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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, May 20, 2015, Vol. 18, No. 098


                            Headlines


A U S T R A L I A

BBY LTD: Placed in Administration as Rescue Talks Fail
BLU CENTRAL: First Creditors' Meeting Set For May 26
BURWOOD COLLIERY: Bowling Club Closes Doors
CLAYTON LANDSCAPES: First Creditors' Meeting Set For May 27
HERITAGE HOTEL: In Receivership; Up for Sale


C H I N A

CHINA AOYUAN: S&P Rates Proposed US$ Sr. Unsecured Notes 'B-'
CHINA GINSENG: Posts $569,000 Net Loss in Third Quarter


I N D I A

A M BREWERIES: ICRA Assigns B Rating to INR105cr Term Loan
ANMOL RICE: ICRA Assigns B+/A4 Rating to INR10cr Loan
BINDU TRENDZ: ICRA Suspends 'B' Rating on INR8.5cr Cash Credit
CELEBRITY FASHIONS: ICRA Reaffirms 'D' Rating on INR59.62cr Loan
DHARTI COTTON: CRISIL Assigns B+ Rating to INR55MM Cash Credit

DN WIND: ICRA Withdraws C Rating on INR16.03cr Term Loan
FLORENS FOOTWEAR: ICRA Suspends B+/A4 Rating on INR6.5cr Loan
FRENDI FASHIONS: CRISIL Reaffirms B+ Rating on INR40MM Loan
GURU NANAK: CRISIL Reaffirms B Rating on INR60MM Cash Loan
GWALIOR REGENCY: ICRA Assigns B Rating to INR15cr Term Loan

IMPERIAL TILES: CRISIL Suspends D Rating on INR70MM Packing Loan
INDUSTRIAL MANUFACTURERS: ICRA Rates INR5.0cr Cash Credit at B+
INTERCONTINENTAL POLYMERS: ICRA Cuts INR3.72cr Loan Rating to B+
JATINDER FINANCE: CRISIL Reaffirms B+ Rating on INR150MM LT Loan
JAYALAKSHMI SPINTEX: ICRA Assigns B Rating to INR5.0cr LT Loan

K.J.L. POULTRIES: CRISIL Lowers Rating on INR330MM Loan to B-
KUNDLAS LOH: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
MAGNUM INTERGRAFIKS: CRISIL Cuts Rating on INR180MM Loan to D
MAHAJAN RICE: CRISIL Assigns B+ Rating to INR90MM Cash Loan
MAHAVIR ROADS: CRISIL Suspends B+ Rating on INR450MM Cash Loan

MALLIKARJUN DISTILLERIES: ICRA Withdraws D INR19.65cr Loan Rating
PANACHE ALUMINIUM: ICRA Assigns D Rating to INR6.75cr Term Loan
PINK STAR: CRISIL Cuts Rating on INR160MM Shipment Loan to D
POOJA SOLVEX: CRISIL Assigns B+ Rating to INR39MM Cash Credit
PRANAV OMPRAKASH: ICRA Suspends 'D' Rating on INR20.5cr Term Loan

PRL PROJECTS: ICRA Suspends C+ Rating on INR8cr Fund Based Loan
RAYAN PLAST: ICRA Suspends 'B+' Rating on INR6.5cr Loan
ROYAL KNITTING: CRISIL Suspends B+ Rating on INR60MM Cash Loan
SAIKRUPA COTGIN: CRISIL Suspends B Rating on INR125MM Cash Loan
SHASHADHAR COLD: CRISIL Ups Rating on INR51MM Cash Loan to B-

SHIRDI COUNTRY: ICRA Withdraws D Rating on INR60cr Bank Loan
SHRI SAI: ICRA Suspends D Rating on INR48.8Cr Fund Based Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR77.5MM Cash Loan
SRIRAMAGIRI SPINNING: CRISIL Reaffirms D Rating on INR250MM Loan
STEEL EXCHANGE: ICRA Suspends B Rating on INR215cr FB Loan

SURYA CONSTRUCTION: ICRA Withdraws B+ Rating on INR6.8cr Loan
THIRUMALA GINNING: CRISIL Suspends D Rating on INR83.7MM Loan
U.H. AGROTECH: CRISIL Reaffirms D Rating on INR126MM Bank Loan
UPAL DEVELOPERS: CRISIL Reaffirms B- Rating on INR1.08BB Loan
URBANEDGE HOTELS: CRISIL Assigns 'D' Rating to INR500MM LT Loan

V.S. ECOBLOCKS: ICRA Assigns B+ Rating to INR30cr LT Loan
VARUN JEWELS: ICRA Suspends D Rating on INR145.8cr Loan
VENTURE STEELS: CRISIL Suspends 'D' Rating on INR26.6MM Loan


I N D O N E S I A

GAJAH TUNGGAL: S&P Puts 'B+' CCR on CreditWatch Negative


N E W  Z E A L A N D

CAPITAL + MERCHANT: Two Former Directors Get Parole


P H I L I P P I N E S

MANILA ELECTRIC: S&P Raises CCR to 'BB+'; Outlook Stable


                            - - - - -


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


BBY LTD: Placed in Administration as Rescue Talks Fail
------------------------------------------------------
Adam Haigh at Bloomberg News reports that BBY Ltd. entered
administration after negotiations to raise capital fell through.

Accounting firm KPMG was appointed May 18 as voluntary
administrator, according to an e-mailed statement from receiver
PPB Advisory, which is working for BBY's bankers. Stock-exchange
operators ASX Ltd. and Chi-X Australia Pty Ltd. suspended BBY's
access to trading infrastructure, according to Bloomberg.

Bloomberg relates that BBY clients were said to be warned by ASX
to move options positions or risk seeing them closed for the
brokerage's failure to meet capital requirements, the Australian
Financial Review reported. BBY couldn't secure a AUD2.5 million
($2 million) to AUD3 million rescue package with George Wang's
AIMS Financial Group, Bloomberg relays citing AFR.

"It is understood that the directors of BBY Limited have been
negotiating with a number of different parties to raise additional
capital but the firm has not been successful in this regard as
yet," according to the statement from PPB Advisory cited by
Bloomberg.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.


BLU CENTRAL: First Creditors' Meeting Set For May 26
----------------------------------------------------
Glen Oldham of Oldhams Advisory was appointed as administrator of
Blu Central Square Pty Ltd on May 19, 2015.

A first meeting of the creditors of the Company will be held at
Oldhams Advisory, Level 20, 300 Queen Street, in Brisbane, on
May 26, 2015, at 10:00 a.m.


BURWOOD COLLIERY: Bowling Club Closes Doors
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Burwood Colliery
Bowling Club has closed its doors. Worrells Solvency and
Accountants have been acting as administrators of the club, the
report says.

According to the report, administrator Graeme Beattie said a
report on the situation for the company will be provided to the
company's creditors in June.

Burwood Colliery Bowling Club had traded at a loss for the last 3-
4 years, Dissolve.com.au relates.


CLAYTON LANDSCAPES: First Creditors' Meeting Set For May 27
-----------------------------------------------------------
Timothy Paul Heesh -- tim.heesh@tphinsolvency.com.au -- and Amanda
Caroline Lott -- amanda.lott@tphinsolvency.com.au -- of TPH
Insolvency were appointed as administrators of Clayton Landscapes
Pty Ltd on May 15, 2015.

A first meeting of the creditors of the Company will be held at
TPH Insolvency, 133 Macquarie Street, in Sydney, on May 27, 2015,
at 10:00 a.m.


HERITAGE HOTEL: In Receivership; Up for Sale
--------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Heritage Hotel
is set to be placed on the market at a public auction. This
development comes after the hotel entered receivership, the report
says.

Dissolve.com.au says the hotel served its last drinks around two
months ago.  The hotel's owners blamed poor economic conditions
and mounting debts.

According to the report, FTI Consulting was appointed receiver of
the hotel. The receivers cited that employees were paid
outstanding wages but they may miss out on other staff
entitlements, the report states.



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


CHINA AOYUAN: S&P Rates Proposed US$ Sr. Unsecured Notes 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by China Aoyuan Property Group Ltd. (B/Stable/--;
cnBB-/--).  The ratings are subject to S&P's review of the final
issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Aoyuan to reflect the structural subordination
risk.  The company intends to use the proceeds from the proposed
notes to refinance its existing debt.

S&P expects Aoyuan to use the proceeds to repay its existing
higher-cost borrowings.  The replacement of short-term borrowings
with longer-term senior notes could also extend Aoyuan's debt
maturity.

Aoyuan's improved sales execution is tracking S&P's base-case
expectation of about Chinese renminbi (RMB) 13 billion in 2015.
The company's contracted sales in the first four months reached
RMB3.31 billion, up 28% year over year.  In S&P's view, the recent
relaxation of the Chinese government's measures toward the
property sector and credit loosening could underpin Aoyuan's sales
performance in 2015.  The company targets total contracted sales
growth of 10%-15%, from RMB12.2 billion in 2014.

The ratings on Aoyuan reflect S&P's view of the company's limited
geographic diversification and the likely remaining high leverage.
The company's strengthening market position in Guangdong province
and adequate liquidity management temper the above weaknesses.


CHINA GINSENG: Posts $569,000 Net Loss in Third Quarter
-------------------------------------------------------
China Ginseng Holdings, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $569,000 on $15,100 of revenues for the three months
ended March 31, 2015, compared with a net loss of $675,000 on $0
of revenues for the same period in 2014.

For the nine months ended March 31, 2015, the Company reported a
net loss of $1.88 million on $167,000 of revenue compared with a
net loss of $1.45 million on $2.55 million of revenues for the
same period last year.

As of March 31, 2015, the Company had $8.92 million in total
assets, $16.2 million in total liabilities, and a $7.24 million
total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/GxjrmM

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company has incurred an accumulated deficit of
$14.2 million since inception, has a working capital deficit of
$11.6 million, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully.  These conditions raise substantial
doubt about its ability to continue as a going concern.


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


A M BREWERIES: ICRA Assigns B Rating to INR105cr Term Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR95.00
crore term loan facilities and INR20.00 crore fund based
facilities of A M Breweries Private Limited.  ICRA also has a
long-term rating of [ICRA]B outstanding on the INR10.00 crore term
loan facilities and INR10.00 crore fund based facilities and a
short-term rating of [ICRA]A4 outstanding on the INR5.00 crore non
fund based facilities of AMB.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term loan facilities   105.0      [ICRA]B assigned/outstanding

   Long-term fund based
   facilities              30.0      [ICRA]B assigned/outstanding

   Short-term non fund
   based facilities         5.0      [ICRA]A4 outstanding

The assigned ratings consider the strong patronage of the Accord
Group which has established presence in diversified business
segments like educational institutions, hospitality, distillery,
brewery etc and the demonstrated funding support from the
promoters and other Group entities in the past. The ratings also
draw comfort from the robust growth rate of the Tamil Nadu (TN)
liquor industry in the past decade and the limited competition
with only six other licensed beer manufacturers in the state. The
agreements with Carlsberg group for both contract manufacturing
(for sales to TASMAC) and licensed manufacturing (for export to
other nearby states) of its premium brands are expected to drive
company's revenue growth and margin expansion in the coming years.

The ratings are however constrained by the weak financial profile
characterized by net losses, high gearing and stretched coverage
indicators on account of nascent stage of operations and low
capacity utilization. The company is also prone to the inherent
regulatory risk in the TN liquor industry with TASMAC controlling
the entire supply chain from indent placement, production,
marketing, pricing and distribution, thus exposing the company's
profits to volatile price movements of the raw material inputs.
The Accord Group is currently taking efforts to amalgamate Elite
Distilleries Private Limited [rated at [ICRA]BB- (stable) /
[ICRA]A4] into AMB.

A M Breweries Private Limited was incorporated in 2010 and
commenced commercial operations at Kanchipuram (Tamil Nadu) in
December 2013. The Company has 300 hectolitres (HL) brewery and
currently has capacity to produce 10 lakh cases per month. The
Company is part of Accord Group, which is promoted by Mr.
Jagathratchagan and his family members. The Accord Group is
currently taking efforts to amalgamate Elite Distilleries Private
Limited [rated at [ICRA]BB- (stable)/[ICRA]A4] into AMB.

Recent Results
For 2014-15 (un-audited and provisional), the Company has incurred
net loss of INR12.2 crore on an operating income of INR129.4 crore
as against net loss of INR9.4 crore on an operating income of
INR12.2 crore for the four months of operations in 2013-14.


ANMOL RICE: ICRA Assigns B+/A4 Rating to INR10cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the fund based and untied limits aggregating to the INR10.00 crore
of Anmol Rice Mill Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Promoted by Mr.Satyendra Thakur, Anmol Rice Mill Private Limited
commenced business in 1995 as a proprietorship concern. On 24th
May 2004 it was incorporated as a private limited company. The
company is the engaged in milling of non basmati rice. The company
has its registered office in Bandra, Mumbai and manufacturing unit
is at Dahanu in Maharashtra.


BINDU TRENDZ: ICRA Suspends 'B' Rating on INR8.5cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating to the INR8.50 crore bank
facilities of Bindu Trendz Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund-Based     8.50       [ICRA]B Suspended
   Limit - Cash Credit

Incorporated in July 2011, Bindu Trendz Private Limited started
its operations in April 2013 and is engaged in the trading of
ladies' dress materials and dupattas with the dyeing and printing
works outsourced to job-workers in Surat. The company has its
registered office and warehouse in Surat.


CELEBRITY FASHIONS: ICRA Reaffirms 'D' Rating on INR59.62cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the rating outstanding on the INR59.62 crore
term loan facilities (revised from INR64.61 crore), the INR3.00
crore long term fund based facilities (sub limit) and the INR4.99
crore proposed long term facilities (revised from Nil) of
Celebrity Fashions Limited at [ICRA]D. ICRA has also reaffirmed
the rating outstanding on the INR48.00 crore short term fund based
facilities and the INR11.50 crore short term non fund based
facilities of the Company at [ICRA]D.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    59.62      Reaffirmed at [ICRA]D

   Long term fund based
   Facilities-sub limit    (3.00)     Reaffirmed at [ICRA]D

   Long term proposed
   facilities               4.99      Reaffirmed at [ICRA]D

   Short term fund based
   facilities              48.00      Reaffirmed at [ICRA]D

   Short term non-fund
   based facilities        11.50      Reaffirmed at [ICRA]D

The reaffirmation of ratings reflects the continued delays in
servicing of interest obligations by CFL. The financial profile of
the company is characterized by negative net worth (excluding
preference capital), stretched capitalization/coverage indicators
and strained liquidity position following continued losses over
the last few years (except in 12m FY14, when the company reported
an extraordinary gain). While CFL was categorized as a sick
company earlier as per the Sick Industrial Companies Act (SICA),
the company has currently been discharged of the sick status
following implementation of restructuring package and consequent
infusion of preference and equity capital; nevertheless, the
company's financial metrics continue to remain weak.

CFL has customer relationships with leading international brands.
However, the company has high customer and geographic
concentration; the latter is mainly with USA and Europe. Further,
owing to CFL being an export oriented unit, the company is
vulnerable to foreign exchange fluctuations, although the
company's partial hedging mechanism mitigates the risk to an
extent. Akin to all other apparel exporters, CFL also witnesses
competition from low cost countries, thus limiting its pricing
flexibility.

Incorporated on April 28, 1988, Celebrity Fashions Limited is
primarily engaged in export of fully woven cotton garments for men
and women, catering to premium international brands; a small
portion of the company's revenue is derived from job work to a
group company, Indian Terrain Fashions Limited (ITFL) and sale to
domestic markets.

The company, which currently has three manufacturing facilities
located in and around Chennai (one currently non-operational), was
also catering to the domestic market through the Indian Terrain
brand, in addition to the export segment. However, upon demerger
of the domestic division to ITFL with effect from
April 1, 2010, the company currently caters mainly to overseas
markets.

Recent results
According to unaudited results, CFL also recorded net loss of
INR6.6 crore on operating income of INR161.3 crore for the nine
months ended December 31, 2014 against net loss of INR9.1 crore on
operating income of INR163.0 crore for the nine months ended
December 31, 2013.


DHARTI COTTON: CRISIL Assigns B+ Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Dharti Cotton Industries (DCI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           55         CRISIL B+/Stable

The rating reflects DCI's modest scale of operations in the highly
competitive cotton industry and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of DCI's promoters in the cotton industry and
proximity of its manufacturing facilities to raw material and
labour sources.

Outlook: Stable

CRISIL believes that DCI will maintain its business risk profile
backed by its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations and improves its
working capital cycle. Conversely, the outlook may be revised to
'Negative', if DCI reports low operating margin or undertakes
large debt-funded expansions or its working capital management
deteriorates, constraining its financial profile.

DCI is an Amreli(Gujarat)-based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, DCI reported a profit after tax (PAT) of INR3.4
million on net sales of INR300 million, against a PAT of INR0.5
million on net sales of INR188.9 million for 2013-14.


DN WIND: ICRA Withdraws C Rating on INR16.03cr Term Loan
--------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]C assigned to the
INR16.03 crore Term Loan facility and INR3.00 crore Cash Credit
facility and [ICRA]A4 assigned to the INR4.00 crore non fund based
facilities of DN Wind Systems India Private Limited. As per ICRA's
policy on withdrawals, ICRA can withdraw the rating in case the
rating remains suspended for more than three years.


FLORENS FOOTWEAR: ICRA Suspends B+/A4 Rating on INR6.5cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to the INR6.5
crore bank facilities of Florens Footwear Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Florens Footwear Industries was established in the year 1988 as a
proprietorship entity and is engaged in manufacturing of
Polyurethene (PU) and Poly Vinyl Chloride (PVC) based footwear
products. Headed by proprietor Mr. Raj Kumar Mangal, the firm had
been manufacturing its products in Hansi region in Haryana however
it shifted its operations to Bahadurgarh in Haryana in Aug 2012.
The plant has an installed capacity of 15,000 pairs per day. The
firm also has a small manufacturing facility in Udyog Vihar,
Peeragarhi, New Delhi. The firm's sells its footwear under the
brand name 'Nice' through distributors across largely in North and
West region of the country.


FRENDI FASHIONS: CRISIL Reaffirms B+ Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Frendi Fashions Pvt Ltd
(Frendi) continue to reflect Frendi's below-average financial risk
profile, marked by high gearing and weak debt protection metrics.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting        97       CRISIL A4 (Reaffirmed)
   Foreign Letter of       15       CRISIL A4 (Reaffirmed)
   Credit
   Overdraft Facility      40       CRISIL B+/Stable (Reaffirmed)
   Packing Credit          48       CRISIL A4 (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in the highly fragmented textile industry, geographical
concentration in its revenue profile, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of Frendi's promoters.

Outlook: Stable

CRISIL believes that Frendi will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves a
sustained increase in its revenue and improvement in its
profitability, leading to a substantial increase in its cash
accruals. Conversely, the outlook may be revised to 'Negative' if
Frendi undertakes a large debt-funded capital expenditure
programme or its working capital requirements increase, resulting
in weakening of its financial risk profile.

Frendi was originally set up in 1992 as a proprietorship firm,
which was reconstituted as a private limited company in 1995. The
company, based in Chennai, manufactures ready-made garments
(casual wear), which it exports to the western market.


GURU NANAK: CRISIL Reaffirms B Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Guru Nanak Cotton and
Gen. Mills (GNC) continues to reflect the firm's weak financial
risk profile, small scale of operations in the highly fragmented
cotton industry, and susceptibility to regulatory changes. These
rating weaknesses are partially offset by the extensive experience
of GNC's promoters in the cotton industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       1.4     CRISIL B/Stable (Reaffirmed)
   Term Loan                1.1     CRISIL B/Stable (Reaffirmed)
   Working Capital
   Demand Loan             35       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GNC will continue to benefit over the medium
term from its promoters' experience in the cotton industry. The
outlook may be revised to 'Positive' if the firm ramps up its
scale of operations and improves its operating margin. Conversely,
the outlook may be revised to 'Negative' if GNC's financial risk
profile deteriorates, most likely because of large working capital
requirements or debt-funded capital expenditure.

Set up in 2005 as a partnership firm, GNC undertakes ginning and
pressing of raw cotton into cotton bales. The firm's manufacturing
facility is in Mukatsar (Punjab). GNC also has an oil expelling
unit. The firm's day-to-day operations are managed by Mr. Sanjeev
Kumar and his brother Mr. Balraj Kumar.


GWALIOR REGENCY: ICRA Assigns B Rating to INR15cr Term Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR15.0
Crore bank facility of Gwalior Regency Resorts India Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             15.0         [ICRA]B; assigned

ICRA's rating factors in the execution risks to which GRR's hotel
project is exposed, given the initial stage of construction (22%
of the total project cost has been incurred at present). Apart
from project completion within the budgeted timeline and costs,
the company's ability to achieve the targeted room revenues and
occupancies will be critical, as the company's debt repayment
commences from December 2016, providing limited time cushion from
the planned commercial operation date. The rating also factors in
the cyclicality which is inherent in the hotel industry. However,
the rating derives comfort from the experience of the promoters in
the business; the promoters have been successfully running a
hospitality business in the region for a long period of time. ICRA
also takes note of the favorable location of GRR's project with
proximity to key areas of the city. Further, with debt sanction
being in place and 50% of the envisaged promoter contribution also
infused, funding risks are mitigated to an extent.

Going forward, the company's ability to complete the project
within the budgeted time and cost and achieve the projected
operating metrics will be the key rating sensitivities.

GRR is promoted by the Gwalior based Garg family and is setting up
a 3 star hotel, with 80 rooms in Gwalior, Madhya Pradesh. The Garg
family owns and operates another hotel, Gwalior Regency, which has
been in operation for the past many years. Apart from the
hospitality sector, the group also has interest in other fields
like real estate. The company's ongoing project has an estimated
cost of INR23 crore, proposed to be funded by term loan of INR15
crore and balance through promoter's contribution.


IMPERIAL TILES: CRISIL Suspends D Rating on INR70MM Packing Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Imperial Tiles Pvt Ltd (ITPL; part of the Gem group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            5         CRISIL D
   Cash Credit              15         CRISIL D
   Export Packing Credit    70         CRISIL D
   Foreign Bill
   Discounting              50         CRISIL D
   Letter of Credit          5         CRISIL D
   Long Term Loan           52.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility       15         CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of IGPL, ITPL, and Stone Wonders (India)
Ltd (SWIL). This is because all entities are engaged in a similar
line of business, are managed by the same promoters, and have
fungible cash flows. IGPL, ITPL, and SWIL are collectively
referred to as the Gem group.

The Gem group was founded in 1971 by Mr. R Veeramani with the
flagship entity of the group M/s Gem Granites, engaged in mining
and export of rough granite blocks, polished slabs and monuments.
The promoters subsequently set up a number of entities, including
IGPL, ITPL and SWIL, also engaged in quarrying and processing
granites and monuments. IGPL was incorporated in Chennai (Tamil
Nadu) in 1986. The promoters also have business interests in
sugar, textiles, and real estate.


INDUSTRIAL MANUFACTURERS: ICRA Rates INR5.0cr Cash Credit at B+
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and a short-term
rating of [ICRA]A4 to the fund-based and non-fund based bank
facilities of Industrial Manufacturers aggregating to INR25.00
crore.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term fund based:
   Cash Credit              5.00       [ICRA]B+ assigned

   Short-term non-fund
   based: Letter of
   Credit                   5.00       [ICRA]A4 assigned

   Short-term non-fund
   based: Bank Guarantee   15.00       [ICRA]A4 assigned

The assigned ratings are constrained by the weak financial
position of the firm as reflected by its declining operating
income and the profitability margins over the past three years,
coupled with inadequate coverage indicators as well as its high
working capital intensity of operations. The firm's profitability
remains exposed to stiff competitive pressures from other
established domestic players, as well as to raw material price
risks due to its fixed-price based sales orders. Optimized
utilization of resources across orders, and timely execution
remain important for the firm to avoid liquidated damages, going
forward.

The ratings, however, favorably consider the long standing
experience and established track record of the firm's promoters
for over four decades in the process equipment business. IM's
reputed customer profile consisting of major refineries and EPC
companies with a history of repeat orders; and its comfortable
capital structure with low gearing and adequate liquidity position
are also favorable credit rating factors.

Incorporated in 1947, Industrial Manufacturers (IM) is a
partnership firm promoted by the Kapadia and Mody family. IM is
engaged in designing and manufacturing process equipment such as
pressure vessels, heat exchangers, columns, and reactors. The firm
is ISO 9001 and U stamp certified by The American Society of
Mechanical Engineers (ASME). IM's major clientele are reputed EPC
companies as well as PSUs in the oil and gas, petroleum, power and
sugar industries. The company's fabrication works are located at
MIDC - Rabale, Navi Mumbai (two units), and at MIDC -Ghansoli,
Navi Mumbai. The firm has four group companies engaged in the same
line of business, which primarily perform job-work for the firm.

For FY 2014, the firm reported a net loss of INR2.91 crore on an
operating income of INR17.55 crore, as compared to a Profit before
Tax (PBT) of INR0.53 crore on an operating income of INR22.40
crore in FY 2013. For FY 2015, the firm has reported a gross
operating income of INR22.81 crore (provisional).


INTERCONTINENTAL POLYMERS: ICRA Cuts INR3.72cr Loan Rating to B+
----------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB-
and re-affirmed the short-term rating at [ICRA]A4 for the fund
based and non-fund based bank facilities of Intercontinental
Polymers Pvt. Ltd. aggregating to INR9.00 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     0.78        [ICRA]B+ revised from
   Term Loan                         [ICRA]BB- (Stable)

   Fund based limit-     3.00        [ICRA]B+ revised from
   Cash credit                       [ICRA]BB- (Stable)

   Proposed Term Loan    3.72        [ICRA]B+ revised from
                                     [ICRA]BB- (Stable)

   Short-term non-fund   1.50        [ICRA]A4 re-affirmed
   based: Letter of
   Credit

The ratings revision takes into account the weakening of the
company's financial profile as reflected by its loss making
operations in FY 2014 and working capital intensive nature of
business operations which has further worsened during the past
fiscal. The ratings continue to remain constrained by IPPL's
modest scale of operations in the engineering thermoplastics
compounding business, and the exposure to intense competitive
pressures from other established players in the plastics industry.
Furthermore, the company also remains exposed to project
implementation risk given the large scale of debt-funded capacity
expansion.

The ratings, however, favourably factor in the long and
established track record of the company's promoters for over three
decades in the engineering thermoplastics compounding industry;
its diversified product profile; and established relationship with
suppliers and customers.

Incorporated in 1997, Intercontinental Polymer Private Limited
(IPPL) is a Mumbai-based company engaged in manufacturing
engineering thermoplastic compounds such as Polypropylene (PP)
compounds, Polyphenylene Oxide (PPO) compounds, Acrylonitrile
Butadiene Styrene (ABS) compounds, (High Impact Polystyrene (HIPS)
compounds and alloys. The company is promoted by Mr. Raju Desai,
based out of India, and Intercontinental Export Import Inc. (IEI),
part of SirNaik Group, USA, promoted by Mr. Saurabh Naik who is an
industrialist in the USA, engaged in similar business. The
products manufactured by IPPL form an input for injection moulders
and finds application in the automobile industry, the electrical
and electronics industry, industrial engineering components and
furniture industry, IT and telecommunications sectors, and the
white goods sector. IPPL has a manufacturing plant in Daman with a
production capacity of 4,000 MT per annum.

For FY 2014, the company reported a net loss of INR0.06 crore on
an operating income of INR13.7 crore, as compared to Profit after
Tax (PAT) of INR0.11 crore on an operating income of INR7.36 crore
in FY 2013. For 8M FY 2015, the company has reported profit before
tax of INR0.10 crore on an operating income of INR6.77 crore
(provisional).


JATINDER FINANCE: CRISIL Reaffirms B+ Rating on INR150MM LT Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jatinder Finance
Pvt Ltd (Jatinder Finance) continues to reflect the company's
small scale of operations with geographic concentration in its
revenue profile and its modest earnings profile. These rating
weaknesses are partially offset by Jatinder Finance's adequate
capitalisation.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long Term Bank       150       CRISIL B+/Stable (Reaffirmed)
   Facility

Outlook: Stable

CRISIL believes that Jatinder Finance will maintain its healthy
capitalisation over the medium term. The company will, however,
continue to remain a relatively small player in the asset-
financing segment over the medium term. The outlook may be revised
to 'Positive' if Jatinder Finance improves its scale of operations
substantially, while maintaining healthy capitalisation and sound
asset quality. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in its asset
quality or earnings profile, constraining its capitalisation.

Jatinder Finance, incorporated in Jalandhar (Punjab) in April
1986, is registered as a non-deposit-taking non-banking financial
company. The company has presence in Jharkhand and Bihar and
primarily operates in three product segments: two wheelers, small
and medium enterprise loans, and used cars. As on December 31,
2014, Jatinder Finance had an advance portfolio of INR212 million
and net worth of INR111 million.

Jatinder Finance reported profit after tax (PAT) of INR0.19
million on total income of INR16.5 million for 2013-14 (refers to
financial year, April 1 to March 31) as against PAT of INR0.16
million on total income of INR11.8 million for the previous year.
For the nine months ended December 31, 2014, the company reported
PAT of INR1.4 million on total income of INR22 million.


JAYALAKSHMI SPINTEX: ICRA Assigns B Rating to INR5.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR0.19
crore term loan facilities, INR5.00 crore fund based facilities
and INR0.81 crore long term unallocated facilities of M/s.
Jayalakshmi Spintex India Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities     0.19       [ICRA]B/assigned

   Long-term-Fund based
   facilities               5.00       [ICRA]B/assigned

   Long-term-Unallocated    0.81       [ICRA]B/assigned

The assigned rating considers significant experience of the
promoter in the spinning industry and healthy revenue growth
(albeit on a small base) during the period 2011-14 on the back of
significant capacity addition by the company. The ratings,
however, remain constrained by small scale of operations limiting
financial flexibility and economies of scale, presence on the
company in the coarser count range, and limited value addition by
the company restricting the company's pricing flexibility,
financial profile of the company characterised by thin margins,
highly geared capital structure, high working capital intensity
and constrained cash flow position. The earnings of the company
are exposed to fluctuations in the cotton and yarn prices. The
rating also takes into account intense competition prevalent in
the highly fragmented industry.

Jayalakshmi Spintex India Private Limited was incorporated in 2006
as a private limited company by Mr. N. Sivakumar, Mr. N.
Balakrishnan and Mr. V. Loganathan in Coimbatore. The company is
primarily engaged in 100% cotton yarn spinning of 40s and 60s
count with an installed capacity of 18,000 spindles. The company
procures raw material locally from Andhra Pradesh, Karnataka and
Maharashtra and the yarn is sold domestically in the markets of
Tamil Nadu and Gujarat.

Recent Results
According to audited results, the company has reported net profit
of INR0.11 crore on an operating income of INR16.7 crore during
the period 2013-14 as against net profit of INR0.01 crore on an
operating income of INR11.2 crore for the year 2012-13. According
to unaudited results, the company reported operating income of
INR18.7 crore for the 11 month period April - February 2015.


K.J.L. POULTRIES: CRISIL Lowers Rating on INR330MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of K.J.L. Poultries Private Limited (KJL; part of the Sri Lakshmi
Narasimha group) to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           330       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan        295.8     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     48.2     CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that Sri Lakshmi
Narasimha group's liquidity will be constrained by inadequate cash
accruals vis-a-vis its maturing term debt obligations over the
medium term. However, the promoters are likely to extend need-
based fund support to service group's maturing debt obligations.

The rating continues to reflect the Sri Lakshminarasimha group's
weak financial risk profile marked by high gearing and weak debt
protection metrics, its large working capital requirements and its
vulnerability to intense competition and to risks inherent in the
poultry industry. These rating weaknesses are partially offset by
the extensive experience of the Sri Lakshmi Narasimha group's
promoters in the poultry industry and its established
relationships with major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Sri Lakshminarasimha Poultry Farms
Private Limited (SLNP) and K.J.L. Poultries Pvt Ltd (KJL),
together referred to as the Sri Lakshmi Narasimha group. This is
because both the companies are under a common management and have
considerable operational and business synergies with each other.
Outlook: Stable

CRISIL believes that the Sri Lakshmi Narasimha group will benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
group's financial risk profile improves, driven most likely by
significant improvement in revenues and profitability. Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile weakens due to larger-than-expected, debt-funded
capital expenditure (capex), or a substantial decline in revenues
and profitability.

Set up in 2004, SLNP is engaged in the poultry business.  SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business. KJL is also
promoted by Mr. Satyanarayana Raju and his family members.


KUNDLAS LOH: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kundlas Loh
Udyog (KLU) continues to reflect KLU's below average debt
protection metrics, small scale of operations in the fragmented
steel industry, and the vulnerability of its operating margin to
fluctuations in input prices. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoter.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KLU will continue to maintain its business
profile supported by extensive industry experience of the
promoters.The outlook may be revised to 'Positive' if the firm's
financial risk profile improves significantly, most likely driven
by a considerable increase in its cash accruals due to an
improvement in its profitability and/or scale of operations.
Conversely, the outlook may be revised to 'Negative' in case of
any large debt-funded capital expenditure (capex) or a substantial
increase in the firm's working capital requirements.

Update
For 2014-15 (refers to financial year, April 1 to March 31), KLU's
operating revenue is estimated to have remained flat at around
INR758 million because of the slowdown in the end-user segment.
CRISIL believes that KLU's operating revenue will grow at a
moderate rate of 5 per cent per annum over the medium term because
of the continued slowdown in end-user demand. The firm's operating
profitability for 2014-15 is estimated to have been low at around
5 per cent, in line with the previous year, because of intense
competition. CRISIL believes that the margin will remain at a
similar level over the medium term.

KLU's financial risk profile remains weak, marked by weak debt
protection metrics. Its net worth and gearing are estimated at
around INR140 million and 1.4 times, respectively, as on March 31,
2015, and are likely to remain at similar levels over the medium
term because of low accruals and high dependence on bank debt to
fund working capital requirements. The firm's debt protection
metrics are estimated to be below average, with interest coverage
and net cash accruals total debt ratios of around 2 times and 0.06
times, respectively for 2014-15, because of low profitability. The
metrics are expected to remain at similar levels over the medium
term because of low profitability levels.

KLU's liquidity is weak, marked by fully utilised bank lines,
though supported by the absence of any fixed repayment
obligations, and by an interest-bearing unsecured loan from
promoters of around INR40 million as on March 31, 2015.
Furthermore, it does not have any significant capex plan over the
medium term.

KLU was set up in 2006 by the Dhillon family. The firm
manufactures steel structurals such as angles and channels, which
it sells under the brand name Kaptan. It has a semi-integrated
plant for manufacturing angles (which contribute around 80 per
cent of its revenue), channels (around 20 per cent), and ingots,
which are used for captive consumption; it has an installed annual
capacity of 33,000 tonnes in Nalagarh district (Himachal Pradesh).


MAGNUM INTERGRAFIKS: CRISIL Cuts Rating on INR180MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Magnum Intergrafiks Pvt Ltd (MIPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL D (Downgraded from
                                     'CRISIL A4')
   Cash Credit           180         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')
   Proposed Long Term
   Bank Loan Facility     15         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')
   Term Loan              12.5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects MIPL's continuously overdrawn bank
limits for over 30 days, following significant deterioration in
its liquidity.

MIPL has a below-average financial risk profile, marked by weak
debt protection metrics; it also has low operating profitability
owing to the intense competition in the advertising industry.
However, the company benefits from its promoters' extensive
industry experience, its established position in the advertising
industry, and its geographically diversified revenue profile.

MIPL, promoted by Mr. Sudhir Ghate, was established as a
partnership firm in the early 1990s; the firm was reconstituted as
a company in 1994. It is in the advertising and communications
business, offering services across media categories such as print,
radio, television broadcasting, outdoor publicity, and event
management.


MAHAJAN RICE: CRISIL Assigns B+ Rating to INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mahajan Rice Mill Pvt Ltd (MRMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable
   Term Loan             30        CRISIL B+/Stable

The rating reflects the company's large working capital
requirement leading to stretched liquidity and below-average
financial risk profile. These rating weaknesses are partially
offset by the promoter's considerable experience in the rice-
milling business and MRMPL's diversified business risk profile.
Outlook: Stable

CRISIL believes that MRMPL will benefit from its diversified
business risk profile and the promoter's extensive experience in
the rice-milling business. The outlook may be revised to
'Positive' if the company substantially scales up its operations
while maintaining its moderate profitability, or improves its
working capital management, thereby leading to improvement in its
overall financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accruals, stretch in the working capital
management, or if MRMPL undertakes any large debt-funded capital
expenditure, leading to deterioration in its overall financial
risk profile, particularly liquidity.

MRMPL, incorporated on March 31, 2011, is engaged in milling of
non-basmati parboiled rice and also operates a whole wheat flour
mill. Its manufacturing facility is located at Nokha, Rohtas
(Bihar). The day-to-day operations of the company are looked after
by its promoter director Mr. Mayank Mahajan. The company markets
its products under the Suprio brand. Its rice mill has been in
operations since December 2012, while the flour mill commenced
operations in January 2015.


MAHAVIR ROADS: CRISIL Suspends B+ Rating on INR450MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mahavir
Roads and Infrastructure Pvt Ltd (MRIPL).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee          500         CRISIL A4
   Bill Purchase-
   Discounting Facility    375         CRISIL A4
   Cash Credit             450         CRISIL B+/Stable
   Long Term Loan          110         CRISIL B+/Stable

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

MRIPL was set up as a partnership firm in Mumbai (Maharashtra) in
1994. The firm was reconstituted as a private limited company in
October 2006. The company primarily undertakes civil construction
works, such as asphalting and resurfacing of roads. MRIPL started
operations in the quarrying segment. In 2003, the company entered
into the road construction segment, with its first project for the
National Highways Authority of India near Gwalior (Madhya
Pradesh). MRIPL has executed various road projects for the
municipal corporations of Mumbai, Thane, and Nashik (all in
Maharashtra). Mr. Jitendra Kikavat, MRIPL's managing director,
along with his three brothers, Mr. Nilesh Kikavat, Mr. Pavan
Kikavat and Mr. Pankaj Kikavat, oversee the company's operations.


MALLIKARJUN DISTILLERIES: ICRA Withdraws D INR19.65cr Loan Rating
-----------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to the
INR19.65 crore Term Loan facility, the INR2.95 crore long term
fund based facility and the INR3.45 crore funded interest term
loan facility of Mallikarjun Distilleries Private Limited. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


PANACHE ALUMINIUM: ICRA Assigns D Rating to INR6.75cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the INR10.00
crore fund based limits of Panache Aluminium Extrusions Pvt. Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              6.75      [ICRA]D; Assigned
   Fund Based Limits      3.25      [ICRA]D; Assigned

The ratings take into account the delays in the servicing of debt
obligations by the company due to low capacity utilization
resulting in loss making operations.

Established in 2009, PAEPL is engaged in the manufacturing of
aluminium extrusion profiles. The manufacturing facility of the
company having an installed capacity of 10200 metric tonnes per
annum (MTPA), is located at Ahir in the Satara district of
Maharashtra. The plant falls under the 'D' zone of industrial area
in Maharashtra, which has many benefits such as stamp duty
exemption, electricity duty exemption, refund of sales tax to the
extent of 25% of VAT payable etc. The products manufactured by
PAEPL find application mainly in fabrication, transport and
electrical industries.

Recent Results
PAEPL reported loss of INR0.46 crores on Operating Income (OI) of
INR59.31 crores in FY 2014 as against loss of INR3.98 crores on OI
of INR45.91 crores in FY 2013.


PINK STAR: CRISIL Cuts Rating on INR160MM Shipment Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Pink
Star to 'CRISIL D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit     40       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Post Shipment Credit     160       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term        43.8     CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

The rating downgrade reflects overdues in the firm's post shipment
limit beyond 30 days. The overdues have been caused by the
weakening in the firm's weak liquidity arising from a stretch in
its working capital cycle.

Pink Star has large working capital requirements, is exposed to
intense competition in the diamond industry, and its profitability
margins are susceptible to volatility in diamond prices and
fluctuations in foreign exchange rates. The firm has a below-
average financial risk profile marked by its small net-worth,
moderate total outside liabilities to tangible net worth ratio,
and below-average debt protection metrics. However, the firm
continues to benefit from its promoters extensive experience in
diamond business.

Pink Star was set up in 1977 by Mr. Pravin Shah and Mr. Pratik
Shah. The firm is engaged in cutting and polishing of diamonds. It
is based in Mumbai (Maharashtra) and its manufacturing unit is in
Surat (Gujarat).


POOJA SOLVEX: CRISIL Assigns B+ Rating to INR39MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pooja Solvex (PS).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             2.6        CRISIL B+/Stable
   Cash Credit          39          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility   35.4        CRISIL B+/Stable

The rating reflects PS's modest scale of operations and limited
track record in the industry, weak financial risk profile, and
high product and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the firm's
established relations with customers, strong demand prospects for
rice bran oil, and efficient working capital management.
Outlook: Stable

CRISIL believes that PS will maintain a stable business risk
profile backed by its established relations with the customers.
The outlook may be revised to 'Positive' if the firm's revenue and
profitability increase significantly leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PS's revenue and profitability decline
significantly, or if the firm undertakes a large debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile and liquidity.

Set up in 2012 by Mr. Sanjeev Kumar and his business associate Mr.
Parshottam Das, PS is a partnership firm engaged in the extraction
of rice bran oil; also sells de-oiled cake, which is a by-product
in the oil-extraction process. The firm's processing facility is
located at Sangrur (Punjab).

PS reported book profit of INR1.9 million on net sales of INR745
million for 2013-14 (refers to financial year, April 1 to
March 31) against book profit of INR0.9 million on net sales of
INR492 million for 2012-13. The firm is estimated to register
sales of INR700 million for 2014-15.


PRANAV OMPRAKASH: ICRA Suspends 'D' Rating on INR20.5cr Term Loan
-----------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to the
INR20.50 crore Term Loan facility and the INR3.50 crore long term
fund based facility of Pranav Omprakash Khake Distilleries Private
Limited. As per ICRA's policy on withdrawals, ICRA can withdraw
the rating in case the rating remains suspended for more than
three years.


PRL PROJECTS: ICRA Suspends C+ Rating on INR8cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR8.0 crore
fund based facilities of PRL Projects and Infrastructure Limited
(PRL). ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR44.0 crore non fund based facilities of PRL .
The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.


RAYAN PLAST: ICRA Suspends 'B+' Rating on INR6.5cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the fund based, non fund based and untied limits aggregating to
the INR6.50 crore of Rayan Plast. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Established in 2003, Rayan Plast was a part of the Sanghvi Group
of companies. The firm started operations as a trader of Biaxially
Oriented Polypropylene (BoPP) sheets and later in 2007 commenced
manufacturing of adhesive/cello tapes. The company has a
manufacturing unit at Silvassa with an installed production
capacity of 5,400 MTPA. The firm has its registered office in
Malad, Mumbai.


ROYAL KNITTING: CRISIL Suspends B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Royal Knitting Private Limited (RKPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     2.5       CRISIL B+/Stable
   Term Loan             37.5       CRISIL B+/Stable

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

RKPL is promoted by Shah and Motasha families as a private limited
company in 1988. RKPL manufactures knitted fabrics which are used
as lining material. It has a manufacturing facility in Halol,
Baroda (Gujarat).


SAIKRUPA COTGIN: CRISIL Suspends B Rating on INR125MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saikrupa Cotgin Ltd (SCL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             125        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      106.7      CRISIL B/Stable
   Term Loan                28.3      CRISIL B/Stable

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

SCL, incorporated in 2009, commenced commercial production in
November 2010. It was set up by Mr. Sunil Katkade. SCL undertakes
ginning and pressing of cotton and also has a cotton seed crushing
unit.


SHASHADHAR COLD: CRISIL Ups Rating on INR51MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Shashadhar Cold Storage Pvt Ltd (Shashadhar; a part of the
Samantha group) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.5       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit            51         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      8.5       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan              32         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely repayment of interest and term
debt obligations and seasonal cash credit by Shashadhar in the six
months ended March 31, 2015.

The ratings reflect the Samantha group's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, and its exposure to risks related to the
intensely competitive cold storage industry in West Bengal. The
group, however, benefits from its promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shashadhar and Swambhunath Cold Storage
Pvt Ltd (Swambhunath). This is because the companies, together
referred to as the Samantha group, are in the same line of
business, under a common management, and have significant
operational and financial synergies.
Outlook: Stable

CRISIL believes that Shashadhar will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers a
substantial increase in its revenue and operating margin.
Conversely, the outlook may be revised to 'Negative' if Shashadhar
reports a decline in its revenue or operating margin, or
significant deterioration in its financial risk profile because of
large debt-funded capital expenditure or lengthening of its
working capital cycle.

The Samantha group, based in Paschim Medinipur (West Bengal),
provides cold storage facilities for potatoes. Shashadhar was
incorporated in 2011 and Swambhunath in 1994. The companies' cold
storage facilities are at Paschim Medinipur. Mr. Swapan Samantha
oversees the group's day-to-day operations.


SHIRDI COUNTRY: ICRA Withdraws D Rating on INR60cr Bank Loan
------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
INR60.0 crore bank facilities of Shirdi Country Inns Private
Limited. As per ICRA's policy on withdrawals, ICRA can withdraw
the rating in case the rating remains suspended for more than
three years.


SHRI SAI: ICRA Suspends D Rating on INR48.8Cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended the long term and short term rating of [ICRA]D
and [ICRA]D assigned to the INR48.8 crore fund based bank limits
of Shri Sai Jewels Private Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Shri Sai Jewels Private Limited (SSJPL) was established in March
2006 for trading and export of cut and polished diamonds (CPDs) as
well as other gems and jewellery. The company is a 100% exporter
and almost entire of its sales catering to the global markets is
routed through the popular gems and jewellery hubs like Hong Kong
and Dubai.

SSJPL is a 51% subsidiary of Varun Industries Limited (VIL) which
is engaged in manufacture and export of stainless steel cookware,
kitchenware, houseware and general merchandise. Established in
1996, VIL is the flagship company of the Varun Group and is also
engaged in diverse business activities like export trading of CPDs
{through its subsidiaries: Varun Jewels Private Limited and Shri
Sai Jewels Private Limited}, production of wind energy, providing
integrated drilling services to the oil and gas industry in India
(through its 100% subsidiary Varun Petroleum Corporation Ltd.),
mining & related activities (through its 100% subsidiary Varun
Minerals Corporation Ltd.), etc.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR77.5MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Lakshmi Venkateswara
Raw and Boiled Rice Mill (SLVRBRM) continues to reflect SLVRBRM's
weak financial risk profile, especially capital structure and debt
protection metrics; the rating also factors in the firm's exposure
to intense competition in the rice milling industry. These rating
weaknesses are partially offset by the extensive industry
experience of SLVRBRM's promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          77.5       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       12         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    8.2       CRISIL B+/Stable (Reaffirmed)
   SME Credit            2.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLVRBRM will benefit over the medium term
from the extensive industry experience of its management. The
outlook may be revised to 'Positive' if ramp-up in scale of
operations and stable operating margins and capital structure
strengthen its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the firm undertakes aggressive debt-
funded expansions, or reports a substantial decline in its
revenues and profitability. Any capital withdrawals by the
promoters, weakening the firm's financial risk profile could also
result in a revision in outlook to 'Negative'.

Set up in 1991 as a partnership firm, SLVRBRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. Srinivasulu Naidu and his family.

For 2013-14(refers to financial year, April 1 to March 31),
SLVRBRM reported a profit after tax (PAT) of INR0.92 million on
total revenue of INR32.61 million against a PAT of INR0.84 million
on total revenue of INR25.70 million for 2012-13.


SRIRAMAGIRI SPINNING: CRISIL Reaffirms D Rating on INR250MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sriramagiri Spinning
Mills Limited (SSML) continue to reflect instances of delay by
SSML in servicing its debt. The delays have been caused by the
company's weak liquidity with the company registering cash losses.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL D (Reaffirmed)
   Letter of Credit       10        CRISIL D (Reaffirmed)
   Long Term Loan        250        CRISIL D (Reaffirmed)

SSML has a weak financial risk profile marked by negative net
worth and weak debt protection metrics. Furthermore, the company
has large working capital requirements, is exposed to intense
competition in the cotton yarn industry, and its profitability
margin is susceptible to volatility in cotton prices. However,
SSML benefits from its promoters' extensive industry experience,
and the proximity of its spinning unit to the cotton-growing
areas.

SSML was set up in 2006 by Mr. S Ramachandra Rao and his family
members. The company manufactures cotton yarn, and its spinning
unit is located in Nalgonda district in Andhra Pradesh.


STEEL EXCHANGE: ICRA Suspends B Rating on INR215cr FB Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR92.75 crore term loan facilities and the INR215.00 crore fund
based facilities of Steel Exchange India Limited. ICRA has also
suspended the short term rating of [ICRA]A4, assigned to the
INR261.00 crore non fund based facilities of Steel Exchange India
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the company.


SURYA CONSTRUCTION: ICRA Withdraws B+ Rating on INR6.8cr Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B+ assigned to
the INR6.80 crore bank lines of Surya Construction Company. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


THIRUMALA GINNING: CRISIL Suspends D Rating on INR83.7MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Thirumala Ginning and Fibres Private Limited (TGFPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              70         CRISIL D
   Term Loan                83.7       CRISIL D
   Working Capital
   Demand Loan              16.3      CRISIL D

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

Incorporated in 1998, TGFPL is engaged in ginning and pressing of
cotton to cotton bales and seeds. The company is promoted by Mr.
Ghanshyamdas Agarwal and Mr. Nitin Agarwal.


U.H. AGROTECH: CRISIL Reaffirms D Rating on INR126MM Bank Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of U.H. Agrotech
Pvt Ltd (UHAPL) continues to reflect instances of delay by UHAPL
in servicing its debt. The delays have been caused by the
company's weak liquidity. The company's account has been
classified as a non-performing asset by its banker.


                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           42        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   126        CRISIL D (Reaffirmed)
   Rupee Term Loa n      62        CRISIL D (Reaffirmed)

UHAPL has a below-average financial risk profile marked by its
small net worth, high gearing, and below-average debt protection
metrics. The company is exposed to intense competition in the
poultry industry, its profitability margins are exposed to
volatility in raw material prices, and its operations are
susceptible to risks inherent in the poultry industry like
outbreak of epidemics. However, the company benefits from its
promoters' extensive industry experience.

UHAPL was set up in 2009 by acquiring the existing business of two
partnership firms Uchani Hatchery, and Uchani Research and
Breeding Farm. The company operates in the poultry industry, and
its unit is located in Karnal (Haryana). Its operations are
managed by Mr. Rajbir Singh along with his brothers Mr. Raghuvir
Singh, Mr. Randhir Kumar, and Mr. Rajinder Kumar.


UPAL DEVELOPERS: CRISIL Reaffirms B- Rating on INR1.08BB Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of
Upal Developers Pvt Ltd (UDPL) continues to reflect UDPL's weak
financial risk profile, marked by a highly leveraged capital
structure and modest debt protection metrics, resulting from
significant debt contracted to fund its project. This rating
weakness is partially offset by the strong track record of UDPL's
promoters in constructing and managing malls and their funding
support to the company as and when required.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            1080       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UDPL will continue to benefit over the medium
term from its promoters' extensive experience in mall management.
However, its financial risk profile will remain weak during this
period, with the large debt contracted to fund the construction of
its mall resulting in high interest outflow. The outlook may be
revised to 'Positive' in case of significant increase in the
company's cash flows. Conversely, the outlook may be revised to
'Negative' in case of a decline in occupancy level or lease
rentals rates.

UDPL was incorporated in January 2006, mainly for the development
and management of a mall-cum-multiplex, Phoenix United, in
Lucknow.


URBANEDGE HOTELS: CRISIL Assigns 'D' Rating to INR500MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of UrbanEdge Hotels and Holdings Private Limited (UHHPL).
The rating reflects instances of delay by UHHPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       500         CRISIL D

Further UHHPL has a weak financial risk profile marked by weak
debt protection metrics. However, the company benefits from its
promoters' extensive industry experience in the hospitality
segment and the benefits from the established 'Aloft' brand.

UHHPL is a Special Purpose vehicle (SPV) floated with 90% stake
from Citigroup Property Investors and 10 % stake from Auromatrix
Hotels Private Ltd. The company currently runs a 4 star hotel
under the Aloft brand in Chandigarh.

UHHPL reported a loss of INR183 million on a total revenue of
INR77 million for 2013-14 (refers to financial year, April 1 to
March 31), against a loss of INR200 million on a total revenue of
INR29 million for 2012-13.


V.S. ECOBLOCKS: ICRA Assigns B+ Rating to INR30cr LT Loan
---------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ to INR30.00 crore
proposed loans (enhanced from INR10.00 Crore) of V.S. Ecoblocks
Private Limited.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long Term-Proposed
   Loans                30.00      [ICRA]B+ assigned/outstanding

The assigned rating is constrained by project implementation risk
with nascent stage of construction as only 3% of project cost
incurred and civil works underway currently; and significant
funding risk as the company is yet to incur INR24.26 crore of cost
for the completion of the manufacturing facility which would be
funded by equity and unsecured loans of INR9.27 crore and term
loan of INR14.97 crore for which financial closure is yet to be
achieved. The rating also factors in high competitive intensity
due to low entry barriers in the AAC (Autoclaved Aerated Concrete)
blocks manufacturing segment and debt servicing is highly
sensitive to timely completion of the project and ability of the
company to achieve the envisaged capacity utilisation and margins.
The rating, however, positively factors in the experience and
qualification of the management team; increased acceptance of AAC
blocks in its catchment area, Andhra Pradesh and Telangana market;
and location advantage on account of proximity to both raw
material supply centres and end product demand centres: Hyderabad
(200km), Vijayawada (60km), Guntur (95km) and other major towns in
Krishna district, Andhra Pradesh.

Going forward, the ability of the company to achieve the financial
closure, execute the project without time and cost overruns will
remain the key rating sensitivities from credit perspective.

V.S. Ecoblocks Private Limited (VEPL) was incorporated in August
2012 and is setting up a manufacturing unit of AAC bricks with an
installed capacity of 118,000 Cu.mt/Annum in Nawabpet village near
Nandigama, Krishna District, Andhra Pradesh. The primary raw
material for AAC blocks are cement, lime, aluminum, fly ash and
gypsum. The total cost of the project is INR24.97 crore which is
planned to be funded by INR5.00 crore of equity, INR5.00 crore of
promoter unsecured loans and INR14.97 crore of term loan.


VARUN JEWELS: ICRA Suspends D Rating on INR145.8cr Loan
-------------------------------------------------------
ICRA has suspended the long term and short term rating of [ICRA]D
and [ICRA]D assigned to the INR145.8 crore fund based bank limits
of Varun Jewels Private Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Varun Jewels Private Limited (VJPL) was established in June 2003
for trading and export of cut and polished diamonds (CPDs) as well
as other gems and jewellery. The company is a 100% exporter and
almost entire of its sales catering to the global markets is
routed through the popular gems and jewellery hubs like Hong Kong
and Dubai. VJPL is a 51.54% subsidiary of Varun Industries Limited
(VIL) which is engaged in manufacture and export of stainless
steel cookware, kitchenware, houseware and general merchandise.
Established in 1996, VIL is the flagship company of the Varun
Group and is also engaged in diverse business activities like
export trading of CPDs {through its subsidiaries Varun Jewels
Private Limited and Shri Sai Jewels Private Limited, production of
wind energy, providing integrated drilling services to the oil and
gas industry in India (through its 100% subsidiary Varun Petroleum
Corporation Ltd.), mining & related activities (through its 100%
subsidiary Varun Minerals Corporation Ltd.), etc.


VENTURE STEELS: CRISIL Suspends 'D' Rating on INR26.6MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Venture
Steels Private Limited (VSPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee        17.5         CRISIL D
   Cash Credit           19.5         CRISIL D
   Proposed Long Term
   Bank Loan Facility     6.4         CRISIL D
   Term Loan             26.6         CRISIL D

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

Incorporated in the year 2004, VSPL is primarily engaged in
manufacturing of cooling equipments which are used in the dairy
industry. It also manufactures equipments used for storage,
transportation and processing of milk and milk products. The
company also undertakes turnkey projects to set up milk processing
plants. It has its manufacturing unit at Baramati, Maharashtra.
The day-to-day operations of the company are overseen by Mr. B. R.
Shende.



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


GAJAH TUNGGAL: S&P Puts 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'axBB' long-term ASEAN regional scale
ratings on PT Gajah Tunggal Tbk. on CreditWatch with negative
implications.  S&P also placed its 'B+' long-term issue rating on
Gajah Tunggal's senior secured notes on CreditWatch with negative
implications. Gajah Tunggal is an Indonesia-based tire
manufacturer.

The CreditWatch placement reflects the prospects of higher
consolidated leverage through 2016 at Gajah Tunggal.  This follows
a weak margin and cash flow performance for the quarter ended
March 31, 2015, and higher debt levels.

"We believe it will be tough for Gajah Tunggal to achieve our
earlier EBITDA and margin forecasts for the next 12 months at
least," said Standard & Poor's credit analyst Xavier Jean.
Reported EBITDA margin at about 11.1% for the quarter was about
200 basis points below our full-year forecast, mostly because of
higher selling expenses.  S&P do not expect a substantial
improvement until the second half of the year at the earliest.

The company reported EBITDA of about Indonesian rupiah (IDR) 341
billion in the first quarter, which was only about 17% of S&P's
full-year expectations.  Upward pressure on selling expenses
remains and is mostly beyond the company's control.  At the same
time, weaker GDP growth of 4.7% in the first quarter of 2015,
slowing wage growth, and lingering uncertainty on the economic
policies of the Widodo administration have eroded consumer
confidence.  Therefore, S&P believes volume growth in the domestic
market will likely be flat in 2015, substantially below the 5%-7%
S&P earlier anticipated.  Gajah Tunggal's revenues declined by
about 3% year on year for the quarter ended March 31, 2015.

Gajah Tunggal's debt, including accrued interest, grew to about
IDR7.4 trillion as of March 31, 2015, because the company did not
generate enough cash flow to fund working capital and capital
spending.  An 8% depreciation of the rupiah also increased
reported debt by about IDR300 billion over the quarter.  This
compares with reported debt of about IDR6.6 trillion as of
Dec. 31, 2014.  As a result, S&P projects Gajah Tunggal's ratio of
funds from operations (FFO) to debt could deteriorate to about 10%
in 2015.  This compares with S&P's earlier expectation of 15%-20%
and is below its downgrade rating trigger of 15% on a sustained
basis.  The ratio could also remain below 15% through 2016.

"Gajah Tunggal's capital spending for the rest of 2015 remains
high and will potentially require some further debt or capital
lease funding.  We forecast capital spending to remain above IDR1
trillion, mostly on maintenance and projects nearing completion,
which the company has limited flexibility to reduce
substantially," Mr. Jean said.

The CreditWatch placement indicates a one-in-two likelihood of a
rating downgrade over the next three months.  S&P will review
Gajah Tunggal's plans for strengthening its balance sheet and
preserving cash over the next three months.

S&P may lower the rating most likely by one notch if its
projections indicate that the FFO-to-debt ratio will remain below
15% or EBITDA interest coverage below 3.0x with no prospect of
improvement in 2016.  This could be due to tough operating
conditions, still-elevated capital spending requiring additional
debt, or a further rupiah depreciation.  S&P may also lower the
rating if the company's liquidity weakens because of a sudden and
lasting increase in working capital requirements from higher raw
material costs or substantially higher capital spending than S&P
expected.


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


CAPITAL + MERCHANT: Two Former Directors Get Parole
---------------------------------------------------
Tao Lin at Stuff.co.nz reports that good behaviour and green
fingers have led to two former Capital + Merchant Finance
directors being granted parole less than three years into their
more than eight-year sentence.

Wayne Leslie Douglas, 61 and Neal Medhurst Nicholls, 59 were
jailed after pleading guilty to making untrue statements in their
company's prospectus and misleading investors, the report says.
When Capital + Merchant collapsed in 2007, 7,000 investors lost
about NZ$167 million, the report notes.

Their fraud counts involved about NZ$28 million worth of
transactions between 2004 and 2006, Stuff.co.nz states.

According to the report, Nicholls and Douglas were initially
sentenced to seven-and-a-half years' imprisonment, the longest
handed out to failed finance company officers.

But after each pleaded guilty to further charges laid by the
Financial Market Authority of misleading investors, Nichols
received another year's imprisonment and Douglas another eight
months, the report states.

Stuff.co.nz relates that less than three years into their
sentences, the pair have been granted parole based on their good
behaviour, lack of prior offending and low risk of re-offending.

According to Stuff.co.nz, the Parole Board said in its hearing for
Douglas on April 8 that he had been described as "compliant,
polite and friendly, and communicates well".

He discovered a love of gardening during his time in prison and
has been studying horticulture as well as working in the offender
employment nursery, the report relays.

"For his part, Mr Douglas told us that he had no intention of
returning to business activity except perhaps in the context of
horticulture," the board said.

Nicholls, whose hearing was on May 12, had also been working in
the offender employment nursery and had offers of employment in
that area, the report notes.

                     About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.



=====================
P H I L I P P I N E S
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MANILA ELECTRIC: S&P Raises CCR to 'BB+'; Outlook Stable
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Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Manila Electric Co. (Meralco)
to 'BB+' from 'BB'.  The outlook is stable.  At the same time, S&P
raised its ASEAN regional scale rating on the Philippines-based
power distributor to 'axBBB+' from 'axBBB-'.

"We upgraded Meralco because we expect the company's profitability
to remain resilient over the next four years, given the regulated
nature of cash flows," said Standard & Poor's credit analyst
Bertrand Jabouley.  S&P has therefore revised its assessment of
the company's business risk profile to "satisfactory" from "fair."

The established regulatory framework in the Philippines allows
Meralco to fully recover all pass-through charges (including
generation, transmission, taxes, system loss, and universal
charge).  As a result, Meralco's EBITDA over the past two years
has been more stable than S&P initially expected.  The company has
also outperformed the regulatory benchmarks since 2010.  It has
steadily increased its operating efficiency, with system losses
consistently below the regulatory ceiling of 8.5%.  S&P believes
Meralco's robust operating standards contribute to make its
earnings predictable.

Meralco has been consistently generating robust free operating
cash flows (FOCF) because of its resilient profitability and
predictable capital expenditure requirements, which have averaged
about 35% of reported EBITDA over the past three years.  As a
result, the company's capital structure has steadily improved
despite increasing dividend payout.  As of Dec. 31, 2014, Meralco
has a net cash position of Philippine peso 39.4 billion.  All of
the factors contributed to S&P's revision of the company's
financial risk profile to "intermediate" from "significant."
S&P's current financial risk profile assessment reflects its view
that the company's conservative financial measures are sustainable
despite ongoing investments.

Sizable returns to shareholders could undermine Meralco's balance
sheet, in S&P's view.  The company is also exposed to risks
associated with the construction of its generation assets.  S&P's
"negative" assessment of Meralco's financial policy captures both
the factors.

S&P sees some uncertainty in the timing and magnitude of the
tariff reset for the upcoming regulatory period.  The outcome of
the reset materially influences Meralco's FOCF over the next four
years, and hence the company's financial metrics.  S&P therefore
assigns a "negative" score to Meralco in S&P's comparable rating
analysis.

A "satisfactory" business risk profile and "intermediate"
financial risk profile combination maps to a 'bbb'/'bbb-' anchor.
S&P's choice of the higher score reflects Meralco's dominant
market position in its core distribution business.

"The stable outlook over the next 12 months reflects our
expectation that a steady regulatory regime and Meralco's
consistent operational performance and increasing electricity
sales will support its competitive position," said Mr. Jabouley.
S&P also anticipates that the generation assets under construction
Meralco has invested in will progress as per schedule with minimal
cost overruns and performance issues.

S&P could lower the rating if: (1) Meralco's expansion in power
generation results in higher debt incurrence than S&P currently
anticipates because of a more aggressive capital structure or
performance issues; (2) the company makes aggressive dividend
payments to shareholders; or (3) in a less likely scenario, power
demand weakens significantly.  A deterioration in the ratio of
funds from operation (FFO) to debt toward 20%-22% in the absence
of prospects for improvement (after adjusting for power purchase
agreement obligations) could trigger a downgrade.

Any upgrade would hinge primarily on a timely regulatory tariff
reset.  However, S&P could raise the rating even if the reset is
delayed or undermines FOCF generation if S&P believes Meralco can
maintain a conservative capital structure.  An upgrade trigger
could be the FFO-to-debt ratio remaining close to 28%-30% on a
sustainable basis.  An upgrade would likely require timely
progress in the construction of the company's generation projects,
steady operational performance, and no marked change in returns to
shareholders.



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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
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Friday's edition of the TCR-AP features a list of companies with
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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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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,
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Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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