TCRAP_Public/150309.mbx           T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 9, 2015, Vol. 18, No. 047


                            Headlines


A U S T R A L I A

CIVIL PIPELINES: First Creditors' Meeting Set For March 17
FORTESCUE METALS: S&P Affirms 'BB+' ICR; Outlook Remains Stable
PARISSEN CAPITAL: First Creditors' Meeting Set For March 17
RETAIL COMPANY: First Creditors' Meeting Set For March 18
WATSONS TIMBER: First Creditors' Meeting Set For March 17


C H I N A

AMERICAN NANO: Posts $1.42-Mil. Loss in Dec. 31 Quarter
FANTASIA HOLDINGS: Moody's 'B2' CFR Unaffected by Weak Liquidity
KAISA GROUP: Moody's 'Ca' CFR Unaffected by Debt Restructuring


I N D I A

ABA MOTORS: CRISIL Assigns B Rating to INR45MM Bank Loan
ARYABHATTA TUTORIALS: CRISIL Rates INR52.5MM Term Loan at B+
ATRA PHARMACEUTICALS: CARE Rates INR43.11cr LT Bank Loan at 'B+'
BASUDEB AUTO: CRISIL Cuts Rating on INR102.5MM Loan to B
COOCHBEHAR TEA: CRISIL Cuts Rating on INR32MM Term Loan to B+

EASTERN COPPER: CRISIL Cuts Rating on INR140MM Cash Credit to C
ESS EMM: CRISIL Ups Rating on INR65MM Cash Credit to B+
EXOTIC REALTORS: CRISIL Assigns B+ Rating to INR73MM Term Loan
G.S.R. MOTORS: CARE Reaffirms B+ Rating on INR5.5cr LT Bank Loan
GAYATRI PROJECTS: To Delay Debenture Repayment

HARSHNI TEXTILES: CRISIL Reaffirms B+ Rating on INR400MM Loan
INNOVATORS FACADE: CRISIL Puts B+ Rating on Notice of Withdrawal
JANAA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR36MM Loan
K.S. STEEL: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
KAITHAL SOLVENT: CRISIL Assigns B Rating to INR62.5MM Term Loan

KAYPEE TRADERS: CRISIL Reaffirms B+ Rating on INR48MM Cash Loan
LIMBANI STEEL: CARE Assigns B+ Rating to INR7cr LT Bank Loan
MALAIYA TRACTORS: CARE Assigns B+ Rating to INR3.50cr LT Loan
MGM INFRA: CARE Assigns 'B' Rating to INR13.05cr LT Bank Loan
MICKY PAPER: CRISIL Assigns B+ Rating to INR60MM Cash Credit

NAGARAJ AND COMPANY: CRISIL Assigns B- Rating to INR30MM Loan
PERIWAL POLYMERS: CARE Assigns B+ Rating to INR4cr LT Bank Loan
PING TELEMATICS: CARE Assigns B Rating to INR7.88cr LT Bank Loan
PSN MOTORS: CRISIL Reaffirms B Rating on INR48MM Cash Credit
R. P. STEEL: CRISIL Reaffirms B Rating on INR70MM Cash Credit

RADIANT POLYMERS: CARE Assigns B Rating to INR19.48cr LT Loan
RAGHU EDUCATIONAL: CRISIL Reaffirms B Rating on INR135MM LT Loan
RAMA SACKS: CRISIL Ups Rating on INR42.5MM Term Loan to B+
RARE JEWELS: CARE Assigns B+ Rating to INR11.5cr LT Bank Loan
RELIANCE FABRICATIONS: CRISIL Reaffirms INR27.5M Loan B+ Rating

SADIWALA CLINIC: CARE Assigns B Rating to INR13cr LT Bank Loan
SAFIRE OFFSET: CRISIL Reaffirms D Rating on INR64.5MM LT Loan
SANTOSHI LEATHER: CRISIL Assigns B Rating to INR55MM Loan
SHANKER TRADERS: CARE Assigns B Rating to INR6cr LT Bank Loan
SHREE DURGA: CARE Assigns 'D' Rating to INR9.38cr LT Bank Loan

SKY ALLOYS: CARE Lowers Rating on INR126.31cr LT Loan to D
SONALI EXTRUSIONS: CRISIL Reaffirms B Rating on INR31.9MM Loan
SONY PYRO: CRISIL Assigns B+ Rating to INR70MM Cash Credit
SQNY FIRE: CRISIL Rates INR60MM Cash Credit at B+
SREE KARPAGAMBAL: CRISIL Assigns B+ Rating to INR158.3MM Loan

SRI SHRIDEVI: CRISIL Reaffirms 'D' Rating on INR660MM Term Loan
SUJAN INDUSTRIES: CRISIL Cuts Rating on INR140MM Cash Loan to D
SURESH GOPINATH: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
SYBLY INDUSTRIES: CRISIL Ups Rating on INR110MM Cash Loan to B-
THIRUMALA CHILD: CRISIL Reaffirms B Rating on INR70MM Term Loan

TIRUPATI VEHICLES: CRISIL Reaffirms B- Rating on INR100MM e-DFS
V. SHANMUGAM: CRISIL Assigns B+ Rating to INR64.3MM Bank Loan


I N D O N E S I A

PRATAMA AGUNG: Fitch Rates USD300MM Sr. Unsecured Notes at BB-


J A P A N

SHARP CORP: Mulls Ending Overseas TV Production Except for China
SKYMARK AIRLINES: Expects to Post Profit on Cost Reductions


N E W  Z E A L A N D

BLUE CHIP: Bryers Released From Bankruptcy But Banned For 7 Years
MEMPHIS BELLE: New Owner Brings Cafe Back to Profitability


P H I L I P P I N E S

COMMUNITY BANK: MB Places Bank Under PDIC Receivership
RURAL BANK OF MAGSINGAL: Placed under PDIC receivership


T A I W A N

CHINA BILLS: Fitch Affirms 'B+' Support Rating Floor


X X X X X X X X

* Moody's Says Global Bank Debt Issuance Levels Off in 2014
* Moody's Says Amount of Defaulted Debt Rises in Asia


                            - - - - -


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A U S T R A L I A
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CIVIL PIPELINES: First Creditors' Meeting Set For March 17
----------------------------------------------------------
Alan Scott and Stuart Otway at BRI Ferrier were appointed as
administrators of Civil Pipelines Australia Pty Ltd on March 4,
2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide, South
Australia, on March 17, 2015, at 11:00 a.m.


FORTESCUE METALS: S&P Affirms 'BB+' ICR; Outlook Remains Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB' senior secured
and 'BB' senior unsecured debt issue ratings on Australia-based
mining company Fortescue Metals Group Ltd. (Fortescue) on
CreditWatch with negative implications.

At the same time, S&P affirmed the 'BB+' issuer credit rating on
Fortescue.  The outlook on the issuer credit rating remains
stable.

"The CreditWatch negative on Fortescue's debt issue ratings
follows the company's proposed debt refinancing of some of its
senior unsecured debt with a new US$2.5 billion senior secured
credit facility," Standard & Poor's credit analyst May Zhong said.
"We consider the proposed refinancing is likely to result in a
material deterioration in the recovery prospects for existing
secured and unsecured debt providers."

Under the proposed refinancing, Fortescue will increase its
secured debt to about US$7.5 billion from US$4.9 billion, with the
proceeds to be used to repay existing unsecured debt facilities.
As such, if the transaction is completed as planned, S&P estimates
that the recovery prospects for the secured debt facilities are
likely to fall to less than 70% from more than 90% currently,
which would lead a downward revision of the issue rating for the
secured facility by two notches to 'BB+'.  Furthermore, if the
refinancing occurs, S&P would expect the recovery prospects for
the group's unsecured debt to be minimal, leading to a downward
revision of the unsecured debt ratings to 'BB-'.

Nonetheless, S&P expects that total debt will remain unchanged
following the proposed debt refinancing.  Accordingly, S&P has
affirmed the 'BB+' corporate credit rating and stable outlook on
Fortescue.  Furthermore, if the proposed refinancing proceeds as
planned, it will extend the group's debt-maturity profile and
reduce refinancing risk over the next couple of years.  S&P also
expects that interest costs will reduce following the debt
restructuring.

"Although the decline in iron ore prices over the past few months
will have a material impact on Fortescue's margin and earnings in
the next two years, we believe Fortescue's credit metrics will
remain at levels commensurate with the 'BB+' rating under our
current iron ore price assumptions (US$65 per ton for 2015 and
2016).  We expect Fortescue's adjusted funds from operations (FFO)
to debt to be at the low-20% level and adjusted debt to EBITDA to
be about 3x in fiscal 2015 and fiscal 2016.  In our view, the
company's efforts to prepay debt and the successful completion of
the 155 million metric ton expansion have improved its ability to
weather lower iron ore prices.  In addition, the company's cost-
cutting initiatives, fall in diesel costs and freight rates, and
depreciation in the Australian dollar should further improve its
cost position.  Fortescue's delivered costs to China (including
C1, shipping, royalty, and administration costs) are expected to
reduce to US$35 per wet metric ton in the second half of fiscal
year 2015," S&P said.

Ms. Zhong added: "We will resolve the CreditWatch placement after
the final issued amount is confirmed and we have reviewed the
final terms and conditions of the new senior secured facility.  If
the debt refinancing proceeds as planned, we expect to lower the
secured debt rating by two notches to 'BB+' (in line with the
corporate credit rating).  In this scenario, we would also expect
to lower our unsecured debt rating by one notch to 'BB-'.  If the
proposed refinancing does not proceed, the issue ratings will
likely be removed from CreditWatch and affirmed."


PARISSEN CAPITAL: First Creditors' Meeting Set For March 17
-----------------------------------------------------------
Wayne Benton and Ken Sellers of Sellers Muldoon Benton were
appointed as administrators of Parissen Capital (Wylde St) Pty Ltd
on March 4, 2015.

A first meeting of the creditors of the Company will be held at
Level 3, 90 William St, in Melbourne, in Victoria, on March 17,
2015, at 11:00 a.m.


RETAIL COMPANY: First Creditors' Meeting Set For March 18
---------------------------------------------------------
Jamieson Louttit at Jamieson Louttit & Associates was appointed as
administrator of That Retail Company Pty Limited on March 6, 2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15,
88 Pitt Street, in Sydney, on March 18, 2015, at 10:00 a.m.



WATSONS TIMBER: First Creditors' Meeting Set For March 17
---------------------------------------------------------
Shelley Brooks and Mat Muldoon at SellersMuldoonBenton were
appointed as administrators of Watsons Timber Pty Ltd, trading as
Huon Motors, on March 4, 2015.

A first meeting of the creditors of the Company will be held at
SellersMuldoonBenton, Level 3, 85 Macquarie Street, in Hobart,
Tasmania, on March 17, 2015, at 10:00 a.m.



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C H I N A
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AMERICAN NANO: Posts $1.42-Mil. Loss in Dec. 31 Quarter
-------------------------------------------------------
American Nano Silicon Technologies, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, disclosing a net loss of $1.42 million on $790,000 of
revenues for the three months ended Dec. 31, 2014, compared to a
net loss of $1.24 million on $346,000 of revenues for the same
period in 2013.

The Company's balance sheet at Dec. 31, 2014, showed
$22.5 million in total assets, $21.9 million in total liabilities
and total stockholders' equity of $574,000.

The Company's current liabilities exceed its current assets by
$20.6 million as of Dec. 31, 2014.  The current cash and inventory
level will not be sufficient to support the Company's operations
and repayments of the loans.  In addition, the Company has
suffered negative gross profit and negative cash flows from its
operations for the past two years.  These factors, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.  The Company will need additional funds to meet
its operating and financing obligations until sufficient cash
flows are generated from anticipated production to sustain
operations and to fund future development and financing
obligations.

A copy of the Form 10-Q is available at:

                       http://is.gd/sNEMxB

With headquarters in Nanchong, Sichuan province, in China,
American Nano Silicon Technologies (ANNO: OTC US) makes and
distributes micro-nano silicon that is used in consumer and
industrial products, including petrochemical, plastics, laundry
detergent, rubber, paper and ceramics.  The Company operates
through its subsidiary Nanchong Chunfei Nano Silicon Technologies
Co., Ltd.

Paritz & Company, P.A., expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company's current liabilities exceed its current assets by $14.8
million at Sept. 30, 2014.  The current cash and inventory level
will not be sufficient to support the Company's resumption of its
normal operations and repayments of its loans.  In addition, the
Company has suffered negative cash flows for past two years.

The Company reported a net loss of $6.37 million on $1.76 million
of revenues for the fiscal year ended Sept. 30, 2014, compared
with a net loss of $7.17 million on $798,000 of revenue in fiscal
2013.


FANTASIA HOLDINGS: Moody's 'B2' CFR Unaffected by Weak Liquidity
----------------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group
Company Limited's B2 corporate family rating, B3 senior unsecured
debt rating and stable rating outlook are unaffected by its
weakened liquidity position.

"Although Fantasia's reported 2014 results show a weakened
liquidity position, we believe it will take appropriate actions to
meet its near-term debt obligations," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

Fantasia's liquidity position, as measured by cash to short-term
debt, weakened significantly to 0.95x at end-December 2014, from
1.8x in December 2013.

Slower cash collections from its contracted sales and an increase
in its inventory to RMB19.4 billion in December 2014 from RMB14.2
billion the previous year have resulted in higher borrowing.  Its
short-term debt in particular increased to RMB4.9 billion from
RMB2.1 billion, although this increase is also due to its USD120
million senior notes due May 2015. The company's liquidity
position has weakened as a result.

However, Moody's believes that Fantasia will likely refinance its
short-term debt by (1) speeding up collections from presales
contracted in 4Q 2014; (2) arranging new bank financing; and (3)
slowing its land acquisitions.

"Fantasia's increased debt has also weakened its interest coverage
and financial flexibility," says Ho, also the Lead Analyst for
Fantasia.

Fantasia's reported total debt, including shareholder loans,
increased to RMB15.4 billion in December 2014 from RMB 12.0
billion in 2013.

As a result, the company's adjusted interest coverage fell to 1.6x
in 2014 from 2.2x in 2013.  Though this ratio is still within the
B2 rating level, it weakens the company's financial flexibility to
take up more borrowings.  Moody's expects the company's interest
coverage will remain weak at around 1.5x over the next 12 months.

Fantasia is gradually changing its business strategy to an asset-
light business model, and its 2014 results show a growing
contribution from non-property income.

Management fees and property operation services drove the bulk of
Fantasia's non-property revenue and contributed 6.9% of its 2014
total revenue, compared to 4.3% the previous year.  Within the
same segment, its 53.4%-owned subsidiary property management
company Colour Life Services Group Co., Limited (unrated),
contributed to 5% of revenue.

Fantasia's strategy to grow its property management business is
positive for its credit profile, because of the segment's
recurring income, high profit margins and asset-light business
model.  However, Moody's expects that it will take time for this
business to provide meaningful contributions to Fantasia's
revenue.

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

Fantasia Holdings Group Co Limited is a property developer
established in 1996.  It listed on the Hong Kong Stock Exchange in
November 2009.  As of Dec. 31, 2014, it had a land bank of 14.55
million sqm of gross floor area (GFA), and GFA with framework
agreements signed amounted to an additional 5.63 million sqm,
mainly in Chengdu and the Pearl River Delta.  Fantasia develops
high-end office buildings and luxury residential properties,
targeting small- and medium-sized enterprises and affluent
individuals.


KAISA GROUP: Moody's 'Ca' CFR Unaffected by Debt Restructuring
--------------------------------------------------------------
Moody's Investors Service said that Kaisa Group Holdings Ltd's
proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings.  The
transaction will also help reduce near-term liquidity stress.

The ratings remain under review for upgrade.

On March 2, 2015, Kaisa announced its plans to restructure its
onshore debt.  As at Dec. 31, 2014, it had approximately RMB12.4
billion due to onshore banks and approximately RMB35.6 billion due
to onshore non-bank financial institutions.  The plans include an
interest reduction to a level no less than 70% of the People's
Bank of China base rate and an extension of the debt tenors to 3
to 6 years.  But the plans do not reduce creditors' principal debt
claims.

"Kaisa's proposed onshore debt restructuring, if successful, will
result in economic loss to creditors relative to the original
promise to pay, but could potentially avoid a payment default. As
such, the transaction would constitute a distressed debt exchange,
which is a default event under Moody's definition," says Franco
Leung, a Moody's Vice President and Senior Analyst.

The restructuring plans follow its earlier announcement of high-
than-expected total debt of RMB65 billion at end-December 2014.
The planned reduction in interest payments and lengthened debt
maturity tenure will reduce Kaisa's liquidity stress.

But the risk of a payment default remains elevated. Kaisa faces a
high level of debt and needs to fulfill a number of conditions
prior to its proposed acquisition by Sunac China Holdings Limited
(Ba3 stable), including the resolution of its debt payments and
irregularities in its business operations.

Moody's will continue to monitor (1) Kaisa's debt restructuring
plans, (2) the development of Sunac's acquisition offer and (3)
Kaisa's ability to remove the restrictions on its projects in
Shenzhen.  In addition, Moody's will review Kaisa's operations and
financial position upon completion of the acquisition.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999.  It listed on the Hong Kong Stock Exchange in
December 2009.

Kaisa's land bank totaled around 23.6 million square meters in
gross floor area at end-June 2014.  Its land holdings were located
in the Pearl River and Yangtze River Deltas, Pan-Bohai Rim, and
central and western China.


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ABA MOTORS: CRISIL Assigns B Rating to INR45MM Bank Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of ABA Motors Pvt Ltd (ABA).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             15        CRISIL B/Stable

   Proposed Long Term    45        CRISIL B/Stable
   Bank Loan Facility

   Cash Credit           10        CRISIL B/Stable

   Inventory Funding     30        CRISIL B/Stable
   Facility

The rating reflects the company's below-average financial risk
profile, marked by a modest net worth, high gearing and weak debt
protection metrics. The rating also reflects the company's modest
scale of operations in the intensely competitive automotive (auto)
dealership segment. These rating weaknesses are partially offset
by the experience of ABA's promoters in the auto dealership
business.

Outlook: Stable

CRISIL believes that ABA will continue to benefit over the medium
term from its promoters' industry experience and their funding
support. The outlook may be revised to 'Positive' if the company
improves its financial risk profile, most likely because of
improved ramp-up in its scale of operations and improvement in its
operating margin, or if it benefits from equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
ABA's financial risk profile deteriorates, most likely because of
low cash accruals, large working capital requirements, or further
debt-funded capital expenditure.

Established in 2013, ABA is a dealer for passenger cars of Nissan
Motors India Pvt Ltd in Kaithal, Haryana. Currently, the company
is operating one showroom and an authorised service centre in
Kaithal and one sales office in Jind, Haryana. ABA is promoted by
Mr. Anil Dumra, Mr. Rajinder Kumar Bathla, and Mr. Babu Lal
Phatela. The company commenced its operations in October 2013.


ARYABHATTA TUTORIALS: CRISIL Rates INR52.5MM Term Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Aryabhatta Tutorials Pvt Ltd (ATPL).

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

   Term Loan               52.5       CRISIL B+/Stable

The rating reflects ATPL's modest scale of operations in a
fragmented industry. The rating also factors in the company's
below-average financial risk profile marked by small net worth and
high gearing. These rating strengths are partially offset by the
promoters' extensive industry experience and ATPL's dominant
position in the coaching industry in Ludhiana (Punjab).

Outlook: Stable

CRISIL believes that ATPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
experience in the education industry. The outlook may be revised
to 'Positive' if the company reports higher-than-expected growth
in revenue and profitability, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
ATPL's financial risk profile deteriorates because of sharp
decline in profitability or revenue or any new debt-funded capital
expenditure.

ATPL was incorporated in 2008 and runs Aryabhatta, a coaching
centre, in Punjab. The company was founded by Mr. Deepak Goyal and
is co-promoted by Mr. Ashwini, an eminent academician.

ATPL posted profit after tax (PAT) of INR0.8 million on net sales
of INR21.1 million for 2013-14 (refers to financial year, April 1
to March 31) against PAT of INR0.01 million on net sales of INR8.6
million for 2012-13.


ATRA PHARMACEUTICALS: CARE Rates INR43.11cr LT Bank Loan at 'B+'
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Atra Pharmaceuticals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     43.11      CARE B+ Assigned
   Short term Bank Facilities     4.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Atra
Pharmaceuticals Limited (Atra) are constrained on account of its
weak financial risk profile marked by modest scale of operations,
volatile operating margins, leveraged capital structure with weak
debt coverage indicators and net loss in FY14. The ratings are
also constrained by the customer concentration risk,
susceptibility to Government regulations and presence in a
competitive industry segment.

The ratings, however, derive strength from its experienced
promoters, wide product portfolio, presence in varied therapeutic
segments, and long association with reputed domestic and overseas
clientele.

The ability of the company to improve its profitability and
capital structure, and manage working capital efficiently is a
key rating sensitivity.

Aurangabad-based, Atra was incorporated in 1991 by Shri Moreshwar
Save who is an ex-Mayor of Aurangabad city. Atra is primarily
engaged into manufacturing of pharma intermediates, formulations
branded generics, generics and herbals and probiotics and trading
of bulk drugs. The company has manufacturing facilities located at
Aurangabad (Maharashtra) which meets the stringent current good
manufacturing practices (cGMP) norms laid down by the World Health
Organization. Atra's annual production capacity is 1680 million
tablets per annum and 240 million capsules per annum as on March
31, 2014. Atra is primarily into contract manufacturing, domestic
sales and export of oral solid dosages (OSD) in nutritional,
cardiovascular, urology, dental care, anti-diabetic and anti-
malarial therapeutic segments. It undertakes contract
manufacturing for some of the global pharma giants such as
Novartis, Merck & Co., Abbott, Serdia Pharmaceuticals Private
Limited, Mylan Laboratories Limited. The company manufactures
popular brands such as Calcium Sandoz, Diamicron, Neurobion Forte
and Polybion tablets for its customers.

Atra also markets formulations under its own brands (Brands; O-
Robic, V-Stop) in the domestic markets whose production is
outsourced to local manufacturers on loan license basis.

In FY14, Atra earned net losses of INR0.23 crore on a total
operating income of INR39.31crore against PAT of INR0.59 crore
on a total operating income of INR14.70 crore in FY13. During
9MFY15, the company earned PBT of INR2.14 crore on a total
operating income of INR15.70 crore.


BASUDEB AUTO: CRISIL Cuts Rating on INR102.5MM Loan to B
--------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Basudeb Auto Limited (BAL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          42.5      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Channel Financing   102.5      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Working Capital       5.0      CRISIL B/Stable (Downgraded
   Term Loan                      from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that BAL's financial
risk profile, particularly liquidity, will remain under pressure
over the medium term. This is primarily on account of its tightly
matched cash accruals against repayment obligations. Also the
company's business risk profile has deteriorated, with low
operating revenue estimated for 2014-15 (refers to financial year,
April 1 to March 31). BAL has high working capital intensive
operations which resulted in high reliance on external debt,
leading to high gearing of around 3.0 times and low interest
coverage ratio to around 1.1 times in 2013-14.

CRISIL believes that, over the medium term, BAL's liquidity will
remain stretched on account of tightly matched expected cash
accrual against the term debt obligations, while its revenue will
remain under pressure.

The rating reflects below-average financial risk profile, and
exposure to intense competition in automobile industry leading to
pressure in margins. These rating weaknesses are partially offset
by extensive experience of promoters in automotive dealership
industry and established relationship with Tata Motors Ltd.

Outlook: Stable

CRISIL believes that BAL will continue to benefit from its
promoters' extensive experience in the auto dealership industry
and established relationship with TML over the medium term. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves on account of higher-than-expected accruals
and improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if BAL's financial risk
profile, particularly its liquidity, deteriorates because of
lower-than-expected cash accruals, or larger-than-expected working
capital requirements, or any large debt-funded capex.

BAL, based in Ranchi (Jharkhand) was incorporated in 2000 as a
closely held limited company by the Kataruka family. The company
is an authorised dealer of passenger vehicles for TML in four
districts of Jharkhand'Ranchi, Hazaribagh, Ramgarh, and
Daltonganj.


COOCHBEHAR TEA: CRISIL Cuts Rating on INR32MM Term Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Coochbehar Tea Company Ltd (CTCL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         3        CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           25        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan             32        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CTCL's stretched liquidity, with its
cash accruals expected to be tightly matched against its term debt
obligations over the medium term. Moreover, its short-term bank
facilities were highly utilised, at an average of 94 per cent over
the six months through December 2014. The downgrade also reflects
deterioration in the company's business risk profile, marked by a
decline in sales to INR79.6 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR109 million in 2012-
13. Although revenues are expected to improve in 2014-15 and 2015-
16, they are expected to remain modest. CRISIL believes the
liquidity of CTCL will remain stretched over the medium term, on
account of modest cash accruals expected to be tightly matched
with term debt repayment obligations and high bank limit
utilisation.

The ratings reflect CTCL's modest scale of operations and below-
average financial risk profile, marked by a weak capital structure
and average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the tea industry.

Outlook: Stable

CRISIL believes that CTCL will continue to benefit over the medium
term from its promoters' extensive industry experience The outlook
may be revised to 'Positive' if the company's scale of operations
increases while it maintains its margins, and if its liquidity
improves on account of higher cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
CTCL's financial risk profile, especially its liquidity, most
likely because of substantially low accruals, a stretch in its
working capital cycle, and sizeable debt-funded capital
expenditure.

Incorporated in early 1992, CTCL is being currently promoted by
Mr. Shyam Sunder Agarwal and his son, Mr. Sumit Agarwal. The
company is engaged in plantation and processing of green tea. It
owns the Coochbehar Tea Estate in Falakata near Jalpaiguri (West
Bengal).


EASTERN COPPER: CRISIL Cuts Rating on INR140MM Cash Credit to C
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Eastern Copper Manufacturing Company Pvt Ltd (ECMC) to 'CRISIL
C/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit            140        CRISIL C (Downgraded
                                     from 'CRISIL BB/Stable')

   Foreign Discounting     20        CRISIL A4 (Downgraded
   Bill Purchase                     from 'CRISIL A4+')

   Letter of Credit        60        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Proposed Long Term      10        CRISIL C (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating downgrade reflects ECMC's weak liquidity profile with
cash accruals expected to be insufficient vis-a-vis its term debt
obligations, over the medium term. The rating downgrade also
reflects the deterioration in ECMC's financial risk profile, with
erosion in net worth because of net losses, along with below-
average debt protection metrics due to operating losses; and large
debt and interest expenses. The company reported revenue of INR730
million in 2013-14, marginally lower than previous year's revenue
fo INR749 million (refers to financial year, April 1 to March 31),
and incurred an operating loss of 0.5 per cent leading to net loss
of INR30 million during the year.

The ratings continue to reflect ECMC's modest scale of, and
working-capital-intensive, operations. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters and established relationships with customers
and suppliers.

ECMC, established in 1997 by Mr. Ravi Choudhary and Mr. Rajiv
Choudhary, is a Kolkata-based manufacturer of critical industrial
copper semies. The Choudhary family is in the copper business
since 1948.


ESS EMM: CRISIL Ups Rating on INR65MM Cash Credit to B+
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ess Emm Enterprises (Ess Emm) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the firm's short-term
bank facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Channel Financing    185        CRISIL A4 (Reaffirmed)

The rating upgrade reflects sustainable improvement in Ess Emm's
financial risk profile, particularly its liquidity, driven by its
increasing cash accruals from business. Expected reduction in
borrowing costs, coupled with sustained steady growth and healthy
operating margin, will result in improved cash accruals for the
firm over the medium term. Ess Emm is expected to generate cash
accruals of around INR30 million in 2014-15 (refers to financial
year, April 1 to March 31) that will sufficiently cover its debt
obligations of INR12 million during the year. Additionally,
unsecured loans of INR105.0 million continue to provide necessary
support to its liquidity. CRISIL believes that Ess Emm will
sustain its improved liquidity over the medium term on the back of
limited capital withdrawal and increased cash accruals from
business.

The ratings reflect Ess Emm's below-average financial risk
profile, marked by a modest net worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection metrics. The ratings also factor in the firm's working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the electrical goods trading business and its
established relationships with customers and suppliers.

For arriving at the ratings, CRISIL has treated Ess Emm's
unsecured loans of INR105.0 million as on March 31, 2014, as
neither debt nor equity, as the loans are expected to be retained
in the business over the medium term.

Outlook: Stable

CRISIL believes that Ess Emm will continue to benefit over the
medium term from its proprietor's extensive experience in the
electrical goods trading business. The outlook may be revised to
'Positive' in case of improvement in the firm's financial risk
profile, especially its capital structure, most likely because of
better-than-expected working capital management or capital
infusion by its proprietor. Conversely, the outlook may be revised
to 'Negative' if Ess Emm's financial risk profile deteriorates
because of substantial increase in its working capital
requirements, or if its revenue or profitability declines, or if
there is significant capital withdrawal by its proprietor.

Ess Emm, established in 1999 as a proprietorship firm, trades in
electrical goods such as cables, wires, and switches. The firm is
an authorised dealer for Polycab Wires Pvt Ltd and Havells India
Pvt Ltd. Ess Emm is based in Bengaluru, with branches in
Secunderabad and Chennai. Mr. B Vinay Kumar is the proprietor of
the firm. The proprietor and his family have been in the
electrical trading business for nearly 40 years.


EXOTIC REALTORS: CRISIL Assigns B+ Rating to INR73MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Exotic Realtors & Developers (ERD).

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             73         CRISIL B+/Stable

The rating reflects ERD's exposure to implementation and offtake-
related risks associated with its ongoing project, and its
susceptibility to the inherent risks and cyclicality in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
real estate sector, and moderate funding risk for its ongoing
project.

Outlook: Stable

CRISIL believes that ERD will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a significant
improvement in the firm's financial risk profiles, backed by
timely completion of, and healthy offtake for, its ongoing
project, leading to healthy cash accruals. Conversely, the outlook
may be revised to 'Negative' if ERD faces a time or cost overrun
in its ongoing project, or in case of delays in receiving customer
advances, leading to pressure on its revenue and profitability,
and consequently to deterioration in its debt servicing ability.

ERD is a joint venture between the Garg and Juneja groups. The
firm is constructing 150 luxury apartments along with a club and
other facilities over four acres of land at Dhakouli Zirakpur in
Mohali (Punjab). The project is being taken up in three phases of
50 apartments each; the firm is currently developing the first
phase of 50 apartments housed in two towers.


G.S.R. MOTORS: CARE Reaffirms B+ Rating on INR5.5cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
G.S.R. Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to G.S.R. Motors Private Limited (GMPL)
continue to be constrained by its small and fluctuating scale
of operations and weak financial risk profile marked by low
profitability margins, leveraged capital structure and weak
debt coverage indicators. The rating is further constrained by
intense competition among dealers and from other brands and
fortunes of GMPL being linked to the performance of the original
equipment manufacturers (OEM).

The ratings, however, continue to take comfort from experience of
the promoters in automobile dealership business and GMPL's
association with reputed brand.

Going forward, the ability of GMPL to improve its scale of
operation and profitability margins while improving the capital
structure shall be the key rating sensitivities.

GMPL was incorporated in 2008 Mr Raj Dhar Mishra, Mr Gulab Dhar
Mishra, Mr Shyam Dhar Mishra and Mr Kaushalesh Kumar Mishra. The
company is engaged in the business of automobile dealership 3S
(sales, service and spares) in Varanasi, Uttar Pradesh, and
adjoining cities. The company entered into dealership agreement
with Ford India Pvt Ltd (FIPL) in 2008 to sell its passenger
vehicles (Fiesta, Figo, Ecosport and Endeavour).

For FY14 (refer to period April 1 to March 31) GMPL achieved a
total operating income of INR29.36 crore with a PAT of INR0.36
crore. Furthermore, GMPL has reported a total operating income of
INR22 crore in 8MFY15 (refers to the period April 1 to
December 31).


GAYATRI PROJECTS: To Delay Debenture Repayment
----------------------------------------------
The Hindu BusinessLine reports that Gayatri Projects Ltd has
decided to delay the payments of its debentures due to stress on
finances and shortage of fund low.

In a regulatory filing with BSE, the Hyderabad-based company said
it had issued 520 secured redeemable non-convertible debentures
(NCDs) of INR10,00,000 each on private placement in the form of
separately transferable redeemable principal parts (STRPPs) for
cash at par aggregating INR52 crore in 2010-11, the Hindu
BusinessLine reports.

According to the report, the debentures are redeemable in the
third, fourth and fifth years in the ratio of 30:30:40. The
company has redeemed first tranche in December 2013 and second
tranche was due on December 1, 2014, the report notes.

Due to strained cash flows, the company is not in a position to
redeem the second tranche of debentures on due date, the report
relates. The company approached the trustee and the debenture
holders to revise the payment terms, the report notes.

The company expects to clear the dues in a phased manner as agreed
to by the debenture holders, the Hindu BusinessLine adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2015, CARE revised the ratings assigned to the bank
facilities of Gayatri Projects Limited.

                                Amount
   Facilities                (INR crore)  Ratings
   ----------                -----------  -------
   Long-term Bank Facilities   1,107.67   CARE B+ Revised from
                                          CARE BB+ to CARE D and
                                          then revised to CARE B+

   Short-term Bank Facilities    300.00   CARE A4 Revised from
                                          CARE A4+ to CARE D and
                                          then revised to CARE A4

   Long-term/Short-term        2,801.00   CARE B+/CARE A4 Revised
   Facilities                             from CARE BB+/CARE A4+
                                          to CARE D and then
                                          revised to
                                          CARE B+/CARE A4

The revision in the ratings of the bank facilities of Gayatri
Projects Limited (GPL) to 'CARE D' reflects delays in debt
servicing by the company in Q4FY14 (refers to the period
January 1 to March 31) and Q1FY15 (refers to the period
April 1 to June 30). The ratings were, hence, revised to 'CARE D'
as per CARE's policy of recognizing default. However, following
regularisation of debt servicing the ratings stand revised to
'CARE B+' (Single B Plus) and 'CARE A4' (A Four), respectively.

The ratings are constrained by the stretched liquidity position of
the company leading to restructuring of its loan, increasing debt
levels, high exposure to group companies, client concentration
risk, large, albeit reducing, equity commitments towards power and
the BOT projects which have long gestation periods, high repayment
obligations which in turn impact the liquidity profile of the
company and working capital intensive nature of business. The
ratings are underpinned by the track record of the company and
promoters' experience and satisfactory order book albeit certain
stalled orders and weak order inflow.

The ability of the company to improve its liquidity profile and
capital structure is the key rating sensitivity.

GPL is promoted by Dr T Subbarami Reddy, while the day-to-day
management of the company is currently undertaken by his son and
the execution of civil works including the construction of dams,
roads, bridges, etc.


HARSHNI TEXTILES: CRISIL Reaffirms B+ Rating on INR400MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Harshni Textiles Ltd
(HTL) continue to reflect HTL's below-average financial risk
profile, marked by weak capital structure and debt protection
metrics, and its susceptibility to volatility in raw material
prices.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)

   Cash Credit          400        CRISIL B+/Stable (Reaffirmed)

   Foreign Bill          60        CRISIL A4 (Reaffirmed)
   Purchase

   Letter of Credit      60        CRISIL A4 (Reaffirmed)

   Long Term Loan       254.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term   233.8      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

These rating weaknesses are partially offset by the company's
sound operating capabilities, and its promoters' extensive
experience in the cotton yarn business.

Outlook: Stable

CRISIL believes that HTL will maintain its business risk profile
over the medium term, supported by its moderate scale of
operations and sound operating capabilities. The outlook may be
revised to 'Positive' if HTL improves its profitability and
increases its cash accruals on a sustained basis, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure programme, or reports a decline in its
margins, thereby further weakening its capital structure or debt
protection metrics.

Incorporated in 2002-03 (refers to financial year, April 1 to
March 31), HTL manufactures cotton yarn. HTL is part of the
Lakshmi Machine Works (LMW) group, based in Coimbatore (Tamil
Nadu). Lakshmi Electrical Drives Ltd (rated 'CRISIL BBB+/Stable')
holds a stake of 71.4 per cent in HTL, while Lakshmi Electrical
Control Systems Ltd ('CRISIL A-/Stable/CRISIL A1') holds the
remaining share. HTL is managed by Mr. Senthil Kumar, son-in-law
of the former chairman of Lakshmi Machine Works Ltd, the late Dr.
D Jayavardhanavelu.


INNOVATORS FACADE: CRISIL Puts B+ Rating on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of
Innovators Facade Systems Private Limited (IFSPL) on 'Notice of
Withdrawal for a period of 180 days' on the company's request. The
rating will be withdrawn at the end of the notice period, in line
with CRISIL's policy on withdrawal of its bank loan ratings.

                    Amount
   Facilities      (INR Mln)   Ratings
   ----------      ---------   -------
   Bank Guarantee    156.8     CRISIL A4 (Notice of Withdrawal)
   Cash Credit         7.1     CRISIL B+/Stable (Notice of
                               Withdrawal)

Outlook: Stable

CRISIL believes that IFSPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
strong customer base. The outlook may be revised to 'Positive' if
the company's working capital management improves significantly,
leading to better-than-expected liquidity. Conversely, the outlook
may be revised to 'Negative' if IFSPL's liquidity weakens further,
most likely because of increased working capital requirements or
any large capital expenditure plans.

IFSPL (formerly, Innovators Engineering Contractors Pvt Ltd) was
set up in 1999 by Mr. Radheshyam Sharma and his family members; it
got its current name in 2005-06. IFSPL is in the business of
facade engineering, and is involved in designing, fabrication, and
installing aluminium glazing systems and aluminium composite
panels. Its fabrication facility is at Wada in Thane district
(Maharashtra).


JANAA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR36MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Janaa
Industries (JIT) continues to reflect JIT's small scale of
operations in the highly fragmented cotton yarn industry. The
rating also factors in JIT's large working capital requirements
and its below-average financial risk profile, marked by a highly
leveraged capital structure. These rating weaknesses are partially
offset by the extensive industry experience of JIT's promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           36       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        17       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     4       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility


Outlook: Stable

CRISIL believes that JIT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm records
considerable increase in revenue and profitability while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of considerable decline in yarn realisations,
leading to reduced accruals for JIT, or if the firm's working
capital management weakens, resulting in weak liquidity.

Set up in 1996 and promoted by Mr. Janagaraj, Rajapalayam (Tamil
Nadu)-based JIT manufactures cotton yarn.


K.S. STEEL: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on K.S. Steel and Alloys Pvt Ltd's (KSSAPL's) bank
facility continue to reflect KSSAPL's modest scale of operations
and below-average financial risk profile, marked by weak capital
structure and debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the steel-trading business.


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

Outlook: Stable

CRISIL believes that KSSAPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if KSSAPL's revenue
and operating margin increase significantly, leading to higher
cash accruals and improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability or revenue decline, resulting in low cash
accruals, or there is a stretch in its working capital management,
leading to strain on liquidity.

Update
KSSAPL recorded sales of INR507.5million in 2013-14 (refers to
financial year, April 1 to March 31) vis-a-vis previous year's
sales of INR446.9 million. The company serves as a dealer for
Thermo Mechanically Treatment (TMT) bars manufactured by TEMCO and
Concast Maxx in Jharkhand and West Bengal. The company recorded
operating margin of 3.6 per cent in 2013-14.

KSSAPL recorded high Gross Current Asset (GCA) of 177 days as on
March 31, 2014. The GCAs are high primarily driven by large
inventory of 100 days and receivables of 72 days as on March 31,
2014. The company funds its working capital requirements partly
through short-term bank borrowings and unsecured loans from
promoters. The short-term bank borrowings of KSSAPL have been
fully utilised over the 12 months ending January 2015.

KSSAPL's financial risk profile remained below average with weak
capital structure and debt protection metrics. Its net worth was
modest at INR72.2 million and Total Outside Liabilities to Total
Net Worth (TOLTNW) was at 2.79 times as on March 31, 2014 compared
with 2.85 times as on March 31, 2013. Its TOLTNW is expected to
remain high, over the medium term. The company has total
outstanding debt of INR126.5 million as on March, 2014, with
short-term working capital bank borrowings of INR118.4 million,
and INR8.0 million extended by promoters as unsecured loans.
KSSAPL's debt protection metrics are weak, with interest coverage
ratio at 1.2 times, and Net cash accruals to total debt (NCATD)
ratio at 0.01 times for 2013-14.

For 2013-14, KSSAPL reported a profit after tax (PAT) of INR1.4
million on net sales of INR507.5 million as against a PAT of
INR1.5 million on net sales of INR446.9 million for 2012-13.

KSSAPL was incorporated in 1994 as a private limited company and
is engaged in the trading of steel products such as TMT bars,
angles, joints, channels and other steel products. The company is
the dealer for TMT bars manufactured by TEMCO and Concast Maxx in
Jharkhand and West Bengal.


KAITHAL SOLVENT: CRISIL Assigns B Rating to INR62.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kaithal Solvent (P) Ltd. (KSPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Rupee Term Loan        62.5        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     17.5        CRISIL B/Stable
   Cash Credit            37.5        CRISIL B/Stable
   Proposed Cash Credit    7.5        CRISIL B/Stable
   Limit

The rating reflects KSPL's modest scale operations, below average
financial risk profile marked by modest debt protection metrics
and susceptibility to intense competition in edible oil industry,
and low operating margins. These rating weaknesses are partially
offset by the extensive industry experience of KSPL's promoters.

Outlook: Stable

CRISIL believes that KSPL financial risk profile will remain
constrained because of company's low operating margins. However,
KSPL's business risk profile will continue to benefit from its
promoter's extensive experience in edible oils industry. The
outlook may be revised to 'positive' if KSPL reports higher than
expected cash accruals leading to overall improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case the firm's financial risk profile deteriorate owing to
significant decline in its profitability, or lower capacity
utilisation or significant stretch in its working cycle.
KSPL was established in 1999 by Mr. CR Garg, Mr. Kamal Garg and
Mr. Deepak Garg. KSPL is engaged in the manufacturing of edible
oil like sunflower oil and rice bran oil through solvent
extraction process. KSPL has also started refining of sunflower
and rice bran oil from Nov'2014. Company's manufacturing
facilities is located in Haryana with total extraction capacity of
about 100 tonne per day.

KSPL reported a book profit of INR1.05 million on net sales of
INR436.4 million for 2013-14 (refers to financial year, April 1 to
March 31), against a book loss of INR1.34 million on net sales of
INR415.1 million for 2012-13.


KAYPEE TRADERS: CRISIL Reaffirms B+ Rating on INR48MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaypee Traders (KT)
continue to reflect KT's modest scale of operations, and its
below-average financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the steel
products trading business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           48        CRISIL B+/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee       6        CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility      16        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KT will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement in
the firm's scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KT
undertakes aggressive debt-funded expansion, or reports low
revenue and operating margin, leading to further weakening of its
financial risk profile.

KT, set up in 1983, at Kollam (Kerala), is a partnership concern
owned by Mr. KP Ramachandran Nair (managing director) and his
brothers, Mr. KP Unnikrishnan Nair and Mr.KP Sreekumar. The firm
trades in steel products and tiles.


LIMBANI STEEL: CARE Assigns B+ Rating to INR7cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Limbani Steel Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.00       CARE B+ Assigned
   Short term Bank Facilities    0.50       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Limbani Steel
Private Limited (LSPL) are constrained on account of its modest
scale of operations, leveraged capital structure and weak debt
coverage indicators coupled with stretched liquidity position in a
highly fragmented and competitive industry with low entry
barriers. The ratings are further constrained on account of the
vulnerability of its profits to fluctuation in raw material prices
and concentrated customers & suppliers.

The ratings, however, derive benefits from the long operational
track record and experience of the promoters in the industry.

The ability of LSPL to increase its scale of operations through
optimum utilization of the recently completed capex along with
improvement in profitability and capital structure are the key
rating sensitivities.

Anand-based Limbani Steel Private Limited (LSPL) is promoted by Mr
Mukesh Patel, Mr Arvind Patel, Mr Naren Patel, and Mr Shailesh
Patel and was incorporated in 2010. LSPL is engaged in the
manufacturing of MS ingot which has a wide application in
manufacturing of rerolled products. The company has its own plant
located at Umreth, Anand with an installed capacity of 1200 metric
tonnes per annum as on December 31, 2014 for the manufacturing of
MS Ingot and is spread across 8450 Sq. Mtrs.

As per the audited results for FY14 (refers to the period of
April 1 to March 31), LSPL reported net loss of INR0.71 crore on
a total operating income (TOI) of INR28.70 crore. As per the
provisional results for 7MFY15, the company clocked a turnover of
INR60 crore.


MALAIYA TRACTORS: CARE Assigns B+ Rating to INR3.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Malaiya Tractors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.50       CARE B+ Assigned
   Short term Bank Facilities    1.50       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Malaiya Tractors
(MT) are constrained on account of its modest scale of operations,
very low networth base, thin profitability, moderate debt coverage
indicators and leveraged capital structure coupled with moderate
liquidity position. The ratings are also constrained by its
partnership nature of constitution, its presence in competitive
and working capital-intensive dealership business and dependence
on the agricultural scenario.

The ratings, however, derive benefits from the long and
established track record of the promoters in dealership business
and its long association with reputed OEM, ie, Mahindra & Mahindra
Limited (M&M).

The ability of MT to increase scale of operations, improve
profitability and solvency position along with the efficient
working capital management are the key rating sensitivities.

Established in 1989, MT is an authorised dealer of M&M. It is
engaged in sale of tractors, its spare parts and also runs
authorised service centre of M&M at Sagar (Madhya Pradesh). It
also provides value addition service such as sale of old
used tractors of the farmers as there is no organised market for
second hand tractors by utilising their business network.

Currently, the firm is managed by two partners who have experience
of more than four decades in the automobile dealership business.
The partners are also associated with Adinath Motors (engaged into
dealership of Maruti Suzuki India Limited since 2000, rated 'CARE
BB-/CARE A4') and Economy Centre (engaged into dealership of
Yamaha motorcycles since 1982) at Sagar, MP.

It operates mainly from two showrooms at Sagar (MP) along with
authorised service centre. It has a good market share and a branch
in Danga district of MP as well. Furthermore, it also has small
branches in Shahgarh, Deori, Rehli, Garhkota, Bilehra and
Rahatgarh to facilitate trade with farmers and to cover reasonably
entire MP region.

As per the audited results for FY14 (refers to the period April 1
to March 31), MT reported a PAT of INR0.26 crore on a total
operating income (TOI) of INR30.46 crore as against PAT of INR0.18
crore on a TOI of INR29.94 crore during FY13.


MGM INFRA: CARE Assigns 'B' Rating to INR13.05cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of MGM Infra
Development Solution Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.05      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of MGM Infra
Development Solution Private Limited (MGM) is primarily
constrained by lack of experience of the promoters in construction
material manufacturing industry and implementation risk associated
with its debt-funded green-field project for which only partial
debt has been tied up. The rating is further constrained by
competitive nature of the industry coupled with demand linked to
the real estate sector.

The rating, however, favourably takes into account proximity to
raw material sources and favorable government policies
pertaining to usage of fly ash and fly ash products.

The ability of the company to successfully implement the project
and achieve desired sales and profitability levels would be the
key rating sensitivities.

MGM, incorporated in 2009, is currently being managed by Mr
Gurpreet Singh and Mr Manpreet Singh. The company is undertaking a
project for setting up a unit to manufacture concrete blocks,
bricks, pavers and other similar products by utilizing fly ash.
The project is situated at village Sarsa Nangal, Distt. Roopnagar,
Punjab. The commercial operations are expected to commence by May
2015. The company has spent INR8.85 crore on the project till
February 7, 2015.


MICKY PAPER: CRISIL Assigns B+ Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Micky Paper Caps Works (MPCW; part of the Sony
Fireworks group).

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

The ratings reflect the Sony Fireworks group's below-average
financial risk profile, marked by weak debt protection metrics,
its working-capital-intensive operations, and its exposure to
intense industry competition. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the fireworks industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
SQNY Fire Works (SF), Sony Pyro International (SPI), MPCW,
Vinayaga Fireworks (VF), and Vinayaga Fireworks Industries (VFI).
Outlook: Stable

CRISIL believes that the Sony Fireworks group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group reports significant improvement in scale of operations
and profitability leading to sustained improvement in cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the group's
financial risk profile, particularly its liquidity, most likely
because of elongation of working capital cycle or significant
debt-funded capital expenditure.

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


NAGARAJ AND COMPANY: CRISIL Assigns B- Rating to INR30MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Nagaraj and Company Private Limited (NCPL) and has
assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to its
facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          30        CRISIL B-/Stable (Assigned;
                                  Suspension Revoked)

   Letter of Credit     22.5      CRISIL A4 (Assigned; Suspension
                                  Revoked)

   Proposed Long Term    27.5      CRISIL B-/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings were suspended by CRISIL on November 6, 2013, because
NCPL had not provided the necessary information required for a
rating review. NCPL has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The ratings reflect NCPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics,
its small scale of operations, and susceptibility to intense
competition in the printing and publishing industry. These rating
weaknesses are partially offset by NCPL's established regional
presence in the printing and publishing business segment, its
strong customer relationship, and promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that NCPL will continue to benefit from its
promoters' extensive experience in the printing and publishing
business. The outlook may be revised to 'Positive' if the
company's capital structure improves, most likely because of
significant increase in cash accruals or infusion of funds by the
promoters. Conversely, the outlook may be revised to 'Negative' if
NCPL reports lower than expected revenues or profitability, or
undertakes a large debt-funded capital expenditure programme,
resulting in weakening in its financial risk profile.

Incorporated in 1993, NCPL is enagaged in the offset printing
business. The company is currently managed by Mr. Nagaraj (MD).


PERIWAL POLYMERS: CARE Assigns B+ Rating to INR4cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+'/'CARE A4' ratings to the bank facilities of
Periwal Polymers Private Limited.

                                   Amount
   Facilities                     (INR cr)    Ratings
   ----------                     --------    -------
   Long-term Bank Facilities           4      CARE B+ Assigned
   Long/Short-term Bank Facilities     1      CARE B+/CARE A4
                                              Assigned

Rating Rationale

The ratings assigned to the bank facilities of Periwal Polymers
Private Limited (PPPL) are primarily constrained by its small
scale of operations with low net-worth base, weak average
financial risk profile marked by low profitability margins,
leveraged capital structure & weak coverage indicators. The
ratings constrained by intense competition in the industry
due to low entry barriers and profitability margins are
susceptible to fluctuation in raw material prices.

However, the ratings draw comfort from the experienced promoters
with long track record of operations and moderate operating cycle.

Going forward, the company's ability to increase the scale of
operations while improvement in profitability margins and
improvement in its capital structure shall be the key rating
sensitivities.

Rajasthan-based PPPL, is a private limited company which was
incorporated in 1994, by Mr B.L. Periwal, Mr Ghanshyam Periwal and
Ms Sarita Periwal. Later on in 2000, Mr B.L. Periwal resigned from
the company.

PPPL is engaged in the manufacturing of PVC granules. The product
finds its application manufacturing of cable. The manufacturing
facility of the company is located in Alwar (Rajasthan) with an
installed capacity of 7,200 tonne per annum as on March 31, 2014.
The company sells its products mainly in Northern India to cables
manufacturers. The main raw materials for the manufacturing of PVC
granules are resin, plasticisers and stabilisers. The raw material
is procured from the local players mainly in nearby area. The
company procures the resin from Reliance Industries Limited.

For FY14 (refers to the period April 1 to March 31) PPPL achieved
a total operating income of INR37.45 crore and PAT of INR0.18
crore as compared with a total operating income of INR36.25 crore
and PAT of INR0.18 crore for FY13. The company has achieved a
total operating income of around INR26 crore till November 30,
2014.


PING TELEMATICS: CARE Assigns B Rating to INR7.88cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B'/'CARE A4' ratings to the bank facilities of
Ping Telematics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.88      CARE B Assigned
   Short-term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Ping Telematics
Private Limited (PTPL) are primarily constrained by its small
scale of operations with low net-worth base, customer
concentration risk and weak financial risk profile marked by low
profitability margins, highly leveraged capital structure & weak
coverage indicators. The ratings are further constrained due to
intense competition in the industry due to low entry barriers and
fluctuation in raw material prices.

However, the ratings draw comfort from the experienced promoters
with long track record of operations, growing scale of operations.
The ratings further draw comfort from association with a reputed
brand.

Going forward, the company's ability to increase the scale of
operations while diversifying its customer base, improvement in
profitability margins and capital structure shall be the key
rating sensitivities.

Uttar Pradesh-based PTPL, is a private limited company which was
incorporated in November 1994, by Mr D P Shukla and Mr Amit
Shukla. Later on in 2005, Mr D P Shukla resigned and Mr Ashish
Shukla joined as a director.

PTPL is engaged in manufacturing of plastic products of white good
like refrigerator parts, invertor parts and washing machine parts.
The manufacturing facility of the company is located in Noida. The
company sells its products mainly in Noida region to LG
Electronics (around 65% of its total operating income) and the
vendors of LG Electronics. The main raw material for the
manufacturing of above mentioned products are Polyvinyl chloride
granules which are procured from Noida (LG Polymers India Private
Limited).

Anmol Polymers is the group entity of PTPL which was established
in 2004 and engaged in manufacturing of plastic products
(electrical products).

For FY14 (refers to the period April 1 to March 31) PTPL achieved
a total operating income of INR55.42 crore and PAT of INR0.32
crore as compared with a total operating income of INR47.70 crore
and PAT of INR0.43 crore for FY13. The company has achieved a
total operating income of around INR37 crore till November 30,
2014.


PSN MOTORS: CRISIL Reaffirms B Rating on INR48MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of PSN Motors Pvt
Ltd (PSN) continue to reflect PSN's modest scale of operations in
the intensely competitive automobile dealership industry, and its
below-average financial risk profile, marked by high total outside
liabilities to tangible net worth (TOLTNW) ratio.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           48       CRISIL B/Stable (Reaffirmed)

   Overdraft Facility     7.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term    31.6     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              2.9     CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's exposure to supplier
concentration risk. These rating weaknesses are partially offset
by the extensive industry experience of PSN's promoters and its
established market position in Kerala.

Outlook: Stable

CRISIL believes that PSN will continue to benefit over the medium
term from its established market position in Kerala. The outlook
may be revised to 'Positive' if PSN's sales volumes and operating
margin improve substantially, leading to higher cash accruals and
improved liquidity. Conversely, the outlook may be revised to
'Negative' if the company's market share declines significantly,
impacting its revenue and profitability, or if it undertakes a
large debt-funded capital expenditure programme, leading to
weakening of financial risk profile.

Update
PSN reported operating income of INR288 million for 2013-14
(refers to financial year, April 1 to March 31), a de-growth of 13
per cent over the previous year, owing to muted demand in the
market. The company's operating margin, however, improved to 4.85
per cent in 2013-14, above CRISIL's earlier expectations. For the
nine months ended December 31, 2014 the company has reported sales
of INR200 million; it is expected to achieve sales of around
INR270 million for the full year of 2014-15. CRISIL believes that
PSN's business risk profile will remain constrained over the
medium term, owing to its modest scale of operations in the
intensely competitive automobile industry.

PSN's financial risk profile remains below average, marked by high
TOLTNW ratio of 5.97 times as on March 31, 2014; this is expected
to remain high over the medium term marked by small net worth and
high dependence on bank borrowings to fund its working capital
requirements. PSN's debt protection metrics are also modest, as
reflected in its interest coverage ratio of 1.51 times for 2013-
14. With low operating profitability and high debt levels, PSN's
financial risk profile is expected to remain constrained over the
medium term.

PSN's operations remain working capital intensive as reflected in
its high gross current asset (GCA) of 158 days as on March 31,
2014. Consequently, the bank limit utilisation has been high at
more than 90 per cent over the 12 months through November 2014.
However, the company is expected to generate cash accruals of more
than INR2.2 million to meet its term debt obligations of INR1.8
million over the medium term.

PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.


R. P. STEEL: CRISIL Reaffirms B Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of R. P. Steel Industries
(RP Steel) continue to reflect its below-average financial risk
profile, marked by small net worth, low operating margin, and
moderate working capital requirements. The ratings also factor in
the firm's small scale of operations and its vulnerability to
volatility in steel prices. These rating weaknesses are partially
offset by the extensive experience of RP Steel's proprietor in the
steel trading business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B/Stable (Reaffirmed)
   Letter of Credit     100        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RP Steel will continue to benefit from its
proprietor's extensive experience in steel trading. The outlook
may be revised to 'Positive' if the firm's financial risk profile
strengthens, primarily because of improvement in the capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in the firm's profitability or
capital structure, or if it undertakes a debt-funded capital
expenditure programme over the medium term.

Update
Due to economic slowdown, RP Steel's operating revenue declined by
around 35 per cent year-on-year in 2013-14 (refers to financial
year, April 1 to March 31). However, its operating revenue is
expected to register health growth rate of around 50 per cent,
albeit on a small base, during 2014-15 mainly on account of
addition of customers and repeat orders from existing customers.
RP Steel registered revenue of around INR95 million for the ten
months through January 2015, and is expected to register revenue
of INR125 million to INR130 million in 2014-15. Its operating
profitability has improved to around 2.5 per cent during 2013-14
from 1.3 per cent during 2012-13 on account of improvement in
composition of value-added products. CRISIL expects RP Steel's
operating profitability in the range of 2 to 2.5 per cent over the
medium term.

RP Steel has moderate working capital requirements, marked by
gross current assets of around 135 days as on March 31, 2014; this
included inventory of around 54 days and receivables of around 72
days. The working capital requirements are high mainly funded
through bank borrowing. Working-capital-intensive operations have
resulted in high bank limit utilisation, around 82 per cent,
during the 12 months through November 2014.

RP Steel's liquidity is marked by low cash accruals, nil short-
term debt repayment obligations, and absence of any significant
debt-funded capital expenditure. During 2015-16 and 2016-17, the
firm is expected to register cash accruals of INR3 million and
INR4 million, against nil short-term debt repayment obligations.

RP Steel has a below-average financial risk profile. It had small
net worth of INR25.5 million as on March 31, 2014, leading to high
total outside liability to net worth ratio of around 11 times as
on March 31, 2014. However, with the expected improvement in its
profitability and, hence, in accretion to reserves, its net worth
is expected to improve over the medium term leading to gradual
improvement in capital structure. The firm's debt protection
metrics are below average, with interest coverage and net cash
accruals to total debt ratios expected at 1.0 to 1.2 times and
0.01 to 0.03 times, respectively, over the medium term.

RP Steel was set up in 1984 by Mr. Purushotam Agarwal. It trades
in iron and steel long products such as rounds, billets, blooms,
pig iron, wire rods, thermo-mechanically treated bars/rebars, and
imported scrap.


RADIANT POLYMERS: CARE Assigns B Rating to INR19.48cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Radiant Polymers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    19.48       CARE B Assigned
   Short-term Bank Facilities   10.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Radiant Polymers
Private Ltd (RPL) are primarily constrained by its past instances
of overdrawals in cash credit account, its moderate scale of
operations, susceptibility of operating margin to raw material
price volatility, highly competitive and fragmented nature of the
industry. The ratings further factor in its working capital-
intensive nature of operations and leverage capital structure with
moderate debt protection matrices.

The aforesaid constraints are partially offset by the rich
experience of the promoters with long and satisfactory track
record of operations, reputed clientele and its moderate capacity
utilisations.

The ability of the company to sustain its operations with
improvement in profit margins and effective management of
working capital would be the key rating sensitivities.

RPL was incorporated on August 05, 1988, by Mr Nalin Bahl and Mr
Kumud Jayee of New Delhi. Since its inception, the company has
been engaged in the manufacturing of plastic moulded components
which finds application in automotive, lighting and other
industrial sectors. RPL has three manufacturing facilities (two in
Ghaziabad and one in Uttarakhand) with an aggregate installed
capacity of 1,890 pieces of plastic moulded components.

During FY14 (refers to the period April 1 to March 31), RPL has
earned 97.3% of its revenue from the domestic market and balance
from overseas market. RPL exports its products in the countries
like Argentina, Dubai and Gulf.

Both the promoters, having over two decades of experience in same
line of business, look after the overall management of the
company.

During FY14, RPL achieved a PBILDT of INR11.07 crore (Rs.4.04
crore in FY13) and a PAT of INR1.64 crore (Rs.-4.03 crore in
FY13) on total operating income of INR95.13 crore (Rs.82.03 crore
in FY13). Furthermore, during 10MFY15 RPL has achieved total
operating income of INR87.52 crore.


RAGHU EDUCATIONAL: CRISIL Reaffirms B Rating on INR135MM LT Loan
----------------------------------------------------------------
CRISIL rating continues to reflect Raghu Educational Society's
(RES) large working capital requirements, susceptibility to
adverse regulatory changes in the education sector, geographic
concentration in revenue profile.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B/Stable (Reaffirmed)
   Long Term Loan       135        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by RES's established
regional presence in Vishakhapatnam (Andhra Pradesh), supported by
its promoters' extensive experience, in the education segment.

Outlook: Stable

CRISIL believes that RES will maintain its established regional
presence in the education segment, supported by promoters'
industry experience, over the medium term. The outlook may be
revised to 'Positive' if RES increases its geographical
diversification or scales up its operations, without significantly
weakening its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the society undertakes any large debt-
funded capital expenditure programme, or if regulatory bodies
withdraw their approvals for the society's various courses, or
there is stretch in its working capital cycle.

RES, a society was established in 1996, and the overall operations
of the trust are being managed by its promoter director Mr.
Kalidindi Raghu. RES is engaged in running of a number of schools,
and graduate, post-graduate, and professional colleges under the
Raghu brand. Its schools and colleges are located in and around
Vishakhapatnam (Andhra Pradesh).

RES reported a surplus (excess of income over expenditure) of
INR1.7 million on net revenues of INR231 million for 2013-14
(refers to financial year, April 1 to March 31); it reported a
surplus of INR23.2 million on net revenues of INR211 million for
2012-13.


RAMA SACKS: CRISIL Ups Rating on INR42.5MM Term Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rama Sacks N Bags Pvt Ltd (RSBPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          32.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan            42.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RSBPL's business risk
profile, reflected in healthy topline growth, moderate working
capital requirements, and adequate liquidity. The company's
topline, on a provisional basis, grew by 330 per cent to INR285.4
million in 2013-14 (refers to financial year, April 1 to
March 31), from INR66.1 million in the previous year, driven by
high capacity utilisation of its newly installed manufacturing
unit. RSBPL is likely to achieve topline of around INR300.0
million in 2014-15. The upgrade also factors in reduction in
RSBPL's working capital cycle, with gross current assets at 72
days as on March 31, 2014, against 80 days a year earlier, driven
by decrease in inventory levels. RSBPL's liquidity is adequate,
reflected in its bank limit utilisation of 93 per cent during the
12 months through September 2014, supported by a grant of INR7.5
million from the government. The grant will be converted into a
fixed deposit, through which the company will meet part of its
term loan obligations. CRISIL believes that the business risk
profile will remain stable over the medium term.

CRISIL's ratings reflect RSBPL's moderate scale of operations in
high-density polyethylene (HDPE)/polypropylene (PP) woven fabric,
and the company's average financial risk profile marked by
moderate debt protection metrics. These rating weaknesses are
partially offset by the benefits that RSBPL derives from its
promoters' extensive experience in the woven sacks business.
Outlook: Stable

CRISIL believes that RSBPL will continue to benefit over the
medium term from its promoters' extensive experience in the woven
sacks business. The outlook may be revised to 'Positive' if the
company significantly scales up operations and reports improvement
in its operating margin. Conversely, the outlook may be revised to
'Negative' if RSBPL's financial risk profile deteriorates because
of increased working capital borrowings, or if the company faces
any pressure on its revenue or profitability, leading to weakening
in its capital structure and liquidity.

RSBPL was set up in October 1987 as Friends Spinners Pvt Ltd. Its
name was changed to RSBPL in August 2009. The company is managed
by Mr. Radheshyam Jindal and his family. RSBPL was previously
engaged in trading of high density polyethylene (HDPE) and
polypropylene (PP) bags on a small scale. In December 2012, RSBPL
started manufacture of HDPE/PP woven fabrics which is expected to
contribute majority share of the revenues going forward.

For 2013-14, RSBPL on provisional basis reported a profit after
tax (PAT) of INR2.4 million on net sales of INR285.4 million,
against a net loss of INR0.3 million on net sales of INR66.1
million for 2012-13.


RARE JEWELS: CARE Assigns B+ Rating to INR11.5cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Rare
Jewels.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    11.50       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or of the unsecured loans brought in by the partners, in
addition to the changes in the financial performance and other
relevant factors.

Rating Rationale
The rating assigned to the bank facilities of Rare Jewels (RJ) is
constrained by its modest scale of operations in the highly
competitive diamond cutting and polishing business involving low
value addition and product differentiation and modest
profitability. The ratings are further constrained by closely-held
partnership nature of the firm, high geographical concentration,
high working capital intensity and susceptibility of its
profitability to volatility in the prices of rough diamonds and
foreign exchange rate fluctuations.

The rating continues to derive strength from the experience of the
partners in the diamond cutting and polishing industry along with
moderate leverage and comfortable working capital cycle.

The ability of RJ to increase the scale of operations along with
improvement in its profitability and capital structure while
managing fluctuation in foreign exchange rates amidst high
competition in diamond cutting and polishing industry are the
key rating sensitivities.

Constituted in 1998 by Mr Pritesh Doshi and Mr Vishal Doshi, Rare
Jewels (RJ) is a partnership firm is engaged in processing of
rough diamonds and sale of Cut and Polished Diamonds (CPD). The
firm is also engaged in trading of rough diamonds and CPD. RJ
sells CPD in the domestic as well as export market. The firm is
engaged in CPD diamonds from 0.50 carat to 5.00 carats. RJ has an
in-house facility to polish the diamonds; however, planning and
cutting is carried out on job work basis through process houses in
Surat.

During FY14 (Audited; refers to the period April 01 to March 31),
RJ reported Total Operating income (TOI) of INR103.67 crore as
against PAT of INR0.54 crore on a TOI of INR101.84 crore. As per
the provisional results for 9MFY15, RJ reported a PBT of INR0.39
crore on a TOI of INR106.70 crore.


RELIANCE FABRICATIONS: CRISIL Reaffirms INR27.5M Loan B+ Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reliance Fabrications
Pvt Ltd (RFPL) continue to reflect RFPL's working-capital-
intensive operations in the process-plant equipment industry, and
the company's small net worth and scale of operations. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters and its strong customer
base.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)
   Cash Credit           27.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      10         CRISIL A4 (Reaffirmed)
   Proposed Long Term    20.3       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             13.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RFPL will continue to benefit over the medium
term from its established client relationships and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company significantly improves its revenue and
profitability, and maintains its capital structure. Conversely,
the outlook may be revised to 'Negative' if RFPL records a decline
in its operating margin or undertakes a large debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

RFPL was established as a closely held company in 1966, promoted
by the Jamshedpur-based Gutgutia family. The company manufactures
process-plant equipment and maintenance spares for several
industries, including petroleum, refining, chemicals, fertilisers,
steel, cement, and power.


SADIWALA CLINIC: CARE Assigns B Rating to INR13cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sadiwala
Clinic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.00      CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Sadiwala Clinic (SC)
is constrained by the small scale of operations due to nascent
stage of operations, leveraged capital structure, weak debt
coverage indicators, highly regulated nature of operations and
constitution of the entity being a partnership firm.

The rating derives strength from established track record of the
partners in the health care industry and favourable location of
the hospital.

The ability of the firm to achieve the envisaged revenue and
profitability are the key rating sensitivities.

Sadiwala Clinic (SC) was established by Dr Amul Sadiwala, Dr
Chirag Sadiwala and Mrs Neeta Sadiwala to operate a multispecialty
hospital (treating patients in Gynecology, cardiology,
dermatology, physical therapy, ophthalmology, orthopedic, dietary
and others) at Vile Parle, Mumbai. The hospital commenced
operations since September 2013 and has a total capacity of 70
beds [13 beds in intensive care unit & 57 beds in general ward]
with around 55% occupancy.

During FY14 (refers to the period September 01 to March 31) SC
posted total income of INR2.38 crore and PAT of INR0.15 crore.
Furthermore as per the provisional results for 8MFY15, SC posted
total income of INR6.62 crore.


SAFIRE OFFSET: CRISIL Reaffirms D Rating on INR64.5MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Safire Offset
Printers (SOP; part of the Safire group) continue to reflect
instances of delay by the Safire group in servicing its debt.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL D (Reaffirmed)
   Cash Credit          60         CRISIL D (Reaffirmed)
   Letter of Credit     10         CRISIL D (Reaffirmed)
   Long Term Loan       64.5       CRISIL D (Reaffirmed)
   Proposed Working     40         CRISIL D (Reaffirmed)
   Capital Facility

The delays have been caused by the group's weak liquidity, driven
by large working capital requirements, particularly because of
stretched receivables.

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 The Safire Industries (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).


SANTOSHI LEATHER: CRISIL Assigns B Rating to INR55MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Santoshi Leather Works (SLW).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Foreign Bill Purchase     55        CRISIL B/Stable

The rating reflects the benefits that SLW derives from its
proprietor's extensive experience in the leather industry. This
rating strength is partially offset by the firm's modest scale of
operations in the fragmented and unorganised leather industry,
working-capital-intensive operations, and its weak financial risk
profile marked by a small net worth and moderate gearing.

Outlook: Stable

CRISIL believes that SLW will continue to benefit over the medium
term from the experience of its proprietor in the leather
industry. The outlook may be revised to 'Positive' if the firm
substantially improves its scale of operations and profitability
or improvement in working capital requirements leading to
significantly better cash accruals. Conversely, the outlook may be
revised to 'Negative' in case SLW's financial risk profile,
especially liquidity, deteriorates because of lower-than-expected
profitability, or sizeable debt-funded working capital
requirements or capital expenditure.

SLW is a proprietorship concern based in Kolkata. The firm is
managed by Mr. S K Ghosh, who has been in the leather industry for
the past 27 years. The firm manufactures and exports industrial
leather gloves and garments.


SHANKER TRADERS: CARE Assigns B Rating to INR6cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shanker
Traders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Shanker Traders
(STS) is primarily constrained by its small scale of operations,
low net worth base, low profitability margins, and leveraged
capital structure. The rating is further constrained by firm's
presence in a highly competitive and fragmented industry and its
constitution of entity as a proprietorship firm.

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

STS was established in April 1992 as a proprietorship concern by
Mr Sunil Kumar Jindal. The firm started its commercial operations
in July 1992. The firm is engaged in the trading of metal scraps
such as ferrous and non-ferrous metals. The traded goods find its
application in metal casting products which are used in various
'industries such as automobile, capital goods, etc. The firm has
its registered office located at Faridabad, Haryana. STS procures
traded goods through the scrap suppliers mainly from local market
(Faridabad and Delhi). The traded goods are sold directly to the
manufacturers of metal casting products in the domestic market
mainly in Haryana, Delhi, Punjab, Uttar Pradesh and Bihar.

For FY14 (refers to the period April 1 to March 31), STS achieved
a total operating income of INR40.72 crore with PBILDT and PAT of
INR1.47 crore and INR0.32 crore, respectively, as against total
operating income of INR35.68 crore with PBILDT and PAT of INR1.20
crore and INR0.28 crore, respectively, for FY13. During FY15, the
firm's has achieved TOI of approximately INR36 crore till
December 31, 2014.


SHREE DURGA: CARE Assigns 'D' Rating to INR9.38cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Shree
Durga Rice and General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.38      CARE D Assigned

Rating Rationale

The rating takes into account the delays in debt servicing by
Shree Durga Rice and General Mills (SDR) due to its stressed
liquidity position.

SDR (branch of M/S Deewan Chand Ganpat Rai) was established in
1985 as a partnership firm and currently the partners are Mr
Dinesh Kumar and Mr Rajesh Kumar, sharing profits and losses
equally. The firm is engaged in the trading and processing of rice
(basmati and non-basmati) at its manufacturing facility located at
Sahnewal, Punjab, having an installed capacity of 21,600 metric
tonne per annum (MTA) as on March 31, 2014. SDR procures paddy
directly from local grain markets through commission agents
located in Punjab. Furthermore, the firm sells its products under
the brand name of 'Sardar' in the states of Haryana and Punjab
through a network of commission agents.

For FY14 (refers to the period April 1 to March 31), SDR achieved
a total operating income of INR28.83 crore with PBILDT and PAT of
INR1.66 crore and INR0.06 crore, respectively, as against the
total operating income of INR12.01 crore with PBILDT and PAT of
INR1.47 crore and INR0.09 crore, respectively, for FY13.
Furthermore, During FY15 SKB achieved a total operating income of
INR8.16 crore till January31, 2015.


SKY ALLOYS: CARE Lowers Rating on INR126.31cr LT Loan to D
----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Sky Alloys
& Power Pvt Ltd.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term                  126.31      'CARE D' Revised from
                                           CARE B+
Rating Rationale

The revision in rating of Sky Alloys & Power Pvt Ltd (SAPPL) takes
into account the delays in debt servicing in the recent past on
account of losses incurred in FY14, resulting in stressed
liquidity position of the company. The ability of the company to
improve its liquidity and regularize its debt servicing will be
the key rating sensitivity.

Sky Alloys and Power Private Limited (SAPPL), incorporated in
2009, has setup a greenfield steel project at a cost of INR186.9
crore in Raigarh, Chhattisgarh. The manufacturing facilities
include 60,000 MTPA sponge iron, 48,000 MTPA ingot, 16 MW captive
power plant [of which 4 MW is based on Waste Heat Recovery Boiler
and 12MW is based on coal] and 2x6 MVA ferro alloy furnaces. The
facilities have become operational in various phases from Apr 2013
to Oct 2014.

For FY14 (refers to the period April 01 to March 31), SAPPL
reported a loss of INR12.1 crore on a total operating income of
INR69.2 crore.


SONALI EXTRUSIONS: CRISIL Reaffirms B Rating on INR31.9MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sonali Extrusions
Pvt Ltd (SEPL) continues to reflect its below-average financial
risk profile, marked by high gearing and weak debt protection
metrics. The ratings also factor in SEPL's modest scale of
operations, and exposure to intense competition in the aluminium
extrusion segment. These rating weaknesses are partially offset by
the extensive experience of the promoters in the aluminium
industry.

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

   Proposed Long Term   31.9    CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan            23.1    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company's financial
risk profile particularly liquidity improves with a substantial
increase in revenue and profitability. Conversely, the outlook may
be revised to 'Negative' if SEPL's financial risk profile
deteriorates with larger-than-expected debt-funded expansions, or
a significant decline in revenue and profitability.

SEPL began commercial operations in July 2011, and manufactures
aluminium sheets and profiles. The company is promoted by Mr.
Vinod Babulal Mandot and his family.


SONY PYRO: CRISIL Assigns B+ Rating to INR70MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Sony Pyro International (SPI; part of the Sony
Fireworks group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable
   Long Term Loan        10        CRISIL B+/Stable

The ratings reflect the Sony Fireworks group's below-average
financial risk profile, marked by weak debt protection metrics,
its working-capital-intensive operations, and its exposure to
intense industry competition. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the fireworks industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
SQNY Fire Works (SF), SPI, Micky Paper Caps Works (MPCW), Vinayaga
Fireworks (VF), and Vinayaga Fireworks Industries (VFI).

Outlook: Stable

CRISIL believes that the Sony Fireworks group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group reports significant improvement in scale of operations
and profitability leading to sustained improvement in cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the group's
financial risk profile, particularly its liquidity, most likely
because of elongation of working capital cycle or significant
debt-funded capital expenditure.

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


SQNY FIRE: CRISIL Rates INR60MM Cash Credit at B+
-------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of SQNY Fire Works (SF; part of the Sony Fireworks
group).

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

The rating reflects the Sony Fireworks group's below-average
financial risk profile, marked by weak debt protection metrics,
its working-capital-intensive operations, and its exposure to
intense industry competition. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the fireworks industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
SF, Sony Pyro International (SPI), Micky Paper Caps Works (MPCW),
Vinayaga Fireworks (VF), and Vinayaga Fireworks Industries (VFI).

Outlook: Stable

CRISIL believes that the Sony Fireworks group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group reports significant improvement in scale of operations
and profitability leading to sustained improvement in cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the group's
financial risk profile, particularly its liquidity, most likely
because of elongation of working capital cycle or significant
debt-funded capital expenditure.

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


SREE KARPAGAMBAL: CRISIL Assigns B+ Rating to INR158.3MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sree Karpagambal Mills Limited (SKML).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         158.3       CRISIL B+/Stable
   Long Term Loan       41.7       CRISIL B+/Stable

The rating reflects SKML's below average financial risk profile
marked by high gearing and weak debt protection metrics and
susceptibility of operating profitability to volatility in raw
material and power costs. These rating weaknesses are partially
offset by extensive experience of SKML's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that SKML will continue to benefit from the
extensive experience of its promoters in the textile industry. The
outlook may be revised to 'Positive' if the company's scale of
operations improves on a sustainable basis while it maintains its
profitability. Conversely, the outlook may be revised to
'Negative' in case the company witnesses a significant dip in
revenue or profitability or ventures into any unrelated
diversification or increases it investments in group companies.

Established in 1956, SKML manufactures polyester yarn, cotton yarn
and fabric. The company is based out of Rajapalayam (Tamil Nadu).
The day to day operations of the company is managed by Mr. A.
Palaniappan.


SRI SHRIDEVI: CRISIL Reaffirms 'D' Rating on INR660MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Shridevi
Charitable Trust (SSCT; Previously known as Sri Shridevi
Charitable Trust (R.)) continues to reflect instances of delay by
SSCT in servicing its debt; the delays have been caused by cash
flow mismatches due to the large debt-funded capital expenditure
programme undertaken by the trust over the past few years.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL D (Reaffirmed)
   Term Loan            660        CRISIL D (Reaffirmed)

SSCT is also exposed to regulatory risks associated with the
education sector and to intense competition from other educational
institutes in its region of operations. However, the trust
benefits from its promoters' extensive experience in the education
sector and its diversified course offerings.
About the Trust

SSCT, established in 1992, provides education from the primary
school level to the engineering degree level; it also has a
medical college which became operational in 2013-14 (refers to
financial year, April 1 to March 31). The trust's day-to-day
operations are managed by its managing trustee, Dr. M. R.
Hulinaykar.

SSCT is estimated to report a surplus of INR26.8 million on a net
income of INR263 million for 2013-14; it had reported a surplus of
INR30.2 million on a net income of INR189 million for 2012- 13.


SUJAN INDUSTRIES: CRISIL Cuts Rating on INR140MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sujan
Industries - Bangalore (SI) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Cash Credit          140        CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in SI's liquidity;
with its cash credit limit remaining overdrawn for more than 30
days consecutively. SI's liquidity has deteriorated mainly because
of an unprecedented stretch in its working capital cycle.

The firm also has a below-average financial risk profile, marked
by modest net worth and high gearing. Moreover, the firm has
modest scale of operations in the intensely competitive precision
components segment and weak liquidity on account of working-
capital-intensive operations. However, the firm benefits from the
extensive industry experience of its promoter.

SI was established in Bengaluru in 2008. The firm manufactures
precision-turned components, and is part of the Sujan group. SI is
managed by Mr. B S Padmanabhachar.


SURESH GOPINATH: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Suresh Gopinath (SG)
continue to reflect SG's modest scale of operations, customer and
geographic concentration in its revenue profile, and its exposure
to intense competition in the civil construction industry. The
ratings also factor in the firm's below-average financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the extensive industry experience of SG's
promoters.

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

Outlook: Stable

CRISIL believes that SG will continue to benefit over the medium
term from its experienced management. The outlook may be revised
to 'Positive' if the firm increases its scale of operations and
improves its profitability on a sustainable basis, leading to high
cash accruals Conversely, the outlook may be revised to 'Negative'
if SG's financial risk profile deteriorates, most likely owing to
reduced revenue and margins, or large debt-funded capital
expenditure, or a delay in receipt of bills from its principal
contractors.

Set up in 1993, SG undertakes civil construction works in Kerala,
mainly related to construction of buildings for various entities,
such as public works departments.


SYBLY INDUSTRIES: CRISIL Ups Rating on INR110MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sybly Industries Ltd (SIL) to 'CRISIL B-/Stable' from 'CRISIL C'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          110       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL C')

   Proposed Long Term
   Bank Loan Facility    40      CRISIL B-/Stable (Upgraded
                                 from 'CRISIL C')

The rating upgrade reflects CRISIL's expectation of improvement in
SIL's liquidity over medium term, driven by a steady increase in
cash accruals and the absence of any term debt obligation and
significant capital expenditure (capex) plan. The increase in cash
accruals will be supported by expected improvement in the
company's operating profitability.

The rating reflects SIL's weak liquidity because of large working
capital requirements, driven by stretched debtors, its small scale
of operations in a fragmented industry resulting in low operating
profitability, and its susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of SIL's promoters in the textile
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SIL and its wholly owned subsidiary,
Sybly International FZE (SI), together referred to herein as SIL.

Outlook: Stable

CRISIL believes that SIL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company reduces its working capital
requirements through better receivables management, or achieves
substantial cash accruals driven by significant improvement in its
operating revenue and profitability. Conversely, the outlook may
be revised to 'Negative' if SIL's liquidity deteriorates because
of aggressive debt-funded capex or a further stretch in its
working capital cycle.

SIL, set up in May 1988 by Mr. Satya Prakash Mittal and his sons,
Mr. Mahesh Chand Mittal and Mr. Umesh Kumar Mittal, manufactures
polyester yarn and mercerised cotton yarn. It also trades in
polyester yarn. Its wholly owned subsidiary, SI, trades in mild
steel products. SIL's plant is in Ghaziabad (Uttar Pradesh) and
the company is listed on the Bombay Stock Exchange.

SIL, on a standalone basis, reported a profit after tax (PAT) of
INR0.15 million on net sales of INR789 million for 2013-14 (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.07 million on net sales of INR1081.9 million for 2012-13.


THIRUMALA CHILD: CRISIL Reaffirms B Rating on INR70MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Thirumala Child Health
Services Private Limited (TCHS) continues to reflect TCHS weak
financial risk profile, marked by small net worth, weak debt
protection metrics, its small scale of operations, and geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the pediatric health services industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            7.5      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    23.5      CRISIL B/Stable (Reaffirmed)
   Term Loan             70        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TCHS will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if there is sustainable improvement
in the company's scale of operations and margins, on the back of
improved occupancy rates or geographical diversification in its
revenue profile. Conversely, the outlook may be revised to
'Negative' if TCHS's financial risk profile deteriorates, most
likely because of substantial debt-funded capital expenditure or
in case of significant decline in occupancy, resulting in decline
in revenue.

Set up in 2010 by Dr. Venkata Ramama Dandamudi and Dr. Sathish
Ganta, TCHS operates Little Stars Women & Child Hospital in
Hyderabad (Andhra Pradesh).

TCHS reported net loss of INR10.4 million on net sales of INR89.2
million for 2013-14 as against net loss of INR6.3 million on net
sales of INR78.4 million during 2012-13.


TIRUPATI VEHICLES: CRISIL Reaffirms B- Rating on INR100MM e-DFS
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tirupati
Vehicles Pvt Ltd (TVPL) continues to reflect the company's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and its exposure to intense competition in the
automotive dealership market and to supplier concentration risk.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the automotive dealership
business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Electronic Dealer     100       CRISIL B-/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Proposed Long Term     20       CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              15       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TVPL's business risk profile will remain
comfortable over the medium term on account of the extensive
experience of the company's promoters in the automotive dealership
business. The outlook may be revised to 'Positive' if the company
increases its scale of operations, leading to a considerable
improvement in its cash accruals and thus in its liquidity.
Conversely, the outlook may be revised to 'Negative' if TVPL's
liquidity deteriorates on account of large working capital
requirements or substantial debt-funded capital expenditure.

TVPL is a dealer for vehicles of Mahindra & Mahindra Ltd (rated
'CRISIL AAA/Stable/CRISIL A1+'). It has showrooms in Bijnor and
Saharanpur (both in Uttar Pradesh). The company is promoted by Mr.
Deepak Garg, Mr. Sanjeev Lahoti, and Mr. Anuj Kumar Bishnoi. It
commenced commercial operations in September 2013.


V. SHANMUGAM: CRISIL Assigns B+ Rating to INR64.3MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of V. Shanmugam.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Working Capital        0.4         CRISIL B+/Stable
   Demand Loan
   Proposed Long Term
   Bank Loan Facility    64.3         CRISIL B+/Stable
   Cash Credit           30           CRISIL B+/Stable
   Long Term Bank         5.3         CRISIL B+/Stable
   Facility

The rating reflects V. Shanmugam's below- average financial risk
profile, marked by a small net worth and high gearing, its modest
scale of operations with geographic concentration risks in its
revenue profile and risks related to tender based nature of
operations in an intensely competitive civil construction segment.
These rating weaknesses are partially offset by the extensive
experience of V. Shanmugam's promoter in the civil construction
industry.

Outlook: Stable

CRISIL believes that V. Shanmugam 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
improvement in the firm's scale of operations and profitability
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if V. Shanmugam's working
capital management weakens or if the firm undertakes a large debt-
funded capital expenditure programme, weakening its capital
structure and liquidity.

V. Shanmugam was established in 1991 as a proprietary firm by Mr.
Shanmugam. The firm undertakes civil construction works in Tamil
Nadu, primarily for the state government's housing board, slum
clearance board, and public works department (PWD); it constructs
residential and office buildings.



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


PRATAMA AGUNG: Fitch Rates USD300MM Sr. Unsecured Notes at BB-
---------------------------------------------------------------
Fitch Ratings has assigned Pratama Agung Pte Ltd's USD300 million
6.25% guaranteed senior unsecured notes due 2020 a final rating of
'BB-'.  The final rating follows the receipt of documents
conforming to information already received, and is in line with
the expected rating assigned on February 3, 2015.

The notes are unconditionally and irrevocably guaranteed by
Indonesian tower operator PT Solusi Tunas Pratama Tbk (STP; BB-
/Stable) and are therefore rated at the same level as STP's Long-
Term Issuer Default Rating (IDR) of 'BB-'.

STP will use the note proceeds to partially refinance its six-
month USD790 million bridge loan facility that was used to finance
the acquisition of 3,500 towers from PT XL Axiata Tbk (XL;
BBB/Stable) for IDR5.6 trillion (USD467 million). The bridge loan
of USD790 million was partly refinanced through an equity offering
of IDR2.4 trillion.  A part of the equity offering included the
conversion of shareholder loans of IDR462.5 billion into equity.
STP plans to refinance the rest of the bridge loan through a
secured term loan.

Key Rating Drivers

Higher Leverage and Smaller Size: STP's 'BB-' IDR is a notch lower
than that of the top two independent tower operators in Indonesia
- PT Tower Bersama Infrastructure Tbk (TBI; BB/Stable) and PT
Profesional Telekomunikasi Indonesia (Protelindo; BB/Positive) due
to its higher leverage, earlier stage in the growth cycle and
weaker organic growth capabilities. At end-2014, it was the third-
largest independent tower operator with 6,651 towers and total
tenancies of 10,521. TBI leads the industry with 15,200 towers
followed by Protelindo with 11,200 towers.

Commitment to Deleverage: The ratings incorporate management's
commitment to deleverage and our expectation that STP will manage
its FFO-adjusted net leverage to well below 5.0x during 2015-16.
In the absence of further debt-funded acquisitions, deleveraging
is likely as capex will be modest and dividend payments are
limited based on conditions in the proposed bonds and proposed
secured term loan. STP is likely to add only around 500-600 towers
during 2015-17 (2012-14: 100-400 tower additions) - much lower
than 1,500-2,000 annual tower additions by TBI and Protelindo.

Nevertheless, should the company pursue growth through further
debt-funded acquisitions, the ratings may be downgraded if FFO-
adjusted net leverage rises above 5.0x

Moderate Tenancy Mix: STP's credit profile benefits from its
ability to generate highly visible cash flows backed by long-term
non-cancellable contracts with in-built escalation clauses (except
for the lease agreements for the towers acquired from XL). Fitch
forecasts STP's 2015 operating EBITDAR margin to be around 82%-83%
- similar to Protelindo's 82% and higher than TBI's 75%-76%. We
also forecast that 63% of STP's 2015 revenue will come from the
country's three largest telcos, which have investment grade
ratings. This proportion is better than Protelindo's 50%, but
lower than TBI's 80%.

Notes Not Notched: Fitch's 'BB-' rating on the US dollar senior
unsecured notes is based on average recovery in a distressed
scenario, despite the notes ranking behind the proposed secured
term loan. Prior-ranking debt/EBITDA is likely to be below the
2.0x-2.5x threshold at which we consider notching senior unsecured
debt below the IDR. The high proportion of STP's operating cash
flows that are contractually locked-in (USD1.1bn at end-2014) also
supports recovery. Structural subordination is not an issue as STP
generates over 90% of the group's revenue and EBITDA.

Adequate Liquidity: We believe that STP's liquidity is adequate.
Its existing bridge loan is underwritten by five international
banks and STP had the option to convert it into a four and a half
year term loan if it was unable to issue the US dollar notes by 8
June 2015. The company plans to significantly hedge its US dollar
debt exposure in 2015.

Historical Exposure to Bakrie: STP's 2014 financial performance
was affected because PT Bakrie Telecom Tbk did not pay its rent.
At end-September 2014, Bakrie Telecom accounted for 15% of STP's
year-to-date revenue and owed around IDR489bn to STP. Compared to
STP, both TBI and Protelindo have lower exposure to Bakrie Telecom
at 3% and 4% of revenue respectively. In December 2014, Bakrie
Telecom's creditors approved a restructuring plan, which allowed
for 70% of receivables to be converted into Bakrie Telecom shares
and the remaining 30% to be paid over five-seven years. Our
financial analysis assumed no cash recovery from Bakrie Telecom.

Rating Sensitivities

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

- FFO-adjusted net leverage lower than 3.5x on a sustained basis
along with revenue contribution from investment-grade telcos
remaining above 60%.
- Demonstration of organic growth potential in-line with its
peers.

Negative: Future developments that could individually or
collectively lead to negative rating actions include:

- Another debt-funded acquisition or higher-than-expected capex
leading to FFO-adjusted net leverage remaining above 5.0x on a
sustained basis.



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


SHARP CORP: Mulls Ending Overseas TV Production Except for China
----------------------------------------------------------------
The Japan Times reports that Sharp Corp. is considering ceasing
all overseas production of LCD televisions with the exception of
operations in China, as it tries to improve the picture for its
flickering TV business, sources close to the matter said March 5.

The ailing electronics maker has suffered multiple years of losses
from its TV business amid intensifying competition from rivals in
South Korea and elsewhere, the report says.

The Japan Times relates that the sources said by reducing business
costs abroad, the Osaka-based company would aim to bolster TV
production at home, where the yen's sharp depreciation is helping
boost exports.

Sources said Sharp plans to slash the workforce of its subsidiary
in Malaysia, its production hub for Southeast Asian markets, and
sell a TV assembly factory there, while also halting TV sales in
Australia through its own channel, according to the Japan Times.

Sharp is also eyeing selling or leasing its TV factory in Mexico,
which serves the North American market, the report notes.

The Japan Times the company has already withdrawn from TV
production and sales in Europe.

Earlier this year, Sharp President Kozo Takahashi told reporters
that the company would accelerate repatriating production on the
back of the yen's plunge, triggered by the Bank of Japan's
aggressive monetary easing, the report recalls.

The Japan Times relates that Mr. Takahashi said as part of that
effort, Sharp is considering expanding the range of large-screen
LCD TVs it assembles at its plant in Yaita, Tochigi Prefecture.

The company has said it expects to post a JPY12 billion operating
loss in its TV business for the business year ending this month,
the report discloses.

Sharp is expected to incur about JPY200 billion in group net loss
for this business year as it plans to implement additional
restructuring, the report adds.

                       About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2015, Standard & Poor's Ratings Services said it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+'.  The ratings
remain on CreditWatch with negative implications.  S&P lowered its
short-term corporate credit and commercial paper program ratings
on Sharp to 'C' and placed them on CreditWatch with negative
implications.  S&P also lowered its long-term corporate credit
rating on Sharp's overseas subsidiary Sharp International Finance
(U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative
implications.  S&P lowered its short-term corporate credit and
commercial paper program ratings on Sharp International Finance to
'C' and placed the ratings on CreditWatch with negative
implications.  On Feb. 4,
2015, S&P placed the long-term ratings on Sharp and its subsidiary
on CreditWatch with negative implications following Sharp's
announcement of a steep cut in forecast earnings.

The downgrades and CreditWatch placements reflect S&P's view that
Sharp is more likely than previously to ask its main lender banks
for support in a form S&P defines as 'SD' (selective default),
such as a debt-for-equity swap, modifications to existing debt, or
a debt waiver.  S&P may further lower its ratings on Sharp by more
than one notch if in the next few months S&P sees a greater
likelihood of lender bank support in a form it deems as 'SD'.


SKYMARK AIRLINES: Expects to Post Profit on Cost Reductions
-----------------------------------------------------------
Monami Yui and Kiyotaka Matsuda at Bloomberg News report that
Skymark Airlines Inc. expects to post an operating income by July
as profitability has improved after the bankrupt carrier stopped
using large aircraft and pared costs, President Masakazu Arimori
said.

Skymark may consider transferring the 10 leases it holds for the
large Airbus Group NV A330 aircraft to potential airline partners,
Mr. Arimori said in an interview in Tokyo on March 4, Bloomberg
relays.  According to the report, Mr. Arimori said the airline,
which grounded five A330 planes after filing for bankruptcy
protection in January, also has the options of subleasing and
code-sharing to cut costs. Skymark has five more A330 planes due
for delivery this year, Bloomberg quotes Mr. Arimori as saying.

"Earnings are recovering faster than expected," the report quotes
Mr. Arimori as saying. "We may be able to achieve operating profit
in May. By July, definitely."

Bloomberg relates that Mr. Arimori has cut flights and pared
expenses to help lift margins at the airline as it prepares to
present a restructuring plan by the end of May. Facing stiff
competition and higher leasing costs due to the weaker yen,
Skymark sought bankruptcy protection with JPY71 billion ($594
million) in liabilities after a decision to purchase six Airbus
A380 superjumbos flopped last year, Bloomberg notes.

Bloomberg says private-equity firm Integral Corp. is assisting
Skymark's turnaround, and the airline is seeking other partners as
well. ANA Holdings Inc., Orix Corp. and H.I.S. Co. have all said
they intend to support Skymark in some manner, Bloomberg relates.
AirAsia Bhd. has also applied to support the Japanese carrier,
Transport Minister Akihiro Ohta said last month, Bloomberg
recalls.

According to Bloomberg, Mr. Arimori said Skymark's profitability
has been improving since the bankruptcy filing and the A330
grounding. Bloomberg discloses that weekly gross profit rose to
JPY781 million in the seven days ended Feb. 21, from
JPY245 million in the week through Jan. 28, as the number of
passengers increased 19 percent during that period to 14,864,.
Bloomberg says the airline has halted unprofitable routes since
the bankruptcy filing, paring daily flights to 128 from 152.
Skymark wouldn't need code-share flights with other airlines as
long as it only operates smaller Boeing Co. 737 planes,
Mr. Arimori, as cited by Bloomberg, said.

Mr. Arimori, who was promoted from chief financial officer to
president when the airline declared bankruptcy, also said he
expects future partners to help with aircraft maintenance,
according to Bloomberg.

If approved by creditors, Skymark would start implementation of
the recovery plan by the end of July, the company said last month,
the report notes.

"We'll do our best to maximize repayment to our creditors,"
Bloomberg quotes Mr. Arimori as saying.

                        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
====================


BLUE CHIP: Bryers Released From Bankruptcy But Banned For 7 Years
-----------------------------------------------------------------
The New Zealand Herald reports that former Blue Chip boss
Mark Bryers has been released from bankruptcy by the High Court
but is banned from managing a business in New Zealand for the next
seven years.

The Herald relates that Mr. Bryers, who has been operating in
Australia under the name Mark Ryan, last week applied in the
High Court at Auckland to be released from his five and a half
year bankruptcy.

According to the Herald, Mr. Bryers' creditors lost more than
NZ$150 million in his bankruptcy. Creditors lost around NZ$310
million in companies related to Blue Chip, which was a property
investment scheme operating in this country until 2008, the report
discloses.

The Herald relates that in considering the matter, Associate Judge
Jeremy Doogue said that Mr. Bryers did represent a risk, although
noted he does not intend to relocate to New Zealand.

"If he were to return to New Zealand and re-involve himself in
business, he would represent a commercial risk. The risk is that
he will again be involved in businesses that are risky in nature
and large in scale. There is therefore a risk of further losses to
the public from Mr Bryers' business activities," the judge, as
cited by the Herald, said.

According to the report, Associate Judge Doogue said it was not up
to him to comment on whether it was desirable from the perspective
of the Australian public for Mr. Bryers to be taking part in
business there.

"Given the continuing risk that Mr Bryers represents, I consider
that there ought be an order in this case restraining Mr Bryers
from business activities," the report quotes Judge Doogue as
saying.

Under the judge's order, Mr. Bryers is banned from managing a
business, being a director of a company, or being employed by a
relative in New Zealand for seven years, the Herald relates.

"Such an order, when added to the period for which he has been an
undischarged bankrupt, will mean that Mr Bryers will in total have
been prevented from involvement in the management of businesses in
New Zealand for a period of approximately 12 years," the judge, as
cited by the Herald, said.

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

                          *     *     *

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

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


MEMPHIS BELLE: New Owner Brings Cafe Back to Profitability
----------------------------------------------------------
The Dominion Post reports that the former operator of popular
Wellington cafe Memphis Belle has emerged in Christchurch.

The report says Elias "Bink" Bowler, 24, set up another cafe in
Christchurch after looking at Melbourne and Thailand, with former
All Black captain Reuben Thorne listed as a shareholder.

Mr. Bowler and an investor, Nick Buchanan, purchased Memphis Belle
cafe from Flight Coffee in late 2012, the report recalls.

According to the report, Mr. Bowler, who has been making coffee
since he was 14 and was known in Wellington for his trademark hat,
ran the shop. But, by early 2014, the company had racked up debts
of more than NZ$100,000 and allegedly stopped paying staff and
suppliers.

The Post relates that Mr. Buchanan, who declined to comment,
bought out Mr. Bowler in early 2014 but, in January this year, the
company went into voluntary liquidation.

According to the Post, liquidator Shephard Dunphy's first report
said company records between when it was bought and March last
year were "very poor".

The report relates that the company had continued to trade for
another 10 months under Mr. Buchanan's direction but, while
current debts were cleared, the arrears owing to the Inland
Revenue Department and Flight Coffee were unable to be paid.

Its report estimated the company's shortfall was NZ$110,000, the
Post notes.

The Post relates that new owner John Matias -- who first started
as a dishwasher with Memphis Belle four years ago -- said he has
returned the cafe to profitability after a "massive learning
curve".

Mr. Matias, who Mr. Buchanan said deserved a medal for his efforts
to help repay creditors in the 10 months to January this year,
said that Mr. Bowler went to Melbourne after investors had
approached him to set up a Memphis Belle in Hawaii, the Post
reports.

According to the report, Mr. Bowler said Memphis Belle already had
a large debt when he took the business on, which he had not known
about.  But he admitted he had not done "the best job" because he
was 22 at the time and did not understand the seriousness of any
consequences.

He said the Memphis Belle in Hawaii was still operating, the
report relates.

Mr. Buchanan had purchased the business as a going concern, and
was fully aware of the debt of the business, he said, the Post
adds.



=====================
P H I L I P P I N E S
=====================


COMMUNITY BANK: MB Places Bank Under PDIC Receivership
------------------------------------------------------
The Monetary Board (MB) placed the Community Bank (Rural Bank of
Alfonso, Inc.) under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 284
dated February 26, 2015. As Receiver, PDIC took over the bank on
the same day.

Community Bank is a three-unit rural bank with Head Office located
at Mabini St., Town Plaza, Alfonso, Cavite. Its two branches are
located in Binan, Laguna and Gen. Aguinaldo, Cavite. Based on the
Bank Information Sheet (BIS) filed by the Community Bank with the
PDIC as of June 30, 2013, the bank is owned by Alfredo D. Roa III
(37.52%), Ruby D. Roa (27.15%), Ma. Theresa R. Antonio (14.00%),
Georgia R. Remulla (13.40%) and Gabriel R. Limjoco (2.50%). Its
President is Vicente C. Betos and its Chairman is Alfredo D. Roa
III.

Latest available records show that as of March 31, 2014, Community
Bank had 26,923 accounts with total deposit liabilities of
PHP245.5 million. Total insured deposits amounted to PHP241.1
million or 98.2% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with the Community
Bank or acted as co-makers of the obligations, and have incomplete
and/or have not updated their addresses with the bank. PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the second week of March 2015.

Depositors may update their addresses until March 5, 2015 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the third week of March 2015.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on March 11, 2015 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, The schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.


RURAL BANK OF MAGSINGAL: Placed under PDIC receivership
-------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Magsingal (Ilocos
Sur), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 331.B
dated March 5, 2015. As Receiver, PDIC took over the bank on March
6, 2015.

Rural Bank of Magsingal is a single-unit rural bank with Head
Office located in San Vicente, Magsingal, Ilocos Sur. Based on the
Bank Information Sheet (BIS) filed by the Rural Bank of Magsingal
with the PDIC as of December 31, 2014, the bank is owned by
Felicisimo P. Gorospe (19.15%), Mario Rosalino U. Gorospe
(15.77%), Rolando Ramos (12.77%), Valentin G. Preza (10.64%),
Luzanta U. Gorospe (10.21%), Leonilo F. Ines, Jr. (9.57%), Ma.
Teresa U. Gorospe (7.45%) and Leonilo Sean Ines III (2.26%). Its
President and Chairman is Mario Rosalino U. Gorospe.

Latest available records show that as of December 31, 2014, Rural
Bank of Magsingal had 458 accounts with total deposit liabilities
of PHP17.4 million, all of which are insured.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with the Rural Bank
of Magsingal or acted as co-makers of the obligations, and have
incomplete and/or have not updated their addresses with the bank.
PDIC targets to start mailing payments to these depositors at
their addresses recorded in the bank by the second week of March.

Depositors may update their addresses until March 10, 2015 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the third week of March.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on March 12, 2015 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.


===========
T A I W A N
===========


CHINA BILLS: Fitch Affirms 'B+' Support Rating Floor
----------------------------------------------------
Fitch Ratings has affirmed Taiwan-based China Bills Finance
Corporation's (CBF) ratings, including its Long-Term Issuer
Default Rating (IDR) at 'BBB'.  The Outlook is Stable.

Key Rating Drivers - IDRs, National Ratings and VRs

The affirmation reflects CBF's established market position in the
Taiwanese bills finance sector, healthy underwriting quality in
the guarantee business, and adequately managed capital. The
ratings also take into account sector-wide structural issues,
including limited business scope, the wholesale-funded nature of
the business and the industry's susceptibility to unexpected large
interest-rate swings.

Despite growing credit extensions, CBF's guarantee/equity ratio
remained moderate (4.0x at end-2014), and new exposures were
primarily of modest risk. The company experienced no new impaired
exposures in 2014, and maintained steady provision coverage. CBF's
growing credit risk resulted in the decline of its Fitch core
capital (FCC) ratio to around 13.4% at end-2014 from 13.8% at end-
2013. Nonetheless, severe deterioration in capital is less likely,
given its restrained market risk appetite and consistent focus on
creditworthy corporate groups.

CBF's liquid balance sheet and diversification in bond repo
counterparties indicate prudence in its liquidity management and
funding stability. This effectively moderates the associated risks
from its reliance on wholesale funding. Further growth in CBF's
earnings is likely to be challenging in 2015, given its plan to
reduce its bond portfolio and potentially rising funding costs.
Return on assets was modest at annualised 0.79% at end-9M14, as a
decline in recovery of bad debt offset earnings from growth in the
guarantee business.

Rating Sensitivities - IDRs, National Ratings and VRs

CBF's ratings have limited upside potential, capped by its
reliance on wholesale funding and constrained business scope.
Weakened loss absorption capacity resulting from any notable
decline in its equity base and/or capitalisation is likely to put
pressure on its ratings. Any compromise in underwriting
discipline, possibly from excessive risk-taking in pursuit of
profits, could result in negative rating actions.

Fitch believes that CBF's planned merger with its largest
shareholder Industrial Bank of Taiwan (IBT) would be negative for
the rating, considering IBT's weaker risk profile. As the merger
has become increasingly likely within Fitch's rating horizon, any
announcements on the merger details are likely to trigger an
event-driven rating action.

Key Rating Drivers and Sensitivities - SR and SRF

CBF's Support Rating (SR) and Support Rating Floor (SRF) reflect
the limited probability of government support, if needed. The SR
and SRF are potentially sensitive to changes in assumptions around
the propensity or ability of the government to provide timely
support to CBF. This would most likely be manifested in a change
to Taiwan's sovereign rating (A+/Stable).

Established in 1978, CBF is Taiwan's third-largest bills finance
company, with an 18.7% share of the guarantee market at end-2014.

The rating actions are as follows:

Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '4'
Support Rating Floor affirmed at B+'



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


* Moody's Says Global Bank Debt Issuance Levels Off in 2014
-----------------------------------------------------------
The four-year decline in issuance of unsecured debt by banks,
thrifts and securities firms leveled off in 2014, says Moody's
Investors Service in a new report. "Global Bank Debt - 2014
Issuance Trends" analyzes trends in the issuance of long-term
unsecured debt instruments by financial institutions rated by
Moody's.

"After declining for the past four years, unsecured debt issuance
by the banks we rate increased slightly in 2014," said Robard
Williams, a Moody's vice president. "Stabilizing operating
conditions in some countries, and interest rates levels and
various regulatory initiatives will continue to affect issuance
volume."

In Asia, issuance by the banks Moody's rates grew 18%. The largest
issuers were banks in Australia, with issuance up 13%, Japan, up
3%, and Korea, down 13%, although the biggest jumps were in China,
up 162%, and in Singapore, up 409%.

In North America, US bank debt issuance rose 16%, as the economy
continued its steady improvement, but declined by 47% for Canada,
to a more normalized level following a 53% surge in 2013 as banks
pre-empted the government's introduction of a bail-in regime for
senior debt.

For Europe, the story varies: In non-euro Europe, issuance rose
17%, driven by the large Swiss (up 150%) and UK banks (up 68%).
Issuance by banks in most euro area countries continued to
decline, however, especially in Greece (down 71%) and Italy (down
15%), but rose in Belgium (61%), Germany (15%), and in the
periphery countries of Portugal (380%), Ireland (185%) and Spain
(25%).

In Russia, demand for funding and access to the capital markets
declined, with issuance down by 65%, as the country enters
recession and finds itself increasingly challenged by geopolitical
events as well as depressed oil prices.

For 2015, Moody's expects that low economic growth in Europe will
continue to weigh on the banks' balance sheet growth and funding
needs, although business sentiment, credit demand and funding
conditions have generally improved of late.  In the US,
strengthening GDP growth -- which Moody's is forecasting at 3.2%
for 2015 and 2.8% for 2016 -- will be good for banks' financial
strength and credit demand.

Moreover, banks' liability structures and, by extension, debt
issuance volumes in 2015 will be affected by global and local
regulatory developments, among them, (1) the growing focus on
funding and liquidity standards, as well as the higher risk-based
capital requirements and buffers under Basel III; (2) the move
towards formal bank resolution regimes with provisions for bank-
recapitalization burden-sharing with creditors (bail-in); and (3)
the Financial Stability Board's proposals on total loss-absorbing
capacity for the global systemically important banks, and for the
European banks, minimum capital requirements in the event of
resolution.


* Moody's Says Amount of Defaulted Debt Rises in Asia
-----------------------------------------------------
The number of Moody's-rated corporate issuers that defaulted
declined in 2014, although the amount of defaulted debt was up
compared to 2013, according to Moody's Investors Service in the
report "Corporate Default and Recovery Rates, 1920-2014." The
report -- Moody's 28th annual default study covers financial
institutions, corporates and regulated utilities that have long-
term debt ratings.

"In 2014, we saw diverging trends in global corporate defaults,"
said Sharon Ou, a Moody's vice president and lead author of the
report. "Although credit performance in the US and Europe
improved, Asia's default picture was a bit more grim compared with
2013."

Corporate credit performance remained benign in 2014, owing to
healthy corporate fundamentals and a fertile primary market,
despite a weak global economic recovery. Globally, defaults by
corporate issuers rated by Moody's declined to 53 in 2014 from 69
in 2013.  However, the amount of defaulted debt rose to $68.9
billion ($41.4 billion in bonds and $27.5 billion in loans),
compared with $55.5 billion ($37.6 billion in bonds and $17.9
billion in loans) in 2013.

A large portion of the $52.8 billion (up from $21.5 billion) in
defaulted debt in the US was attributable to just one default,
Energy Future Holdings, the second largest defaulter in history
among rated non-financial issuers. Defaults among European
corporate issuers declined more than 50%, to 11 from 24, and
amounted to just $7.9 billion, down from $23.8 billion in 2013.
Besides the 11 defaulting issuers in Europe, 31 defaults were from
North America, five each from Latin America and Asia-Pacific and
one from Africa.

The default rate for Moody's-rated corporate issuers was 1.0%,
down from 1.4% in 2013. By sector, Energy & Environment had the
bulk of the default volume, accounting for 58% by amount but just
11% by number. Capital Industries accounted for 20% of defaults by
amount and 38% by number, followed by Technology, which accounted
for 9% by amount and 17% by number.  The types of defaults were
generally evenly distributed among distressed exchanges (36%),
bankruptcies (34%), and payment defaults (30%).

The global speculative-grade default rate declined to 2.0% in 2014
from 3.0% in 2013, the fifth consecutive year of below average
rates.  By dollar volume, the global speculative-grade default
rate rose to 1.8% from 1.2%, primarily because of a couple of
sizable defaults, not just Energy Future's but also that of
Momentive Performance Materials.  For all of the Moody's-rated
issuers, the volume-weighted default rate rose slightly, to 0.4%
from 0.3%.

"For 2015, we expect that the default rate will rise slightly but
remain low by historical standards, following an improving US
economy, healthy corporate earnings and manageable maturity
profiles," said Albert Metz, a Moody's managing director.
"According to our Credit Transition Model, the speculative-grade
default rate will end the year at 2.7%, well below the historical
average of 4.5%."



                             *********

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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