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                      A S I A   P A C I F I C

            Monday, March 2, 2015, Vol. 18, No. 042


                            Headlines


A U S T R A L I A

BELMAR EVENTS: Enters Voluntary Liquidation
BILLABONG INT'L: Returns to Profit Due to Restructuring
BONNIE VIEW: First Creditors' Meeting Slated For March 5
HOSPITALITY GROUP: Clifton Hall Appointed as Administrators
KLASS ELECTRICAL: First Creditors' Meeting Set For March 6

MOBILE PATHOLOGY: First Creditors' Meeting Slated For March 4
PAPERLINX LTD: Posts AUD90.8MM Loss in Half Year Ended Dec. 31
PAPERLINX LTD: Appoints Andy Preece as Managing Director & CEO
QANTAS AIRWAYS: Moody's Affirms 'Ba1' CFR, Outlook to Stable
* AUSTRALIA: Insolvency Rate in Maryborough Drops Nearly 50%

* Moody's Says Cars Under Australia-Japan FTA is Credit Negative

C H I N A

CHINA FISHERY: S&P Keeps 'B' CCR on CreditWatch Negative
CHINA METAL: SFC Wins Court Order to Wind Up Firm
COUNTRY GARDEN: Fitch Rates Proposed US$ Sr. Notes at 'BB+(EXP)'
COUNTRY GARDEN: Moody's Rates Proposed US$ Senior Notes at 'Ba2'
COUNTRY GARDEN: S&P Rates Proposed US$ Sr. Unsecured Notes 'BB+'

YANLORD LAND: Moody's Says 2014 Results Weak for 'Ba3' Ratings

I N D I A

ANVITA BUILDERS: CRISIL Assigns B+ Rating to INR70MM Term Loan
AUTOMATIC ELECTRIC: CRISIL Reaffirms B+ Rating on INR50MM Loan
B. K. INFRATECH: ICRA Reaffirms B Rating on INR4cr Cash Credit
BAPA SITARAM: ICRA Suspends B Rating on INR5cr LT Fund Based Loan
BRAND CONCEPTS: CRISIL Reaffirms B- Rating on INR77MM Cash Loan

CALCOM CEMENT: CRISIL Reaffirms C Rating on INR405.8MM Term Loan
COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR130MM Loan
ENMAS GB: CRISIL Reaffirms D Rating on INR400MM Bank Guarantee
ESHA IRON: CRISIL Assigns B Rating to INR50MM Cash Credit
FLEXATHERM EXPANLLOW: ICRA Suspends B+ Rating on INR1.9cr Loan

GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR80MM Loan
GAYATRI ROLLING: CRISIL Reaffirms B Rating on INR55MM Cash Loan
GENERAL POLYTEX: ICRA Assigns B Rating to INR76.34cr LT Loan
GOODLUCK CARBON: ICRA Reaffirms B+ Rating on INR72.74cr Term Loan
HASTALLOY INDIA: CRISIL Reaffirms B+ Rating on INR60MM Bank Loan

IB COMMERCIAL: CRISIL Assigns B+ Rating to INR578.4MM Demand Loan
JAGDHATRI PAPERS: CRISIL Reaffirms B+ Rating on INR75MM Loan
KALYAN COTTON: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
KARIMKUTTIYIL CONSTRUCTIONS: CRISIL Rates INR120MM Loan at B
KESHAV MADHAV: ICRA Reaffirms B Rating on INR5.10cr Term Loan

KRISHNA STONE-TECH: CRISIL Reaffirms B+ Rating on INR20MM Loan
LINK ENTERPRISES: ICRA Reaffirms B+ Rating on INR4.68cr Term Loan
NIPRA PACKAGING: ICRA Reaffirms B- Rating on INR9cr Cash Credit
OM COTEX: ICRA Reaffirms B+ Rating on INR18cr Cash Credit
PATLIPUTRA ENTERTAINMENT: CRISIL Rates INR120MM Term Loan at B

PATODIA REAL: CRISIL Reaffirms B Rating on INR200MM Bank Loan
PHTHALO COLOURS: ICRA Upgrades Rating on INR0.99cr Term Loan to B
RVS COLLEGE: ICRA Lowers Rating on INR12.04cr Term Loan to 'B'
SANKRANTHI RAW: CRISIL Assigns B Rating to INR65MM Cash Credit
SATLUJ SPINTEX: ICRA Suspends B+/A4 Rating on INR219.25cr Loan

SRI SWAMI: CRISIL Assigns B+ Rating to INR200MM Cash Credit
SRIADITYA AGRI: CRISIL Reaffirms B Rating on INR31.1MM Loan
SURINDRA BUILDERS: CRISIL Assigns B- Rating to INR60MM Cash Loan
SURYA INT'L: ICRA Assigns SP2D Grading on Weak Financial Strength
SVS FOOD: ICRA Reaffirms B Rating on INR7cr Fund Based Limit

THANJAVUR SPINNING: ICRA Reaffirms B+ Rating on INR70.61cr Loan
UNICORN PETROLEUM: CRISIL Reaffirms B+ Rating on INR60MM Loan
VAIBHAV STRUCTURALS: CRISIL Reaffirms B+ Rating on INR50MM Loan
VASTUSHREE DEVELOPERS: CRISIL Cuts Rating on INR100MM Loan to D
VISHVAS GINNING: CRISIL Reaffirms B+ Rating on INR120MM Loan

WINTOP VITRIFIED: ICRA Reaffirms B+ Rating on INR13.14cr Loan
Y.M.R. CONSTRUCTIONS: CRISIL Cuts Rating on INR55MM Loan to D
YAMUNA MACHINE: ICRA Assigns B+ Rating to INR6.5cr Cash Credit

J A P A N

SKYMARK AIRLINES: Shares Trading Ended February 28
TAKATA CORP: Automakers Pick Orbital to Lead Airbag Defect Probe

S I N G A P O R E

AVAGO TECHNOLOGIES: Fitch Rates Issuer Default Ratings 'BB+'


                            - - - - -


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


BELMAR EVENTS: Enters Voluntary Liquidation
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Belmar Events Pty Ltd,
an event planning company, has been placed into voluntary liquidation.
Anthony James Jonsson -- tony.jonsson@au.gt.com --and Gerard John Mier
-- Egerry.mier@au.gt.com -- of Grant Thornton Australia Ltd were
appointed liquidators of the company on February 24, 2015.

Belmar Events, which previously traded as Events NQ, is the company
behind the Wine and A Taste of Port and Sheraton Mirage Longest Lunch
and Food.


BILLABONG INT'L: Returns to Profit Due to Restructuring
-------------------------------------------------------
Dow Jones reports that Billabong International Limited has returned to
profit for the first time in three years as it starts to reap benefits
from a massive restructuring.

The company (BBG) reported a net profit of AUD25.7 million for the six
months through December, Dow Jones discloses. In the same period a
year earlier, the company had recorded a loss of AUD126.3 million.

"Where our effort is being concentrated we are seeing positive signs
of brand growth and improved margins," the report quotes chief
executive Neil Fiske as saying. "A year into our turnaround it's
encouraging to see the group return to profitability for the first
time in three years."

Earnings are increasing in Europe while in the US, the group's biggest
market, wholesale sales of the Billabong brand were up 9.5 per cent,
the company, as cited by Dow Jones, said.  Still, the report says, the
company said it wouldn't pay an interim dividend to shareholders.

"There remains, though, significant operational reform to be
undertaken," Mr. Fiske said, Dow Jones relays.

                          About Billabong

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions of
the world.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2013, Bloomberg News said Billabong has closed 158
stores, canceled relationships with three-quarters of its
suppliers, and is cutting 15 percent of jobs in its European
division.

The value of its 13 brands fell to AUD90 million at the end of
June 2013 from AUD614 million in December 2011, and the Billabong
label itself is worthless, the company said in its financial
statements, Bloomberg said.  About AUD37 million of group brand
value was locked up in the DaKine outdoor clothing and backpack
label which Billabong sold to Altamont last month, relayed
Bloomberg.  Four other brands, including Element skateboards and
Palmers surfboard accessories, were also written down to a zero
valuation, according to the statements cited by Bloomberg.


BONNIE VIEW: First Creditors' Meeting Slated For March 5
--------------------------------------------------------
Glenn Anthony Crisp and Malcolm Kimbal Howell of Jirsch Sutherland
were appointed as administrators of Bonnie View Petroleum Pty Ltd on
Feb. 23, 2015.

A first meeting of the creditors of the Company will be held on March
5, 2015, at 10:30 a.m. at Jirsch Sutherland, Melbourne, Level 12, 460
Lonsdale Street, in Melbourne.


HOSPITALITY GROUP: Clifton Hall Appointed as Administrators
-----------------------------------------------------------
Mark Hall and Daniel Lopresti of Clifton Hall were appointed Joint and
Several Administrators of Hospitality Group Training Incorporated on
February 24, 2015.

A first meeting of creditors will be held at 10:30 a.m. on
March 6, 2015, at Clifton Hall, Level 3, 431 King William Street, in Adelaide.

Creditors will receive notification of the meeting.


KLASS ELECTRICAL: First Creditors' Meeting Set For March 6
----------------------------------------------------------
Stephen Hundy & Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Klass Electrical Pty
Limited on Feb. 24, 2015.

A first meeting of the creditors of the Company will be held on
March 6, 2015, at 10:30 a.m. at Worrells Solvency & Forensic
Accountants, Level 2, AMP Building 1 Hobart Place, in Canberra.


MOBILE PATHOLOGY: First Creditors' Meeting Slated For March 4
-------------------------------------------------------------
Richard Rohrt and Leigh Dudman of Hamilton Murphy were appointed as
administrators of Mobile Pathology Pty Ltd on Feb. 20, 2015.

A first meeting of the creditors of the Company will be held on
March 4, 2015, at 9:30 a.m. at Hamilton Murphy, 237 Swan Street, in
Richmond, Victoria.

Hamilton Murphy may be reached at:

         Hamilton Murphy
         Level 1, 269 Swan Street
         Richmond VIC 3121
         Tel: 03 9024 6244
         Email: info@hamiltonmurphy.com.au


PAPERLINX LTD: Posts AUD90.8MM Loss in Half Year Ended Dec. 31
--------------------------------------------------------------
Stephen Johnson at The West Australian reports that PaperlinX Limited
has announced an even deeper half year loss stemming from problems in
Europe, a week after its chief executive was sacked and replaced.

The West Australian relates that the company behind industrial
packaging, fine paper and signs blamed surprisingly poor market demand
and unsustainably low prices in the UK and midwestern Europe for a
loss of AUD90.8 million in the six months to
December 31.  This was more than triple its loss of AUD28.4 million
suffered a year earlier, the report says.

The bad news comes nine days after the company sacked and replaced
chief executive Andrew Price after just over a year in the top job,
the West Australian notes.

According to the report, Chairman Robert Kaye said its poor
performance in Europe had overshadowed its healthier operations in
Australia, New Zealand and Canada.

"This is a disappointing result out of Europe," the report quotes Mr.
Kaye as saying.  "The interim results are negatively skewed by the
underperformance of the European business which experienced a very
tough six months and in particular the second quarter."

The West Australian says PaperlinX also incurred AUD63 million in
goodwill impairment charges in Canada, Asia and Europe, which hit
underlying earnings.

It began a strategic review in December, which Mr. Kaye said was
exploring ways to downsize, the report relates.

The Spicers Canada business has been sold, the West Australian notes.

"Once the review is finalised and the recommendations are implemented,
it is likely that PaperlinX will have a reduced portfolio of assets
with greater prospects of financial stability," Mr. Kaye, as cited by
the West Australian, said.

                      About PaperlinX Limited

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

PaperlinX made a net loss of AUD90.2 million in the 2012/13
financial year, an improvement on a AUD266.7 million loss in the
prior year, Australian Associated Press said.


PAPERLINX LTD: Appoints Andy Preece as Managing Director & CEO
--------------------------------------------------------------
The Directors of PaperlinX Limited said that Andy Preece has been
appointed Managing Director and Chief Executive Officer of PaperlinX
Limited effective Feb. 24, 2015.  Mr. Preece is currently the
Executive General Manager for Australia, New Zealand and Asia (ANZA)
at PaperlinX.

PaperlinX Chairman Mr. Robert Kaye SC said, "As we continue to
evaluate all strategic options as part of the recently commenced
Strategic Review ('Review'), including the potential sale or
restructure of part or all of the European operations and with the
pending sale of Spicers Canada, now is an appropriate time to make
this leadership change."

"The Board acknowledges Andy's strong track record in leading the ANZA
region to strong performances over the past 3 years and in particular
his role in turning around the Australian business. He has proven
capabilities to grow his businesses beyond the traditional commercial
print sector as evidenced by successful diversified acquisitions in
New Zealand during the last two years.

Andy is well qualified to lead PaperlinX as the focus shifts towards
scaling up our diversified businesses and tightening operational
management across a more dynamic geographic footprint," said Mr. Kaye.

Mr. Preece has more than 20 years' experience in
merchanting/wholesaling industries. He was appointed Executive General
Manager, Australia, New Zealand and Asia in July 2012. Previously, he
was Group General Manager Australia in 2011, and prior to that was
General Manager, Spicers New Zealand from 2007. He originally joined
the Company in 2001 as the New Zealand
Manager for Australian Paper before joining Spicers New Zealand as the
National Operations Manager. His early career started in the UK carton
industry.

Mr. Preece will be based in the ANZA region although given the Group's
presence in Europe he will be required to spend an appropriate amount
of time in that region.

"We welcome Andy to his new role and the Board looks forward to
working with him as we complete the 'Review' and take PaperlinX beyond
paper to a new chapter," said Mr. Kaye.

                      About PaperlinX Limited

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

PaperlinX made a net loss of AUD90.2 million in the 2012/13
financial year, an improvement on a AUD266.7 million loss in the
prior year, Australian Associated Press said.


QANTAS AIRWAYS: Moody's Affirms 'Ba1' CFR, Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Qantas Airways
Limited and changed the outlook to stable from negative.  The ratings
affirmed include Qantas' Ba1 corporate family rating, Ba2 senior
unsecured rating, NP (Not Prime) short term rating and (P)Ba2/(P)NP
program ratings.

The change of outlook and affirmation follows Qantas' announcement of
better than previously expected earnings for the half year period
ended Dec. 31, 2014.

"The change in outlook to stable from negative reflects the
strengthening in Qantas' credit profile following the significantly
improved earnings and credit metrics for the first half of FY15, which
we expect to be sustained for the next 6 to 12 months", says Matthew
Moore a Moody's Vice President -- Senior Analyst.

"The improvement is a result of the company's solid progress under its
large transformation program and the ongoing improvement in
competitive and operating conditions, particularly in the domestic
market." Moore says.  The impact of lower fuel prices, which will be
greater in the second half of the financial year is also a
contributing factor for the outlook change to stable" Moore adds.

"We expect credit metrics for the financial year ended 30 June 2015 to
be in line with expectations for the rating level" says Moore. "We
expect the key metric of adjusted Debt to EBITDA to be solidly below
4.7x to 5.0x, a level that supports the stable outlook, Moore adds."

For the first half through December 2014, Qantas has seen substantial
earnings improvement at the group level with all operating segments,
including the previously large loss making international division
reporting positive earnings before interest and tax (EBIT).  Qantas
achieved a better than expected $374 million in benefits from its
transformation program and capacity additions moderated in both the
domestic and international markets, leading to improved credit metric
expectations for FY15.

On an annualized basis Moody's estimate that adjusted debt-to-EBITDA
for the half was around 4.3x.  While the second half is typically
softer than the first half, the company has been paying down debt and
will benefit from a larger impact from lower fuel prices and the
depreciation of the Australian dollar relative to the first half.  As
such Moody's expect adjusted Debt-to-EBITDA for the full year will
likely be in the 4.0x to 4.5x range.

"We expect Qantas to continue reducing debt in the second half of
FY15" says Moore, adding "A sustained improvement in earnings,
combined with our expectation for lower capital expenditures, should
allow the company to generate free cash flow in FY15 and meet its
target of reducing net debt by around $1.0 billion"

Qantas continues to outperform on its transformation initiatives, with
the full year benefit from the program expected to be around $675
million.  Continued execution under the program will be critical in
further improving the company's cost structure to close the cost gap
with its competitors and generate sustainable earnings during periods
of weaker operating conditions.

Qantas' ratings continue to reflect the carrier's large scale and
coverage in the Australian domestic aviation market, its dual flying
brands and extensive global route network and code-sharing
arrangements, including tie-up with Emirates.  The ratings are
currently supported by stable earnings generation from its loyalty
business and its solid liquidity including access to around $2.9
billion in unrestricted cash balances.  The ratings are balanced by
the fragile conditions in the operating and competitive environment
for both international and domestic, the company's still high cost
base relative to competitors and still high debt levels.

"The ratings could experience positive momentum if the company is able
to continue to execute on its transformation program and if current
operating conditions continue to improve in both the domestic and
international market" says Moore, adding "Positive momentum would also
require ongoing debt reduction, such that Qantas is able to maintain
leverage below 4.0x under several scenarios including weaker operating
conditions and a return to increased competition".

On the other hand, negative rating pressure could evolve if Qantas is
unable to sustain and/or build on recent improvements in its core
profitability of its international and domestic businesses or reduce
debt to appropriate levels, commensurate with its sustainable
earnings. Financial metrics that Moody's would look for include
Debt/EBITDA remaining above 5.0x on a sustained basis. In addition, a
material deterioration in liquidity could impact the carrier's
ratings.

The principal methodology used in this rating was Global Passenger
Airlines published in May 2012.

Qantas is Australia's largest domestic carrier and estimates its total
domestic market share at around 62.2% at the end of
June 2014.


* AUSTRALIA: Insolvency Rate in Maryborough Drops Nearly 50%
------------------------------------------------------------
APN Newsdesk reports that insolvency rates in Maryborough nearly
halved in 2014's final months.

According to APN Newsdesk, Australian Financial Securities Agency
figures released earlier in January show 15 fewer people and
businesses were declared bankrupt in 2014's December quarter than in
the proceeding September quarter.

Insolvencies in Hervey Bay also decreased with six fewer businesses
and people being declared in the December quarter than the September
quarter, APN Newsdesk says.

APN Newsdesk relates that across the Fraser Coast personal
insolvencies dropped from 50 in the September quarter to 37 to finish
the year, while business insolvencies dropped from 14 to only six.

The AFSA said nationally unemployment was the key cause of personal
bankruptcy, while economic conditions were the main reason behind
businesses going under, the report relays.

Maryborough Chamber of Commerce president Craig Winter said the
decline in insolvencies was in line with Maryborough business
confidence, according to APN Newsdesk.


* Moody's Says Cars Under Australia-Japan FTA is Credit Negative
----------------------------------------------------------------
Moody's Investors Service said that the lower prices for new Japanese
cars sold in Australia, a result of the Australia-Japan free trade
agreement (FTA), are credit negative for Australian auto loan asset
backed securities (ABS).

"As the prices of new cars fall, so does the demand for used cars, in
turn reducing the amount that can be recovered when cars are sold to
repay defaulted loans," says Noirit Zaman, a Moody's Associate
Analyst.

"Non-conforming auto loan ABS transactions, which have higher default
rates, and auto operating lease ABS transactions, which incur higher
net losses when the value of vehicles falls, will be most affected by
the decline in car prices," says Zaman, adding "But the impact on
prime auto loan ABS transactions will be limited, because these
transactions typically have lower default rates."

Zaman was speaking on Moody's just-released report "Car Prices Decline
Due to Australian-Japan Free Trade Pact, a Negative for Australian
Auto ABS."

Under the Australia-Japan FTA, the customs duty charged on new cars
imported from Japan to Australia was cut to 3.3% from 5% in January.
The duty will be further reduced to 1.7% in April 2016, and will be
abolished by April 2017.

As a result of the cut, prices for new Japanese cars sold in Australia
have fallen by amounts ranging from AUD250 to AUD8,000.

However, the impact of the lower prices on loss rates in prime auto
loan BS transactions will be minor, given the typically low levels of
defaults in these transactions.

As of December 2014, the cumulative default rate of Australian prime
auto loans ABS was 1.1% with a recovery rate of 48%, resulting in a
cumulative net loss of only 0.56%.

The cumulative default rate of Australian non-conforming auto ABS
transactions, on the other hand, reached 4.3% with a recovery rate of
52%, resulting in a cumulative loss of 2.1%.

Australia is currently negotiating an FTA with India, and discussions
about a possible FTA with the European Union are also under way.  If
these agreements are reached and result in lower new car prices from
manufacturers in these countries, it will be a further credit negative
factor for Australian auto loan ABS.

Australia has been using customs duties, tariffs and import
restrictions on vehicles manufactured overseas to protect the local
automobile manufacturing industry. However, the motivation to maintain
these restrictions has waned because the local automobile
manufacturing industry is petering out.

Of the three companies currently manufacturing cars in Australia, Ford
Motor Company (Baa3 stable) will cease production in Australia by
2016, while General Motors Company (Ba1 stable) and Toyota Motor
Corporation (Aa3 stable) will follow suit by 2017.


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


CHINA FISHERY: S&P Keeps 'B' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept these ratings
on CreditWatch with negative implications:

   -- S&P's 'B' long-term corporate credit rating on China
      Fishery Group Ltd.;

   -- The 'B' issue rating on the US$300 million senior unsecured
      notes due on July 30, 2019, issued by a Peru-based special
      purpose vehicle CFG Investment S.A.C. (CFG) that China
      Fishery guarantees; and

   -- S&P's 'cnBB-' long-term Greater China regional scale rating
      on China Fishery and on the notes.

S&P had originally placed the ratings on CreditWatch with negative
implications on Aug. 15, 2014.  China Fishery is a Singapore-listed
fishing company with operations or business in Peruvian, Russian, and
African waters.

"We kept the ratings on CreditWatch because risks still surround the
timing of China Fishery's rights issue, debt redemption, and
subsidiary guarantee for its other debt, which are required before May
15, 2015," said Standard & Poor's credit analyst Lillian Chiou.

A failure on these fronts would mean that lenders can demand early
debt repayment of US$782 million (as of Dec. 31, 2014), comprising the
outstanding balances from China Fishery's US$650 million credit
facility and CFG Investment's US$300 million notes, or they will need
to extend the deadline again.

S&P estimates that China Fishery has sufficient cash to redeem the
US$250 million in senior unsecured notes that its 100%-owned
subsidiary Corporacion Pesquera Inca S.A.C. (Copeinca; B/Watch Neg/--)
issued.  S&P expects China Fishery's 70.5% owned shareholder Pacific
Andes Resources Development Ltd. to subscribe to up to US$148 million
worth of shares from the rights issue. China Fishery also has cash of
about US$170 million as of
Dec. 28, 2014, of which US$80 million is earmarked for the redemption
of the Copeinca notes.

"The CreditWatch also reflects our view that China Fishery's operating
performance could be much weaker than our base case," said Ms. Chiou.

S&P expects the anchovy fishing quota to recover in the first season
in 2015 and temper the loss in revenues from the closure of the second
fishing season in 2014.  However, fishing quotas and fish catch
results are unpredictable, and may be lower than S&P expects.  Anchovy
is a key raw material of China Fishery to produce fish oil and
fishmeal.  S&P's base case projects an adjusted EBITDA of US$165
million-US$175 million and a debt-to-EBITDA ratio of 4.6x-5.0x in
fiscal 2015.

S&P aims to resolve the CreditWatch within three months following
completion of the rights issue, redemption of the Copeinca notes, and
release of the subsidiary guarantee.

S&P may lower the ratings if: (1) China Fishery doesn't meet the
lenders' requirement to obtain a guarantee from Copeinca by May 2015
and is unable to extend the deadline further; (2) China Fishery's
operating performance in Peru is weaker than S&P's base case or its
debt reduction is further delayed, such that the debt-to-EBITDA ratio
stays above 5.0x.

S&P may affirm the rating if it believes that China Fishery can obtain
the guarantee from Copeinca and the company will be able to maintain a
debt-to-EBITDA ratio consistently below 5.0x.


CHINA METAL: SFC Wins Court Order to Wind Up Firm
-------------------------------------------------
Eric Ng at The South China Morning Post reports that the Securities
and Futures Commission won a landmark court order to wind up China
Metal Recycling (Holdings), which said it was the mainland's largest
recycler of scrap metal but was alleged by the SFC to have grossly
inflated sales and profit by forging documents and transactions.

It is the first time the securities watchdog has obtained a court
directive to liquidate a Hong Kong-listed firm under the Securities
and Futures Ordinance to protect minority shareholders and creditors,
the report relates.

According to the report, the SFC said CMR overstated its sales by
about 46 per cent, or HK$8 billion, and its gross profit by
72 per cent or HK$1 billion between 2007 and 2009.

"This is an audacious and dishonest scheme using multiple secret
nominees established all around the world to deceive Hong Kong
investors and creditors into believing [CMR] had a track record and a
performance that it simply did not have," the report quotes Mark
Steward, SFC executive director of enforcement, as saying.

SCMP relates that the SFC said CMR devised a complex scheme to inflate
its sales and profit dating back to its 2009 initial public offering
prospectus, using a Macau subsidiary as a "factory" for generating
false documents.

The scheme involved fake shipments of scrap metal between the United
States and mainland China, false shipping documents and accounts, and
"highly complex round robin" transactions spanning continents,
according to the report.

The report relates that the SFC said Macau unit, Central Steel Macao,
had made 431 payments totalling US$2.4 billion to purported suppliers
in the US and Hong Kong in 2012. Almost all were ultimately sent back
to the Macau unit, says SCMP.

Former China Metal management had denied any wrongdoing and had
opposed the SFC's wind-up order application, but later withdrew from
the case, the report adds.

The firm raised HK$1.69 billion from its flotation, the report notes.

Based in Guangzhou, Guangdong, China Metal Recycling (Holdings)
Limited is engaged in the recycling, processing and marketing of
metals, including ferrous and nonferrous metals, which are the raw
materials for a wide range of metallic end-products. The Company
collects scrap steel, scrap copper and other scrap metals and
processes them using advanced equipment to produce recycled scrap
metals. The metals are classified as ferrous metal, namely iron and
steel; non-ferrous metal, including copper and aluminum, as well as
other materials, including ores, scrap plastic and others.

Cosimo Borrelli -- cb@borrelliwalsh.com -- and Jocelyn Chi Lai-
man, from forensic accounting firm Borrelli Walsh have been
appointed as provisional liquidators of China Metal Recycling
(Holdings) Limited.


COUNTRY GARDEN: Fitch Rates Proposed US$ Sr. Notes at 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.'s
(BB+/Positive) proposed US dollar senior notes a 'BB+(EXP)' expected
rating.

The notes are rated at the same level as Country Garden's senior
unsecured rating because they constitute direct and senior unsecured
obligations of the company. The final rating is subject to the receipt
of final documentation conforming to information already received.

The Chinese homebuilder's ratings are supported by its strong
execution track record and its consistent financial policy. Positive
development in Country Garden's progression towards becoming a
nationwide homebuilder will be an important rating driver, though such
a process may take two years to reach fruition if the company
continues on its current trajectory. The company is also facing a
period of transition in its product mix.

KEY RATING DRIVERS
Better Financial Discipline: Country Garden's contracted sales in 2014
increased 21% to CNY128bn, after growth of 123% in 2013. The company
has kept a consistent financial policy even as it grew strongly over
these two years. Its leverage (measured by net debt to adjusted
inventory) fell to 30% as of end-1H14, including the HKD3.2bn proceeds
from a rights issue; after increasing to 34% in 2013 from 31% a year
earlier. Country Garden has also further diversified its financing
sources by arranging a club loan in December 2014 in its efforts to
lower its financing expenses.

Niche Market: Country Garden's business strength lies in targeting
upgraders or the upper- and mid-income level homebuyers who can afford
spacious landed housing in locations away from cities. Such locations
bring about two important benefits - lower land costs that allow for a
low average selling price (CNY6,680 per square metre in 2014), and
buyers are less affected by the home purchase restrictions imposed in
the major cities.

Increasing Diversification Lowers Risks: Country Garden is in the
process of becoming a nationwide homebuilder. As of end-1H14, the
developer had expanded into 22 out of China's 31 provinces and
municipalities, compared with only 11 as recently as 2010 when 61% of
its 84 projects were in its home-ground of Guangdong. The proportion
of contracted sales from Guangdong fell to 33% in 1H14, from 44% in
2013 and over 60% before 2013. This transformation has significantly
reduced the company's market-specific risks.

Stable Metrics, Moderate Leverage: Country Garden's rapid expansion
has been supported by a high asset turnover rate, allowing it to avoid
the large debt build-up seen in many rapidly growing homebuilders. Its
ratio of contracted sales to gross debt averaged 1.5x in the past four
years, and was 1.9x in 1H14, the same as at end-2013. Land purchase
expenditures have been restricted to within 30% of sales. Country
Garden's leverage fluctuated in a narrow range of 31% to 35% in the
past four years.

Product-Mix Transition: Country Garden has turned towards developing
more high-rise homes. While this has not resulted in a lengthening of
its project turnover rate, Fitch expects profit margin to come under
pressure. Almost three quarters of Country Garden's 1H14 contracted
sales were derived from high-rise buildings, although the company
continued to sell to wealthy individuals and upgraders. Only 16% of
its residential properties sold in 1H14 were below 90 sqm, the segment
that first-time homebuyers gravitate towards. The Chinese government's
increased emphasis on enhancing land use has resulted in fewer large
plots being released for landed-housing development, the company's
core product.

Expansion Abroad, Resources Strain: Country Garden also ventured into
overseas markets with projects in Malaysia and Australia. The risks in
these new markets are high, even if the projects produce significant
opportunities in the future. Such rapid expansion is putting a strain
on the company's resources, which is mitigated by its execution
strength. The overseas expansion is still relatively small compared
with Country Garden's operations in China; in 1H14, overseas
contracted sales accounted for around 3% of total contracted sales.

KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer include:

-- Contracted sales by gross floor area to increase by 8% over
    2015-2017;

-- Average selling price for contracted sales to increase by 3%
    for 2015-2017;

-- Fitch estimates the EBITDA margin at around 18%-22% in 2015-
    2017

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

-- Maintaining the ratio of net debt to net adjusted inventory
    below 35% on a sustained basis,

-- Maintaining the ratio of contracted sales to gross debt above
    2.0x on a sustainable basis;

-- Sustaining trend towards becoming a larger nationwide player.

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

-- Failing to maintain the positive guidelines will lead to the
    Outlook reverting to Stable


COUNTRY GARDEN: Moody's Rates Proposed US$ Senior Notes at 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Country Garden
Holdings Company Limited's proposed senior unsecured notes.

The rating outlook is positive.

The company plans to use the bond proceeds solely to refinance its
$900 million senior notes due 2018 and other existing indebtedness.

"The proposed notes will strengthen Country Garden's capital
structure, because they will lengthen the average tenure of its debt
portfolio and reduce its weighted average cost of borrowing," says
Franco Leung, a Moody's Vice President and Senior Analyst.

Country Garden's weighted average borrowing cost decreased to 8.23% in
the six months ended June 2014 from 9.24% for the same period in 2013.
It will further decrease after the company redeems its 11.125% senior
notes due 2018 using the new bond proceeds.

"Subsequent to the bond issuance, Country Garden's debt leverage will
remain comparable to its peers in the mid- to high-Ba rating range
over the next 12-18 months," says Leung, also the Lead Analyst for
Country Garden.

While the company is growing fast, Country Garden has been able to
maintain its debt leverage, as measured by revenue to debt at
1.1x-1.2x over the past 2-3 years. Moody's expects this ratio to
further improve to 1.2x-1.3x in the next 12 months.

Moody's believes the company will continue to proactively manage its
capital structure and will maintain its good debt maturity profile.

In addition, Country Garden has maintained a sound liquidity buffer.
It reported cash on hand of RMB24.4 billion at end-June 2014, covering
about 2.3x its short-term debt.  This buffer will help manage its
refinancing risk, including that for its $400 million notes due in
August 2015.

On the other hand, the company reported a notable decline in profit
margins over the past two years, in line with the general industry
trend.  As a result, Moody's expects its EBITDA interest coverage to
weaken to around 3.0x-3.5x in the coming 12 months from 3.3x-4.0x over
the past 2-3 years.

Country Garden's subsidiary debt and secured debt to total debt was
around 12% at end-June 2014, and its senior unsecured debt rating has
therefore not been notched down.  Moody's expects the company to keep
its onshore borrowings at the subsidiary level below 15% of total
assets over the coming 12-18 months.

The positive outlook reflects Country Garden's track record of strong
sales execution, improved financial management, and diversified
funding sources.

Upward rating pressure could emerge if Country Garden (1) maintains
steady sales growth; (2) controls its debt leverage, with revenue/debt
above 1.2x on a sustained basis; and (3) maintains strong liquidity,
with its cash on hand covering more than 1.5x its short-term debt.

On the other hand, the rating outlook could return to stable if
Country Garden (1) posts sustained profit margin deterioration, with
its EBITDA margin declining below 17%; or (2) adopts an aggressive
land acquisition strategy, in turn negatively affecting its liquidity,
with cash failing to cover 1.5x short-term debt on a sustained basis.

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

Country Garden Holdings Company Limited, founded in 1997 and listed on
the Hong Kong Stock Exchange, is a leading Chinese integrated property
developer.  As of June 2014, its land bank totaled a sizeable 75.68
million square meters in attributable gross floor area.

At June 30, 2014, it owned and operated 41 hotels with a total of
11,670 rooms.  The hotels are located mainly in Guangdong Province and
support its development of townships.


COUNTRY GARDEN: S&P Rates Proposed US$ Sr. Unsecured Notes 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term issue
rating to a proposed issue of U.S. dollar-denominated senior unsecured
notes by Country Garden Holdings Co. Ltd. (BB+/Stable /--; cnBBB+/--).
S&P also assigned its 'cnBBB+' Greater China regional scale rating to
the notes.  The ratings are subject to S&P's review of the final
issuance documentation.  The Chinese real estate developer will use
the proceeds from the proposed issuance to refinance its US$900
million outstanding notes due 2018, callable in February 2015.

The rating on Country Garden reflects the company's strong sales
performance this year.  The company achieved contracted sales of
Chinese renminbi (RMB) 128.8 billion for the full-year 2014,
surpassing its sales target and representing 21.5% year-on-year growth
despite market headwinds.  S&P also expects Country Garden's overall
capital structure to continue to improve with the refinancing of
shorter-term and higher-cost debt.  These strengths are tempered by
Country Garden's gradually rising debt and deteriorating margins due
to its fast-churn business model and increasing costs.  The company
also faces some market risk in lower-tier cities.

The stable outlook reflects S&P's expectation that Country Garden will
continue to improve sales this year and stabilize its EBITDA margin.
S&P also expects the company to carry out its expansion pipeline as
scheduled and at the same time remain reasonably disciplined at
maintaining its leverage and adequate liquidity.


YANLORD LAND: Moody's Says 2014 Results Weak for 'Ba3' Ratings
--------------------------------------------------------------
Moody's Investors Service said that Yanlord Land Group Limited's 2014
results are weak for its Ba3 corporate and senior unsecured debt
ratings.

However, its weak results have no immediate rating impact because they
are mitigated by its strong liquidity.

The ratings outlook remains stable.

"Yanlord's 2014 credit metrics are weak for its Ba3 ratings, mainly
due to its high level of debt leverage, weak interest coverage, and
greater-than-expected drop in gross profit margin," says Fiona Kwok, a
Moody's Analyst.

Yanlord's debt level increased to RMB19.9 billion at end-2014 from
RMB17.5 billion at end-2013, as the company used debt to fund the
construction of existing and new projects.

As a result, despite the 4% year-on-year growth in reported revenue to
RMB11.7 billion in 2014, revenue/adjusted debt remained weak at around
0.6x, as was the case in 2013.

The substantial compression in gross profit margin to 29.2% in 2014
from 35.5% in 2013 also contributed to adjusted EBITDA/interest
coverage dropping below 2.0x in 2014 from 2.8x in 2013.

Meanwhile, as Yanlord still has unbooked revenue of RMB10.4 billion,
Moody's expects it will continue to enjoy revenue growth in the next
12 months. Moody's also expects the growth in debt to continue in a
controlled manner.

Accordingly, Moody's expect its credit metrics -- revenue/adjusted
debt of around 0.6x, and adjusted EBITDA/interest of around 2.0x in
the next 12-18 months -- will still be appropriate for its Ba3 rating,
although on the weaker side.

"On the other hand, Yanlord's liquidity strength is strong when
compared to other Ba3-rated Chinese property peers," adds Kwok, who is
also the lead analyst for Yanlord.

Although Yanlord recorded a drop in contracted sales to RMB12.7
billion in 2014 from RMB15 billion in 2013, it maintained its cash
collections in 2014 at RMB12.7 billion.  This was because a portion of
the contracted sales made during Q4 2013 were collected in 2014.  In
addition, the increase in gross debt improved the company's cash
position at end-2014.

As a result, it had cash on hand of RMB6.6 billion at end-2014.

This cash level represented 3.1x its short-term debt, a notable
improvement from 1.9x at end-2013.  The current level is strong when
compared to 1.0x-1.5x for its Ba3-rated peers.

With an estimated operating cash flow of RMB2.5-3 billion over the
next 12 months, it has sufficient resources to fully cover its
short-term maturing debt of RMB2.2 billion and committed land payment
premiums.

The stable outlook reflects our expectation that Yanlord will have
adequate cash and operating cash flow to fund its current projects and
will control its debt-funded business expansion.

Upgrade pressure could emerge if the company: (1) substantially
achieves its presales target over the next 12 months and improves its
balance-sheet liquidity, and (2) achieves an EBITDA/interest coverage
of over 3.5x-4.0x on a sustained basis.

The ratings could be downgraded if Yanlord: (1) fails to execute its
sales plan, such that liquidity weakens, as reflected in cash/short
term debt coverage falling below 1.0x-1.5x, or (2) engages in other
material land acquisitions that strain its liquidity, and/or (3)
exhibits weakening credit metrics, with EBITDA/interest below
2.0x-2.5x for a sustained period.

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

Yanlord Land Group Limited is a major property developer in China.  It
operates in the major cities of Shanghai, Nanjing, Suzhou, Shenzhen,
Tianjin, Zhuhai, Tangshan, Sanya and Chengdu.  It was established in
1993 and listed on the Singapore Stock Exchange in 2006.

At end-December 2014, its total land bank of 4.9 million square meters
was spread across nine cities and five fast-growing regions in China.
It has some geographic concentration within the Yangtze River Delta,
which accounted for 37% of its land bank and 81% of its gross revenue
in 2014.



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


ANVITA BUILDERS: CRISIL Assigns B+ Rating to INR70MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Anvita Builders Pvt Ltd (ABPL).

                       Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      30         CRISIL B+/Stable
   Bank Loan Facility

   Term Loan               70         CRISIL B+/Stable

The rating reflects the established track record of ABPL's promoters
in the real estate industry, coupled with financial support from
promoters for its ongoing projects. These rating strengths are
partially offset by susceptibility of ABPL's operating cash flows to
timely execution of its ongoing project, and to flow of customer
advances from future bookings and susceptibility of its revenue
profile to cyclicality in the real estate sector.

Outlook: Stable

CRISIL believes that ABPL will benefit over the medium term from its
promoters' established track record in the real estate industry. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected cash flows from operations, backed by improved
realizations or higher than expected bookings. Conversely, the outlook
may be revised to 'Negative' if ABPL's cash flows from operations are
significantly below expectations, either due to subdued response to
its project or lower-than-envisaged flow of advances, leading to
deterioration in liquidity.

ABPL was incorporated in 2008 by Mr.Anil Kumar and his wife
Ms.Jayshree Anil Kumar. The company has successfully executed 6
residential real estate projects in Cochin. The company is currently
undertaking 3 projects Anvita Hill Park, Anvita Green Valley and
Cochin Tower.


AUTOMATIC ELECTRIC: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Automatic Electric Ltd
(AEL) continue to reflect AEL's large working capital requirements and
its average financial risk profile marked by small net worth, low
gearing and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of AEL's
promoter in electrical equipment industry.

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

Outlook: Stable

CRISIL believes that AEL will continue to benefit over the medium term
from its promoter's extensive industry experience and its longstanding
relations with customers. The outlook may be revised to 'Positive' if
there is a substantial and sustained improvement in the company's
revenues and profitability margins, or an improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in AEL's profitability margins,
or significant deterioration in its capital structure most likely
because of larger-than-expected working capital requirements or large
debt-funded capital expenditure.

Incorporated in 1942 and acquired by Mr. Sharad Bal, AEL manufactures
electrical equipment, such as transformers (up to 1000 kilovolt
amperes), and instruments, such as voltmeters, transducers, and
shunts. The company's manufacturing units are in Lonavala, Panvel,
Thane, and Nashik (all in Maharashtra).


B. K. INFRATECH: ICRA Reaffirms B Rating on INR4cr Cash Credit
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the INR5.00
crore fund based bank facilities of B. K. Infratech Private Limited at
[ICRA]B. ICRA has also re-affirmed the short term rating outstanding
on the INR7.00 crore non-fund based bank facilities of BKIPL at
[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits
   Cash Credit             4.00       [ICRA]B/Re-affirmed

   Other Proposed Limits   1.00       [ICRA]B/Re-affirmed

   Bank Guarantee          7.00       [ICRA]A4/Re-affirmed

The rating re-affirmation takes into account the company's modest
scale of operations along with muted revenue growth over the last four
years, the significant project concentration risk with 55% of the
order book being attributable to a single order, and the exposure to
geographical concentration risks with its operations focussed in
Maharashtra. ICRA notes that the majority of the orders in the order
book of the company have expected completion date falling in next one
year which necessitates new order inflow to ensure the revenue
visibility in the near to medium term.
The ratings, however, are supported by the long track record and
experience of BKIPL's promoters in the construction sector, which has
enabled it to garner repeat orders over the years. The ratings are
also supported by the comfortable capital structure with gearing of
0.82x as of March 31, 2014 and low working capital intensity of
operations with NWC/OI of 13% in FY14.

B. K. Infratech Private Limited (BKIPL) was incorporated in 2006. The
company is engaged in civil construction activities such as,
construction of airport runways, aprons and terminal buildings, roads,
and buildings for government organizations. BKIPL was founded by
technocrats proficient in the construction industry, and widely
experienced in handling construction projects. The company is promoted
by Mr. Chaterjee and Mr. Deshpande, who are also the promoters of
Vishal Infrastructure Limited (VIL). Around 75% of the total stake in
BKIPL is held by the promoter families of VIL.


BAPA SITARAM: ICRA Suspends B Rating on INR5cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.00 crore
long term fund based facilities of Bapa Sitaram Cotton Industries
(BSCI).The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Bapa Sitaram Cotton Industries (BSCI) was incorporated in May 2011 and
is involved in the business of ginning, pressing of raw cotton and
cotton seed crushing. The firm's manufacturing facility is located in
Rajkot with production capacity of 180 bales per day.


BRAND CONCEPTS: CRISIL Reaffirms B- Rating on INR77MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brand Concepts Pvt Ltd
(BCPL) continue to reflect BCPL's weak financial risk profile, marked
by high gearing, small net worth, and weak debt protection metrics,
and its sizable working capital requirements. These rating weaknesses
are partially offset by the benefits that BCPL derives from its
all-India exclusive licensing arrangement with established brands, its
low dependence on a single channel of distribution, low product
concentration in its revenue profile, and an experienced management
team.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           77        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     6.1      CRISIL B-/Stable(Reaffirmed)
   Term Loan             16.9      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BCPL will continue to benefit over the medium
term from its established position in the branded goods segment and
the experience of its management team. The outlook may be revised to
'Positive' if the company scales up its operations, and enhances its
operating margin without significantly impacting working capital
cycle. Infusion of equity capital by its promoters, leading to an
improvement its capital structure and debt protection metrics, may
also result in a 'Positive' outlook. Conversely, the outlook may be
revised to 'Negative' if BCPL is unable to ramp up its operations,
leading to continued pressure on its capital structure and further
weakening of its debt protection metrics.

BCPL, incorporated in 2007, has country-wide exclusive licences to
sell branded goods, such as small leather goods. These include wallets
of brands such as Tommy Hilfiger and Arrow, and women's handbags of
brands such as Rocky S and Paris Hilton.


CALCOM CEMENT: CRISIL Reaffirms C Rating on INR405.8MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Calcom Cement India Limited
(CCIL) continues to reflect instances of delay by CCIL in servicing of
its vehicles loans obligation (not rated by CRISIL).

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Funded Interest
   Term Loan            50.8        CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   23.1        CRISIL C (Reaffirmed)

   Term Loan           405.8        CRISIL C (Reaffirmed)

   Working Capital
   Term Loan           134.5        CRISIL C (Reaffirmed)

Update

CCIL currently has grinding capacity of 1.72 million TPA and is
setting up a clinkerisation unit with installed capacity of 1 Million
TPA. However, utilization of its current grinding capacity has been
low due to low availability of clinker and high input cost.
Utilization has marginally improved at around 25-30% in 2014-15 as the
company is now procuring clinker from group companies. CCIL is
expecting utilization of its grinding unit to improve post
commencement of operations at its clinker unit.

The liquidity of the company continues to remain below average due to
operating losses. The repayment of the various existing bank loans has
commenced from April 2014 with quarterly instalments while the
repayment for fresh term loans will commence repayment from Jan 2015.
Although the interest and instalment repayments of the bank term loans
have been timely over the last 6 months backed by funding support
received from parent, Dalmia Group in the form of unsecured loans,
however there have continued to be instances of delays in repayment of
vehicle loans taken by the company. CRISIL believes that the company's
liquidity will continue to remain weak, as it is likely to continue to
report losses until the commencement of commercial operations at its
proposed clinker unit.

CCIL also has low operating efficiency, reflected in its low capacity
utilisation and operating losses, and is exposed to project
implementation and stabilisation risks. However, the company benefits
from its current promoters' extensive experience in the cement
industry.

CCIL, incorporated in September 2004, manufactures Portland Pozzolana
Cement (PPC) cement. The company is in the process of doubling its
grinding capacity to 1.72 mtpa and also setting up a clinker unit of 1
mtpa. CCIL was set up by the BK group, headed by Mr. Binod Kumar
Bawri. However, Dalmia Cement (Bharat) Ltd acquired 50 per cent stake
in the company in January 2012; this stake was increased to 76 per
cent in December 2012. Out of remaining 24 per cent, 5 per cent is
owned by the Government of Assam, while is the rest is with the
initial promoters.

CCIL reported, a net loss of INR534.64 million on net sales of INR1844
million for 2013-14 (refers to financial year, April 1 to March 31),
as against a net loss of INR91.61 million on net sales of INR958
million for 2012-13.


COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR130MM Loan
-----------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Coastal Consolidated
Structures Pvt Ltd (CCSPL) continue to reflect CCSPL's small scale of
operations, large working capital requirements, and its exposure to
intense competition in the civil construction industry. The ratings
also factor in its below-average financial risk profile, marked by a
small net worth, moderate gearing and below average debt protection
metrics. These rating weaknesses are partially offset by the extensive
experience of the promoters in civil construction industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       330         CRISIL A4 (Reaffirmed)
   Cash Credit          130         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

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

CCSPL, established by Mr. M V Ranga Prasad and his family undertakes
civil works such as construction of concrete foundations, pile caps,
industrial buildings, culverts, and reservoirs, as well as site
grading, site development, and hard rock excavation; it also
undertakes marine works such as construction of berths, pile
foundation, diaphragm walls, and breakwaters. CCSPL is headquartered
in Vijayawada (Andhra Pradesh).


ENMAS GB: CRISIL Reaffirms D Rating on INR400MM Bank Guarantee
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Enmas Gb Power Systems
Projects Ltd (EGB) continues to reflect its strained liquidity driven
by its stretched working capital cycle because of delays in collection
of receivables.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        370        CRISIL D (Reaffirmed)
   Bank Guarantee        400        CRISIL D (Reaffirmed)
   Cash Credit            60        CRISIL D (Reaffirmed)
   Cash Credit            40        CRISIL D (Reaffirmed)
   Letter of Credit      200        CRISIL D (Reaffirmed)

EGB also has working-capital-intensive operations, is exposed to
intense competition in the turnkey engineering, procurement, and
construction (EPC) power projects business, and is susceptible to
volatility in input prices. However, the company benefits from its
established market position in the business of erecting and
commissioning boilers and its promoters' long-standing industry
experience.

Incorporated in 1995, Chennai based EGB commissions boilers and
manufactures non-pressure parts used in boilers. It has diversified
into EPC projects, boiler-turbine generator projects, and
balance-of-plant projects for power plants with output capacity of up
to 80 megawatts.


ESHA IRON: CRISIL Assigns B Rating to INR50MM Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Esha Iron and Steel (EIS).

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

   Proposed Long Term
   Bank Loan Facility    40         CRISIL B/Stable

The rating reflects EIS's limited track record and modest scale of
operations in the intensely competitive structural steel products
industry. The rating also factors in the firm's below-average
financial risk profile, marked by a modest net worth and subdued debt
protection metrics. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters and their
established customer relationships.

Outlook: Stable

CRISIL believes that EIS 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 substantial increase in the firm's
scale of operations, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if EIS's
financial risk profile weakens further, most likely due to any
significant pressure on its margins leading to low cash accruals, or
large debt-funded capital expenditure.

Established in 2014, EIS is a partnership firm that trades in long
steel products such as thermo-mechanically-treated (TMT) bars,
billets, and other structural steel products. The firm is promoted and
managed by Mr. A.V.K. Raja and Mr. Ravishankar.


FLEXATHERM EXPANLLOW: ICRA Suspends B+ Rating on INR1.9cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating assigned to
the INR1.90 crore term loan and INR1.00 crore cash credit facility of
Flexatherm Expanllow Private Limited. ICRA has also suspended the
short term rating of [ICRA]A4 assigned to the INR3.00 crore short-term
non-fund based facilities of FEPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Flexatherm Expanllow Private Limited (FEPL) was started by Mr. Piyush
Patel in 1992 with its manufacturing facility at Makarpura-GIDC,
Vadodara. The company is engaged in design and manufacturing of
bellows, joints and hoses. FEPL is an ISO 9001:2008 certified company.


GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR80MM Loan
--------------------------------------------------------
CRISIL's rating on the bank facilities of Gargo Motors (Gargo)
continues to reflect Gargo's average financial risk profile,
constrained by small net worth and moderate debt protection metrics.
These rating weaknesses are partially offset by Gargo's strong market
position and the benefits that Gargo derives from its established
relationship with its principal, Tata Motors Ltd (TML).

                     Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL B+/Stable (Reaffirmed)
   Channel Financing     80       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Gargo will continue to benefit over the medium
term from its healthy market position in Eastern India. The outlook
may be revised to 'Positive' if Gargo 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 pressure on its topline and profitability or
the firm undertakes a large, debt-funded capital expenditure
programme, further constraining its financial risk profile.

Gargo, established as a proprietorship firm in 1996 by Mr. Kamakhya
Borthakur, is an authorised dealer of TML's commercial vehicles in the
state of Assam. Mr. Kamakhya Borthakur has also promoted Gargo Motors
Ltd (rated 'CRISIL B+/Stable'), which is an authorised dealer of TML's
passenger vehicles

Gargo reported profit after tax (PAT) of INR15.1 million on net sales
of INR1825.3 million for 2013-14 (refers to financial year, April 1 to
March 31), vis-a-vis PAT of INR23.3 million on net sales of INR2476
million for 2012-13.


GAYATRI ROLLING: CRISIL Reaffirms B Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gayatri Rolling
Mills Pvt Ltd (GRMPL) continues to reflect its below-average financial
risk profile, marked by modest net worth, moderate gearing, and
inadequate debt protection metrics, and modest scale of operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          55         CRISIL B/Stable (Reaffirmed)
   Term Loan            30.9       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by GRMPL's
semi-integrated operations and the promoters' extensive experience in
manufacturing and trading in steel products.

Outlook: Stable

CRISIL believes that GRMPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be revised
to 'Positive' if the company reports a significant increase in its
cash accruals by improving its revenue and profitability while
maintaining the working capital cycle. Conversely, the outlook may be
revised to 'Negative' if GRMPL posts lower-than-expected cash accruals
or a stretch in the working capital cycle, thereby affecting the
company's ability to service its debt obligations.

GRMPL was set up as a partnership firm in 2005; it was reconstituted
as a private limited company in 2006 by the Agarwal family of Raipur
(Chhattisgarh). The company manufactures mild-steel (MS) ingots and
steel bars. It has production capacity of 20,000 tonnes per annum
(tpa) for MS bars and 33,500 tpa for MS ingots. Its manufacturing
units are ISO 9001:2008 certified.

GRMPL reported profit after tax (PAT) of INR2.3 million on net sales
of INR311 million for 2013-14 (refers to financial year, April 1 to
March 31), vis-a-vis PAT of INR2.7 million on net sales of INR412.7
million for 2012-13.


GENERAL POLYTEX: ICRA Assigns B Rating to INR76.34cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR76.34 crore
fund-based bank limits of General Polytex Private Limited. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR2.30 crore
non-fund based bank limit of the company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term Fund
   Based Limits            76.34       [ICRA]B Assigned

   Short-Term Non-
   Fund Based Limit         2.30       [ICRA]A4 Assigned

The ratings are constrained by the company's high project
implementation risks, given that the project is still in the initial
stages. The ability of the company to complete the entire project on
time without any cost-overruns and successfully market the products so
as to scale up the operations thereafter remains crucial. Further,
post commissioning and stabilization of the operations, the company's
profitability will be exposed to adverse volatility in key raw
material prices and also to intense competitive pressure on account of
the fragmented structure of the textile industry. The ratings are
further constrained by the aggressive debt-funded capacity expansion
undertaken by the company. Hence, the ability of the company to
maintain healthy return indicators and ensure timely debt-servicing,
post commission will remain crucial from the rating perspective.
The ratings however, favourably factor in the long standing experience
of the promoter/management in the textile business, the operating
synergy derived from its group companies in similar line of business
and the easy access to raw material suppliers and customers by virtue
of its presence in Surat. ICRA also notes the benefits to the company
accruing from subsidies under the Technology Up gradation Fund Scheme
(TUFS).

The company was incorporated on November 2004, in the name of Bam
Basuki Tradelink Private Limited and the name was changed to General
Polytex Private Limited on August 2012. General Polytex Private
Limited (GPPL) proposes to manufacture polyester grey fabrics. The
company's products will find application in sarees, dress materials,
curtains and furnishing. The installed capacity of the plant is
expected to be ~396 lakh meters per annum. The company has its
registered office in Kolkata, its corporate office and manufacturing
facility is in Surat (Gujarat).


GOODLUCK CARBON: ICRA Reaffirms B+ Rating on INR72.74cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating at [ICRA]B+ to the INR72.74
crore (enhanced from 15.00 crore) term loan and the INR30.00 crore
cash credit limits of Goodluck Carbon Private Limited. ICRA has also
reaffirmed its short term rating at [ICRA]A4 to the INR4.00 crore non
fund based limits of GCPL.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long-term Fund Based
   Facilities-Cash Credit    30.00         [ICRA]B+; Reaffirmed

   Long-term Fund Based
   Facilities Term Loan      72.74         [ICRA]B+; Reaffirmed

   Short-term Non-Fund
   Based facility             4.00         [ICRA]A4; Reaffirmed

The ratings reaffirmation takes into account the scale-up of
operations and healthy revenue growth witnessed in 2013-14 on account
of modernization of the plant previously undertaken along with
strengthening of dealer network. Additionally, further modernization
activity undertaken in the current fiscal is expected to improve the
scale and margins going forward due to expected reduction in overhead
costs, increase in installed capacity and change in product mix.

The ratings continue to be constrained by high working capital
intensity of operations due to cash based procurement of raw material
and high receivables realization period of ~60-90days. This coupled
with increase in scale of operation has resulted in stretched
liquidity position. The sales realization might be impacted on account
of decline in prices of crude oil derivatives; however, the impact on
margins is limited by strong correlation between the crude oil prices
and input raw material (carbon black feed stock - CBFS) along with
relatively shorter inventory holding period. The capital structure of
the company is expected to deteriorate in the near term due to
recently completed debt funded modernization of the plant; however,
the benefits of modernization of the plant and promoter support is
expected to mitigate the impact to an extent. The ratings are also
constrained by company's heavy dependence on tyre manufacturing and
automotive industries; however the automotive industry has positive
outlook in the near term and the vulnerability of the company's
profitability to adverse movements in raw material prices as they are
directly linked to international crude oil prices. However, the
ratings draw comfort from the extensive experience of the promoters in
the carbon black manufacturing and trading business. Going forward,
the improvement in scale of operations and profitability along with
management of working capital requirements would be the key rating
sensitivities.

M/s Goodluck Carbon Pvt. Ltd. (GCPL) is engaged in the manufacturing
of carbon black which is used as reinforcing agent in tyre and other
industries. The company was initially engaged in trading of carbon
black and diversified into carbon black production in February 2011
after it took on lease the production plant (located at Jitwal Kalan,
Sangrur, Punjab) of Ralson India Limited (RIL). This plant was
subsequently acquired in Mar/April 2012. At the time of acquisition,
plant comprised 2 manufacturing units of total 25,000 metric tonnes
per annum (MTPA) capacities. Subsequently the company successfully
modernized and expanded the production capacity of one unit from
12,500 MT to 21,600 MT and other unit from 12,500 MT to 18,400 MT
along with installation of captive power plant of 6 mega-watt (MW)
capacity and steel scrap processing unit.


HASTALLOY INDIA: CRISIL Reaffirms B+ Rating on INR60MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hastalloy India Ltd (HIL)
continue to reflect HIL's small scale of operations and weak financial
risk profile, marked by a small net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset by
the extensive experience of HIL's promoter in manufacturing alloy
steel castings, and established relationships with customers.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        35        CRISIL A4 (Reaffirmed)
   Cash Credit           55        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    60        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

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

Incorporated in 1981, HIL manufactures alloy steel castings of various
grades. The company was set up by Mr. G V K Rao. The current promoter,
Mr. K. Eashwar, acquired HIL in 2006-07(refers to financial year,
April 1 to March 31). The company's plant in Anakapalli (Andhra
Pradesh) has an installed capacity of 1000 tonnes per month.


IB COMMERCIAL: CRISIL Assigns B+ Rating to INR578.4MM Demand Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of IB Commercial Pvt Ltd (IBCPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      1.6        CRISIL B+/Stable

   Working Capital
   Demand Loan           578.4       CRISIL B+/Stable

The rating reflects IBCPL's below-average financial risk profile
marked by inadequate debt protection metrics, stretched liquidity amid
large debt obligations, and long working capital cycle. The rating
also factors in the company's small scale of operations, exposure to
intense competition, and susceptibility to cyclicality in the
ship-breaking industry and to volatility in foreign exchange rates.
These rating weaknesses are partially offset by the extensive industry
experience of IBCPL's promoters and their continued funding support to
the company.

Outlook: Stable

CRISIL believes that IBCPL will continue to benefit over the medium
term from its promoters' extensive experience in the ship-breaking
industry. The outlook may be revised to 'Positive' in case of
substantial cash accruals, most likely on account of considerable
realisation from dismantling of INS Vikrant, or improvement in the
company's working capital cycle leading to alleviation of pressure on
its liquidity. Conversely, the outlook may be revised to 'Negative' in
case of continued pressure on the company's liquidity because of
lengthening of its working capital cycle or debt-funded ship
acquisitions.

IBCPL was incorporated in 2007 in Mumbai. The company is engaged in
ship breaking and dismantling of plants. The company was promoted by
Mr. Zuber Jaka, Mr. Abdul Karim Jaka, Mr. Sajid Jaka, and Mr. Salim
Jaka. It has stockyards in Darukhana (Mumbai), Alang (Gujarat), and
Kolkata.


JAGDHATRI PAPERS: CRISIL Reaffirms B+ Rating on INR75MM Loan
------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL A4' to the short-term bank
facility of Jagdhatri Papers Pvt Ltd (JPPL); the rating on the
company's long-term bank facilities has been reaffirmed at 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          75         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      9.5       CRISIL A4 (Reassigned)

The ratings reflect JPPL's average scale of, and working capital
intensity in, operations in the highly fragmented industrial paper
segment. The ratings also factor in the company's below-average
financial risk profile, marked by its highly leveraged capital
structure. These rating weaknesses are partially offset by the
extensive industry experience of the promoters and their established
relations with key customers.

Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term. The outlook may be revised to 'Positive' if substantial ramp-up
in scale of operations results in stronger cash accruals and capital
structure for JPPL. Conversely, the outlook may be revised to
'Negative' if any large, debt-funded capex, or substantial decline in
revenue and profitability weakens its financial risk profile.

JPPL was incorporated in September 2005. The company began commercial
operations in May 2007. The company is managed by its promoter
directors, Mr. Anil Goel, Mr. Satish Goel, and Mr. Rajesh Goel. JPPL
manufactures kraft paper for the packaging industry.

JPPL posted a profit after tax (PAT) of INR7.4 million on sales of
INR406 million, during 2013-14 vis-a-vis a PAT of INR6.4 million on
sales of INR364 million during 2012-13.


KALYAN COTTON: CRISIL Assigns 'B' Rating to INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Kalyan Cotton Industries (KCI).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL B/Stable
   Long Term Loan        14.1       CRISIL B/Stable

The rating reflects the firm's exposure to risks related to
implementation of its ongoing project and to stabilisation of
operations after commencement. The rating also factors in the
susceptibility of the firm's profitability to volatility in cotton
prices and to intense competition. These rating weaknesses are
partially offset by the extensive experience of KCI's promoters in the
cotton ginning industry, leading to established relationships with
customers and suppliers, and the advantageous location of its plant.

Outlook: Stable

CRISIL believes that KCI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of early stabilisation of the firm's
operations, leading to sizeable cash accruals. Conversely, the outlook
may be revised to 'Negative' if KCI's cash accruals are very low, or
if its financial risk profile weakens, most likely because of a
stretch in its working capital cycle, or large debt-funded capital
expenditure, or disruption in its operations due to any regulatory
change.

Set up in 2014, KCI is a partnership firm promoted by the Patel and
Kalola families of Tankara (Morbi, Gujarat). The firm is setting up a
unit for cotton ginning and pressing; the commercial operations of the
unit are expected to start from end of April 2014.


KARIMKUTTIYIL CONSTRUCTIONS: CRISIL Rates INR120MM Loan at B
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term bank
facilities of Karimkuttiyil Constructions & Developers (KCD).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          120        CRISIL B/Stable
   Proposed Cash          5.7      CRISIL B/Stable
   Credit Limit

The ratings reflect KCD's modest scale of operations in the fragmented
civil construction industry, working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of KCD's promoters in the civil construction
industry and moderate financial risk profile marked by comfortable
gearing.

Outlook: Stable

CRISIL believes that KCD will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while improving its profitability, leading to
substantial cash accruals and a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KCD reports
low revenue or profitability, or if its working capital management
deteriorates resulting in weak liquidity, or if it undertakes a large
debt-funded capital expenditure programme, leading to weakening of its
financial risk profile.

Incorporated in 2009 and based out of Ranni (Kerala), KCD is engaged
in execution of civil contracts, primarily construction of roads and
bridges for various government entities in Kerala. The firm is founded
and managed by Mr. Abraham Thomas.

KCD reported a profit after tax (PAT) of INR4.3 million on revenue of
INR40.4 million for 2013-14 (refers to financial year, April 1 to
March 31), against a PAT of INR1.7 million on revenue of INR14.9
million for 2012-13.


KESHAV MADHAV: ICRA Reaffirms B Rating on INR5.10cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating of INR5.10 crore term loan and
INR3.30 long term fund based limit of Keshav Madhav Agro Enterprises
Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             3.30       [ICRA]B reaffirmed
   Term Loans              5.10       [ICRA]B reaffirmed

The reaffirmation of rating continues to take into account KMAEPL's
limited track record of operations, with FY14 being the first full
year of operations, weak financial profile as reflected by a high
gearing and depressed debt coverage indicators and high working
capital intensity of operations adversely impacting the liquidity
position of the company as reflected by almost full utilization of
working capital limits. The rating also takes into consideration the
highly competitive nature of the wheat milling industry on account of
low barriers to entry, and limited value addition, thereby leading to
suppressed profit margins. The rating further incorporates the
agro-climatic risks associated with the availability of wheat and
vulnerability of operations to Government regulations on pricing and
distribution of agricultural commodities. The rating, however, derives
support from the experience of the promoters in the wheat milling
industry and the favourable location of the plant in Nawada, Bihar,
which is in proximity to wheat growing regions, thereby leading to
lower freight costs. The rating also factors in the expected financial
support from the State Government of Bihar under the "Integrated
Development of Food Processing Sector's" scheme. The rating further
incorporates favourable demand outlook, given that flour forms an
essential constituent of Indian diet.

KMAEPL was incorporated in 2011 by Ms. Swati Bhardwaj, Mr. Kaushal
Kumar and Mrs. Anjila Sinha to set up a flour mill plant. The
manufacturing facility of the company is located in Nawada, Bihar with
an installed flour roller mill capacity of 30,000 TPA and an installed
atta chakki capacity of 15,000 TPA. The company commenced operations
in August 2013.

Recent Results

KMAEPL reported a profit after tax of INR0.20 crore on an operating
income of INR16.14 crores, during the financial year 2013-14.


KRISHNA STONE-TECH: CRISIL Reaffirms B+ Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Stone-Tech Private
Limited (KST) continue to reflect KST's small scale of operations in
the highly competitive granite processing industry, and average
financial risk profile, marked by a small net worth.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          20        CRISIL B+/Stable (Reaffirmed)
   Export Packing
   Credit               70        CRISIL A4 (Reaffirmed)
   Foreign Bill
   Discounting          47        CRISIL A4 (Reaffirmed)

The ratings also factor in the susceptibility of the company's
operating margin to volatility in foreign exchange rate. These rating
weaknesses are partially offset by the benefits that KST derives from
its established market position in Bellary (Karnataka), and the
extensive experience of its promoter in the granite processing
industry.

Outlook: Stable

CRISIL believes that KST will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly increases its
revenue and profitability leading to improved cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' if KST's working capital management deteriorates, its
relationships with customers weaken, or it undertakes a large,
debt-funded, capital expenditure (capex) programme, further weakening
its capital structure.

Update

KST reported revenue of INR351 million for 2013-14 (refers to
financial year, April 1 to March 31), a decline of 13 per cent
year-on-year on account of decline in export demand. For the seven
months ended October 2014, KST reported revenue of INR200 million and
operating margin of around 6.5 per cent marked by continued subdued
demand from the export market and intense competition. KST's business
risk profile is expected to remain constrained over the medium term
because of its modest scale of operations.

KST's financial risk profile is marked by small net worth of INR67
million and moderate gearing of 1.15 times as on March 31, 2014. KST's
debt protection metrics were average with net cash accruals to total
debt (NCATD) and interest coverage ratios of 13 per cent and 1.89
times, respectively, for 2013-14. KST has capex plans of around
INR12.5 million to be debt funded to the extent of around 75 per cent.
Consequently, its financial risk profile is expected to remain under
pressure over the medium term.

KST has adequate liquidity marked by moderate bank limit utilisation
of around 66 per cent for 12 months through November 2014. Though the
cash accruals are expected to decline to around INR5 million over the
medium term due to debt-funded capex, the same is expected to be
adequate to meet its debt obligations of around INR2 million for the
same period. The liquidity is supported by unencumbered cash balances
of around INR13.2 million as on March 31, 2014.

Set up in 1988 by Dr. D L Ramesh Gopal, Bellary-based KST is engaged
in processing and trading in granite slabs.


LINK ENTERPRISES: ICRA Reaffirms B+ Rating on INR4.68cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR3.00
crore (enhanced from INR0.30 crore) cash credit facility and INR4.68
crore (reduced from INR6.85 crore) term loan facility of Link
Enterprises. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR4.30 crore (reduced from INR7.30 crore) non fund
based facilities of LE.

                       Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Term Loans             4.68        Reaffirmed at [ICRA]B+
   Cash Credit            3.00        Reaffirmed at [ICRA]B+
   Bank Guarantee         0.30        Reaffirmed at [ICRA]A4
   Letter of Credit       4.00        Reaffirmed at [ICRA]A4

The re-affirmation of ratings take into account the long track record
and the established market position of the firm in bunkering
operations and the locational advantage by virtue of being based at
Kandla port which is a major port on the Indian West Coast. The
ratings are however, constrained by the deterioration in the financial
profile due to the sharp de-growth in sales volumes in the current
fiscal. The ratings continue to take into account the adverse capital
and high competitive pressures in bunkering operations from domestic
and overseas players alike. The ratings are further constrained by the
vulnerability of operations to the cyclicality associated with the
international trade and profitability to volatility in prices of
products and to forex movements since bulk of the raw material
requirements are imported. Further, LE being a proprietorship concern,
the capital structure remains susceptible to capital withdrawals.

Link Enterprise (LE) was established in 1994 as a sole proprietorship
firm by Mr Harendra Karia. LE is engaged in the business of
procurement and trading of petroleum products and lubricating oil. It
has been licensed as bunker supplier to foreign-going vessels and has
been engaged in bunkering operations since 2001. It has a windmill of
1.25 MW per annum at Jaisalmer in Rajasthan in addition to the 0.6 MW
per annum windmill installed by the firm at Barmer in Rajasthan in
2009. The firm is based out of Gandhidham and carries bulk of its
operations at the Kandla Port. It also has presence at other ports on
West Coast such as Mundra, Pipapavav, Sikka, Bedi, Okha, and
Porbander.

Recent Results

During FY14, LE reported an operating income of INR33.04 crore (as
against INR36.73 crore during FY13) and profit after tax of INR0.14
crore (as against INR0.19 crore for FY13).


NIPRA PACKAGING: ICRA Reaffirms B- Rating on INR9cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B- to the INR9.00
crore (earlier INR7.50 Crore) cash credit facility and INR1.67 Crore
(earlier INR2.50 Crore) term loan facility of Nipra Packaging Pvt.
Ltd. ICRA has also reaffirmed a short term rating of [ICRA]A4 to the
INR3.81 crore (earlier INR2.75 Crore) non fund based bank facilities
of NPPL.

                          Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Cash Credit    9.00       [ICRA]B-; Reaffirmed
   Fund Based-Term Loan      1.67       [ICRA]B-; Reaffirmed
   Non Fund Based-Letter
   of Credit                 3.50       [ICRA]A4; Reaffirmed
   Non Fund Based-Bank
   Guarantee                 0.25       [ICRA]A4; Reaffirmed
   Non Fund Based-Forward
   Cover                     0.06       [ICRA]A4; Reaffirmed

The ratings continue to reflect Nipra Packaging Private Limited's
(NPPL) stretched financial position as reflected in its low
profitability levels, highly leveraged capital structure given high
working capital borrowing levels and weak debt protection metrics. The
company's liquidity position has remained stressed on account of high
working capital intensity resulting in weak cash flows and full
utilization of bank limits. The ratings also incorporate its presence
in a highly competitive and fragmented industry which limits the
pricing flexibility. The margins also remain vulnerable to highly
volatile raw material prices given its linkages with crude oil prices.

The ratings however, favourably take into account the promoters' long
and established experience in the plastic processing business, its
exposure to a diversified mix of industries and the locational
advantage arising from its proximity to client base.

Established in 2011, Nipra Packaging Pvt. Ltd. (NPPL) is engaged in
the manufacture of Mild Steel (MS) & high Density Polyethylene (HDPE)
barrels. The company manufactures its products at its plant situated
in Silvassa.

Recent Results:
NPPL recorded a net profit of INR0.40 crore on an operating income of
INR37.18 crore for the year ending March 31, 2014.


OM COTEX: ICRA Reaffirms B+ Rating on INR18cr Cash Credit
---------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR18.00 crore
(enhanced from INR10.00crore) fund based cash credit facility of OM
Cotex.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             18.00        [ICRA]B+ reaffirmed

The rating continues to be constrained by the OC's weak financial
profile as reflected by low profitability, stretched liquidity as
evident from high limit utilization and adverse capital structure due
to high reliance on external borrowings. The rating also takes into
account the low value additive nature of operations and intense
competition on account of fragmented industry structure that exerts
pressure on profit margins. The rating is further constrained by
vulnerability of profitability to adverse fluctuations in raw material
prices which are subject to seasonal availability of raw cotton and
government regulations on MSP and export quota.

The rating, however, positively considers the long experience of the
promoters in the cotton ginning and pressing industry and healthy
growth in OI since inception. The rating also favourably considers the
advantage firm enjoys by virtue of its location in cotton producing
region giving it easy access to raw cotton.

Established in 2011, OM Cotex is engaged in cotton ginning and
pressing operations. The firm is jointly managed by partners Mr.
Nitesh Bhuva, Mr. Rajesh Kasundra, Mr. Pankaj Lalakiya and Mr. Rajesh
Ghodasara. The firm has 36 ginning machines and 1 pressing machine
with the processing capacity of 165 tonnes of raw cotton per day.

Recent Results
For the year ended 31st March, 2014, OC reported an operating income
of INR163.86 crore and profit after tax of INR0.52 crore.


PATLIPUTRA ENTERTAINMENT: CRISIL Rates INR120MM Term Loan at B
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of Patliputra Entertainment Pvt Ltd (PEPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           5         CRISIL B/Stable
   Term Loan           120         CRISIL B/Stable

The rating reflects PEPL's below-average financial risk profile,
marked by aggressive capital structure, subdued debt protection
metrics, and stretched liquidity, given that its hotels are still in
the initial phase of operations. The rating also factors in the
company's exposure to intense competition in the hospitality industry.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of the promoters and their funding support.

Outlook: Stable

CRISIL believes that PEPL will benefit from its promoters' extensive
entrepreneurial experience and funding support. The outlook may be
revised to 'Positive' if substantial fund infusions by promoters, or
increase in cash accruals, driven by higher occupancy at expected
average room rates, results in a stronger financial risk profile,
particularly liquidity for PEPL. Conversely, the outlook may be
revised to 'Negative' if low ramp-up in operations leading to low cash
accruals, or stretch in working capital cycle constrains its liquidity
and debt servicing ability.

Incorporated in 2010, and promoted by Mr Anil Kumar, PEPL operates two
luxury hotels in Patna (Bihar)-Patliputra Exotica and Patliputra
Nirvana.

In 2013-14 (refers to financial year, April 1 to March 31), its first
year of its operations, PEPL reported a net loss of INR35.3 million on
total revenue of INR49.1 million.


PATODIA REAL: CRISIL Reaffirms B Rating on INR200MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Patodia Real Estate and
Builders Pvt Ltd (PREBPL) continue to reflect its exposure to risks
inherent to the real estate sector, and project implementation. These
rating weaknesses are partially offset by the promoters' extensive
industry experience.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      200       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PREBPL will benefit from the extensive
entrepreneurial experience of the promoters, over the medium term. The
outlook may be revised to 'Positive' if the company substantially
scales up its operations and generates healthy cash accruals.
Conversely, the outlook may be revised to 'Negative' if PREBPL incurs
time or cost overruns in the ongoing projects or undertakes any large
debt-funded capital expenditure.

PREBPL was set up in 1994 by Mr. Shyam Sundar Patodia and his wife,
Mrs. Manju Patodia in Kolkata. The company was incorporated to invest
in land and construct residential buildings.


PHTHALO COLOURS: ICRA Upgrades Rating on INR0.99cr Term Loan to B
-----------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]D to [ICRA]B and the
short term rating from [ICRA]D to [ICRA]A4 for the the fund based
limits aggregating to INR21.99 crore of Phthalo Colours and Chemicals
(India) Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits:
   Term Loan facility      0.99       [ICRA]B/upgraded

   Fund based limits       21.00      [ICRA]A4/upgraded

The revision of ratings takes into consideration the timely servicing
of debt by the company, the potential improvement in the cost
structure and inventory holding requirements expected due to the
phasing out of CPC Blue from the company's product portfolio, and the
long operating track record of manufacturing dyes and pigments.

The ratings, however, remain constrained by the subdued operating
profitability levels, the highly leveraged capital structure and weak
interest coverage metrics of the company in FY2014. The ratings take
into account the vulnerability of the profitability to the volatility
in raw material price and forex fluctuations and the planned buyback
of INR3.77 crore in order to provide exit to PE investors in FY2015,
which is expected to put pressure on liquidity of the firm.

Phthalo Colours and Chemicals (India) Limited (PCCIL) was incorporated
in 1992 and commenced operations from 1993 onwards. It started by
setting up a manufacturing plant at Vapi, Gujarat to produce Copper
Phthalocynine Crude Blue (CPC Blue) with installed capacity of 600
MTPA. PCCIL gradually increased its installed capacity of
manufacturing CPC Blue to the present capacity of 3,600 MTPA. PCCIL
went for diversification in March 2006 whereby it integrated its
operations forward by acquiring a pigment manufacturing unit from
Jaysynth Dyestuff (India) Limited. The acquired unit, after
restructuring, currently has a manufacturing capacity of 3,480 MTPA
and produces Pigment Green, Pigment Alpha Blue and Reactive Blue Dyes.

The CPC Blue manufacturing unit was eventually hived off in March
2014, under a joint venture with A-One Chemicals, and currently
operates under the name of A-One Phthalo Colors Private Limited
(APCPL). PCCIL offers managerial support to the facility, while the
operational aspects are handled by AOC. The unit is equipped with an
installed capacity of 3600 metric tonnes per annum (MTPA) of CPC Blue
and 960 MTPA of Alpha Blue.

The products of the company are sold and marketed under the brand name
of "RANGDAY".

Recent Results
In FY 2014, PCCIL recorded a PAT of INR21.13 crore on an operating
income of INR154.04 crore. In FY2013, the company recorded a PAT of
INR0.18 crore on an operating income of INR125.30 crore.


RVS COLLEGE: ICRA Lowers Rating on INR12.04cr Term Loan to 'B'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR12.04
crore (revised from INR12.79 crore) fund based limits of
RVS College of Engineering & Technology (RCET) from [ICRA]B+ to [ICRA]B.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               12.04       [ICRA]B Downgraded

The rating revision takes into account the significant decline in
revenues and profitability during FY14 along with overall weakening of
financial profile of RCET as reflected by net deficit, negative cash
accruals and negative return indicators which increases the dependence
on capital infusion from the members to fund the shortfall. In
addition, the significant increase in employee expenses without
corresponding increase in fees revenue adversely impacted the
operating profitability during FY14. The rating continued to take into
consideration RCET's small scale of operations, offering graduate and
post graduate courses in limited disciplines and moderate occupancy
levels. The rating also reflects the limited financial flexibility of
the trust with respect to determining the fee structure, which is
entirely regulated by the state Government. The rating, however,
continues to factor the favourable demand outlook for higher education
in India, the accreditation of the college and courses by AICTE and
affiliation to Kohlan University, funding support from other schools
and hostel under RVS Educational Trust and management's track record
of more than a decade in the education sector.

RCET was established in 2004 as part of the RVS Educational Trust, in
addition to the engineering college the trust runs two schools, RVS
Academy, which was started in 2001 and RVS International School which
commenced commercial operations in 2012. RCET primarily offers degree
courses in engineering in limited disciplines and is affiliated to the
AICTE. The college is situated in Jamshedpur in the state of
Jharkhand. The college has a total intake capacity of around 678
students.

Recent Results
RCET reported a net deficit of INR2.80 crore during FY14 on an OI of
INR9.29 crore as against a net profit of INR1.38 crore and OI of
INR14.76 crore during FY13.


SANKRANTHI RAW: CRISIL Assigns B Rating to INR65MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facilities of Sankranthi Raw and Boiled Rice Mill (SRBRM).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B/Stable

   Cash Credit              65        CRISIL B/Stable
   Long Term Loan           25        CRISIL B/Stable

The rating reflects SRBRM's exposure to the start-up nature of its
operations in a fragmented rice milling industry, and the
vulnerability of the firm's operating margin to volatility in raw
material prices and adverse regulatory changes. These rating
weaknesses are partially offset by the benefits that SRBRM derives
from the healthy prospects of the rice processing industry.

Outlook: Stable

CRISIL believes that SRBRM will benefit over the medium term from the
healthy prospects of the rice processing industry. The outlook may be
revised to 'Positive' in case the firm implements its production
capacity on time and registers substantial revenue and profitability.
Conversely, the outlook may be revised to 'Negative' in case there is
significant time and cost overrun in the firm's project completion,
substantially low capacity utilisation, or significant stretch in
working capital management, resulting in deterioration in SRBRM's
overall financial risk profile.

SRBRM is a Nellore (Andhra Pradesh)-based firm that mills rice. The
firm was acquired by Mr. Venkataraman Naidu and his wife in June 2014.
While SRBRM has an existing capacity of 3 tonnes per hour (tph) for
milling raw rice, the promoters are undertaking a capital expenditure
programme with a total outlay of INR61.7 million to install a 4-tph
parboiled rice milling capacity.


SATLUJ SPINTEX: ICRA Suspends B+/A4 Rating on INR219.25cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR219.25 crore bank lines of Satluj Spintex Limited in the absence of
the requisite information from the company.


SRI SWAMI: CRISIL Assigns B+ Rating to INR200MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sri Swami Chitrath Rice Mills (SSCRM).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          200        CRISIL B+/Stable
   Rupee Term Loan        7        CRISIL B+/Stable

The rating reflects SSCRM's weak financial risk profile marked by high
gearing and below average debt protection metrics, and working capital
intensive operations. These rating weaknesses are partially offset by
the extensive industry experience of SSCRM's partners and their
financial support to the firm, and the healthy growth prospects of the
basmati rice industry.

Outlook: Stable

CRISIL believes that SSCRM will benefit over the medium term from its
promoters' industry experience; however, its financial risk profile
will remain constrained by high gearing and below average debt
protection metrics. The outlook may be revised to 'Positive' in the
event of improvement in SSCRM's financial risk profile driven by
better than expected cash accruals or improvement in working capital
management. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected cash accruals or larger than expected
working capital requirements.

SSCRM was promoted by Mr Vakeel Chand in 2010 as a partnership firm.
The firm is engaged in processing and sale of basmati rice. Its
facility is located in Fazilka, Punjab with milling and sortex
capacity of 4 TPH respectively.

SSCRM reported a book profit of INR7.6 million on net sales of
INR642.8 million for 2013-14 (refers to financial year, April 1 to
March 31), against a book profit of INR7.3 million on net sales of
INR357.7million for 2012-13.


SRIADITYA AGRI: CRISIL Reaffirms B Rating on INR31.1MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sriaditya Agri Links Pvt
Ltd (SALPL) continues to reflect SALPL's exposure to intense
competition in highly competitive rice milling industry and to
regulatory changes and susceptibility to fluctuations in raw material
prices.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.2       CRISIL A4 (Reaffirmed)
   Cash Credit          22         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    0.7       CRISIL B/Stable (Reaffirmed)
   Term Loan            31.1       CRISIL B/Stable (Reaffirmed)


The ratings also reflect the company's below-average financial risk
profile marked by small net worth, high gearing and weak debt
protection metrics. The rating weaknesses are partially offset by the
established background of the promoters and benefits derived from the
locational advantage of the milling unit in the rice growing Burdwan
(West Bengal).

Outlook: Stable

CRISIL believes that SALPL will benefit from the established
background of its promoters and benefits derived from the locational
advantage of the milling unit. The outlook may be revised to
'Positive' in case the company generates substantial revenue and cash
accruals thereby translating to improvement in liquidity and financial
risk profile. Conversely, the outlook may be revised to 'Negative' in
case if the company records considerably low sales or operating
margin, leading to low cash accruals and stretch in the company's
liquidity, or in case of a stretch in the company's working capital
cycle.

Update
SALPL recorded sales of INR53.3 million in the first five months of
commercial operations, in 2013-14 (refers to financial year, April 1
to March 31). The company is likely to increase its sales to
INR120-140 million in 2014-15. The company recorded an operating
margin of 9.25 per cent in 2013-14.

SALPL's operations are working capital intensive on account of
inventory of 90 to 100 days. The company funds its working capital
requirements mostly through short-term bank borrowings and unsecured
loan from promoters. SALPL's short-term bank borrowings of INR22
million have been highly utilised at an average of 99 per cent over
the 12 months through January 2015.

SALPL's financial risk profile remains below average. It had a small
net worth of INR9.7 million as on March 31, 2014, and high gearing of
6.16 times. The company's debt protection metrics are weak, with
interest coverage ratio and net cash accrual to total debt ratio
estimated to be at 1.8 and 0.04 times respectively.

For 2013-14, SALPL reported a profit after tax (PAT) of INR0.2 million
on net sales of INR53.3 million in the five months of commercial
operations.

Incorporated in 2013, SALPL processes par-boiled and raw rice. The
unit has a capacity of 4 million tonnes per hour. SALPL started its
operations from November 2013. The day to-day operation of the company
is managed by Mr. Aniruddha Abedin and family members.


SURINDRA BUILDERS: CRISIL Assigns B- Rating to INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Surindra Builders (SB) and has assigned its 'CRISIL
B-/Stable/CRISIL A4' ratings to the firm's bank facilities. CRISIL had
earlier, on December 12, 2014, suspended the ratings as SB had not
provided the necessary information required for a rating review. The
firm has now shared the requisite information, enabling CRISIL to
assign a rating to the firm's bank facilities.

                     Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Assigned;
                                   Suspension revoked)

   Cash Credit           60        CRISIL B-/Stable (Assigned;
                                   Suspension revoked)

The ratings reflect SB's weak financial risk profile, marked by a
moderate gearing and weak debt protection metrics, modest scale of
operations, and high geographical concentration in its revenue
profile. These rating weaknesses are partially offset by SB's long
track record in the construction industry, and the financial support
that it receives from its promoters.

Outlook: Stable

CRISIL expects SB, to maintain a stable business risk profile on the
back of extensive experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if the
firm reports substantial and sustainable growth in scale of operations
and profitability in turn leading to healthy cash accruals. The
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates due to larger-than-expected debt funded capital
expenditure programme or if the firm suffers a decline in its revenues
or profitability or the working capital requirements of the firm
increases leading to deterioration in liquidity profile.

Surindra Builders is a proprietorship firm based out of Chandigarh,
started by Mr Surinder Singh. The firm undertakes complete execution
of projects related to construction of residential and commercial
buildings for both government undertakings and private builders.

SB recorded a book profit of INR1.65 million on net sales of INR58.6
million for 2013-14 (refers to financial year, April 1 to March 31),
against a book profit of INR4.37 million on net sales of INR210
million for 2012-13.


SURYA INT'L: ICRA Assigns SP2D Grading on Weak Financial Strength
-----------------------------------------------------------------
ICRA has assigned an SP2D grading* to Surya International indicating
the 'High Performance Capability' and 'Weak Financial Strength' of the
channel partner to undertake solar projects. The grading is valid for
a period of two years from the date of assignment of grading i.e. till
February 22, 2017 after which it will be kept under surveillance.

Grading Drivers
Strengths Established track record in overall integration of large
grid connected solar projects Strong organizational structure and
technically competent management team Established working relationship
with the equipment suppliers, which are among the leading solar
modules, solar power based water pumps and other equipment suppliers
in India as well as abroad Positive customer feedback on the quality
of products supplied, job executed and also after sales services being
provided by the firm.

Low level of external debt, leading to a conservative capital structure

Risk Factors:
Small scale of current operation in the solar segment; although,
consistent business growth witnessed during the past years Large
number of organized/ unorganized players indicating high level of
competition Weak financial profile characterized by nominal profits as
well as cash accruals, low level of net worth and high total outside
liabilities to tangible net worth (TOL/TNW) Lack of geographical
diversification, as the firm at present operates primarily in the
state of Odisha.

Fact Sheet
Year of Establishment: 2012
Office Address: H/O- M Shivaji, 2nd Lane, Gandhi Nagar
                Berhampur, Odisha 760 001
Proprietor: Mr. Kamlesh Kumar Singh

Established in 2012, Surya International (Surya) is engaged as a solar
solutions provider for design, integration and installation of solar
energy based water pump and street light system. The firm procures
solar modules, pumps, batteries and other related
equipments/accessories from the suppliers, while integrating and
installing them at the users' point. Besides, the firm also undertakes
overall integration of grid connected solar power plant.


SVS FOOD: ICRA Reaffirms B Rating on INR7cr Fund Based Limit
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR7.00 crore fund based limits (increased from INR6.50 crore) and the
short term rating of [ICRA]A4 has been withdrawn for bank limits of
SVS Food Processors Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits       7.00        [ICRA]B reaffirmed
   Unallocated limits      0.00        [ICRA]B/[ICRA]A4 withdrawn
   (Reduced from 0.50)

The reaffirmation of the rating continues to be constrained by SVSPL's
relatively small scale of operation & inherently low value additive
nature of food processing industry; and risks inherent in an agro
based business like flour milling including vulnerability towards the
changes in government policies and raw material supply risks as the
level of harvest and quality of wheat are highly dependent on agro
climatic conditions. Further, the rating also takes into account weak
financial profile of the company with low operating income and adverse
capital structure characterised by high gearing and modest coverage
indicators. The rating, however, favourably factors in successful
commissioning of the flour mill in February 2014 though with a delay
of around five months and a favourable demand outlook of wheat
products in India. The reaffirmation of rating also takes into account
the location of plant in proximity to end user industry with sales
profile dominated by institutional customer and low customer
concentration risk with top five customers attributing to 26% and 36%
of total sales in FY2014 and 9 months FY2015.

Going forward, company ability to scale up the operation while
maintaining healthy profitability and improve capital structure is the
key rating sensitivity from credit perspective.

SVS Food Processors Private Limited (SVSPL) is incorporated as a
private limited company in the year 2012. The company had set up a
flour mill with 45000 TPA capacity and the unit is located on a 3
acres land at SingannaGuda Village, Medak district, Andhra Pradesh,
which is around 30 kms from the Hyderabad. The company is promoted by
Mr. D. Narendra Reddy and Mr.CH. Narsimha Reddy.

Recent Results
As per provisional financials for 9 months FY2015, the company
reported an operating income of INR13.03 crore and PAT of INR-0.01
crore against operating income of INR0.77 crore and PAT of INR-0.51
crore in FY2014.


THANJAVUR SPINNING: ICRA Reaffirms B+ Rating on INR70.61cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the INR70.61
Crore term loan facilities and the INR40.00 Crore fund based
facilities of Thanjavur Spinning Mill Limited at [ICRA]B+. ICRA has
also reaffirmed the short-term rating outstanding on the INR11.00
Crore fund based (sub-limit) facilities, the INR12.00 Crore non-fund
based facilities and the INR11.00 Crore non-fund based (sub-limit)
facilities of TSML at [ICRA]A4. ICRA has reaffirmed the long-term
rating of [ICRA]AA-(SO) outstanding on the INR35.00 crore term loan
facility of TSML. The outlook on the [ICRA]AA- rating is stable.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    70.61      [ICRA]B+/Reaffirmed

   Long-term fund based    40.00      [ICRA]B+/Reaffirmed
   Facilities

   Short-term fund based  (11.00)     [ICRA]A4/Reaffirmed
   (sub-limit) facilities

   Short-term Non-fund     12.00      [ICRA]A4/Reaffirmed
   based facilities

   Short-term Non-fund    (11.00)     [ICRA]A4/Reaffirmed
   based (sub-limit)
   facilities

   Term loan facility      35.00      [ICRA]AA-(SO) (Stable)/
                                       Reaffirmed

An SO rating is specific to the rated issue, its terms, and its
structure. SO ratings do not represent ICRA's opinion on the general
credit quality of the issuers concerned.

ICRA has taken a consolidated view of the business and financial
profiles of the spinning entities in the Ramco Group (viz.,
Rajapalayam Mills Limited (RML), The Ramaraju Surgical Cotton Mills
Limited, Sri Vishnu Shankar Spinning Mill Limited, Sandhya Spinning
Mill Limited, Thanjavur Spinning Mill Limited and Sri Harini Textiles
Limited "the Group") for the purpose of this rating, due to strong
business and financial inter-linkages, common management control and
extension of corporate guarantees by RML to other spinning companies
in the Group.

The [ICRA]AA-(SO) rating is solely based on the strength of the
corporate guarantee extended by The Ramco Cements Limited ("TRCL"),
the bank facilities of which are rated [ICRA]AA- (Stable) and
[ICRA]A1+. The rating action for TSML follows similar rating for the
bank facilities of TRCL. The ratings addresses the servicing of the
rated facilities to happen as per the terms of the underlying loan and
the guarantee arrangement and the rating assumes that the guarantee
will be duly invoked, as per the terms of the underlying loan and
guarantee agreements, in case there is a default in payment by the
borrower.

The reaffirmation of the [ICRA]B+ and [ICRA]A4 ratings factor in the
weak financial profile of the Company characterized by low net worth
due to inventory losses in the past, thin margins and weak coverage
indicators. TSML's capitalization is also highly stretched owing to
the debt funded capital expenditure in the past. Owing to weak
accruals and minimal equity infusion the debt levels have remained
high. The Company had utilized corporate loans to tide over the
liquidity during 2011-12, 2012-13, and 2013-14. During 2013-14 the
company had received preference share capital of INR25.00 crore from
Rajapalayam Mills Limited; this has supported the capital structure
and liquidity. However, the high debt repayment obligations in the
medium term are expected to keep the liquidity under strain and
increase its reliance on external debt/financial support from group
Companies to meet its debt obligations. The ratings are constrained by
the low pricing flexibility of the spinners owing to low product
differentiation and intense competition.

During H1-2014-15, TSML posted net loss of INR4.0 crore; this coupled
with subdued demand outlook for H2-2014-15, is likely to necessitate
external funding/group support/refinancing for meeting the debt
repayment obligations of over INR40.0 crore in 2014-15.


UNICORN PETROLEUM: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unicorn Petroleum
Industries Private Limited (UPIPL) continue to reflect UPIPL's modest
scale of operations, the susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rates, and its
average financial risk profile marked by small net worth. These rating
weaknesses are partially offset by the extensive experience of UPIPL's
promoters in the refined petroleum products industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        5        CRISIL A4 (Reaffirmed)
   Cash Credit          60        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     40        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that UPIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company achieves significant and
sustained improvement in its revenue and operating margin, while
maintaining its working capital cycle, resulting in improvement in its
overall financial risk profile. Conversely, the outlook may be revised
to 'Negative' if UPIPL registers significant decline in its revenue or
margins, or if its working capital cycle lengthens, or if the company
undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile.

Update
UPIPL's revenue improved by around 10 per cent to INR484 Million in
2013-14 (refers to financial year, April 1 to March 31) from INR439
million in 2012-13 on account of increased orders from existing and
new clients. The revenue is expected to witness healthy growth over
the medium term, driven by established relationships with customers.

UPIPL's operating margin declined to 2.9 per cent in 2013-14 from 6.3
per cent in 2012-13 on account of volatility in foreign exchange
(forex) rates. The operating margin is expected to remain vulnerable
to volatility in forex rates and crude oil prices over the medium
term.

UPPL's gearing improved to 1.3 times as on March 31, 214, from 1.75
times a year earlier, on account of reducing debt. However, its total
outside liabilities to total net worth continued to remain moderately
high at around 2.6 times as on March 31, 2014, compared to 2.4 times
as on March 31, 2013.  The company's gross current assets increased to
112 days as on March 31, 2014, from 96 days as on March 31, 2013,
because of increase in inventory. PIPL's interest coverage ratio
remained weak, at 1.3 times in 2013-14, on account of low operating
margin. The company's liquidity is supported by moderate bank limit
utilisation (averaging 65 per cent over the 12 months through October
2014), sufficient accruals against term debt obligations, and moderate
current ratio.

UPIPL was originally established in 1967 as a partnership firm by
Mumbai-based Rathi family. The firm was reconstituted as a private
limited company in 1993. UPIPL manufactures and trades in petroleum
jelly, liquid paraffin, waxes, and aromatic solvents, which are used
primarily in the pharmaceuticals, cosmetics, pesticide, and
agrochemicals industries. The company's manufacturing facilities are
in Deonar (Maharashtra) and its registered office is in Mumbai. Its
day-to-day operations are managed by Mr. Pramod Rathi and Mr. Rajesh
Rathi.


VAIBHAV STRUCTURALS: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vaibhav Structurals
(VS) continue to reflect the firm's small scale and working capital
intensive operations, and moderate financial risk profile, marked by
high gearing. These rating weaknesses are partially offset by the
promoters' extensive industry experience and its long-standing
relationships with clients, resulting in repeat orders.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's financial risk profile improves on
the back of equity infusions and/or significant improvement in its
revenues and profitability. Conversely, the outlook may be revised to
'Negative' if VS registers deterioration in its liquidity either due
to stretch in working capital requirements and/or lower-than-expected
accruals.


Established in 1998, VS is founded by Mr. V.K.Jain in Kota, Rajasthan.
The partnership firm is engaged in the execution of power projects on
a turnkey basis, supply of heavy electrical material like conductors,
switch gears, cables and transformers and fabrication of towers.


VASTUSHREE DEVELOPERS: CRISIL Cuts Rating on INR100MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Vastushree Developers (VD) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             100       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by VD in servicing
its term debt; the delays have been caused by the firm's weak
liquidity, driven by low cash inflows due to the slow progress of its
ongoing project and lower receipt of customer advances.

VD also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. Furthermore,
the firm remains susceptible to risks related to completion, funding,
and saleability of its projects, and to inherent risks and cyclicality
in the Indian real estate industry. However, VD benefits from the
extensive experience of its partners in the real estate industry and
the expected funding support from them.

VD was set up in 2001 by Mr. Abhijeet Keshav Bhujbal, Ms. Sarika
Abhijit Bhujbal, Mr. Mahesh Ashok Mathwad, Mr. Kishore Ashok Mathwad,
and Mr. Rakesh Ashok Mathwad. The firm is developing a real estate
property, Vastushree Adrina, in Pune (Maharashtra).


VISHVAS GINNING: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vishvas Ginning &
Industries (VGI) continue to reflect its below-average financial risk
profile, marked by high gearing and weak debt protection metrics, and
susceptibility to intense competition in the cotton ginning industry.
These rating weaknesses are partially offset by the extensive
experience of VGI's promoters in the ginning and cotton trading
industry.

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

   Proposed Long Term
   Bank Loan Facility     5       CRISIL B+/Stable (Reaffirmed)

   Term Loan             20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VGI will continue to benefit over the medium term
from its promoter's extensive experience in the cotton ginning and
trading industry. The outlook may be revised to 'Positive' in case
VGI's scale of operation and profitability increases significantly
leading to higher than expected cash accruals and its financial risk
profile improves marked by reduction in working capital cycle or
equity infusion. Conversely, the outlook may be revised to 'Negative'
if VGI's liquidity weakens marked by decline in profitability, stretch
in working capital cycle, or any large, debt-funded capex.

Update
VGI's net sales reduced by 17 per cent to INR862.6 million in 2013-14
(refers to financial year, April 1 to March 31) from INR1040.3 million
in 2012-13. With net sales of INR487.5 million in the seven months
through October 2014, sales growthis expected to remain low in
2014-15. CRISIL however believes VGI's operations will find support
from additional capacities being operational post April, 2014, which
will help scale up its operation over the medium term. Operating
margin remained low at 1.2 per cent in 2013-14 and is expected to
remain at similar levels over the medium term. VGI's operations remain
moderately working capital intensive, with gross current assets of 58
days as on March 31, 2014. The financial risk profile is below
average, with a high gearing of 2.6 times and weak debt protection
metrics as on March 31, 2014; interest coverage and net cash accruals
to total debt ratios were around 1.3 times and 0.02 times respectively
for 2013-14. Liquidity is stretched, with accruals expected to remain
tightly matched against repayment obligation; VGI is expected to
generate accruals of around INR4.5 million in 2014-15, against
maturing debt of INR4 million. Liquidity however finds support from
moderate bank limit utilisation of 51 per cent for the 12 months ended
October, 2014. Also, VGI's promoters have supported its operation via
equity infusion of INR6 million in 2013-14. CRISIL expects VGI's
promoters will continue to support its liquidity via timely funding
support over medium term.

VGI reported a profit after tax (PAT) of INR0.5 million on net sales
of INR862.6 million in 2013-14 as compared to PAT of INR3.2 million on
net sales of INR1040.3 million in 2012-13.

Set up as a partnership firm by the Ganibhai and the Abhrambhai
families in 2003, VGI undertakes ginning and pressing of cotton, and
sells cotton bales, cotton seed, and cotton seed oil and its
by-products. Its plant is located at Bhavnagar (Gujarat).


WINTOP VITRIFIED: ICRA Reaffirms B+ Rating on INR13.14cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR13.14
crore (reduced from INR18.20 crore) term loan, INR12.00 crore
(enhanced from INR8.00 crore) cash credit and INR1.50 crore (reduced
from INR8.50 crore) non fund based foreign letter of credit (sublimit
within term loan) facility of Wintop Vitrified Private Limited. ICRA
has also reaffirmed the short term rating of [ICRA]A4 to the INR1.00
crore non fund based foreign letter of credit (sublimit within cash
credit) and INR3.00 crore (enhanced from INR2.50 crore) bank guarantee
facility of WVPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based-Term Loan     13.14      [ICRA]B+ reaffirmed
   Fund Based-Cash Credit   12.00      [ICRA]B+ reaffirmed
   Non Fund Based-Foreign
   Letter of Credit         (1.50)     [ICRA]B+ reaffirmed
   Non Fund Based-Foreign
   Letter of Credit
   (For import of Raw
   Material)                (1.00)     [ICRA]A4 reaffirmed
   Non Fund Based-Bank
   Guarantee                 3.00      [ICRA]A4 reaffirmed

The ratings continue to remain constrained by Wintop Vitrified Private
Limited's (WVPL) modest scale of operations with a single product
portfolio and financial profile characterized by high gearing with
modest debt protection indicators. The ratings also take into
consideration, the susceptibility of operations to the intense
competition with the presence of large established organized tile
manufacturers and unorganized players given the limited track record
of the company. While assigning the ratings, ICRA also takes note of
the dependence of operations and cash flows on the performance of the
real estate industry. It is the main consuming sector for the
company's products, and the vulnerability to volatility in raw
material prices.

The ratings, however, favorably take note of the experience of the key
promoters in the ceramic industry and the location advantage enjoyed
by WVPL, giving it easy access to raw material and the company's
geographically diversified dealers' network in domestic market. The
ratings also factor in the supply agreement with Aravind Ceramics
Private Limited, mitigating off take risks to an extent.

Wintop Vitrified Private Limited is a vitrified tiles manufacturer
with its plant situated in Morbi, Gujarat. The company was
incorporated in January 2011 as a private limited company with the
commencement of commercial operation in March 2012. The company is
currently managed by seven directors, namely Mr. Mukeshbhai Kachrola,
Mr. Bhikhabhai Panara, Mr. Kantilal Kakasaniya, Mr. Narbherambhai
Ghodasara, Mr. Bharatbhai Kacharola, Mr. Dhirajlal Panara and Mr.
Kamleshbhai Panara. The manufacturing plant has an installed capacity
to produce 56,575 MTPA of vitrified tiles in single size 600X600 mm
with the current set of machinery.

Recent Results
In FY14, the company reported an operating income of INR48.48 crore
and net profit of INR0.57 crore.


Y.M.R. CONSTRUCTIONS: CRISIL Cuts Rating on INR55MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Y.M.R. Constructions (YMR) to 'CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        55        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan        29.5      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Overdraft Facility    32.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    33.0      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by YMR in servicing
its debt. The delays have been caused by the weakening of the firm's
weak liquidity, owing to a stretch in its working capital cycle.

YMR has modest scale of operations in the intensely competitive
construction industry, has large working capital requirements, and has
a high degree of customer concentration in its order-book. However,
the firm benefits from its proprietor's extensive experience in the
construction industry.


YMR was established in 1999 as a proprietorship firm by Mr. Mohan
Reddy. The firm undertakes the construction and maintenance of roads,
and caters to state government bodies such as the Roads and Buildings
department and Panchayat Raj Engineering Department. The firm is based
in Hyderabad (Telangana).


YAMUNA MACHINE: ICRA Assigns B+ Rating to INR6.5cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.50 crore
fund-based limits and INR3.60 crore term loans of Yamuna Machine Works
Ltd. A short term rating of [ICRA]A4 has also been assigned to the
INR3.00 crore fund based limits and INR1.50 crore non fund based
limits of the firm.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       6.50        [ICRA]B+ assigned
   Term Loan Limits        3.60        [ICRA]B+ assigned
   Export Packing Credit
   Limit                   3.00        [ICRA]A4 assigned
   Letter of Credit Limit
   (sub limit within BG
   limits)                 (1.00)      [ICRA]A4 assigned
   Bank Guarantee Limit     1.50       [ICRA]A4 assigned

The assigned ratings are constrained by the weak financial profile of
Yamuna Machine Works Ltd. (YMWL), characterized by low profitability,
leveraged capital structure and working capital intensive nature of
operations. The ratings also take into consideration the
susceptibility of revenues to the fluctuation in exchange rates and to
the competitive pressure prevailing in the market. The ratings also
factor in vulnerability of the operations to demand risk arising from
the dependence on the business cycles of textile industry.

The assigned ratings, however favourably factor in the significant
experience of the partners in the textile processing machineries
manufacturing business and the enhanced business opportunities of the
company following diversification of the product portfolio.

Yamuna Machine Works Limited was established in the year 1990 as a
private limited company and later changed its status to a limited
company in 2012. The company was promoted by Mr. Madhubhai Mangukia
and others. Since its inception, the company has been carrying on the
business of manufacturing and installation of textile processing
machineries. YMWL is an ISO 9001:2008 certified company. The company
has its registered office in Kandivili (Mumbai) and a manufacturing
unit in G.I.D.C. Vapi, (Gujarat).

Recent Results:
YMWL recorded a net profit of INR0.68 crore on an operating income of
INR76.15 crore for the year ending March 31, 2014.


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


SKYMARK AIRLINES: Shares Trading Ended February 28
--------------------------------------------------
Jiji Press reports that public trading in Skymark Airlines shares
ended on Feb. 28 due to the company's filing of bankruptcy protection
in January, about 15 years after they were listed on a Japanese stock
market for startup firms.

Skymark shares ended at JPY14 on their final trading day on the Tokyo
Stock Exchange's First Section, down JPY12 from the previous day, Jiji
Press relates.

The issue was scheduled to be delisted Sunday [March 1], making
trading in the stock difficult. In addition, the stock may become
worthless if the airline is found to have liabilities in excess of
assets, says Jiji Press.

The report says Skymark went public in May 2000 when its shares were
listed on the TSE's Mothers market.

The issue changed hands around JPY300 in spring last year before
plunging in July, when the airline was hit by a massive aircraft order
cancellation fee by Airbus SAS, according to the report.

Jiji Press relates that the stock recovered to JPY520 in
December when Skymark sought a code-sharing agreement with ANA
Holdings Inc.'s All Nippon Airways. But it fell below JPY30 after the
bankruptcy filing, the report relays.

Former Skymark President Shinichi Nishikubo, who was once the
airline's largest shareholder with a stake of over 30 percent, has
already sold his entire holdings of Skymark shares, the report adds.

                      About Skymark Airlines

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

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

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


TAKATA CORP: Automakers Pick Orbital to Lead Airbag Defect Probe
-----------------------------------------------------------------
The Japan Times reports that a group of 10 automakers impacted by
faulty air bags made by embattled Japanese parts supplier Takata Corp.
said Feb. 26 it has selected the aerospace company Orbital ATK Inc. to
lead an independent investigation of the defect.

The Japan Times relates that the automakers also announced that former
National Highway Transportation Safety Agency head David Kelly has
been named as project manager of the probe to test the air bag
inflators, which are prone to improperly inflating and spraying metal
fragments.

"Orbital ATK is one of the world's leading engineering firms, and we
are confident that their extensive expertise will help speed and
advance ongoing investigation of Takata air bag inflators," the group
said in a press release, the report relays. "This selection, along
with David Kelly, represents an important step forward in our
industry-wide effort."

According to the report, the group said the industrywide investigation
into the defective air bags will supplement the testing being done by
Takata. The root cause of the defect has not been identified, the
report says.

The Japan Times adds that the automakers are Toyota Motor Corp., Honda
Motor Co., Mazda Motor Corp., Mitsubishi Motors Corp., Nissan Motor
Co., Fuji Heavy Industries Ltd., BMW AG, FCA US LLC, Ford Motor Co.
and General Motors Co.

Separately, Japan Times reports that NHTSA announced on Feb. 25 it
will step up its probe into Takata's defective air bags and ordered
the Japanese company to preserve inflators removed from recalled
vehicles.

It said that about 17 million cars have been recalled since 2008 to
fix the faulty air bags, but only about 2 million have been repaired.
The defect has also been linked to several deaths in the United States
and Malaysia, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.
According to the report, Takata's revenue in the first half of its
fiscal 2015 was just above $2.5 billion. It would barely make the
Fortune 500, said 24/7 Wall St.  Due to its modest size, hundreds of
millions of dollars in repairs and recalls and billions of dollars in
liabilities for drivers harmed by its airbags could easily render it
insolvent, according to
24/7 Wall St.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


AVAGO TECHNOLOGIES: Fitch Rates Issuer Default Ratings 'BB+'
------------------------------------------------------------
Fitch Ratings believes Avago Technologies Ltd.'s (Avago) acquisition
of Emulex Corporation (Emulex) does not affect Avago Technologies
Finance Pte. Ltd.'s ratings, including the company's 'BB+' Issuer
Default Rating (IDR) and Stable Outlook.

Avago announced it will acquire Emulex for $606 million, or $609
million net of acquired cash and debt. Emulex is a leading supplier of
fiber channel and related products and should complement Avago's
enterprise storage offerings. Emulex will add $250 million to $300
million of annual revenues at higher operating margins exiting fiscal
2016.

Avago will fund the acquisition with available cash, which was $2.6
billion at the quarter ended Jan. 31, 2015. The acquisition is
expected to close in the second half of fiscal 2015 and is subject to
customary closing conditions and approvals.

Key Ratings Drivers

The ratings and Outlook reflect Fitch's expectations for solid
operating performance over the longer-term and strengthening credit
protection measures from voluntary debt reduction with free cash flow
(FCF). Despite expectations for continued cyclicality, accelerating
LTE adoption should drive secular demand, including higher smartphone
shipments, increasing complexity, growing internet bandwidth demands
and greater storage requirements.

Fitch expects operating profit margin will modestly strengthen over
through the intermediate-term from restructuring and benefit in the
nearer-term from high capacity utilization. Fitch estimates operating
profit margin was 28% for the LTM ended Feb. 1, 2015 and will remain
in the mid- to high-20% range over the intermediate-term.

Fitch expects mid-cycle annual FCF will average more than $500
million, driven by growing profitability although, healthy inventory
levels through the supply chain, and lower cash restructuring and
pension contributions. Nonetheless, capital spending could remain
elevated over the intermediate-term to alleviate FBAR and laser
capacity constraints even after the company recently completed a
multi-year capacity expansion.

Fitch expects improving credit metrics after Avago borrowed to
complete its $6.6 billion acquisition of LSI in fiscal 2014. Fitch
estimates total leverage (total debt to operating EBITDA) was 3 times
(x) for the latest 12 months (LTM) ended Feb. 1, 2015 and will remain
below 3x over the longer-term. Fitch estimates interest coverage
(operating EBITDA to gross interest expense) was 11.2x for the LTM
period and will remain above 10x over the longer-term.

RATINGS SENSITIVITIES

Avago's use of FCF for voluntary debt reduction or higher
profitability from the achievement of cost synergies resulting in
total leverage approaching 2.5x could result in positive rating
actions, as Fitch believes the company will have the FCF capacity for
debt reduction. Negative rating actions could result from: i) market
share erosion at a leading customer or in aggregate, indicating an
loss of technological advantage or ii) the degradation of
profitability and FCF, resulting in expectations for total leverage
sustained near 4x.

RATINGS DRIVERS

The ratings are supported by Avago's : i) leadership positions in
secular growth markets, ii) strong profitability with expectations for
profit margin expansion from cost synergies, and iii) consistent and
solid annual mid-cycle FCF, providing ample financial flexibility for
debt reduction.

Rating concerns center on: i) improved but still substantial customer
and end market concentration, with wireless communications and wired
infrastructure representing roughly half of revenues and Avago's top
10 customers accounting for 57% of revenues., ii) potential
integration challenges, given disparate research and development (R&D)
investment profiles and iii) expectations for ongoing and potentially
significant acquisition activity.

As of Feb. 1, 2015, Fitch believes liquidity is solid and consists of:
i) $2.6 billion of cash and cash equivalents and ii) a $500 million
undrawn senior secured RCF expiring 2019. Consistent annual FCF also
supports liquidity. Cash location is not a concern for Avago, given
the company's incorporation in Singapore.

Total debt is $5.4 billion and consists of: i) $4.6 billion senior
secured term loan B maturing in 2021 and ii) $1 billion of the
privately placed convertible note due 2021. The term loan B amortizes
at $46 million (1%) annually until the bullet maturity in 2019.

Fitch currently rates Avago Technologies Finance Pte. Ltd. as follows:

-- IDR 'BB+';
-- $4.6 billion Senior Secured Term Loan B 'BBB-'; and
-- $500 million Senior Secured Revolving Credit Facility (RCF) 'BBB-'.



                             *********

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, Psyche A. Castillon, 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.



                 *** End of Transmission ***