan                90         CRISIL D (Reaffirmed)

Update
RPAPL reported revenue of INR105.3 million in 2013-14 (refers to
financial year, April 1 to March 31),a decline of 72 per cent from
INR370 million in 2012-13.The company's revenue declined mainly on
account of shutdown of its plant for five to six months due to
massive losses suffered post decline in prices of silicon
manganese.As a result,RPAPL reported operating losses of INR59.4
million in 2013-14,compared to profit of INR68.4 million in 2012-
13.Hence, the company is dependent on bank borrowings to fund its
working capital requirements which has resulted in full
utilisation of its bank lines.Moreover, pressure on RPAPL's
liquidity is intensified by large debt obligations of INR13.2
million over the medium term.CRISIL believes that RPAPL's
liquidity will remain constrained by its working-capital-intensive
operations over the medium term.

RPAPL was founded in 2006 by Mr. Vyomesh R Trivedi. The company
manufactures silico manganese which is a raw material additive for
production of all grades of iron and steel.The capacity of the
ferro alloy plant is 6 mega volt amperes and the company has a 6-
megawatt, husk-based captive power plant. The company started
operations from September 2009.


ROTOMAC GLOBAL: CRISIL Puts D Ratings on Notice of Withdrawal
-------------------------------------------------------------
CRISIL has placed its ratings on the cash credit, letter of
credit, bank guarantee, export packing credit and  packing credit
facilities of Rotomac Global Pvt Ltd  (RGPL, a part of the Rotomac
group) on 'Notice of Withdrawal' for a period of 60 days on RGPL's
request. The ratings on the above said facilities will be
withdrawn at the end of the notice period. The rating on RGPL's
term loan has been suspended. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee          200         CRISIL D (Notice of
                                       Withdrawal)

   Cash Credit             200         CRISIL D (Notice of
                                       Withdrawal)

   Export Packing Credit   380         CRISIL D (Notice of
                                       Withdrawal)

   Letter of Credit     18,000         CRISIL D (Notice of
                                       Withdrawal)

   Packing Credit           35         CRISIL D (Notice of
                                       Withdrawal)

   Term Loan               120         CRISIL D (Notice of
                                       Withdrawal)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Rotomac Global Pvt Ltd (RGPL), Crown
Alba Writing Instruments India Pvt Ltd (Crown Alba), Rotomac
Exports Pvt Ltd (REPL), Rotomac Exim Pvt Ltd (REL), Rotomac
Polymers Pvt Ltd (RPPL), Kothari Food and Fragrances (KFF), and
West Coast Extrusion Pvt Ltd (WCEPL). This is because all these
entities, collectively referred to as the Rotomac group herein,
are in the same line of business, have a common management, and
share fungible cash flows.

The Rotomac group trades in various commodities, including
foodgrain, tiles, industrial equipment, edible oil, industrial
fuels, iron ore, diamonds, and polymers. Under RGPL and Crown Alba
Writing Instruments India Pvt Ltd, the Rotomac group manufactures
pens, which are sold under the Rotomac, Designmate, and Inglish
brands.


SANKALP REALMART: ICRA Assigns B Rating to INR10cr Term Loan
------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR10.00 crore term
loan of Sankalp Realmart Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             10.00        [ICRA]B; assigned

The rating is constrained by the sizeable funding requirements and
execution risks for the company's 'Sankalp Dynasty' project, the
scope for which is large relative to the promoter's track record.
The rating also factors in the limited funding brought in by the
promoters as compared to their envisaged contribution. This along
with the limited moratorium currently available for the term loan
taken for the 'Sankalp Florence' project renders SRPL dependent on
timely customer collections for managing its execution and debt
repayment obligations. However, the rating favourably factors in
the moderate booking levels for 'Sankalp Florence' and 'Sankalp
Residency' projects and the limited outflow commitments for the
same, as they are in the final stages of completion.

Going forward, the ability of the company to receive the
promoter's contribution in a timely manner, hand over the
possession of 'Sankalp Florence' and 'Sankalp Residency' projects
and receive advances as planned, and complete the construction of
'Sankalp Dynasty', along with marketing the unsold area, will be
the key rating sensitivities.

Incorporated in 2011, SRPL is engaged in building residential real
estate projects in Ajmer, Rajasthan. Currently the company has
three ongoing projects in the name of 'Sankalp Florence', 'Sankalp
Residency' and 'Sankalp Dynasty'; all projects entail construction
of residential flats in Ajmer, Rajasthan. The 'Sankalp Florence'
project will consist of 135 flats, 'Sankalp Residency' of 36 flats
and 'Sankalp Dynasty' of 360 flats. The 'Sankalp Dynasty' project
is the biggest project that SRPL's promoters have handled so far.
The company plans to give possession of 'Sankalp Florence' and
'Sankalp Residency' by March 2015 and that of 'Sankalp Dynasty' by
March 2018.


SHAHEED DR. ANIL: CRISIL Ups Rating on INR164MM Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
Shaheed Dr. Anil Baghi Charitable Society (SABMCS) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          40.5        CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Long Term Loan          90.8        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Overdraft Facility     164          CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Proposed Long Term       7.3        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by SABMCS
over the past six months. The society now generates sufficient
cash accruals to meet its repayment obligations on time. There
have been no instances where the cash credit limits have been
overdrawn for more than 30 days.

SABMCS generated net cash accruals of over INR30 million in 2013-
14 (refers to financial year, April 1 to March 31); it is expected
to generate cash accruals of over INR34 million, against term debt
obligations of around INR25 million, in 2014-15. Furthermore, the
society has no debt-funded capital expenditure (capex) plans,
while the repayment obligations will remain the same, over the
medium term.

The rating continues to reflect SABC's geographically concentrated
operations and susceptible to regulatory changes. These rating
weaknesses are partially offset by the benefits that the society
is expected to receive from the healthy growth prospects for the
education sector.
Outlook: Stable

CRISIL believes that SABMCS will continue to benefit over the
medium term from its promoters' experience in the education
sector. The outlook may be revised to 'Positive' if the society
reports significantly large cash accruals, or if there is
substantial fund infusion, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in SABMCS's financial risk profile,
particularly its liquidity, most likely because of delay in fee
receipt or large debt-funded capex.

Set up in 1993, SABMCS operates three institutes'Anil Baghi School
of Nursing, Genesis Institute of Dental Sciences and Research, and
Anil Baghi College of Nursing'in the Ferozpur district of Punjab.
Anil Baghi School of Nursing offers diploma courses in general
nursing and midwifery and is affiliated to the Indian Nursing
Council, New Delhi, and recognised by the Punjab Nursing
Registration Council. Genesis Institute of Dental Sciences and
Research offers under-graduate and post-graduate courses in dental
surgery. Anil Baghi College of Nursing offers under-graduate and
post-graduate courses in nursing. These two institutes are
affiliated to Baba Farid University of Health Sciences, Faridkot
(Punjab).


SHRI RAM: ICRA Reaffirms B Rating on INR44cr Cash Credit
--------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR44.00 crore
(enhanced from INR22.00 crore) cash credit facility and the
INR11.00 crore (reduced from INR12.50 crore) unallocated long term
limits of Shri Ram Rice Mills. ICRA has withdrawn its rating of
[ICRA]B assigned to the INR0.50 crore term loan facility of SRRM
since there is no amount outstanding against the rated facility.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            44         [ICRA]B; reaffirmed
   Term Loan              Nil        [ICRA]B; withdrawn
   Unallocated Limits     11.00      [ICRA]B; reaffirmed

The rating reaffirmation factors in the healthy revenue growth
during 2014-15 driven by increase in sales volume and
realisations. However, the rating continues to be constrained by
the firm's financial profile as characterized by its high gearing
levels on account of the high working capital intensity of
operations and weak debt protection indicators. The rating also
takes into account the intensely competitive nature of the
industry which exerts pressure on the firm's operating margins and
the partnership nature of the firm whereby any significant capital
withdrawals from the capital account would adversely affect its
capital structure. However, the rating favourably takes into
account the extensive experience and the long track record of the
promoters in the rice milling industry and the stable long term
demand prospects for the rice industry, with India being the
second largest producer and consumer of rice in the world.

SRRM is a partnership firm established in 2004 and is primarily
engaged in milling and sorting of basmati rice. SRRM's milling
unit is located in Karnal, Haryana, in close proximity to the
local grain market. The firm has two registered brands and sells
rice in various states including Gujarat, Madhya Pradesh,
Maharashtra and Delhi, mainly through external dealers. The firm
is also involved in the export of basmati rice through merchant
exporters.

Recent Result
In 2013-14, SRRM recorded a net profit of INR0.51 crore on an
operating income of INR129.27 crore, as against a net profit of
INR0.27 crore on an operating income of INR102.42 crore in 2012-
13.


SONA CHANDI: CRISIL Reaffirms B Rating on INR550MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sona Chandi Agro
Processors (SCAP) continues to reflect SCAP's weak financial risk
profile marked by high gearing and weak debt protection metrics.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           550         CRISIL B/Stable (Reaffirmed)


The rating also factors in the firm's large working capital
requirements and susceptibility of its margin to volatility in raw
material prices and to regulatory changes. These rating weaknesses
are partially offset by the extensive experience of SCAP's
promoters in the rice processing industry and the healthy growth
prospects for the rice industry.

Outlook: Stable

CRISIL believes that SCAP will continue to benefit over the medium
term from its promoters' extensive industry experience and the
healthy growth prospects for the rice industry. The outlook may be
revised to 'Positive' in case SCAP's capital structure
significantly improves, most likely driven by large equity
infusion or significant cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of significant pressure on SCAP's
liquidity, most likely because of large debt-funded capital
expenditure (capex) or significant increase in its working capital
requirements.

Update
SCAP reported operating revenue of around INR1.23 billion in 2013-
14 (refers to financial year, April 1 to March 31), a healthy
year-on-year growth of around 25 per cent supported by better
price realisation of basmati rice and incremental offtake from
existing customers in the domestic market. However, the firm's
operating margin has been low at around 6.54 per cent for the year
owing to increased trading activity where the margins are very low
on account of negligible value addition. CRISIL believes that with
stabilisation in the prices of raw material, the revenue will grow
at a moderate pace of around 10 per cent, though the operating
margin will remain low at 6 to 7 per cent over the medium term.

SCAP's financial risk profile is expected to remain weak marked by
high gearing and weak interest coverage ratio. The gearing stood
at 6.87 times as on March 31, 2014 largely on account of high
working capital requirement and limited cash accruals leading to
high dependence on external bank borrowings. The gearing is
expected to remain at 6 to 7 times over the medium term in line
with past levels. The interest coverage ratio stood at 1.15 times
in 2013-14 and is expected to remain weak at similar levels over
the medium term.

SCAP's liquidity is expected to remain weak marked by high working
capital requirement amid low cash accruals, thereby leading to
high dependence on external bank financing. However, the liquidity
is supported by the absence of any repayment obligations and
absence of any debt-funded capex plans over the medium term.

SCAP reported a profit after tax (PAT) of INR3.6 million on net
sales of INR1229 million for 2013-14, against a PAT of INR2.9
million on net sales of INR993.5 million for 2012-13.

SCAP mills and processes par-boiled basmati rice (Pusa 1121
quality). It has a processing unit at Tarn Taran in Amritsar
(Punjab) with milling capacity of 8 tonnes per hour. SCAP is
promoted by the Arora family, which has been engaged in rice
milling since 1985. It commenced commercial production in October
2004.


SUSHEEL YARNS: CRISIL Assigns B+ Rating to INR85MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Susheel Yarns Pvt Ltd (SYPL) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the company's bank
facilities.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             85         CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Letter of Credit        10.4       CRISIL A4 (Assigned;
                                      Suspension Revoked)

CRISIL had earlier, on July 26, 2014, suspended the ratings as
SYPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to the company's
bank facilities.

The rating reflects SYPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics.
Furthermore, the company has large working capital requirements, a
small scale of operations with profitability pressures, and is
susceptible to intense industry competition. These rating
weaknesses are partially offset by SYPL's diverse revenue profile
and the extensive experience of its promoters in the textile
industry.

Outlook: Stable

CRISIL believes that SYPL's liquidity will remain constrained over
the medium term by large debt repayment obligations and working
capital requirements, despite a ramp-up in its revenue and cash
accruals. The outlook may be revised to 'Positive' if the
company's profitability improves substantially, resulting in an
increase in its cash accruals. Conversely, the outlook may be
revised to 'Negative' if SYPL's liquidity deteriorates, most
likely on account of reduced cash accruals, large working capital
requirements, or large debt-funded capital expenditure.

The promoters started business in 1977, this company was
incorporated in 1997and these plants was put in 1999-2000.The
company manufactures blended fabrics and have strategic alliance
for making polyster, polyster viscose & Acrylic polyster yarns.
The company has also started manufacturing of garments
particularly men's wear formal & casual trousers .The company has
started export of fabric, yarn & garments. SYPL's plant is in
Bhilwara (Rajasthan).


SUVILAS PROPERTIES: CRISIL Rates INR250MM Cash Credit at B+
-----------------------------------------------------------
CRISIL's has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Suvilas Properties Pvt Ltd (SPPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              250         CRISIL B+/Stable

The rating reflects SPPL's exposure to risks related to completion
and saleability of its ongoing project and its susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by the extensive experience of
SPPL's promoters in the real estate development business.
Outlook: Stable

CRISIL believes that SPPL will benefit over the medium term from
its promoters' experience in the real estate development business.
The outlook may be revised to 'Positive' if SPPL completes its
projects early or generates more sales from ongoing projects,
leading to substantially large cash flows. Conversely, the outlook
may be revised to 'Negative' if there are any delays in the
execution of the project or in the receipt of advances from
customers, or if it undertakes a large, debt-funded project,
impacting its financial risk profile.

SPPL is a Bengaluru (Karnataka)-based real estate development
company incorporated in 2012. Its day-to-day operations are
managed by the managing director Mr. Sunil Chowdary.


THRIIVE CARS: CRISIL Reaffirms B+ Rating on INR50MM Funding Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thriive Cars
(Thriive) continue to reflect Thriive's below-average financial
risk profile marked by high indebtedness (total outside
liabilities to tangible net worth) ratio, and the firm's exposure
to intense competition in the automobile dealership business.
These rating weaknesses are partially offset by Thriive's
established position in the automobile dealership market for
General Motors India Pvt Ltd (GM) in Tamil Nadu.

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

   Inventory Funding
   Facility            50         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   8.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Thriive will continue to benefit over the
medium term from its established position in the automobile
dealership market for GM in Tamil Nadu. The outlook may be revised
to 'Positive' if Thriive increases its sales volumes and operating
profitability significantly, or if the firm's capital structure
and debt protection metrics improve substantially. Conversely, the
outlook may be revised to 'Negative' if a slowdown in the
automobile industry adversely affects Thriive's revenue and
profitability, or if the firm undertakes any large debt-funded
capital expenditure programme, thereby weakening its capital
structure.

Thriive, set up in 2006, is an authorised dealer of GM's passenger
vehicles in Tamil Nadu.


TULSA GAS: CRISIL Reaffirms B+ Rating on INR40MM Bank Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Tulsa Gas Technologies
India Pvt Ltd (TGT) continue to reflect TGT's small scale of
operations and large working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit               10       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      40       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by TGT's moderate
financial risk profile marked by low gearing and above-average
debt protection measures, and its promoters' extensive experience
in the compressed natural gas (CNG) dispenser industry.

The rating was downgraded on Dec 18, 2014 to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'. The
rating downgrade reflects deterioration in TGT's business risk
profile because of low order flow leading to decline in the
company's turnover and deterioration in its liquidity. The
company's operating income declined to INR82.6 million for 2013-14
(refers to financial year, April 1 to March 31) from INR182.6
million for 2012-13. It has reported sales of INR53 million for
the seven months through October 2014. TGT has an order book of
over INR30 million as on November 20, 2014, providing revenue
visibility for the next four months. The decline in TGT's turnover
has resulted in deterioration in its liquidity, as reflected in
low cash accruals of INR3 million for 2013-14. The company plans
capital expenditure of INR20 million to manufacture hydraulic
boosters for leasing. Therefore, its liquidity is expected to
remain weak in 2014-15, with expected cash accruals of INR3.9
million to be tightly matched with debt obligations of INR3.5
million to INR4.0 million during the year. Additionally, the
company's bank limit was utilised extensively, at an average of 98
per cent over the 12 months through September 2014.
Outlook: Stable

CRISIL believes that TGT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if TGT's business risk
profile improves, driven by substantial operating income resulting
in large net cash accruals along with moderation in working
capital requirements, and if its financial risk profile improves
with increase in net worth. Conversely, the outlook may be revised
to 'Negative' in case of significant weakening in the company's
liquidity or capital structure on account of decline in its
revenue, or pressure on its profitability.

Incorporated in 2005, the company primarily manufactures CNG
dispensers, hydraulic booster compressors, and CNG provers, and
assembles synflex hoses and retail automation software. The
company is promoted by Mr. Ashok Anand. Its factory is in Sonipat
(Haryana).


VEERABHADRESWARA RAW: ICRA Suspends B+/A4 Rating on INR25cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to INR25.00
crore bank facilities of Veerabhadreswara Raw & Boiled Rice Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


VITA GRANITO: ICRA Reaffirms B Rating on INR14.50cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR28.00 Cr long term
fund based facilities of Vita Granito Private Limited. ICRA has
also reaffirmed [ICRA]A4 rating to the INR5.50 Cr. short term non
fund based facilities of VGPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            13.50        [ICRA]B reaffirmed
   Cash Credit          14.50        [ICRA]B reaffirmed
   Letter of Credit
   and Bank Guarantee    5.50        [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to factor in VGPL's
relatively moderate scale of operations and weak financial risk
profile characterized by low coverage indicators, high gearing
levels and moderate working capital requirements. The ratings
further takes into account the de-growth in sales volume in FY
2014 caused due to slow-down in end user industry, however with
revival in demand in the current fiscal, VGPL has witnessed
healthy order inflow. The rating is further constrained by the
competitive pressure due to the presence of larger established
players in the market and increased competition from Chinese
imports. The ratings also reflect the vulnerability of the
company's profitability and cash flows to the cyclicality inherent
in the real estate industry, which is the main consuming sector as
well as availability and increasing prices of gas, its major
source of fuel.

The ratings, however, favourably take into account the long track
record and established position of the company in the ceramic
industry. The ratings also take comfort from the strategic
location of the company resulting in easy access to raw material
sources.

Vita Granito Private Limited (VGPL) was incorporated in December
2006, with commercial production of vitrified tiles commencing
from January 2008. The company has its production facility located
at Morbi, Gujarat with an initial manufacturing capacity of 50,000
Metric Tonne Per Annum (MTPA) which has gradually been scaled up
to 90,000 MTPA.

The company initially started with manufacturing of soluble salt
vitrified tiles and thereafter expanded its product portfolio by
foraying into double charge vitrified tiles, polished vitrified
tiles, glazed vitrified tiles and digital printed tiles. The tiles
are marketed under its own brand name 'Vita'.

Recent Results
For the year ended 31st March 2014, VGPL has reported an operating
income of INR68.32 crore and profit after tax of INR0.27 crore as
against an operating income of INR78.85 crore and profit after tax
of INR0.22 crore for the year ended 31st March 2013. During first
eight months of current year (unaudited provisional financials),
the company has reported operating income of INR61.82 crore and
profit before depreciation and tax of INR4.50 crore.



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


JAPAN: Corporate Bankruptcies Drop to Lowest Level in 2014
----------------------------------------------------------
Keiko Ujikane at Bloomberg News reports that Japanese corporate
bankruptcies fell in 2014 to the lowest level since the final year
of Japan's asset bubble, as a government request for banks to
alter loan conditions for smaller firms helped companies stay
afloat.

Business failures slid 10.4 percent in 2014 from a year earlier to
9,731 cases, the fewest since 1990, Tokyo Shoko Research Ltd. said
in Tokyo on Jan. 13.  There were no bankruptcies among listed
firms last year for the first time in 24 years, the report says.

According to Bloomberg, Prime Minister Shinzo Abe's reflationary
policies have weakened the yen more than 24 percent against the
dollar in the past two years, helping the earnings of exporters.
At the same time, this has driven up import costs, hurting
domestically focused companies and smaller businesses, which
employ about 70 percent of the nation's workforce, the report
relates.

"The benefits of Abenomics haven't sufficiently spread to smaller
firms yet," the report quotes Shinya Matsunaga, a senior manager
at Tokyo Shoko Research, as saying before the data was released.
"It's difficult to say that corporate bankruptcies are falling as
the economy is improving. Rather, government support for smaller
firms and public works spending are having results."

Bloomberg says there were 282 company failures in 2014 in which
the weak yen as cited as a contributor, more than double the 139
cases in 2013.

Bankruptcies have kept falling even after the expiry in 2013 of a
moratorium on loan repayments for some smaller firms, Bloomberg
notes.  The government has called on banks to keep accepting loan
rescheduling requests, according to Bloomberg.

Bloomberg relates that Mr. Matsunaga said about 10 percent of
small and medium-sized companies have rescheduled loans. "Despite
falling corporate bankruptcies, conditions for small to medium-
sized companies probably remain severe," Mr. Matsunaga, as cited
by Bloomberg, said.



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


RIZAL COMMERCIAL: Fitch Rates Proposed USD Senior Notes 'BB(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Philippines-based Rizal Commercial
Banking Corp's (RCBC; BB/Stable) proposed USD-denominated senior
notes an expected 'BB(EXP)' rating. The notes will be issued under
the bank's USD1bn medium-term note programme.

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

KEY RATING DRIVERS

The senior notes are rated at the same level as RCBC's 'BB' Long-
Term Issuer Default Rating (IDR). This is because the notes
constitute direct, unsubordinated and senior unsecured obligations
of the bank, and rank equally with all its other unsecured and
unsubordinated obligations.

RATING SENSITIVITIES

The rating on the notes is sensitive to changes in RCBC's IDR,
which is driven by its Viability Rating of 'bb'.

For more details on RCBC's ratings and credit profile, see "Fitch
Affirms Four Philippine Banks; Withdraws UnionBank Ratings" dated
25 July 2014 and its full rating report dated 9 December 2014,
which are available at www.fitchratings.com.

RCBC's ratings are as follows:

Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
Long-Term Local-Currency IDR 'BB'; Outlook Stable
Viability Rating 'bb'
Support Rating '3'
Support Rating Floor 'BB-'


RIZAL COMMERCIAL: Moody's Rates USD-Denom. Sr. Unsec. Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed USD-denominated senior unsecured notes to be issued by
Rizal Commercial Banking Corporation (RCBC).

The proposed notes, to be issued through the bank's USD1.0 billion
Medium Term Note (MTN) program, will have a 5-year maturity and
will list on the Singapore Exchange.

The rating is under review for upgrade.

The senior debt rating is subject to the receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed by
Moody's.

Ratings Rationale

The USD bond will represent a direct, unsecured and unsubordinated
obligation of the bank and, as such, is rated at Ba2, which is
equal to RCBC's long-term rating.

The Ba2 rating reflects: (1) RCBC's ba3 baseline credit assessment
(BCA), and (2) one notch of systemic support from the Philippine
government (Baa2 stable), given its modest market share of system
deposits (4% as at end-June 2014).

The rating for the proposed notes is also under review for
upgrade, in line with the other ratings of RCBC, following the
announcement by RCBC and Cathay Life Insurance Co., Ltd (Baa2
positive) on 17 December of the signing of a definitive agreement
whereby Cathay Life will acquire approximately 20% of RCBC.

The transaction is subject to regulatory approvals, but is
expected to close by end-March 2015. We expect to conclude the
review at that time.

The bank's ba3 BCA is driven by its intrinsic strengths, which
stem from its well-established niche in the corporate middle
market and special economic zones, and potential synergies from
its affiliation with the Yuchengco Group of companies.

The rating also takes into account RCBC's relatively small market
presence, steady earnings, and the improving levels for its asset
quality and loss-absorbing buffers.

What Could Change the Rating Up

Given the review for upgrade on the outlook of RCBC's long-term
ratings, an upward revision of its BCA would likely lead to an
upgrade of its ratings, assuming that its credit metrics remain
robust.

The following factors could result in an upward revision of RCBC's
BCA: (1) an increased and high level of loss-absorption capacity;
(2) a proven ability to maintain non-performing assets (non-
performing loans and foreclosed assets) at below 20% of equity and
loan-loss reserves; and/or (3) evidence that it can continue to
rein in credit costs and improve its risk-adjusted profitability.

What Could Change the Rating Down

Given the review for upgrade, downward rating pressure is unlikely
over the near term.

Nevertheless, the bank's BCA could be lowered if: (1) aggressive
organic expansion or acquisitions result in a significant increase
in its risk profile; and/or (2) its operating environment weakens
significantly or underwriting practices become lax, resulting in a
significant increase in non-performing assets (non-performing
loans and foreclosed assets), in turn undermining its loss-
absorption capacity; and/or (3) there is a material decline in its
capital buffers.

Moody's ratings -- which are all on review for upgrade -- on Rizal
Commercial Banking Corporation are:

BFSR: D-, which is equivalent to a ba3 BCA.

Foreign currency deposits: Ba2/NP

Foreign currency MTN program: (P)Ba2/(P)NP

Foreign currency senior unsecured debt: Ba2

Foreign currency preferred stock: B3 (hyb)

The principal methodology used in this rating was Global Banks
published in July 2014.

Headquartered in Manila, RCBC reported total assets of PHP433
billion (USD9.6 billion) as of Sept. 30, 2014.



================
S R I  L A N K A
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SRI LANKA: Election Positive Sign for Stability, Fitch Says
-----------------------------------------------------------
The orderly conduct during Sri Lanka's presidential election, and
the peaceful handover of power to newly elected opposition
candidate Maithripala Sirisena on 9 January, is a positive signal
for political stability, says Fitch Ratings. Low governance
standards are a key weakness for Sri Lanka, as reflected in its
'BB-' rating; a smooth presidential transition may boost foreign
investor confidence and mark the start of reforms needed to
improve fiscal credibility.
Other key credit weaknesses for Sri Lanka are low foreign direct
investment, a high level of net debt and weak public finances.

The country ranks far below its 'BB'-range peers on political
stability in the World Bank's Worldwide Governance Indicators,
placing it in the 26th percentile versus a 'BB' median of 41st; on
accountability, Sri Lanka is in the 29th percentile versus the
peer median of 45th.

The quick and smooth transition of power indicates a basic level
of political stability, which could bolster foreign investor
confidence. That would in turn provide more stable funding for the
persistent current account deficit. Notably, with FDI only
covering a small portion of the current account, Sri Lanka's net
external debt is more than double that of the 'BB' peer group
median at about 43% of GDP as of end 2014.

The public finances are also a key credit weakness as evidenced by
relatively low level of government revenues as a percent of GDP
and high government debt ratios. As such, the formulation of a
credible budget consolidation path by the new government would be
a credit positive.

New President Sirisena has provided limited clarity on the
specifics of his economic agenda so far, and it remains to be seen
what impact the new government's policies would have on the
economy and the sovereign's creditworthiness.

Sirisena promised to make constitutional changes to abolish the
executive presidency and foster other political and governance
reforms during his campaign, and these are likely to be a key
priority in the early months of his administration. However,
uncertainty remains as to his ability and willingness to push
through with such measures, and the long-term effect these would
have on governance standards.



                             *********

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

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

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


                            *********


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

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

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

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

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



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