TCRAP_Public/150226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 26, 2015, Vol. 18, No. 040


                            Headlines


A U S T R A L I A

CENTRAL NEWS: First Creditors' Meeting Scheduled For March 4
DENMAN EQUIPMENT: First Creditors' Meeting Set For March 5
IPGA HOLDINGS: First Creditors' Meeting Slated For March 4
LANYARN (NSW): First Creditors' Meeting Slated For March 2
* AUSTRALIA: Clarence Valley Insolvencies Drop in 4Q 2014


C O O K  I S L A N D S

COOK ISLANDS: S&P Affirms 'B+/B' ICR on Modest Debt Burden


H O N G  K O N G

BIRMINGHAM INTERNATIONAL: Football League Demands Crisis Talks


I N D I A

AHINSA FLOUR: ICRA Reaffirms B Rating on INR4cr Cash Credit
ASHOKA DEVELOPERS: CRISIL Reaffirms B- Rating on INR225MM Loan
BCPL CONDUCTORS: ICRA Revises Rating on INR2.1cr Bank Loan to B
BHAGWATI COTTON: CARE Reaffirms B Rating on INR8cr LT Bank Loan
C.P. EXPORTS: CRISIL Reaffirms B+ Rating on INR180MM Cash Credit

CIVITECH DEVELOPERS: ICRA Reaffirms B+ Rating on INR0.62cr Loan
CRIYAGEN AGRI: CRISIL Reaffirms B Rating on INR160MM Term Loan
D.G. COLD: ICRA Reassigns INR8.40cr Cash Credit Rating to 'C'
DAWAR INT'L: CRISIL Rates INR150MM Loan at B+; Suspension Revoked
DEVELOPMENT PROJECTS: CARE Assigns B+ Rating to INR6.13cr Loan

ELLJAY TEXTILES: CARE Reaffirms B Rating on INR6.24cr LT Loan
FAMINA KNITS: CRISIL Cuts Rating on INR230MM Bill Purchase to D
GARGO MOTORS: CRISIL Reaffirms B+ Rating on IN50MM Cash Credit
HYDROTECH PARYAVARAN: ICRA Suspends B+ Rating on INR6cr Loan
JAGANNATH RICE: CRISIL Reaffirms B+ Rating on INR100MM Loan

JAI SHREE: CRISIL Lowers Rating on INR75MM LOC to D
K.C. TIMBER: ICRA Reaffirms 'B' Rating on INR2cr Cash Credit
KAMDHENU KHANDSARI: CRISIL Reaffirms B+ Rating on INR90MM Loan
KARAN ASHOK: CRISIL Assigns B+ Rating to INR100MM e-DFS
KARIGANUR MINERAL: CARE Assigns B+ Rating to INR40cr LT Bank Loan

KINGFISHER AIRLINES: SBI Consortium Takes Over Kingfisher House
KRISHNA COTTEX: ICRA Assigns B Rating to INR4.5cr Cash Credit
LAKSHMI TRADERS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
M MADHAVARAYA: CRISIL Assigns B+ Rating to INR50MM Cash Credit
MAHADEV FORGE: CARE Assigns B+ Rating to INR8.0cr LT Bank Loan

MAHADHAN SEEDS: CARE Reaffirms B Rating on INR6cr LT Bank Loan
MANGALAM TIMBER: CARE Reaffirms B+ Rating on INR12cr LT Bank Loan
OMKAR INFRACON: CRISIL Ups Rating on INR65MM Term Loan to B+
PARSHOTAM LAL: CRISIL Assigns B Rating to INR70MM Cash Credit
PATEL AGRI: CRISIL Reaffirms B Rating on INR99.5MM Term Loan

PATIDAR COTSPIN: CARE Ups Rating on INR2.83cr LT Loan to 'B'
RAJALAXMI EDUCATION: ICRA Ups Rating on INR21cr Term Loan to B+
ROLEX CYCLES: CRISIL Reaffirms B+ Rating on INR202.5MM Cash Loan
SANJAY TRADE: CARE Reaffirms 'B' Rating on INR5cr LT Bank Loan
SARRALLE EQUIPMENT: CARE Reaffirms B+ Rating on INR10.5cr LT Loan

SHANKER FORGE: CARE Assigns B+ Rating to INR11.40cr LT Bank Loan
SHREE BHANDARI: ICRA Assigns B+ Rating to INR3cr Cash Credit
SHREE KALKA: CARE Reaffirms B+ Rating on INR7.78cr LT Bank Loan
STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr LT Bank Loan
SUNCRAFT ENERGY: ICRA Puts SP 2D Grading on Weak Fin'l Strength

SURYADARSHAN AGRO: CARE Assigns B Rating to INR7cr LT Bank Loan
SUZLON ENERGY: Shanghvi to Provide $610 Million Security


J A P A N

SKYMARK AIRLINES: American and Delta Not Interested in Tie-Up


N E W  Z E A L A N D

SHANTON FASHIONS: Owes NZ$7.8MM to Creditors, Administrators Say



S O U T H  K O R E A

DAEBO INTERNATIONAL: Files For Court Receivership
DONGBU GROUP: SMIC Seeks to Buy Dongbu HiTek Unit


S R I  L A N K A

SRILANKAN AIRLINES: Fitch Rates Govt. Guaranteed Bonds 'BB-'


                            - - - - -


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A U S T R A L I A
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CENTRAL NEWS: First Creditors' Meeting Scheduled For March 4
------------------------------------------------------------
Ivan Glavas and Matthew James Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Central News Pty
Ltd on Feb. 23, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on March 4, 2015, at 11:30 a.m.


DENMAN EQUIPMENT: First Creditors' Meeting Set For March 5
----------------------------------------------------------
Frank Lo Pilato & Jonathon Colbran of RSM Bird Cameron were
appointed as administrators of Denman Equipment Hire Pty Limited
on Feb. 23, 2015.

A first meeting of the creditors of the Company will be held at
the offices of RSM Bird Cameron, Level 1, 103-105 Northbourne
Avenue, in Turner, on March 5, 2015, at 10:00 a.m.


IPGA HOLDINGS: First Creditors' Meeting Slated For March 4
----------------------------------------------------------
Mark Hutchins and Dino Travaglini of Cor Cordis were appointed as
administrators of IPGA Holdings Pty Limited on Feb. 19, 2015.

A first meeting of the creditors of the Company will be held at
BGC Centre, 28 The Esplanade, in Perth, on March 4, 2015, at
11:00 a.m.


LANYARN (NSW): First Creditors' Meeting Slated For March 2
----------------------------------------------------------
A H J Wily of Armstrong Wily Chartered Accountants was appointed
as administrator of Lanyarn (NSW) Pty Limited on Feb. 19, 2015.

A first meeting of the creditors of the Company will be held at
Armstrong Wily Chartered Accountants, Level 5, 75 Castlereagh
Street, in Sydney, on March 2, 2015, at 11:00 a.m.


* AUSTRALIA: Clarence Valley Insolvencies Drop in 4Q 2014
---------------------------------------------------------
APN Newsdesk reports that just one Clarence Valley business was
declared insolvent in 2014's final months, new data has revealed.

The report relates that Australian Financial Security Authority
figures, released earlier this month, showed the number of
insolvent businesses dropped from five in the September quarter to
just one in the December quarter.

For Grafton Chamber of Commerce and Industry executive director
John Shearer the figures showed the economy was doing well, says
APN Newsdesk.

"Things are excellent at the moment and that's the truth . . .
that's what I'm hearing from the Chamber members. You do hear a
bit of comments about empty shop fronts, but that's something you
see everywhere these days," the report quotes Mr. Shearer as
saying.  "It's a sign of the times. Businesses don't need a shop
front anymore; online shopping means businesses don't need a store
in the main street. But it doesn't mean local businesses aren't
doing well."

The report says the number of insolvent businesses in 2014's final
quarter decreased on the same period in 2013.

Five Clarence Valley businesses were declared insolvent in 2013,
according to AFSA figures, compared to just one last year, APN
Newsdesk relays.



======================
C O O K  I S L A N D S
======================


COOK ISLANDS: S&P Affirms 'B+/B' ICR on Modest Debt Burden
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' issuer
credit ratings on the Cook Islands.  The outlook remains stable.
The Transfer & Convertibility assessment remains 'AAA'.

RATIONALE

The ratings affirmation reflects the Cook Islands' moderate per
capita income level and modest government debt burden.  However,
vulnerabilities associated with the country's weak policymaking
culture and institutional settings constrain the ratings.  These
shortcomings hamper the country's economic growth potential and
leave scope for a weakening in fiscal discipline.

In addition, the Cook Islands economy is vulnerable to the impact
of cyclones and changing tourism preferences on its major revenue
earner, the tourism industry.  Further moderating the ratings are
the country's lack of monetary policy flexibility (reflecting its
use of the New Zealand dollar and absence of a central bank) and
data deficiencies that constrain S&P's analysis of the Cook
Islands' external position.

Income is high compared to that of peers, with GDP per capita
estimated at US$22,200 in the year ended June 30, 2014.  S&P
projects Cook Islands' real per capita GDP growth will average
2.5% over 2015 to 2017, partly reflecting further expected
declines in its population. Emigration is high in the Cook
Islands, averaging 1.6% of the population annually during the past
18 years, reflecting Cook Islanders' rights to live and work in
New Zealand and Australia.  This labor mobility acts as an
important safety valve, though, with citizens having access to
much greater employment opportunities than what is available in
the Cook Islands.

S&P expects moderate further increases in tourist arrivals to
support economic growth, with tourism remaining the primary
economic activity in the Cook Islands.  Yet tourism growth may be
held back to some extent in the near term by a high exchange rate,
which in particular may encourage New Zealanders to travel to some
of the Cook Islands' competing holiday destinations in the
Pacific.  While there is no data on the Cook Islands' real
effective exchange rate (REER), it is likely closely related to
that of New Zealand.  New Zealand's REER remains elevated compared
to historical levels, despite having recently declined from a
multi-decade high in 2014.

In S&P's base-case scenario, it projects general government debt
will rise by an average 4.4% of GDP annually over 2015 to 2017,
with net debt expected to average 23% of GDP over the same period.
The government's sizable infrastructure program currently underway
is leading to rising, albeit still modest, debt levels, thus
reducing fiscal buffers somewhat.  But the focus on water,
sanitation, and road infrastructure, could increase amenity for
tourists and help bolster this key sector of the economy if the
private sector can capitalize on this.  This could then support
government revenues.

The concessional and long-term nature of current government
borrowings, as well as the government's low debt level, means that
general government interest expenditure to revenues is low:
estimated to be 1.6% on average between fiscal years 2015 and
2017.  But while government debt remains low, a large portion of
this debt is exposed to foreign currency movements.

S&P equalizes the local currency rating with the foreign currency
rating, reflecting the Cook Islands' absence of both monetary
policy flexibility and a domestic capital market, and its use of
the New Zealand dollar.  The transfer and convertibility
assessment for the Cook Islands is 'AAA', which also reflects its
use of the New Zealand dollar.

OUTLOOK

The stable outlook balances the Cook Islands' sound economic
growth prospects and low level of government debt, against the
challenges it faces in overcoming weak political and institutional
settings and fostering more robust economic growth.

S&P would lower the ratings if a weakening in global economic
conditions reduces tourism sector receipts and, in turn, worsens
the government's finances.  A weakened commitment to uphold past
fiscal gains through high operating spending, resulting in its
debt burden rising by significantly more than S&P currently
expects, could also bring pressure on the ratings.

Improvements in the sovereign creditworthiness could come with
sustained gains in policymaking stability and effectiveness,
evidenced by the reduction of sizable data deficiencies, and
progress in increasing economic opportunities for residents.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Cook Islands
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        AAA



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


BIRMINGHAM INTERNATIONAL: Football League Demands Crisis Talks
--------------------------------------------------------------
Jon Griffin at Birmingham Mail reports that Football League chiefs
are to seek an urgent meeting with Birmingham City Football Club,
also known as Blues, to discuss the appointment of receivers Ernst
and Young to run parent group Birmingham International Holdings
Limited, in Hong Kong.

The report says the League moved swiftly to issue a statement
confirming that officials had asked to meet Blues to discuss the
developments in the Far East.

According to the report, fears are growing among Blues fans that
the receivership could yet land the football club with a points
deduction, with many taking to social media sites to express their
concerns.

Several league clubs have suffered points deductions in recent
years, including Coventry City in August 2013, docked 10 points
after a collapse into administration following a row with Arena
Coventry Limited over rent, the report notes.

"The League received notification earlier on Feb. 17 regarding the
appointment of receivers by Birmingham City's holding company,"
the report quotes a Football League spokesman as saying. "We have
requested a meeting with the club and the appointed receivers at
the earliest opportunity to discuss the matter."

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2015, BBC News said Birmingham International Holdings Limited,
the parent company of Birmingham City Football Club, has gone
into receivership.  BIHL blamed "fractious and inharmonious
relations within the management" for the decision, BBC related.
According to BBC, BIHL said it had appointed three receivers from
Ernst and Young.  The club, as cited by BBC, said it was not in
liquidation and could continue to fulfill its fixtures in the
league.

"The receivers are keen to stress their appointment does not
extend to Birmingham City which continues to trade as normal and
outside of any insolvency process," BBC quoted Ernst and Young as
saying in a statement.  "The appointment allows the receivers to
be able to manage the day-to-day activities of BIHL, take control
of its finances, carry on the business of the company and take
such steps as may be necessary for the purpose of preserving the
future of . . . Birmingham City."

Birmingham City Football Club is a professional association
football club based in the city of Birmingham, England.

Birmingham International Holdings Limited is the parent company of
Birmingham City Football Club. BIHL is based in Hong Kong.



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I N D I A
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AHINSA FLOUR: ICRA Reaffirms B Rating on INR4cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR8.50 crore fund
based bank facilities of Ahinsa Flour Mill Private Limited at
[ICRA]B.

                         Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Fund Based     3.40         [ICRA]B; Reaffirmed
   Facilities- Term Loan

   Long-term Fund Based     4.00         [ICRA]B; Reaffirmed
   Facilities- Cash credit

   Long term Unallocated    1.10         [ICRA]B; Reaffirmed
   Facility

The rating reaffirmation takes into account the completion of the
production facility within the estimated cost and stabilisation of
operations. Owing to a delay in commencement of commercial
operations and slower than anticipated ramp up of sales, the
promoters had to infuse unsecured loans in order to meet the debt
servicing obligations (quarterly repayments of INR0.14 crore
started in June 2014).

The rating continues to be constrained by the highly competitive
nature of the flour processing industry and limited value additive
nature of the business, which is expected to exert pressure on the
company's profitability. Also, the procurement function of the
company continues to remain vulnerable to the agro-climatic
conditions and government regulations on pricing, availability and
distribution of agricultural commodities. However, the rating
favourably factors in the experienced management of the company
with a long track record in the agro commodities business and
access to the group's (Bhadora Industries) extensive and well-
established distribution network, along with favourable demand
outlook for the product.

Going forward, the ability of the company to scale up its
operations in a profitable manner along with an improvement in its
debt protection metrics will be the key rating sensitivities.

Incorporated in 2011, AFMPL is engaged in flour milling with a
capacity of 160 metric tonnes per day at its manufacturing
facility located at Tikamgarh, Madhya Pradesh. The commercial
operations of the facility commenced in July 2014. The promoters
of the company have experience in diverse fields like cables, real
estate, paper, food processing etc.


ASHOKA DEVELOPERS: CRISIL Reaffirms B- Rating on INR225MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ashoka
Developers and Builders Ltd (Ashoka) continues to reflect the
implementation and demand risks associated with Ashoka's on-going
and upcoming projects, high degree of geographical concentration
in the company's revenue profile, and its vulnerability to
cyclicality inherent in the Indian real estate industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           225        CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
established regional presence in real estate development,
supported by its promoters' extensive experience.

Outlook: Stable

CRISIL believes that Ashoka will continue to benefit over the
medium term from its established regional presence in the real
estate development market. The outlook may be revised to
'Positive' in case of significant booking of units and receipt of
customer advances for its upcoming projects, leading to better-
than-expected cash inflows and liquidity. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
company's liquidity, either because of lower-than-expected
customer advances or significant cost overrun in its upcoming
projects.

Incorporated in 1989, and promoted by Mr. Jaiveer Reddy and his
family, Ashoka develops residential and commercial property in
Hyderabad. Mr. Reddy manages the company's day-to-day operations.


BCPL CONDUCTORS: ICRA Revises Rating on INR2.1cr Bank Loan to B
---------------------------------------------------------------
ICRA has revised its long term rating on the INR2.00 crore fund
based and INR2.10 crore non-fund based bank facilities of BCPL
Conductors Private Limited to [ICRA]B from [ICRA]B+. ICRA has
reaffirmed its short term rating on the INR1.30 crore non-fund
based bank facilities (reduced from INR3.00 crore) of BCPL at
[ICRA]A4. ICRA has also assigned its long-term rating of [ICRA]B
and its short term rating of [ICRA]A4 to the INR1.70 crore
unallocated bank facilities of BCPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Fund Based    2.00        [ICRA]B; Revised from
   Facility- Cash credit               [ICRA]B+

   Long-term Non Fund      2.10        [ICRA]B; Revised from
   Based Facility                      [ICRA]B+
   Bank Guarantee

   Short-term Non-Fund     0.50        [ICRA]A4; Reaffirmed
   Based Facility - BE
   under LC

   Short-term Non-Fund     0.80        [ICRA]A4; Reaffirmed
   Based Facility - LC

   Unallocated             1.70        [ICRA]B/[ICRA]A4; Assigned

The revision in ratings is driven by the deterioration in the
company's profitability in 2013-14, wherein it incurred an
operating loss due to realisation of lower processing rates
accompanied by an increase in overhead costs; the company's
operating income also declined 12% relative to the previous year
on account of lower order inflows. The declining trend continued
during the first half of FY2015, as well. ICRA's ratings also take
into account the company's small scale of operations, the highly
competitive and fragmented industry structure, the tender based
contract awarding system which pressurizes margins and the
company's exposure to foreign exchange fluctuation risk on account
of import of insulating materials. However, the ratings favourably
factor in the experience of the promoters in the conductor
business, BCPL's reputed but concentrated client base and the
limited risk of volatility in the prices of raw materials as
majority of the revenue is derived from job work where customers
supply bulk of the raw materials. ICRA also notes the conservative
capital structure maintained by the company despite working
capital intensive nature of operations.

Going forward, the ability of the company to improve its
profitability while scaling up operations and manage its working
capital cycle optimally will be the key rating sensitivities.

Incorporated in 2001, BCPL manufactures copper conductors and has
a capacity to manufacture 3,240 metric tonnes per annum (MTPA).
The company does job work for transformer manufacturing companies
like Bharat Heavy Electricals Limited, Crompton Greaves Limited
and others.

BCPL reported operating income of INR7.61 crore and a net loss of
INR0.19 crore for 2013-14 as against an operating income of
INR8.68 crore and a profit after tax of INR0.09 crore for the
previous year.


BHAGWATI COTTON: CARE Reaffirms B Rating on INR8cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Bhagwati
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.00       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Bhagwati Cotton
Inustries (BCI) continue to remain constrained on account of weak
financial risk profile marked by thin profit margins, low cash
accruals, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained on account of its
presence in the highly competitive and fragmented cotton ginning
industry with limited value addition, volatility associated with
raw material (cotton) prices and susceptibility to changes in the
government policy for cotton.

The rating continues to derive benefits from the wide experience
of the partners in the cotton ginning business and its proximity
to the cotton-producing region of Gujarat. The rating also takes
into consideration improvement in capital structure and debt
coverage indicators during FY14 (refers to the period April 1 to
March 31).

BCI's ability to increase its scale of operations along with
improvement in profit margins, capital structure and debt coverage
indicators would remain the key rating sensitivities. Furthermore,
better management of working capital would also remain crucial in
light of volatile input costs and seasonality related to raw
material availability.

BCI was started in 2004 as a partnership firm. During FY13, three
partners retired and four partners joined the firm. Currently
there are seven partners who has unequal holding in the firm. Mr
Pravin J Jiyani, Managing Partner, is actively involved in the
business and manages the routine operations. BCI is engaged in
cotton ginning and pressing and has an installed capacity of 7,000
Metric Tonnes Per Annum (MTPA) for cotton bales and 12,500 MTPA
for cotton seeds as on March 31, 2014 at its sole manufacturing
facility located at Amreli (Gujarat).

As per the audited results for FY14, BCI reported a total
operating income of INR54.85 crore (FY13: INR61.34 crore) with a
PAT of INR0.09 crore (FY13: INR0.08 crore). During 10MFY15, BCI
has achieved a TOI of INR32.51 crore.


C.P. EXPORTS: CRISIL Reaffirms B+ Rating on INR180MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of C.P. Exports
(CPE) continues to reflect its below-average financial risk
profile, marked by high gearing and small net worth and exposure
to intense competition in the coffee beans trading business. These
rating weaknesses are partially offset by its promoters' extensive
experience in the agricultural products trading business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit/
   Overdraft facility    180       CRISIL B+/Stable (Reaffirmed)


CRISIL has treated unsecured loans of INR75.6 million extended to
CPE by its promoters as on March 31, 2014, as neither debt nor
equity; the funds are to support the firm's operations. The
management has indicated that they will remain in the business
over the medium term.

Outlook: Stable

CRISIL believes that CPE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if sustained improvement in
scale of operations and profitability strengthens the firm's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates on account
of stretch in working capital cycle or subdued cash accruals.

CPE, set up in 1994, processes and trades in coffee beans. The
firm is promoted by Mr. C Eswaran and Mr. C Shunmugapriya, and
their families.


CIVITECH DEVELOPERS: ICRA Reaffirms B+ Rating on INR0.62cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR0.62 crore
(reduced from INR60.00 crore) long term fund based bank limits of
Civitech Developers Private Limited (CDPL).

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits      0.62        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the reduced execution
risks given the steady construction progress in the company's
'Civitech Sampriti' project over the last one year (~80% of the
construction cost incurred by December, 2014 as compared to ~60%
incurred by August, 2013) and the fact that the company has
offered possession in some of the towers. The rating favorably
factors in the improvement in collections achieved by the company.
However, the rating is constrained by the significant committed
outflows, largely on account of payments for land. While the
company has prepaid the project debt with promoter funds, the
company remains dependent on additional bookings for managing its
cash flows. This apart, the rating continues to factor in the
concentration risk arising from the undiversified stream of cash
flows, on account of single project under execution and the market
risks, given the modest level of sales bookings (~57% of the area
sold till December, 2014).

Going forward, the company's ability to complete the project as
planned and achieve additional bookings so as to comfortable
manages its cash flows will be the key rating sensitivity.

Incorporated in 2010, CDPL is a special purpose vehicle floated by
the Civitech Group to develop a group housing project in Noida,
Uttar Pradesh. The company has acquired leasehold land measuring
about 5 acres in Sector -77, Noida, and is developing its maiden
group housing project 'Civitech - Sampriti' which comprises of 548
apartments and has a saleable area of 0.89 million square feet
(msf). The project was launched in March 2011, and subsequently
construction work picked momentum in calendar year 2012. The
project is proposed to be completed by April 2015.

The company is promoted by Mr. Subodh Goel, a first generation
entrepreneur, who has more than a decade of experience in the real
estate markets of Ghaziabad and Noida. Mr. Goel is a qualified
civil engineer, and has over the years delivered residential
projects covering an area of 0.7 million square feet. As on
December 2014, 57% units in Civitech - Sampriti' have been sold,
~80% construction cost has been incurred, and ~81% of the sold
value has been collected.


CRIYAGEN AGRI: CRISIL Reaffirms B Rating on INR160MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Criyagen
Agri and Biotech Pvt Ltd (Criyagen) continues to reflect
Criyagen's exposure to implementation-related risks associated
with its ongoing capacity expansion and its modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of Criyagen's promoter in the fertiliser
industry and the company's moderate financial risk profile marked
by a healthy capital structure.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     19.9     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.1     CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan    160       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Criyagen will benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company ramps up operations and
generates substantial revenue and profitability. Conversely, the
outlook may be revised to 'Negative' if the company faces any
delay in stabilisation of enhanced capacity, leading to low
revenue and profitability, or undertakes a large debt-funded
capital expenditure (capex) programme, resulting in weakening of
its financial risk profile.

Update
The company is likely to report operating income of INR200 million
during 2014-15 (refers to financial year, April 1 to March 31)
against INR62.7 million during 2013-14, supported by improved
demand for its products and expansion of its product profile.
However, the scale of operations continues to remain small.  The
company plans to increase its capacity by 0.1 million tonnes per
annum. The new capacity is expected to be operational by May 2015.
CRISIL believes that Criyagen's business risk profile will remain
exposed to implementation risk associated with the capacity
expansion.

Criyagen's moderate financial risk profile is marked by healthy
gearing and debt protection metrics, albeit constrained by its
small net worth. Criyagen had a net worth of INR29.5 million and
gearing of 0.68 times as on March 31, 2014. Its debt protection
metrics remained healthy for 2013-14, with interest coverage ratio
at 17.75 times and net cash accruals to total debt ratio at 0.17
times. Though, with addition of debt to fund capex, its gearing
and debt protection metrics are expected to weaken over the medium
term, it will remain comfortable with gearing remaining below 1.5
times and interest coverage of above 3.5 times. CRISIL believes
that Criyagen's financial risk profile will remain moderate over
the medium term.

The company's liquidity remains moderate with moderate cash
accruals as against nil long-term debt obligation over the medium
term. Its bank limit were utilised moderately, at an average of
61.3 per cent over the nine months through December 2014. CRISIL
believes that with increase in scale of operations over the medium
term, Criyagen will generate sufficient cash accruals to meet its
obligations on debt contracted to fund capex.

Criyagen, incorporated in 2008 and promoted by Dr. Basavaraj
Girennavar, manufactures bio-chemical fertilisers.


D.G. COLD: ICRA Reassigns INR8.40cr Cash Credit Rating to 'C'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR8.40 crore
cash credit facility, INR4.21 crore term loans, INR0.22 crore non-
fund based facility and INR2.17 crore unallocated bank limits of
D.G. Cold Storage Private Limited from [ICRA]C to [ICRA]D and
simultaneously reassigned the long-term rating from [ICRA]D to
[ICRA]C.

                       Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit            8.40         [ICRA]C (downgraded from
                                       [ICRA]C to [ICRA]D and
                                       then reassigned to [ICRA]C

   Term Loans             4.21         [ICRA]C (downgraded from
                                       [ICRA]C to [ICRA]D and
                                       then reassigned to [ICRA]C

   Non Fund Based         0.22         [ICRA]C (downgraded from
                                       [ICRA]C to [ICRA]D and
                                       then reassigned to [ICRA]C

   Unallocated            2.17         [ICRA]C (downgraded from
                                       [ICRA]C to [ICRA]D and
                                       then reassigned to [ICRA]C

The rating action follows the delay in debt servicing obligations
by the company on its term loan repayment due in FY14. However,
following the regularization of the same in the current financial
year, ICRA has revised the rating from [ICRA]D to [ICRA]C.

The rating continues to take into consideration high working
capital requirement of the company during the storage period, on
account of upfront advances extended to the farmers at the time of
storing potatoes, impacting liquidity position, DGCSPL's weak
financial profile reflected by nominal profits, adverse capital
structure, weak debt coverage indicators and the small scale of
its operations with a single cold storage unit. The rating also
takes into account the company's exposure to agro-climatic risks,
with its business performance being entirely dependent upon a
single agricultural commodity, i.e. potato and the counter party
risk arising from loans extended to farmers, which may lead to
high delinquency, if potato prices fall to a low level. ICRA also
considered the regulated nature of the industry, making it
difficult to pass on the increase in the operating costs in a
timely manner, leading, in turn, to a downward pressure on
profitability. The rating, however, favourably takes into account
the long track record of the promoters in the cold storage
business, and the locational advantage of DGCSPL by way of
presence of its cold storage unit in West Bengal, a state with
large potato production.

DGCSPL is promoted by the Bose family and operates one cold
storage unit at Kathpara in the Jalpaiguri district of West
Bengal. The storage capacity of the unit is 24,000 tonnes. DGCSPL
provides cold storage facilities to potato growing farmers and
traders and also engages in trading of potatoes.

DGCSPL reported a net profit of INR0.07 crore during FY14 on an OI
of INR5.31 crore as against a net profit of INR0.18 crore and an
OI of INR3.13 crore during FY13.


DAWAR INT'L: CRISIL Rates INR150MM Loan at B+; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Dawar International Electronics Pvt Ltd (DIEPL)
and has assigned its 'CRISIL B+/Stable' rating to the facility.

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

   Channel Financing       5       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating was suspended by CRISIL vide the Rating Rationale dated
December 6, 2014  since DIEPL had not provided the necessary
information required for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign a
rating to the company's bank facilities.

The rating reflects DIEPL's below-average financial risk profile
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics, and working-capital-
intensive operations. These rating weaknesses are partially offset
by its promoter's extensive experience in the trading in
electronic goods and established relationships with its
principals.

Outlook: Stable

CRISIL believes that DIEPL will continue to benefit over the
medium term from its promoter's extensive experience in the
electronics trading business. The outlook may be revised to
'Positive' if the company reports higher cash accruals and
improves its working capital cycle, leading to better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is further stretch in its working capital cycle, leading
to weak liquidity, or in case the company undertakes any
significantly debt-funded capital expenditure programme.

DIEPL was set up as a proprietorship firm in 1988 by Mr. Virender
Dawar; it was reconstituted as a private limited company in 2005.
The company has 11 retail showrooms and 4 exclusive brand outlets
for various consumer goods such as LCD's, refrigerators, washing
machines, and mobiles, mainly in Gurgaon (Haryana) and nearby
areas.

DIEPL reported a profit after tax (PAT) of INR3.15 million on net
sales of INR808 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.98 million on net
sales of INR933.4 million for 2012-13.


DEVELOPMENT PROJECTS: CARE Assigns B+ Rating to INR6.13cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Development Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    6.13        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Development Projects
Private Limited (DPPL) are primarily constrained by its small
scale of operations, competition from other local players,
regulated nature of business, seasonality of business with
susceptibility to vagaries of nature coupled with price volatility
of traded goods, risk of delinquency in loans extended and weak
financial risk profile characterised by thin profit margins,
working capital-intensive nature of the operation leading to
leveraged capital structure with stretched debt service coverage
indicators. The above constraints far outweigh the comforts
derived from the experience of the promoters, and diversified
business operations.

The ability to increase its scale of operations with improvement
in profit margins and effective working capital management will be
the key rating sensitivities.

DPPL was incorporated on December 04, 2007, by Mr Gopal Suhasaria
of Burdwan, West Bengal. In 2009, DPPL has taken over an existing
cold storage unit located in Burdwan to enter into cold storage
business and started its operation since October 2010. Currently,
the cold storage unit has 15 chambers with a storage capacity of
203,048 quintals. DPPL is engaged in the business of providing
cold storage facility for potatoes to local farmers and traders on
rental basis (accounting for about 15.1% of its total revenue
during FY14 [refers to the period April 1 to March 31]) and in
trading of potatoes and jaggery (accounting for about 84.9% of its
total revenue during FY14).

During FY14, the company reported a total operating income of
INR11.89 crore (FY13: INR4.36 crore) and a PAT of INR0.16
crore (FY13: INR0.06 crore).


ELLJAY TEXTILES: CARE Reaffirms B Rating on INR6.24cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Elljay
Textiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.24       CARE B Reaffirmed
   Short term Bank Facilities    2          CARE A4 Reaffirmed

Rating Rationale
The ratings of Elljay Textiles Private Limited (ETPL) continue to
be constrained by the modest scale of operations in the fragmented
cotton yarn industry, and weak albeit improved debt protection
metrics. The ratings also factor in the working capital intensive
operations and susceptibility of margins to volatility in the raw
material prices.

The ratings, however, derive strength from the experience of the
promoters in the textile industry and the established track record
of operations of the company. The ratings also factor in the
growth in revenues and profits in FY14 (refers to the period April
1 to March 31), although followed by moderation in revenue growth
in H1FY15 (refers to the period April 1 to September 30).

Going forward, the ability of ETPL to increase its scale of
operations, manage the raw material fluctuation risk and broaden
its customer base would be the key rating sensitivities.

Tamil Nadu based, Elljay Textiles Private Limited (ETPL) was
incorporated in 1995 by MrJaganath and his son Mr J Thulsidharan
with the objective of manufacturing cotton yarn. Its manufacturing
facilities are located in Singampuriat Sivagangai district of
Tamil Nadu. ETPL is engaged in the manufacturing of cotton yarn of
84's and 92's counts finding application in hosiery, synthetic
fabric and in handloom and power looms. With the shift in market
demand, from January 2015, the company has also started
manufacturing yarn of 60's and 80's counts instead of 92's, which
are used in making sarees. The company has installed capacity of
25,552 spindles as on December 31, 2014. The company has also
established 2 branches in Maharashtra (in Ichalkaranji and
Bhiwandi) since January 2011.

ETPL has achieved a PAT of INR0.69 crore on a total operating
income of INR33.57 crore in FY14 as compared with net loss of
INR0.27 crore on a total operating income of INR27.13 crore in
FY13. The company achieved a total income from operation of
INR10.19 crore in H1FY15 (provisional).


FAMINA KNITS: CRISIL Cuts Rating on INR230MM Bill Purchase to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Famina
Knits Fabs (FKF) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Bill Discounting       1        CRISIL D (Downgraded from
                                   'CRISIL A4')
   Foreign Bill
   Purchase             230        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit       198        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility    18        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan              2        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects FKF's over-utilisation of its
working capital limits for more than 30 consecutive days. The
over-utilisation has been caused by the firm's stretched liquidity
driven by delay in realisation of receivables from customers and
foreign exchange (forex) losses.

FKF has a weak financial risk profile, marked by high gearing,
weak liquidity, and weak debt protection metrics, and is
susceptible to volatility in raw material prices and to forex
rates. However, the firm benefits from its partners' extensive
experience in the ready-made garments industry and the
geographical diversification in its export markets.

FKF was established as a partnership firm in 1996 by Mr. Vijay
Miglani and Mr. Rakesh Miglani. In 2006, a new partner, Ms. Rekha
Miglani, came in, while Mr. Rakesh Miglani resigned. The firm
manufactures cotton-based knitted wear (mainly T-shirts, night
wear, women's gowns, and track suits) for men and women. It mainly
exports to Europe, the US, and the Middle East.


GARGO MOTORS: CRISIL Reaffirms B+ Rating on IN50MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Gargo Motors Ltd (GML)
continues to reflect GML's small scale of operations, and weak
financial risk profile, marked by small net worth, high
indebtedness, and weak debt protection metrics. These rating
weaknesses are partially offset by GML's established relationship
with its principal, Tata Motors Ltd (TML).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Channel Financing      50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GML's overall business profile will remain
constrained on account of slowdown in the demand for passenger
vehicles. The outlook may be revised to 'Positive' if GML
generates significant cash accruals or its promoters infuse large
equity, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
further pressure on its topline and profitability, or the company
undertakes a large, debt-funded capital expenditure programme,
further constraining its financial risk profile.

Incorporated in 1996, GML is a closely held public limited entity
promoted by Mr. Kamakhya Borthakur; GML commenced operations in
2006. The company is an authorised dealer of passenger cars of TML
in the state of Assam. Mr. Kamakhya Borthakur has also promoted
Gargo Motors (rated 'CRISIL B+/Stable'), which is an authorised
dealer of TML's commercial vehicles

GML reported profit after tax (PAT) of INR2.1 million on net sales
of INR411.1 million for 2013-14 (refers to financial year, April 1
to March 31), vis-a-vis PAT of INR2.5 million on net sales of
INR543.2 million for 2012-13.


HYDROTECH PARYAVARAN: ICRA Suspends B+ Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6 Crores
fund based facilities and [ICRA]A4 rating assigned to INR6 crores
non fund based facilities of Hydrotech Paryavaran(India) Private
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


JAGANNATH RICE: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jagannath Rice
Mills (JRM) continues to reflect JRM's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. The rating also factors in the firm's modest
scale of operations and its susceptibility to changes in
government policies. These rating weaknesses are partially offset
by the extensive experience of JRM's promoters in the flour mill
industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's scale of operations, resulting in higher-
than-expected cash accruals and hence in an improvement in its
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if JRM's liquidity deteriorates due to
delays in collection of debtors, large capital withdrawal by the
partners, or substantial cash outflow to related parties.

Update
JRM's revenue increased by 22 per cent year-on-year to INR687
million in 2013-14 (refers to financial year, April 1 to March
31), with an operating margin of 2.8 per cent. The firm has
registered revenue of INR580 million for the nine months through
December 2014, and expects to register revenue of INR750 million
for 2014-15.

JRM's financial risk profile remains weak, marked by a small net
worth of INR65 million and high gearing of 2.03 times as on March
31, 2014. Its interest coverage ratio was also weak at 1.6 times
in 2013-14. Though the firm does not have any major capital
expenditure plan over the medium term, its financial risk profile
is expected to remain weak due to continued reliance on debt to
fund its working capital requirements.

JRM's liquidity also remains weak, with low accruals, high bank
limit utilisation, and support extended to associate companies.
Its cash credit facility of INR100 million remained highly
utilised at an average of 95 per cent during the 12 months through
December 2014. Moreover, it had advanced about INR190 million to
group companies as on March 31, 2014. The pressure on its
liquidity was partially offset by unsecured loans of INR69 million
from the partners and their families as on the same date.
Realisation of advances given to group companies have a crucial
bearing on the firm's financial risk profile, particularly its
liquidity, and hence will remain a key rating sensitivity factor.

JRM was set up in 1974 as a partnership firm by the Gupta family
of Odisha. The firm manufactures milled wheat products, such as
flour, maida, and suji. It has flour mills in Bhubaneswar
(Odisha).


JAI SHREE: CRISIL Lowers Rating on INR75MM LOC to D
---------------------------------------------------
CRISIL has downgraded its ratings on the short term bank
facilities of Jai Shree Balaji Fats and Oils Private Limited
(JSFPL) to 'CRISIL D' from 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      75        CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade reflects its working capital facilities being
overdrawn for more than 30 consecutive days. The delays have been
caused by JSFPL's stretched liquidity, driven by elongation of
working capital cycle.

The GMPL group trades in edible oil, primarily refined, bleached,
and deodorised (RBD) palmolein oil. The group also trades in
pulses. Its daily operations are looked after by Mr. Naval Kishore
Banka and his son, Mr. Rajeev Banka.


K.C. TIMBER: ICRA Reaffirms 'B' Rating on INR2cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B to the INR2.00
crore (enhanced from INR1.50 crore) fund based bank facilities and
its short term rating of [ICRA]A4 to the INR8.00 crore (enhanced
from INR7.50 crore) non fund based bank facilities of K.C. Timber
Traders.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.00       [ICRA]B; reaffirmed/assigned
   Buyer's Credit        8.00       [ICRA]A4; reaffirmed/assigned

The ratings continue to be constrained by small scale of
operations, the highly competitive nature of the timber trading
industry characterized by the presence of numerous unorganized
players which has led to weak profit margins for the company. The
ratings takes note of the decline in the operating income in the
year 2013-14 on account of exposure to foreign exchange
fluctuation risk as most of the requirement of timber is met
through imports coupled with risks arising out of volatility in
timber prices on account of stock and sale business model wherein
the timber purchases are not backed by confirmed orders. The
ratings also factors in the exposure of timber industry to any
slowdown in the construction industry as well as weak financial
profile of KCT as reflected by high Total outside
liabilities/Total Net worth and low coverage indicators. The
ratings, however, positively factor in the long experience of the
promoters in the timber trading business and stable demand outlook
for timber in the medium term.

Going forward, company's ability to increase its turnover,
improving the profitability margins and mitigating the risk of
fluctuations in foreign exchange rate will remain key
sensitivities from credit perspective.

Business was established in 1991as a partnership firm with Mr.
Manish Bansal and Mr. Romesh Bansal as partners in equal ratio.
Both the partners are actively engaged in the working of the
business. The company is a wholesale trader of timber and imports
timber from Latin America and West Africa. The variety of timber
that the company deals is mainly teak which is used in making of
furniture and light construction work. Head office as well the
factory of the firm is located at Assam Timber Market in New
Delhi.

Recent Results
KCT reported a net profit of INR0.08 crore on an operating income
of INR12.51 crore for the year ended March 31, 2014 as compared to
a net profit of INR0.07 crore on an operating income of INR13.14
crore for the previous year.


KAMDHENU KHANDSARI: CRISIL Reaffirms B+ Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamdhenu
Khandsari Udyog (KKU) continues to reflect its modest scale of
operations in the highly competitive cotton ginning and sugar
manufacturing segments.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable (Reaffirmed)
   Term Loan              5        CRISIL B+/Stable (Reaffirmed)


The rating also factors in KKU's below-average financial risk
profile, marked by high gearing and moderate debt protection
metrics. These rating weaknesses are partially offset by the
promoters' extensive industry experience and KKU's established
relationships with customers and suppliers, along with the
realignment of the firm's focus on trading activity in cotton
ginning and sugar manufacturing.

Outlook: Stable

CRISIL believes that KKU will continue to benefit over the medium
term from its promoters' extensive industry experience and focus
on trading activities. The outlook may be revised to 'Positive' if
the firm's scale of operations increases substantially, along with
an improvement in its profitability, or if its capital structure
improves, driven by equity infusion or large cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile weakens, driven by an increase in its
working capital borrowings, large debt-funded capital expenditure
(capex), or disruption in its operations because of regulatory
changes.

Update
KKU reported comfortable sales of INR290 million for year ended on
March 31, 2014 on account of trading activites. The revenue has
declined and margins remained around 4.2 percent for the 2013-14.

The firm's net worth increased marginally in 2013-14, which was
offset by increased working capital utilisation leading to an
increase in gearing as on March 31, 2014 against gearing levels of
March 31, 2013. The firm's liquidity remains moderate, aided by
moderate cash accruals, while its financial flexibility is
supported by unsecured loans from the promoters.

Set up in 1995, Kamdhenu manufactures sugar and undertakes ginning
of cotton. The firm is promoted by Mr. Sanjay Patel (60 per cent
share in profits), who has experience of more than 20 years in the
sugar industry. The other partners include Mr. Vinaychandra Patel
(20 per cent) and Mr. Chandubhai Patel (20 per cent).


KARAN ASHOK: CRISIL Assigns B+ Rating to INR100MM e-DFS
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Karan Ashok Auto Pvt Ltd (KAAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            18.5        CRISIL B+/Stable

   Drop Line
   Overdraft Facility   12.5        CRISIL B+/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)              100         CRISIL B+/Stable

The rating reflects the company's small scale of operations in the
intensely competitive automobile dealership market along with low
bargaining power with its principal. The rating also factors in
KAAPL's below-average financial risk profile marked by high total
outside liabilities to tangible net worth (TOLTNW) ratio. These
rating weaknesses are partially offset by the company's
established position as an automobile dealer for Honda Cars India
Ltd (HCIL) in Kumaon region in Uttarakhand and moderate working
capital requirements.

Outlook: Stable

CRISIL believes that KAAPL will continue to benefit over the
medium term from its established position in the automobile
dealership market for HCIL in Uttaranchal. The outlook may be
revised to 'Positive' if KAAPL's volumes and operating margin
improve substantially or in case of any significant equity
infusion by the promoters, resulting in improvement in its capital
structure along with prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if KAAPL's
market share reduces, thereby significantly impacting its revenue
and profitability, or if the company undertakes any large debt-
funded capital expenditure programme, or in case of further
stretch in its working capital requirements leading to further
deterioration in liquidity.

KAAPL was incorporated in 2010 by Haldwani (Uttarakhand) based
Singh family. The company runs a HCIL dealership in Haldwani,
Rudrapur, and Moradabad. KAAPL has three sales, services and
spares (3S) showrooms in each of these cities. Mr. Ashok Pal Singh
and his son, Mr. Gaurav Singh, are the directors in the company
and are actively engaged in managing the day-to-day operations of
KAAPL.

For 2013-14 (refers to financial year, April 1 to March 31), KAAPL
reported net profit of INR2.16 million on net sales of INR334.80
million against net loss of INR1.80 million on net sales of
INR152.28 million for 2012-13.


KARIGANUR MINERAL: CARE Assigns B+ Rating to INR40cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kariganur
Mineral Mining Industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     40.00      CARE B+ Assigned
   (Term Loan)
   Long Term Bank Facilities     15.00      CARE B+ Assigned
   Cash Credit)

Rating Rationale
The rating is constrained by uncertainty on timelines for license
renewal arising out of few pending approvals, , pending financial
closure and regulatory risk. However the ratings draw strength
from experience of partners in iron ore mining industry, mine's
'category A' status, receipt of some of the key approvals and
potential demand for iron ore. Going forward, timely receipt of
all the approvals, financial closure and commencement of the
mining operation would remain the key rating sensitivities.

Established in 1952 as a partnership firm, promoted by six
partners (Mr. Allam Doddappa, Mr. Allam Basavaraj, Mr. Allam Guru
Basavaraj, Mr. Allam Chennappa, Mr. H Abdul Wahab, and Mr. H Noor
Ahmed), Kariganur Mineral Mining Industry (KMMI) was engaged in
the business of iron-ore mining (open cast). The mine is located
in Kariganur Village, Hospet Taluk, Bellary District. KMMI has
obtained its first mining license (lease) in 1952 for the lease
period of thirty years over 199.43 hectares, which was renewed in
March'1982 (for thirty year period) and expired in March'2012.
Since then the firm has discontinued mining activity and is in the
process of renewing its mining license.

During FY14 the Firm has registered PAT of INR2.41 Crs on total
operating income of INR9.4 Crs. Against the project cost of
INR62.5 Crs towards re-starting the mining operation, company had
spent INR0.8 Crs till January'2015.


KINGFISHER AIRLINES: SBI Consortium Takes Over Kingfisher House
---------------------------------------------------------------
The Times of India reports that clamping down on Vijay Mallya-led
UB Group to recover loans, a 17-bank consortium led by state-run
SBI on Feb. 24 took over possession of the prized Kingfisher
House, estimated to be worth INR100 crore.

TOI says the banks have taken possession of the over 17,000 sq ft
property at Vile Parle, near the domestic airport in India, as
part of their efforts to recover the INR6,800 crore loan they had
granted to the long-grounded Kingfisher Airlines.

Later, the airline said in a statement on Feb. 24 that it handed
over possession of its property, Kingfisher House, to SBICAP
Trustee, a security trustee for the consortium of the Kingfisher
lenders.

"This is without prejudice to all of the rights, remedies and
contentions of the company including the right to file appropriate
proceedings to challenge the said order dated February 12, 2015,"
TOI quotes Kingfisher as saying in a statement.

TOI notes that the order, passed by the chief metropolitan
magistrate, had allowed the banks to take over the possession as
part of their recovery process, which they had started way back in
February 2013 after the airline stopped servicing the debt.

Kingfisher House is one of the prime real estates of the airline,
which was once touted as the most luxurious carrier in the country
and one of the crown jewels of Mallya-led UB Group, the report
states. The airline was grounded in October 2012 while its flying
permit was cancelled in December that year. The other collateral
left with the banks is Kingfisher Villa in Goa, which has a market
value of under INR90 crore, adds TOI.

                   About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


KRISHNA COTTEX: ICRA Assigns B Rating to INR4.5cr Cash Credit
-------------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR4.50
crore cash credit facility and the INR1.55 crore term loan
facility of Krishna Cottex Industries.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit               4.50        [ICRA]B assigned
   Term Loan                 1.55        [ICRA]B assigned

The assigned ratings are constrained by lack of track record of
operation of Krishna Cottex Industries as its commercial
production recently commenced in October 2014. The ratings are
further constrained by highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of the
firm's profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality, crop harvest and
regulatory risks with regards to MSP for raw cotton. ICRA also
notes that KCI is a partnership concern and any substantial
withdrawal from capital account in future could adversely impact
the credit profile of the firm.

The ratings, however, favourably take into account past experience
of the promoters in the cotton industry and the favourable
location of the firm's manufacturing facility in Rajkot giving
easy access to raw material.

Established in March 2014, Krishna Cottex Industries (KCI) has set
up a green field project for cotton ginning and pressing with its
facility located at Rajkot (Gujarat). The commercial operations
commenced from October 2014. The plant is equipped with 24 ginning
machines and 1 pressing machine with total processing capacity of
~ 17,500 metric tonnes of raw cotton per annum.


LAKSHMI TRADERS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmi Traders (LT)
continue to reflect LT's modest financial risk profile, marked by
a small net worth and modest debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       45        CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's modest scale of operations
in the intensely competitive steel industry and the susceptibility
of its operating performance to volatility in prices of steel
products. These rating weaknesses are partially offset by the
extensive industry experience of LT's proprietor.

Outlook: Stable

CRISIL believes that LT will continue to benefit over the medium
term from its proprietor's extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in the firm's revenue and profitability, or substantial
infusion of capital by its proprietor, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if LT's revenue and profitability margins decline
substantially, or if it undertakes a large debt-funded capital
expenditure programme, or if its proprietor withdraws capital from
the firm or delay extending timely financial support, leading to
weakening of its financial risk profile.

LT was established as a proprietorship concern by Mr.
Sankarlingam, a Chennai-based entrepreneur, in 1977. The firm
trades in steel scrap and steel long products such as bars,
channels, and angles. It sells the steel scrap to thermo-
mechanically treated (TMT) bar manufacturers, casting units, and
foundries. LT has its administrative office in Chennai.


M MADHAVARAYA: CRISIL Assigns B+ Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of M Madhavaraya Prabhu (MMP).

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

The rating reflects MMP's below-average financial risk profile,
marked by high gearing, average debt protection metrics, and
continuous capital withdrawals by the proprietor. The rating also
factors in the firm's modest scale of operations and
susceptibility of its operating profitability to volatility in raw
material prices and foreign exchange rates. These rating strengths
are partially offset by the extensive industry experience of MMP's
promoter in the cashew industry and the benefits it derives from
its established clientele.

Outlook: Stable

CRISIL believes that MMP will continue to benefit over the medium
term from its established track record in the cashew industry. The
outlook may be revised to 'Positive' if the firm records increase
in cash accruals and retains higher profits, resulting in
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' if MMP records
substantially low revenue and profitability, undertakes sizeable
debt-funded capital expenditure programme, or if the proprietor
withdraws significantly large funds from the firm.

MMP, a proprietorship firm set up in 1983, processes raw cashew
nuts of various grades into cashew kernels. The firm also trades
in raw cashew nuts and cashew kernels. MMP's processing unit is
located in Muduperar village of Dakshina Kannada district
(Karnataka) and has an installed capacity of 4.8 tonnes per day.
The firm is currently managed by Mr. Tukaram Prabhu, son of Mr.
Madhavaraya Prabhu.

MMP reported a profit after tax (PAT) of INR5.5 million on net
sales of INR518.6 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR3.9 million on net sales
of INR423.5 million for 2012-13.


MAHADEV FORGE: CARE Assigns B+ Rating to INR8.0cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Mahadev
Forge Private Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Mahadev Forge
Private Limited (MFPL) is primarily constrained by its small and
fluctuating scale of operations with low net worth base,
fluctuating profitability margins and weak liquidity profile.
The rating is further constrained by susceptibility of margins to
the volatility associated with raw material prices and the
company's presence in a highly competitive and fragmented
industry.

The rating, however, draws strength from the experienced
management and moderate capital structure. Going forward, MFPL's
ability to grow its scale of operations while improving its
profitability margins shall be the key rating sensitivity.

MFPL was incorporated in February 2007 and started its commercial
operations in April 2007. The company is currently being managed
by Mr Anil Jindal and Mr Rajesh Kumar. The company is engaged into
the manufacturing of automobile components like steering parts,
transmission parts, propeller parts and other engine parts to
cater the demand of automobile industry. The manufacturing
facility is ISO 9001:2000 certified and is located at Ludhiana,
Punjab, with a total installed capacity of 6,000 metric tonnes per
annum (MTPA) as on March 31, 2014. The main raw materials used for
manufacturing the products are mild steel (MS) ingots, MS bars and
MS rounds metals which are procured domestically mainly from
Punjab. The final products are sold directly to the manufacturers
of automobile parts (vendors of automobile companies) in the
domestic market. MFPL has two other group companies, Shanker Forge
Private Limited (rated 'CARE B+') and Puneet Forge Pvt Ltd, which
are engaged in the manufacturing of automobile and agricultural
components, respectively.

For FY14 (refers to the period April 1 to March 31), MFPL achieved
a total operating income of INR29.87 crore with PBILDT and PAT of
INR1.66 crore and INR0.33 crore, respectively, as against total
operating income of INR24.79 crore with PBILDT and PAT of INR1.81
crore and INR0.33 crore, respectively, for FY13. During FY15, the
company has achieved TOI of approximately INR22.50 crore till
December 2014.


MAHADHAN SEEDS: CARE Reaffirms B Rating on INR6cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahadhan Seeds Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6         CARE B Reaffirmed
   Short-term Bank Facilities     6         CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Mahadhan Seeds Pvt.
Ltd. (MSPL) continue to remain constrained due to moderate profit
margins, leveraged capital structure and elongated operating
cycle. The ratings further continue to be constrained by its
presence in the highly competitive agro product industry and
seasonality associated with the same. The ratings also take into
consideration vulnerability of margins to fluctuation in the
prices of agricultural commodities.

The ratings continue to draw strength from vast experience of the
promoters in the industry, long track record of operations with
established marketing network and location advantage with MSPL
being situated in the soya bean growing region of Madhya Pradesh.
MSPL's ability to increase its scale of operations along with
improving profit margins in the highly competitive industry while
managing volatility associated with raw material prices are the
key rating sensitivities. Furthermore, MSPL's ability to improve
its liquidity position by efficient working capital management
will also be crucial.

Incorporated in February 1998, Indore-based (Madhya Pradesh) MSPL
was promoted by Mr Sudhir Soni along with his brother Mr Sunil
Soni. Later on in 2001, Mr Sunil Soni left MSPL and Ms Meena Soni,
wife of Mr Sudhir Soni, joined the company. MSPL is engaged in the
business of production, processing and marketing of certified
commercial seeds mainly soya bean and wheat which are used by
farmers for sowing agriculture crops. MSPL sells certified
Soyabean and wheat seeds. MSPL has set up a unit for grading and
processing of seeds at Indore with an installed capacity of 70,000
metric tonnes per annum (MTPA) and sells certified seeds under the
brand name of 'Mahadhan'.

During FY14 (refers to the period April 1 to March 31), MSPL
reported a TOI of INR14.84 crore and PAT of INR0.19 crore as
against TOI of INR14.54 crore and PAT of INR0.19 crore during
FY13.

During 10MFY15, MSPL has achieved a turnover of INR14.37 crore and
PBILDT of INR0.73 crore.


MANGALAM TIMBER: CARE Reaffirms B+ Rating on INR12cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mangalam Timber Products Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    12.00       CARE B+ Reaffirmed
   Short-term Bank Facilities    6.08       CARE A4 Reaffirmed

Rating Rationale
The above ratings of the bank facilities of Mangalam Timber
Products Ltd. (MTPL) continue to be constrained by continuous
losses during the last 3 years, volatile raw material prices with
low bargaining power, working capitalintensive nature of
operation, and exposure to the industry cycle. The ratings,
however, draw strength from long track record and experience of
the promoters, alongwith regular financial support from the group
companies.

The ability to derive benefit from the technological upgradation
programme undertaken at the plant and turnaround the business and
support from the group companies are the key rating sensitivities.

MTPL, incorporated in 1982, belongs to the B K Birla group of
companies. MTPL is engaged in the manufacturing of Medium Density
Fibre Boards (MDF), plain boards and pre-laminated boards of
varied thickness, from low-grade hard woods with an installed
capacity of 30,000 MT per annum. The product of the company finds
its usage in door & window panels, decorative furniture, veneer,
plywood, board, etc. The manufacturing facility of the company is
located in Nabarangpur, Odisha. The company sells its product
under the brand name of 'Duratuff'.

The B K Birla group is a diversified industrial group having an
interest in tea, chemicals & fertilizers, cement, tyres, textiles,
vegetables oils, etc.

During FY14 (refers to period April 1 to March 31), MTPL incurred
operational loss of INR6.29 crore (operating profit of INR0.51
crore in FY13) and a net loss of INR7.62 crore (Rs.3.55 crore in
FY13) on total operating income of INR59.40 crore (Rs.80.98 crore
in FY13). As per the unaudited 9MFY15 results, MTPL incurred a net
loss of INR10.01 crore on a total operating income of INR30.03
crore.


OMKAR INFRACON: CRISIL Ups Rating on INR65MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Omkar Infracon Pvt Ltd (OIPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'; while reaffirming its short-term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         2         CRISIL A4 (Reaffirmed)

   Cash Credit           18         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             65         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in OIPL's liquidity,
driven by increase in net cash accruals and infusion of unsecured
loans by promoters. With stable operating profitability, the
company is expected to report net cash accruals are expected to be
about INR19 million to INR20 million in 2014-15, resulting in
increased cushion against the debt obligation of INR13.2 million.
Additionally, the promoters have supported OIPL's liquidity by
infusion of unsecured loans of about INR35 million in 2014-15.

The ratings continue to reflect OIPL's expected small scale of
operations, and its customer concentration. These rating
weaknesses are partially offset by the benefits that OIPL derives
from the increasing demand for fly ash bricks, mainly in the
vicinity of thermal power plants that are driven by the
government's directive of using fly ash-based products within 100
kilometre radius of a coal or lignite-based power plants.

Outlook: Stable

CRISIL believes that OIPL will benefit over the medium term from
the demand for fly ash bricks. The outlook may be revised to
'Positive' in case the company achieves substantial ramp up in
sales and generates healthy cash accruals. Conversely, the outlook
may be revised to 'Negative' in case OIPL's working capital
requirements are large, or if the company generates considerably
low cash accruals or undertakes any debt-funded capital
expenditure programme, thereby constraining its financial risk
profile and liquidity.

OIPL, incorporated in 2010, has a fly ash brick plant near
Kolaghat thermal power plant in West Bengal. It commenced
commercial operations in August 2012. The facility has the
capacity to produce around 150,000 bricks per day.


PARSHOTAM LAL: CRISIL Assigns B Rating to INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Parshotam Lal & Co. (PLC). The rating reflects
the firm's weak financial risk profile, small scale of operations
in a highly fragmented industry, and project related risks. These
rating weaknesses are partially offset by the partners' extensive
experience in the rice industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             25         CRISIL B/Stable

   Cash Credit           70         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    30         CRISIL B/Stable

Outlook: Stable

CRISIL believes that PLC will continue to benefit from its
partners' extensive experience in the rice industry. The outlook
may be revised to 'Positive' if the firm's financial risk profile
improves, driven by large net cash accruals owing to increase in
revenue from its newly added capacities or if the partners infuse
equity into the firm leading to improved capital structure.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in PLC's liquidity driven by higher-
than-expected increase in working capital requirements or if there
is pressure on the firm's profitability or if offtake from new
capacities is delayed.

PLC was set up in 2006 as a partnership concern by Mr. Parshottam
Lal, Mr. Vishal Galhotra, Mr. Ravi Kumar, and Mr. Rajinder Rajan.
The firm is engaged in milling of rice, mainly basmati, at its
plant in Ferozepur (Punjab).

PLC reported book profit of INR1.5 million on net sales of INR76
million for 2013-14 (refers to financial year, April 1 to March
31); it had reported book profit of INR1.3 million on net sales of
INR88 million for 2012-13.


PATEL AGRI: CRISIL Reaffirms B Rating on INR99.5MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Patel Agri
Industries Pvt Ltd (PAIPL) continues to reflect the company's
exposure to risks related to timely implementation and successful
ramp up of its project and its expected average financial risk
profile driven by debt-funded capital expenditure. These rating
weaknesses are partially offset by the benefits that PAIPL derives
from the extensive entrepreneurial experience of its promoters in
the agro-based industries and healthy demand prospects for the
rice industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           68         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    15         CRISIL B/Stable (Reaffirmed)

   Term Loan             99.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PAIPL will benefit from its promoters'
entrepreneurial experience and healthy demand prospects for the
rice industry. The outlook may be revised to 'Positive' if the
company's operations stabilise earlier than expected, resulting in
better-than-expected ramp up in operations and large cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there are significant time/cost overruns in the project leading to
a delay in commencement of operations resulting in low revenue.

PAIPL was incorporated in May 2013 as a private limited company.
It is setting up a rice mill with milling capacity of 16 tonnes
per hour at Nalanda (Bihar). The company plans to commence
commercial operations from October 2014.


PATIDAR COTSPIN: CARE Ups Rating on INR2.83cr LT Loan to 'B'
------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Patidar
Cotspin Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities    2.83       CARE B Revised from
                                           CARE D

   Long term/Short-term Bank    5.00       CARE B/CARE A4 Revised
   Facilities                              from CARE D

   Short term Bank Facilities   6.5        CARE A4 Revised from
                                           CARE D
Rating Rationale
The revision in the ratings assigned to Patidar Cotspin Private
Limited (PCPL) is primarily on account of improvement in debt
servicing due to cash profits in FY14 (refers to the period April
1 to March 31) along with realisation from debtors and
inventories, improvement in its financial risk profile marked by
modest increase in turnover along with the improvement in
operating profit margin, capital structure and debt coverage
indicators during FY14.

The ratings, however, continue to remain constrained on account of
small size of operations with low net worth base, continuing
losses, weak liquidity position, working capital intensive
operations and its presence in the highly competitive textile
industry.

The ratings continue to derive benefit from experience of the
promoters in the textile and cotton industry and operational
linkages (raw material sourcing) with group entity. The ability of
PCPL to increase its scale of operations and margins along with
improvement in liquidity position are the key rating
sensitivities.

Incorporated in 2006, PCPL is promoted by Mr Suresh Amin, Mr
Jayesh Patel and Mr Jitendra Borsaliya having vast experience in
the cotton and textile industry. PCPL has an installed capacity of
8,640 Metric Tonnes Per Annum (MTPA) at its facility at Vijapur,
Mehsana (Gujarat). PCPL uses cotton bales for manufacturing of
cotton yarn and caters to the demand of manufacturers of denim
products and industrial fabrics in India and abroad. The promoters
have interest in other entities also namely Patidar Industries
Pvt. Ltd. and Somnath Ginning Pressing Pvt. Ltd.

As per the audited results for FY14, PCPL reported a TOI of
INR33.07 crore and net loss of INR0.93 crore as against a TOI of
INR31.80 crore and net loss of INR2.36 crore during FY13. As per
the provisional results for 9MFY15 (refers to the period
April 1, 2014 to December 31, 2014), PCPL registered a TOI of
INR19 crore.


RAJALAXMI EDUCATION: ICRA Ups Rating on INR21cr Term Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]C+ to [ICRA]B+
for the INR21.0 crore term loan of Rajalaxmi Education Trust.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loan              21.0          [ICRA]C+ to [ICRA]B+

The revision in rating factors in the promoters' established
presence in the education industry, the trust's diversified
offerings across the education spectrum both at the undergraduate
and postgraduate levels and the company's ability to maintain
timeliness of debt servicing and internal financial discipline in
the recent years. The rating takes into consideration the good
placement track record and the healthy occupancy levels thus
translating to good operating accruals in the past few years. In
addition, good infrastructure facilities for sports, extra-
curricular activities and research & development provide good
learning environment for the students. The rating also factors in
the healthy financial profile marked by healthy profit margins,
low gearing and adequate coverage indicators.

The rating is, however, constrained by the high regulatory norms
in the education sector thus exposing the trust to any regulatory
changes in the future and the high competitive intensity in
Karnataka with the presence of large number of Engineering and MBA
institutes. The rating is further constrained by the stretched
liquidity position of the trust on account of regular debt funded
capital expenditure towards setting up of administration and
hostel blocks. Going forward, the trust's ability to maintain high
occupancy levels and improve its liquidity position will be the
key rating sensitivities.

Rajalaxmi Education Trust was established in the year 2005. RET
started Mangalore Institute of Technology & Engineering (MITE) in
the year 2007-08, which is approved by All India Council for
Technical Education (AICTE), New Delhi and affiliated to
Visveshwariah Technological University (VTU), Belgaum. The college
started with offerings in engineering courses with an intake of
240 and subsequently introduced MBA and M-Tech courses. For the
year 2014-15, the college had a student intake of 710 in
Engineering, 102 in MBA and 120 in M-Tech courses. The college is
located in Moodabidri, around 30 km from Mangalore city.

During 2013-14, the trust reported a net profit of INR9.4 crore on
an operating income of INR27.2 crore as against a net profit of
INR5.5 crore on an operating income of INR20.8 crore during 2012-
13.


ROLEX CYCLES: CRISIL Reaffirms B+ Rating on INR202.5MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Rolex Cycles Pvt Ltd (RCPL) at 'CRISIL B+/Stable' while assigning
its rating on the company's short-term bank facility at 'CRISIL
A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           202.5      CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     22.5      CRISIL A4 (Assigned)
   Letter of Credit       25        CRISIL A4 (Assigned)

CRISIL's ratings on the bank facilities of RCPL continue to
reflect the company's below-average financial risk profile, marked
by high gearing, small net worth, and weak debt protection
metrics, and customer and product concentration in its revenue
profile. These rating weaknesses are partially offset by the
company's long track record in the bicycle components
manufacturing industry.

Outlook: Stable

CRISIL believes that RCPL will continue to benefit over the medium
term from its established relationships with its customers. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, most likely because of improvement in its
profitability or infusion of equity capital by its promoters.
Conversely, the outlook may be revised to 'Negative' if RCPL's
financial risk profile deteriorates, most likely because of fresh
large debt-funded capital expenditure, or larger-than-expected
incremental working capital requirements.

Update
RCPL reported revenue of INR929 million in 2013-14 (refers to
financial year, April 1 to March 31), against INR896 million in
2012-13. Marginal revenue growth of 4 per cent, which was in line
with CRISIL's expectations, was mainly because of stable demand
from its customer base, which mainly includes Hero Cycles Ltd and
Atlas Cycles (Haryana) Ltd. However, CRISIL believes that RCPL
will continue to benefit from its established relationships with
its customers, leading to sustained revenue over the medium term.

RCPL is expected to continue to register modest operating profit
margin of around 4 per cent over the medium term, because of the
low-value-addition nature of its business. Its operations are
working capital intensive as reflected by its gross current assets
of 122 days as on March 31, 2014, because of high inventory levels
of around 3 months and receivables of 40 days. CRISIL believes
that RCIPL's operations will remain working capital intensive over
the medium term, leading to high utilisation of its bank limits;
the limits were utilised at an average of 96 per cent over the 8
months through November 2014. Moreover, RCPL has comfortable
liquidity marked by comfortable expected annual cash accruals of
around INR9 million against repayments of Rs1.5 million. Its
financial flexibility, however, remains constrained on account of
high average bank limit utilisation of 96 per cent for 8 months
through November 2014.

RCPL was set up in 1954 as a partnership firm; it was
reconstituted as a private limited company in 1999. It
manufactures hubs for bicycles.


SANJAY TRADE: CARE Reaffirms 'B' Rating on INR5cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Sanjay Trade
Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5         CARE B Reaffirmed
   Short term Bank Facilities    30         CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Sanjay Trade
Corporation (STC) continue to remain constrained on account of
fluctuating total operating income during FY14 (refers to the
period April 1 to March 31) coupled with thin profit margin.
The ratings further continue to remain constrained due to
partnership nature of business operation coupled with operations
in volatile, fragmented and competitive nature of the ship
breaking industry. The ratings also factor in the decline in
operating income and cash accruals during FY14 along with healthy
cash position and no inventory of ships for breaking during
9MFY15.

The ratings, however, continue to take into account vast
experience of the partners coupled with comfortable capital
structure and debt coverage indicators and comfortable liquidity
position.

The ability of STC to increase its scale of operations by
acquiring ships coupled with an improvement in profit margins,
capital structure and debt coverage indicators remains the key
rating sensitivities.

Established as partnership firm in 1996 by Mr Salim Dholia, Mr
Salim Lakhani and Mr Rafik Dholia, Sanjay Trade Corporation (STC)
is engaged in the ship breaking activity. STC purchases ships like
primarily bulk carriers and cargo ships, mainly through brokers
from the open market and sells scraps through brokers mainly in
Sihor, Ahmedabad and Jamnagar (Gujarat) for manufacturing of TMT
bars. The ship breaking operations are carried out at premises
which are taken on lease for a tenure of 10 years from Alang Port
from Gujarat Maritime Board.

During FY14, STC reported a total income of INR29.45 crore with a
PAT of INR0.31 crore as against a total income of INR55.60 crore
and PAT of INR0.38 crore during FY13.


SARRALLE EQUIPMENT: CARE Reaffirms B+ Rating on INR10.5cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sarralle Equipment India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.50       CARE B+ Reaffirmed
   Short term Bank Facilities   34.50       CARE A4 Reaffirmed

Rating Rationale
The ratings for the bank facilities of Sarralle Equipment India
Pvt. Ltd. (SEIPL) continue to remain constrained by its relatively
small scale of operations, weak financial risk profile marked by
cash loss, working capital-intensive nature of operations and
stretched liquidity position. The ratings also factor in customer
concentration risk and revenue concentration to the cyclical steel
industry. These factors far outweigh the benefits derived from the
experienced management, long track record of the holding company
and continuous financial support extended to SEIPL and established
relationship with reputed customers.

The ability to improve its overall scale of operations along with
improvement in profitability, efficient management of working
capital and improvement in liquidity position would be the key
rating sensitivities.

SEIPL, subsidiary company of Sarralle Equipos Siderurgicos, S. L.
(SES) [headquartered in Spain], was incorporated on December 16,
2005. It is engaged in providing design, construction and custom
turnkey solutions to the steel manufacturers both pre and post
commissioning of plant. SEIPL is also engaged in the manufacturing
of furnaces for steel manufactures through plant located at
Mahishrekha, West Bengal.

SEIPL designs and supplies steel plant equipment such as Electric
Arc Furnaces (ERC) [for a capacity ranging from 25 to 250 tons],
Ladle furnaces [for a capacity ranging from 25 to 300 tons], fume
exhaust systems, VD/VOD, RH Degassing, Continuous Casting Machine,
Ingot Vacuum Casting degasser (VCD), Auxiliaries for the steel
making process and Control & Automation System (Level I & II) for
all the equipment referred above.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR24.3 crore
(FY13: INR28.3 crore) and net loss of INR1.2 crore (FY13: INR2.3
crore). Furthermore, the company has achieved turnover of INR12.7
crore during 9MFY15 ending on December 2014.


SHANKER FORGE: CARE Assigns B+ Rating to INR11.40cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Shanker
Forge Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.40       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Shanker Forge
Private Limited (SFPL) is primarily constrained by its small and
fluctuating scale of operations with low net worth base, working
capital-intensive nature of operations, fluctuating profitability
margins and leveraged capital structure. The rating is further
constrained by susceptibility of margins to the volatility
associated with raw material prices and the company's presence in
a highly competitive and fragmented industry.

The rating, however, draw strength from the experienced promoters.
Going forward, SFPL's ability to grow its scale of operations
while maintaining its profitability margins, improving its capital
structure and effective management of working capital requirements
shall be the key rating sensitivities.

SFPL was incorporated in November 1995 and started its commercial
operations in April 1997. The company is currently being managed
by Mr Anil Jindal and Mr Vishal Bansal. The company is engaged in
heat treatment and shot blasting of ferrous and non-ferrous
metals, automobile components, tools and others. This involves
hardening and tempering, normalizing, annealing, stress relieving
and toughening of the automobile components and others metals.
SFPL also does work on job work basis and has two manufacturing
unit located at Faridabad, Haryana. The processes of the company
are International Standard Organisation (ISO) 9001:2008 certified.
The company procures forged metals, auto parts and tools directly
from the manufacturers in local market. The products are sold
directly to the manufacturers of automobile parts (vendors of
automobile companies) in the domestic market. SFPL has two other
group companies, Mahadev Forge Private Limited (rated 'CARE B+')
and Puneet Forge Pvt Ltd which are engaged in the manufacturing of
automobile and agricultural components, respectively.

For FY14 (refers to the period April 1 to March 31), SFPL achieved
a total operating income of INR15.04 crore with PBILDT and PAT of
INR1.54 crore and INR0.23 crore, respectively, as against total
operating income of INR9.62 crore with PBILDT and PAT of INR1.10
crore and INR0.17 crore, respectively, for FY13. During FY15, the
company has achieved TOI of approximately INR14 crore till
December 2014.


SHREE BHANDARI: ICRA Assigns B+ Rating to INR3cr Cash Credit
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR5.50
crore fund based and INR0.80 crore non-fund based bank facilities
of Shree Bhandari Plastic Private Limited. ICRA has assigned its
short term rating of [ICRA]A4 to the INR0.15 crore fund based bank
facilities of SBPPL. ICRA has also assigned its long-term rating
of [ICRA]B+ and its short term rating of [ICRA]A4 to the INR0.05
crore unallocated bank facilities of SBPPL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term Fund Based     3.00      [ICRA]B+; Assigned
   Facility- Cash credit

   Long-term Fund Based     2.50      [ICRA]B+; Assigned
   Facility- Term Loan

   Long-term Non-Fund       0.80      [ICRA]B+; Assigned
   Based Facility- Bank
   Guarantee

   Short-term Fund Based    0.15      [ICRA]A4; Assigned
   Facility- Standby
   Line of Credit

   Short-term Non-Fund      0.30      [ICRA]A4; Assigned
   Based Facility-
   Letter of Credit

   Unallocated              0.05      [ICRA]B+/[ICRA]A4; Assigned

ICRA's ratings take into account the company's modest scale of
operations in an intensely competitive industry characterized by
the presence of established players as well as a large number of
players in the unorganized sector. ICRA's ratings also factor in
the company's high working capital intensity due to delays in
disbursement of subsidies by state governments. This, coupled with
modest profitability has results in reliance on debt for funding
capital expenditure as well as meeting working capital
requirements, translating into a weak financial profile. The
company's profitability is also limited by fluctuations in prices
of raw materials. However, ICRA's ratings favourably take into
account the extensive experience of the promoters in the
agricultural equipment business; the healthy product mix developed
over the years, along with healthy growth in top line, albeit from
a low base.

Going forward the ability of the company to scale up its
operations while improving its coverage indicators while optimally
managing its working capital cycle would be the key rating
sensitivity.

SBPPL was incorporated in November 1995 and is promoted by Shri
S.N Bhandari and Smt. Raj Bhandari. The company is engaged in the
production of micro irrigation systems like High Density Poly
Ethylene (HDPE) Coils and Pipes, Drip Irrigation systems,
sprinkler systems and mini sprinkler systems, at its manufacturing
facility located in Jaipur (Rajasthan). The company is also
installing new machinery for manufacturing Polyvinyl chloride
(PVC) based components, production from which is expected to start
from April 2015 onwards. The micro irrigation systems are sold to
distributors and traders across North India.

SBPPL reported an operating income of INR15.25 crore and a profit
after tax of INR0.28 crore in 2013-14, as against an operating
income of INR6.94 crore and a profit after tax of INR0.19 crore in
the previous year.


SHREE KALKA: CARE Reaffirms B+ Rating on INR7.78cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Shree
Kalka Fibres Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long- term Bank Facilities   7.78        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Shree Kalka Fibres
Private Limited (SKF) continue to remain constrained on account of
its short track record and moderate scale of operations with low
networth base, thin profitability and moderate debt coverage
indicators. The rating also remained constrained on account of its
presence in a highly fragmented cotton industry, susceptibility of
profit margins to cotton price fluctuation, seasonality associated
with cotton availability and regulatory risk.

The rating however continues to derive benefit from the
established track record of the group in the cotton industry. The
reaffirmation of rating also factors in the increase in operating
income and cash accruals along with slight improvement in capital
structure during FY14 (refers to the period April 1 to March 31).
The ability of SKF to increase its scale of operations, improve
profitability while managing competition and volatility associated
with the cotton prices alongwith efficient working capital
management are the key rating sensitivities.

Incorporated in August 2007, Sendhwa-based SKF commenced
operations in January 2013. SKF was promoted by Mr
Shyamsunder Tayal and is engaged in ginning and pressing of raw
cotton. SKF's plant is located in Georai district, Beed,
Maharashtra for processing of raw cotton with a capacity to
conduct ginning work of 160,000 quintals per annum and pressing
work of INR35,000 bales per annum.

During FY14, SKF reported PAT of INR0.08 crore on a total
operating income (TOI) of INR41.65 crore as against PAT of INR0.02
crore on TOI of INR13.08 crore during FY13.


STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr LT Bank Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Star Ship
Breaking Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5         CARE B Reaffirmed
   Short term Bank Facilities    30         CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Star Ship Breaking
Corporation (SSBC) continue to remain constrained on account of
fluctuating turnover coupled with decline in the profit margin.
The ratings further continue to remain constrained due to
partnership nature of business operation coupled with operations
in volatile, fragmented and competitive nature of ship breaking
industry. The ratings also factor in the decline in operating
income and cash accruals during FY14 (refers to the period April 1
to March 31) along with healthy cash position and no inventory of
ships for breaking during 10MFY15.

The ratings, however, continue to take into account vast
experience of the partners coupled with comfortable capital
structure and debt coverage indicators and comfortable liquidity
position.

The ability of SSBC to increase its scale of operations by
acquiring ships coupled with an improvement in profit margins,
capital structure and debt coverage indicators remains the key
rating sensitivities.

SSBC is a partnership firm established by Mr Arif Lakhani and two
other partners Mr Kashid Dholia and Mr Ashraf Lakhani during the
year 1998. After death of Mr Ashraf Lakhani in April 2013, the
operation of the firm was carried out by rest two partners during
FY13. SSBC is engaged in the ship breaking activity. SSBC
purchases ships, primarily bulk carriers and cargo ships, either
directly from ship owners or agents which is then sold as scrap.
The ship breaking operations are carried out at premises which are
taken on lease for tenure of 10 years from Alang Port from Gujarat
Maritime Board (GMB). SSBC purchases ships mainly from brokers
through open market and sells scraps through brokers mainly in
Jamnagar, Gujarat which is being used for manufacturing of TMT
bars.

During FY14, SSBC reported a total income of INR32.72 crore with a
PAT of INR0.10 crore as against a total income of INR30.90 crore
and PAT of INR0.36 crore during FY13.


SUNCRAFT ENERGY: ICRA Puts SP 2D Grading on Weak Fin'l Strength
---------------------------------------------------------------
ICRA has assigned an 'SP 2D' grading to Suncraft Energy Pvt Ltd.
The grading indicates 'High Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake solar
projects. The grading is valid till February 13, 2017 after which
it will be kept under surveillance.

Grading Drivers

Strengths
   * Strong performance capability arising out of the technical
background and experience of the promoters as well as the key
management in the domestic power sector

   * Experience of the company in providing design services to
large grid connected solar power projects in India, which
partially mitigates risks arising out of a small number of
projects executed by the company till date

   * Varied nature of solar power solutions provided by the
company in collaboration with renowned agencies, which shows the
design expertise of the company

   * In-house capability to manufacture a range of power
conditioning units (PCU) for the off-grid solar power sector that
finds acceptability among customers all over India

Risk Factors

   * Adverse financial profile characterized by low tangible net
worth, low scale and an adverse ratio of high external liabilities
relative to its tangible net worth

   * Limited O&M network of the company at present that limits its
ability to provide adequate customer service

   * Risks associated with the start-up nature of the company's
operations in the engineering procurement and construction (EPC)
space

Grading Rationale

While assigning the grading, ICRA has taken into consideration
SEPL's strong performance capability arising out of the technical
background and experience of its promoters as well as the key
management in the domestic power sector, the varied nature of
solar power solutions provided by the company in collaboration
with renowned agencies that shows its design expertise and SEPL's
in house capability to manufacture a range of solar power
conditioning units (PCUs) that finds acceptability among customers
all over India. ICRA notes that although the number of solar
projects executed by the company remains low as of now, the risks
arising out of the same are mitigated to an extent by its
experience in providing design expertise to large grid connected
solar power projects in India. The grading is, however,
constrained by the limited O&M network of the company at present,
which limits SEPL's ability to provide adequate customer service
in a timely manner.

The financial profile of SEPL is characterized by its low scale of
business and its low tangible net worth base. Additionally, the
low tangible net worth (TNW) results in an adverse total outside
liabilities (TOL) in proportion to SEPL's TNW. While assigning the
financial grading, ICRA has also factored in the risks associated
with the start-up nature of the company's operations in the
engineering procurement and construction (EPC) space. Going
forward, the ability of the company to grow its business with
adequate profitability would be the key grading sensitivity.


SURYADARSHAN AGRO: CARE Assigns B Rating to INR7cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Suryadarshan Agro Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7         CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Suryadarshan Agro
Industries Private Limited (SAIPL) is constrained by its nascent
stage and working capital intensive operations, project
stabilisation risk, susceptibility of margins to fluctuation in
raw material prices, exposure to vagaries of nature and intense
competition in the sector.

The rating, however, derives strength from the experience of the
promoters, support from associate companies and proximity to
customers and suppliers.

Stabilization of operations and achievement of the envisaged sales
and profitability are the key rating sensitivities.

Based out of Parbhani, Maharashtra, SAIPL was incorporated in
January, 2014 by Mr Virbhadra Eklare and Mrs Manjusha
Eklare. SAIPL is engaged in the manufacturing, processing and
refining of edible oil from cotton seed. Set up with an installed
capacity of 43,200 MT/per year for cotton seed oil and 244,800
MT/per year for cotton seed cakes, operations of the unit began
from December 01, 2014. Cotton seed oil finds application in
medicinal, technical and domestic fields, while oil cake is used
as filler for plastics, animal feed and as a fertilizer component.
The total project cost of the company was INR4 crore, funded by
promoter's contribution of INR2 crore and bank loan of INR2 crore
(at a Debt/equity ratio of 1).

The other group entities managed by the promoters are Eklare
Traders and Shri Mahalaxmi Agro Industries. These companies are
engaged in trading of seeds and fertilizers and extraction and
refining of cotton seeds oil respectively.


SUZLON ENERGY: Shanghvi to Provide $610 Million Security
--------------------------------------------------------
George Smith Alexander and Abhishek Shanker at Bloomberg News
reports that Indian billionaire Dilip Shanghvi agreed to provide
as much as INR38 billion ($610 million) of security for Suzlon
Energy Ltd. to help Asia's second-largest maker of wind turbines
fill orders and return to profit.

The security from the Shanghvi family will make it easier for
Suzlon to obtain more bank guarantees and letters of credit to
ramp up its business, Sudhir Valia, executive director at the
billionaire's Sun Pharmaceutical Industries Ltd., said in a
Feb. 23 phone interview, Bloomberg relates.  Suzlon shares jumped
as much as 7.3 percent to the highest level since July, says
Bloomberg's Feb. 23 report.

According to Bloomberg, Suzlon is planning to build new factories
as it seeks to recover from India's biggest convertible-bond
default 2 1/2 years ago.  The company said earlier this month it
will sell a 23 percent stake to Shanghvi's family for
INR18 billion, weeks after it agreed to offload its German unit
for EUR1 billion ($1.1 billion), the report recalls.

The Pune-based company's current working capital level is
50 percent of its order book, said Mr. Valia, who is Shanghvi's
brother-in-law, Bloomberg reports.

According to the report, Mr. Valia said the priority is for Suzlon
to stop posting losses, and additional bank funding would help the
company cover fixed overhead costs by boosting its capacity
utilization.  The security provided by the Shanghvi family will
give "comfort" to Suzlon's creditors that they will be repaid, he
said.

"If the company fails, we are still there," Bloomberg quotes
Mr. Valia as saying. "The bank won't lose the money."

Suzlon has reported annual losses since the year ending
March 2010, according to data compiled by Bloomberg. The company's
debt will fall to INR75 billion, from about
INR165 billion, after the sale of the German business and a
convertible bond conversion, Chairman Tulsi Tanti said Feb. 15,
Bloomberg relates.

Shanghvi is India's second-richest man with a net worth of $19.6
billion, according to the Bloomberg Billionaires Index.

                       About Suzlon Energy

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



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


SKYMARK AIRLINES: American and Delta Not Interested in Tie-Up
-------------------------------------------------------------
Jeffrey Dastin at Reuters reports that American Airlines Group and
Delta Air Lines, Inc. have no plans to rescue Skymark Airlines
Inc, the two companies said separately on Feb. 23 following a
media report on their alleged interest in the budget carrier.

"We have studied the current environment surrounding Skymark and
have determined not to participate in that airline's restructuring
needs at this time," American spokesman Josh Freed said in an
email, Reuters relays. "We are partnered with the premier airline
in that region today, Japan Airlines."

Reuters relates that Delta spokesman Anthony Black said in a
telephone interview, "We have no plans to invest in or partner
with Skymark."

Nikkei Asian Review reported earlier that American intended to
send executives to Japan to discuss investment in Skymark, and
that a tie-up interested Delta, which lacks a Japanese partner in
its SkyTeam alliance, according to Reuters.

The report came as Japan's biggest carrier, ANA Holdings Inc, and
a subsidiary of Malaysia's AirAsia Bhd expressed interest in
Skymark, adds Reuters.

The airline has agreed on a nine billion-yen sponsorship deal with
Tokyo-based investment fund Integral Corp to keep its business
running and has looked for co-sponsors to help turn the business
around, Reuters says.

                      About Skymark Airlines

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

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

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



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


SHANTON FASHIONS: Owes NZ$7.8MM to Creditors, Administrators Say
----------------------------------------------------------------
Creditors of Shanton Fashions Limited are owed almost
NZ$7.8 million while the business is being advertised for sale in
an attempt preserve the brand's inherent value and make a
distribution to creditors.

According to the Administrator's Report, released to creditors on
Feb. 9 by administrator Bryan Williams of BWA Insolvency,
creditors' claims amount to NZ$7.79 million, while total assets
-- including stock and fixed assets at book value -- total NZ$3.35
million.

The deficiency of NZ$4.4 million is "significantly different" to
the company directors' estimate of NZ$693,000, as provided in
their report to Williams at the commencement of voluntary
administration last month.

The total number of creditors is 206, including the IRD and
outstanding holiday pay owed to Shanton employees. There are 155
employees across 37 stores nationwide.

"Both BWA Insolvency and the staff of Shanton are working
diligently to maintain operations so that a buyer can continue the
business in a manner that they see fit.

But in the end it is up to the secured creditors to decide that
outcome and that is out of my hands. My job is to ascertain
whether or not the business can contitue in existence and I think
we have determined that positively," Mr. Williams says.

The business was advertised for sale on January 30. Nine
expressions of interest have been received so far, with a closing
deadline of February 24 for all bids. The watershed meeting,
required by law, is set down for February 16 but Williams
recommends in his report to adjourn the meeting till March 30.

"The reason for my opinion is that a business sale process is in
progress and should be allowed to run its course. There are nine
parties that have shown genuine interest and the determination of
that interest should be fully explored," Mr. Williams adds.

Bryan Williams of BWA Insolvency was appointed as administrator of
Shanton Fashions on Jan. 11, 2015.

Shanton Fashions Ltd operates a well-known women's fashion chain.
It has 37 stores across New Zealand and employs approximately 240
people.



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


DAEBO INTERNATIONAL: Files For Court Receivership
-------------------------------------------------
Reuters reports that a third dry cargo shipper has filed for
bankruptcy this month following a collapse in freight rates to
historic lows in what shippers call the worst market conditions
since the 1980s.

Reuters relates that South Korea's Daebo International Shipping Co
Ltd filed a court receivership, a form of corporate bankruptcy, on
Feb. 11, mainly due to poor dry bulk market conditions, a company
official said on Feb. 23.

It is the third known bulk shipper bankruptcy this month. Weaker
demand from China and an oversupply of ships has led to the
industry downturn, pushing the Baltic dry index -- the industry
benchmark for freight rates -- to an all-time low this month,
according to Reuters.  The index has slumped by nearly two-thirds
in the past 15 months.

"The dry bulk market is in a really bad shape, which has hit us
hard," the Daebo International official told Reuters by phone. He
declined to be identified as he was not authorized to speak to
media. "We did our best but we cannot help it." He said the court
ordered Daebo's assets to be frozen on Feb. 13, Reuters relates.

Daebo International Shipping Co Ltd mainly provides panamax-sized
dry bulk shipping services such as iron ore, coal, grains and
steel products.


DONGBU GROUP: SMIC Seeks to Buy Dongbu HiTek Unit
-------------------------------------------------
Yonhap News Agency reports that China-based Semiconductor
Manufacturing International Corp. (SMIC) is seeking to buy South
Korea's only foundry chipmaker Dongbu HiTek Co., industry sources
said Feb. 23, a move that is expected to bring changes to the
intensely competitive market.

"Dongbu HiTek has not held an open bidding (since December), and
is seeking a private contract," the report quotes an official from
the Korea Development Bank as saying. "The company is currently
negotiating with SMIC, which expressed an interest in purchasing
the chipmaker."

The official, however, said talks with SMIC are only in the
initial stage, and there have been no exchanges of opinions on
details, such as price, Yonhap relates.

Yonhap recalls that in December, iA Inc., a local automobile
chipmaker that was picked as the preferred bidder for Dongbu
HiTek, withdrew its bid because of "many external and internal"
issues, delaying the sales procedure for the main-bourse listed
chipmaker.

Founded in 1997, Dongbu HiTek has been focusing on the
semiconductor business, with its portfolio covering CMOS image
sensors, power management integrated circuits and digital audio
amplifier chips, Yonhap discloses.

Dongbu Group, a South Korean conglomerate whose business portfolio
ranges from insurance and construction to steelmaking, has a 37%
stake in Dongbu HiTek.  Dongbu Group has been under pressure from
its creditors to improve its shaky financial status, according to
Yonhap.

Dongbu is a South Korean conglomerate corporation which operates
through seven business segments with 42 subsidiaries and 35,000
employees. The Group produces industry, chemical, shipping,
insurance and financial products.



================
S R I  L A N K A
================


SRILANKAN AIRLINES: Fitch Rates Govt. Guaranteed Bonds 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned SriLankan Airlines Limited's (SLA) US
dollar-denominated government guaranteed bonds a final rating of
'BB-'.

The final rating is the same as the expected rating assigned on 17
June 2014, and follows the receipt of documents conforming to
information already received.

The bonds are rated at the same level as SLA's parent the
government of Sri Lanka (GoSL) due to the unconditional and
irrevocable guarantee provided by the government.  GoSL directly
holds 95% and indirectly holds 4% of SLA, through state owned
entities.  The proceeds of the issuance were for the acquisition
of aircraft and working capital.

KEY RATING DRIVERS

Guarantee from GoSL: The rating of the bond is based on an
unconditional and irrevocable guarantee of principal and interest
of the notes provided by GoSL.  As a result, the bond is rated at
the same level as GoSL (BB-/Stable).

SLA is the national airline of Sri Lanka and has a 55% market
share of total passenger volume to and from the island.  Passenger
numbers have increased to 4.2 million in 2014 from 2.6 million in
2010.  The Sri Lankan tourism sector is undergoing growth and is
being aided by the government's policy to transform the country
into a strategic economic centre through the development of,
amongst other things, tourism.  As the leading airline in Sri
Lanka, the company is well positioned to capture the benefits of
this policy.

RATING SENSITIVITIES

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

   -- A downgrade of GoSL ratings or change in Outlook to
      Negative.

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

   -- An upgrade of GoSL ratings or change in Outlook to
      Positive.



                             *********

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

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

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


                            *********


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

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

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

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

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



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