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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, March 6, 2015, Vol. 18, No. 046


                            Headlines


A U S T R A L I A

NORMANVILLE MEATWORKS: Placed into Voluntary Administration
OZ FRESH FARMS: Placed Into Voluntary Administration
PLAY HARD: First Creditors' Meeting Slated For March 16
RITAM HOMES: First Creditors' Meeting Set For March 13


C H I N A

CHINA MEDICAL: Ch. 15 Liquidator Renews Push for Paul Weiss Docs
CHINA OIL: Natural Gas Price Adjustment Credit Pos., Moody's Says


I N D I A

A. B. PAL: CRISIL Assigns B+ Rating to INR110MM Cash Credit
AARAM PLASTICS: CRISIL Assigns B Rating to INR30MM Cash Credit
AIR INDIA: May Find It Hard to Bridge Budget Deficit in 2015-16
ANALCO INDIA: CRISIL Reaffirms B+ Rating on INR50MM Bank Loan
ASHTANGA EDUCATIONAL: CRISIL Rates INR75MM Rupee Term Loan at B

ATLAS CYCLES: CRISIL Rates INR300MM Fixed Deposit Programme 'FC'
B.N.M. HI-TECH: CRISIL Assigns B Rating to INR60MM Cash Credit
BLUE STAR: ICRA Reaffirms B+ Rating on INR7.5cr Term Loan
CENTRAL BANK OF INDIA: Moody's Cuts Deposit Rating to 'Ba1'
GLOBAL COPPER: ICRA Revises Rating on INR10cr Cash Credit to B

GREENPIECE LANDSCAPES: ICRA Assigns B+ Rating to INR4.5cr Loan
HARVINS CONSTRUCTIONS: CRISIL Ups Rating on INR75MM Loan to B
JALAN TRANSOLUTIONS: CRISIL Reaffirms B+ Rating on INR150MM Loan
KAPIL POWER: ICRA Assigns SP 3D Grading on Weak Fin'l Strength
KLG IMPORTS: CRISIL Assigns B+ Rating to INR60MM Cash Credit

KRISHNA CONCAST: ICRA Suspends B+ Rating on INR5cr Cash Credit
LGF SYSMAC: ICRA Suspends B/A4 Rating on INR8cr Bank Loan
LODHA DEVELOPERS: Fitch Assigns B+ Rating to Proposed US$ Notes
MANRAASH PROCESSORS: CRISIL Places B+ Rating on INR56.1MM LT Loan
NAGPUR BEVERAGES: CRISIL Assigns B+ Rating to INR60MM Cash Loan

NITESH FASHION: ICRA Rates INR13.50cr Fund Based Loan at 'B'
OM PRAKASH: CRISIL Reaffirms B+ Rating on INR50MM Bank Loan
PICSON CONSTRUCTION: CRISIL Assigns B+ Rating to INR60MM Loan
PRATEEK APPARELS: ICRA Ups Rating on INR83cr Loan From B-
PRINCE PROPERTIES: ICRA Assigns B+ Rating to INR20cr Term Loan

RAGHUVIR GINNING: CRISIL Ups Rating on INR80MM Cash Loan to B+
RAM RAGHU: ICRA Assigns B Rating to INR9.12cr Term Loan
REAL AGROTECH: CRISIL Assigns B+ Rating to INR40MM Cash Loan
RELIANCE COMMUNICATIONS: Moody's Assigns 'Ba3' CFR
ROYAL WOOD: ICRA Assigns B+ Rating to INR3cr Cash Credit

S. D. RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
S R OVERSEAS: CRISIL Assigns B Rating to INR35MM Cash Credit
SAFIRE INDUSTRIES: CRISIL Reaffirms D Rating on INR46.5MM Loan
SAHARA GROUP: Lenders Put Iconic Grosvenor House on Sale
SARVANI READYMIX: CRISIL Rates INR35MM Overdraft Loan at B+

SAYAJI PACKAGING: ICRA Revises Rating on INR3cr Term Loan to B-
SEETA INTEGRATED: CRISIL Assigns B+ Rating to INR85MM Cash Loan
SHREE COTEX: ICRA Assigns B Rating to INR7cr Cash Credit
SHRI BALAJI: CRISIL Assigns B Rating to INR70MM Term Loan
SHRI LAXMIBADRI: CRISIL Puts B Rating on INR80MM Term Loan

SOLTEK PHOTOVOLTEK: CRISIL Puts B Rating on INR20MM Cash Credit
SRI MVR: ICRA Reaffirms B Rating on INR13.65cr LT Loan
SUBHASISH JENA: CRISIL Assigns B+ Rating to INR30MM Cash Credit
SWASTIK REFINERY: CRISIL Cuts Rating on INR800MM LOC to 'D'
TANGLING MINI: ICRA Reaffirms C Rating on INR19.40cr Term Loan

VANYA STEELS: ICRA Reaffirms B- Rating on INR10.02cr Term Loan
VGS ENTERPRISES: ICRA Assigns B+ Rating to INR4.50cr Cash Credit
VIR ELECTRO: ICRA Lowers Rating on INR12.5cr LT Term Loan to 'D'
YINDU TEXTILES: CRISIL Assigns B Rating to INR300MM LT Loan


J A P A N

EPCOTT CO: Files For Bankruptcy in Tokyo
SKYMARK AIRLINES: To Suspend Yonago Route From September 1


N E W  Z E A L A N D

GTL ENERGY: Loss Narrows to NZ$699.8K; To Sell Briquette Plant


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


NORMANVILLE MEATWORKS: Placed into Voluntary Administration
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Normanville
Meatworks Pty Ltd has been put into voluntary administration. BRI
Ferrier has been appointed administrator of the company, the
report says.

In its heyday in the 1990s, the company was handling 6,000 sheep
units and 1,000 cattle units per week. However, figures reduced in
recent years, Dissolve.com.au relates.


OZ FRESH FARMS: Placed Into Voluntary Administration
----------------------------------------------------
Eloise Keating at Smartcompany reports that a family-owned
strawberry producer that has supplied fresh berries to Coles
supermarkets for more than 40 years has collapsed into voluntary
administration.

Victorian-based Oz Fresh Farms called in administrators Ernst &
Young on February 24, with Philip Campbell-Wilson and Adam
Nikitins appointed to manage the administration process,
SmartCompany says.

Mr. Campbell-Wilson told SmartCompany Oz Fresh Farms is still
trading and he intends to keep trading the business throughout
EY's appointment.

A combination of "climatic conditions affecting crops at an
unfortunate period of time" as well as investment in
infrastructure that "hasn't produced yields" prompted the business
to enter voluntary administration, Mr. Campbell-Wilson, as cited
by SmartCompany, said.

Oz Fresh Farms has always been a family affair, with founder Rocco
Pignataro and sons Joe and Mick growing the business together from
its home in Victoria's Yarra Valley. Rocco Pignataro founded the
business in the 1970s, SmartCompany discloses.

According to the report, Mr. Campbell-Wilson said the Pignataro
family still owns a 50% stake in the company, with the remaining
50% owned by a Dutch investor. Joe Pignataro took over as chief
executive when his father died a few years ago, while Mike
Pignataro is the company's production director, the report notes.

SmartCompany relates that Mr. Campbell-Wilson said Oz Fresh Farms
was turning over somewhere between AUD25 million and AUD30 million
at the time of his appointment. The majority of the company's
fruit is sold to Coles, with some orders also going to independent
green grocers.

Oz Fresh Farms was the largest strawberry producer in Australia as
of April 2014, with a 15% share of the market, SmartCompany
dicloses citing BDO's Agricultural Competitiveness White Paper.

SmartCompany adds that Mr. Campbell-Wilson said the business
largely operates on casual labour, with the Weekly Times reporting
in early 2014 the company's Victorian operations employed up to
300 employees during harvest season

But Mr. Campbell-Wilson said the number of employees is now closer
to 10% of that figure, with the company's demand for labour also
reduced since closing its stone fruit and mango farms at
Caboolture on Queensland's Sunshine Coast, SmartCompany says.

According to the report, Mr. Campbell-Wilson said the
administrators will "consider all options" for the future of Oz
Fresh Farms but said he believes the company's investors and
directors are intending to propose a Deed of Company Arrangement
to restructure the business.

The first meeting of Oz Fresh Farms creditors is scheduled to be
held in Melbourne today, March 6, adds SmartCompany.


PLAY HARD: First Creditors' Meeting Slated For March 16
-------------------------------------------------------
Petr Vrsecky and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of Play Hard Media Pty. Ltd. on
March 3, 2015.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
March 16, 2015, at 10.30 a.m.


RITAM HOMES: First Creditors' Meeting Set For March 13
------------------------------------------------------
Graeme Beattie & Aaron Lucan of Worrells were appointed as
administrators of Ritam Homes Pty Ltd on March 4, 2015.

A first meeting of the creditors of the Company will be held at
Suite 3, Level 1, 96 Phillip Street, in Parramatta, New South
Wales, on March 13, 2015, at 3:30 p.m.



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


CHINA MEDICAL: Ch. 15 Liquidator Renews Push for Paul Weiss Docs
----------------------------------------------------------------
Law360 reported that the liquidator probing an alleged $355
million insider fraud at a defunct Chinese medical technology
company slammed a decision letting Paul Weiss Rifkind Wharton &
Garrison LLP and AlixPartners LLP invoke attorney-client privilege
to hold back the results of an internal investigation they
conducted for its audit committee.

According to the report, Kenneth Krys, the man tasked with digging
up money for creditors of China Medical Technologies Inc., argued
that allowing the law firm and turnaround shop to retain the
documents would have the "perverse outcome" of protecting the very
corporate malfeasance they were hired to uncover.

The report said Mr. Krys is challenging a bankruptcy-court ruling
that shielded the documents as privileged work-product. Mr. Krys,
who represents CMED in its Chapter 15 bankruptcy in New York, is
contending that the firms can't hide behind a privilege claim for
the now-defunct audit committee to withhold information that he
needs to claw back wrongfully transferred funds, the report
related.

                       About China Medical

China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate money
fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands. Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding" The liquidator filed a Chapter 15
petition for China Medical (Bankr. S.D.N.Y. Case No. 12-13736) on
Aug. 31, 2012. Curtis C. Mechling, Esq., at Stroock & Stroock &
Lavan, LLP, in New York, serves as counsel.

Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, were
appointed as liquidators of China Medical Technologies Inc.

The liquidators may be reached at:

          Cosimo Borrelli
          Yuen Lai Yee (Liz)
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


CHINA OIL: Natural Gas Price Adjustment Credit Pos., Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says China's National Development and
Reform Commission's adjustment to the wholesale price of natural
gas is credit positive for Moody's-rated city gas operators.

The adjustment -- which will apply to non-residential users,
effective April 1, 2015 -- will moderately reduce the average
price that city gas operators pay to purchase gas for these end
users.

The price adjustment is credit positive for the rated city gas
operators -- ENN Energy Holdings Limited (Baa3 stable), China
Resources Gas Group Limited (Baa1 stable), The Hong Kong and China
Gas Co. Ltd. (A1 stable), Towngas China Company Limited (Baa2
positive),Beijing Enterprises Holdings Ltd. (A3 stable) and China
Oil and Gas Group Limited (Ba1 stable) -- because the lower
procurement costs will ease their margin compression and encourage
natural gas consumption. It also has a positive implication on the
tariff setting mechanism for city gas operators in terms of
consistency and predictability.

The NDRC lowered the wholesale gas price by RMB0.44 per cubic
meter for incremental natural gas volumes and increased the price
by RMB0.04 per cubic meter for existing volumes. This change was
prompted mainly by the continuous drop over the past eight months
in fuel oil and liquefied petroleum gas (LPG) prices, which serve
as benchmark prices for natural gas. The adjustment will not
affect gas price for residential users.

Moody's estimates the blended wholesale price after the
adjustments will decline by around 4%-5% for these city gas
operators. Moody's expects the city gas operators to lower their
retail gas prices to the affected end users accordingly, owing to
their track record of implementing China's cost pass-through
mechanism.

A majority of the city gas operators were able to pass through the
increased costs resulting from price hikes the NRDC implemented in
2013 and 2014 to align the gap between higher imported gas prices
and lower domestic gas prices.  But the higher gas purchase prices
still caused the companies' margins to contract modestly.

The lower gas price will also help increase natural gas'
competitiveness against other fuel sources.  As a result, Moody's
expects the city gas operators to see increasing gas sales volume
growth, which in turn will help the companies weather the slowdown
in China's economic growth.  At the same time, China is promoting
the use of clean energy as part of its initiatives to control air
pollution.

The gas price adjustments stem from the Chinese government's
implementation of a market-oriented pricing mechanism in 2013.  It
is meant to increase the transparency and predictability of tariff
adjustments for the gas sector.

The tariff adjustments are also part of the government's effort to
align the domestic natural gas price with imported gas prices as
China increasingly relies on imported natural gas to meet domestic
demand.

NDRC set the pricing formula for natural gas in June 2013 as the
weighted average of fuel oil and LPG prices.  Moody's expects the
government will make timely adjustments for natural gas price in
the future in response to changing market conditions.


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


A. B. PAL: CRISIL Assigns B+ Rating to INR110MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of A. B. Pal Electricals Private Limited (ABPL)

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           110        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable

The rating reflects ABPL's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and a weak interest coverage ratio. The rating also factors
in the company's large working capital requirements and its
exposure to intense competition. These rating weaknesses are
partially offset by the extensive experience of ABPL's promoters
in the electronic products trading industry, their funding
support, and their established relationships with customers.

Outlook: Stable

CRISIL believes that ABPL will continue to benefit over the medium
term from its long track record of operations in the electrical
products trading business and established customer base. The
outlook may be revised to 'Positive' in case of substantial
capital infusion, thus improving the company's capital structure,
or a significant increase in its operating margin, resulting in
improved debt protection metrics. Conversely the outlook may be
revised to 'Negative' if ABPL's working capital management
deteriorates, resulting in constrained liquidity, or if it
undertakes a large debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.

ABPL was originally established in 1973 as a partnership firm; the
firm was reconstituted as a private limited company in 1995. The
company is based in Delhi and is promoted by Mr. Thaker Pal Singh
and his family members.

ABPL is an authorised stockiest/distributor for electrical
components such as cables, wires, and switches for various
electrical component manufacturing companies, including Havells
India Ltd (rated 'FAAA/Stable/CRISIL A1+'), Gloster Cables Ltd,
Polycab Wires Pvt Ltd, RR Kabel Ltd, Grandlay Electricals (India)
Pvt Ltd, Skytone Electrical India Ltd, and Paragon Cables India
Pvt Ltd amonga others.


AARAM PLASTICS: CRISIL Assigns B Rating to INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aaram Plastics Pvt Ltd (APPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility       5         CRISIL B/Stable
   Letter of Credit        10         CRISIL A4
   Bank Guarantee          10         CRISIL A4
   Cash Credit             30         CRISIL B/Stable

The rating reflects APPL's below-average financial risk profile
marked by its small net worth, high gearing and weak debt
protection metrics. The rating also factors in APPL's small scale
of operations in the highly fragmented industry. These rating
weaknesses are partially offset by the extensive experience of
APPL's promoter in the pipes manufacturing segment and the
company's established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant growth
in the company's revenue and profitability and efficient working
capital management, leading to a better financial risk profile,
particularly liquidity. Conversely the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
its liquidity, deteriorates, because of large working capital
requirements or considerable capital withdrawals by the promoter.

Incorporated in 1996, APPL manufactures HDPE pipes, PLB HDPE
telecom ducts, MDPE pipes and injection molded items. APPL has a
manufacturing facility in Jaipur, Rajasthan with an installed
capacity of 5000 tonnes per annum.


AIR INDIA: May Find It Hard to Bridge Budget Deficit in 2015-16
---------------------------------------------------------------
The Times of India reports that Air India is likely to find it
difficult to bridge the deficit of about INR1,800 crore in the
next fiscal, executives said, reacting to the government's
proposal in the budget to give the cash-strapped airline INR2,500
crore instead of the INR4,277 crore it had sought.

"We were to get INR720 crore due from the last fiscal, which has
also not been allocated. This is going to create a lot of pressure
on us, as we will be left with no option but to raise money
through debt and that is costly. We will need this money and will
approach the government again," the report quotes a senior AI
executive, who did not want to be identified, as saying.

According to the report, executives said about INR3,400 crore of
the INR4,277 crore was to be used for servicing interest on loans
for aircraft purchase, interest payments of the non-convertible
debenture issue and other fiscal, guaranteed loans. Raising money
from banks will be difficult, the executive cited earlier said,
adding, "Not just the banks are not eager to lend to the aviation
sector, the cost of funding from banks is also very high. We were
performing well and problem with funding will create issues for
us," notes TOI.

TOI adds that analysts also said that the airline will find bank
loans very expensive although it has started doing better
operationally and financially.

"Air India today is seen as making conscious efforts to get back
on its feet and driving revenue and financial stability," the
report quotes Mark D Martin, CEO of Dubai-based Martin Consulting,
as saying. "Financial assistance deficit will affect them
marginally, as it will need to make up for it by diverting its
revenues more towards operating expenses and curb some of its
committed expenses like marketing its global advertising campaign
and many more."

Mr. Martin added that cost of finance continues to be a challenge
for the airline business, the report relates.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ANALCO INDIA: CRISIL Reaffirms B+ Rating on INR50MM Bank Loan
-------------------------------------------------------------
CRISIL ratings reflect Analco India Pvt Ltd's (AIPL) working-
capital-intensive and small scale of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            33        CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee         47        CRISIL A4 (Reaffirmed)

   Proposed Letter of
   Credit & Bank
   Guarantee              20        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in AIPL's weak financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
AIPL's promoters in the trading industry, and a diversified
product portfolio.

Outlook: Stable

CRISIL believes that AIPL will maintain a stable business risk
profile over the medium term supported by its promoters' extensive
experience in trading business. The outlook may be revised to
'Positive' if its financial risk profile improves on account of a
significant and sustained increase in scale of operations and
operating margin. Conversely, the outlook may be revised to
'Negative' if AIPL's financial risk profile and liquidity weaken
because of large borrowings for working capital requirements or a
decline in operating profitability.

Incorporated in 1969, AIPL commenced operations from 1995 and has
been involved in trading in a wide range of products, including
timber, plywood, aluminium sheets, and adhesives. The company is
promoted by the Singhal family, with Mr. Satish Kumar and Mr.
Vishwas Singhal being the majority shareholders and directors.


ASHTANGA EDUCATIONAL: CRISIL Rates INR75MM Rupee Term Loan at B
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ashtanga Educational Trust (AET).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        25         CRISIL A4
   Rupee Term Loan       75         CRISIL B/Stable

The ratings reflect AET's exposure to risks related to its early
stage of operations in the healthcare industry. This rating
weakness is partially offset by the extensive industry experience
of AET's trustees.

Outlook: Stable

CRISIL believes that AET will benefit over the medium term from
its trustees' extensive industry experience. The outlook may be
revised to 'Positive' if early stabilisation of operations results
in improved cash accruals and a stronger financial risk profile
for AET. Conversely, the outlook may be revised to 'Negative' if
delay in stabilising operations weakens the trust's cash accruals
and liquidity.

AET, set up in 2012, operates an Ayurvedic hospital in Kottanad
(Kerala) and is constructing a residential Ayurveda college. The
trust is managed by Mr. Narayana Namboodiri.


ATLAS CYCLES: CRISIL Rates INR300MM Fixed Deposit Programme 'FC'
----------------------------------------------------------------
CRISIL has assigned its 'FC' rating to the fixed deposit programme
of Atlas Cycles (Haryana) Ltd (Atlas).

                            Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Fixed Deposit Programme     300        FC (Assigned)

The rating reflects the company's stretched liquidity on account
of weak operating profitability leading to low cash accruals.
Atlas has a below-average financial risk profile marked by weak
debt protection metrics. However, the company benefits from its
established Atlas brand, backed by its long-standing market
presence, and its promoters' extensive experience in the bicycle
industry.

Atlas was originally incorporated as Atlas Industries Ltd in 1951
by Mr. Janki Das Kapur and got its current name in 2002-03 (refers
to financial year, April 1 to March 31). It manufactures bicycles
for the domestic and export markets under the Atlas brand. The
company's manufacturing facilities are in Sonipat (Haryana) and
Sahibabad (Uttar Pradesh). The company also manufactured tubes at
its plant in Bawal (Haryana); however, this unit and the bicycle
unit in Malanpur have shut down their operations in 2014-15.

For the first quarter (April to June) of 2014-15, Atlas reported
net loss of INR0.8 million on sales of INR1473.10 million.
Further, the company reported net losses of INR100.8 million on an
operating income of INR6723.2 million for 2013-14, as against a
profit after tax of INR27.7 million on an operating income of
INR6982.7 million for 2012-13.


B.N.M. HI-TECH: CRISIL Assigns B Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of B.N.M. Hi-Tech Agro Industries (BNMHAI).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Cash Credit
   Limit                     15        CRISIL B/Stable

   Cash Credit               60        CRISIL B/Stable

   Long Term Loan            45        CRISIL B/Stable

The rating reflects BNMHAI's modest scale of operations in the
intensely competitive rice-milling industry and the susceptibility
of the firm's operating profitability to adverse government
regulations and to raw material price volatility. The rating also
factors in the firm's below-average financial risk profile, which
is marked by weak capital structure and debt protection metrics.
These rating weaknesses are partially offset by the experience of
BNMHAI's promoters in the rice milling industry and healthy demand
prospects for the same.

Outlook: Stable

CRISIL expects the BNMHAI to maintain its moderate business risk
profile on the back of the extensive industry experience of its
management. The outlook may be revised to 'Positive' if the
company's revenues increase substantially, while improving its
profitability, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes aggressive, debt funded expansions, or if
its revenues and profitability declines substantially leading to
deterioration in its financial risk profile.

BNMHAI, incorporated in 2012 and based in Davangere (Karnataka),
is engaged in milling and processing of paddy into rice. The
company is promoted by Mr. B. N. Shabbir Ahamed.

BNMHAI, reported profit after tax (PAT) of INR0.22 million on
total revenue of INR398.8 million for 2013-14 (refers to financial
year, April 1 to March 31), as against PAT of INR2.7 million on
total revenue of INR252.09 million for 2012-13.


BLUE STAR: ICRA Reaffirms B+ Rating on INR7.5cr Term Loan
---------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR7.50 crore
term loans and the INR3 crore cash credit facilities of Blue Star
Cement Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan               7.50         [ICRA]B+; reaffirmed

   Fund Based Limits-
   Cash Credit             3.00         [ICRA]B+; reaffirmed

The rating reaffirmation factors in the successful completion of
the project within the estimated cost and the commencement of
commercial operations with minor delays of 2-3 months. The rating
continues to be constrained by the small scale and the limited
track record of operations of the company (with operating income
of INR18.89 crore for the period September 2013 to March 2014);
the highly leveraged capital structure (gearing of 2.87 times as
on March 31, 2014) and thin profitability (OPBDITA/OI of 4.73%
during 2013-14) of the company. The rating also takes into account
the vulnerability of the company's profitability to cyclicality
inherent in the cement industry and fluctuation in prices of raw
materials. Nevertheless, the rating derives comfort from the long
experience of the promoters in cement manufacturing and trading of
building materials by virtue of their association with group
companies namely 'Kanodia Cement Limited' and 'Big Strong Cement
Limited' which provides an established marketing and sales network
to BSCL in Uttar Pradesh and adjoining areas.

Going forward, the company's ability to operate at optimum
capacity utilization levels to ramp up revenues in a profitable
manner and effectively manage the working capital requirements are
the key rating sensitivities.

Incorporated in 2010, BSCL is promoted by Mr. Vishal Kanodia, Mr.
Ashok Kumar Kanodia and Mr. Manoj Kedia. The company has set up a
1,80,000 metric tonnes per annum (MTPA) mini cement plant at
Sikanderabad, Bulandshahr, Uttar Pradesh to produce Portland
Pozzolona Cement (PPC). The total cost of the project was INR15.18
crores which had been funded by term loan of INR7.50 crores,
equity of INR4.75 crores and interest-free unsecured loans of
INR2.93 crores. The construction work on the project commenced in
March 2012 and the plant commenced commercial production in
September 2013.

The promoters also run another cement plant 'Kanodia Cement
Limited' at Sikanderabad, Uttar Pradesh with an installed capacity
of 3,00,000 MTPA, which commenced operations in April 2011. The
promoters also have a trading concern 'Big Strong Cement Limited'
which is engaged in the trading of building material.

During September 2013-March 2014, BSCL reported a net profit of
INR0.04 crore on an operating income of INR18.89 crore.


CENTRAL BANK OF INDIA: Moody's Cuts Deposit Rating to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service downgraded Central Bank of India (CBI)
and Indian Overseas Bank's (IOB) local and foreign currency
deposit ratings to Ba1 from Baa3.  At the same time, IOB's senior
unsecured debt, issued from its Hong Kong branch was also
downgraded to Ba1 from Baa3.

The rating action reflects Moody's assumption of a lower level of
support from the Government of India (Baa3, Stable) following the
government's recent announcements that indicate that it wishes to
differentiate between state-owned banks (SOE banks) when
distributing capital.

Moody's continues to assume a very high probability that the
government would support these two SOE banks.  However, the change
of government policy means that the standalone credit quality of
public sector banks has become a more important consideration for
the senior unsecured and deposit ratings of the banks compared to
previously when Moody's rated all SOE banks at the same level as
the Government of India.

At the same time, Moody's has maintained its negative outlook on
CBI's local and foreign currency deposit ratings.

Moody's has also maintained its stable outlook for IOB's senior
unsecured debt and local and foreign currency deposit ratings.

The government's recently announced criteria for allocating new
capital to SOE banks represents a marked departure in its approach
to allocating capital until now. Under the new criteria, the
government will give preference in allocating capital to banks
whose average return on assets over the past three years and whose
return on equity over the past one year surpass the corresponding
weighted average ratios of SOE banks overall.  In contrast, over
the last four years, banks with weaker capital levels received
higher capital allocations, regardless of their size or
profitability.

Moody's notes that this new approach has been reflected in the
capital allocations earmarked for the fiscal years ending March
2015 and March 2016.

For FYE3/2015, the government only allocated INR69.9 billion from
its initial budget projection of INR112.0 billion, and only 9
banks -- which had satisfied the profitability criteria --
actually received capital. For FYE3/2016, the government has only
allocated INR79.4 billion for capital infusions even though the
capital requirements of the SOE banks remain at high levels.

CBI and IOB have the weakest standalone credit profiles among
Moody's rated Indian banks, as indicated by their baseline credit
assessments (BCA) of b3 and b2 respectively.  As a result, their
previous supported senior ratings of Baa3 relied on more notches
of government support relative to other rated SOE banks.
Consequently,to reflect the impact of the government's
establishment of more selective criteria, Moody's has lowered the
notches of support provided to these two banks

At the same time, the revised ratings of Ba1 for CBI and IOB
continue to incorporate a high level of government support,
reflecting the government's goal of preserving systemic stability
and enabling credit growth.

The government is likely to provide enough support to ensure the
continued viability of these banks, particularly at a time when
many SOE banks have low capital levels and elevated non-performing
loans, as SOE banks which do not satisfy the profitability
criteria constitute a material part of the Indian banking system.

CBI

What could change the rating up:

- A significant improvement occurs in the bank's asset quality,
   coupled with an improvement in profitability may lead to
   upward pressure on the ratings.

What could change the rating down:

- A deterioration in the bank's asset quality, such that its
   gross NPL ratio exceeds 7.5% and/or impaired loans (gross NPLs
   + restructured loans) -- as a percentage of total loans --
   approaches 20% for an extended time.

- A worsening of the bank's Tier 1 capital ratio occurs, such
   that it falls under 7% at the end of a fiscal year, or a
   material fall occurs in both profits and loan-loss reserves.

IOB

What could change the rating up:

- A sustained recovery occurs in asset quality, with non-
   performing loans and restructured loans each sustaining
   coverage ratios at acceptable levels.

- An increase in capital occurs, lifting the Tier 1 ratio above
   8%, which is subsequently sustained for over a year through
   internal capital generation.

What could change the rating down:

- A deterioration in the bank's asset quality occurs, such that
   its gross non-performing loans (NPL) ratio exceeds 7.5% and/or
   impaired loans (gross NPLs + restructured loans) -- as a
   percentage of total loans -- approaches 20% for an extended
   time.

- A worsening of the bank's Tier 1 capital ratio occurs, such
   that it falls under 7% at the end of a fiscal year, or a
   material fall occurs in the combination of profits, loan-loss
   reserves and core capital relative to impaired assets.

The principal methodology used in these ratings was Global Banks
published in July 2014.

Central Bank of India, headquartered in Mumbai, had assets
totaling INR2.9 trillion at end-September 2014.

Headquartered in Chennai, Indian Overseas Bank reported total
assets of INR2.8 trillion at end-September 2014.

The full list of ratings for Central Bank of India are:

  -- Long-term local currency bank deposit rating was downgraded
     to Ba1 from Baa3, outlook maintained at negative

  -- Short-term local currency bank deposit rating was downgraded
     to NP from P-3

  -- Long-term foreign currency bank deposit rating was
     downgraded to Ba1 from Baa3, outlook maintained at negative

  -- Short-term foreign currency bank deposit rating was
     downgraded to NP from P-3

  -- Bank financial strength rating of E+, with a negative
     outlook; which is equivalent to a BCA of b3; remains
     unchanged.

The full list of ratings for Indian Overseas Bank are:

  -- Long-term local currency bank deposit rating was downgraded
     to Ba1 from Baa3, outlook maintained at stable

  -- Long-term foreign currency bank deposit rating was
     downgraded to Ba1 from Baa3, outlook maintained at stable

  -- Short-term foreign currency bank deposit rating was
     downgraded to NP from P-3

  -- Foreign currency senior unsecured MTN program was downgraded
     to (P)Ba1 from (P)Baa3

  -- Foreign currency other short term program was downgraded to
     (P)NP from (P)P-3

  -- Foreign currency subordinate MTN program remains unchanged
     at (P)B2

  -- Foreign currency junior subordinate MTN program remains
     unchanged at (P)B3

  -- Bank financial strength rating of E+, with a stable outlook;
     which is equivalent to a BCA of b2; remains unchanged.

The full list of ratings for Indian Overseas Bank (Hong Kong
branch) are:

  -- Foreign currency senior unsecured MTN program was downgraded
     to (P)Ba1 from (P)Baa3

  -- Foreign currency other short term program was downgraded to
     (P)NP from (P)P-3

  -- Foreign currency senior unsecured debt rating was downgraded
     to Ba1 from Baa3, outlook maintained at stable

  -- Foreign currency subordinate MTN program remains unchanged
     at (P)B2

  -- Foreign currency junior subordinate MTN program remains
     unchanged at (P)B3


GLOBAL COPPER: ICRA Revises Rating on INR10cr Cash Credit to B
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.00
crore cash credit facility and INR8.75 crore term loans (reduced
from INR14.50 crore) of Global Copper Limited to [ICRA]B from
[ICRA]B+. ICRA has reaffirmed the short term rating of [ICRA]A4
for the INR5.90 crore (reduced from INR20.50 crore) non fund based
facilities of GCL.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      10.00       Revised to [ICRA]B
                                       from [ICRA]B+

   Term Loans               8.75       Revised to [ICRA]B
                                       from [ICRA]B+
   Short Term-Non fund
   based Limits             5.90       [ICRA]A4 reaffirmed

The revision in the long term rating takes into account the
deterioration in GCL's financial risk profile characterized by
significant decline in revenues in current fiscal, adverse capital
structure and inadequate debt protection metrics; pressure on
liquidity driven by high debt repayment obligations against cash
accruals; and full utilization of working capital limits. The
ratings are also constrained on account of GCL's modest scale of
operations; the stiff competition from relatively cheaper imports
which limits its pricing flexibility and profitability; and the
vulnerability of profitability to adverse fluctuations in the
prices of the key raw material.

The ratings, however, take comfort from the experience of the
management in the metal industry; limited domestic competition and
the stable demand outlook for secondary copper and copper alloy
products.

Incorporated in the year 2010, Global Copper Limited (GCL) is
engaged in manufacturing of level wound copper coils, pancake
copper coils and copper tubes of various sizes. The manufacturing
facility of the company is located at Savli - GIDC, Vadodara in
Gujarat, with a production capacity of 3600 MT per annum. The
manufacturing process of GCL is ISO 9001:2008 certified. In June
2014, GCL was taken over by the current management. The stake of
earlier promoters, Mr. Vijendra Gupta (~40%) and Mr. Dinesh
Kothari (30%), was taken over by Mr. Hitesh Vaghela & family
(30%), Chechani family (30%) and Jethaliya family (20%). The new
management has a longstanding experience in the business of
trading and processing of metal based products.

Recent Results
In FY 14, GCL reported an operating income of INR74.43 crore and
profit after tax of INR0.32 crore as against an operating income
of INR58.02 crore and profit after tax of INR0.49 crore during FY
13. In 9M FY15 (provisional unaudited financials), GCL recorded an
operating income of INR29.08 crore.


GREENPIECE LANDSCAPES: ICRA Assigns B+ Rating to INR4.5cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR4.50
crore fund based and INR4.50 crore non fund based bank facilities
of Greenpiece Landscapes India Private Limited.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term scale-
   Cash Credit            4.50        [ICRA]B+ assigned

   Long term scale-
   Non fund based         4.50        [ICRA]B+ assigned

The rating is constrained by the small scale of operations of the
entity, restricting operational and financial flexibility to an
extent and the low net worth and profitability of the company.
ICRA takes note of the high working capital intensity of
operations for the company owing to the high inventory as the
bills are approved by the clients only after quality checks. ICRA
also notes that the company is exposed to geographical
concentration risks with its operations focused in Bangalore which
accounts for 46% of the current order book. Further, the company
is also exposed to client concentration with the top 5 customers
accounting for 44% of the pending order book as on 31st December,
2014; however, it is mitigated by the established relationship
with reputed clients and the ability to secure repeat orders from
the existing clients.

The rating assigned, however, positively takes in the experience
of the promoter's of around 26 years in executing landscaping
projects. The rating factors in the revenue growth expected in FY
2014-15 on account of good order inflow and timely project
executions with the company booking a revenue of around INR15.28
crore in 9m' 2014-15 as against total revenue of INR8.17 crore in
FY2013-14. ICRA also takes note of the pending order book of INR37
crore which is 4.6 times the operating income in FY 2013-14
providing revenue visibility in short to medium term.

Greenpiece Landscapes India Private Limited was incorporated in
the year 2008 for executing landscaping design and contracting
projects. Mr. Sunil De Sousa had started the business in 1988
under the company, Mericlone Landscapes Private Limited, which was
later converted to GLIPL. The main scope of operations is hard
landscaping, soft landscaping, providing design and consultancy
services in the field of landscape architecture, irrigation,
lighting and similar allied activities. The company also
undertakes annual maintenance contracts which include activities
related to the upkeep and maintenance of various landscape
installations. GLIPL has a reputed clientele base which includes
Mahindra Holidays & Resorts, ITC Ltd, HCL Technologies, Huwaei
Technologies India Private Limited, among others.

Recent Results
The company reported a profit after tax of INR0.27 crore on an
operating income of INR8.17 crore during FY 2013-14 as against a
net profit of INR0.16 crore on an operating income of INR6.05
crore during FY 2012-13.


HARVINS CONSTRUCTIONS: CRISIL Ups Rating on INR75MM Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Harvins Constructions Private Limited (HCPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable', and has reaffirmed its rating on the
company's short-term bank facilities at 'CRISIL A4'.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Bank Guarantee            400       CRISIL A4 (Reaffirmed)

   Overdraft Facility         75       CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Proposed Bank Guarantee   117.3     CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in HCPL's business
risk profile driven by a sustained improvement in its working
capital cycle, while maintaining its profitability margins. There
has been an improvement in the company's working capital
management as reflected in a decline in its gross current assets
(GCAs) expected at 280 days as on March 31, 2015 as against 325
days as on March 31, 2014. CRISIL believes that the company would
sustain the improvement in its working capital cycle on the back
of its better execution planning and enhanced collection efforts.

The rating continues to reflect HCPL's modest scale of operations
in the intensely competitive construction industry, its large
working capital requirements, and high degree of geographic
concentration in its order-book. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the construction industry, and its above-average
financial risk profile marked by its moderate net-worth and low
total outside liabilities to tangible net-worth ratio.

Outlook: Stable

CRISIL believes that HCPL would continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's scale of operations and
profitability margins, or there is a further 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 stretch in its working capital
cycle.

HCPL was set up in 1978 by Mr. A Raghava Reddy and his family
members. The company undertakes irrigation projects for state
governments in central and southern India. The company is based in
Hyderabad (Telangana).


JALAN TRANSOLUTIONS: CRISIL Reaffirms B+ Rating on INR150MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jalan
Transolutions India Ltd (JTL) continues to reflect JTL's average
financial risk profile, marked by high gearing and a modest net
worth.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           150        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash          70        CRISIL B+/Stable (Reaffirmed)
   Credit Limit

   Term Loan             100        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations in the highly fragmented logistics industry, and
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the experience of JTL's
promoters in the transportation and logistics industry, its
established market position in the specialised freight
transportation business, and its healthy client relationships.
Outlook: Stable

CRISIL believes that JTL will continue to benefit over the medium
term from its established market position in the specialised
freight transportation business, and healthy relations with
reputed clients. The outlook may be revised to 'Positive' if JTL
reports higher-than-expected accruals and thus improves its
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile, particularly its liquidity, weakens most likely
because of lower-than-expected cash accruals or larger-than-
expected debt-funded capital expenditure (capex) programmes, or a
stretch in the working capital cycle.

JTL was incorporated in 2003, promoted by the Jalan family of
Delhi. The company is engaged in handling the transportation of
two-wheelers (scooters and motorcycles) for Original Equipment
Manufacturers (OEMs) from OEMs' manufacturing facilities to the
dealers. It has a pan-India presence with more than ten offices
across the country.

For 2013-14 (refers to financial year, April 1 to March 31), JTL
reported a profit after tax (PAT) of INR7.0 million on operating
revenues of INR741.4 million; the company reported a PAT of
INR11.8 million on net sales of INR469.5 million for 2012-13.


KAPIL POWER: ICRA Assigns SP 3D Grading on Weak Fin'l Strength
--------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Kapil Power and Software
Private Limited (KPSPL), indicating 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid till
25th February, 2017 after which it will be kept under
surveillance.

Grading Drivers
Strengths
   * Order book of 10 MW showing visibility of revenues in the
     medium term

   * Satisfactory feedback from customers and suppliers

   * Positive outlook and growth prospects for solar industry
     assisted by favourable government policies

Risk Factors

   * Limited track record of solar installations as EPC in off-
     grid segment

   * Limited O&M capability of the company with presence limited
     to Telangana & Andhra Pradesh

   * Weak financial indicators of the company as reflected by
     high gearing, net losses and modest coverage ratios as at
     FY 2014

   * High TOL/TNW at 6.92 times as at FY 14 end owing to
     unsecured loans availed from group company

   * Large number of organized and unorganized players in solar
     PV space indicating high level of competition leading to
     pressure on margins

SI Related Business - Moderate Performance Capability

   * Promoter's Track Record: The solar division of KPSPL is
managed by Mr. M.A. Khader, who has more than 20 years of
experience in solar field. He was earlier associated with XL
energy group for 18 years, where he had experience in solar power
PV mounting and installations. Promoter director, Mr. K. Vaman Rao
is a chartered accountant by profession and has a business
experience of over 35 years. He is the founder and chairman of
Kapil Group, a consortium of more than 30 companies in diverse
business areas. KPSPL is a system integrator and EPC for both on-
grid and off grid projects; it has executed 15 projects with a
cumulative capacity of 22.425KWp till date. Apart from this the
company has also supplied 7.250 KVA of power conditioning units
and 48V of solar charge controllers. The company has also received
letter of intent for 2 projects from customers in commercial
segment for a cumulative capacity of 10 MW. They are also under
negotiations to receive work order for installation of solar power
plant for 15 MW from their group company BVM Energy and Residency
Private Limited.

   * Technical competence and adequacy of manpower: KPSPL has a 15
member technical team including sales managers, site engineers,
site supervisors, and quality engineers. All members of the team
hold technical degrees or diplomas. The company has in-house
installation team which looks into the various technical aspects
of installation and post installation services.

   * Quality of suppliers and tie ups: KPSPL procures materials
such as SPV Modules, module mounting structure and variable
frequency drivers from various reputed suppliers like Solar
Semiconductor Energy Systems (I) Pvt. Ltd, Canadian Solar
International Limited, Microsys Automation etc., the materials are
tested for quality and reliability before purchase orders are
given to the suppliers. As per the feedback from the suppliers,
they are satisfied with the involvement, information flow,
payments etc.

   * Customer and O&M Network: The customer profile of KPSPL
mainly includes commercial and residential clients, located in
Andhra Pradesh. The Company provides after sales services to
clients for 5 years and warranty on the products as per the deals
with the suppliers. At present KPSPL proposes to give O&M and
after sales service for their EPC's contracts through the
distribution and trading networks of their group company, M/s Ace
Tech Products which is a dealer, trader and distributor of office
and home appliances in more than 25 centers in Andhra Pradesh.

Revenues:
Revenue from solar business for FY 14 was INR0.05 crore.

Return on Capital Employed (RoCE):
Owing to losses incurred during FY 14, ROCE for FY 14 was negative

Total Outside Liabilities/Tangible Net worth:
TOL/TNW for FY 14 was 6.92 times as at FY2014 end.

Interest Coverage Ratio:
No debt and hence no interest cost

Net-Worth:
Net worth of the KPSPL and its promoters is INR19.78 crore

Current Ratio:
Current Ratio for FY 14 was 1 times.

Relationship with bankers:
Bankers are satisfied with the company

The overall financial profile of the company is Weak.


KLG IMPORTS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISILB+/Stable' rating to the long-term
bank facilities of KLG Imports & Exports (KLG Impex).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            60        CRISIL B+/Stable
   Proposed Long Term     20        CRISIL B+/Stable
   Bank Loan Facility

The rating reflects KLG Impex's small scale of operations, below
average financial risk profile and low operating profitability due
to trading nature of activities. These rating weaknesses are
partially offset by extensive experience of promoters in fruit
trading industry and established relationship with customers and
suppliers.

Outlook: Stable

CRISIL believes that KLG Impex will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' in case the firm
registers significant improvement in its scale of operations and
operating profitability and, hence, its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
firm registers a decline in its profitability or if its working
capital requirements are larger than expected, leading to pressure
on its financial risk profile.

Established in 1994, KLG Impex is engaged in imports and exports
of fruits and vegetables.  The firm is based out at Azadpur Mandi,
New Delhi, Delhi. KLG Impex is a part of KLG Group which was
started around 50 years with establishment of Kishal Lal & Co. The
firm mainly deals in commodities like apple, pomegranates, grapes,
tomatoes and onions. It imports mainly pomegranate from Afganistan
and apples from the countries like China, Chilli and United States
of America. It exports onions, tomatoes and apples to mainly
Pakistan and Afganistan.

During 2013-14 (refers to financial year, April 1 to March 31),
KLG Impex made profit after tax (PAT) of INR 1.5 million against
net-sales of INR 352.2 million against PAT of INR 1.3 million
against net-sales of INR 332.6 million during 2012-13.


KRISHNA CONCAST: ICRA Suspends B+ Rating on INR5cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.17
crore long term fund based limits and [ICRA]A4 rating assigned to
the INR14.80 crore short term non fund based limits of Krishna
Concast Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit           (5.00)       [ICRA]B+ suspended
   Term Loan              1.17        [ICRA]B+ suspended
   Letter of Credit      14.00        [ICRA]A4 suspended
   Bank Guarantee         0.80        [ICRA]A4 suspended

Krishna Concast Private Limited (KCPL) was incorporated in June
2008 by Mr. Dinesh Fuletra and Mr. Sanjay Patel along with 11
other shareholders. The company commenced commercial operations
from April 2009. It is currently engaged in manufacturing of MS
billets with its plant located at Rajkot (Gujarat) having an
installed capacity of 42,750 MT per annum.


LGF SYSMAC: ICRA Suspends B/A4 Rating on INR8cr Bank Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR8.00 crore bank facilities
of LGF Sysmac (India) Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


LODHA DEVELOPERS: Fitch Assigns B+ Rating to Proposed US$ Notes
---------------------------------------------------------------
Fitch Ratings has assigned India-based Lodha Developers Private
Limited's (Lodha) proposed US dollar-denominated notes an expected
rating of 'B+(EXP)' and Recovery Rating of 'RR4'.  The notes will
be issued by Lodha Developers International Limited (Lodha
Mauritius), and guaranteed by Lodha.  Fitch has also affirmed
Lodha's Long-Term Issuer Default Rating at 'B+' with a Stable
Outlook.

The final rating on the notes is contingent upon the receipt of
final documents conforming to the information already received.

Lodha Mauritius is a wholly owned subsidiary of Lodha, and its
proposed notes will be unconditionally and irrevocably guaranteed
by Lodha and its key subsidiaries.  The notes will rank pari passu
with existing and future senior unsecured indebtedness of Lodha
and its key subsidiaries.  As of the date of the indenture, group
companies that together account for 74% of consolidated EBITDA
would extend guarantees to the notes, while the remaining material
subsidiaries (defined in the indenture as those which account for
at least 5% of consolidated EBITDA or 5% of consolidated net worth
each) as of this date will be added on as guarantors within a span
of six months.  Subsidiaries that are not material as of the
indenture date will be added on as guarantors as and when they
pass the materiality test in future.

Provisions in the indenture allow the initial guarantors to access
net free cash flows of other material subsidiaries via inter-
company loans, and also restrict these cash flows from being paid
out as dividends until the additional guarantors are in place.
Under this scenario, the aggregate net cash flows (defined as
operating cash inflows net of all outflows, including working
capital, dividends, and debt servicing) under Fitch's projections
are sufficient to service the coupon payments on the notes, even
if the additional guarantors are not added.  The agency has
therefore taken the view that cash flow subordination to the note
holders is not a key credit risk.

KEY RATING DRIVERS

Deleveraging Slower Than Expected: Lodha's leverage, as measured
by net debt to inventory less customer advances, is high at 84% at
end-December 2014 compared to its rating peers, and above Fitch's
previous expectations.  Leverage has increased from 77% at FYE14
(fiscal year ended 31 March 2014) because of expected land
purchases and investments in its overseas ventures, as well as
slower-than-expected cash collection from contracted sales.  The
slower cash collection is a result of a shift in its FY15 sales
mix towards newer projects rather than the mature projects
originally planned, due to slower-than-expected construction
progress in some of the mature developments.  Fitch currently
expects leverage to remain high at around 65% at FYE16, and reduce
thereafter to below 55%, which is the threshold above which
negative rating action may be considered.

Nevertheless, any unanticipated land purchases over the next 18
months, or the management's limited ability to improve the pace of
construction of its large projects or accelerate its overall cash
collections, or any other factor that may impede Lodha's
deleveraging progress, could result in negative rating action.

Largest Domestic Developer: Lodha is the largest India-based
residential real estate property developer based on sales.  The
company has demonstrated strong execution capabilities in high-end
residential developments in Mumbai.  Lodha's contracted sales for
the 11 months to end-February 2015 are INR75bn, and the company is
broadly on track to meet its FY15 sales targets.  Lodha's land
bank of 25 million square meters is among the largest among Indian
developers, with the land valued at over USD10bn by external
valuers.  The company expects its current land bank to support
developments and sales over the next seven years.

Project Concentration: Lodha's rating reflects its high
concentration in a few projects despite the considerable scale of
its operations.  Its four largest projects will account for nearly
80% of contracted sales in FY15, reducing to around 60% in FY19.

Furthermore, a majority of Lodha's medium-term sales are focused
in the high-end and luxury segments, which are defined by the
company as properties with per square foot prices of over
INR20,000 (USD325) and over INR50,000 respectively.  For the 18
months to 15 September 2014, over 60% of the company's INR106.3bn
sales stemmed from these two market segments.  Sales within these
segments typically exhibit higher correlation with economic
cycles, and therefore are generally more volatile, owing to
consumers' ability to delay their purchase decisions.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- 10% growth in annual contracted sales in FY16
   -- Leverage reduces to 65% by FYE16, and to below 55%
      thereafter
   -- Contracted sales / gross debt increases to 1.1x at FYE16
      (end-December 2014: 0.8x)
   -- EBITDA margin remains above 40% in FY15 and FY16 (end-
      December 2014: 46%)

RATING SENSITIVITIES

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

   -- Lower project concentration, with no single project
      accounting for more than 15% of contracted sales on a
      sustained basis

   -- High sales turnover, with contracted sales/gross debt
      maintained at over 1.2x

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

   -- Total debt net of cash / inventory less customer advances
      sustained above 55%
   -- Contracted sales / gross debt sustained below 1x
   -- EBITDA margin sustained below 25%


MANRAASH PROCESSORS: CRISIL Places B+ Rating on INR56.1MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Manraash Processors (MPS).

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

   Long Term Loan          56.1       CRISIL B+/Stable

   Bank Guarantee           0.5       CRISIL A4

   Cash Credit             20.0       CRISIL B+/Stable

The ratings reflect MPS's average financial risk profile, marked
by initial phase and moderate scale of operations in the highly
competitive dyeing and printing industry. These rating weaknesses
are partially offset by the extensive experience of MPS's
promoters in the textile industry.

Outlook: Stable

CRISIL believes that MPS will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile, and stabilises its operations earlier than expected,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' if MPS's financial risk profile weakens
with significantly low cash accruals, or substantial working
capital requirements, or debt-funded capital expenditure.

Incorporated in 2014, MPS is promoted by Mr. Ghanshyam Jogi, Mr.
Rajesh Garach and Manilal Hiralal Modha having more than two
decades of experience in the textile industry. The firm, based at
Jetpur in Rajkot (Gujarat) is setting up a plant for dyeing and
printing of fabric; the plant is expected to commence operations
by May 2015.


NAGPUR BEVERAGES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Nagpur Beverages Pvt Ltd (NBPL).

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

The rating reflects NBPL's modest scale of operation with low
profitability, geographical concentration and below-average
financial risk profile marked by a leveraged capital structure and
subdued debt protection metrics. These weaknesses are partially
offset by the promoters' extensive experience in the soft drink
industry.

Outlook: Stable

CRISIL believes that NBPL will benefit from its promoters'
significant industry experience. The outlook may be revised to
'Positive' if NBPL reports an increase in scale of operations
along and improved profitability leading to sizeable accruals.
Conversely, the outlook may be revised to 'Negative' in case of
stretch in working capital management or any debt-funded capital
expenditure leading to pressure on financial risk profile.

Incorporated in 1968, NBPL is a distributor of Pepsi products in
Cuttack (Odisha). NBPL is a part of the SMV group, a soft drink
bottling company for Pepsi.

For 2013-14 (refers to financial year, April 1 to March 31), NBPL
reported a profit after tax (PAT) of INR0.7 million on net sales
of INR521 million, against a PAT of INR1.39 million on net sales
of INR334 million for 2012-13.


NITESH FASHION: ICRA Rates INR13.50cr Fund Based Loan at 'B'
------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B to the INR13.50 crore fund
based limits and INR0.25 crore unallocated limits of Nitesh
Fashion Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       13.50       [ICRA]B assigned
   Unallocated Limits       0.25       [ICRA]B assigned

Rating Rationale
The assigned rating factors in the established track record of the
group in trading/ manufacturing of fabrics and garments and
diversified customer base with sale to top 10 customers
contributing to ~40% of OI during FY13 and FY14. The ratings also
factors in the small size of operations of the company with
moderate turnover and low net worth. The company's profitability
is moderate due to low value additive nature of the business which
coupled with significant levels of working capital loans availed
by the company, leads to weak coverage indicators. High levels of
receivables and raw material inventory has resulted in stretched
liquidity position of the company as reflected by its high working
capital intensity of 40% during FY14. The indebtedness of NFPL is
expected to increase in the current FY due to purchase of
equipments for setting up in-house weaving/warping processing
facilities. The rating also takes into account of the fragmented
nature of industry leading to high competitive intensity and
exposure of the company to variation in raw material prices due to
long processing and trading cycle.

The company sells its products to a number of destinations
including domestic market and middle-east and south-east Asian
countries. The company is in the process of setting up of
facilities for weaving/warping of fabrics at Bhiwandi which is
expected to become operational from Feb 2015. With reduction in
outsourcing of job processes to third parties post commencement of
the new operations; the profitability of the company is expected
to improve. Further, promoters are taking steps to improve the
company's capital structure which includes infusion of equity of
INR1 crore in the company in recent past and further plans to
increase equity during FY16 partly by conversion of unsecured loan
to equity and partly through fresh infusion of capital in the
company. Going forward, NFPL's ability to grow its revenues and
increase its net-worth along with improvement in its profitability
and working capital intensity will remain the key rating
sensitivity factors.

Incorporated in 2011 Nitesh Fashion Pvt. Ltd. (NFPL) is a private
limited entity owned by Mr. Arvind Kothari and his four sons --
Mr. Sanjay Kothari, Mr. Pradeep Kothari, Mr. Nitesh Kothari and
Mr. Ankeet Kothari. The company is involved in the business of
trading/third party processing of fabrics and garments. Presently,
NFPL is in the process of installation of weaving and warping
facilities in Bhiwandi which is expected to be operational from
Feb 2015.


OM PRAKASH: CRISIL Reaffirms B+ Rating on INR50MM Bank Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Om Prakash Amarnath
(OPA) continue to reflect OPA's small scale of operations, limited
revenue visibility on account of small order book, and weak
financial risk profile marked by small net worth and high gross
current asset days. These rating weaknesses are partially offset
by the extensive experience of OPA's promoters in the civil
construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Mortgage Loan
   Facility               30        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OPA will continue to operate on a small scale
over the medium term. The outlook may be revised to 'Positive' if
the firm scales up its operations significantly, while improving
its profitability and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if OPA's financial risk
profile deteriorates because of sizeable working capital
requirements or a decline in profitability.

OPA, a partnership firm, has been engaged in civil construction
work on contract basis for the past six decades. Mr. Omprakash
Khatri and his son, Mr. Shiva Khatri, are 50 per cent partners in
the firm. OPA has executed several projects for private companies
and government agencies, including the Indore Development
Authority.

OPA reported a net profit of INR14.4 million on an operating
income of INR203.9 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a net profit of INR12.2 million
on an operating income of INR179.7 million for 2012-13.


PICSON CONSTRUCTION: CRISIL Assigns B+ Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Picson Construction Equipments Pvt Ltd
(PCEPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B+/Stable
   Inland/Import
   Letter of Credit      15         CRISIL A4

The ratings reflect the extensive experience of PCEPL's promoters
in manufacturing crushing machines. These rating strengths are
partially offset by PCEPL's modest scale of operations in the
highly fragmented engineering goods industry, its large working
capital requirements, and the susceptibility of its margins to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that PCEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations or capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of any major capital expenditure, large debt obligations, or
increased working capital requirements, affecting the company's
financial risk profile, particularly its liquidity.

Incorporated in 2010 and based in Vadodara (Gujarat), PCEPL
manufactures crushing machinery and allied products under the PICS
INTERNATIONAL brand. The company's promoters Mr. Kirit Bhailalbhai
Shah and Mr. Chandrasekharan Govinda Pillai Nair are associated
with The Parishram Industrial Co-operative Society Ltd, which has
been manufacturing crushing machinery since 1989.

PCEPL reported a net profit of INR3.6 million on net sales of
INR149.8 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.6 million on net sales
of INR146.6 million for 2012-13.


PRATEEK APPARELS: ICRA Ups Rating on INR83cr Loan From B-
---------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR83.00
crore (revised from INR70.00 crore) fund based facilities of
Prateek Apparels Private Limited to [ICRA]BB- from [ICRA]B-. The
outlook on the long term rating is stable. ICRA has reaffirmed the
short-term rating of [ICRA]A4 on the INR5.00 crore (revised from
INR30.00 crore) fund based limits and the INR6.00 crore non-fund
based facilities of PAPL. ICRA has also assigned short term rating
of [ICRA]A4 for INR10.00 crore unallocated limits.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       83.00       [ICRA]BB-/Revised from
                                       [ICRA]B-

   Fund Based Limits        5.00       [ICRA]A4/reaffirmed

   Non-fund based
   Facilities               6.00       [ICRA]A4/reaffirmed

   Unallocated             10.00       [ICRA]A4/Assigned

The upgrade in the long-term rating takes into account improvement
in PAPL's financial risk profile with strengthening of capital
structure and coverage indicators aided by prepayment of
outstanding term loan. This was supported by cash inflow through
repayment of loans and advances from Subsidiary Company which was
in turn aided by asset sale; coupled with absence of debt funded
capital expenditure during 2013-14 and H1 2014-15. The rating also
draws comfort from sustained revenue growth under its high margin
e-retail business segment over the years, restructuring
(significant scaling down of number of stores) under its loss
making retail division and reduced dependence on low value
additive trading business and contract manufacturing business in
the context of subdued domestic market demand enhancing the
Company's business prospects. The ratings continue to factor the
Company's well established relationships with its reputed client
base coupled with long standing experience of the promoters in the
garmenting industry further lends business support. The ratings
however remain constrained on account of the stretched liquidity
profile of PAPL due to high working capital intensive nature of
business owing to high inventory holding and debtor balances
towards its e-retail operations. Further, the Company operates in
a highly competitive environment in both the retail and
manufacturing operations, which limits the pricing flexibility
thereby resulting in thin operating margins. Going forward, the
capital structure of the company is expected to remain supported
by steady accretion to reserves coupled with absence of debt
funded capital expenditure plans over medium term. PAPL's ability
to further improve its financial profile through easing of working
capital intensity, improving its margins and providing exit to the
Private Equity investors without impacting its capital structure
would remain the key rating sensitivities over medium term.

Incorporated in 1995, PAPL is engaged in the businesses of making
readymade garments, retailing apparels and trading in fabric.
Promoted by Mr. Pradeep Aggarwal and the Phulchand Group, PAPL has
five manufacturing units in Karnataka. The Company largely makes
men's and women's formal and casual wear. The Company entered
retail operations in 2007 through its subsidiary Prateek Lifestyle
Limited, which was merged in PAPL in 2009. It operates through two
retail formats, namely, 'Coupon' stores (which is large-format
discount store) and 10 'F-Square' stores (which are small-format
stores selling in-house brands). The Company during 2013-14 closed
down 13 of its large-format stores to Future Retail Limited and
presently operates one store in Bangalore under 'Coupon' brand.

The Company has two subsidiaries namely, Munch Design Workshop
Private Limited (which provides design solutions for PAPL) and
Prateek Spintex Limited (which manufactures knitted garments for
PAPL). PAPL also has floated a new entity 'Bilteek Fashions Pvt
Ltd' which is a 50:50 JV with a turkey based readymade garment
manufacturing company, Bilasar AS in 2011-12.


PRINCE PROPERTIES: ICRA Assigns B+ Rating to INR20cr Term Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR20.0
Crore bank facility of Prince Properties.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                20.0       [ICRA]B+; assigned

ICRA's rating centrally factors in the residual execution risks
for the firm given that its hotel project is in the midst of
construction, with about 40% of the total cost having been
incurred by January 31, 2015. With the company planning to make
the hotel operational by October 2015, significant execution pick
up is required to meet the projected completion date. Further
given the competitive intensity of the market as well as the
cyclical nature of the hotel industry, the company's ability to
ramp up the occupancies and room revenues would be critical, as
the commencement of repayments from April 2016. However, the
rating favorably factors in the management agreement entered with
the Marriott Group for their "Fairfield by Marriott" brand, which
is expected to lend the project an established global brand name
and provide it with operational and management expertise. Further,
the rating also derives comfort from the project's favorable
location being in the vicinity of the Umaid Bhawan Palace and the
Jodhpur railway station and airport. The rating also takes into
account the lightly leveraged capital structure of the project
(gearing of 0.66 times) and the benefits the firm derives from
being a part of the Rajasthan based Purohit and Soni groups.

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

Prince Properties is a partnership firm established in 2009 and is
setting up a 3 star hotel, with 137 rooms in Jodhpur, Rajasthan at
an estimated project cost of INR50.25 crore, of which INR20.60
crore had been incurred by January 31, 2015. The firm has been
promoted by the Rajasthan based Soni and Purohit Groups, with
equal profit sharing in the firm and with each firm being
represented by three partners each. The Soni group has extensive
experience in the guar gum and powder industry in Rajasthan and
members of the group are also managing another 4 star hotel at
Jodhpur, with 54 rooms (Shree Ram International). This group also
has diversified experience in commodity trading, warehousing and
power generation (wind mill and solar project). The Purohit group
has rich experience in handicraft and commodity trading
businesses.


RAGHUVIR GINNING: CRISIL Ups Rating on INR80MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Raghuvir Ginning Factory (RGF) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that RGF's business
risk profile will improve over the medium term, with an increase
in its scale of operations and better working capital management.
For 2013-14 (refers to financial year, April 1 to March 31), the
company reported a 38 per-cent year-on-year growth in sales to
INR804.8 million, mainly supported by healthy demand and improved
realizations. Over the medium term, CRISIL believes that RGF's
sales will grow at a moderate pace on account of moderation in
cotton prices. The firm's working capital requirements declined
during the year with gross current assets (GCA) at 52 days as on
March 31, 2014, against 79 days a year earlier, due to better
inventory management. Its inventory reduced to 44 days as on March
31, 2014, from 65 days a year earlier, while its debtors remained
low at 5 to 15 days over this period. Over the medium term, CRISIL
believes that the company's operating cycle is expected to be in
the range between 55 and 60 days.

The rating continues to reflect, RGF's below-average financial
risk profile, marked by small networth, high gearing and modest
debt protection metrics; the company's exposure to intense
competition in the highly fragmented textile industry; and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefit that the firm
derives from its proximity to the cotton growing belt in Gujarat.

Outlook: Stable

CRISIL believes that RGF will continue to benefit from its
proximity to the cotton growing belt in Gujarat. The outlook may
be revised to 'Positive' if the firm reports significant increase
in its scale of operations leading to higher than expected
accruals or receives any large equity infusion, leading
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if RGF's profitability declines coupled
with stretch in its working capital cycle and/or larger-than-
expected debt funded capital expenditure programme leading to
deterioration in its financial risk profile,

Incorporated in 2008, RGF is a partnership firm in the business of
cotton ginning and pressing. Its plant is situated in Talaja
(Gujarat).

RGF reported a profit after tax (PAT) of INR3.2 million on net
sales of INR804.8 million for 2013-14, as against a PAT of INR2.1
million on net sales of INR581.1 million for 2012-13.


RAM RAGHU: ICRA Assigns B Rating to INR9.12cr Term Loan
-------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR9.62
crore fund-based bank facilities of Ram Raghu Healthcare Private
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund-based facilities-
   Term loans               9.12       [ICRA]B; assigned
   Fund based facilities-
   Cash Credit              0.50       [ICRA]B; assigned

ICRA's rating is constrained on account of time overrun in
execution of the hospital due to which the project has become
entirely dependent on timely promoters' funding support to meet
its scheduled debt obligations. Post commissioning, the
operational performance of the hospital will be partly dependent
on the transitioning of medical facilities and business scope from
existing operating hospital by the promoters. Further ability of
the hospital to achieve targeted revenues and occupancies remains
to be seen and will be critical for its debt servicing. The rating
is however supported by presence of experienced promoters and
consultants with a track record of running an existing hospital in
Agra of the same name; and a favourable project location with ease
of accessibility from the city centre and proximity to residential
and commercial areas.

ICRA takes cognizance of the concentration risk inherent to
single-asset companies; and typically long gestation periods in
new hospital projects. While the operational ramp up of the
hospital is expected to be swift given the existing establishment
of the promoters in the same market, the ability of the company to
achieve adequate occupancies and per bed revenues, post
commencement of operations, will be the key rating sensitivities.

Incorporated in January 2012, RRHPL is a closely-held company that
is setting up a 132-bedded multi-speciality hospital in Agra
(Uttar Pradesh). The promoters already own a running hospital at
Agra Ram Raghu Hospital registered under "Raghu Enterprises". The
existing hospital is a 70 bedded hospital located in the vicinity
of the new project. It has a long track record of more than 30
years. The operations of the existing hospital will be slowly
merged with the new hospital going forward.


REAL AGROTECH: CRISIL Assigns B+ Rating to INR40MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Real Agrotech Industries (RAI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL B+/Stable
   Long Term Loan        13.3       CRISIL B+/Stable

The rating reflects RAI's modest scale of operations in the highly
competitive rice processing industry, and its average financial
risk profile marked by average debt protection measures. These
rating weaknesses are partially offset by the  extensive
experience of the company's partners in the agro commodity and
rice industry leading to established customer and supplier
relations.

Outlook: Stable

CRISIL believes that RAI will maintain its business risk profile
over the medium term on the back of its promoters' experience in
agri-commodity and rice processing industry. The outlook may be
revised to 'Positive' if RAI improves its revenues significantly
along with improvement in profitability leading to improved cash
accruals and consequently improved capital structure and debt
protection measures. Conversely, the outlook may be revised to
'Negative', if the firm's operating margin declines or if the
firm's financial risk profile deteriorates more than expected due
to stretch in working capital or withdrawal of funds by the
partners.

RAI is a partnership firm set up in 2013 by the Patel family of
Bavla(Gujarat).  The firm is engaged in processing of non basmati
variety of rice. It began commercial operations in December, 2013.


RELIANCE COMMUNICATIONS: Moody's Assigns 'Ba3' CFR
--------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Reliance Communications Limited (RCOM), India's fourth-largest
wireless telecommunications provider.  The outlook on the rating
is stable.

This is the first time Moody's has assigned ratings to RCOM.

"RCOM's Ba3 rating reflects its meaningful market position as the
fourth largest integrated mobile operator in India's growing
telecommunications industry. In addition, its large domestic and
international asset base of telecommunications infrastructure
support the diversification of revenues and position the company
to benefit from the oncoming growth in data demand in India," says
Nidhi Dhruv, a Moody's Assistant Vice President and Analyst.

RCOM's various network- and infrastructure-sharing agreements with
other operators will enable it to efficiently improve capacity and
coverage. In particular, the agreement with Reliance Jio, the
telecom subsidiary of Reliance Industries Limited (Baa2 positive),
will allow RCOM to tap into the latter's network, leading to
further reductions in operating and capital expenditure.

"The rating is constrained by RCOM's high leverage and strained
liquidity profile, thereby weakly positioning it in its rating
category. However, management has undertaken a deleveraging
initiative that is premised largely on the monetization of various
non-core assets, alongside continued improvements in the operating
performance of its core Indian operations," adds Dhruv, also
Moody's Lead Analyst for RCOM.

At the same time, concerns exist regarding the uncertain but
improving nature of the regulatory environment for the
telecommunications industry in India.  However, lower regulatory
charges for RCOM, together with an industry-wide reduction in
competitive pressures, will help contribute to ongoing
improvements in profitability and, in turn, cash flow generation.

While RCOM has begun to reduce its debt level -- most recently
with the USD1 billion equity raised via the issue of warrants and
a qualified institutional placement completed in June 2014 -- its
leverage, as measured by adjusted debt/EBITDA, remained high at
5.2x for the 12 months ending Dec. 31, 2014.

"The company plans to raise funds through various non-core asset
sales, including its submarine cable subsidiary, GCX Limited (B2
stable), its Direct-To-Home (DTH) business, and some real estate
assets.  However, risks remain around the quantum and timing of
the planned transactions. We expect RCOM's leverage to decline to
4.0-4.5x during the fiscal year ending March 2016," adds Dhruv.

The company's liquidity profile, in the absence of the planned
asset sales, remains weak.  As at Dec. 31, 2014, RCOM had cash and
cash equivalents (including short-term investments) of INR19
billion, against short-term debt maturities of INR70 billion.

Separately, in February 2015, RCOM completed the conversion of
another short-term loan of INR67.5 billion into a long-term
amortizing loan facility, thereby alleviating some near-term
liquidity pressure.

"Any delays in the company's deleveraging plans on the back of
asset sales, will exert downward pressure on the rating. Moody's
will closely review the progress on RCOM's stated plans over the
next 6-9 months," adds Dhruv.

Moreover, given that a significant portion of its debt
(approximately 70%) is USD-denominated, foreign-currency risk
persists.  The company is also reliant on covenant waivers,
including for the most recent testing period (Sep. 31, 2014), for
which RCOM management has indicated it has received waiver
consents from a majority of its banks.

The ratings outlook is stable, based on the expectation that RCOM
will continue to grow and improve the profitability of its core
Indian operations, while also continuing to execute on its
deleveraging plans in a timely manner.

An upgrade is unlikely over the near term, given RCOM's need to
delever.  However, upward rating pressure could arise if RCOM (1)
continues to grow its core-Indian operations' revenues and
earnings by expanding the number of subscribers and data revenue
without compromising its EBITDA margins; (2) continues to generate
positive free cash flow on a sustained basis; and (3)
significantly improves its liquidity profile.

Specific indicators that we would consider for upgrading the
rating include: adjusted debt/EBITDA below 3.0x; adjusted EBITDA
margins in excess of 35%; and adjusted FCF/debt in excess of 5% on
a sustained basis.

Downward pressure on the ratings could emerge if RCOM (1)
experiences a significant deterioration in market share and/or
competition intensifies, such that profitability deteriorates; (2)
fails to execute on its deleveraging plans; (3) encounters
difficulty in complying with its financial covenant requirements,
accessing capital to fund growth or repay/refinance debt, as and
when it falls due; or (4) implements aggressive investment and/or
shareholder return policies.

Specific indicators that we would consider for a downgrade
include: adjusted debt/EBITDA failing to trend in line with
expectations towards 4.0x by March 2016; adjusted EBITDA margins
falling below 30%; and adjusted (FFO+interest)/interest remaining
below 3.0x.

Furthermore, any unexpected regulatory developments in the Indian
telecommunications sector will also be negative for the rating.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

RCOM is an integrated telecommunications operator in India with
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses.  Through its wholly-owned
subsidiary, GCX Limited, the company also provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific which need multi-national IP-based solutions and
connectivity.

RCOM is fourth-largest mobile operator in India based on number of
subscribers, which totaled 106.3 million (or approximately 11.3%
of total market share by subscribers) as of Dec. 31, 2014.  As on
Jan. 20, 2015, RCOM's promoter and largest shareholder, Anil
Dhirubhai Ambani, owns 59.70% of the company.  Life Insurance
Corporation of India (LIC) owns 6.62% and foreign institutional
investors own 21.63%.


ROYAL WOOD: ICRA Assigns B+ Rating to INR3cr Cash Credit
--------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to INR3.00 crore1 cash credit
facility of Royal Wood Private Limited (RWPL). ICRA has also
assigned an [ICRA]A4 rating to the INR8.00 crore short-term, non-
fund based limits of Royal Wood Private Limited.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B+ assigned
   LC/BG                   8.00        [ICRA]A4 assigned

The ratings are constrained by the RWPL's small size of operations
and weak profitability and return indicators due to the highly
competitive business environment. Further, the profitability also
remains vulnerable to volatility in timber prices and foreign
currency exchange fluctuations given the inherent nature of the
timber trading business wherein as the purchases are not backed by
confirmed orders. The ratings also factor in the modest financial
profile of the firm as reflected in high TOL/TNW of 3.48 times as
on 31st March 2014 and modest debt protection indicators as
reflected by OBDITA/Interest & Financial Charges.

However, the ratings favourably consider the long track record of
the promoters and the company in the timber related business;
diversified market presence across India, Further, the rating also
draws comfort from location advantage and positive demand outlook
for the timber industry.

Royal Wood Private Limited was incorporated in 2008 as a private
limited company and is engaged in the trading of timber and
manufacturing of plywood (thickness ranging from 3.0 to 25.0 mm),
veneer etc. The company's manufacturing facility is located at
Gandhidham in Kutch District (Gujarat), near Kandla port.The
company is promoted by Mr.Naresh Garg, Mr.Kewal Garg and other
family members.

Recent Results
For the year FY 2014, the company reported an operating income of
INR18.52 crore and a profit after tax of INR0.19 crore.


S. D. RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. D. Rice
Mill (SDRM) continues to reflect SDRM's below-average financial
risk profile marked by small net worth and high gearing, and its
small scale of operations in a fragmented industry. These rating
weaknesses are partially offset by the experience of SDRM's
proprietor in the rice milling industry.

                     Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          50         CRISIL B+/Stable (Reaffirmed)
   Term Loan             4         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SDRM will continue to benefit over the medium
term from its proprietor's extensive industry experience. Its
financial risk profile is, however, expected to remain constrained
because of its weak profitability. The outlook may be revised to
'Positive' in case of significant improvement in the firm's
financial risk profile, most likely because of capital infusion or
improvement in revenue leading to increased cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
significant increase in SDRM's inventory, leading to large
incremental bank borrowings, or sizeable debt-funded capital
expenditure (capex).

Update
SDRM's operating income improved by 18 per cent to INR2441.1
million in 2013-14 (refers to financial year, April 1 to March 31)
from INR2066.1 million in 2012-13, driven by increased demand from
existing customers. However, because of slowdown in the rice
industry, CRISIL expects SDRM's operating revenue to remain
stagnant during 2014-15. SDRM reported operating profitability of
2.5 to 3.5 per cent over the three years ended March 31, 2014; for
2014-15, its operating profitability is expected in the same
range. SDRM has moderate working capital requirements marked by
gross current assets of around 104 days. SDRM extends credit of 15
to 20 days to its customer and holds inventory of around 75 days.
Its bank limit utilisation of 93 per cent over the 12 months
through November 2014 was driven by moderate working capital
requirements. SDRM is likely to generate cash accruals of INR1.5
million to INR2.0 million against short-term debt obligation of
INR1 million during 2014-15. Its liquidity is supported by absence
of any major debt-funded capex. SDRM has a below-average financial
risk profile, marked by small net worth, high gearing, and weak
debt protection metrics. SDRM's net worth was INR12.6 million as
on March 31, 2014, and is expected to improve gradually over the
medium term. Its gearing is expected in the range of 3.5 to 4.0
times, while its interest coverage and net cash accruals to total
debt ratios are expected between 1.0 and 1.5 times and 0.1 and 0.4
times, respectively, over the medium term.

SDRM is a proprietorship firm owned and managed by Mr. Raj Kumar
and based in Kaithal (Haryana). It mills and processes paddy into
rice and has installed capacity of 5 tonnes per hour.


S R OVERSEAS: CRISIL Assigns B Rating to INR35MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of S R Overseas Panipat (SRO).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     21.2        CRISIL B/Stable

   Cash Credit            35          CRISIL B/Stable

   Long Term Loan         33.8        CRISIL B/Stable

The rating reflects SRO's limited track record of operations in
the fragmented polar blankets industry, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters and
their funding support.

Outlook: Stable

CRISIL believes that SRO will continue to benefit over the medium
term from the extensive industry experience of its promoters and
the favourable location of its plant. The outlook may be revised
to 'Positive' if the firm reports a substantial increase in its
cash accruals while efficiently managing its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if SRO's cash accruals are low, or its working capital
requirements increase significantly, exerting further pressure on
its liquidity.

SRO is a partnership firm established in 2014. The firm
manufactures polar blankets at its unit in Panipat (Haryana). The
unit's day-to-day operations are managed by the partners
Mr.Vijender Singh and Mr. Balraj Singh. The firm began operations
in the first week of December 2014.


SAFIRE INDUSTRIES: CRISIL Reaffirms D Rating on INR46.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Safire Industries
(SI; part of the Safire group) continue to reflect instances of
delay by the Safire group in servicing its debt. The delays have
been caused by the group's weak liquidity, driven by large working
capital requirements, particularly because of stretched
receivables.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL D (Reaffirmed)
   Cash Credit            30         CRISIL D (Reaffirmed)
   Letter of Credit       10         CRISIL D (Reaffirmed)
   Long Term Loan         46.5       CRISIL D (Reaffirmed)
   Proposed Working
   Capital Facility       30         CRISIL D (Reaffirmed)

The Safire group has large working capital requirements and is
also exposed to risks related to the highly fragmented and
intensely competitive printing industry. However, the group
benefits from its established market position in the printing and
publications industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SI and The Safire Offset Printers
(SOP). This is because the two entities, together referred to as
the Safire group, are in the same line of business, and have a
common management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SI is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SAHARA GROUP: Lenders Put Iconic Grosvenor House on Sale
--------------------------------------------------------
The Hindu BusinessLine reports that in a fresh twist to crisis-hit
Sahara Group's efforts to raise funds, its iconic hotel property
Grosvenor House, estimated to be worth over INR5,000 crore, has
been put on sale by lenders.

Grosvenor House, a landmark property on Park Lane, is one of the
three marquee hotels owned by Sahara outside India, the other two
being Plaza and Dream Downtown in New York, the report says.

According to Hindu BusinessLine, Sahara Group has been trying to
raise funds for months to secure the release of its chief Subrata
Roy, as also that of two other senior officials, from Tihar Jail
in New Delhi, where they have been lodged for one year. These
three hotels have been at the centre of these fund-raising plans,
the report notes.

Hindu BusinessLine, citing a report in the Telegraph, says
Grosvenor House may fetch about GBP500 million, more than
GBP470 million that Sahara Grosvenor House Hospitality Ltd had
paid for the hotel in 2010.

Hindu BusinessLine relates that the Telegraph further said that
Deloitte was appointed administrators to Sahara on March 3 after
"it defaulted on debts tied to the hotel" and they will work with
realty consultancy Jones Lang LaSalle (JLL) to find a buyer.

The Telegraph quoted Mark Wynne-Smith, global CEO of JLL hotels
and hospitality group, as saying that "the last hotel transaction
on Park Lane took place two years ago and the market has
strengthened since then," Hindu BusinessLine relays. Deloitte's
Joint Administrator and Restructuring Services Partner Phil Bowers
-- pbowers@deloitte.co.uk -- told the newspaper, "Grosvenor House
Hotel is an exceptional asset, at a London address recognised
around the globe," according to Hindu BusinessLine.

The three iconic hotels were acquired by Sahara between 2010 and
2012 at an estimated valuation of $1.55 billion, Hindu
BusinessLine notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SARVANI READYMIX: CRISIL Rates INR35MM Overdraft Loan at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sarvani Readymix Concrete Industry (SRCI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Secured Overdraft
   Facility              35         CRISIL B+/Stable

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

   Bank Guarantee        10         CRISIL A4

   Long Term Loan        25         CRISIL B+/Stable

The ratings reflect SRCI's modest scale of operations in the
intensely competitive and cyclical readymix concrete manufacturing
business, and working capital intensive nature of operations.
These rating weaknesses are partially offset by the extensive
industry experience of SRCI's promoters' and the moderate
financial risk profile of the firm.

Outlook: Stable

CRISIL believes that SRCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
significant growth in its revenues and profitability coupled with
improvement in working capital management, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' in case the firm reports significant decline in
revenues and profitability, or if it undertakes any aggressive
debt-funded capital expenditure (capex) programme, or if there is
a stretch in its working capital cycle leading to deterioration in
its financial risk profile.

Established in 2003, SRCI manufactures readymix concrete. The firm
is promoted by Mr.Gopala Reddy and is based out of Vijayawada in
Andhra Pradesh.

For 2013-14 (refers to financial year, April 1 to March 31), SRCI
reported a profit after tax (PAT) of INR3.6 million on net sales
of INR275 million, against a PAT of INR5 million on net sales of
INR413.5 million for 2012-13.


SAYAJI PACKAGING: ICRA Revises Rating on INR3cr Term Loan to B-
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit facility and INR3.00 crore term loans facility
(reduced from INR4.00 crore) of Sayaji Packaging Private Limited
(SPPL) to [ICRA]B- from [ICRA]B. Also, ICRA has assigned the short
term rating of [ICRA]A4 to the INR2.00 crore non fund based
facilities of SPPL.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Facility    2.00       Revised to [ICRA]B-
                                      from [ICRA]B

   Term Loan               3.00       Revised to [ICRA]B-
                                      from [ICRA]B

   Letter of Credit        2.00       [ICRA]A4 assigned

The revision in rating takes into account SPPL's small scale of
operations and the slow ramp up of revenues; the deterioration in
financial risk profile characterized by continuous operating
losses, high gearing levels and inadequate debt protection
metrics; and the need for funding support from the promoters over
the short term to meet its debt obligations. The ratings continue
to be constrained by the high competitive intensity in the metal
packaging business which limits pricing flexibility and
profitability; the competition from alternative packaging
materials; and the vulnerability of company's profitability to
adverse fluctuations in the prices of the key raw material.
The ratings, however, take comfort from the experience of SPPL's
promoters and their long track record in the metal packaging
business; and the favourable outlook for metal packaging products
due to increasing demand for food and other applications.

Incorporated in 2011, Sayaji Packaging Private Limited (SPPL) is
engaged in manufacturing tin cans for non-food and food packaging
applications. SPPL's manufacturing unit is located at Savli, Dist
Vadodra in Gujarat and has a production capacity of approximately
150 lakh cans per annum. Commercial production at the unit
commenced from October 2012. SPPL's promoters have longstanding
experience in the manufacturing and marketing of tin cans used for
packaging paints, adhesives, pesticides etc. by virtue of their
association with other group companies namely Modern Packaging,
Maker Packaging and Sayaji Metal Cans. SSPL is an expansion of the
group already engaged in a similar line of business activity.

Recent Results
In FY14, SPPL reported an operating income of INR5.67 crore and
net loss of INR1.57 crore as against an operating income of
INR2.15 crore and net loss of INR0.37 crore during FY13. In 9M
FY15 (provisional unaudited financials), SPPL recorded an
operating income of INR5.24 crore and loss before depreciation and
tax of INR0.83 crore.


SEETA INTEGRATED: CRISIL Assigns B+ Rating to INR85MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Seeta Integrated Steel & Energy Ltd (SISEL).

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

The rating reflects SISEL's working-capital-intensive operations,
marginal market share, and vulnerability to cyclicality in the
steel industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
its comfortable capital structure marked by moderate net worth and
low gearing.

Outlook: Stable

CRISIL believes that SISEL will continue to benefit over the
medium term from the extensive experience of its promoters in the
steel industry. The outlook may be revised to 'Positive' in case
of improvement in the company's scale of operations or better
working capital management, leading to improvement in its business
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of substantially low operating income and profitability,
stretch in working capital cycle or any significant debt-funded
capital expenditure plan, resulting in deterioration in its
financial risk profile.

Incorporated in 2002, SISEL was promoted by the Joshi family as
Seeta Sponge Iron Ltd and was renamed SISEL in 2008. In April
2010, Mr. Ashok Agarwal, Mr. Bajrang Kumar Agarwal, Mr. Rahul
Mittal, and Mr. Ajay Kumar Goel acquired the company from the
Joshi family. SISEL engaged in manufacturing of sponge iron and
has its manufacturing facility in Sundergarh (Odisha).


SHREE COTEX: ICRA Assigns B Rating to INR7cr Cash Credit
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR7.00
crore1 cash credit facility and INR2.10 crore term loan facility
of Shree Cotex.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             7.00         [ICRA]B assigned
   Term Loan               2.10         [ICRA]B assigned

The assigned ratings are constrained by market risk associated
with greenfield venture in terms of uncertainty related to the
level of product off-take and commercial success as well as
possible stress on debt servicing ability in case lower than
anticipated ramp up of cash flows . The ratings are further
constrained by highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of the
firm's profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality, crop harvest and
regulatory risks with regards to MSP for raw cotton as well as
restriction on cotton exports by GOI. ICRA also notes that SC is a
partnership concern and any substantial withdrawal from capital
account in future could adversely impact the credit profile of the
firm.

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

Established in June 2013, Shree Cotex (SC) has set up a green
field project for cotton ginning and pressing with its facility
located at Rajkot (Gujarat). The commercial operations commenced
from July 2014. The plant is equipped with 30 ginning machines and
1 pressing machine with total processing capacity of ~13,759
metric tonnes of raw cotton per annum.


SHRI BALAJI: CRISIL Assigns B Rating to INR70MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B /Stable' rating to bank
facilities of Shri Balaji Packaging (SBP).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          30         CRISIL B/Stable
   Term Loan            70         CRISIL B/Stable

The rating reflects SBP's modest scale and working-capital-
intensive operations. These rating weaknesses are partially
mitigated by its promoters' extensive experience in the packaging
industry and established relationships with customers and
suppliers, which drives its market position.

Outlook: Stable

CRISIL believes that SBP will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience and diversified customer base. The outlook may
be revised to 'Positive' if the firm has higher-than-expected
revenues, while improving its working capital cycle and capital
structure. The outlook may be revised to 'Negative' in case of
lower-than-expected revenues, large debt funded capex or further
lengthening of its working capital cycle.

SBP is a partnership firm setup in 2010 and is engaged in
manufacturing of corrugated boxes. The firm is owned by Mr. Arpit
Bangur and Mrs. Mangla Bangur. It has a manufacturing unit at
Baddi with a fully-automated corrugation line. The firm currently
has a capacity of 1500 metric tonnes per month.

For 2013-14, the firm has reported Profit after tax of INR9
million on revenues of INR170.7 million against PAT of INR2
million for revenues of INR25.5 million.


SHRI LAXMIBADRI: CRISIL Puts B Rating on INR80MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to bank
facilities of Shri Laxmibadri Agro Foods Pvt Ltd (LAF).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               80         CRISIL B/Stable
   Cash Credit             50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       0.7       CRISIL B/Stable

The rating reflects LAF's initial phase of operations in a highly
competitive industry and weak financial risk profile. These rating
weaknesses are partially mitigated by its promoters' extensive
experience in the rice trading industry and established
relationships with customers and suppliers, which drives its
market position.

Outlook: Stable

CRISIL believes that LAF's business risk profile will be supported
by promoter's experience in similar nature of business. The
outlook may be revised to positive, in case of timely completion
of the project within the budgeted cost and if the plant achieves
ramp up of revenues and accruals faster than expectations.
Conversely, the outlook may be revised to 'Negative' in case there
is time or cost overrun in implementation of the project or if the
ramp of revenues and accruals is slower than expectations.

LAF, incorporated in October 2013, is promoted by Mr. Ritesh Gupta
and 9 other family members. It is currently setting up a rice
milling plant in Kichha, Uttarakhand. The project commenced in mid
September 2014 and is proposed to be completed by May 2015. It has
processing capacity of 8 tonnes/hour.


SOLTEK PHOTOVOLTEK: CRISIL Puts B Rating on INR20MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Soltek Photovoltek Private Limited (SPPL).

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

   Cash Credit             20         CRISIL B/Stable

   Long Term Loan          15         CRISIL B/Stable

The rating reflects SPPL's exposure to risks related to on-going
solar module manufacturing project and exposure to risks related
to stabilisation during initial stages of operations. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SPPL will maintain a stable credit risk
profile on the back of promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of timely
execution of the project within the projected cost or in case of
higher than expected revenues and profitability; resulting in
higher than expected accruals and thus better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any time or cost overrun which would adversely impact the
financial risk profile of the company and thus its debt-servicing
ability.

Incorporated in December 2013, SPPL is currently setting up a 15
MW fully automated Solar Photovoltaic Panel manufacturing unit
near Gannavaram in Krishna district of Andhra Pradesh. Promoted by
Mr. Sunkara Maneesh, the company is expected to start commercial
operations from May 2015.


SRI MVR: ICRA Reaffirms B Rating on INR13.65cr LT Loan
------------------------------------------------------
ICRA has reaffirmed [ICRA]B to the INR13.65 crore (revised from
INR14.25 crore) long term fund based limits of Sri MVR Cotton Oil
Mills Pvt. Ltd. ICRA has also reaffirmed [ICRA]B to the INR0.65
crore unallocated limits of MVR.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund           13.65        [ICRA]B reaffirmed
   Based Limits

   Long Term Unallocated     0.65        [ICRA]B reaffirmed
   Limits

The re-affirmation of rating takes into account the small scale of
MVR's operations and the fragmented nature of the ginning industry
characterized by the presence of a large number of organised and
unorganised players which restricts MVR's pricing flexibility and
hence exposing the margins of the company to fluctuation in the
raw material prices. The rating also takes into account the weak
financial profile as reflected in high gearing of 1.95 times as on
31st March 2014 and weak coverage indicators as reflected in
OPBDITA/Interest at 1.48 times and NCA/Debt at 4.34% as on 31st
March 2014. The rating is further constrained by the large working
capital requirement of the company on account of large inventory
holdings owing to the seasonal nature of the business. The rating
however, favourably take into account the experience of the
promoters in the cotton trading and ginning business, proximity of
MVR's ginning unit to cotton growing areas of Guntur in the state
of Andhra Pradesh provides easy access to raw material resulting
in lower transportation costs.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speeds and low
manpower requirement. MVR is promoted by Mr. M. Venkateswara Rao
who has over a decade of experience in cotton ginning and trading.
The capacity of the ginning mill was increased during FY 11 by
addition of 24 gins, making the total installed capacity 48 gins
which can produce 144,000 bales of cotton lint during the cotton
season each year.

Recent Results
As per audited financials for FY14, MVR reported an operating
income of INR54.10 crore with profit after tax of INR0.41 crore as
against INR35.34 crore of operating income with profit after tax
of INR0.17 crore in FY13.


SUBHASISH JENA: CRISIL Assigns B+ Rating to INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Subhasish Jena Engineers & Builders Private
Limited (SJEBPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       3.4        CRISIL B+/Stable
   Bank Guarantee      50          CRISIL A4
   Cash Credit         30          CRISIL B+/Stable

The ratings reflect SJEBPL's modest scale of operations, large
working capital requirements, and susceptibility to risks related
to intense competition in the civil construction industry.  These
rating weaknesses are partially offset by above-average financial
risk profile marked by healthy debt protection metrics and the
extensive experience of the promoters' in the civil construction
industry.

Outlook: Stable

CRISIL believes that SJEBPL will continue to benefit over the
medium term from the industry experience of its promoters in the
civil construction industry. The outlook may be revised to
'Positive' in case of significant improvement in the company's
scale of operations and profitability resulting in higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative', if the company undertakes any significant debt-funded
capital expenditure or fails to execute its projects on time, or
bids aggressively leading to pressure on margins.

Established in 2012 as a Private Limited Company, SJEBPL is a
Cuttack (Odisha) based Class 1 civil contractor. The company
primarily undertakes construction of infrastructure projects.

SJEBPL reported a profit after tax (PAT) of INR 5.8 million on net
sales of INR 137.02 million for 2013-14 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR 3.14 million on net
sales of INR 71.3 million for 2012-13.


SWASTIK REFINERY: CRISIL Cuts Rating on INR800MM LOC to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swastik Refinery Pvt Ltd (SRPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           15       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             150       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit        800       CRISIL D (Downgraded from
                                     'CRISIL A4+')
   Proposed Long Term
   Bank Loan Facility       35.2     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       24.8     CRISIL D (Downgraded from
   Bank Term Loan                    'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by SRPL in
payment of interest on its term loan and cash credit limit, and
devolvement of its letters of credit. The defaults were driven by
the company's weak liquidity.

SRPL has a below-average financial risk profile, marked by high
total outside liabilities to tangible net worth ratio, and weak
debt protection metrics. Moreover, it is exposed to risks related
to the undifferentiated nature of its products, intense
competition in the vanaspati industry, and changes in government
regulations. However, the company benefits from its moderate
operating efficiency in the edible oils industry.

Incorporated in April 1997, SRPL commenced operations in 1999. The
company manufactures edible oils. Its refinery at Jalan Industrial
Complex in Howrah (West Bengal) has a capacity of 20,000 tonnes
per annum (tpa) for hydrogenated vanaspati and 75,000 tpa for
refined oil. SRPL markets vanaspati under the Vanaspati 2000 brand
and refined oil under the Happy Heart brand.


TANGLING MINI: ICRA Reaffirms C Rating on INR19.40cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR20.00 crore
fund based facilities of Tangling Mini Hydel power Project (TMHPP)
at [ICRA]C.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits-
   Term Loan               19.40      [ICRA]C; Reaffirmed

   Fund-Based Limits-
   Unallocated              0.60      [ICRA]C; Reaffirmed

The rating reaffirmation factors in low generation in FY 2014, as
well as in 6 months of FY2015 on account of disruption in
operations, due to a cloud burst in July 2013. ICRA's ratings
continue to take into account the limited cushion available
between the cash accruals and debt repayments of the firm in any
particular year, which makes the firm specially vulnerable in an
year of weak generation. ICRA's rating continues to factor in the
company's weak financial risk profile characterized by weak
coverage indicators and inadequate cash accruals. ICRA's rating
also factors in the limited track record of promoters in the hydro
power sector, as well as the firm's exposure to hydrological risks
as TMHPP is not covered under a deemed generation clause in case
of factors like shortage of water or loss of generation due to
silting, etc. However, the rating derives comfort from the firm's
off take arrangement with the Himachal Pradesh State Electricity
Board (HPSEB) for a tenure of 40 years and limited demand risks
due to energy deficit in northern India.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters and a
sustained track record of timely debt servicing will remain the
key rating drivers.

TMHPP is a partnership firm, jointly promoted by Sai Engineering
Foundation and Mr. K.K. Kashyap. The firm operates a 5 Mega Watt
(MW) run of the river hydel power plant on the Tangling Nallah, a
tributary of River Sutlej, in district Kinnaur of Himachal
Pradesh. The plant commenced commercial operations in December
2010. The total cost of the project is INR29.42 crore (including a
cost overrun of INR2 crore), which has been funded by a term loan
of INR19.40 crore and promoter's equity as well as a capital
subsidy of INR3.2 crore. TMHPP has entered into a Power Purchase
Agreement (PPA) of 40 years with Himachal Pradesh State
Electricity Board (HPSEB) for sale of power generated from the
project at a fixed tariff of INR2.95 per unit. The project is
expected to generate 22.74 Million Units (MU) in a 75% dependable
year.

Recent Results
The firm reported a net loss of INR0.73 crore on an operating
income of INR3.60 crore in FY2014 as compared to a net profit of
INR0.54 crore on an operating income of INR4.40 crore in the
previous year.


VANYA STEELS: ICRA Reaffirms B- Rating on INR10.02cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR10.02 crore term loan and INR5.0 crore fund-based bank limit of
Vanya Steels Private Limited and its short term rating of [ICRA]A4
on the INR10.5 crore non-fund based limits of the company. ICRA
has also reaffirmed its rating of [ICRA]B-/[ICRA]A4 on the INR3.52
crore unallocated limits of VSPL.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loan (LT Scale)    10.02      [ICRA]B-;reaffirmed
   Cash Credit Facilities
   (LT Scale)               5.00      [ICRA]B-;reaffirmed

   Letter of Credit
   (ST Scale)              10.50      [ICRA]A4;reaffirmed

   Unallocated              3.52      [ICRA]B-/[ICRA]A4;
   (LT/ST Scale)                      reaffirmed

The rating reaffirmation takes into account the weak financial
profile of VSPL, marked by operating loss in 2013-14 and
continuous net losses over the past three years, which are
expected to continue in the near term, on account of raw material
price volatility. The lack of availability of key raw material
(iron ore) compelled the company to use costly raw material (iron
ore pellets) as a substitute which dented the operating profit
margin. Additionally, the rating continues to factor in the
capacity constraints at the existing facility, which limits the
revenue growth of the company. Further, owing to the competitive
and fragmented nature of the industry the company operates in,
there is limited pricing flexibility. ICRA has also taken note of
the debt repayment commitments of the company over the next few
years, which are likely to require funding support from promoters
if the trend of cash losses continues. However the ratings derive
comfort from the extensive experience of the promoters in the
steel industry and their continued support to VSPL, as
demonstrated by regular equity infusion over the last three years,
which has resulted in relatively moderate gearing levels, despite
accruals remaining under pressure during the same period.
Going forward, the ability of the company to effect a sustained
improvement in its profitability and debt coverage indicators will
be the key rating sensitivities.

VSPL is engaged in the manufacturing of sponge iron, which in turn
is used for manufacturing semi processed steel products (ingots
and billets). The manufacturing facility of the company is located
in Koppal, near Bellary (Karnataka) having an installed capacity
of 60,000 metric tonnes per annum (MTPA). The manufacturing
facility now houses two DRI (Direct reduced Iron) kilns, each with
a capacity of 100 tonnes per day and one crusher for iron ore.

Recent Results
In 2013-14, VSPL reported an operating income of INR46.33 crore
and a net loss of INR5.56 crore as against an operating income of
INR55.78 crore and a net loss of INR1.59 crore in the previous
year. During 2014-15 (9m) period, VSPL reported an operating
income of INR85.99 crore and a net loss of INR1.41 crore.


VGS ENTERPRISES: ICRA Assigns B+ Rating to INR4.50cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR8.5 crore
fund based facilities of VGS Enterprises.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             4.50        [ICRA]B+ Assigned
   Buyer's Credit          4.00        [ICRA]B+ Assigned

The assigned rating factors in small scale of operations of the
firm resulting in modest economies of scale and the inherently low
and volatile margins in the trading business. The rating
constraints also emanate from high gearing of the firm led by
funding of working capital requirements through bank borrowings.
Further, VGS operates in a highly fragmented and competitive
industry with low entry barriers which limits the pricing
flexibility of the firm. However, the rating draws comfort from
long experience of the promoters in steel industry and low
inventory price risk for the firm given the short manufacturing
cycle and low inventory levels maintained by it. Further, forward
integration into manufacturing of roofing sheets is expected to
increase the scale of operations and profitability of the firm
going forward.

Incorporated in the year 1997, VGS Enterprises is a partnership
firm promoted by Mr. Arun Gupta and his sons Mr. Vaibhav Gupta and
Mr. Saurabh Gupta. The firm is engaged in trading of steel
products mainly steel sheets and coils. In FY2015 the firm has
forayed into manufacturing of Pre Painted Galvanized Steel Sheets
which are used for roofing purposes. VGS has set up its
manufacturing facility in Ghaziabad (Uttar Pradesh) with
manufacturing capacity of 2000MT per month on double shift basis.

Recent Results
The firm reported a net profit after tax of INR0.18 crore on an
operating income of INR31.35 crore in FY2014 as against net profit
of INR0.09 crore on an operating income of INR29.32 crore in
FY2013.


VIR ELECTRO: ICRA Lowers Rating on INR12.5cr LT Term Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit facility, INR12.50 crore term loan facility and
INR5.50 unallocated facility of Vir Electro Engineering Private
Limited from [ICRA]BB to [ICRA]D. ICRA has withdrawn the short
term rating of [ICRA]A4+ to short term, non-fund based facility of
VEE.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, Fund          2.00       [ICRA]D downgraded from
   Based-Cash Credit                   [ICRA]BB

   Long Term, Fund         12.50       [ICRA]D downgraded from
   Based-Term Loan                     [ICRA]BB

   Long Term-Unallocated    5.50       [ICRA]D downgraded from
                                       [ICRA]BB

   Short Term, Non          NIL        [ICRA]A4+ Rating Withdrawn
   fund based      (reduced from INR0.25)

The revision in ratings reflect delays in debt servicing by the
company on account of low capacity utilisation of the company's
new plant in Gonde on back of large repayment obligations. ICRA
also takes note of the adverse capital structure and stretched
liquidity profile of the company, modest scale of operations and
susceptibility of margins towards raw material price volatility.
The ratings are further constrained by significant client
concentration risk with top five clients contributing to ~81% of
total sales in FY14 and fragmented and price competitive nature of
industry.

Incorporated in 1996, VEE is engaged in metal steel fabrication
and galvanization primarily for Crompton Greaves Limited, ABB
Limited and Siemens India Limited. Mr. Santosh Dalvi, the director
of the company, oversees the operations of the company. The
company operates through its fabrication and galvanization units
at Ambad and Gonde, Nashik, with a total installed capacity of
2,600 MT per annum.


YINDU TEXTILES: CRISIL Assigns B Rating to INR300MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the facilities
of Yindu Textiles Pvt. Ltd. (YTPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        300        CRISIL B/Stable

The rating reflects YTPL's below-average financial risk profile,
marked by high gearing and modest net worth, and exposure to
implementation-related risks associated with its ongoing project.
These rating weaknesses are partially offset by the extensive
industry experience of YTPL's promoters.

Outlook: Stable

CRISIL believes that YTPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company ramps up its scale of
operations and generates sizeable revenue and profitability,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case YTPL
faces any delay in commencing commercial operations, leading to
considerably low revenue and profitability, or undertakes
substantially large, debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

YTPL, based in Guntur (Andhra Pradesh), is currently setting a
spinning unit to manufacture cotton yarn of counts 32s. The
company is promoted by Mr. B. Banerjee and family.



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


EPCOTT CO: Files For Bankruptcy in Tokyo
----------------------------------------
Kevin Ma at Film Business Asia reports that Epcott Co Ltd and the
affiliated firm Papyrus has filed for bankruptcy in a Tokyo court
this week.  Epcott is JPY2 billion (US$16.7 million) in debt and
Papyrus is JPY120 million (US$1.00 million) in debt, the report
says.

Formed in 1985, Epcott acquired and distributed foreign films
under its Alcine Terran division. Though it mostly handled
European films, it also distributed Vicki ZHAO's So Young (2013),
Johnnie TO's Drug War (2012) and Chinese drama Judge (2009), the
report discloses.

Alcine Terran also handles publicity work for other local
companies. Its most recent projects include Begin Again, Korean
sports drama No Breathing (2013) and KITANO Takeshi's forthcoming
Ryuzo 7, according to the report.

Film Business Asia relates that since 2004, Epcott has acquired
and distributed numerous South Korean television dramas on DVD.
However, revenue suffered due to high acquisition costs and a drop
in demand due to the cooling of Japan-South Korea relations, the
report states. The company made a foray into game production in
2013, but a slow recoupment in its investment led to the banks'
refusal to provide additional financing, according to the report.

Established in 1994, Papyrus is responsible for the authoring,
translation and production of DVDs. Roughly 50% of its business
comes from Epcott.

According to the report, all of the company's staff have been
ordered to leave the office. However, the company's publicity team
will continue to work on the release of its two final films,
fashion documentary Dior and I and South Korean drama Man in Love,
the report notes.


SKYMARK AIRLINES: To Suspend Yonago Route From September 1
----------------------------------------------------------
The Japan Times reports that Skymark Airlines Inc. said March 4 it
will suspend flights to and from Yonago Kitaro Airport in Tottori
Prefecture from Sept. 1 as one measure of many to restore its
financial health.

The report relates Skymark said the suspension will remain through
Oct. 24, but no decision has been taken on the flights' resumption
thereafter.

The Japan Times says from Sept. 1, the struggling airline will
also cut one of its two daily round-trip flights to both Sapporo
and Fukuoka from Ibaraki Airport.

But the airline plans to increase flights on popular routes. Those
between Sapporo and Chubu Centrair International Airport serving
Nagoya and between Kobe and Naha, Okinawa Prefecture, will get
either one or three additional flights a day, the report relays.

                      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.

Skymark will submit a rehabilitation plan to the court by May 29,
according to The Japan Times.


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


GTL ENERGY: Loss Narrows to NZ$699.8K; To Sell Briquette Plant
--------------------------------------------------------------
BusinessDesk reports that GTL Energy (New Zealand), Solid Energy's
former partner in an experimental briquette-making plant in
Southland, reduced its loss in 2014 in a year when it garnered no
revenue and began preparing for the sale of the Mataura briquette
plant, its biggest asset.

The New Zealand unit of South Australia-based GTL Energy reviewed
options for the plant in the second half of calendar 2014 and
began "a programme of disposal to test the market" in January this
year, the report relates. Its loss reduced to NZ$699,809 in the 12
months ended June 30, from NZ$761,289 a year earlier, according to
the company's annual report cited by BusinessDesk.

BusinessDesk says the briquette plant had been a joint venture
with Solid Energy, which was seeking to develop low-grade lignite
coalfields in Southland, among a range of developments that were
jettisoned when slumping global coal prices left the state-owned
enterprise with too much debt and derailed former chief executive
Don Elder's efforts to build a broad-based energy company. Solid
Energy wrote down the NZ$33 million plant by NZ$26.2 million in
2013 and sold its interest to GTL the following year, the report
relates.

The company has a proprietary technology to remove moisture from
"low rank" coals, raising their energy content and market value.
In addition to the Mataura plant, it had a pilot plant at Golden,
Colorado, was producing briquettes at a facility in South Heart,
North Dakota, had plans for a facility in Indonesia and was
seeking licence agreements with other third-party developers,
according to its website, BusinessDesk relays.

BusinessDesk says the plant may be on the market for closer to
NZ$1.1 million, based on GTL Energy (NZ)'s accounts, which include
a non-current asset held for sale at cost of NZ$1.08 million.

BusinessDesk notes that the auditor for the New Zealand unit's
accounts again added an emphasis of matter, noting that current
liabilities exceeded current assets by NZ$2.3 million. And the
company itself said it was economically dependent on the financial
support of its parent. Accumulated losses rose to about NZ$2.2
million in 2014 from NZ$1.49 million a year earlier, BusinessDesk
disclose.


===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
UNITEX TBK               UNTX            18.83        -18.53


INDIA

ABHISHEK CORPORA         ABSC            53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD           ALPI           201.29        -41.70
AMIT SPINNING            AMSP            12.85         -7.68
ARTSON ENGR               ART            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
ASHIMA LTD               ASHM            63.23        -48.94
ATV PROJECTS              ATV            48.47        -43.93
BELLARY STEELS           BSAL           451.68       -108.50
BENZO PETRO INTL          BPI            26.77         -1.05
BHAGHEERATHA ENG         BGEL            22.65        -28.20
BINANI INDUS LTD          BZL         1,163.38        -38.79
BLUE BIRD INDIA          BIRD           122.02        -59.13
CELEBRITY FASHIO         CFLI            24.96         -8.26
CHESLIND TEXTILE          CTX            20.51         -0.03
CLASSIC DIAMONDS          CLD            66.26         -6.84
COMPUTERSKILL             CPS            14.90         -7.56
DCM FINANCIAL SE        DCMFS            18.46         -9.46
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
DISH TV INDIA            DITV           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
DUNCANS INDUS             DAI           122.76       -227.05
ENSO SECUTRACK           ENSO            15.57         -0.46
EURO CERAMICS            EUCL           110.62         -6.83
EURO MULTIVISION         EURO            36.94         -9.95
FERT & CHEM TRAV          FCT           314.24        -76.26
GANESH BENZOPLST          GBP            44.05        -15.48
GANGOTRI TEXTILE         GNTX            54.67        -14.22
GOKAK TEXTILES L         GTEX            46.36         -0.29
GOLDEN TOBACCO            GTO            97.40        -18.24
GSL INDIA LTD             GSL            29.86        -42.42
GSL NOVA PETROCH         GSLN            16.53         -1.31
GUJARAT STATE FI          GSF            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
INTEGRAT FINANCE          IFC            49.83        -51.32
JCT ELECTRONICS          JCTE            80.08        -76.70
JENSON & NIC LTD           JN            16.49        -71.70
JET AIRWAYS IND         JETIN         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
JOG ENGINEERING           VMJ            45.90         -5.28
KALYANPUR CEMENT         KCEM            23.39        -42.66
KERALA AYURVEDA          KERL            13.97         -1.69
KIDUJA INDIA              KDJ            11.16         -3.43
KINGFISHER AIR           KAIR           515.93     -2,371.26
KINGFISHER A-SLB       KAIR/S           515.93     -2,371.26
KITPLY INDS LTD           KIT            14.77        -58.78
KLG SYSTEL LTD           KLGS            40.64        -27.37
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
MILTON PLASTICS          MILT            17.67        -51.22
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB         MBI/S           727.13       -165.63
MTZ POLYFILMS LT          TBE            31.94         -2.57
MURLI INDUSTRIES         MRLI           262.39        -38.30
MYSORE PAPER             MSPM            87.99         -8.12
NATL STAND INDI          NTSD            22.09         -0.73
NAVCOM INDUS LTD          NOP            10.19         -3.53
NICCO CORP LTD           NICC            71.84         -4.91
NICCO UCO ALLIAN         NICU            23.25        -83.90
NK INDUS LTD              NKI           141.35         -7.71
NRC LTD                  NTRY            63.70        -53.01
NUCHEM LTD                NUC            24.72         -1.60
PANCHMAHAL STEEL          PMS            51.02         -0.33
PARAMOUNT COMM           PRMC           124.96         -0.52
PARASRAMPUR SYN           PPS            99.06       -307.14
PAREKH PLATINUM          PKPL            61.08        -88.85
PIONEER DISTILLE          PND            53.74         -5.62
PREMIER INDS LTD         PRMI            11.61         -6.09
PRIYADARSHINI SP         PYSM            20.80         -2.28
QUADRANT TELEVEN         QDTV           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
ROYAL CUSHION            RCVP            14.70        -75.18
SAAG RR INFRA LT         SAAG            12.54         -4.93
SADHANA NITRO             SNC            16.74         -0.58
SANATHNAGAR ENTE         SNEL            49.23         -6.78
SANCIA GLOBAL IN         SGIL            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
SHAMKEN COTSYN            SHC            23.13         -6.17
SHAMKEN MULTIFAB          SHM            60.55        -13.26
SHAMKEN SPINNERS          SSP            42.18        -16.76
SHREE GANESH FOR         SGFO            44.50         -2.89
SHREE KRISHNA            SHKP            14.62         -0.92
SHREE RAMA MULTI         SRMT            38.90         -4.49
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
STELCO STRIPS            STLS            14.90         -5.27
STI INDIA LTD            STIB            21.69         -2.13
STL GLOBAL LTD           SHGL            30.73         -5.62
STORE ONE RETAIL         SORI            15.48        -59.09
SUPER FORGINGS            SFS            14.62         -7.00
SURYA PHARMA             SUPH           370.28         -9.97
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
TATA TELESERVICE         TTLS         1,311.30       -138.25
TATA TELE-SLB          TTLS/S         1,311.30       -138.25
TODAYS WRITING           TWPL            18.58        -25.67
TRIUMPH INTL             OXIF            58.46        -14.18
TRIVENI GLASS            TRSG            19.71        -10.45
TUTICORIN ALKALI         TACF            19.86        -19.58
UDAIPUR CEMENT W          UCW            11.38        -10.53
UNIFLEX CABLES           UFCZ            47.46         -7.49
UNIWORTH LTD               WW           149.50       -151.14
UNIWORTH TEXTILE          FBW            22.54        -35.03
USHA INDIA LTD           USHA            12.06        -54.51
VANASTHALI TEXT           VTI            14.59         -5.80
VENUS SUGAR LTD            VS            11.06         -1.08
WANBURY LTD              WANB           141.86         -3.91
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
FILSYN CORP A             FYN            23.11        -11.69
FILSYN CORP. B           FYNB            23.11        -11.69
GOTESCO LAND-A             GO            21.76        -19.21
GOTESCO LAND-B            GOB            21.76        -19.21
LIBERTY TELECOMS          LIB            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
PICOP RESOURCES           PCP           105.66        -23.33
STENIEL MFG               STN            21.07        -11.96
UNIWIDE HOLDINGS           UW            50.36        -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT            19.68        -22.46
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


THAILAND

ABICO HLDGS-F         ABICO/F            15.28         -4.40
ABICO HOLDINGS          ABICO            15.28         -4.40
ABICO HOLD-NVDR       ABICO-R            15.28         -4.40
ASCON CONSTR-NVD      ASCON-R            59.78         -3.37
ASCON CONSTRUCT         ASCON            59.78         -3.37
ASCON CONSTRU-FO      ASCON/F            59.78         -3.37
BANGKOK RUBBER            BRC            77.91       -114.37
BANGKOK RUBBER-F        BRC/F            77.91       -114.37
BANGKOK RUB-NVDR        BRC-R            77.91       -114.37
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
CIRCUIT ELEC PCL       CIRKIT            16.79        -96.30
CIRCUIT ELEC-FRN     CIRKIT/F            16.79        -96.30
CIRCUIT ELE-NVDR     CIRKIT-R            16.79        -96.30
ITV PCL-NVDR            ITV-R            36.02       -121.94
K-TECH CONSTRUCT        KTECH            38.87        -46.47
K-TECH CONSTRUCT      KTECH/F            38.87        -46.47
K-TECH CONTRU-R       KTECH-R            38.87        -46.47
KUANG PEI SAN          POMPUI            17.70        -12.74
KUANG PEI SAN-F      POMPUI/F            17.70        -12.74
KUANG PEI-NVDR       POMPUI-R            17.70        -12.74
PATKOL PCL              PATKL            52.89        -30.64
PATKOL PCL-FORGN      PATKL/F            52.89        -30.64
PATKOL PCL-NVDR       PATKL-R            52.89        -30.64
PICNIC CORP-NVDR      PICNI-R           101.18       -175.61
PICNIC CORPORATI        PICNI           101.18       -175.61
PICNIC CORPORATI      PICNI/F           101.18       -175.61
SHUN THAI RUBBER        STHAI            19.89         -0.59
SHUN THAI RUBB-F      STHAI/F            19.89         -0.59
SHUN THAI RUBB-N      STHAI-R            19.89         -0.59
TONGKAH HARBOU-F        THL/F            62.30         -1.84
TONGKAH HARBOUR           THL            62.30         -1.84
TONGKAH HAR-NVDR        THL-R            62.30         -1.84
TRANG SEAFOOD             TRS            15.18         -6.61
TRANG SEAFOOD-F         TRS/F            15.18         -6.61
TRANG SFD-NVDR          TRS-R            15.18         -6.61
TT&T PCL                 TTNT           589.80       -223.22
TT&T PCL-NVDR          TTNT-R           589.80       -223.22
TT&T PUBLIC CO-F       TTNT/F           589.80       -223.22
WORLD CORP -NVDR      WORLD-R            15.72        -10.10
WORLD CORP PCL          WORLD            15.72        -10.10
WORLD CORP PLC-F      WORLD/F            15.72        -10.10


TAIWAN

BEHAVIOR TECH CO        2341S            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
HELIX TECH-EC           2479T            23.39        -24.12
HELIX TECH-EC IS        2479U            23.39        -24.12
HELIX TECHNOL-EC        2479S            23.39        -24.12
POWERCHIP SEM-EC        5346S         1,761.34       -296.10
TAIWAN KOL-E CRT        1606U           507.21       -147.14
TAIWAN KOLIN-EN         1606V           507.21       -147.14
TAIWAN KOLIN-ENT        1606W           507.21       -147.14



                             *********

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

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

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


                            *********


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

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

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

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

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



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