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                      A S I A   P A C I F I C

           Monday, February 23, 2015, Vol. 18, No. 037


                            Headlines


A U S T R A L I A

CASH STORE: Federal Court Orders Record Penalty of AUD18.97MM
FAT STORES: In Administration; First Meeting Set For Feb. 26
HI-FI MELBOURNE: Live Music Venues Up for Sale
ORIGIN ENERGY: Moody's Reviews 'Ba1' Stock Rating for Downgrade
PROVIDENT CAPITAL: ASIC Bans Former Managing Director

* Low Oil Price Deliver Mixed Results for Australian Corporates


C H I N A

LDK SOLAR: Court Closes Ch. 15 & Ch. 11 Bankruptcy Proceedings


I N D I A

ALOK GLASS: ICRA Assigns B+ Rating to INR5.50cr Cash Credit
ANTELOPE VENTURES: ICRA Assigns 'B' Rating to INR12cr LT Loan
ASMITHA MICROFIN: CRISIL Cuts Rating on INR7.45BB Bank Loan to D
DEEPAK & COMPANY: CRISIL Reaffirms B Rating on INR213MM Loan
ELEGANT OVERSEAS: ICRA Reaffirms B+ Rating on INR0.25cr Loan

FUTURE CARS: CRISIL Assigns D Rating to INR75MM Cash Credit
HATIMI STEELS: CRISIL Reaffirms B+ Rating on INR365MM Cash Credit
HARYANA KESRI: ICRA Assigns 'B' Rating to INR6cr Cash Credit
HIGH STREET: ICRA Reaffirms B- Rating on INR6.44cr Term Loan
INDUS MOTORS: CRISIL Assigns B Rating to INR110MM Funding Loan

JMC CONSTRUCTIONS: ICRA Raises Rating on INR144cr LT Loan to B-
JOSEPH RUBBERS: CRISIL Assigns B+ Rating to INR80MM Cash Credit
K. M. COTEX: CRISIL Reaffirms B+ Rating on INR55MM Cash Credit
KAILASH GINNING: CRISIL Reaffirms B Rating on INR120MM Cash Loan
KMB TRADING: CRISIL Reaffirms B- Rating on INR127.3MM LT Loan

KNISS LABORATORIES: CRISIL Places B+ Rating on INR30MM Cash Loan
MG RAMA ENERGY: ICRA Assigns 'SP 3D' Grading
NARAIN SINGH: CRISIL Reaffirms B- Rating on INR32.2MM Cash Loan
NEEDS SUPERMART: CRISIL Assigns B+ Rating to INR75MM Cash Credit
NEEV METOLOGIES: ICRA Reaffirms B Rating on INR3.65cr Term Loan

PARSHWA ORNAMENTS: CRISIL Rates INR55MM Cash Credit at 'B'
RAJ KISHORE: CRISIL Assigns B+ Rating to INR80MM Cash Credit
REEP INDUSTRIES: CRISIL Reaffirms D Rating on INR67.4MM Loan
SARASWATI GUM: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit
SVM CERA: ICRA Reaffirms 'B' Rating on INR5.50cr Cash Credit

SBS FOODS: CRISIL Cuts Rating on INR75MM Term Loan to 'D'
SHAKUMBARI SUGAR: ICRA Suspends B/A4 Rating on INR203.39cr Loan
SHETKARI SHIKSHAN: CRISIL Reaffirms D Rating on INR195MM Loan
SHREE KHODIYAR: ICRA Reaffirms B Rating on INR15cr Cash Credit
SHREE SHYAM: ICRA Suspends 'D' Rating on INR92.54cr Bank Loan

SHRI PAHARIMATA: CRISIL Assigns B- Rating to INR57MM Cash Credit
SOHAM MANNAPITLU: ICRA Reaffirms B+(SO) Rating on INR54.4cr Loan
SRI AUROBINDO: ICRA Reassigns Rating on INR6cr Term Loan to B-
SRI SANTHANALAKSHMI: CRISIL Reaffirms B Rating on INR115MM Loan
VASUKI MINING: CRISIL Suspends D Rating on INR73MM Term Loan

VENUS GARMENTS: CRISIL Reaffirms B+ Rating on INR819.1MM Loan
VIRGO MARINE: CRISIL Reaffirms B- Rating on INR350MM Bank Loan


J A P A N

ARYSTA LIFESCIENCE: S&P Raises CCR to 'BB', Outlook Stable
SKYMARK AIRLINES: H.I.S. Among Applicants to Sponsor Carrier
SKYMARK AIRLINES: JAL, ANA Code-Sharing Deal Delayed
SONY CORP: To Spin Off Video and Sound Business


N E W  Z E A L A N D

BLUE CHIP: Lawyer Didn't Cause Loss, Supreme Court Says
SUPER RETAIL: To Close 13 FCO Stores in New Zealand


                            - - - - -


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


CASH STORE: Federal Court Orders Record Penalty of AUD18.97MM
-------------------------------------------------------------
The Federal Court on Feb. 19, 2015, awarded record penalties
totalling AUD18.975 million against payday lender, The Cash Store
Pty Ltd (in liquidation) (TCS), and loan funder, Assistive Finance
Australia Pty Ltd (AFA) for their failure to comply with consumer
lending laws.

The Court handed down the penalty following its August 26, 2014
decision in ASIC v The Cash Store (in liquidation) [2014] FCA 926
that TCS and AFA failed to comply with their responsible lending
obligations and that TCS had unconscionably sold "useless"
consumer credit insurance (CCI) to customers, the majority of whom
were on low incomes or in receipt of Centrelink benefits.

The penalty is the largest civil penalty ever obtained by ASIC.
The decision demonstrates the importance of lenders complying
strictly with their responsible lending obligations, including
making proper inquiries about the consumer's income and living
expenses and obtaining all necessary information to enable a
meaningful suitability assessment to be made.

ASIC Deputy Chair Peter Kell said, 'This is a landmark case for
the consumer credit regime and is essential reading for all credit
licensees. The significant size of the penalty imposed shows ASIC
and the Court take these obligations very seriously, as must all
lenders, no matter how small the loan is.

'ASIC is all about making sure people taking out loans have trust
and confidence in the consumer credit sector and that those
offering credit obey the law. And those laws have responsible
lending provisions that aim to protect consumers of credit
services from taking out loans they can't afford and to stop
businesses from taking unfair advantage of vulnerable people.'

'That is why we brought this case and this is what the Federal
Court has recognised with this penalty', Mr Kell said.
Background

TCS is a wholly-owned subsidiary of a Canadian company, The Cash
Store Australia Holdings Inc, which is listed on the Toronto Stock
Exchange. AFA is also a wholly-owned subsidiary of a Canadian
company, Assistive Financial Corp.

Until September 2013, TCS operated as a payday lender with all
loans being financed by AFA.  It had approximately 80 stores
throughout Australia and wrote approximately 10,000 loans per
month of up to AUD2,200 each for a short period (usually two weeks
or less). Typical of many payday lenders, TCS charged very high
fees and interest on the loans -- total fees and charges were
typically around 45% of the loan amount.

The National Consumer Protection Credit Act 2009 (National Credit
Act) requires credit licensees to meet responsible lending conduct
obligations. These obligations were designed and implemented to
protect all consumers, but particularly those who may be
vulnerable to exploitation.

The key responsible lending obligation is that credit licensees or
providers must not suggest, assist with or provide a credit
product that is unsuitable for a consumer. Before suggesting,
assisting with, or providing a new credit contract or lease to a
consumer, the credit licensee (or provider) must:

   * make reasonable inquiries of the consumer about their
     requirements and objectives in relation to the credit
     contract

   * take reasonable steps to verify the consumer's financial
     situation

   * based upon these inquiries, assess whether the credit
     product is unsuitable for the consumer and only proceed if
     the credit product is not unsuitable, and

   * give the consumer a copy of the assessment if requested.

In addition, the licensee must provide the consumer with a credit
guide setting out certain important information about the licensee
and the loan product.

The Court found TCS breached a total of seven separate provisions
of the Credit Act, and that AFA breached six provisions. TCS was
also held liable for the breaches of AFA by reason of its having
been knowingly concerned in the breaches by AFA, pursuant to
section 169 of the National Credit Act.

The maximum penalty for a corporation for breaching responsible
lending and credit guide laws is AUD1.1million for each
contravention.

In respect of the National Credit Act breaches, the Court ordered
that TCS and AFA pay penalties of AUD10.725 million and AUD7.15
million respectively.

In relation to TCS's sale of CCI, the Court imposed the maximum
penalty of AUD1.1 million following the finding that it had acted
unconscionably in selling the product, in breach of section 12CB
of the Australian Securities and Investments Commission Act 2001.
TCS had retained income of approximately AUD1.3 million from the
sale of the insurance.

The Court also ordered AFA to pay ASIC's costs of the proceeding.


FAT STORES: In Administration; First Meeting Set For Feb. 26
------------------------------------------------------------
Eloise Keating at SmartCompany reports that a Melbourne-based
retail chain that helped launch fashion labels including Sass &
Bide, Gorman and Alpha60 has collapsed into voluntary
administration for the second time.

FAT Stores operates five outlets in the Melbourne, selling a
variety of local and international clothing labels. A sixth outlet
in the Highpoint Shopping Centre in Melbourne's west closed on
Feb. 20, the report says.

SmartCompany relates that the latest FAT store opened in the
refurbished Strand Arcade in Melbourne's CBD in mid-2014 but less
than 12 months later administrators BRI Ferrier have been called
in to manage the chain.

David Coyne, James Koutsoukos and Antony Resnick of BRI Ferrier
were appointed administrators of Parque Pty Ltd, trading as FAT
Stores, on February 17, the report discloses. The first meeting of
creditors is scheduled to be held on February 26.

Mr. Coyne told SmartCompany the chain currently employs 40 staff,
including head office staff, but this number may change if further
stores are closed.

"At this stage it is our intention to continue trading whilst
seeking to find a buyer for the business and whilst looking to
restructure its operations," SmartCompany quotes Mr. Coyne as
saying.

Mr. Coyne attributes the collapse of the FAT chain to "declining
margins across its range of products, particularly third party
products", as well as dispute with one of its suppliers,
SmartCompany relates.

SmartCompany notes that the administration of FAT Stores comes
just three years after Parque bought the chain out of
administration in 2012. At the time, FAT reportedly owed creditors
more than AUD1 million.

Cotra founded FAT in 1998 with Bianca Wiegard, Kym Purtell and
Sarah Hamilton, with the first outlet opening on Johnston Street
in Fitzroy.


HI-FI MELBOURNE: Live Music Venues Up for Sale
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are being sought by the administrators of The Hi-Fi
Melbourne Pty Ltd, The Hi-Fi Brisbane Pty Ltd and The Hi-Fi Sydney
Pty Ltd for the purchase of the business and assets. The entities
entered administration on Feb. 12, 2015 with Simon Patrick Nelson
of Romanis Cant being appointed administrators of the companies.

The entities are live music venues. Features of the sale include
established leaseholds and liquor licenses, the report says.

According to the report, the buyer of the companies will also get
to own lighting and audio equipment. Also included in the sale are
Hi-Fi Bar branding and website, established promoter, ticketing
and other commercial relationships.


ORIGIN ENERGY: Moody's Reviews 'Ba1' Stock Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service said that the financial results of
Origin Energy (Origin) for the half-year ending Dec. 31, 2014
(1HFY15) are within its expectation.  Origin has an issuer and
senior unsecured ratings of Baa2 and a short-term rating of P-2,
both on review for downgrade since Jan. 22, 2015.  Origin Energy
Finance's Baa2 senior unsecured rating and Ba1 preference stock
rating is also on review for downgrade.

The ratings remain on review for downgrade reflecting the
uncertainty about Origin's ability over the next two years to
maintain financial metrics at levels that are appropriate for its
Baa2 rating, including FFO to Debt of over 20% and FFO to Interest
of above 4 times on a consistent basis.

"Although Origin reported solid earnings performance -- amid
challenging operating environment -- there has been deterioration
in financial metrics reflecting more than AUD2 billion of
additional debt incurred over the period, primarily to finance
APLNG development," says Spencer Ng, a Moody's Senior Analyst and
Vice President.

The improvement in earnings was primarily driven by better
performance at its energy generation and retail segment due to
higher gas sales and improvement in both gas and electricity
margins driven by low cost gas, and which offset the weaker
contribution from the Exploration and Production business.  That
said, the substantial increase in debt outstanding meant that
financial metrics have weakened over the period.

As a result, Origin's adjusted pro-forma Funds from Operation
(FFO) to Debt ratio is around 11% and FFO to Interest ratio is
around 3 times for the half year, and Moody's expect leverage to
weaken further over the next six months, as more debt is drawn to
finance the remaining works at APLNG.

Despite the weakness in the near term, we expect Origin's
financial profile to meaningfully improve as LNG export starts and
ramps up to full production, based on Moody's oil-price
assumption.  That said, the incremental cashflow which we expect
Origin to receive from APLNG had declined materially due to the
fall in oil price in the past six months.

"As such, our review on Origin's Baa2 rating for possible
downgrade focuses on the company's medium-term financial profile
over the next two years.  This would incorporate the expected LNG
cashflow, APLNG funding needs as well as any potential
countermeasures that Origin could introduce to support the
recovery in its metrics," says Ng.

Origin today re-affirmed the mid-2015 timeline for APLNG's train 1
completion and total capital cost being materially within budget.
The timely completion of APLNG is a key underpin for Origin's
ratings.

At the same time, Origin also outlined plans to introduced cost
saving measures at both Origin and APLNG level as well as the
deferral of capital spending where possible.  As part of the
review process, Moody's will seek to understand the likely
financial impact of these measures over the next 1-2 years.


PROVIDENT CAPITAL: ASIC Bans Former Managing Director
-----------------------------------------------------
The Australian Securities and Investment Commission has banned
Michael Roger O'Sullivan of Sydney from managing corporations for
five years and from providing financial services for seven years.
The ban follows an ASIC investigation which found Mr O'Sullivan
breached his duties as a director and failed to comply with
financial services laws.

Mr O'Sullivan was the managing director of Provident Capital
Limited (Provident Capital) from May 25, 1998 to January 28, 2014.
Provident Capital went into receivership on July 3, 2012 and into
liquidation on October 24, 2012.

ASIC suspended Provident Capital's Australian financial services
licence on October 15, 2012.

ASIC's investigation found Mr O'Sullivan:

   * failed to exercise due care and diligence in the management
     and recording of the largest loan made by Provident Capital
     through its Fixed Term Investment Portfolio;

   * caused Provident Capital to make misleading statements to
     ASIC and Australian Executor Trustees Limited;

   * caused Provident Capital to issue a Debenture Prospectus in
     December 2010 to raise funds from the public which
     contained misleading statements; and

   * used his position improperly to gain financial advantages
     for himself and for a company of which he was formerly a
     director.

ASIC Commissioner John Price said, 'Directors have a
responsibility to ensure that statements made to investors are
true and reliable. Failing to meet this simple obligation
undermines confidence and trust in the corporate and financial
services communities.'

'Managing companies and providing financial services requires
compliance with important obligations. ASIC will remove those who
fail to meet these obligations,' Mr Price said.

Mr O'Sullivan has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

ASIC's investigation is continuing.

The five year period for which Mr O'Sullivan was banned from
managing corporations is the maximum period of disqualification
that ASIC can impose under section 206F of the Corporations Act
2001.

Provident Capital issued debentures to retail investors through
their Fixed Term Investment Portfolio and advanced the debenture
funds to third party borrowers, including property developers, on
a first mortgage basis.

Provident Capital also operated a mortgage fund under a wholesale
facility with Bendigo and Adelaide Bank and two managed investment
schemes.

On June 29, 2012, on an application by the Australian Executor
Trustees Limited, the trustee for Provident debenture holders, the
Court ordered that receivers be appointed to Provident. ASIC
appeared as a 'friend of the court' in these proceedings.

When Provident Capital went into liquidation on 24 October 2012
over 3,000 Provident debenture holders were owed approximately
AUD130 million.

Provident's receivers (PPB Advisory) have estimated that the
likely return to debenture holders will be in the range of AUD0.17
to AUD0.19 in the dollar.


* Low Oil Price Deliver Mixed Results for Australian Corporates
---------------------------------------------------------------
Moody's Investors Service says that the plunge in oil prices since
mid-2014 will lift airline profitability, ease pressure on mining
companies, perk up retailers, but strain the oil and gas sector.

Moody's analysis is contained in its report "Low Oil Price Will
Lift Airline Profitability; Pressure Oil and Gas Producers",
authored by Maurice O'Connell and Matthew Moore, both Moody's Vice
Presidents.

"The benchmark Brent crude price plunge will boost Australian
airlines' profitability, cash flows and credit metrics into 2016,
but the mining sector will benefit to a lesser degree," says
O'Connell.  "We also expect building construction companies to see
modest knock-on effects."

Jet fuel and labour are the two largest input costs for airlines -
- fuel costs accounted for 30% of Qantas Airways Ltd. (Ba1
negative) and Virgin Australia Holdings Limited (B2 stable)
operating costs over the past three years -- so lower fuel costs
will improve profitability, says Moody's.

The rating agency notes that this strengthened profitability,
combined with improving conditions in the carriers' operating
environment, ongoing cost reductions and rising yields, will lead
to improvements in cash flow generation and credit metrics for the
sector.

In addition, Australian retailers such as Wesfarmers Limited (A3
stable) and Woolworths Limited (A3 stable) will see mildly
positive impact from higher disposable incomes and lower logistics
costs, says Moody's.

Australian miners -- such as BHP Billiton Limited (A1 stable)
Fortescue Metals Group Ltd (Ba1 stable) and Newcrest Mining Ltd.
(Baa3 negative) -- will benefit from the lower costs tied to the
oil prices decline at a time when earnings and margins have been
hit significantly by a sharp deterioration in metals and bulk
commodities prices. The lower costs won't, however, be sufficient
to offset weak prices for base metals, iron ore and coal, says
Moody's.

"However, the oil and gas sector will see a direct negative impact
on revenues and cash flows as lower selling prices for oil narrow
margins for upstream producers," adds O'Connell.

Moody's expects that the crude oil price drop will lower
exploration and production behemoth Woodside Petroleum Ltd's (Baa1
stable) revenue by 30%-35% over the next two years, based on the
rating agency's oil price assumptions.  BHP Billiton's revenue
will also be hit, although its overall operating performance will
benefit from its other, more resilient divisions.

Oil services companies, and engineering and construction companies
will also feel some negative impact. Moody's notes that equipment
rental company, Emeco Holdings Limited (B3 negative), which
generates about 30% of revenue from equipment hire to Canadian oil
sands companies, and construction services company, Transfield
Services Ltd (Ba2 stable), will both see their earnings pressured
by reduced demand and narrower margins as producers look to cut
capital spending.



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C H I N A
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LDK SOLAR: Court Closes Ch. 15 & Ch. 11 Bankruptcy Proceedings
--------------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation, on Feb. 19
disclosed that, on Feb. 18, 2015, Judge Laurie Selber Silverstein
of the United States Bankruptcy Court for the District of Delaware
entered final decrees closing LDK Solar's Chapter 15 bankruptcy
proceeding as well as the Chapter 11 bankruptcy proceedings of
three of LDK Solar's U.S. subsidiaries, LDK Solar Systems, Inc.,
LDK Solar USA, Inc. and LDK Solar Tech USA, Inc. As previously
disclosed, on Nov. 21, 2014, LDK Solar obtained U.S. recognition
and enforcement of its Cayman Islands scheme of arrangement, and
the U.S. Debtors obtained confirmation of their Chapter 11 plan of
reorganization. This entry of the final decrees was the last step
in the U.S. bankruptcy proceedings for LDK Solar and the U.S.
Debtors, and marks their formal closure.

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com/-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On
Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387). The U.S. Debtors' General Counsel is Jessica C.K. Boelter,
Esq., at Sidley Austin LLP, in Chicago, Illinois. The U.S.
Debtors' Delaware counsel is Robert S. Brady, Esq., Maris J.
Kandestin, Esq., and Edmon L. Morton, Esq., at Young, Conaway,
Stargatt & 73 Taylor, LLP, in Wilmington, Delaware. The U.S.
Debtors' financial advisor is Jefferies LLC. The Debtors' voting
and noticing agent is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
Sept. 17, 2014, from the holders of LDK Solar's 10% Senior Notes
due 2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.



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I N D I A
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ALOK GLASS: ICRA Assigns B+ Rating to INR5.50cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR7.42 crore fund
based limits of Alok Glass Works. ICRA has also assigned its
[ICRA]A4 rating to the INR1.58 crore non fund based limits of AGW.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.50        [ICRA]B+; assigned
   Term Loan               1.92        [ICRA]B+; assigned
   Letter of Credit        1.58        [ICRA]A4; assigned

ICRA's ratings are constrained by the modest scale of operations
of the firm and its weak financial profile characterised by
elevated leverage, with Debt to Equity of 2.58 times and
Debt/OPBDITA of 3.89 times as on March 31, 2014 and modest
coverage indicators, with interest coverage of 1.54 times for
2013-14 and NCA/TD of 10%, this is on account of the high working
capital intensity of operations (NWC/OI of 32.2% in 2013-14) led
by high inventory levels, which has necessitated reliance on bank
borrowings. ICRA also takes note of the risks associated with the
partnership constitution of the firm like withdrawal of capital,
dissolution of firm etc. However, the rating favourably factors in
the vast experience of the promoters in the glass manufacturing
industry and the moderate profitability of the firm (Operating
margin of 10.06% in 2013-14).

Going forward, the ability of the firm to improve its operating
scale and capital structure while managing its working capital
intensity will be the key rating sensitivities.

AGW was established as partnership firm in 1987 by Mr Nannumal
Agarwal and his brother Mr Aditya Agarwal and is currently being
managed by Mr Mohit Agarwal who joined the firm in 1998. The firm
is engaged in manufacturing glass products such as glass bangles,
glass chimneys and other glassware. The firm's manufacturing unit
located in district Firozabad, Uttar Pradesh, has an area of 1.06
lakh square feet and has an installed daily production capacity of
25 metric tonnes of glass.

Recent results
In 2013-14, the firm reported a net profit of INR0.13 crore on an
operating income of INR17.00 crore, as compared to a net profit of
INR0.06 crore on an operating income of INR3.73 crore in the
previous year.


ANTELOPE VENTURES: ICRA Assigns 'B' Rating to INR12cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR12.0
crore fund based facilities of M/s Antelope Ventures Private Ltd.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            12.0         [ICRA]B assigned

The assigned rating is constrained by the nascent stage of the
projects, Antelope Pororoca and Antelope Flamingo, with both the
projects yet to start execution and majority of the approvals left
to be obtained, leading to exposure towards marketing and
execution risk, customary to the nature of such real estate
projects. The rating also factors in the modest scale of
operations of the company vis-a-vis the size of the proposed
projects and the expected deterioration in the capital structure
with fresh loans being availed, which will also result in sizable
repayment obligations in the short to medium term, vis-…-vis the
cash accruals of the company.


The rating, however, positively factors in the strong reputation
and long track record of the promoters with more than 20 years of
experience in the Bangalore real estate market. The rating
assigned factors in the financial strength of the promoters with
capability to infuse funds whenever required, as evidenced in the
past and the steady rental income from commercial projects. The
rating also takes comfort from the premium location of the
projects, which may aid in achieving healthy sales velocity.
Going forward, timely completion of the project and the ability of
the company to achieve healthy bookings and maintain collection
efficiency would be the key rating sensitivities.

Incorporated in July'1998, as Trinetra Investments and Properties
Private Ltd., AVPL is a closely held company with 67.5% shares
held by Mr. M.N. Vikram, 28.5% shares being held by Mr. M.R.
Nagaraj and 4.25% by Smt. Sandhya Vikram. The company is involved
in real estate development, with presence mainly in the Bangalore
and Mysore real estate market.

The promoters have experience of more than 20 years in real estate
sector (commercial and residential) with completion of more than
~0.5 msft of built-up area. The promoters also have coffee
plantation and furniture business being operated in their personal
capacity. In addition the promoters have also executed large
number of small residential and commercial projects in personal
capacity.

Recent Results
In FY14, the company reported a net profit of INR0.09 crore on an
operating income of INR0.31 crore as against a net loss of INR0.31
crore on an operating income of INR0.36 crore in FY13.


ASMITHA MICROFIN: CRISIL Cuts Rating on INR7.45BB Bank Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities and debt instrument of Asmitha Microfin Ltd (Asmitha)
to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Bank       7,452      CRISIL D (Downgraded from
   Facility                        'CRISIL B/Stable')

   Proposed Long Term   2,548      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The downgrade reflects instances of delay by Asmitha in servicing
its debt. Asmitha had opted for restructuring of its debt through
a corporate debt restructuring mechanism in April 2011, after the
promulgation of the ordinance on microfinance institutions (MFI)
by the Government of Andhra Pradesh. Immediately after
restructuring, the company was making timely payment of interest
and principal as per the revised terms. However, with commencement
of principal repayments on the restructured loans and limited
availability of fresh funding, Asmitha's liquidity weakened,
resulting in material decline in its performing loan portfolio
outside Andhra Pradesh. Subsequently, its application for priority
debt to support liquidity was approved by lenders. However, on
account of delay in disbursement of the approved priority debt,
Asmitha delayed in servicing its term debt obligations. The
company has, nevertheless, been repaying critical amounts to
maintain the account in standard category as decided by the
lenders at the lenders' forum meetings.

Asmitha continues to be exposed to risks relating to the
challenging operating environment in Andhra Pradesh and to the
constrained funding environment for MFIs in the state. The
company, however, benefits from its management's experience.

Set up in 2002 as a non-banking financial company, Asmitha is an
MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank (Bangladesh). As on June 30,
2014, Asmitha's loans outstanding aggregated INR9.6 billion (AP
accounted for more than 60 per cent of loans outstanding).

For 2013-14 (refers to financial year, April 1 to March 31),
Asmitha reported a net loss of INR0.5 billion on a total income of
INR1.1 billion, against a net loss of INR5.8 billion on a total
income of INR1.4 billion for 2012-13.


DEEPAK & COMPANY: CRISIL Reaffirms B Rating on INR213MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Deepak & Company
Infra Pvt Ltd (DCIPL) continue to reflect DCIPL's weak financial
risk profile, marked by high gearing, a modest net worth, and weak
debt protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            213         CRISIL B/Stable (Reaffirmed)

The rating also factors in the nascent stage of the company's
build, operate, and transfer (BOT) operations, with limited track
record of toll collection. These rating weaknesses are partially
offset by the extensive experience of DCIPL's promoters in the
road construction segment.

Outlook: Stable

CRISIL believes that DCIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
However, the company's financial risk profile will remain weak
over this period because of the large quantum of debt contracted
for its BOT projects. The outlook may be revised to 'Positive' if
DCIPL's cash accruals improve, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company generates low cash accruals, weakening its financial
risk profile, or if there is a significant increase in its working
capital requirements.

DCIPL was originally set up as a partnership firm in 1992 by Mr.
Krishna Kumar Ladha and his family. In June 2013, this firm was
reconstituted as a private limited company with the current name.
The company is engaged in construction, widening, and repairing of
roads. It is a registered contractor with the Public Works
Department (PWD) of Rajasthan, and other urban local bodies. DCIPL
has diversified into BOT projects for the PWD. It has completed
two BOT projects: state highway 03, spanning 36.9 kilometres (km)
and major district road 02 (MDR02) spanning 19.5 km.


ELEGANT OVERSEAS: ICRA Reaffirms B+ Rating on INR0.25cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR0.25 crore bank facilities of Elegant Overseas. ICRA has also
reaffirmed its short term rating on the INR17.00 crore bank
facilities of the firm at [ICRA]A4. The suspension of [ICRA]B+/A4
ratings have been revoked.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Non-Fund based
   bank facilities        0.25         [ICRA]B+; reaffirmed

   Fund based bank
   Facilities            17.00         [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the firm's subdued
profitability margins despite healthy revenue growth in 2013-14,
given the high proportion of low margin fabric trading in the
firm's revenues. This, coupled with the working capital intensive
nature of operations and limited capital infusion by partners led
to a continued stretched capital structure for the firm. In
addition, modest profits and accruals resulted in subdued debt
coverage indicators. While ICRA takes note of the minimal fabric
trading undertaken by the firm in the current fiscal, its ability
to improve its profitability remains to be seen, given the
competitive pressures arising on account of the fragmented nature
of the textile industry. The ratings continue to remain
constrained by the firm's exposure to client concentration risks
(with top 5 clients accounting for more than 70% of sales) as well
as the susceptibility of its profits to foreign exchange
fluctuations. The above mentioned risks apart, the firm continues
to remain exposed to risks associated with its constitution as a
partnership firm such as withdrawal of capital, limited sources of
raising capital etc. However, ICRA's ratings continue to derive
comfort from the extensive track record of the promoters in the
textile industry.

In ICRA's view, the ability of the company to improve its
profitability levels, while optimally managing its working capital
cycle will be the key rating sensitivities.

Incorporated in 1996, Elegant Overseas is mainly engaged in
supplying knitted fabric and readymade garments to the domestic
and export markets. The manufacturing facility of the firm is
located in Gurgaon, Haryana. The firm was promoted by Mr. Singhal
and Mr. Gupta, who have been engaged in the textile industry for
more than a decade. The promoters also manage Elegant Dyeing and
Processing Limited (EDPL) which is engaged in fabric dyeing and
processing. The group has also diversified into supply of Light
Emitting Diode (LED) based lighting products through Ecolite
Technologies (rated [ICRA]D).

Recent Results
The firm reported a net profit of INR0.98 crore on an operating
income of INR138.90 crore in 2013-14 as against a net profit of
INR0.86 crore on an operating income of INR78.25 crore in the
previous year.


FUTURE CARS: CRISIL Assigns D Rating to INR75MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Future Cars Pvt Ltd (FCPL). The rating reflects
instances of delay by FCPL in servicing its debt; the delays have
been caused by the company's weak liquidity, driven by low cash
accruals vis-a-vis debt repayments, and large working capital
requirements.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              15         CRISIL D
   Cash Credit            75         CRISIL D
   Proposed Long Term
   Bank Loan Facility      4.9       CRISIL D

FCPL also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics, and a small
scale of operations in the highly fragmented automobile dealership
industry. However, the company benefits from its promoters'
entrepreneurial experience and funding support by way of unsecured
loans.

FCPL is an authorised dealer for all the cars of Fiat India
Automobiles Ltd and for the Nano and utility vehicles of Tata
Motors Ltd. The company was incorporated in 2008, promoted by the
Rasane and Mulay families. FCPL currently operates through three
showrooms, one each in Nashik, Sinner, and Thane (all in
Maharashtra).


HATIMI STEELS: CRISIL Reaffirms B+ Rating on INR365MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hatimi Steels (Hatimi)
continue to reflect Hatimi's weak financial risk profile, marked
by a small net worth, a high total outside liabilities to tangible
net worth (TOLTNW) ratio, and below-average debt protection
metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           365       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      135       CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's susceptibility to
cyclicality in the ship-breaking industry and to volatility in
steel scrap prices. These rating weaknesses are partially offset
by the extensive industry experience of Hatimi's proprietor.

Outlook: Stable

CRISIL believes that Hatimi will continue to benefit over the
medium term from its proprietor's extensive experience in the
ship-breaking industry. The outlook may be revised to 'Positive'
if the firm achieves a substantial increase in its cash accruals
and improves its financial risk profile, most likely because of
fresh capital infusion. Conversely, the outlook may be revised to
'Negative' in case of further deterioration Hatimi's financial
risk profile, particularly its liquidity, owing to capital
withdrawals or a decline in steel scrap prices, leading to
inadequate cash accruals.

Update
Hatimi's sales remained flat at around INR798 million in 2013-14
(refers to the financial year, April 1 to March 31) against INR804
million in 2012-13. The sales in 2013-14 were backed by moderate
ship-breaking activity: the firm dismantled three ships with sales
volume of over 26,100 tonnes. However, the firm has registered
sales of about INR360 million with sales volume of around 11,000
tonnes in the first nine months of 2014-15 due to difficulty in
procuring ships. During 2014-15, the firm has dismantled most of
the three ships purchased; however, the average size of the ships
has reduced to 6000 tonnes as compared with 9000 tonnes in 2013-
14. The firm is planning to purchase one more ship in the near
term, which renders moderate revenue visibility.

Hatimi's operating profitability has been volatile over the past
three years mainly due to exposure to foreign exchange (forex)
rate fluctuations. CRISIL believes that any adverse forex movement
may impact the firm's cash accruals and liquidity over the medium
term.

Hatimi's financial risk profile remained weak, largely in line
with CRISIL's expectations. The firm's net worth was small, at
INR40.0 million and its TOLTNW ratio high, at over 6 times as on
March 31, 2014.

Hatimi, a proprietorship concern set up in 1999 by Mr. Amit Jain,
undertakes ship-breaking projects at its yard in Alang (Gujarat).


HARYANA KESRI: ICRA Assigns 'B' Rating to INR6cr Cash Credit
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR6.00
crore cash credit limits, INR1.00 crore term loans and INR5.0
crore unallocated limits of Haryana Kesri Rice Mill.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash credit limits     6.00        [ICRA]B; assigned
   Term loans             1.00        [ICRA]B; assigned
   Unallocated            5.00        [ICRA]B; assigned

ICRA's rating is constrained by HKRM's small scale of operations,
its weak profitability and its highly leveraged capital structure,
as reflected in gearing of 10.15 times as on March 31, 2014,
resulting in weak debt coverage indicators. The rating also
factors in the high working capital intensity of the rice milling
business and the highly competitive and fragmented nature of the
industry marked by numerous organised as well as unorganised
participants, which limits the pricing power of participants like
HKRM. The rating also takes into consideration the vulnerability
of HKRM's profitability to agro climatic risks and risks inherent
in proprietorship concerns like limited ability to raise capital;
risk of dissolution etc. However, the rating favourably takes into
account the entity's established operational track record and
extensive experience of the proprietor in the rice industry and
the location advantage enjoyed by HKRM due to the proximity of its
mill to a major rice growing area which results in easy
availability of paddy and stable demand outlook given that India
is a major consumer and exporter of rice.

HKRM is a proprietorship concern promoted by Shree Ram Niwas
Mittal. The entity was incorporated in 1992 and has been engaged
into rice milling and trading for over two decades. HKRM processes
basmati and non basmati rice and sells it in the domestic market.
HKRM's milling facility, with a capacity of 2 tonnes per hour is
located at Kaithal, Haryana.

Recent Results
HKRM reported a profit after tax (PAT) of INR0.08 crore on an
operating income (OI) of INR21.95 crore in FY2014, as against a
PAT of INR0.06 crore on an OI of INR20.69 crore in the previous
year.


HIGH STREET: ICRA Reaffirms B- Rating on INR6.44cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B- on the
INR10.441 crore fund-based bank facilities, the INR0.55 crore non
fund-based bank facilities and the INR0.51 crore unallocated
limits of High Street Fashions Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based bank        4.00        [ICRA]B-; reaffirmed
   facilities/Cash
   credit

   Fund-based bank        6.44        [ICRA]B-; reaffirmed
   facilities/Term
   loan

   Non fund based bank    0.55        [ICRA]B-; reaffirmed
   facilities

   Unallocated            0.51        [ICRA]B-; reaffirmed

ICRA's rating continues to factor in HSFPL's weak debt servicing
ability, owing to low and declining accruals coupled with a
progressive increase in debt repayment obligations, due to the
ballooning structure of debt repayments; these repayments relate
to the debt availed in 2012-13, to fund the company's capacity
expansion and commenced from November 2013. Although with some
revival in order inflow from its two main customers -- Reebok and
Adidas in 2013-14, the operating income (OI) from manufactured
products has improved; however the discontinuation of job work
income since June,2013 which had constituted ~40% of OI in the
past, has kept the overall OI at modest levels. Further, despite a
slight improvement in operating profit margins, the net profit
margins have seen erosion in 2013-14, thereby resulting in low
accruals. The rating also continues to be constrained by the
company's high customer concentration and working capital
intensive nature of operations requiring large inventory levels
and long receivable cycle; thereby, resulting in a stretched
liquidity position, as reflected in full utilisation of working
capital limits. Notwithstanding the above, the rating is supported
by the significant experience of the promoters in the socks
manufacturing business and the company's relationship with large
brands such as Adidas and Reebok, which have regularly given
repeat orders in the past.

Going forward, HSFPL's ability to ramp up its revenues while
diversifying its customer base and reduce its working capital
requirements will be the key rating sensitivities.

HSFPL promoted by Mr. R. K. Sethia and Mrs. Neeta Sethia in June
2000, is engaged in manufacturing and export of socks, leggings
and wrist/head bands. Socks and leggings are made using mercerized
cotton, lycra, spandex and the complete manufacturing process,
which includes knitting, washing, embroidery and packaging, is
undertaken in house. Based in Jaipur,Rajasthan, the company caters
to clients like Reebok and Adidas and also markets its products
under the brand "Happy Toes".

Recent Results
HSFPL reported a profit after tax (PAT) of INR0.04 crore on an
operating income (OI) of INR8.75 crore in 2013-14 as compared to a
PAT of INR0.20 crore on an OI of INR8.67 crore in the previous
year.


INDUS MOTORS: CRISIL Assigns B Rating to INR110MM Funding Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Indus Motors Light Commercial Vehicles Pvt Ltd
(IMLCVPL).

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            22.5        CRISIL B/Stable
   Cash Credit           7.5        CRISIL B/Stable
   Inventory Funding
   Facility             110         CRISIL B/Stable

The rating reflects IMLCVPL's modest scale of operations and
below-average financial risk profile, marked by high gearing, and
weak debt protection metrics. These rating weaknesses are
partially offset by its promoters' extensive experience in the
automobile dealership business and its established relationship
with its principal, Ashok Leyland Ltd (ALL).

Outlook: Stable

CRISIL believes IMLCVPL will continue to benefit over the medium
term from its established position in the auto dealership market
for ALL in Kerala, and its promoters' extensive experience in the
auto dealership business. The outlook may be revised to 'Positive'
in case of significant improvement in the company's financial risk
profile, driven most likely by higher cash accruals or equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the liquidity and financial risk profile weaken because of a sharp
decline in the cash accruals, with subdued demand or sizeable
debt-funded capital expenditure.

Set up in 2011, IMLCVPL is an authorised dealer for ALL in Kerala.
The company is promoted by Mr. Ali Mubarak and Mr. Ali Muneer.

IMLCVPL, reported a net loss of INR32.49 million on total revenue
of INR976.41 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a net loss of INR4.48 million on
total revenue of INR1.08 billion in 2012-13.


JMC CONSTRUCTIONS: ICRA Raises Rating on INR144cr LT Loan to B-
----------------------------------------------------------------
ICRA has upgraded the long-term rating for INR144.00 crore fund
based and non-fund based limits of JMC Constructions Pvt Ltd
(JMCPL) to [ICRA]B- from [ICRA]D.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term fund based     144.00      Upgraded to [ICRA]B-
   and non-fund based                   from [ICRA]D
   limits

The rating factors in corrections in debt servicing in the recent
months. The debt servicing was aided by sale of land which
resulted in cash flows of INR12.2 crore, which were used to reduce
the cash credit limits. ICRA positively factors in experience of
over 3 decades of promoters in executing civil contracts and
outstanding orderbook of INR93 crore as on 31/12/14 which provides
revenue visibility for next 9 months.

ICRA's rating continues to be constrained by the high working
capital requirements of JMCPL. With cash flows from sale of land,
the cash credit limits have been reduced from INR34 crore to 11.5
crore. However, given that inventory and debtor levels continue to
remain high, the cash credit limits continue to remain fully
utilized. The movement in JMC's orders has been slow owing to the
General Elections in May 2014 and also bifurcation of the State of
Andhra Pradesh. Bifurcation of the state resulted in delayed
realization of bills. ICRA continues to factor in geographic and
client concentration risks-JMC's single largest order for NH
widening work in Bangalore accounts for ~50% of the orderbook as
on December 2014. Going forward, JMCPL's ability to get fresh
orders and enhance its cash credit limits would be crucial in
improving financial profile.

Mr. A Srinivasulu started taking contracts in his individual
capacity since 1979. In 1999, partnership firm JMC Constructions
was formed. In 2008, the partnership firm was converted into
Private Limited Company. JMCPL is based out of Chittoor and has
executed road works for Government of Andhra Pradesh and National
Highway Authority of India. In FY14, JMCPL had an operating income
of INR87.17 crore and PAT of INR1.67 crore.


JOSEPH RUBBERS: CRISIL Assigns B+ Rating to INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable ' rating to the long-
term bank facilities of Joseph Rubbers (India) Pvt Ltd (JRIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable
   Long Term Loan        40        CRISIL B+/Stable

The rating reflects the company's below-average financial risk
profile, marked by small net worth and weak debt protection
metrics. The rating also factors in the susceptibility of the
company's operating margin to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of JRIPL's promoters in the rubber-processing business.

Outlook: Stable

CRISIL believes that JRIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if JRIPL generates lower-than-
expected cash accruals or undertakes a large debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

Incorporated in 2008 and based out of Kanjirappally (Kerala),
JRIPL processes and sells rubber products. The day-to-day
operations of the company are managed by Mr. P J Dominic and his
wife Ms. Elizabeth Dominic

For 2013-14 (refers to financial year, April 1 to March 31), JRIPL
reported profit after tax (PAT) of INR3.5 million on net sales of
INR481.1 million against PAT of INR1.3 million on net sales of
INR431.4 million for 2012-13.


K. M. COTEX: CRISIL Reaffirms B+ Rating on INR55MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of K. M. Cotex Private
Limited (KMCPL) continue to reflect the company's average
financial risk profile marked by modest net worth, moderate
gearing, and weak debt protection metrics. The ratings are also
constrained by the susceptibility of its operations to changes in
government policies and fluctuations in cotton prices. These
rating weaknesses are partially offset by the benefits that KMCPL
derives from its promoters' extensive experience in the cotton
ginning and pressing industry.

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

Outlook: Stable

CRISIL believes that KMCPL 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 improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if KMCPL undertakes large debt-funded capital
expenditure, or its revenue and profitability decline
substantially, or if its working capital cycle stretches, leading
to weakening of its financial risk profile, especially liquidity.

Update
KMCPL registered revenue of INR527 million for 2013-14 (refers to
financial year, April 1 to March 31) as against INR312.3 million
for 2012-13, healthy year-on-year growth of 56 per cent. The
increase was driven by the company's strong relationships with its
key customers. KMCPL's operating profitability, however, declined
to 2.1 per cent in 2013-14 from 3.1 per cent in 2012-13 due to
volatility in cotton prices and the fragmented nature of the
cotton-ginning industry. CRISIL believes that KMCPL's business
risk profile will remain vulnerable to changes in industry demand,
international cotton prices and government policy, constraining it
over the medium term.

KMCPL's liquidity is adequate, backed by an improved working
capital cycle as reflected by its gross current assets of 72 days
as on March 31, 2014, as against 123 days as on March 31, 2013.
Moreover, the company is expected to achieve cash accruals of INR2
million to INR2.5 million against which there are no long-term
debt obligations. It has a moderate dependence on its bank lines,
which had average utilisation of 78 per cent during the twelve
months through November 2014. Given the company's moderate scale
of operations and modest operating profitability, its liquidity is
likely to remain adequate over the medium term.

Despite the moderate bank limit utilisation, KMCPL's financial
risk profile is expected to remain average over the medium term,
marked by modest net worth and weak debt protection metrics. It
had net worth of INR39.2 million as on March 31, 2014. Gearing and
total outside liabilities to tangible net worth ratio as on this
date were 1.84 times and 2.23 times, respectively. The company's
debt protection metrics have remained weak, impacted by the low
profitability, with interest coverage and net cash accruals to
total debt ratios at 1.3 times and 3 per cent, respectively, for
2013-14.

KMCPL, incorporated in 2007, is promoted by Mr. Vipin Jain and Mr.
Manoj Jain. The company gins and presses cotton and its factory is
based in Anjad (Madhya Pradesh).

It reported profit after tax (PAT) of INR0.8 million on net
operating income of INR527.4 million in 2013-14 against PAT of
INR0.7 million on net operating income of INR312.3 million for
2012-13.


KAILASH GINNING: CRISIL Reaffirms B Rating on INR120MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facility of Kailash Ginning & Pressing
Industries Pvt Ltd (KGPL) continues to reflect KGPL's below-
average financial risk profile, marked by modest net worth and
debt protection metrics, and high gearing.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          120         CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's exposure to intense
competition in the highly fragmented textile industry and its
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that the company
derives from its proximity to the cotton growing belt in Gujarat
and its promoter's extensive experience in the cotton ginning
industry.

Outlook: Stable

CRISIL believes that KGPL will continue to benefit over the medium
term from its proximity to the cotton growing belt in Gujarat. The
outlook may be revised to 'Positive' if the company reports
significant increase in its cash accruals, or receives any large
equity infusion, thereby improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if KGPL's
profitability declines because of volatility in cotton prices, or
if its financial risk profile, particularly liquidity,
deteriorates, most likely because of a stretch in its working
capital cycle or large debt-funded capital expenditure.

Formed in 2006, KGPL is promoted by Rajkot (Gujarat)-based Mr.
Dinesh Patel. The promoter has experience of more than two decades
in the cotton ginning industry. The company has capacity of 240
bales per day.


KMB TRADING: CRISIL Reaffirms B- Rating on INR127.3MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of KMB Trading Corporation
Pvt Ltd (KMB) continue to reflect its below-average financial risk
profile, marked by weak debt protection metrics. The ratings also
factor in the company's relatively small scale of operations and
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of KMB's promoters in
the granite industry and their established relationships with its
customers.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B-/Stable (Reaffirmed)
   Corporate Loan        25         CRISIL B-/Stable(Reaffirmed)
   Funded Interest
   Term Loan             41.5       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       127.3       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    11.2       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KMB will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' if the company significantly scales
up its operations, while it maintains 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 KMB records a decline in its
accruals, or if large working capital requirement deteriorates its
financial risk profile.

Set up in 1999 as a partnership firm by Mr. K Shoukath Ali and his
brother, Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. Headquartered in Salem (Tamil Nadu [TN]),
the company is in the business of quarrying and selling rough
granite blocks.

For 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, KMB reported a net loss of INR0.9 million on a
total revenue of INR115.8 million; for 2012-13, the company
reported a net loss of INR2.8 million on a total revenue of
INR120.2 million.


KNISS LABORATORIES: CRISIL Places B+ Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kniss Laboratories Pvt. Ltd. (KLPL). The
ratings reflect KLPL's modest scale of operations, its large
working capital requirements and its below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of KLPL's promoters in the pharmaceuticals
(formulation) industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Short Term
   Bank Loan Facility      28          CRISIL A4

   Long Term Loan          12          CRISIL B+/Stable

   Cash Credit             30          CRISIL B+/Stable
   Bank Guarantee          10          CRISIL A4
   Bill Purchase           20          CRISIL A4

Outlook: Stable

CRISIL believes that KLPL will maintain its credit profile over
the medium term aided by the extensive entrepreneurial experience
of the promoter. The outlook may be revised to 'Positive' if the
company improves its scale of operations and operating
profitability substantially and sustainably, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if decline in operating profitability
or increase in working capital intensity weakens its financial
profile.

Incorporated in 1988, Kniss Laboratories is a private limited
company that specializes in the manufacture of allopathy and
ayurvedic formulations. The day to day operations of the company
are managed by Mr. M.D. Vardarajan.

KLPL reported a net profit of INR0.48 million on net sales of
INR130.7 million for 2013-14 (refers to financial year April 1 to
March 31), against a net profit of INR1 million on net sales of
INR183.1 million for 2012-13.


MG RAMA ENERGY: ICRA Assigns 'SP 3D' Grading
--------------------------------------------
ICRA has assigned a 'SP 3D' grading to MG Rama Energy (P) Limited
(MREPL), indicating the 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake off-
grid solar projects. The grading is valid for a period of two
years from February 13, 2015 after which it will be kept under
surveillance.

Grading Drivers
Strengths
  * Large and diversified customer base consisting of reputed
    institutions as well as commercial and residential customers

  * Moderate order book position from the domestic clients
    indicates the demand for solar street lights manufactured by
    MREPL; provides revenue visibility

  * Strong dealership network spanning across various states

Risk Factors
  * Large number of organized/unorganized players indicating high
    level of competition, may lead to difficulties in getting
    client contracts and may pressurize margins

  * Limited experience of the promoters in solar photovoltaic
    (PV) segment
  * Small size of projects executed for installation solar street
    light
  * Company has a concentrated dealership network with
    predominant presence in Gujarat

Fact Sheet
Year of Establishment: 2010
Office Address:
Office No. 204, Ajanta Commercial Complex, Opp Bombay Hotel,
Gondal Road, Rajkot-360001 (Gujarat) India

Directors:
Mr. Rajesh Maganlal Kanadia
Mr. Parag Managlal Kanadia
Mr. Vishal Maganlal Kanadia
Mr. Maganlal Govindji Kanadia

MG Rama Energy Private Limited (MREPL) was established as a
private limited company in February 2010. The company manufactures
and supplies a wide range of solar water heaters based on
evacuated tube technology. Further, since, the last one year, the
company has also ventured into PV based Solar Street lights. The
company sells these products via its ~350 dealers which are spread
across India. The manufacturing set up of the company is located
in Rajkot, Gujarat. Since, the beginning of PV based operations,
the company has supplied PV based street lights totalling to about
9 KW. The company has supplied solar heating systems to various
types of customers such as residential households, hostels,
hotels, hospitals, educational institutions, industrial and
commercial establishments. The manufacturing set up of the company
is located in Rajkot, Gujarat.

Promoter Track Record:

The company has been present in the solar water heater space since
2010; during which it has installed more than 15,000 solar water
heaters directly and through its dealership network amounting to
an area of around ~38,500 sq mtr. Since the last one year, MREPL
has ventured in manufacturing and selling LED street lights. The
promoters belong to the Kanadia Group based out of Rajkot,
promoters of which have prior experience of 10-15 years in
business of manufacturing and selling of weighing scale units.
Although the promoters have moderate experience of around five
years in solar and renewable space; they have rapidly expanded the
dealership network majorly in the state of Gujarat since setting
up the business. The company uses the current dealer network of
its thermal water heaters division to sell PV based products.

  * Technical competence and adequacy of manpower: MREPL has
executed several projects (consisting of around 95 projects for
street light installations) translating to about 9 KW till date.
The current assembly and installation capacity of the firm is
about 10MW per annum. The company currently has skilled
engineers/supervisors who are technically qualified and
experienced to handle the production & implementation, quality
checks & internal controls and unskilled workers. MREPL has
provided necessary training and updates the skill set of its
employees by providing them the necessary training and technical
know-how. The company also outsources the installation and post
installation problem resolving work to its dealers who are located
in different states.

  * Quality of suppliers and tie ups: MG Rama Energy (P) Limited
assembles and installs solar photovoltaic street lights. For this,
it procures solar modules, batteries, structural components and
electronic appliances domestically. The firm sources solar modules
mainly from JJ PV Solar Private Limited of Gandhinagar (Gujarat).
The suppliers are selected based on their past track record,
quality of the products and only after the products are tested for
accuracy and reliability. The components supplied are subjected to
testing at regular interval.

  * Customer and O&M Network: MREPL has executed various projects
since last one year i.e, since inception of PV based products
totaling to around 9 KW. Its clientele include hotels, commercial
establishments, trusts, industrial units and residential
apartments. Quality deliverables, timely execution and prompt
after sales service have led to satisfactory feedback from
customers. The company has its O&M network via its dealers spread
across Gujarat, Rajasthan, Karnataka Maharashtra, and other
states. MGREPL operates about ~350 dealers across various states
of India.

Financial Strength: Weak
Revenues: INR9.83 Cr. for FY 2014 (Audited)
Return on Capital Employed (RoCE): 13.22%
Total Outside Liabilities/Tangible Net worth: 4.63 times
Interest Coverage Ratio: 1.86 times

Net-Worth
Networth position of the company is INR1.27 crore as on 31st
March, 2014 and networth of the promoters is INR1.56 crore as on
24th January 2015

Current Ratio: 3.56 times

Relationship with bankers:

The company avails term loan and cash credit facility.

The overall financial profile of the firm is weak.


NARAIN SINGH: CRISIL Reaffirms B- Rating on INR32.2MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narain Singh Bundela &
Company (NSBC) continue to reflect the volatility in NSBC's
revenue because of the tender-based nature of its business, and
its large working capital requirements which result in full
utilisation of its bank limits. The ratings also factor in the
firm's modest financial profile, marked by moderate gearing and a
small net worth. These rating weaknesses are partially offset by
the extensive experience of NSBC's proprietor in the civil
construction industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       30          CRISIL A4 (Reaffirmed)
   Cash Credit          32.2        CRISIL B-/Stable (Reaffirmed)
   Term Loan             1          CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NSBC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if NSBC strengthens its
business risk profile through geographical diversity and an
increase in its scale of operations, leading to high growth and
increased cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm's operations face a slowdown, or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Established in 1988, NSBC is a proprietorship firm based in Jhansi
(Uttar Pradesh). The firm undertakes civil construction works for
the railways and for irrigation departments; it constructs canals,
and minor bridges and ancillary works for railway lines.


NEEDS SUPERMART: CRISIL Assigns B+ Rating to INR75MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Needs Supermart Pvt Ltd (NSPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           75         CRISIL B+/Stable

The rating reflects NSPL's below-average financial risk profile,
marked by high gearing and average debt protection metrics, its
geographical concentration in business risk profile, and exposure
to intense competition in the organised retail industry. These
rating weaknesses are partially offset by the benefits that the
company derives from its established Needs brand along with the
promoters' extensive experience in the organised retail business.

Outlook: Stable

CRISIL believes that NSPL will maintain its business risk profile
on the back of its established market presence in the retail
industry. The outlook may be revised to 'Positive' in case of a
significant improvement in revenue and profitability because of
stabilisation of newly opened stores and more-than-expected equity
infusion, leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in operating margin or slower-than-expected stabilisation
of new stores or a stretch in working capital cycle, leading to a
material impact on NSPL's financial risk profile and liquidity.

NSPL is engaged in organised retail business through its Needs
brand of stores. Set up in 2000, as a partnership firm, it was
reconstituted as a private limited company in 2013. The overall
operations of the company are managed by Major Murli Dhar and his
brother, Mr. Kamlesh Dhar. The company presently operates 22
supermarket stores in Gurgaon (Haryana).


NEEV METOLOGIES: ICRA Reaffirms B Rating on INR3.65cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR3.00 crore of cash credit facility and the INR3.65 crore of
term loan facility of Neev Metologies Pvt. Ltd.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B reaffirmed
   Term Loan               3.65        [ICRA]B reaffirmed

The reaffirmation of ratings factors in NMPL's small scale of
operations; weak financial profile characterized by low
profitability indictors, weak coverage indicators, highly working
capital intensive operations and weak capital structure. The
ratings continue to remain constrained by the tight liquidity
position of the company as indicated by near full utilization of
working capital limits, company's limited bargaining power with
raw material suppliers; vulnerability of its margins to raw
material price fluctuations and the high competitive intensity in
the industry.

However, the ratings take comfort from the moderate experience of
the promoters in the aluminium foil industry and the positive
demand prospects for the products from end user industries.

Incorporated in August 2012, Neev Metologies Pvt. Ltd. (NMPL) is
engaged in manufacturing of aluminium foil and its variants at
Rajkot, Gujarat with an installed capacity of 2500 MTPA. The
company is promoted by Mr. Sagar Parsana and Mrs. Nisha Parsana
who have over 5 years of experience in aluminium foil
manufacturing. NMPL commenced its unit in October 2013, with its
commercial operations commencing from January 2014. NMPL's current
product portfolio consists of aluminium bottle caps, food grade
aluminium foils and commercial grade aluminium foils.

Recent Results
For the year ended on March 31, 2014, the company reported an
operating income of INR0.40 crore and net loss of INR0.99 crore.
Further during first 10 months of FY 2015 the company has reported
operating income of INR7.91 crore and profit before tax and
depreciation of INR0.36 crore (provisional financials).


PARSHWA ORNAMENTS: CRISIL Rates INR55MM Cash Credit at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Parshwa Ornaments Pvt Ltd (POPL).

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

The rating reflects POPL's working-capital-intensive and small
scale of operations, geographical concentration in its revenue
profile, and the vulnerability of its operating margin to
fluctuation in gold prices. The rating also factors in the
company's weak financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio. These rating
weaknesses are partially offset by the extensive experience of
POPL's promoters in the jewellery business and their established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that POPL 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 financial
risk profile improves significantly, most likely due to better
margins or equity infusion. Conversely, the outlook may be revised
to 'Negative' if POPL's debt protection metrics deteriorate
because of low revenue growth and profitability margins, large
debt-funded capital expenditure, or a significant stretch in its
working capital cycle.

POPL, based in Ahmedabad, was established by Mr. Rohit Shah and
Mr. Rajesh Shah in 2010. The company is a wholesaler of gold
jewellery.

POPL reported a net profit of INR0.68 million on net sales of
INR591 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.61 on net sales of
INR483 million for 2012-13.


RAJ KISHORE: CRISIL Assigns B+ Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRSIL A4' ratings to the
bank facilities of Raj Kishore Engineering Constructions Pvt Ltd
(RKECPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      15         CRISIL B+/Stable
   Bank Guarantee          30         CRISIL A4
   Cash Credit             80         CRISIL B+/Stable

The ratings reflect RKECPL's weak financial risk profile, marked
by high gearing and average debt protection metrics. The rating
also factors in the company's modest, though improving, scale of
operations, in the highly competitive civil construction industry;
along with the geographical concentration in RKECPL's revenue.
These rating weaknesses are partially offset by the extensive
experience of RKECPL's promoters in the civil construction
industry, and the company's established relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes that Raj Kishore Engineering Constructions Pvt Ltd
(RKECPL) will maintain its stable business risk profile over the
medium term on account of its established presence in the
industry, guided by experienced promoters. The outlook may be
revised to 'Positive' if RKECPL registers significant and
sustainable growth in cash accruals while it improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
liquidity, weakens because of a stretch in its working capital
cycle or if it undertakes any large unanticipated debt-funded
capex programme.

RKECPL was incorporated in 2010 by Mr. S Rajasekaran. RKEPL is
engaged in various construction related activities including civil
construction (industrial buildings, RCC roads, towers, chimneys
and other related works, structural steel works, mechanical
structures, storage tanks, and others.

RKECPL reported a profit after tax (PAT) of INR1.7 million on an
operating income of INR349.2 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR2.3
million on an operating income of INR348 million for 2012-13.


REEP INDUSTRIES: CRISIL Reaffirms D Rating on INR67.4MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reep Industries Pvt Ltd
(RIPL) continue to reflect the instances of delay by RIPL in
servicing its term loan; the delays have been caused by the
company's weak liquidity on account of cash accruals being tightly
matched by repayment obligations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        34.4       CRISIL D (Reaffirmed)
   Bill Purchase         40         CRISIL D (Reaffirmed)
   Cash Credit           40         CRISIL D (Reaffirmed)
   Foreign Bill
   Discounting            9         CRISIL D (Reaffirmed)
   Inland/Import
   Letter of Credit       2         CRISIL D (Reaffirmed)
   Packing Credit         9         CRISIL D (Reaffirmed)
   Term Loan             67.4       CRISIL D (Reaffirmed)

RIPL also has a weak financial risk profile, marked weak debt
protection metrics. The company, however, benefits from the
extensive experience of its promoter in the electrical products
industry.

Update
RIPL continues to delay the servicing of its term loans due to its
weak liquidity. Its weak liquidity is marked by cash accruals
being tightly matched with repayment obligations. The bank lines
have been fully utilised at 95 per cent during the twelve months
through December 2014. RIPL reported revenue of INR352 million for
2013-14 (refers to financial year, April 1 to March 31) against
revenue of INR355 million for 2012-13.

RIPL, incorporated in 1996, manufactures bus ducts, control
panels, cubicles, and copper flexible. These products are used in
transmission of power.


SARASWATI GUM: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Saraswati
Gum & Chemicals (SGC) continues to reflect susceptibility of SGC's
profitability and revenue to sharp fluctuations in raw material
prices and to regulatory changes. These ratings weaknesses are
partially offset by the firm's moderate financial risk profile
marked by low gearing, and its promoters' extensive experience in
the guar gum industry and established relationship with key
customers.

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

   Proposed Long Term
   Bank Loan Facility     40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SGC improves its revenue
and operating profitability, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' if
SGC reports significant weakening of its financial risk profile
because of large debt-funded working capital requirements, or if
its profitability or revenue come under pressure because of low
demand for guar gum.

Update
SGC reported revenue of about INR1.2 billion for 2013-14 (refers
to financial year, April 1 to March 31), down 49 per cent from
INR2.4 billion for 2012-13 mainly on account of decline in prices
of guar gum. The firm's revenue is expected to remain in range of
INR1.00 billion to INR1.01 billion over the near term on account
of subdued prices and customers base concentrated towards Northern
India.

In line with declining guar gum prices, SGC's operating
profitability declined significantly to 0.2 per cent in 2012-13
from 3.1 per cent in 2011-12. However, on account of efficient
inventory management, the profitability was sustained at 0.3 per
cent in 2013-14. SGC reported a profit after tax of INR2.4 million
for 2013-14, against INR2.6 million for 2012-13. CRISIL expects
SGC's operating margin to remain low but sustain in the range of
0.3 to 0.5 times over the near term.

The firm's financial risk profile is moderate, marked by moderate
net worth of INR52 million as on March 31, 2014. The gearing is
usually low, around 1 time, on account of moderate working capital
requirements because of limited credit period offered to customers
and conservative inventory management, along with absence of term
debt.

SGC's liquidity is characterized by moderate bank limit
utilisation and absence of significant capital expenditure and low
working capital requirements; however, constrained by low cash
accruals.

SGC, established in 1998, is a partnership firm based in Siwani
(Haryana). The firm is managed by Mr. Gobind Ram Bansal and his
family. SGC manufactures refined guar gum splits, guar korma, and
guar churi. The firm has a manufacturing unit in Siwani.


SVM CERA: ICRA Reaffirms 'B' Rating on INR5.50cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.50
crore cash credit facility of SVM Cera Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR2.80 crore
letter of credit facility and INR0.50 crore bank guarantee
(sublimit of letter of credit facility) of SCL.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                  5.50         [ICRA]B reaffirmed

   Non Fund Based-
   Letter of Credit        2.80         [ICRA]A4 reaffirmed

   Non Fund Based-
   Bank Guarantee         (0.50)        [ICRA]A4 reaffirmed

The reaffirmation of ratings reflects SVM Cera Limited's (SCL)
modest scale of operation and the vulnerability of operations to
the business cycles in the ceramic tiles industry, which has
evidently led to a decline in sales in FY14. The ratings further
incorporate the low profitability given the limited value addition
and increasing dependence on outsourcing and high working capital
intensity of operations on account of stretched receivables and
high inventory levels in FY14, resulting in a tight liquidity
position for the company. The ratings further incorporate the
intensely price competitive business environment on account of the
fragmented industry structure for the CGF segment and
vulnerability to adverse movement in raw material prices.

ICRA also notes that the availability of gas at competitive prices
remains critical for maintaining a competitive cost structure.

The ratings, however, positively consider the long experience of
the promoters in the Ceramic Glaze Frit (CGF) industry and strong
customer profile consisting of some of the leading organized
ceramic tile manufactures. The ratings also consider the location
advantages given its presence in Morbi, the tile manufacturing
hub.

SVM Cera Limited (formerly known as M/s. Matalvuoto Films (India))
was incorporated in January 1986. The registered office of the
company is located at 2, Biplabi Tarilokya Maharaj Sarani,
Kolkata. The management of the company is handled by Mr. K.M.
Bhanderi under the leadership of Chairman Mr. S.V. Mohta and other
professional directors. Initially the company was engaged in real
estate business. In 1994, the company diversified its area of
operations by entering into the manufacturing of ceramic glaze
frit by setting up a manufacturing unit in Ankleshwar with a total
installed capacity of 14490 MTPA. However, on account of rising
fuel prices and intense competition, the in-house production
capacity has remained ideal and the company has relied entirely on
the job work based production of CGF in the last two years. With
effect from 1st April 2014, the name of the company has been
changed from SVM Cera Tea Limited to SVM Cera Limited.

Recent Results
In FY14, the company reported an operating income of INR15.54
crore and net profit of INR0.17 crore against an operating income
of INR24.05 crore and net profit of INR0.10 crore in FY13.


SBS FOODS: CRISIL Cuts Rating on INR75MM Term Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SBS Foods Pvt Ltd (SBS) to 'CRISIL D' from 'CRISIL C'. The
rating downgrade reflects instances of delay by SBS in servicing
its term debt; the delays have been caused by the company's weak
liquidity, on account of cash flow mismatches.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            4         CRISIL D (Downgraded from
                                    'CRISIL C')
   Proposed Long Term
   Bank Loan Facility     1         CRISIL D (Downgraded from
                                    'CRISIL C')

   Term Loan             75         CRISIL D (Downgraded from
                                    'CRISIL C')

SBS has a modest scale of operations and a weak financial risk
profile, marked by a modest net worth, high gearing, and weak debt
protection metrics. However, the company benefits from its
promoters' extensive experience in the agriculture-related
business and the healthy demand prospects for its products.

SBS was incorporated in 2011. The company is engaged in the
process of agro product processing and cold storage in Satara
(Maharashtra). SBS is promoted by Mr. Sopanrao Salunkhe and his
family.


SHAKUMBARI SUGAR: ICRA Suspends B/A4 Rating on INR203.39cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 (under rating watch with
negative implications) rating assigned to the INR203.39 crores
bank limits of Shakumbari Sugar & Allied Industries Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHETKARI SHIKSHAN: CRISIL Reaffirms D Rating on INR195MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of The Shetkari
Shikshan Mandal (TSSM) continues to reflect instances of delay by
TSSM in servicing its term debt; the delays were caused by cash
flow mismatches.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             195        CRISIL D (Reaffirmed)

TSSM has modest scale of operations and below average financial
risk profile, marked by modest net worth and high gearing. Also,
the trust is vulnerable to regulatory changes in the education
business. However, TSSM benefits from the healthy demand prospects
for education and funding support from its promoters.

TSSM's management was taken over by the management of Jayawant
Shikshan Prasarak Mandal (JSPM) from Mr. Prateek Patil in 2006-07
(refers to financial year, April 1 to March 31). TSSM has two
campuses in operation: at Bavdhan and Narhe in Pune (Maharashtra).
The trust offers courses such as Bachelor of Engineering (BE; four
disciplines), Master of Engineering (ME; three disciplines),
diploma in engineering, and Master of Business Administration
(MBA). In academic year 2012-13, the trust started offering
courses such as the Post-Graduate Diploma in Management (PGDM) and
Master of Computer Applications (MCA). Also, trust operates two
schools in Pune.


SHREE KHODIYAR: ICRA Reaffirms B Rating on INR15cr Cash Credit
--------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR15.00 crore
(enhanced from Rs, 13.00 crore) fund based cash credit facility of
Shree Khodiyar Oil Industries.

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

The rating continues to be constrained by Shree Khodiyar Oil
Industry's (SKOI) weak financial profile as reflected by the
adverse capital structure along with weak debt coverage indicators
and a stretched liquidity position. The rating also takes into
account the low value additive nature of operations and intense
competition on account of the fragmented industry structure
leading to thin profit margins. The rating is further constrained
by the vulnerability of profitability to adverse fluctuation in
raw material prices which are subject to seasonal availability of
raw cotton and government regulations on MSP and export quota.
Further, SKOI being a partnership firm, any significant
withdrawals from the capital account would affect its net worth
adversely.

The rating, however, positively considers the diversified product
profile of SKOI and its presence in the cotton seeds and groundnut
oil extraction, long experience of the partners in the cotton
ginning and pressing industry and the advantage the firm enjoys by
virtue of its location in cotton producing region.

Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it
has augmented its operating sphere by backward integration into
cotton ginning. The manufacturing facility of the firm is
currently equipped with 24 ginning machines and 8 expellers with
an installed capacity of 8,000 TPA and 1,950 TPA of ginned cotton
and wash oil respectively. From November 2013, the firm has
diversified in groundnut seed crushing also. The firm is currently
headed by Mr. Sanjay J Lakkad along with other six partners,
having an experience of more than three decades in cotton and
ginning activities.

Recent Results
For the year ended 31st March, 2014, SKOI reported an operating
income of INR86.41 crore and profit after tax of INR0.40 crore.


SHREE SHYAM: ICRA Suspends 'D' Rating on INR92.54cr Bank Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR92.54 crores
bank limits of Shree Shyam Pulp & Board Mills Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHRI PAHARIMATA: CRISIL Assigns B- Rating to INR57MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank loan
facilities of Shri Paharimata Cold Storage Pvt Ltd (SPCSPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           57         CRISIL B-/Stable
   Rupee Term Loan       19         CRISIL B-/Stable

The rating reflects the company's weak financial risk profile
along with susceptibility to adverse regulatory changes and
intense competition in the West Bengal cold storage industry.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the cold storage industry.

Outlook: Stable

CRISIL believes that SPCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company efficiently
manages farmer credit financing, and significantly scales up its
operations and improves its profitability, leading to improvement
in its liquidity profile. Conversely, the outlook may be revised
to 'Negative' if SPCSPL reports pressure on its liquidity because
of delays in repayments by farmers, decline in cash accruals, or
any large debt-funded capital expenditure.

SPCSPL, incorporated in 1972, provides cold storage services to
potato farmers and traders. The company is owned by the West
Bengal-based Dandapat family and its daily operations are managed
by Mr. Anathbandhu Ghosh.


SOHAM MANNAPITLU: ICRA Reaffirms B+(SO) Rating on INR54.4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+(SO) assigned
to INR54.40 crore term loan of Soham Mannapitlu Power Private
Limited. The letters SO in parenthesis suffixed to a rating symbol
stands for Structured Obligation. An SO rating is specific to the
rated issue, its terms, and its structure. SO rating does not
represent ICRA's opinion on the general credit quality of the
issuers concerned.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               54.40       [ICRA]B+(SO) reaffirmed

ICRA has factored in the comfort drawn from the pledge of 30% of
SMPPL's shares held by the parent Ambuthirtha Power Private
Limited (APPL rated [ICRA]BBB-(Stable) in favour of the lender and
also from the Non-Disposal Undertaking-Power of Attorney (NDU-POA)
on balance 70% of SMPPL's shares held by APPL to the lender. The
pledge agreement and NDU POA covers the principal and interest
payment obligations on the rated debt.

Soham Mannapitlu Power Private Limited (SMPPL) is promoted by the
Soham Group which has diverse interests in Renewable Energy
Generation, Business Investments and Infrastructure Development.
With 43 MW of operational and partially operational hydel projects
and 23 MW of hydel projects under construction, the main focus of
the group is renewable power generation in India. SMPPL is an
Independent Power Producer (IPP) which operates a 15 MW run of the
river hydel power plant on River Puchamugaru, in the Dakshina
Kannada District of Karnataka. Earlier, SMPPL was 100% held by
Soham Renewable Energy India Private Limited (SREIPL rated
[ICRA]B) which is the flagship company of the Soham group. However
in October 2011, the entire stake of SMPPL was bought by
Ambuthirtha Power private Limited (APPL rated [ICRA]BBB-(Stable))
for INR20.78 crore, pursuant to which SMPPL has become 100%
subsidiary of APPL. The company generated a PLF of 24.9% in FY
2014 as against 21.6% in FY 2013.

Ambuthirtha Power Private Limited operates a 22 MW run of the
river hydel power plant located near Jog Falls in the Shimoga
district of Karnataka under the Mahatma Gandhi Hydro electric
(MGHE) Tail race scheme. Soham Renewable Energy India Private
Limited holds 100% stake in APPL. The company has two 100%
subsidiaries namely SMPPL and Sahasralingeshwara Power Private
Limited (SPPL) which is into construction of a 12.5 MW hydel power
plant in Karnataka.

For 8M FY 2015(provisional), APPL achieved Operating Income (OI)
of INR31.08 crore and Profit after Tax (PAT) of INR12.18 crore as
against OI of INR37.29 crore and PAT of INR10.51 crore in FY2014.


SRI AUROBINDO: ICRA Reassigns Rating on INR6cr Term Loan to B-
--------------------------------------------------------------
ICRA has revised long-term rating to [ICRA]D from [ICRA]B+ and
simultaneously reassigned to [ICRA]B- to INR6.0 crore (revised
from INR7.0 crore) term loans, INR0.5 crore unallocated (revised
from 0.0) facilities, and INR5.0 crore (revised from INR4.5 crore)
fund based facilities of Sri Aurobindo Packagers Private Limited.
ICRA has also revised short-term rating to [ICRA]D from [ICRA]A4
and simultaneously reassigned to [ICRA]A4 to the INR0.5 crore non
fund based facilities of SAPL.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loans              6.0         Revised to [ICRA]D
                                       from [ICRA]B+ and
                                       simultaneously reassigned
                                       to [ICRA]B-

   LT-Unallocated          0.5         Revised to [ICRA]D
                                       from [ICRA]B+ and
                                       simultaneously reassigned
                                       to [ICRA]B-

   Fund Based limits       5.0         Revised to [ICRA]D
                                       from [ICRA]B+ and
                                       simultaneously reassigned
                                       to [ICRA]B-

   Non Fund Based limits   0.5         Revised to [ICRA]D
                                       from [ICRA]A4 and
                                       simultaneously reassigned
                                       to [ICRA]A4

The rating action takes into account delays in the debt servicing
obligations during April 2014 due to delays in project execution;
however subsequently the company's repayments have been
restructured and the company has been regular in meeting its
financial obligations. In 2013-14, while the company witnessed
revenue growth, it reported net losses due to high interest cost
associated with debt funded capacity expansion undertaken, which
had witnessed delays and also resulted in stretched capital
structure and weak coverage indicators. The ratings are
constrained by the fragmented nature of the flexible packaging
industry leading to intense competition and constrained margins,
limited bargaining power exposing earnings to volatile raw
material prices, risk of high customer concentration with top
customers contributing to more than 50% of revenues and relatively
small scale of operations. ICRA also takes note of the long
standing experience of the promoters in the industry, reputed
customer profile diversified across various industries with low
customer churn lending stability to volumes. Despite increase in
the capacity from 100 T/month to 400t/month since November 2013,
capacity utilization of the company remains low at 37.5% in the
current fiscal. Hence, improvement in the capacity utilization
levels and timely ramp-up of scale of operations would remain
crucial to meet its financial obligations going forward.

Sri Aurobindo Packagers Private Limited (SAPL) is a manufacturer
of flexible packaging material based out of Chennai, Tamil Nadu.
SAPL was started in 1999 by the promoters for manufacturing
laminated packaging material. The company initially started with
capacity of 6T/month and has expanded to current levels of
400T/month since November 2013. The company currently manufactures
packaging material, in roll form as well as pouch form, through
the printing and laminating of plastic films. The major customers
are Aachi masala, MRF and Auro Foods. The company has plans for
backward integration into manufacturing of plastic and metallised
films.

Recent Results:
The company reported net loss of INR1.5 crore on and operating
income of INR18.6 crores for the year 2013-14, as against net
profit of INR0.2 crore on an operating income of INR14.9 crores
for the year 2012-13.


SRI SANTHANALAKSHMI: CRISIL Reaffirms B Rating on INR115MM Loan
---------------------------------------------------------------
CRISIL rating on the bank facilities of Sri Santhanalakshmi
Spinners Pvt Ltd (SSLS) continues to reflect SSLS's exposure to
funding and implementation risks associated with its ongoing
project. This rating weakness is partially offset by the extensive
experience of the promoters in the textile industry.


                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)
   Cash Credit           30         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     0.8       CRISIL B/Stable (Reaffirmed)
   Term Loan            115         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSLS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
greater than expected cash accruals by stabilization of operations
at its manufacturing unit, before schedule. Conversely, the
outlook may be revised to 'Negative' if SSLS's financial risk
profile weakens with project time or cost overruns, or delays in
stabilising its operations.

SSLS, incorporated in 2011, is setting up a spinning unit in
Pallipalayam (Tamil Nadu), to manufacture viscose yarn. The
company is promoted by Mr. P Shanmugam and Mr. S Sivasubramaniam.


VASUKI MINING: CRISIL Suspends D Rating on INR73MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vasuki Mining and Minerals Pvt Ltd (VMMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       2.8        CRISIL D Suspended
   Cash Credit         60          CRISIL D Suspended
   Term Loan           73          CRISIL D Suspended
   Working Capital
   Term Loan           24.2        CRISIL D Suspended

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

VMMPL, incorporated in 2008, is involved in the business of stone
crushing, and trading in steel structural products. The company's
day-to-day activities are managed by its director, Mr. Palash K
Srivastava.


VENUS GARMENTS: CRISIL Reaffirms B+ Rating on INR819.1MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venus Garments India
Ltd (VGL) continue to reflect the susceptibility of VGL's revenue
to economic downturns in the overseas market, and to fluctuations
in foreign exchange rates.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of credit
   & Bank Guarantee      110        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40        CRISIL B+/Stable (Reaffirmed)

   Term Loan             819.1      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility              640        CRISIL B+/Stable (Reaffirmed)

The ratings are also constrained by the company's weak liquidity
due to high short-term debt repayment obligations, and its weak
financial risk profile, marked by a negative net worth, high
gearing, and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
VGL's promoters in the textile industry, its established
relationships with global retailers, and its healthy operating
capabilities.

Outlook: Stable

CRISIL believes that VGL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its key client. The outlook may be
revised to 'Positive' if the company reports significant
improvement in its revenue and profitability, resulting in a
considerable increase in its cash accruals, or if its promoters
infuse substantial capital, leading to improvement in its
financial risk profile, particularly its capital structure.
Conversely, the outlook may be revised to 'Negative' if VGL's
profitability is lower than expected, if its working capital
requirements are large, and if it undertakes a debt-funded capital
expenditure programme, leading to weakening of its financial risk
profile, particularly its liquidity.

Update
VGL's operating income grew by around 50 per cent year-on-year in
2013-14 (refers to financial year, April 1 to March 31) due to
addition of new customers as well as repeat orders from existing
customers. However, its operating revenue is expected to remain
stagnant in 2014-15 mainly because it is now focussed on
profitability rather than volume growth. VGL has registered
revenue of around INR2.15 billion for the nine months through
December 2014, and is expected to register revenue of around
INR3.00 billion during 2014-15. Its operating profitability is
expected to improve gradually between 9.0 and 9.5 per cent over
medium term.

VGL's operations are working capital intensive, with gross current
assets of around 170 days as on March 31, 2014; this included
inventory of around 130 days and receivables of around 125 days.
The high working capital requirements are partly funded through
availing a high credit period from suppliers, and the rest through
bank borrowing. Large working capital requirements have resulted
in high bank limit utilisation, at around 97 per cent during the
12 months through December 2014.

VGL's liquidity is constrained due to ballooning repayment, with
high short-term debt repayment obligations over the medium term.
During 2015-16 and 2016-17, the company is expected to register
cash accruals of INR140 million and INR170 million, against short-
term debt repayment obligations of around INR95 million and INR165
million, respectively.

VGL has a below-average financial risk profile. It had a negative
net worth of INR167.5 million as on March 31, 2014. However, with
the expected improvement in its profitability and hence in
accretion to reserves, its net worth is expected improve over the
medium term.  The company's debt protection metrics are below
average, with interest coverage and net cash accruals to total
debt ratios expected at 1.8 to 2 times and 0.5 to 0.6 times,
respectively, over the medium term.

Incorporated in 1999, VGL manufactures and exports ready-made
garments. The company's products include polo shirts, T-shirts,
jogging suits, sweat shirts, thermal wear, and sweaters, which are
mainly exported to the US, Europe, Mexico, Canada, and other
countries.


VIRGO MARINE: CRISIL Reaffirms B- Rating on INR350MM Bank Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Virgo Marine Shipyards
Pvt. Ltd (VMSPL) continue to reflect VMSPL's stretched liquidity
with its large working capital requirements resulting in full
utilization of its bank limits.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         140       CRISIL A4 (Reaffirmed)
   Cash Credit             10       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     350       CRISIL B-/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
small scale of operations, and its low net-worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the extensive experience of VMSPL's promoters in the
ship building industry.

Outlook: Stable

CRISIL believes that VMSPL will continue to benefit over the
medium term from its promoter's extensive experience in the ship
building industry. The outlook may be revised to 'Positive' in
case there is a significant and sustained improvement in the
company's revenues and profitability margins, or there is a
sustained improvement in its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the company's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

VMSPL was set up in 2010 by Mr. Mohanlal Pillai and his family
members. The company constructs small-sized tankers, offshore
support vessels and dredging vessels. It caters to the private
sector entities in India and overseas markets. VMSPL has its
shipyard in Ghodbunder, Thane (Maharashtra).



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


ARYSTA LIFESCIENCE: S&P Raises CCR to 'BB', Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit ratings on Japan-based crop protection provider Arysta
LifeScience Corp. and U.S.-based Arysta LifeScience SPC, LLC to
'BB'.  The outlooks are stable.  S&P also raised its 'B' and
'CCC+' long-term first- and second-lien debt ratings on Arysta
LifeScience SPC to 'BB' and 'B+'.  S&P placed the ratings on
CreditWatch on Oct. 22, 2014.  S&P withdrew the ratings at the
company's request.

The upgrade reflected S&P's assessment of Arysta companies as core
subsidiaries of Platform Specialty Products Corp. (BB/Stable/--),
and therefore S&P equalizes the ratings on them with the rating on
the ultimate parent.  Following closure of the acquisition
announced Feb. 17, S&P thinks Arysta's business and finances will
be fully integrated into Platform Specialty group.  The
acquisition is likely to make Platform Specialty group the 10th-
largest vertically integrated agricultural chemicals company in
the world.  S&P expects Arysta to benefit from larger economies of
scale and diversified end markets under its new parent.


SKYMARK AIRLINES: H.I.S. Among Applicants to Sponsor Carrier
------------------------------------------------------------
The Japan Times reports that major Japanese travel agency H.I.S.
Co. has applied to extend support to Skymark Airlines Inc., a
company official said, with around 20 companies believed to have
offered support from outside the airline industry by the deadline
on Feb, 19.

The report relates that the official said H.I.S., which had
invested when Skymark was launched in 1996 and has strong business
ties with the airline, has offered to sell tours and other
services using the airline, and will discuss its aid with the
struggling carrier, including possible investment.

Leasing firm Orix Corp. has also expressed an interest in aiding
the carrier, sources said, the report relays.

H.I.S. is continuing to sell seats on flights and travel tours
using Skymark. Becoming a sponsor could allow it to further
enhance such sales, its official said, according to the report.

                      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: JAL, ANA Code-Sharing Deal Delayed
----------------------------------------------------
The Japan Times reports that sources close to Skymark Airlines
Inc.'s negotiations with Japan Airlines Co. and All Nippon Airways
Co. said a code-sharing deal between the three, envisaged to start
on March 29, has been postponed, with the parties expected to try
to strike a fresh arrangement for code-sharing commencing after
summer.

The report relates that while an ANA executive has made an upbeat
statement about the prospect of code-sharing, JAL President
Yoshiharu Ueki said Feb. 18 that Skymark's reconstruction plan
should be worked out first, adding: "If there are (code-sharing)
negotiations after that, we will consider it."

Some also believe Skymark may try to recover earnings on its own
using routes proposed for code-sharing, given its improving load
factor on those routes as it standardizes its fleet from Airbus
A330 midsize jets to smaller Boeing 737s, according to the report.

Proposals from before the bankruptcy filing would have seen ANA
code-share all of Skymark's five domestic routes using Tokyo's
Haneda airport, with JAL code-sharing four of the routes, the
report adds.

                      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.


SONY CORP: To Spin Off Video and Sound Business
-----------------------------------------------
The Associated Press reports that money-losing Sony Corp. will
spin off its video-and-sound business into a separate company and
shrink its headquarters as part of a three-year turnaround plan to
speed up decision-making and become profitable again.

AP says the company is targeting an operating profit of
JPY500 billion ($4.2 billion) and a 10 percent return on equity
for the fiscal year through March 2018, but it won't target sales,
highlighting its new approach of valuing profitability and not
going after size.

"The Sony spirit is about doing what others didn't dare to do"
Chief Executive Kazuo Hirai said on Feb. 18 in outlining the
company's strategy, AP relays.

Sony must not be afraid to change if it hoped "to grow in a Sony-
like way," Mr. Hirai told reporters at the Japanese electronics
and entertainment company's Tokyo head office, according to the
news agency.

AP relates that Mr. Hirai pointed to image sensors that are used
in devices such as smartphones and self-parking cars,
entertainment operations such as TV programming and the
PlayStation game business as potential areas for growth.

The video-and-sound unit will become more independent by October,
Mr. Hirai, as cited by AP, said.

Mr. Hirai said other parts of Sony's sprawling empire may also be
spun off, such as computer chips and batteries, but details were
not yet decided, the report adds.

According to the report Mr. Hirai, said Sony will also invest in
innovative areas, including through acquisitions and partnerships,
although he didn't announce specific deals.

AP adds that Sony said it still sees its film division as a driver
of growth. It has said it does not expect long-term damage from
the cyberattack that became public in December, over a Sony
Pictures movie called "The Interview" which spoofs an
assassination of North Korean leader Kim Jong Un, the report says.

The film has been released in independent theaters and through
Internet outlets, AP notes.

Once an icon of Japan Inc. praised for introducing products such
as the Walkman portable music player, Sony has run into serious
trouble in recent years as it fell behind in areas including
smartphones and flat-panel TVs, according to the report.

Mr. Hirai acknowledged the company had failed to keep abreast of
changing times, the report says. Splitting out divisions will help
make it more nimble, making each operation more accountable for
results, Mr. Hirai, as cited by AP, said.

Sony spun off its TV unit last year and exited the personal
computer business, the report states.

Sony is expecting a loss of JPY170 billion ($1.4 billion) for the
fiscal year through March. It had a JPY40 billion loss last fiscal
year, the report discloses.

                           About Sony Corp

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.



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


BLUE CHIP: Lawyer Didn't Cause Loss, Supreme Court Says
-------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that "negligent"
advice from a Tauranga law firm did not cause a Blue Chip
investor's NZ$90,000 loss, the Supreme Court has unanimously
decided.

Justices Sian Elias, John McGrath, William Young,
Susan Glazebrook and Terence Arnold on Feb. 19 threw out a
decision from the Court of Appeal that the law firm was liable for
the NZ$90,000 and ordered the out-of-pocket investor to pay costs
of NZ$25,000, according to the report.

The Herald relates that the investor, John Appleton, agreed to
purchase an apartment in 2004 for just over NZ$350,000 from a
company called Rockfort, which was an affiliate of Blue Chip.

The Blue Chip group of companies failed in 2008 owing
NZ$84 million to investors and founder Mark Bryers was fined
NZ$38,000 and sentenced to 75 hours' community work for bad
record-keeping, the report recalls.

The Herald says Mr. Appleton's family trust was to be the
purchaser of this apartment, planned to be built on Turner St in
central Auckland.

Mr. Appleton signed the purchase agreement without taking legal
advice but was later referred by Blue Chip to a firm called
Tauranga Law, the Herald relates.

The report says Tauranga Law's principal Kevin Olivier then sent
Mr. Appleton a letter which, among other things, detailed some
risks involved in the transaction.

Mr. Appleton's trust raised a loan to fund a deposit of NZ$90,000
for the apartment, which was paid into a Blue Chip bank account,
the report recalls.

Several years went by and the apartment was never built and
Mr. Appleton contacted Blue Chip to get his deposit back. This
never happened, Blue Chip collapsed, Rockfort was liquidated and
Mr. Appleton lost his deposit.

The Herald relates that Mr. Appleton and his trust then took
Tauranga Law to the High Court in 2011 alleging the legal advice
he received was inadequate. Mr. Appleton claimed NZ$112,000 from
Mr. Olivier, together with interest and damages.

According to the report, the High Court's Justice Christopher
Allan found Olivier had been negligent, failed to provide proper
advice and had therefore breached his duty of care. But the judge
said Mr. Olivier's negligence had not caused Mr. Appleton's loss
and so the claim failed.

Mr. Appleton and the family trust took the case to the Court
Appeal and in September Justices Mark O'Regan, Christine French
and Helen Winkelmann found in their favour, says the Herald.

The Herald relates that the three judges said they saw
Mr. Olivier's "failings as much more significant" than Justice
Allan did.

"We must of necessity reassess the causation issue in light of our
different conclusion on the nature of the breach of the duty,"
their decision said, the Herald relays.

They awarded judgment to Mr. Appleton and for the deposit,
together with interest, the report states.

The Herald notes that Tauranga Law then went to the Supreme Court
last year and Justices Elias, McGrath, Young, Glazebrook and
Arnold on Feb. 19 reversed the lower court's judgment on whether
the advice caused loss.

"The Court of Appeal reassessed [Justice Allan's] finding of fact
on the question of causation because it thought the terms of the
transaction and the deficiencies in the advice were more serious
than the Judge had treated them," the five judges said, the Herald
relays.

"We do not agree that the judge minimised the problems with the
transaction . . . he was right however to treat the sufficiency of
the advice about the security of the deposit as the only matter
material to the actual loss which ensued, a view with which in
substance the Court of Appeal did not disagree. The reason given
by the Court of Appeal for undertaking its own reassessment of the
findings on causation is not therefore we think convincing,
although it was entitled to take a different view on the evidence
from that taken by the judge, without further justification. Was
it right to do so? We are of the view that it was not," they said.

The Supreme Court agreed with Justice Allan's assessment that the
breach of duty did not cause the loss suffered by Mr. Appleton and
his family trust, says the Herald.

"The appeal is accordingly allowed and the judgment of the Court
of Appeal is set aside," the Supreme Court, as cited by the
Herald, said.

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


SUPER RETAIL: To Close 13 FCO Stores in New Zealand
---------------------------------------------------
Catherine Harris at Stuff.co.nz reports that outdoor products
company Fishing Camping Outdoors or FCO is closing its doors.

It's the second outdoor products firm to exit New Zealand in
recent months, after Mountain Designs shut its New Zealand
business last August, axing 70 jobs, the report says.

According to the report, FCO's Australian-based owner, Super
Retail Group, said all 13 FCO stores were based in the North
Island and they would be closed by June.

Stuff.co.nz relates that group managing director Peter Birtles
said the decision to close FCO after just three years was
disappointing, but it had decided to focus on its other Australian
outdoors businesses.

"Our initial approach of developing a business specifically for
the New Zealand market has proven to be flawed and FCO has always
battled to get the attention it required while we have been
addressing challenges in our BCF (boating, camping, fishing) and
Ray's Outdoors businesses [in Australia]," the report quotes Mr.
Birtles as saying.

The report says the company had done a strategic review, which
found there were opportunities to improve the FCO business but it
was unlikely to hit the group's targets for return on capital.

The closures were likely to cost the group AUD19.2 million
(NZ$19.8 million), the report discloses.



                             *********

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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