TCRAP_Public/150219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 19, 2015, Vol. 18, No. 035


                            Headlines


A U S T R A L I A

COMMSTRAT LTD: Collapses Into Voluntary Administration
FORTESCUE METALS: Fitch Affirms 'BB+' IDR; Outlook Stable
FORTESCUE METALS: Moody's Affirms CFR at 'Ba1', Outlook Stable
MURRA INNOVATIONS: First Creditors' Meeting Slated For Feb. 25
NMK ROAD: First Creditors' Meeting Set For Feb. 25

PORT HINCHINBROOK: Contract Signed to Sell Troubled Resort
WEST BREW: First Creditors' Meeting Set For Feb. 25
* Moody's says Weak Commodity Prices Impacting Oz Mining Sector


C H I N A

FUTURE LAND: 2014 Results Support Moody's 'Ba3' CFR
GEELY AUTOMOBILE: Auto Finance JV Won't Affect Moody's Ba2 Rating
HENGSHI MINING: Profit Warning No Impact on Moody's B1 CFR


H O N G  K O N G

BIRMINGHAM CITY F. C.: Owners Go Into Receivership
CITIC RESOURCES: 2014 Results No Impact on Moody's Ba3 Rating
DAH SING: Fitch Affirms 'BB+' Rating on Perpetual Jr. Sub. Debt


I N D I A

AGGARWAL IMPEX: ICRA Suspends B+ Rating on INR2cr LT Loan
BABA BISWANATH: CRISIL Assigns B Rating to INR35MM Term Loan
BISWAMATA HEEMGHAR: CRISIL Reaffirms B Rating on INR79.8MM Loan
BOSE BUILDING: CRISIL Assigns B- Rating to INR97MM Bank Loan
BRAZA TYRES: CRISIL Cuts Rating on INR50MM Cash Credit to B

BRIJLAX MOTORS: CARE Reaffirms B+ Rating on INR11cr LT Loan
CASA TILES: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
CHIRAMITH PRECISION: ICRA Assigns B+ Rating to INR5.7cr LT Loan
DASMESH MECHANICAL: CRISIL Ups Rating on INR70MM Cash Loan to B-
EUROBOND INDUSTRIES: CARE Reaffirms B Rating on INR27.3cr LT Loan

GAGAN RESOURCES: CARE Reaffirms B+ Rating on INR4cr LT Bank Loan
GRAND MARINE: CRISIL Upgrades Rating on INR7MM LT Loan to B+
IFMR CAPITAL: ICRA Rates INR3.55cr PTC Series A2 B(SO)
IFMR CAPITAL MOSEC: ICRA Rates INR8.08cr PTC Series A2 B(SO)
IFMR CAPITAL MOSEC TALOS: ICRA Rates INR6.17cr Issuance B-(SO)

ISHAN INTERNATIONAL: ICRA Suspends B- Rating on INR15cr LT Loan
JAWAHAR SHETKARI: CRISIL Reaffirms B- Rating on INR600MM Loan
KS OVERSEAS: CRISIL Reaffirms B+ Rating on INR800MM Cash Loan
LILAMANI INFRA: CRISIL Reaffirms B+ Rating on INR500MM Term Loan
M.B. ISPAT: CARE Revises Rating on INR11.25cr LT Loan to B+

M. P. ASSOCIATES: CRISIL Ups Rating on INR620MM Term Loan to B+
MAA BIJASANI: CRISIL Assigns B+ Rating to INR40MM Cash Credit
MARUTI GINNING: ICRA Reaffirms B+ Rating on INR5cr Cash Credit
MINERVA AUTOMOBILES: CARE Reaffirms B+ Rating on INR6.57cr Loan
MB SPONGE: CARE Revises Rating on INR11.60cr LT Loan to B+

NAYAAGARH SUGAR: CRISIL Reaffirms D Rating on INR108.6MM Loan
OMR TRAVEL: CRISIL Rates INR150MM Loan at B+
ORISONS OVERSEAS: CRISIL Cuts Rating on INR105MM Loan to D
Q NINETH: CARE Assigns B Rating to INR11cr Long Term Loan
R.S.V. COTTON: CRISIL Reaffirms B Rating on INR28.3MM Term Loan

ROSHAN REAL: ICRA Reaffirms B+ Rating on INR5.72cr FB Loan
S A AANANDAN: ICRA Reaffirms B+ Rating on INR25cr LT Loan
S.B. SYSCON: CRISIL Assigns B+ Rating to INR105MM Cash Credit
SAGAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90MM Loan
SAI POINT: CRISIL Reaffirms B Rating on INR430MM Cash Credit

SANDY RESORT: CRISIL Reaffirms D Rating on INR185.7MM Term Loan
SAVITA CONSTRUCTIONS: ICRA Suspends D Rating on INR8cr Bank Loan
SHIVA AGRO: ICRA Suspends B Rating on INR7cr LT Loan
SOMNATH COTTON: CRISIL Ups Rating on INR77MM Cash Loan to B+
SPICEJET LTD: Purchase Contract Still Stands, Boeing Says

SPICEJET LTD: CCI Looking Into Sale Deal With Ajay Singh
SQ SQUEEZERS: CARE Assigns B Rating to INR7.11cr LT Bank Loan
SRI AMBIKA: CRISIL Assigns B+ Rating to INR30MM Cash Credit
SRI GANESH: ICRA Suspends B Rating on INR2.64cr Term Loan
SUNDARAM ALLOYS: ICRA Cuts Rating on INR10.5cr FB Loan to D

SUZLON ENERGY: Auditors Raise Going Concern Doubt
TIRUPUR TEXTILES: CRISIL Ups Rating on INR385MM LT Loan to B-
URBANE INDUSTRIES: CRISIL Assigns B+ Rating to INR69.5MM Loan
V. S. COTTON: CRISIL Reaffirms B Rating on INR26.4MM Term Loan
VAKRATUND COLD: CRISIL Assigns B Rating to INR49.5MM Term Loan

VIJAY GINNING: CRISIL Assigns B+ Rating to INR85MM Cash Credit


I N D O N E S I A

GAJAH TUNGGAL: S&P Affirms 'B+' CCR; Outlook Stable


J A P A N

SKYMARK AIRLINES: Orix Mulling Support For Bankrupt Carrier
SKYMARK AIRLINES: Posts JPY13.62BB Net Loss in 9Mos. Ended Dec.


N E W  Z E A L A N D

NEW ZEALAND: Receivership Ruling a Big Win for the Little Guys
ROSS ASSET: Claw-Back Bid More Difficult After High Court Ruling


S I N G A P O R E

DYNAMIC OIL: Singapore's Creditors Confirm KPMG as Liquidators


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Lowers CCR to 'B-'; Outlook Stable


                            - - - - -


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


COMMSTRAT LTD: Collapses Into Voluntary Administration
------------------------------------------------------
Eloise Keating at SmartCompany reports that CommStrat Ltd, an
Australian publishing and conference provider that has been
operating for more than 50 years, has collapsed into voluntary
administration.

CommStrat was established in 1963 and listed on the Australian
Securities Exchange in 1986. The company provides publishing
services and manages events and conferences for both the private
and public sector in a range of industries, including IT, finance,
engineering, education and sustainability.

SmartCompany relates that CommStrat also has an online jobs
advertising arm and chairman Alexander McNab said in a statement
on February 13 structural change in this part of CommStrat's
business was one of the factors that led to the company
collapsing.

"In the last 12 months, CommStrat's operations have been
negatively affected by sharp reductions in discretionary spend in
key customers segments, particularly local government, and
structural change in CommStrat's online job advertising business,"
the report quotes Mr. McNab as saying.  "These challenges have
been compounded by CommStrat's obligations under its senior debt
facility."

CommStrat called in administrators Deloitte on February 13, with
Richard Hughes -- richughes@deloitte.com.au -- and Glen Kanevsky -
- gkanevsky@deloitte.com.au -- appointed to oversee the
administration of CommStrat and its subsidiary Hallmark Editions,
which was incorporated in 2002, according to SmartCompany.

Administrator Glen Kanevsky told SmartCompany CommStrat is
continuing to trade and all 25 employees have been retained. The
administrators expect all existing business with clients to be
fulfilled.

"It's very early days as far as our appointment is concerned,"
SmartCompany quotes Mr. Kanevsky as saying.  "We have begun an
assessment of the company's financial position and are looking at
possible strategies to realise the most value for all
stakeholders."

While Mr. Kanevsky said "selling the business as a going concern
is always the preference because it inherently preserves the most
value", the administrators will consider all available options,
SmartCompany relays.

"The business is diverse and has a number of significant media and
IP assets," Mr. Kanevsky, as cited by SmartCompany, said.
"Potential transactions could involve existing industry players or
funds looking for a transaction to recapitalise the corporate
shell."

                           About Commstrat

Commstrat Ltd (ASX:COJ) -- http://www.commstrat.com.au/-- is an
Australia-based Company engaged in managing a diverse range of
digital properties. Properties include LGJobs, Government
Technology Review (GTR), EnviroInfo, Lg News, Finance& Treasury
Association, Economic Development Australia, Roads Online and
Australian Franchise Opportunities Exchange. LGJobs is a job board
under the Careers and Jobs brand. It is an established network of
12 job boards covering industry sectors including government,
health, education, water, planning and engineering. GTR website is
a digital extension of GTR website. EnviroInfo website contains
industry news, information about upcoming events, new
environmental technologies and relevant new products. LG News is a
news service which provides news briefs, best practice and
innovation ideas, diary dates and senior job vacancies relevant to
councils across Australia.


FORTESCUE METALS: Fitch Affirms 'BB+' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Australia-based Fortescue Metals Group
Limited's (Fortescue) Long-Term Issuer Default Rating (IDR) at
'BB+'.  The Outlook is Stable.  Fitch has also affirmed the
ratings of Fortescue's senior secured and unsecured debt, issued
through FMG Resources (August 2006) Pty Ltd, at 'BBB-' and 'BB+'
respectively.

The affirmations reflect the company's improving cost position,
which has helped it withstand a period of weak global iron ore
prices.  Fortescue's demonstrated commitment to reduce debt,
having repaid USD3.7bn since November 2013 including amortization
of the Term Loan, also supports the affirmation.  Fitch has
assumed that the company will not materially utilise its cash
reserves of USD1.6bn as at end-December 2014 for purposes other
than to repay debt if needed.  Fortescue intends to reduce gearing
(debt/debt+shareholder funds) to 40% by end-December 2015 compared
to around 57% at end-March 2014.  The company's gearing target
translates to a funds from operations (FFO) adjusted gross
leverage of approximately 2.5x, well within the 3.0x trigger for
its current ratings.

The rating action also incorporates Fitch's lowered assumptions
for iron ore prices. On Feb. 4, 2015, Fitch revised its mid-cycle
price assumptions for the industry-benchmark 62% Fe-content iron
ore delivered into China down to USD65/tonne for 2015, USD75/tonne
for 2016, and USD80/tonne thereafter.  Fitch previously assumed a
constant USD90/tonne price across all three periods.  The agency
now estimates that Fortescue's FFO adjusted gross leverage will
increase to 3.2x at FYE15 (prior expectation was 2.1x, fiscal year
ends in June), before reducing to 2.8x in FYE16, and that it will
trend lower thereafter.

KEY RATING DRIVERS

Improving Cost Position: Fortescue improved its C1 cash costs
(which includes mining, port, rail, and operating lease costs) to
around USD30/tonne as at end-December 2014 -- a 12% improvement
compared to its FY14 average.  The company expects its C1 costs to
average below USD28-USD29/tonne in FY15.  The cost improvements
are underpinned by lower strip ratios in its newer mines, growing
economies of scale on higher volumes sold, and to a lesser extent
because of a weaker Australian dollar-US dollar exchange rate.  As
a result, Fortescue continues to migrate down the global iron ore
production cost curve.

Further Deleveraging is Expected: Fitch expects Fortescue's FFO
adjusted gross leverage to increase to 3.2x by FYE15 (but 2.6x net
of cash reserves) because of the precipitous decline in iron ore
prices during 2014.  However, leverage is likely to improve in
FY16 and FY17, below the 3.0x trigger above which negative rating
action may be considered, due to Fitch's view that iron ore prices
will improve over the same period.

Strong Liquidity: Fortescue had USD1.6bn of cash reserves at end-
December 2014, and its earliest mandatory debt repayment of USD1bn
falls due in 2017.  Fitch estimates that the company will continue
to generate free cash flow (after paying capex and dividends) of
between USD500m and USD1bn annually, over the next three years.
Fortescue has considerable flexibility around its debt structure
and repayments because its secured credit facility, which accounts
for over 50% of debt as at end-December 2014, is repayable at the
company's discretion.  Furthermore, each tranche of its senior
unsecured notes, which account for the remainder of its debt, can
be called early at Fortescue's discretion.

Lack of Diversification: Fortescue has limited business
diversification compared with its higher rated international
peers.  It has only one product, iron ore, which it sells
predominantly in the Chinese market.

Secured Credit Facility: The rating on the secured credit facility
is notched up one level from Fortescue's 'BB+' IDR, reflecting the
additional provision of quality collateral, including mining
tenements.  This uplift for a 'BB+' rated company is consistent
with Fitch's "Recovery Ratings and Notching Criteria for Non-
Financial Corporate Issuers" criteria.

KEY ASSUMPTIONS

   -- 62% Fe benchmark iron ore prices including freight cost:
      2015: 65/tonne; 2016: 75/tonne; 2017: 80/tonne.

   -- Fortescue's price realisation versus the benchmark: 89%.

   -- Freight costs to remain at USD4.2/tonne over the next
      12 to 18 months before trending up.

   -- C1 costs to remain at USD27/tonne through 2017.

   -- Annual iron ore shipping levels to be maintained at 160
      million tonnes per annum.

   -- AUD-USD exchange rate to remain at 0.77 in 2015, and 0.80
      thereafter.

   -- Fortescue will not utilise its cash reserves for purposes
      other than to repay its debt.

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
actions include:

   -- A demonstrated commitment to maintain a capital structure
      that is more in line with a 'BBB' category rating; and,

   -- sustaining FFO adjusted gross leverage at less than 2x and
      FFO fixed-charge cover at more than 5x (FYE15 projected:
      5.0x).

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

   -- FFO adjusted gross leverage exceeding 3x and FFO fixed
      charge cover remaining below 4x.


FORTESCUE METALS: Moody's Affirms CFR at 'Ba1', Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Fortescue Metals Group
Limited's corporate family rating of Ba1.  At the same time
Moody's has affirmed FMG Resources (August 2006) Pty Ltd's senior
unsecured notes rating of Ba2 and senior secured rating of Baa3.
The outlook on all ratings is stable.

The affirmation follows today's results announcement by Fortescue,
which has shown the impact of a substantial decline in the price
of iron ore for the first half of the financial year ended June
30, 2015 (1H FY15), with revenue declining by around 17% and
EBITDA falling by around 55%.  This is despite production
increasing around 53% and costs reducing around 9% over the
previous corresponding period.

"Fortescue's weaker results, which are principally due to the
decline in the price of iron ore during the period, are credit
negative, says Matthew Moore, a Moody's Vice President and Senior
Analyst.

"Fortescue had a very strong financial profile going into the
industry downturn, and which had provided a solid cushion for the
rating", Moore says, adding "However, the weak price environment
seen in the last few months has substantially reduced Fortescue's
headroom within the rating.

"Further deterioration in industry fundamentals and in the iron
ore price - relative to our base case sensitivities of around
USD65-70/t (62% Fe index price) - could pressure the rating and/or
outlook in the absence of any countermeasures", says Moore.

With slowing global steel-production growth rates, combined with
increased iron ore production capacity, we believe that iron ore
prices remain vulnerable to the downside and we expect continued
volatility.

The decline in the price of iron ore has led to sharp declines in
Fortescue's revenue and EBITDA generation in 1HFY15, despite a
more than 50% increase in production levels and 9% decrease in
cash costs over the prior period.  The decline in EBITDA has
caused credit metrics to weaken from the strong levels for the
rating achieved in FY14 and we expect that credit metrics will be
near or slightly above our tolerance level for the rating in FY15.
Leverage as measured by adjusted debt-to-EBITDA increased to
around 2.4x in the twelve months to December 2014 and we expect
this to increase further to around 3.0x for the financial year
ended June 2015.  For the Ba1 rating we expect debt-to-EBITDA to
be sustained below 3.0x.

The stable outlook reflects the limited near term refinancing
risk, as well as our expectation that Fortescue will continue to
generate sufficient earnings and cash flow to maintain solid
liquidity.  The outlook also reflects our expectation that the
company will continue with its debt reduction plans and maintain
its significant production increases and cost reduction progress,
such that credit metrics are sustained at acceptable, albeit
weakly positioned, levels for the rating.

"Fortescue's liquidity remains solid and we expect cash balances,
combined with operating cash flow, to be adequate to cover
expected cash uses and potentially allow for further debt
reduction over the next 12-24 months under our base case price
sensitivities" says Moore.

The company had around US$1.6 billion of cash on hand at Dec. 31,
2014.  This is down from US$2.6 billion in the quarter ended Sept.
30, 2014 and reflects the early repayment of US$500 million of
debt with cash and around US$660 million of tax payments.

"The outlook or rating could face negative pressure if the company
is unable to sustain production levels, sustain and further reduce
its cost profile, or embarks on any material further expansions or
shareholder-friendly initiatives, such that credit metrics do not
remain in line with Moody's expectations" says Moore, adding,
"Continued pressure leading to iron ore prices sustained below our
sensitivity cases could also place negative pressure on the rating
and/or outlook".

Financial metrics that Moody's would consider for a downgrade
include Debt-to-EBITDA exceeding 3.0x or RCF-to-Debt sustained
below 15% on a consistent basis.

The rating is not likely to experience any positive momentum over
the next 12-to-18 months reflecting the current operating
conditions the company is facing and our expectations for iron ore
prices.

Fortescue Metals Group Limited based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.  Fortescue is Australia's third largest
iron ore producer and exporter as well as one of the world's
largest producers and sea-borne traders.

The principal methodology used in these ratings was Gobal Mining
Industry published in August 2014.


MURRA INNOVATIONS: First Creditors' Meeting Slated For Feb. 25
--------------------------------------------------------------
Michael Gregory Jones at Jones Partners was appointed as
administrator of Murra Innovations Limited on Feb. 15, 2015.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on Feb. 25, 2015, at 10:00 a.m.


NMK ROAD: First Creditors' Meeting Set For Feb. 25
--------------------------------------------------
Glenn J Spooner and Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of NMK Road Safety
Designs and Audits Pty Ltd on Feb. 13, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Feb. 25, 2015, at 3:00 p.m.


PORT HINCHINBROOK: Contract Signed to Sell Troubled Resort
----------------------------------------------------------
Isobel Roe at ABC News reports that the liquidators of the Port
Hinchinbrook resort in north Queensland said they have found a
buyer.

The resort was battered by Cyclone Yasi in 2011 and its owner,
Williams Corporation, was placed into liquidation in 2013 after it
failed to financially recover, according to ABC News.

The report notes that residents voted to wind up its acting body
corporate last year.

Liquidator Joanne Dunn said documents for the sale were yet to be
finalized, the report relays.

"Agents and us have been in negotiations with interested parties
that expressed interest during that campaign and we're fortunate
now that is has been a long process but we have now got to the
stage where we have agreed on terms and signed a contract," the
report quoted Ms. Dunn as saying.


WEST BREW: First Creditors' Meeting Set For Feb. 25
---------------------------------------------------
David Ingram, Richard Albarran & Cameron Shaw of Hall Chadwick
were appointed as administrators of West Brew Distributors Pty Ltd
on Feb. 16, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, on
Feb. 25, 2015, at 10:00 a.m.


* Moody's says Weak Commodity Prices Impacting Oz Mining Sector
---------------------------------------------------------------
Moody's Investors Service said that ongoing weakness in commodity
prices will continue to directly impact Australian mining
companies, with knock-on effects on other sectors, particularly
the mining services sector.

"In the last 12 months, we have taken negative rating actions on
three of Moody's four rated Australian mining services companies.
The negative outlooks on these three companies reflect our view
that further downside risk remains at an elevated level, in
particular with regard to potential contract deferrals and
cancellations", says Saranga Ranasinghe, a Moody's Analyst.

"As such, further negative rating actions are likely, and we do
not see any catalyst for a strong rebound in commodity prices in
2015 and expect average prices for the year to remain near current
levels," adds Ranasinghe.

Ranasinghe's conclusions were contained in an article titled
"Pressure Remains on Australian Mining Services Providers as No
Rebound in Commodity Prices in Sight".

The article appeared in the latest Moody's Australian Edition of
its High Yield Interest newsletter.  This publication highlights
Moody's efforts to expand our analysis of Australian high-yield
related topics.

The article notes that the lower Australian dollar and oil prices
are providing an eagerly-needed benefit for the mining industry,
but all metal producers will still suffer earnings and cash-flow
deterioration in 2015.

With the exception of Bis Industries Group Ltd. (B2 stable),
revenue and earnings have decreased by double-digit percentages
for three of Moody's four rated mining services providers.

The mining services companies subject to negative rating actions
over the last 12 months were Emeco Holdings Limited (B3 negative);
Ausdrill Limited (Ba3 negative); and Barminco Holdings Pty Limited
(B2 negative).



=========
C H I N A
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FUTURE LAND: 2014 Results Support Moody's 'Ba3' CFR
---------------------------------------------------
Moody's Investors Service said that Future Land Development
Holdings Limited's 2014 results were in line with Moody's
expectations and support the company's Ba3 corporate family and B1
senior unsecured debt ratings.

The outlook for the ratings remains stable.

"Future Land's moderate level of debt mitigated the impact of its
lower interest coverage in 2014," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

While Future Land's revenue was flat year-on-year at RMB20.7
billion, its gross margin fell to 18.7% in 2014 from 22.5% in
2013.

The fall in gross margin reflected higher land costs and a RMB382
million one-off impairment provision for properties.  Excluding
the impairment provision, the company's gross margin was at 20.5%
in 2014.

Future Land's lower gross margin resulted in EBITDA/interest
coverage falling to 2.1x for 2014 from 3.1x for 2013, a result
which is weak for its Ba3 rating.  Moody's expects Future Land's
EBITDA/interest coverage to remain at 2.0x-2.5x in the next 12-18
months.

On the other hand, its debt leverage was manageable in 2014, with
an adjusted debt/capitalization of 55.6% at end-2014 and
revenue/reported debt of 148.7%.

The company's reported debt totaled RMB13.9 billion at end-2014; a
level which was largely unchanged from end-2013, despite growing
its contracted sales by 18.8% year-on-year to RM24.5 billion in
2014.

Moody's expects Future Land to maintain its financial discipline
in land acquisitions, and to keep its revenue to gross debt at
100%-130% in the coming 12-18 months; a level which is comparable
with its Ba-rated peers.

Future Land's liquidity profile remains healthy. Its total cash
holdings of RMB7.4 billion at end-2014 and operating cash flow are
adequate to cover its maturing debt of RMB3.4 billion and
committed land payments over the next 12 months.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Future Land Development Holdings Limited was founded in 1996 by
its Chairman, Mr. Wang Zhenhua. Mr. Wang has been in the property
development business in China since 1993.  The company listed on
the Hong Kong Stock Exchange in November 2012.

Future Land's 58.86%-owned subsidiary, Jiangsu Future Land Co.,
Ltd is a B-share company listed on the Shanghai Stock Exchange
since 1997.

Future Land has more than 51 projects under development.  Its land
bank totaled approximately 15.56 million sqm of gross floor area
at Dec. 31, 2014.


GEELY AUTOMOBILE: Auto Finance JV Won't Affect Moody's Ba2 Rating
-----------------------------------------------------------------
Moody's Investors Service said that the China Banking Regulatory
Commission's approval of Geely Automobile Holdings Limited's plan
to begin setting up its own auto finance joint venture (JV) will
have no immediate impact on its Ba2 ratings or stable rating
outlook.

On February 12, Geely announced that the CBRC had approved the
company to start the setting up of venture with BNP Paribas
Personal Finance (unrated), although the actual start of
operations is subject to further approvals.

Geely and BNP will contribute RMB720 million and RMB180 million in
capital respectively.

The JV will provide wholesale financing to Geely and Volvo Car
(not rated) dealers and retail financing to their end-customers in
China.

"We expect Geely's auto finance JV to help the company increase
vehicle sales and enhance its customer service," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

"While the JV faces operational risks due to its start-up nature
and Geely's low price-point product mix, this risk is mitigated by
the partnership with BNP, which has extensive experience in auto
financing," says Ho.

Moody's also considers as likely that Geely will be required to
provide financial support to the JV in the future in addition to
the initial capital contribution.

However, Geely's robust financial capability provides a
significant cushion against such a risk. The company had cash
holdings of around RMB6.4 billion at end-June 2014 and the
proceeds from its US$300 million (RMB1.8 billion) bond issuance in
October 2014.

To assess its impact on Geely's credit profile and rating, Moody's
will monitor the JV's risk management, market position, operating
environment, liquidity, asset quality, capital adequacy,
profitability and funding.

While Geely will hold an 80% stake in the JV, it will equity
account for the venture because certain key corporate matters will
require a positive vote from BNP or an unanimous resolution.

Moody's analysis of Geely's financial metrics will also equity
account for the JV, and any support that Geely may need to lend to
it will be separately incorporated into its rating.

The principal methodology used in this rating was Global
Automobile Manufacturer Industry published in June 2011.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China.  Geely develops,
manufactures and sells passenger vehicles that are sold in China
and globally.  Its chairman and founder Mr. Li Shufu and his
family held a 42.6% stake in the company at end-June 2014.


HENGSHI MINING: Profit Warning No Impact on Moody's B1 CFR
----------------------------------------------------------
Moody's Investors Service said that Hengshi Mining Investments
Limited's profit warning is credit negative but has no immediate
impact on its B1 corporate family rating or stable outlook.

On Feb. 13, 2015, Hengshi issued a profit warning for its full-
year results for 2014, stating that it expects a 25%-35% year-
over-year decline in revenue and profit attributable to the owners
of the Company.

"The deterioration in Hengshi's operating performance in 2014
resulted from the weak iron ore prices, which we expect will
continue to challenge the company over the next 12-18 months,"
says Franco Leung, a Moody's Vice President and Senior Analyst.

"Nonetheless, we expect the impact on Hengshi's credit profile and
rating to be fairly modest, as its low financial leverage and
robust cost competitiveness provide significant cushions against
these lower results," says Leung.

Moody's expects Hengshi's adjusted EBITDA margin to decrease to
about 40% over the next 12 months from around 53% for the 12
months to June 30, 2014, mainly because of the continued weakness
in iron ore prices.

However, this level of profitability remains robust when compared
with its similarly rated mining peers.  This also demonstrates its
strong cost competitiveness.

The pressure on its profit margins should also be mitigated by the
continued improvement in its productivity and a change in its
product mix towards premium concentrates.  Hengshi reported an
average 71% year-over-year volume growth in iron ore concentrates
output in 2014. D espite the weakening profitability, Moody's
expects Hengshi's financial leverage to remain low in the absence
of a large-scale, debt-funded mine acquisition.  Its adjusted
debt/EBITDA is likely to stay about 1.0x over the next 12 months,
up from 0.3x for the 12 months to 30 June 2014.

Hengshi's liquidity profile weakened in 2014 because of decreased
cash holdings to fund its capital expenditure.  However, Moody's
believes the company will have little difficulty in refinancing
any maturing debt, given its low financial leverage and robust
profitability.

Upward rating pressure could emerge if Hengshi: (1) successfully
grows production and extends the mine lives of its existing
operations; (2) reduces its customer concentration; (3) keeps its
costs of operations under control; (4) improves its liquidity
buffer or improves its access to funding by diversifying its
channels; and (5) maintains its low financial leverage and robust
profitability.

Hengshi's rating could face negative pressure if: (1) the already
weak fundamentals for iron ore further deteriorate; (2) material
cost increases and/or delays to its project deliveries negatively
affect production levels; (3) it pursues a large-scale, debt-
funded mine acquisition; or (4) its liquidity profile and/or
credit metrics weaken.

Metrics indicative of downward rating pressure include adjusted
debt/EBITDA above 3.5x or an adjusted EBITDA margin below 30%-35%
on a consistent basis.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Listed on Hong Kong Exchange in November 2013, Hengshi Mining
Investments Limited was founded by Mr. Li Yanjun in 2004. Mr. Li
Ziwei is the settlor of a family trust which held 72.4% of the
company as at end-June 2014.

The company owns four iron ore mines in Hebei Province.  The
mines' iron ore probable reserves totaled 316 million tons at end-
June 2014.



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


BIRMINGHAM CITY F. C.: Owners Go Into Receivership
--------------------------------------------------
Steve Nailor at The Herald reports that Birmingham City Football
Club's parent company, Birmingham International Holdings (BIHL),
has appointed receivers to try to end the infighting among its
board.

Birmingham International Holdings (BIHL) has appointed Ernst and
Young Transactions Limited to manage the company day-to-day.

However, the club have quickly eased any fears over their future
and insist they are not in financial difficulty and will fulfil
their fixtures, according to The Herald.  The report relates that
no winding up petition has been filed against the BIHL and it is
not in liquidation.

The BIHL board, based in Hong Kong, has moved to end the internal
politics by asking Ernst and Young to run the company without any
"obstruction and distraction," the report notes.

The report discloses that A club statement read: "The club wishes
to reassure its supporters and staff most emphatically that no
winding up petition has been filed against the company (BIHL) and
that it is therefore not in liquidation.

"The subsidiary (BCFC) can fulfil its obligations as a member club
of the Football League and shall continue to maintain a strong
dialogue with the board of the Football League on this matter.

"With no apparent resolution to the fractious and inharmonious
relations within the management, the majority on the BIHL board
decided that it had no other option but to openly and voluntarily
request reputable receivers to take over the management of BIHL on
its behalf."

The report relays that a football league spokesman added: "The
League received notification earlier today regarding the
appointment of receivers by Birmingham City's holding company.

"We have requested a meeting with the club and the appointed
receivers at the earliest opportunity to discuss the matter."

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 7,
2011, Tariq Panja and Hwee Ann Tan at Bloomberg News report that
Birmingham City's major shareholder, Hong Kong-based Carson Yeung,
has pledged his private properties to lenders in a bid to raise
funds for the Premier League club.  According to Bloomberg,
Birmingham's parent company Birmingham International Holdings Ltd.
said in a statement that the club has liabilities that exceed its
assets by about HK$348 million (US$45 million).


CITIC RESOURCES: 2014 Results No Impact on Moody's Ba3 Rating
-------------------------------------------------------------
Moody's Investors Service said that CITIC Resources Holdings
Limited's financial results for 2014 were generally in line with
Moody's expectations and will not immediately impact the company's
Ba3 rating or stable outlook.

"While CITIC Resources' overall profitability improved in 2014,
its performance in the second half of the year deteriorated
considerably, mainly because of sharply lower oil prices and
significantly lower revenues from its commodity import and export
segment," says Joe Morrison, a Moody's Vice President and Senior
Analyst.

According to CITIC Resources, its adjusted segment results --
including from the Karazhanbas oilfield -- increased by 38% year-
on-year to HKD829 million in 2014.  However, segment results fell
by 67% to HKD207 million in 2H 2014 versus the level achieved in
1H 2014.

The deterioration in 2H 2014 was mainly due to: (1) lower margins
in its crude oil segment due to lower oil prices; (2) the loss of
some commodity export business as a result of the ongoing
investigation at Qingdao port; and (3) the continued fall in coal
prices, resulting in lower profit margins for its coal business.

"CITIC Resources' credit metrics will likely weaken in 2015, given
our expectation that its challenging operating environment will
persist over the next 12-18 months. Our expectation of such a
scenario has been incorporated in the company's rating," says
Pingping Xing, a Moody's Assistant Vice President and the Local
Market Analyst for CITIC Resources.

Assuming that oil prices stay low and CITIC Resources' commodity
export business does not recover over the next 12-18 months,
Moody's expects the company's adjusted debt/EBITDA to rise to
about 15x in 2015 from 6.1x in 2014.  This result would remain in
line with its underlying credit quality.

CITIC Resources' Ba3 rating continues to incorporate a three-notch
uplift, reflecting Moody's expectation that the company will
receive strong support from CITIC Group in the event of financial
distress.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

CITIC Resources Holdings Limited is an energy and natural
resources investment holding company, with interests in aluminum
smelting, coal, the import and export of commodities, manganese,
bauxite mining and alumina refining operations, as well as the
exploration, development and production of oil.

The company serves as the principal natural resources and energy
arm of its parent, CITIC Group.


DAH SING: Fitch Affirms 'BB+' Rating on Perpetual Jr. Sub. Debt
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of five small Hong Kong
banks -- Dah Sing Bank (DSB), Shanghai Commercial Bank Ltd (SCB),
Chong Hing Bank Limited (CHB), OCBC Wing Hang Bank Ltd (WHB) and
DBS Bank (Hong Kong) Limited (DBSHK).

The Issuer Default Ratings (IDRs) of DSB, SCB and CHB are driven
by their standalone creditworthiness, while the IDRs of WHB and
DBSHK are driven by institutional support from their respective
parents.

The affirmations of DSB, SCB and CHB's IDRs with Stable Outlooks,
together with WHB's Viability Rating (VR), reflect Fitch's view
that these four banks will maintain adequate intrinsic strength to
mitigate pressure from rising China concentration.

WHB and DBSHK's IDRs have been affirmed with Stable Outlooks,
based on the agency's view that the ability and propensity of
support from their respective parents remain unchanged.

KEY RATING DRIVERS AND SENSITIVITIES - IDRs and VRs (DSB, SCB and
CHB); VR (WHB)

Fitch's assessment captures the banks' growth strategies, healthy
liquidity and adequate loss absorption buffers amid prudent
regulatory oversight by the authorities.  The banks are focused on
cross border and onshore expansion to pursue growth due to their
limited franchise in Hong Kong, which could expose them to credit
losses from a slowdown of the Chinese economy and a potential
dislocation of the Chinese banking system.

DSB's risk appetite in China-related lending remains strong, as
envisaged in its growing mainland China exposures or MCE (1H14:
27% of total assets; 2010: 13%) in past years.  Compared to DSB's
domestic and cross-border loans, Fitch considers DSB's onshore MCE
activities to be of higher risk, as indicated by the impaired loan
ratio of its mainland China subsidiary of around 1.5% at end-2014
(1H14: total impaired loan ratio: 0.4%).  Fitch's assessment of
DSB's earnings quality and capital generation also take into
account the bank's reliance on the high contributions from its
stake in Bank of Chongqing (BOCQ, 36% of net profit at end-1H14).

SCB's Fitch Core Capital ratio of about 15% at end-1H14 continues
to provide a solid level of loss absorption buffer against a
build-up in concentration risk to China, including to regional
banks.  This, along with steady earnings, will help to
differentiate SCB against its peers.

CHB's low profitability weighs on its ratings, particularly as the
rental costs of its head office will add about 8% of annualised
1H14 non-interest expenses to its operating costs.  Fitch believes
CHB will be amongst the faster growing banks in this peer group
amid enhanced connectivity in China through its new owner Yue Xiu
Group.  The bank has been strengthening its risk management
capabilities to support the expansion, including unsecured cross-
border lending to local government related entities in Guangdong
province.

WHB is the second bank in this peer group for which Fitch expects
a pick-up in growth due to new ownership.  Fitch expects WHB's MCE
(30% of assets at end-1H14) to quickly catch up with the system-
wide average (34% at end-September 2014) given that it is a key
part in the strategic objectives of its 100% parent Oversea-
Chinese Banking Corp (OCBC; AA-/Stable).  The ratings reflect
Fitch's expectation that WHB will uphold stringent risk controls
and solid capitalisation.

The banks' VRs, and in turn DSB, SCB and CHB's IDRs, are sensitive
to changes in risk appetite.  Potential triggers for a downgrade
include a different attitude towards risk; for example, if the
banks' MCE increases above the system-wide average and a change in
the composition of China-related activities without an improvement
in risk controls, maintenance of sound capitalisation and
supported by stable funding.

DSB, SCB and CHB's ratings are unlikely to be upgraded as Fitch
believes thin pricing power and modest franchises will continue to
constrain the banks' earnings and capital generation.

Stronger integration with OCBC resulting in a higher level of
operational support may be positive for WHB's VR.

KEY RATING DRIVERS AND SENSITIVITIES - IDRs AND SUPPORT RATINGs
(WHB AND DBSHK)

The Support Rating (SR) and IDR of WHB reflect Fitch's
classification of WHB as a strategically important subsidiary of
OCBC, given WHB's ability to contribute to the group's Greater
China strategy due to its established Hong Kong franchise.  The
two entities are in the process of integrating their operations
and Fitch expects the linkages could materially strengthen over
the next 12-18 months, for example once staff retention agreements
expire in January 2016.

DBSHK's SR and IDR take into consideration Fitch's classification
of DBSHK as a core subsidiary of DBS Bank Ltd (DBS; AA-/Stable),
due to strong integration with the parent in group management
control and its key role in the group's expansion strategies in
Greater China.

The banks' SRs, and in turn IDRs, are sensitive to a change in
Fitch's assessment of either the ability or propensity of their
respective parents to extend timely extraordinary support.

Stronger linkages between WHB and OCBC such as integrated
treasury, operations, risk management and cross-reference of
products and customers could trigger an upgrade in WHB's IDR.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATINGs AND SUPPORT
RATING FLOORs (DSB, SCB and CHB)

The affirmation of SRs and Support Rating Floors (SRFs) of DSB,
SCB and CHB, reflect their limited systemic importance with
moderate probability of support from the Hong Kong authorities, if
needed.  Fitch expects to downgrade the banks' SRs to '5' and SRFs
to 'No Floor' following the implementation of a resolution
mechanism and bail-in tools later this year.  Even if the SRs and
SRFs were downgraded, there would be no impact on the VRs, and by
implication, the banks' IDRs.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT

Subordinated debt issued by DSB and CHB are notched down from
their VRs (the anchor rating) as the banks' credit profiles are
driven by their standalone financial strength.  Debt issued by WHB
is notched down from its IDR (anchor rating), which reflects the
agency's expectation of parental support being made available to
the bank.  DSB and CHB's debt ratings are primarily sensitive to a
change in these banks' VRs, while WHB's debt rating is sensitive
to its IDR.

Fitch rates DSB's and CHB's legacy Tier 2 instruments one notch
below their respective VRs to reflect their below-average loss
severity relative to senior unsecured instruments given their
subordination.  Fitch also rates DSB's subordinated debt with non-
viability clauses and partial write-down features at the same
level due to similar recovery prospects, in the agency's view.

The ratings of DSB's and WHB's perpetual junior subordinated debt
are notched three levels from their respective anchor ratings -
two notches for greater non-performance risk given their interest
deferral features and one notch for below-average loss severity.

The rating actions are:

Dah Sing Bank
Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
Lower Tier-2 subordinated debt without non-viability clauses
affirmed at 'BBB'
Subordinated notes with non-viability clauses affirmed at 'BBB'
Perpetual junior subordinated debt without non-viability clauses
affirmed at 'BB+'

Shanghai Commercial Bank Ltd
Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F2'
Viability Rating affirmed at 'a-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
Chong Hing Bank Limited
Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F3'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
Lower tier-2 subordinated debt without non-viability clauses
affirmed at 'BBB-'

OCBC Wing Hang Bank Ltd
Long-Term Foreign and Local Currency IDRs affirmed at 'A+';
Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F1'
Viability Rating affirmed at 'a-'
Support Rating affirmed at '1'
Perpetual junior subordinated notes without non-viability clauses
affirmed at 'BBB+'

DBS Bank (Hong Kong) Limited
Long-Term Foreign and Local Currency IDRs affirmed at 'AA-';
Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F1+'
Support Rating affirmed at '1'



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


AGGARWAL IMPEX: ICRA Suspends B+ Rating on INR2cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.00 crore fund based bank facilities and short term rating
of [ICRA]A4 assigned to the INR6.00 crore non fund based bank
facilities of Aggarwal Impex.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based Limits            2.00         [ICRA]B+; Suspended

   Short-term-Non
   Fund Based Limits       6.00         [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

The firm was established in 1979 and its name was changed to
Aggarwal Impex in 2000. AI is engaged in the business of wholesale
trading of timber. It imports timber from Malaysia. The firm's
head office is located in Karnal (Haryana) and its branch office
in Gandhidham (Gujarat). All the sawn timber produced at AI's
Gandhidham (Gujarat) factory is sold from its office in Karnal and
Gandhidham.


BABA BISWANATH: CRISIL Assigns B Rating to INR35MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Baba Biswanath Agro Products Pvt Ltd (BBAPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             35         CRISIL B/Stable

   Standby Line of        5         CRISIL B/Stable
   Credit

   Proposed Long Term    13.1       CRISIL B/Stable
   Bank Loan Facility

   Bank Guarantee         1.9       CRISIL A4

   Cash Credit           35         CRISIL B/Stable

The ratings reflect BBAPPL's weak financial risk profile, its
small scale of operations, and its susceptibility to volatility in
raw material prices and to changes in government regulations.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the rice-milling industry
and its diversified customer base.

Outlook: Stable

CRISIL believes that BBAPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase substantially, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if BBAPPL undertakes aggressive debt-funded expansions,
or if its revenue and profitability decline substantially, or if
its liquidity weakens because of a stretch in its working capital
cycle.

Incorporated in 1996, BBAPPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. The
company's promoter-directors Mr. Samir Kundu, Mr. Chandan Kundu,
and Mr. Malay Kundu manage its day-to-day operations.


BISWAMATA HEEMGHAR: CRISIL Reaffirms B Rating on INR79.8MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Biswamata
Heemghar Pvt Ltd (BHPL) continues to reflect BHPL's below-average
financial risk profile, and its susceptibility to regulatory
changes in the cold storage industry. These rating weaknesses are
partially offset by the extensive industry experience of BHPL's
promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          79.8        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   19.2        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility             16.8        CRISIL B/Stable (Reaffirmed)

   Term Loan            34.2        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BHPL will continue to benefit over the medium
term from the extensive experience of its promoters in the cold
storage business. The outlook may be revised to 'Positive' in case
of efficient management of farmer financing and significant ramp-
up in the company's scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if BHPL's
liquidity is constrained by delays in repayments by farmers,
lower-than-expected cash accruals, or any debt-funded capital
expenditure.

BHPL was taken over by Mr. Shyamal Dandapat in 2012 from Mr.
Swapan Ghosh. BHPL provides cold storage facility for potatoes;
the promoters also undertake opportunistic trading in potatoes
through the company. The cold storage is located in Chandrakona,
Mednipur West (West Bengal).


BOSE BUILDING: CRISIL Assigns B- Rating to INR97MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Bose Building Materials & Prefab Houses Pvt Ltd
(BBMPH).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      97         CRISIL B-/Stable
   Bank Loan Facility

The rating reflects BBMPH's exposure to risks related to
implementation of its ongoing project. This rating weakness is
partially offset by the extensive entrepreneurial experience of
BBMPH's promoters.

Outlook: Stable

CRISIL believes that BBMPH will benefit over the medium term from
its promoters' extensive entrepreneurial experience. The outlook
may be revised to 'Positive' if the company ramps up operations
and generates sizeable cash accruals, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if BBMPH faces any delay in commencing commercial
operations, leading to considerably low accruals, or undertakes a
substantially large debt-funded capital expenditure programme,
weakening its financial risk profile.

BBMPH, based in Andhra Pradesh, is setting a facility to
manufacture prefabricated housing materials. The company is
promoted by Mr. M S Chandra Bose.


BRAZA TYRES: CRISIL Cuts Rating on INR50MM Cash Credit to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Braza Tyres Pvt Ltd (BTPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Term Loan             21.6       CRISIL B/Stable  (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in BTPL's business
risk profile and financial flexibility. The company's turnover
declined by 21 per cent to INR259.9 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR330.6 million in
2012-13 following the realignment of its tube manufacturing
operations (accounting for around 30 per cent of turnover) to a
group entity for tax exemption purpose. The rating downgrade also
reflects stretch in BTPL's working capital cycle with increase in
inventory to 75 days as on March 31, 2014, from 46 days a year
earlier, and stretch in debtors to 102 days from 87 days over the
same period.

The company's financial flexibility is weak, marked by extensive
utilisation of bank lines at an average of 99 per cent over the 12
months through November 2014. Its financial flexibility is also
constrained by debtors greater than six months of INR23.1 million
as on March 31, 2014; the debtors are expected to remain large
over the medium term as the receivables are mostly from group
companies.

CRISIL believes that BTPL's business risk profile and financial
flexibility will remain constrained with increase in the company's
working capital requirements over the medium term.

The rating reflects BTPL's modest scale of operations in a highly
competitive industry, and vulnerability of its profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of BTPL's promoters
in the tyres and tubes industry, its established marketing
network, and average financial risk profile marked by moderate
capital structure and above average debt protection metrics,
however; constrained by low net worth.

Outlook: Stable

CRISIL believes that BTPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
strong marketing network. The outlook may be revised to 'Positive'
if BTPL reports a substantial increase in its scale of operations
and maintains its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of significantly
low revenue and profitability, or considerable stretch in working
capital requirements, or additional debt-funded capital
expenditure, weakening the company's financial risk profile.

BTPL was set up in 2006 by Mr. Achal Dev Sharma. The company
manufactures tyres, tyre tubes, and precured tread rubber used in
tyres. BTPL initially manufactured automobile tubes for two-
wheelers, motorcycles, and cars. In 2009, the company commenced
manufacturing tread rubber and tyres for various vehicles such as
scooters, motorcycles, jeeps and light commercial vehicles, and
tractors and trucks. Mr. Achal Sharma, his wife Ms. Nisha Sharma,
and his brother Mr. Kapil Dev Sharma are BTPL's directors.


BRIJLAX MOTORS: CARE Reaffirms B+ Rating on INR11cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Brijlax Motors Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       11       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to Brijlax Motors Private Limited (BMP)
continues to remain constrained by its declining and small
scale of operations, low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The rating
also continues to remain constrained by its working capital-
intensive nature of operations and fortunes linked to
the performance of Tata Motors Limited (TML).

The rating continues to derive strength from the experienced
promoters of BMP, association with Tata Motors, an established
brand and industry outlook.

Going forward, the ability of BMP to increase its scale of
operations along with improvement in the profitability margins
capital structure and efficient working capital management shall
be the key rating sensitivities.

BMP was incorporated in 1995 by Mr Bimal Kumal Agarwal and his
family members. The company initially started in 1995 with the
automobile dealership of Daewoo Motors Limited (DML) for the sale
of its passenger cars which was later surrendered in year 2002.
During the same year, BMP took the automobile dealership of TML
for its passenger cars for the Varanasi region.

BMP operates 3S facility (Sales, Spares, Service) at Sigra,
Varansai, and caters the area in and around the region for
passenger vehicles (PV) (Sumo, Safari, Xenon, Venture, ARIA,
Indica, Nano, etc).

Besides BMP, the company's promoters have other group associates
such as Agarwal Automobiles, Agarwal Auto, Brijlax Exports and
Agarwalla Commercial (rated 'CARE BB'). Agarwal Automobiles,
Agarwal Auto and Agarwalla Commerical are automobile dealerships
for various commercial and passenger vehicles, while Brijlax
Exports is engaged in the trading of carpets.

For FY14 (refers to the period April 1 to March 31), BMP achieved
a total operating income of INR56.31 crore with a PAT of INR0.29
crore. Furthermore, BMP has reported a total operating income of
INR40.14 crore in 9MFY15 (refers to the period April 1 to
December 31).


CASA TILES: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR10.42 crore
(reduced from INR14.00 crore) term loan and INR15.00 crore
(enhanced from INR13.00 crore) cash credit facility of Casa Tiles
Pvt. Ltd. ICRA has also reaffirmed the [ICRA]A4 rating to the
INR1.00 crore (reduced from INR1.50 crore) short term non-fund
based letter of credit facility and INR5.00 crore (enhanced from
INR4.50 crore) short term non-fund based bank guarantee facility
of CTPL.

                       Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit            15.00        [ICRA]B+ reaffirmed
   Term Loan              10.42        [ICRA]B+ reaffirmed
   BG                      5.00        [ICRA]A4 reaffirmed
   LC                      1.00        [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to reflect the weak
financial profile of CTPL characterised by weak profitability,
leveraged capital structure, weak debt protection metrics and
stretched liquidity. The ratings also continue to be constrained
by high competitive intensity with presence of large established
organized and unorganized players in the industry, vulnerability
of CTPL's profitability to the cyclicality associated with the
real estate industry and to the availability and increasing prices
of gas which is a major source of fuel.

However, the ratings favorably factor in the extensive experience
of the promoters in ceramic industry and the location advantages
derived from its proximity to key raw material sources.

Casa Tiles Pvt. Limited (CTPL) is a vitrified tiles manufacturer
with its plant situated at Wakaner, Gujarat. The company was
established in 2010 and commenced its operations in August 2011.
CTPL is promoted and managed by Mr. Pankaj Zalaria, Mr. Gopal
Zalaria and Mr. Kishan Kaila. The plant has an installed capacity
to produce 60,000 MTPA of vitrified tiles. CTPL currently
manufactures soluble salt and multi charge vitrified tiles of
sizes 600mm X600mm and 800mmx800mm with the current set of
machineries at its production facilities.

Recent Results
During FY 2014, the company reported an operating income of
INR46.38 crore and net profit of INR0.49 crore as against an
operating income of INR46.91 crore and net profit of INR0.46 crore
in FY 2013.


CHIRAMITH PRECISION: ICRA Assigns B+ Rating to INR5.7cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to Rs 7.90 crore
fund based limits of Chiramith Precision (India). ICRA has also
assigned a short-term rating of [ICRA]A4 to Rs 0.10 crore non-fund
based limits of CPI.

                       Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund
   based/ CC               2.20         [ICRA]B+ assigned

   Long-term fund
   based/Term loans        5.70         [ICRA]B+ assigned

   Short-term Non
   fund based              0.10         [ICRA]A4 assigned

The assigned ratings are constrained by the modest size of the
firm's operations leading to low bargaining power with customers
and significant fluctuation in profitability margins and return
indicators in the past. The ratings are further constrained by
CPI's vulnerability of profitability to fluctuations in prices of
key raw materials and adverse forex movements; although the same
is partly mitigated by the presence of price variation clauses in
contracts and through pre-shipment credit in foreign currency
(PCFC) facility being used by the firm. The high inventory
maintained by the firm on account of vast portfolio of products
being offered is also a cause of concern. The risk is further
accentuated as a result of the partnership nature of the firm.
The assigned ratings, however, favourably factor in the extensive
experience of the promoters of over 2 decades in the precision
machining industry, customer base comprising of reputed clients
and established relations with the customers which assists in
procuring repeat orders. The ratings also positively factor in the
firm's moderate capital structure with gearing of 1.26 times in
FY2014, healthy NCA/ Total Debt at 35% and interest coverage at
2.14 times as on FY2014. The firm has also achieved sales of
around INR7.45 crores as on December 2014.

Chiramith Precision (India) (CPI) is a 100% Export Oriented Unit
(EOU) situated at Mangalore, India. The firm has two decades
experience of Manufacturing Watch Screws & Precision Turned
Components. Chiramith Precision (India) is an ISO 9001:2008
certified firm and the certificate is accredited to UK Quality
Management, USA Quality System and Indian Standards. It supplies
high precision components and assemblies in small, miniature and
micro sizes.

Recent Results
In FY2014, the firm reported operating income of INR10.03 crore
and NPM of INR1.00 crores as compared to the operating income of
INR8.82 crore in FY2013 and NPM of INR0.41 crores.


DASMESH MECHANICAL: CRISIL Ups Rating on INR70MM Cash Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Dasmesh
Mechanical Works Pvt Ltd (DMWPL) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          70          CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Letter of Credit      2.5        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Term Loan            14.5        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects DMWPL's track record of timely
servicing of its debt over the past six months, following
improvement in its liquidity. The company's liquidity improved
because of increase in its scale of operations driven by better
monsoon and higher demand for farm equipment, and reduced working
capital requirements.

The ratings reflect DMWPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
modest scale of operations. Moreover, the company is susceptible
to cyclicality inherent in the agricultural industry and to
changes in government policies. These rating weaknesses are partly
offset by the extensive industry experience of DMWPL's promoters
and the benefits expected from the sound growth prospects for the
agricultural farm implements industry.

Outlook: Stable

CRISIL believes that DMWPL will continue to benefit over the
medium term from its promoters' extensive experience in the
agricultural farm implements industry. The outlook may be revised
to 'Positive' if DMWPL registers significant growth in its
turnover and profitability, resulting in substantial accruals, and
consequently, in an improved financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a considerable decline in the company's revenue or
profitability, or deterioration in its working capital management,
resulting in further pressure on its liquidity, or large debt-
funded capital expenditure, leading to deterioration in its
financial risk profile.

DMWPL was incorporated in 2010, promoted by Mr. Amar Singh and his
family members, to take over the business of their partnership
firm, Dasmesh Mechanical Works. The company took over the business
in July 2010, and now manufactures harvester combines and other
farm equipment. It has its manufacturing facility in Malerkotla
(Punjab).

DMWPL reported a net loss of INR4.9 million on net sales of
INR533.4 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net profit of INR7.8 million on net sales of
INR356.7 million for 2012-13.


EUROBOND INDUSTRIES: CARE Reaffirms B Rating on INR27.3cr LT Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Eurobond
Industries Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     27.30      CARE B Reaffirmed

CARE has withdrawn the rating assigned to the bank facility (term
loan) of Eurobond Industries Private limited with immediate
effect, due to extinguishment of the said facility and there is no
amount outstanding under the facility as on date.

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities of
Eurobond Industries Private Limited (EIPL) takes into account
delay in the commissioning of iron ore beneficiation and
pelletisation project and restructuring of its debt obligations
under Corporate Debt Restructuring (CDR). The rating is also
constrained by the continued decline in networth on account of
losses leading to a highly leveraged capital structure and risks
associated with volatility in the raw material prices.

However, the rating considers the various subsidies and tax
incentives available to EIPL on account of the location of its
existing manufacturing facility in the state of Jammu and Kashmir.

The ability of the company to commence commercial production of
pellet plant as per revised schedule and generate adequate cash
accruals for debt servicing obligations are the key rating
sensitivities.

Incorporated in August 2004, EIPL is a part of the Euro group
promoted by Mr Suresh Gala. EIPL manufactures aluminium
composite panel (ACP) sheets, which find application in the real
estate industry (interior and external designs used in high
rise buildings, shopping malls, etc). The ACP manufacturing
facility in Jammu has installed capacity of 18.90 lakh square
mt. per annum. The ACP sheets are marketed under the brand name
"Eurobond". The company has a network of distributors and
fabricators through which it markets its products for real estate
projects as well as for the retail market.

Various subsidies and tax incentives are available to the company
on account of the location of the ACP plant in the state of Jammu
and Kashmir.

In order to diversify its operations, EIPL is implementing an iron
ore beneficiation and pelletisation project with an installed
capacity of 500,000 TPA.

EIPL reported a loss of INR12.42 crore on the total income of
INR185.19 crore in FY14 (refers to the period April 1 to
March 31) as against a loss of INR59.28 crore on the total income
of INR140.46 crore in FY13. For H1FY15, EIPL reported PAT of
INR0.94 crore on a total income of INR117.21 crore.


GAGAN RESOURCES: CARE Reaffirms B+ Rating on INR4cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gagan Resources Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility         4        CARE B+ Reaffirmed
   Short-term Bank Facility        7        CARE A4 Reaffirmed

Rating Rationale
The rating continues to remain constrained by its small scale of
operations in the highly fragmented and competitive iron & steel
industry, its low capacity utilization (i e 21.32% in FY14 refers
to the period April 1 to March 31), lack of backward integration
vis-…-vis volatile prices of raw material and finished goods, high
working capital intensity of the operation and its concentrated
customer base with top three accounting for more than 83% of the
total operating income in FY14.

The ratings, however, draw comfort from the long track record and
experience of the promoter in the iron & steel industry and its
comfortable capital structure.

The ability of the company to grow its scale of operations along
with improvement in profitability margins while managing its
working capital requirements efficiently shall remain the key
rating sensitivities.

Gagan Resources Pvt. Ltd. (GRPL), incorporated in April, 1991 by
Mr Ramesh Agarwal and Mr Suresh Agarwal of Raipur, Chhattisgarh,
initially commenced with mining activities. Subsequently in 2005,
it forayed into manufacturing of sponge iron [capacity of 30,000
Metric Tonnes Per Annum (MTPA)] with its plant being located at
Dharsiva in Raipur, Chhattisgarh. The company, after multiple
changes of hands, in 2009, was acquired by the present promoter,
Mr Anil Agarwal & his family members to carry out the same
business. Apart from manufacturing, it is also involved in trading
activities of iron and steel related materials (accounting for
about 18.55% of net sales in FY14).

During FY14, GRPL had reported a total operating income of
INR20.17 crore (as against INR22.52 crore in FY13) and a loss
of INR0.13 crore (as against PAT of INR0.23 crore in FY13).
Furthermore in 9MFY15 (provisional), the company has achieved TOI
of INR10 crore.


GRAND MARINE: CRISIL Upgrades Rating on INR7MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Grand Marine Foods (GMF; part of the Safa group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and reaffirmed its rating on the
firm's short-term bank facilities at 'CRISIL A4'.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Export Packing Credit      120     CRISIL A4 (Reaffirmed)

   Foreign Bill Negotiation   100     CRISIL A4 (Reaffirmed)

   Long Term Loan               7     CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the Safa group
will sustain its improved business performance over the medium
term. The group's operating income increased by around 54 per cent
year-on-year in 2013-14 (refers to financial year, April 1 to
March 31), supported by its entry into new geographies and healthy
demand from existing customers. The group booked an operating
income of around INR600 million for the nine months ended December
31, 2014, and is likely to sustain its improved scale of
operations over the medium term supported by healthy demand for
its product. Because of improvement in scale of operations and
moderate profitability, the group booked moderate cash accruals of
INR32 million in 2013-14. The cash accruals are expected to remain
moderate, at around INR30 million per annum, over the medium term.

The ratings reflect the susceptibility of the Safa group's
profitability to volatility in raw material prices and foreign
exchange rates, and to risks inherent in the seafood segment.
These rating weaknesses are partially offset by the group's above-
average financial risk profile, marked by moderate capital
structure and debt protection metrics, and the extensive
experience of its promoters in the seafood segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GMF and Safa Enteprises (SE). This is
because the two firms, together referred to as the Safa group,
operate in similar lines of business and have fungible funds.

Outlook: Stable

CRISIL believes that the Safa group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group scales up
its operations and improves its profitability on a sustainable
basis, resulting in enhanced cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile weakens, most likely because of a
decline in its cash accruals, or large debt-funded capital
expenditure, or sizeable capital withdrawals by the promoters.

Established in 1998, Kerala-based SE processes and exports
seafood. GMF, set up in 2005, is engaged in the same line of
business.


IFMR CAPITAL: ICRA Rates INR3.55cr PTC Series A2 B(SO)
------------------------------------------------------
ICRA had assigned conditional [ICRA]A-(SO) rating and conditional
[ICRA]B(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Maia 2014 backed by micro loan receivables
originated by Disha Microfin Private Limited (Disha), Future
Financial Servicess Limited (FFSL), Satin Creditcare Network
Limited (Satin), and S V Creditline Private Limited.

                    Initial
                   Principal                    Credit
   Facilities       (INR cr)     Rating       Collateral
   ----------       --------     -------      ----------
   PTC Series A1     67.43       [ICRA]A-(SO)   8.60%
   PTC Series A2      3.55       [ICRA]B(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


IFMR CAPITAL MOSEC: ICRA Rates INR8.08cr PTC Series A2 B(SO)
------------------------------------------------------------
ICRA had assigned conditional [ICRA]BBB(SO) rating and conditional
[ICRA]B(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital MOSEC Odin 2014 [SPV for the ABS transaction] backed by
micro loan receivables originated by Asirvad Microfinance Private
Limited (Asirvad), Grameen Financial Services Private Limited
(GFSPL), Satin Creditcare Network Limited (Satin) and S V
Creditline Private Limited.

                   Principal                    Credit
   Facilities       (INR cr)     Rating       Collateral
   ----------       --------     -------      ----------
   PTC Series A1      71.84      [ICRA]BBB(SO)    5.16%
   PTC Series A2       8.08      [ICRA]B(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


IFMR CAPITAL MOSEC TALOS: ICRA Rates INR6.17cr Issuance B-(SO)
--------------------------------------------------------------
ICRA had assigned conditional [ICRA]BBB(SO) rating and conditional
[ICRA]B-(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital MOSEC Talos 2014 [SPV for the ABS transaction] backed by
micro loan receivables originated by Annapurna Microfinance
Private Limited (AMPL), Asirvad Microfinance Private Limited
(Asirvad), Future Financial Servicess Limited (FFSL), Fusion
Microfinance Private Limited (Fusion), Grameen Financial Services
Private Limited (GFSPL), Pahal Financial Services Private Limited
(Pahal), Sahayog Microfinance Limited (Sahayog) and SV Creditline
Private Limited.

                    Initial
                   Principal                    Credit
   Facilities       (INR cr)     Rating       Collateral
   ----------       --------     -------      ----------
   PTC Series A1      58.72      [ICRA]BBB(SO)   7.19%
   PTC Series A2       6.17      [ICRA]B-(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


ISHAN INTERNATIONAL: ICRA Suspends B- Rating on INR15cr LT Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR15.0 crore long term fund based limits of M/s Ishan
International. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JAWAHAR SHETKARI: CRISIL Reaffirms B- Rating on INR600MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jawahar Shetkari
Sahakari Soot Girni Ltd (Jawahar Shetkari) continue to reflect
Jawahar Shetkari's weak financial risk profile, marked by modest
net worth, a highly leveraged capital structure, and inadequate
debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        65       CRISIL A4 (Reaffirmed)

   Cash Credit          600       CRISIL B-/Stable (Reaffirmed)

   Term Loan             17       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the society's large working capital
requirements and its susceptibility to volatility in cotton
prices. Jawahar Shetkari, however, benefits from its established
position in the yarn-manufacturing segment.

Outlook: Stable

CRISIL believes that Jawahar Shetkari's financial risk profile
will remain constrained over the medium term, with a highly
leveraged capital structure and low profitability. The society
will, however, continue to benefit over this period from its
established position in the yarn manufacturing industry. The
outlook may be revised to 'Positive' if the society reports
significant and sustained improvement in its profitability and
sales, coupled with improvement in its capital structure most
likely through infusion of funds by the promoters. Conversely, the
outlook may be revised to 'Negative' if Jawahar Shetkari's
liquidity weakens, most likely due to lower-than-expected accruals
or deterioration in its working capital management.

Update
In 2013-14 (refers to financial year, April 1 to March 31),
Jawahar Shetkari posted revenue of INR2.92 billion with year-on-
year growth of over 20 per cent. During 2014-15, the society is
expected to report revenue of around INR2.7 billion marginally
lower than the previous year because of a drop in cotton prices.
During 2013-14, Jawahar Shetkari reported operating margin of 3.15
per cent. Operating margin is expected to remain moderately low
and also vulnerable to cotton prices. Jawahar Shetkari's working
capital continues to remain high due to inventory holding of two
to three months.

Jawahar Shetkari's financial risk profile continues to remain weak
as reflected by small net worth of INR61.8 million and high total
outside liabilities to tangible net worth ratio and gearing as on
March 31, 2014. The continued losses over the past couple of
financial years has wiped out a significant portion of society's
net worth. Additionally, high debt levels and weak profitability
have resulted in inadequate debt protection metrics. Liquidity of
the society continues to remain weak with high debt repayment
obligations and fully utilised bank lines.

Jawahar Shetkari was registered as a co-operative society in 1981
in Dhule (Maharashtra). It was set up by Mr. Rohidas Patil. The
society manufactures yarn in the count of 24s to 42s, and sells to
wholesalers and hosiery garment manufacturers in India and abroad.
Jawahar Shetkari has a cotton spinning mill in Dhule with capacity
of 88,704 spindles.


KS OVERSEAS: CRISIL Reaffirms B+ Rating on INR800MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of KS Overseas Pvt Ltd (KSOPL; formerly, Kashmiri Lal
Satpal), and has reaffirmed its rating on the company's long-term
facilities at 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             800      CRISIL B+/Stable (Reaffirmed)
   Foreign Exchange         15      CRISIL A4 (Reassigned)
   Forward
   Warehouse Financing     167      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan           18      CRISIL B+/Stable (Reaffirmed)

The ratings reflect KSOPL's weak financial risk profile marked by
weak capital structure and debt protection metrics, and its
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by KSOPL's established presence in
the domestic market, the healthy contribution of exports to its
revenue, and its promoters' extensive experience in the rice
industry.

Outlook: Stable

CRISIL believes that KSOPL will benefit over the medium term from
its promoters' extensive industry experience. Its financial risk
profile is, however, expected to remain weak because of large
working capital requirements. The outlook may be revised to
'Positive' in case of substantial improvement in the company's
profitability and net worth, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
KSOPL's profitability declines, or if its working capital
management weakens, leading to deterioration in its financial risk
profile, particularly its liquidity.

KSOPL was originally set up in 1959 as a Hindu undivided family
(HUF) by Mr. Satpal Gupta (karta), and was reconstituted as a
private limited company effective March 2013. KSOPL mills and
processes basmati rice for sale in the domestic and export
markets.


LILAMANI INFRA: CRISIL Reaffirms B+ Rating on INR500MM Term Loan
----------------------------------------------------------------
CRISIL's rating on long term bank facilities of Lilamani Infra
(LI) continues to reflect LI's exposure to demand and project
implementation risks associated with its ongoing project; and the
firm's susceptibility to cyclicality inherent in the real estate
sector in India. These rating strengths are partially offset by
the extensive experience of LI's promoters in the real estate
sector.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             500      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LI will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' if LI
reports a significant improvement in its business and financial
risk profiles, backed by timely implementation and increased
saleability of its ongoing project, leading to healthy cashflows.
Conversely, the outlook may be revised to 'Negative' if LI faces
time and cost overruns in its ongoing project or faces delays in
customer advances, constraining its financial profile,
particularly liquidity.

Update
The implementation of Lilamani Infra's only ongoing residential
project, River Valley One, is complete to an extent of 40 percent.
The project is spread across seven blocks consisting of 253 units
with building user permission for all blocks pending. The project
is funded through a mix of promoters' contribution, customer
advances and term loan. As of March 31, 2014 promoters have
infused INR450.3 million in form of capital and unsecured loan,
reflecting their funding support to the firm. LI has availed term
loan of INR130 million till March 31, 2014 and customer advance of
INR39.5 million has been received against 10 percent of customer
booking. The booking for the project remains slow showing some
sign of demand pressure due to subdued economic environment,
CRISIL expects the booking status to improve demand going forward
with improvement in overall economic scenario.

Formed in 2012, LI is part of Ahmedabad (Gujarat)-based Lilamani
group, and promoted by Mr. Mahendra Vora and his family. The firm
is developing a residential project of 253 apartments called River
Valley One at Hansole in Ahmedabad. The project is scheduled for
completion in March 2017.


M.B. ISPAT: CARE Revises Rating on INR11.25cr LT Loan to B+
-----------------------------------------------------------
CARE revised the rating assigned to bank facilities of M.B. Ispat
Corporation Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.25      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating of M.B. Ispat Corporation Ltd (MICL)
takes into cognizance improvement in the financial risk profile in
FY14 (refers to the period April 1 to March 31) vis-a-vis FY13
marked by improvement in profitability margins, capital structure
and debt service coverage indicators. However, the rating
continues to be constrained by its relatively small scale of
operation in the highly competitive & fragmented iron & steel
industry, lack of backward integration vis-a-vis susceptibility of
margins to volatility in raw material prices, high working capital
intensity of operations and low capacity utilisation.

The rating, however, draws comfort from the satisfactory
experience of the promoters in the iron & steel industry and
strategic location of the plant.

The ability of the company to further grow its scale of operations
while sustaining its profitability margins and manage its working
capital requirements efficiently shall remain the key rating
sensitivities.

MICL, incorporated in July 2002 by the Agarwal family of Burdwan,
West Bengal, with Mr Shankar Lal Agarwal, being the main promoter.
The company commenced operations in November 2003 with sponge iron
plant [initial install capacity - 30,000 metric tonne per annum
MTPA)], located at Bankura, West Bengal. Subsequently, in
September 2004, the company expanded the capacity of sponge iron
from 30,000 MTPA to 60,000 MTPA. Apart from manufacturing, it is
also involved in trading activities of iron and steel-related
products like iron ore fines, coal fines, wire rod, GI wires, MS
round, etc, which accounting for about 0.71% of the total
operating income in FY14.

During FY14, MICL had reported a total operating income of
INR61.73 crore (vis-…-vis INR76.53 crore in FY13) and a PAT
(after def. tax) of INR1.09 crore (vis-…-vis INR3.24 crore loss in
FY13). Furthermore, as per provisional 9MFY15, the company has
maintained to have achieved a total operating income of about
INR42.4 crore.


M. P. ASSOCIATES: CRISIL Ups Rating on INR620MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
M. P. Associates (MPA) to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             620        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects MPA's improved liquidity, supported by
funding tie-up for its commercial project, M P Mall in Navi Mumbai
(Maharashtra), and advances received from customer bookings. The
firm was sanctioned additional term loan of INR270 million in May
2014 for the project. The rating upgrade also reflects timely
completion of the firm's residential project, Balaji Angan, also
in Navi Mumbai. MPA's liquidity will, nevertheless, remain
dependent upon sale of flats in the residential project, and will
continue to be a key rating sensitivity factor.

The rating reflects MPA's risks related to project implementation
and stretched liquidity. These rating weaknesses are partially
offset by the firm's low offtake risk and extensive experience of
partners in the real estate development business.

Outlook: Stable

CRISIL believes that MPA will continue to benefit over the medium
term from low off-take risk given the prime location of the firm's
projects. The outlook may be revised to 'Positive' if MPA makes
significant progress on implementing its project or sells more-
than-expected flats in its residential project and is able to
lease out its commercial mall project. Conversely, the outlook may
be revised to 'Negative' if MPA's advances from customers are
delayed, if it faces significant time or cost overruns on its
commercial project, or reports lower-than-expected sale on its
projects.

Set up in July 18, 2005, MPA is a partnership firm engaged in real
estate development. The current partners are Mr. Mangesh
Parulekar, Mr. Vivekanand Patil and Mr. Dilip Karelia. The firm
has recently completed 144 residential flats under project, Balaji
Angan, and is constructing a commercial mall, MP Mall, of around
2.15 lakh square feet adjoining the residential project.


MAA BIJASANI: CRISIL Assigns B+ Rating to INR40MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maa Bijasani Petro Chem Pvt Ltd. The
ratings reflect MBPPL's small scale of, and low value addition in,
operations, leading to average profitability. These rating
weaknesses are mitigated by the experience of MBPPL's promoters in
the petrochemicals industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit      15         CRISIL A4
   Bank Guarantee        15         CRISIL A4
   Cash Credit           40         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that MBPPL will continue to benefit over the
medium term from the long-standing experience of the promoters in
the petrochemicals industry. The outlook may be revised to
'Positive' if ramp-up in scale of operations and improved
profitability strengthen MBPPL's cash accruals. Conversely, the
outlook may be revised to 'Negative' if deterioration in working
capital cycle or any large, debt-funded capital expenditure
weakens its financial risk profile.

Incorporated in 1999, MBPPL is based at Shirpur (Maharashtra) and
promoted by Mr. Pritesh Hasmukhbhai Patel. MBPPL manufactures
petroleum ethers and hydrocarbon solvents for industrial purposes.
Its manufacturing facility is at Shindkheda, Dhule (Maharashtra).

For 2013-14 (refers to financial year, April 1 to March 31), MBPPL
reported a profit after tax (PAT) of INR1.4 million on net sales
of INR180 million, against a PAT of INR1.9 million on net sales of
INR130 million for 2012-13.


MARUTI GINNING: ICRA Reaffirms B+ Rating on INR5cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR6.05 crore fund
based facilities of Maruti Ginning and pressing Industries.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund based-
   Cash Credit             5.00         [ICRA]B+ reaffirmed

   Long Term Fund based-
   Term Loan               1.05         [ICRA]B+ reaffirmed

The ratings continue to be constrained by Maruti Ginning and
Pressing Industries' (MGPI) weak financial profile as reflected in
low profitability, adverse capital structure, weak debt coverage
indicators and stretched liquidity position. The ratings also take
into account the low value additive nature of operations and the
intense competition on account of the fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by the vulnerability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on the minimum support price
(MSP) for the procurement of raw cotton and export quota for
cotton bales.

The ratings, however, positively factor in the long experience of
the promoters in the cotton ginning and pressing business, the
favorable location of the company giving it easy access to raw
cotton and the positive demand outlook for cotton and cotton seed
in India.

Incorporate in 1999, Maruti Ginning & Pressing Industries is
promoted by Mr. Bachubhai Kataria with other family member and is
engaged in ginning and pressing of raw cotton to produce cotton
bales and cotton seeds. The factory is located at Una, Jungadh
District of Gujarat. MGPI has 18 ginning machines and 1 pressing
machine which translate to an annual installed capacity to produce
180 bales per day. The firm deals in S-6 type of cotton.

Recent Results
For the year ended 31st March 2014, Maruti Ginning and Pressing
Industries reported an operating income of INR26.30 crore and
profit after tax of INR0.14 crore.


MINERVA AUTOMOBILES: CARE Reaffirms B+ Rating on INR6.57cr Loan
---------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to bank
facilities of Minerva Automobiles Pvt Ltd.
                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     6.57      CARE B+ Suspension
                                           revoked and
                                           Re-affirmed

Rating Rationale
The rating of Minerva Automobiles Pvt Ltd (MAPL) continues to be
constrained by its short track record of operation, low bargaining
power with Original Equipment Manufacturers (OEMs) and reliance on
volume for growth, renewal-based dealership contract, working
capital intensive nature of operation and intense competition in
the auto dealership industry. The rating also factors in its
moderate scale of operations, low operating margin, losses at the
net level and its leveraged capital structure.  The rating,
however, continues to draw comfort from the experience of the
promoters.

Going forward, the ability of the company to grow its scale of
operations with simultaneous improvement in profitability
margin & capital structure and effective working capital
management would be the key rating consideration.

MAPL is a Bolangir, Odisha-based company, incorporated in
February 15, 2012 by Mr Brijesh Meher, Mr Abhishek Meher,
Mr Chintesh Meher and Mr Animesh Meher. All the promoters are
related as brothers except Mr Abhishek Meher, who is related as
nephew of others. MAPL is an authorized dealer of Mahindra &
Mahindra Ltd. (MML). It is engaged in providing sale and after
sale services of MML's personal and commercial vehicles through
its showrooms situated in Balangir district and Bhawanipatna in
Odisha.

In FY14 (refers to the period April 1 to March 31), the company
had reported a total operating income (TOI) of INR47.38 crore and
incurred a loss of INR0.40 crore. Furthermore in 9MFY15
(provisional), the company has maintained to have achieved a TOI
of INR46.4 crore.


MB SPONGE: CARE Revises Rating on INR11.60cr LT Loan to B+
----------------------------------------------------------
CARE revises rating assigned to the bank facilities of MB Sponge
and Power Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.60      CARE B+ Revised from
                                            CARE B-

Rating Rationale
The revision in the rating of MB Sponge and Power Limited (MBSPL)
takes into cognizance improvement in the financial risk profile in
FY14 (refers to the period April 01 to March 31) vis-…-vis FY13
marked by significant improvement in profitability margin,debt
service coverage indicators and liquidity position. However, the
rating continues to be constrained by its modest scale of
operation in the highly fragmented and competitive iron & steel
industry, susceptibility to volatile raw material price coupled
with low capacity utilization and high working capital intensity.

The ratings, however, draw comfort from the long track record &
satisfactory experience of the promoters in the iron & steel
industry,its strategic location of the plant and comfortable
capital structure.

Going forward, MBSPL's ability to grow its scale of operations
while sustaining its profitability margins and effective working
capital management would be the key rating consideration.

MB Sponge and Power Limited (MBSPL) incorporated in September 10,
2004, was promoted by the Agarwal family of West Bengal, with Mr
Shankarlal Agarwal being the main promoter. The company commenced
operations in March, 2006.

MBSPL is engaged in the manufacturing of sponge iron at its plant
located at Burdwan with a current installed capacity of 60,000
metric tonne per annum (MTPA) and trading of iron & steel related
products like iron ore fines, TMT bars, G.I Wires, Steel Round,
M.S Wire, M.S Angle etc. The manufacturing sales contributed a
major share of about 90.4% and the trading activity contributed a
meager 0.05% share of the total operating income during FY14.
Besides, MBSPL also acts as a commission agent for selling tyres
and D.I. pipes, which accounted for about 9.6% of the total
operating income in FY14.

In FY14, the company has reported a total operating income of
INR48.16 crore (as against INR50.71 crore in FY13) and PAT
INR2.09 crore (as against INR0.49 crore in FY13). Till
December 2014, the company has maintained to have achieved revenue
of INR46.37 crore.


NAYAAGARH SUGAR: CRISIL Reaffirms D Rating on INR108.6MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Nayaagarh Sugar Complex
Ltd (NSCL) continues to reflect instances of delay by NSCL in
servicing its term debt, because of its weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          108.6       CRISIL D (Reaffirmed)

   Term Loan             70         CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             44.1       CRISIL D (Reaffirmed)

NSCL also has below-average debt protection metrics and its
operations are susceptible to risks related to the shortage of
sugarcane. However, the company benefits from its promoters'
extensive experience in the sugar industry.

Update
NSCL's bank facilities were restructured in December 2013; despite
the restructuring, there have been instances of delay by the
company in servicing its Funded Interest Term Loan (FITL) because
of its weak liquidity. The company generated cash accruals of
INR10 million in 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis INR9.1 million in 2012-13. According to the
restructuring terms, NSCL has a moratorium of 12 months till March
2015 for the term loan repayment, and is required to meet interest
obligations from January 2015. The company has defaulted on its
interest obligations by one month over for the past nine months.

Profit after tax (PAT) declined to INR0.34 million on net sales of
INR70.2 million for 2013-14, from a PAT of INR0.68 million on net
sales of INR198.2 million for 2012-13, with operations temporarily
discontinued in the aftermath of the cyclone, Phailin.

Moderate net worth of INR276.6 million, and low dependence on bank
facilities to fund working capital requirements, led to low
gearing of 0.94 times as on March 31, 2014. NSCL's debt protection
metrics remain below average, with net cash accruals to total debt
(NCATD) and interest coverage ratios of 4 per cent and 1.16 times,
respectively, for 2013-14. Liquidity is weak as indicated by cash
credit utilisation at 101.22 per cent on average over the 12
months ended December 31, 2014, with several instances of
overutilisation.

NSCL was set up by the promoters of ECP Industries, through the
acquisition of a sick sugar unit in 2004. NSCL has an installed
crushing capacity of 1250 tonnes of sugarcane per day.

The ECP group ' an Odisha-based conglomerate ' has business
interests in the valve, pressure regulator, and domestic liquefied
petroleum gas cylinder segments.


OMR TRAVEL: CRISIL Rates INR150MM Loan at B+
--------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of OMR Travel Access Pvt Ltd (OMR) and has assigned its
'CRISIL B+/Stable' rating to its facility.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           150      CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

The ratings were suspended by CRISIL on September 16, 2014,
because OMR had not provided the necessary information required
for a rating review. OMR has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The ratings reflect OMR's moderate scale of operations,
geographical concentration, and intense competition in the staff
transportation segment; the rating also factors in OMR's below-
average financial risk profile, marked by small net worth and high
gearing. These rating weaknesses are partially offset by the
promoter's extensive experience and established track record in
the staff transportation segment.

Outlook: Stable

CRISIL believes that OMR will continue to benefit over the medium
term from its established track record in the staff transportation
business. The outlook may be revised to 'Positive' if sustainable
scale-up in operations and profitability leads to better-than-
expected cash accruals for OMR, while it also strengthens its
capital structure. Conversely, the outlook may be revised to
'Negative' if decline in cash accruals, deterioration in working
capital management, or any large, debt-funded capital expenditure
weakens its financial risk profile.

OMR was set up as a private limited company by Mr. N R Balaji and
his brother Mr. N R  Rangabashyam. The company, based in Chennai,
Tamil nadu, provides staff transportation services.


ORISONS OVERSEAS: CRISIL Cuts Rating on INR105MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facility
of Orisons Overseas Pvt Ltd (OOPL) to 'CRISIL D' from 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------             ---------     -------
   Export Packing Credit     105        CRISIL D (Downgraded from
                                        'CRISIL A4')

The rating downgrade reflects delay of more than 30 days by OOPL
in paying the interest obligation on its export packing credit
limit; the delay is on account of the company's weak liquidity.

OOPL is vulnerable to regulatory changes and to cyclicality in the
iron ore industry because of its small scale of operations.
However, the company benefits from its promoters' extensive
experience in the iron ore trading business.

OOPL was incorporated in 2008, and is promoted by Mr. Dilip Kumar
and his business associates. The company exports iron ore fines to
Asian markets such as Hong Kong and Singapore. It procures iron
ore fines from miners and traders in Odisha.


Q NINETH: CARE Assigns B Rating to INR11cr Long Term Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Q Nineth
Ceramics.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      11        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Q Nineth Ceramics
(QNC) is constrained by short track record and relatively small
size of operation, thin profitability inherent to trading nature
of operations, weak debt coverage metrics albeit comfortable
gearing and the working capital-intensive nature of operations.
The rating is further constrained by partnership nature of
constitution, intense competition on account of the fragmented
nature of the industry, susceptibility of profitability to forex
fluctuations and linkage to cyclical real estate sector.

The rating, however, derives strength from the long experience of
the promoters and diversified operations of the Kunnath group in
Kerala.

Going forward, the ability of the firm to increase the volume of
sales and improve its profitability by adding new customers while
managing its working capital requirement efficiently are the key
rating sensitivities.

QNC is a partnership firm established in May 2012 by Mr Moosa
Kunnath (managing partner) for trading of ceramic tiles and
sanitary ware and is part of the Kunnath group of Kerala. The firm
is managed by the managing partner along with three other
partners, Mr K. Shamsudeen, Mr Mohamed Kamarudeen K. and Mr
Mohamed Noorudeen K. Mr Moosa Kunnath has total experience of 15
years in trading of tiles. He established 'Kunnath Marbles &
Granites' a proprietorship concern in 1999 which is engaged in the
trading of granites, tiles and sanitary wares in Kerala.
QNC imports ceramic tiles and sanitary ware from China and sells
through its two showrooms, located in Kochi and Malappuram in
Kerala. QNC sells its products to real estate developers and other
construction companies (contributing 40% of the total revenue
during FY14 [refers to the period April 1 to March 31]). The
Kunnath group has strong marketing network of 150 dealers through
which QNC sells its products, contributing to 60% of total
revenues. QNC has achieved around INR40.68 crore for the period of
9MFY15.

During FY14 (audited), QNC reported a PAT of INR0.12 crore on a
total operating income of INR8.25 crore.


R.S.V. COTTON: CRISIL Reaffirms B Rating on INR28.3MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R.S.V. Cotton
Industries (RSV; part of the Kakad group) continues to reflect the
Kakad group's modest scale and limited track record of
operations,and its weak financial risk profile, marked by a modest
net worth and high gearing.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B/Stable (Reaffirmed)

   Proposed Rupee         1.7      CRISIL B/Stable (Reaffirmed)
   Term Loan

   Term Loan             28.3      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the group's partners in the cotton trading industry,
and their established relationships with customers and suppliers
in and around Amravati (Maharashtra).

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSV and V.S. Cotton Industries (VSC).
This is because the two entities, together referred to as the
Kakad group,are under a common management, in a similar line of
business, and have significant financial linkages.

Outlook: Stable

CRISIL believes that the Kakad group will continue to benefit over
the medium term from the extensive industry experience of its
partners and its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the group
increases its scale of operations substantially, while improving
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if the group reports low revenue or
profitability,or if its working capital cycle is significantly
stretched, adversely impacting its financial risk profile.

Update
The Kakad group's operating revenue increased to INR278 million in
2013-14 (refers to financial year, April 1 to March 31) from INR73
million in 2012-13, driven by the increase in VSC's scale of
operations and the starting of a new plant in RSV. The group's
operating profit margin, however, declined to 5.4 per cent in
2013-14, from 9 per cent in 2012-13, on account of the increase in
the price of raw cotton.

The Kakad group's operations remain working capital intensive, as
reflected in its gross current assets of 228 days as on March 31,
2014, higher than 209 days a year earlier. The group sells its
goods to various oil mills and spinning units and extends them a
credit period of 30 to 40 days.  The group's inventory increased
to 127 days as on March 31, 2014, from 66 days a year earlier
because of higher inventory holding by RSV as its plant was
working at very low capacity.

The Kakad group has a below-average financial risk profile, marked
by a high total outside liabilities to tangible net worth ratio of
8.38 times as on March 31, 2014, as against 4.12 times a year
earlier. The ratio has increased due to higher working capital
requirements driven by the increase in scale of operation of VS
and the starting of a new plant in RSV.  The group's interest
coverage ratio was 2.25 times, and its net cash accruals to total
debt ratio 6 per cent, in 2013-14. It had a modest net worth of
INR27.9 million as on March 31, 2014. The group had cash accruals
of INR7 million in 2013-14, with term debt obligations of INR7.4
million during the year.  Its bank lines were fully utilised for
the last nine months ended December 2014.

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohd. Shafikur Rehman in 2013, is engaged in
ginning and pressing of cotton. The firm has commenced its
operations from November 2013.Its manufacturing facilities are at
Anjangaon,in Amravati district.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr. Mohd.
Ziya Mansuri in 2012, is also engaged in ginning and pressing of
cotton. The firm commenced operations from February 2013. Its
manufacturing facilities are at Murtizapur, in Akola district
(Maharashtra).

The day-to-day operations of both the entities are managed by Mr.
Sudhakar Kakad and Mr. Vivek Kakad. The Kakad family has been in
the business of cotton trading for more than a decade.


ROSHAN REAL: ICRA Reaffirms B+ Rating on INR5.72cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR5.72 crore fund based facilities (enhanced from INR4.00 Crore)
of Roshan Real Estates Private Limited. ICRA has also reaffirmed
its short term rating of [ICRA]A4 on the INR12.0 crore non fund
based facilities (enhanced from INR9.00 crore) of RREPL.

                            Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund Based Facility         5.72       [ICRA]B+; (Reaffirmed)
   Non Fund Based Facility    12.00       [ICRA]A4; (Reaffirmed)

ICRA's ratings continue to remain constrained on account of
RREPL's stretched liquidity, owing to slow receivables realization
and the company's increasing working capital requirements given
the growing operating scale. These two factors have resulted in
consistently high utilization of the company's working capital
limits.

Further the ratings continue to factor in the pressure on RREPL's
margins owing to the intensely competitive nature of the industry
and the inherent volatility in the margins on account of the fact
that its contracts do not build in price escalation clauses for
key raw materials. This apart, the ratings also remain constrained
on account of high geographical concentration risk.

However the ratings favorably factor in the strong growth in the
company's operating scale, which coupled with equity infusion has
resulted in moderation in capital structure and improvement in
coverage indicators. Further the ratings are also supported by
RREPL's strong order book (Order book/Operating income of 2.71
times as on October 31' 2014) which renders steady revenue
visibility over the short to medium term. The ratings continue to
derive comfort from the extensive experience of the promoters in
the civil construction industry, predominantly in the New Delhi
region and established relationships with government and public
sector clients.

Going forward, timely execution of the company's order book, along
with its ability to optimally manage its working capital cycle,
will be the key rating sensitivities.

RREPL was incorporated in 1997 as a registered private limited
company and was promoted by Mr. Syed Manzoor Ali for undertaking
civil engineering projects, and is registered in the Central
Public Works Department (CPWD) works contracts cell as a Class I
contractor. The company undertakes construction and maintenance
work, mainly for government organizations like Public Works
Department, Central Public Works Department, Delhi State
Industrial Development Corporation, Indira Gandhi National Open
University etc.

Recent Results
The company reported an operating income of INR36.4 crore and a
net profit of INR0.32 crore for 2013-14 as against an operating
income of INR14.91 crore and a net profit of INR0.13 crore for the
previous year.


S A AANANDAN: ICRA Reaffirms B+ Rating on INR25cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR16.59 crore (revised from INR20.52 crore) term loan
facilities, INR25.00 crore fund based facilities and INR3.93 crore
(revised from nil) proposed facilities of S A Aanandan Spinning
Mills Private Limited. ICRA has also reaffirmed the short-term
rating of [ICRA]A4 outstanding on the INR5.00 crore fund based
facilities and INR10.22 crore non-fund based facilities of the
Company.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term: Term loans       16.59      [ICRA]B+/reaffirmed

   Long-term: Fund based
   facilities                  25.00      [ICRA]B+/reaffirmed

   Long-term: Proposed
   facilities                   3.93      [ICRA]B+/reaffirmed

   Short-term: Fund
   based facilities             5.00      [ICRA]A4/reaffirmed

   Short-term: Non-fund
   based facilities            10.22      [ICRA]A4/reaffirmed

The rating action takes into consideration the significant
experience of the promoters in spinning industry of over three
decades and the growth in the Company's operating income at a
healthy pace of 20.3% in 2013-14 driven by growth in volumes. The
ratings, however, remain constrained by the decline in operating
margins to 7.8% from 10.7% in the previous fiscal because of the
expenses incurred towards the marketing activities undertaken to
venture into new geographies. Moreover, the Company's debt metrics
continue to remain stretched with gearing standing high at 2.9
times (as against 3.2 times previously) and interest coverage of
1.4 times (1.8 times). With an installed capacity of 21,264
spindles and operating income of INR129.8 crore in
2013-14, the Company's scale of operations remains relatively
small which restricts the scale economies and financial
flexibility. Further, the Company's revenues and profitability are
exposed to volatility in cotton and yarn prices, and fluctuations
in forex rates. Given the Company's efforts to expand its client
base in new geographies and the shift to premium products,
translation of the same into improvement in profit margins and
generation of strong cash flows needs to be seen.

S A Aanandan Spinning Mills Private Limited is engaged in
production and sale of cotton yarn, both in the domestic and
export markets. Its manufacturing facility is located in
Rajapalayam (Tamil Nadu). The promoter, Mr. Ilavarasu and his
family hold the entire stake in the Company. The Company also gets
fabric manufactured on job-work basis and exports the same after
cutting and stitching. SAASMPL also has a yarn processing unit
(viz., for reeling, steaming and doubling), with a capacity to
process about 10.6 MT per annum. SAASMPL was established in 1996-
97 by Late Shri S.A. Aanandan and his son, Mr. A. Ilavarasu. The
Company commenced commercial production during 1998-99 with 6,000
spindles and presently has a capacity of 21,264 spindles.

Recent Results
The Company reported a net profit of INR0.2 crore on an operating
income of INR129.8 crore in 2013-14 as against a net profit of
INR0.3 crore on an operating income of INR107.8 crore in 2012-13.


S.B. SYSCON: CRISIL Assigns B+ Rating to INR105MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of S.B. Syscon Private Limited (SBSPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          105         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    20         CRISIL B+/Stable

The rating reflects SBSPL's small scale of operations in a highly
fragmented electrical equipments industry, and its below-average
financial risk profile marked by below average capital structure
due to high TOL/TNW and low cash accruals. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the trading business and funding support from promoters.

Outlook: Stable

CRISIL believes that SBSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in its financial risk profile most likely on account
of better-than-expected cash accruals or equity infusion along
with efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of pressure on the company's
liquidity emanating from lower-than-expected cash accruals or
larger-than expected working capital requirements.

SBSPL initially established as a proprietorship concern by Mr.R
Pandey was reconstituted as a private limited company during 2008.
The company is engaged in the business of distibutionship of
Switchgears, Motors, Conductors and Cables for reputed companies
such as Siemens, GE, Pierlite etc. SBSPL has offices at Faridabad
and Mumbai.


SAGAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sagar
Enterprises (SE) continues to reflect SE's moderate average
financial risk profile, marked by a modest net worth and below-
average debt protection metrics and its susceptibility to risks
related to offtake by its customers. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the ready-made garments industry.

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

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its established relationship with Canteen store
department (CSD).  The outlook may be revised to 'Positive' if
there is sustainable improvement in the firm's scale of operations
and profitability, supported by diversification in its customer
profile, leading to improvement in its cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SE's working capital cycle stretches, leading to
further deterioration in its liquidity, or in case of any further
decline in its accruals, resulting in weakening of its debt
protection metrics.

Update
SE's revenue has improved by around 25 per cent to INR287 million
in 2013-14 (refers to financial year, April 1 to March 31) from
INR231 million in 2012-13. The revenue growth was because of a
considerable increase in demand from CSD and the addition of some
new customers during 2013-14. However, the firm's operating margin
declined to around 8 per cent in 2013-14 from around 11 per cent
in 2012-13. The firm has reported operating revenues of INR201
million till December 2014.

SE's gross current assets have also improved to around 240 days as
on March 31, 2014, from 307 days as on March 31, 2013.  This is
primarily on account of inventory stocking for anticipated orders
and faster realisation of payments. As on March 31st 2014, Sagar
had debtor days of around 94 days as against 162 days on March 31
2013 and inventory holding of around 145 days as on March 31 2014.
The working capital limits however continues to remain highly
utilised at 96 per cent for the 12 months period ended December 31
2014

The firm's financial risk profile remains below average, marked by
a modest net worth and below-average debt protection metrics,
though its gearing is moderate. It had a net worth of around
INR145 million and gearing of around 1.12 times as on March 31,
2014. Its interest coverage and net cash accruals to total debt
ratios were around 1.48 times and 3 per cent, respectively, in
2013-14.

SE's net cash accruals declined to INR5 million in 2013-14 from
INR6 million in 2012-13. Against this the firm has debt repayment
obligations of around Rs 3 million over the same period The
working capital limits are highly utilised, the liquidity of the
company is supported by unsecured loan from its proprietor to meet
its incremental working capital requirements. The firm had an
unsecured loan of around INR18 million as on March 31, 2014.

SE, a proprietorship concern of Mr. Sunil Khanna, sells ready-made
garments and home furnishings. It has more than 90 products,
including shirts, T-shirts, hosiery, track suits, blankets, bed
sheets, and towels, which are sold to CSD and the central police
canteen. The manufacturing of its various product lines is
entirely outsourced to local manufacturers.


SAI POINT: CRISIL Reaffirms B Rating on INR430MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai Point
Automobiles Pvt Ltd (SPAPL) continues to reflect SPAPL's exposure
to intense competition in the automobile dealership segment and
its limited bargaining power with its principal. The rating also
factors in the company's average financial risk profile marked by
a small net worth and high total outside liabilities to tangible
net worth (TOLTNW) ratio. These rating weaknesses are partially
offset by the extensive experience of SPAPL's promoters in the
automobile dealership industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          430       CRISIL B/Stable (Reaffirmed)
   Term Loan             30       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPAPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationship with Honda Motorcycle and Scooter India
Private Limited (HMSI). The outlook may be revised to 'Positive'
if SPAPL maintains steady growth in its scale of operations, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
slowdown in volume growth, significantly impacting SPAPL's revenue
and profitability, or deterioration in its financial risk profile,
most likely because of large debt-funded capital expenditure
(capex).

Update
In 2013-14 (refers to financial year, April 1 to March 31),
SPAPL's operating income increased by 29 per cent year-on-year to
INR2.05 billion, mainly because of opening of its showroom in
Nagpur (Maharashtra). In 2014-15, the company is likely to have
generated revenue of around INR900 million till September 2014 and
is likely to post revenue growth of around 9 per cent for the full
year. The company's operating margin remained low at 2.3 per cent
in 2013-14, and is expected to remain at a similar level over the
medium term.

SPAPL's financial risk profile remains weak with high TOLTNW
ratio, small net worth, and moderate debt protection measures. The
TOLTNW ratio was over 8 times as on March 31, 2014, because of
small net worth of INR58 million and funding of working capital
requirements through short-term debt. The ratio is expected to
remain high over the medium term with continued large working
capital requirements and low accretion to reserves. SPAPL's debt
protection measures remain moderate, with interest coverage and
risk coverage ratios at 2 and 2.48 times, respectively, for 2013-
14. The debt protection measures are expected to remain moderate
over the medium term.

SPAPL's liquidity remained stretched, marked by full utilisation
of its bank limits. However, the company has prepaid its term debt
and is likely to generate cash accruals of INR27 million in 2014-
15. The company does not have any capex plans currently. Its
current ratio remains weak, at 0.85 times as on March 31, 2014.
SPAPL's liquidity is expected to remain stretched over the medium
term because of large working capital requirements.

Incorporated in 2002 and promoted by Mr. Dilip Patil, SPAPL is an
authorised dealer of two-wheelers and spare parts of HMSI. Its
day-to-day operations are managed by Mr. Patil.

In 2013-14, the company generated net profit of around INR13.7
million on net sales of INR2.05 billion, as against net profit of
INR9.6 million on net sales of INR1.59 billion in 2012-13.


SANDY RESORT: CRISIL Reaffirms D Rating on INR185.7MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sandy Resort
Pvt Ltd (SRPL) continues to reflect instances of delay by SRPL in
servicing its term loan, primarily caused by muted customer
response to company's hotel project due to initial stages of
operations and weak demand conditions in domestic hotel industry.

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Secured Overdraft Facility     5       CRISIL D (Reaffirmed)
   Term Loan                    185.7     CRISIL D (Reaffirmed)

SRPL also has a weak financial risk profile, on account of the
large, debt-funded capital expenditure, and continuous exposure to
off take risks. These rating weaknesses are partially offset by
the benefits that SRPL derives from its established marketing
network and position in franchising.

Incorporated in 1998 by the late Mr. M D Patra, SRPL operates
franchise outlets for CafA(c) Coffee Day, Habib hair salon, and
Spark pub in Bhubaneswar (Odisha). The company's operations are
currently overseen by the founder's son, Mr. Sanjeev Patra. SRPL
has set up a 70-room, three-star hotel in Bhubaneswar.


SAVITA CONSTRUCTIONS: ICRA Suspends D Rating on INR8cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR7.16
crore long term fund based facilities and [ICRA]D rating to the
INR12.00 crore short term facilities of Savita Constructions
Private Limited. The suspension follows ICRAs inability to carry
out a rating surveillance due to non cooperation from the company.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Cash
   Credit Limit           6.00          [ICRA]D suspended

   Long Term-Term
   Loan Limit             1.16          [ICRA]D suspended

   Short Term-Letter
   of Credit              4.00          [ICRA]D suspended

   Short Term-Bank
   Guarantee              8.00          [ICRA]D suspended

Savita Constructions Pvt Ltd. (SCPL) was incorporated in 1995 and
started operations in 2001. The company is primarily involved in
designing, manufacturing & erection of boilers, pressure/reaction
vessels, heat exchangers, storage tanks, piping, fabrication and
erection of structural steel, etc for chemical, power plants, oil
& gas and various other industries. The company has experience of
over 12 years in the business.


SHIVA AGRO: ICRA Suspends B Rating on INR7cr LT Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR7.00 crore fund based bank facilities of Shiva Agro
Industries.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based Limits            7.00         [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.
Company Profile
Business was established in the year 2008 as proprietorship firm.
As per the management milling capacity is 6 tonnes/hr of paddy.
Company is engaged in the business of processing and trading of
rice in the domestic market. Company is having its manufacturing
unit at Ferozpur Road, Kaithal, Haryana.


SOMNATH COTTON: CRISIL Ups Rating on INR77MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Somnath Cotton Private Limited (SCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           77         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     8         CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SCPL's financial
risk profile will improve over the medium term with improvement in
its gearing and debt protection metrics. As on March 31, 2014, the
gearing has reduced to 1.9 times vs. 2.4 times a year earlier,
supported by improvement in working capital requirements,
resulting lower reliance on bank debts. Also, the networth of the
company was supported by better accretion to reserves supported by
lower interest burden during 2013-14 (refer financial year from
April 1 to March 31).With no plans of major debt funded capex over
the medium term, CRISIL believes that the gearing is expected to
further improve and be in range of 1.70 to 1.75 times over the
medium term backed by stable accretion to reserves and moderate
working capital requirements. For the year 2013-14, the company
displayed improvement in debt protection metrics with net cash
accruals to total debt (NCATD) ratio at 0.05 times and interest
coverage at 1.6 times, mainly backed by lower interest burden vs.
debt levels.  SCPL's liquidity is supported by stable cash
accruals vs. no term debt repayments coupled with promoter's
support at time of exigencies. CRISIL believes that SCPL's
financial risk profile will continue to be at moderate level
supported by expected improvement in gearing and moderate debt
protection metrics.

CRISIL's rating on the bank loan facilities of SCPL reflects
fragmentation and intense competition in the cotton industry
restricting SCPL's scale of operations and susceptibility of
operating margin to volatility in raw material prices. However,
these rating weaknesses are partially offset by the promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, thereby
further improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of higher-than-
expected debt due to incremental working capital requirements or
more-than-expected debt-funded capital expenditure, thereby
deteriorating its capital structure.

SCPL reported a profit after tax (PAT) of INR2 million on net
sales of INR425.6 million in 2013-14 as compared to a PAT of
INR0.9 million on net sales of INR386.2 million in 2012-13.

Incorporated in 2006, SCPL is promoted by Talaja (Gujarat)-based
Mr. Kababhai Madhabhai and his family members and friends. SCPL is
mainly engaged in ginning and pressing of cotton into bales as
well as cotton seed oil extraction.


SPICEJET LTD: Purchase Contract Still Stands, Boeing Says
---------------------------------------------------------
The Times of India reports that US aircraft major Boeing said Feb.
13 there is no change in status in crisis-ridden SpiceJet Ltd's
contract with it to acquire 42 Boeing 737 Max worth
US$4.4 billion but hoped that "short-term turbulence" in the
market ends soon.

Underlining that it wants to see its customers healthy, Boeing
India President Pratyush Kumar said, "We want to be responsive to
our customer's requirements. All I am saying is that there is no
change in status," TOI relates.

He was replying to a question if the order with Boeing still
stands as the company battles huge losses and debt, according to
the report.

Mr. Kumar said Boeing tries everything to contribute to the
customer's success and the best way is by delivering fuel
efficient and reliable aircraft, notes TOI.

He said Boeing was not worried about the turbulence in the Indian
aviation sector and pointed out that projections are very
positive, TOI relays.

"We are hoping that the short-term turbulence settles down," he
said addressing a press conference, adds TOI.

SpiceJet had last year announced a US$4.4 billion deal for 42
Boeing 737 Max, the report notes.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SPICEJET LTD: CCI Looking Into Sale Deal With Ajay Singh
--------------------------------------------------------
The Times of India reports that the Competition Commission is
looking into SpiceJet Ltd's proposed deal with its original
promoter Ajay Singh and a decision is yet to be finalised.

Amid turbulent times, the carrier's board has approved a deal that
would see change of ownership as well as infusion of fresh funds,
the report says.

TOI relates that the proposed deal, which has been cleared by the
Civil Aviation Ministry, is awaiting certain clearances, including
from the Competition Commission of India (CCI).

According to the report, a CCI official said the Commission
received the notice regarding SpiceJet deal about "10-15 days" ago
and a final decision on the matter is yet to be taken.

TOI relates that under the revival plan, the carrier's original
promoter Ajay Singh would acquire majority stake and control in
the airline. Besides, outgoing promoters, Maran family, would put
in funds. Last week, SpiceJet had said the first tranche of
recapitalisation would happen "very soon," TOI recalls.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SQ SQUEEZERS: CARE Assigns B Rating to INR7.11cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of SQ Squeezers
Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.11       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of SQ Sqeezers Pvt. Ltd
(SQSPL) is primarily constrained on account of its nascent stage
of operations, working capital intensive nature of operations,
susceptibility of margins to volatile raw material prices due to
seasonal nature of fruits availability and presence in the highly
competitive and fragmented packaged fruit juice industry.

However, the rating derives strength from the long experience of
the promoters in the agricultural industry, wide range of
product portfolio and eligibility for government beneifts for
setting up a fruit processing unit.

The ability of SQSPL to stabilize and increase its scale of
operations and improve profitability along with effective working
capital management will be the key rating sensitivities.

Gujarat-based ISO 9001:22000 certified SQSPL was established in
October 2011 by its key promoters namely Mr Atish Save, Mr Anand
Raut, Mr Prit Patil, Mr Hemant Mhatre, Mr Ravindra Patil and Mr
Govind Gowad to enter into the fruit processing industry and
packaged water industry. SQSPL has its manufacturing facility
located at Umbergaon, Valsad in Gujarat state with an installed
capacity of 1,000 liters per day (LPD) for juice and 3,000 liters
per hour (LPH) for packaged water. It sells its products under the
brand name "Squeezers". Initially SQSPL has entered in the market
of Gujarat state for its different types of juice products and
Maharashtra for packaged water. Presently SQSPL offers packaged
water and different types of natural juices such as chikoo,
orange, lychee (litchi) and mango in a pack of 200 ml, 500 ml and
1 ltr with more type of juices to be launched at certain intervals
during FY16 (refers to the period April 1 to March 31). While
the production activity has started from FY13 onwards on a trial
run basis, the actual production has started in from August-
September 2014 onwards only.

During FY14, SQSPL registered nominal total operating income (TOI)
of INR0.02 crore with net loss of INR0.75 crore as against a TOI
of INR0.08 crore with a net loss of INR0.06 core during FY13.


SRI AMBIKA: CRISIL Assigns B+ Rating to INR30MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Sri Ambika Rice Mill (SARM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Working Capital
   Demand Loan           20         CRISIL B+/Stable

   Cash Credit           30         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     4.5       CRISIL B+/Stable

The rating reflects SARM's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, modest
scale of operations, and exposure to intense competition in the
rice milling industry. These rating weaknesses are partially
offset by the extensive industry experience of SARM's promoter in
the rice milling industry.

Outlook: Stable

CRISIL believes that SARM will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SARM's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

SARM is engaged in milling and processing of paddy into rice, rice
bran, broken rice and husk. The firm is promoted by Mr.K.Ravindra
Reddy his family members and is based out of Siguguppa in Bellary
district (Karnataka).

For 2013-14 (refers to financial year, April 1 to March 31), SARM
is reported a profit after tax (PAT) of INR2 million on net sales
of INR219 million, as against a PAT of INR2 million on net sales
of INR204 million during 2012-13.


SRI GANESH: ICRA Suspends B Rating on INR2.64cr Term Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR2.50 crore long term fund based limits, INR2.64 crore term
loan limits and INR0.76 crore of unallocated limits of M/s Sri
Ganesh Rice Mills (SRGM). ICRA has also suspended the short term
rating of [ICRA] A4 assigned to the INR0.10 crore forward contract
limits of SRGM. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SUNDARAM ALLOYS: ICRA Cuts Rating on INR10.5cr FB Loan to D
-----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR35.80 crore term loan (revised from INR34.30 crore earlier),
INR2.00 crore cash credit, INR7.35 crore export packing credit and
INR10.50 crore foreign bill discounting (reduced from INR12.00
crore earlier) facilities of Sundaram Alloys Limited from [ICRA]C
to [ICRA]D. ICRA has also revised downwards the short term rating
assigned to the INR8.00 crore foreign letter of credit and INR1.00
crore bank guarantee facilities of SAL from [ICRA]A4 to [ICRA]D.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limits            35.80      [ICRA]D downgraded
   (Term Loans)

   Fund Based Limits             2.00      [ICRA]D downgraded
   (Cash Credit)

   Fund Based Limits             7.35      [ICRA]D downgrade
   (Export Packing Credit)

   Fund Based Limits            10.50      [ICRA]D downgraded
   (Foreign Bills Discounting)

   Non Fund Based Limits         8.00      [ICRA]D downgraded
   (Foreign Letter of
    Credit)

   Non Fund Based Limits         1.00      [ICRA]D downgraded
   (Bank Guarantee)

The downward revision in the ratings primarily take into account
SAL's unsatisfactory track record of timely servicing of debt
obligations due to stretched liquidity position. The ratings also
take into consideration the delay witnessed in implementation of
the project, leading to significant cost overrun and any further
delay in commissioning of second furnace would have an adverse
effect on the overall business and financial profile of company.
Moreover, stabilization of the second furnace as per expected
operating parameters, post-commencement of operations would remain
critical. The ratings also considers SAL's significant debt
repayment obligations in comparison to current accruals level,
which is likely to keep the liquidity position of the company
stretched in the near to medium term. ICRA notes that lack of
captive power source is likely to adversely affect the cost of
production, given the power intensive nature of operations. The
ratings however derives comfort from the experience of the
promoters in the steel and ferro-alloy industry and the locational
advantage the unit enjoys in regard to sourcing of raw materials
and dispatch of finished goods being located near Vishakhapatnam
port.

Incorporated in September 2007, SAL is engaged in the
manufacturing of ferro silicon. The company has set up a ferro
alloy plant at APSEZ, Atchutapuram, Vishakhapatnam, Andhra Pradesh
by installing two submerged electric arc furnace (EAF) of 9MVA
each for production of ferro alloys. The manufacturing operations
of SAL commenced in April 2014; though the company is currently
operating only one EAF and the other furnace is scheduled to
commence operation shortly.


SUZLON ENERGY: Auditors Raise Going Concern Doubt
-------------------------------------------------
The Hindu BusinessLine reports that the auditors of Suzlon Energy
have expressed concern over the company's financial health as it
faces liquidity issues and is yet to make payments to its lenders
and vendors.

Hindu BusinessLine relates that in a review report to the stock
exchange the auditors said, "The unaudited standalone financial
results of the company indicate that it has overdue amounts
payable to vendors and lenders and has been facing liquidity
issues."

According to Hindu BusinessLine, the auditors -- S R Batliboi and
Co LLP and SNK & Co -- said in the review that these conditions
along with other matters indicate the existence of a material
uncertainty that may cast a significant doubt about the company's
ability to continue as a going concern.

Hindu BusinessLine notes that Suzlon last week posted consolidated
net loss of INR 6,538.68 crore for the third quarter ended
December 2014. It had reported a loss of INR1,075.25 crore in the
corresponding period a year ago.

Its total income declined marginally to INR4,977.18 crore during
the October-December quarter as against INR5,052.2 crore in the
third quarter of FY14, Hindu BusinessLine relays.

The report says Chairman of Suzlon, Tulsi Tanti had attributed the
loss during the quarter to sale of its overseas subsidiary
Senvion. "The huge loss during the quarter is on account of the
notional loss to the extent of around INR6,000 crore on the sale
of our overseas subsidiary Senvion last month," Hindu BusinessLine
quotes Mr. Tanti as saying.

                       About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.


TIRUPUR TEXTILES: CRISIL Ups Rating on INR385MM LT Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Tirupur
Textiles Pvt Ltd (TTPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        251        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Long Term Loan          385        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Open Cash Credit         55        CRISIL B-/Stable(Upgraded
                                      from 'CRISIL D')

   Packing Credit           68        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Proposed Long Term      165.2      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

The rating upgrade reflects TTPL's timely servicing of its term
loans over the six months ended January 31, 2015. This is
supported by unsecured loans of around INR50 million extended by
the promoters during 2014-15 (refers to financial year, April 1 to
March 31). Though the company's expected annual cash accruals of
INR65 million to INR85 million will be insufficient to meet its
annual term debt obligations over the medium term, CRISIL believes
that TTPL will continue to receive funding support from its
promoters to meet the shortfall.

The ratings reflect TTPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its
vulnerability to volatility in raw material prices and to intense
competition in the cotton yarn industry. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the cotton spinning industry.

Outlook: Stable

CRISIL believes that TTPL will continue to benefit over the medium
term from its established regional market position in the hosiery
yarn segment. The outlook may be revised to 'Positive' if the
company's revenue improves significantly while it maintains its
profitability, leading to a substantial increase in its cash
accruals and hence to a better capital structure. Conversely, the
outlook may be revised to 'Negative' if TTPL's profitability and
revenue decline, or if it undertakes a sizeable debt-funded
capital expenditure programme, further weakening its capital
structure.

TTPL was set up in 1956 by Mr. G T Krishnaswamy Naidu and his son,
Mr. K Sivasubramaniam; it manufactures hosiery cotton yarn at its
facility in Tirupur (Tamil Nadu).


URBANE INDUSTRIES: CRISIL Assigns B+ Rating to INR69.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Urbane Industries Ltd (UIL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     50.5        CRISIL B+/Stable

   Cash Credit            69.5        CRISIL B+/Stable
   Letter of Credit       10.0        CRISIL A4

The ratings reflect UIL's modest scale of, and working-capital-
intensive, operations. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
prefabricated toilets segment.

Outlook: Stable

CRISIL believes that UIL will continue to benefit over the medium
term from the extensive experience of its promoters in the
prefabricated toilets segment. The outlook may be revised to
'Positive' if the company significantly scales up its operations
while maintaining its operating profitability, or improves its
working capital management, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if UIL records a decline in its accruals, or if higher-
than-expected working capital requirement weakens its financial
risk profile.

Incorporated in 2005, Chennai-based UIL manufactures prefabricated
zero discharge green toilet system. Prior to 2005, the company was
operating as a proprietary firm. The company is promoted by Mr.
Krishna Mohan.

For 2013-14 (refers to financial year, April 1 to March 31), UIL
reported profit after tax (PAT) of INR4.9 million on total revenue
of INR101 million; for 2012-13, the company reported PAT of INR0.6
million on total revenue of INR29 million.


V. S. COTTON: CRISIL Reaffirms B Rating on INR26.4MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of V. S. Cotton
Industries (VS; part of the Kakad group) continues to reflect the
Kakad group's modest scale and limited track record of
operations,and its weak financial risk profile, marked by a modest
net worth and high gearing.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           20       CRISIL B/Stable (Reaffirmed)
   Proposed Rupee
   Term Loan              3.6     CRISIL B/Stable (Reaffirmed)
   Term Loan             26.4     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the group's partners in the cotton trading industry,
and their established relationships with customers and suppliers
in and around Amravati (Maharashtra).

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of R.S.V. Cotton Industries (RSV) and VSC.
This is because the two entities, together referred to as the
Kakad group,are under a common management, in a similar line of
business, and have significant financial linkages.

Outlook: Stable

CRISIL believes that the Kakad group will continue to benefit over
the medium term from the extensive industry experience of its
partners and its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the group
increases its scale of operations substantially, while improving
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if the group reports low revenue or
profitability,or if its working capital cycle is significantly
stretched, adversely impacting its financial risk profile.

Update
The Kakad group's operating revenue increased to INR278 million in
2013-14 (refers to financial year, April 1 to March 31) from INR73
million in 2012-13, driven by the increase in VSC's scale of
operations and the starting of a new plant in RSV. The group's
operating profit margin, however, declined to 5.4 per cent in
2013-14, from 9 per cent in 2012-13, on account of the increase in
the price of raw cotton.

The Kakad group's operations remain working capital intensive, as
reflected in its gross current assets of 228 days as on March 31,
2014, higher than 209 days a year earlier. The group sells its
goods to various oil mills and spinning units and extends them a
credit period of 30 to 40 days.The group's inventory increased to
127 days as on March 31, 2014, from 66 days a year earlier because
of higher inventory holding by RSV as its plant was working at
very low capacity.

The Kakad group has a below-average financial risk profile, marked
by a high total outside liabilities to tangible net worth ratio of
8.38 times as on March 31, 2014, as against 4.12 times a year
earlier. The ratio has increased due to higher working capital
requirements driven by the increase in scale of operation of VS
and the starting of a new plant in RSV.The group's interest
coverage ratio was 2.25 times, and its net cash accruals to total
debt ratio 6 per cent, in 2013-14. It had a modest net worth of
INR27.9 million as on March 31, 2014. The group had cash accruals
of INR7 million in 2013-14, with term debt obligations of INR7.4
million during the year.Its bank lines were fully utilised for the
last nine months ended December 2014.

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohd. Shafikur Rehman in 2013, is engaged in
ginning and pressing of cotton. The firm has commenced its
operations from November 2013.Its manufacturing facilities are at
Anjangaon,in Amravati district.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr. Mohd.
Ziya Mansuri in 2012, is also engaged in ginning and pressing of
cotton. The firm commenced operations from February 2013. Its
manufacturing facilities are at Murtizapur, in Akola district
(Maharashtra).

The day-to-day operations of both the entities are managed by Mr.
Sudhakar Kakad and Mr. Vivek Kakad. The Kakad family has been in
the business of cotton trading for more than a decade.


VAKRATUND COLD: CRISIL Assigns B Rating to INR49.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M/s. Vakratund Cold Storage & Warehouse (VCSW).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            49.5       CRISIL B/Stable

The rating reflects VCSW's modest net worth and small scale
because of its nascent stage of operations in the highly
competitive cold storage industry. The rating also factors in
seasonality in the firm's revenue. These rating weaknesses are
partially offset by the extensive industry experience of VCSW's
promoters and the firm's moderate capital structure and debt
protection measures.

Outlook: Stable

CRISIL believes that VCSW will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of substantial cash accruals or
significant fund infusion by promoters, supporting the firm's
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of lengthening of VCWS's working capital cycle or default in
payments by its customers.

Established in 2013-14 (refers to financial year, April 1 to
March 31) as a partnership firm by Mr. Ashok Gaikwad and Mr.
Pritam Chopada, VCSW operates a cold storage unit primarily for
raisins and grapes in Nashik (Maharashtra).


VIJAY GINNING: CRISIL Assigns B+ Rating to INR85MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vijay Ginning Factory (VGF).

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

The rating reflects VGF's modest scale of operations in the
intensely competitive cotton industry, large working capital
requirements, and average financial risk profile, with moderate
gearing and debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive experience in the
cotton industry, benefits from the proximity of the ginning unit
to the cotton-growing belt in Gujarat, and the absence of long-
term debt.

Outlook: Stable

CRISIL believes that VGF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
substantial revenue, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
VGF's liquidity weakens, with considerable decline in revenue and
profitability, or inefficient working capital management; or if
the firm's financial risk profile weakens because of large debt-
funded capital expenditure.

Set up in 2008, VGF is a partnership promoted by the Mori and
Parmar family, based in Surendranagar (Gujarat). The firm
undertakes cotton ginning and pressing at its production facility
in Surendranagar, Gujarat.

For 2013-14 (refers to financial year, April 1 to March 31), VGF
reported a net profit of INR1.7 million on sales of INR403.9
million.



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


GAJAH TUNGGAL: S&P Affirms 'B+' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Indonesia-based tire
producer PT Gajah Tunggal Tbk. The outlook is stable.  At the same
time, S&P affirmed its 'axBB' long-term ASEAN regional scale
rating on the company.  S&P also affirmed its 'B+' long-term issue
rating on the company's senior secured notes due 2018.

"We affirmed the rating because we expect a pick-up in Gajah
Tunggal's operating performance in 2015 to offset the increase in
the company's reported debt following the depreciation in the
Indonesian rupiah," said Standard & Poor's credit analyst Xavier
Jean.

S&P expects Gajah Tunggal to achieve 10%-15% growth in export
sales in 2015 because of a more competitive currency and improved
economic conditions in key export markets, especially in the U.S.
S&P also anticipates a marginal recovery in the domestic market
after a tough 2014, especially in the bias tire, and in the
passenger car radial and motorcycle tire replacement segments.

Gajah Tunggal's EBITDA margin is likely to pick up to about 14% in
2015 owing to a fall in prices of oil and oil derivatives since
July 2014, and the lagged effect of lower natural rubber prices.
This translates into an EBITDA of Indonesian rupiah (IDR) 1,900
billion-IDR1,950 billion.  S&P forecasts a margin of 13% in 2016.

A near 25% depreciation in the rupiah against the U.S. dollar
increased Gajah Tunggal's reported long-term debt to close to
IDR6,000 billion as of Sept. 30, 2014, from about IDR4,800 billion
after the company's US$500 million notes issuance in the first
quarter of 2013.  The currency depreciation, along with more
challenging market conditions in 2014 than in previous years,
weakened Gajah Tunggal's cash flow and leverage ratios.  It also
resulted in higher interest expenses and a weaker conversion of
EBITDA into cash flows.  S&P therefore believes the ratio of funds
from operations (FFO) to debt is now a more relevant proxy for
financial risk than the ratio of debt to EBITDA that S&P had
previously used.  S&P expects Gajah Tunggal's ratio of FFO to
debt, including pension liabilities, to be about 18% through 2016.
S&P has therefore revised its assessment of the company's
financial risk profile to "aggressive" from "significant."

"We expect that Gajah Tunggal's EBITDA interest coverage will
remain at 3.0x-3.5x for the next 12 months," said Mr. Jean.
"However, higher interest expenses following the depreciation of
the rupiah have reduced the rating buffer, leaving the company's
cash flow adequacy more vulnerable to increases in raw material
prices.  A further erosion in the rupiah toward 13,000 per U.S.
dollar for more than six months could push the EBITDA interest
coverage ratio below 3.0x and lead to some downward pressure on
the rating."

Gajah Tunggal's capital spending is likely to remain close to
IDR1,400 billion in 2015 as the company nears the completion of a
multi-year expansion and debottlenecking program.  S&P anticipates
free operating cash flows to be negative IDR250 billion-IDR300
billion in 2015 and the company's cash balance to decline to about
IDR500 billion by the end of 2015.  S&P projects that this will be
a low point for the company's cash balance because capital
spending is likely to slow down in 2016.

S&P believes Gajah Tunggal faces significant currency mismatch
risk because the company does not currently hedge its U.S. dollar
debt and interest.  S&P expects the ratio of EBITDA to interest
expenses (both denominated in U.S. dollar) to remain less than
1.2x over the next three years.

S&P forecasts Gajah Tunggal's financial risk profile to be at the
stronger end of S&P's "aggressive" category.  As a result, S&P
assigns a favorable comparable rating adjustment to the company.

The stable outlook reflects S&P's expectation that Gajah Tunggal
will maintain its good market position in the Indonesian tire
market over the next two years.

S&P may lower the rating if Gajah Tunggal's profitability weakens
more than S&P expects, such that the ratio of FFO to debt declines
below 15% or EBITDA interest coverage is less than 3.0x for more
than 12 months.  This could materialize if: (1) the company's
EBITDA margin declines below 12% because of substantial increases
in raw material costs or difficulty in raising prices because of
intensifying competition, while revenue grows less than 5% over
the next 12 months; (2) Gajah Tunggal's expansion strategy
requires more cash than S&P expects; or (3) the company's interest
expenses rise because of a further erosion in the Indonesian
rupiah.

S&P could 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 anticipates.

S&P may also lower the rating if it perceives that Gajah Tunggal's
affiliation risk with sister company Giti Tires Pte. Ltd. (GITI)
has increased.  This could materialize if Gajah Tunggal engages in
substantial related-party transactions or develops closer
operating and financial relationships with GITI or other related
parties.

In S&P's view, an upgrade is unlikely in the next 12 months given
Gajah Tunggal's small scale, affiliation risk, and an intensely
competitive environment.  Nevertheless, S&P may raise the rating
if Gajah Tunggal's operating scale improves substantially while
the company maintains strong operating margins. A ratio of FFO to
debt of more than 30% on a sustainable basis would indicate such
improvement.  An upgrade hinges on S&P's view that affiliation
risk between Gajah Tunggal and GITI or other related parties has
substantially and permanently reduced.



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


SKYMARK AIRLINES: Orix Mulling Support For Bankrupt Carrier
-----------------------------------------------------------
The Japan Times reports that Orix Corp. may invest in bankrupt
Skymark Airlines Inc. as the carrier restructures, sources close
to the matter said on Feb. 17.

Orix is one of the nation's biggest nonbank financial companies.
Its businesses include aircraft leasing, notes the report.

It plans to inform Skymark by Feb. 19 of its intention to get
involved, says Japan Times. That day is the deadline for
expressions of support.

According to the report, Skymark leases all its aircraft. If it
becomes a sponsor, Orix, which held a 1.3 percent stake in Skymark
as of March 2014, could arrange to lease aircraft to Skymark, the
sources said, Japan Times relates.

                      About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related. It will
be delisted on March 1, the Tokyo Stock Exchange said.


SKYMARK AIRLINES: Posts JPY13.62BB Net Loss in 9Mos. Ended Dec.
---------------------------------------------------------------
The Japan Times reports that Skymark Airlines Inc. announced last
week it had registered a net loss in the April-December period.

Skymark posted a group net loss of JPY13.62 billion in the nine
months through December, dropping from a profit of JPY230 million
in the same period a year earlier, the report discloses.

Its cash and deposits totaled JPY730 million at the end of the
period, sharply down from JPY7.07 billion, according to Japan
Times.

                      About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related. It will
be delisted on March 1, the Tokyo Stock Exchange said.



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


NEW ZEALAND: Receivership Ruling a Big Win for the Little Guys
--------------------------------------------------------------
scoop.co.nz reports that New Zealand First welcomes the Supreme
Court ruling out that reverses a previous decision allowing
receivers to claw back payments from subcontractors and tradesmen,
says New Zealand First Spokesperson for Commerce Fletcher
Tabuteau.

"We join with industry organizations to celebrate this common
sense ruling that provides greater security for many small to
medium sized businesses," the report quoted the spokesman as
saying.

"The decision means contractors can be secure in the knowledge
that payments for work done in good faith cannot be clawed back
under the voidable transactions provisions of the Companies Act,"
the spokesman said, according to the report.

"Parliament will soon be debating the Construction Contracts
Amendment Bill," the spokesman said, the report relays.

"New Zealand First will be working hard to ensure that measures to
protect subcontractors' retention payments are provided for within
legislation," the spokesman added.


ROSS ASSET: Claw-Back Bid More Difficult After High Court Ruling
----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a Supreme
Court ruling out on Feb. 18 will make liquidators' attempts to
claw back funds from Ross Asset Management investors much more
difficult, a lawyer said.

According to the Herald, the country's highest court on Feb. 18
released a ruling that curtails how liquidators can try to recover
payments from those who received funds up to two years before a
company's collapse.

The Herald relates that a lawyer for some of the liquidators
involved in the Supreme Court case, Kevin Bond, said the decision
could have an impact on the Ross Asset Management claw-back
litigation.

Wellington-based Ross Asset Management cost investors around $115
million when it folded in November 2012.  Investors are likely to
get only a fraction of this money back.  Its principal, David
Ross, ran the country's largest ever Ponzi scheme and was
sentenced to 10 years and 10 months' jail in 2013 after admitting
fraud and other charges.

The Herald says the firm's liquidators, John Fisk and David
Bridgman, have taken High Court action against three investors who
received a payout before the collapse in an attempt to claw back
money.

The first of these test cases, where millions of dollars are
believed to be at stake, is due to be heard in Wellington next
month, the report notes.

"In the case of Ross Asset Management, the liquidators have
already signalled their intention to utilise the insolvent
transaction regime to claw back payments from investors, who
received what ultimately turned out to be fictitious profits in
the months before Mr Ross' Ponzi scheme came to light," the Herald
quotes Mr. Bond as saying. "This decision will make that process
much more difficult for the liquidators."

"It is likely that a substantial number of preferential payments,
which would previously have been set aside, will now be retained
by preferred creditors. Further, directors of insolvent companies
may now actually be encouraged to make such payments to those
creditors who have leverage over them personally," Mr. Bond said,
the Herald relays.


                        About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



=================
S I N G A P O R E
=================


DYNAMIC OIL: Singapore's Creditors Confirm KPMG as Liquidators
--------------------------------------------------------------
At the creditors' meeting held in Singapore on Feb. 14, 2015,
three KPMG partners, Messrs Bob Yap Cheng Ghee, Chay Fook Yuen and
Tay Puay Cheng, were confirmed as the joint and several
Liquidators of Dynamic Oil Trading (Singapore) Pte. Ltd. They had
been appointed Provisional Liquidators on Nov. 18, 2014, 11 days
after DOT Singapore's parent company, O.W. Bunker & Trading A/S
(OWBT) filed for bankruptcy in Denmark.

Based on the Statement of Affairs filed by the directors of DOT
Singapore, there is an estimated US$329 million in gross
receivables due to DOT Singapore. ING Bank N.V. (ING) is the
largest secured creditor of DOT Singapore. In addition, DOT
Singapore has over 100 unsecured creditors to whom it owes an
estimated US$198 million.

The Liquidators said at the creditors' meeting that one of their
key priorities would be to look into DOT Singapore's dealings with
Tankoil Marine, which is the company's largest debtor. The
Liquidators were, however, not in a position at this preliminary
stage to comment further on the matter. The Liquidators would also
be looking to work closely with the Trustees of O.W. Bunker A/S to
gain full access to DOT Singapore's records maintained in Denmark.

The Liquidators also said that a Cooperation Agreement has been
entered into with ING, and the Receivers from
PricewaterhouseCoopers LLP. This agreement sets up an important
framework for the collection of all receivables owed to DOT
Singapore, with the objective of seeking to maximise recovery in
the parties' mutual interests.

Mr Bob Yap, the joint and several Liquidator, said "With the
strong mandate from the creditors, and the support to be provided
by them, we will focus on taking steps to maximise recovery for
their benefit. We are also confident that with the Cooperation
Agreement in place, the process of recovering receivables will be
accelerated; and we will work actively with the Receivers to
achieve such recovery."

Rajah & Tann Singapore LLP act for the Liquidators and Drew &
Napier LLC act for the Receivers.



====================
S O U T H  K O R E A
====================


MAGNACHIP SEMICONDUCTOR: S&P Lowers CCR to 'B-'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'B-' from 'B+' its long-term corporate credit and debt ratings on
Korea-based analog and mixed-signal semiconductor manufacturer
MagnaChip Semiconductor Corp. (MagnaChip).  At the same time, S&P
removed the ratings from CreditWatch, where it placed them with
negative implications on Dec. 10, 2014.  The outlook on the long-
term corporate credit rating is stable.

"The two-notch downgrade follows MagnaChip's completion of
financial restatement and reporting on Feb. 12, 2015," said
Standard & Poor's credit analyst JunHong Park.  "The company's
restated outcome and recent performance were much worse than our
previous expectation, and the company recorded operating losses of
US$47 million during the first nine months of 2014."  S&P
attributes the results mainly to weak demand from the company's
high-end smartphone and display panel related businesses,
overproduction of certain items resulting in additional inventory
reserves, a decrease in fabrication utilization rate, and a
decline in the average revenue per wafer for its semiconductor
manufacturing services.

S&P expects the company's operating performance to remain weak
over the next few quarters due to additional costs related to the
restatements and legal disputes, somewhat weak demand in
smartphones, and the planned closure of its six-inch fabrication
facility in Cheongju, Korea.  S&P also sees uncertainty over the
company recovering its competitive position and operating
efficiency in the near term given potential difficulties in new
product and customer development and a lower level of planned
capital expenditures for 2015.  Reflecting this, S&P lowered its
assessment of the company's business risk profile to "vulnerable"
from "weak."

S&P expects the company's financial ratios to remain weak over the
next 12 months with an adjusted debt to EBITDA ratio of over 10x
mainly due to low profitability.  Although the company does not
have scheduled debt repayments in 2015, S&P expects its weak cash
flows could reduce its cash holdings to about US$50 million-US$100
million during 2015 from US$125 million as of the end of September
2014.  Reflecting this, S&P lowered its assessment of the
company's financial risk profile to "highly leveraged" from
"significant."

S&P believes MagnaChip will make efforts to improve its internal
controls and take remedial actions over its operational and
financial work flows.  S&P revised its management and governance
score to "fair" from "weak" mainly reflecting the company's
financial restatement and that it completed the reporting within
its targeted timeline.

S&P's base case assumes these:

   -- South Korean GDP growth of about 3.6% in 2014 and 4.0% in
      2015;

   -- Global semiconductor industry growth of about 5%-7% while
      MagnaChip revenues decline by about 4% in 2014;

   -- A modest decline in revenues in 2015, mainly due to
      somewhat weak demand in its smartphone related products;

   -- Operating margins of about -10%~0% in 2014 and in 2015;

   -- Annual capital expenditures of around US$25 million in 2015
      in line with the company's plan; and

   -- No dividends or share buybacks in 2015.

This would produce these credit measures:

   -- Adjusted debt to EBITDA of over 10x in 2015; and
   -- Funds from operations to debt of about 0%-5% in 2015.

The stable outlook reflects S&P's expectation that, despite
continued weak profitability and cash flows, the company will be
able to meet its financial obligations over the next 12 months
owing to its substantial cash holdings without near-term debt
maturities.

S&P may lower the ratings if the company's cash level deteriorates
significantly, possibly due to worse-than-anticipated operating
performance or unexpectedly large additional expenses related to
restatements and litigations.

S&P is unlikely to raise the ratings over the next 12 months given
the company's highly leveraged financial metrics and weak
profitability.



                             *********

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

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

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


                            *********


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

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

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

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