TCRAP_Public/150325.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

          Wednesday, March 25, 2015, Vol. 18, No. 059


                            Headlines


A U S T R A L I A

A. R. QLD: First Creditors' Meeting Slated For April 2
CAPTON INVESTMENTS: First Creditors' Meeting Set For April 2
CODICOTE PTY: Administrators Seek Expressions of Interest
CRUSADE ABS 2015-1: Moody's Rates AUD16MM Class E Notes at Ba1
THREE CHIMNEYS: First Creditors' Meeting Set For April 1


C H I N A

ASIAN BAMBOO: Receives Petition For Insolvency From DEG, PROPARCO
CLOUD LIVE: Shows Second Default Risks Brewing
FUTURE LAND: Fitch Affirms B+ Local Currency IDR; Outlook Stable
GEELY AUTOMOBILE: 2014 Results No Impact on Moody's 'Ba2' CFR
HILONG HOLDING: Moody's Says 'Ba2' CFR Unaffected by 2014 Results

JINGRUI HOLDINGS: Moody's Affirms B2 CFR, Alters Outlook to Neg.


I N D I A

AAKASH POLYFILMS: CRISIL Reaffirms B+ Rating on INR98MM Loan
ANANTSHREE POLYMERS: CARE Reaffirms B+ Rating on INR7.78cr Loan
ANGEL PIPES: ICRA Reaffirms B- Rating on INR10cr Unallocated Loan
ARADHANA DISTRIBUTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
BABA HI-TECH: CARE Reaffirms B+ Rating on INR10.4cr LT Bank Loan

BARUAPARA SK: ICRA Assigns B Rating to INR7.35cr Term Loan
BHARAT CHEMICALS: CARE Lowers Rating on INR6.0cr LT Loan to D
BIG LION: ICRA Suspends D Rating on INR10cr Term Loan
COREY ORGANICS: CRISIL Ups Rating on INR120MM Cash Loan to B-
DAINIK SAVERA: CRISIL Cuts Rating on INR56MM Term Loan to D

DIAMOND ENGINEERING: CRISIL Reaffirms D Rating on INR1.26BB Loan
ENHANCED ELECTRONIC: ICRA Assigns 'SP 3D' Grading
INCAP LTD: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
INTERNATIONAL MEGA: CRISIL Cuts INR564MM Loan Rating to B+
JANTA BREEDING: ICRA Assigns B Rating to INR4.28cr Term Loan

KAMALAKANTA COLD: CRISIL Assigns B Rating to INR60MM Cash Credit
LAVISH GRANITO: CARE Assigns B+ Rating to INR16.50cr LT Loan
MAHADEV INDUSTRIES: ICRA Reaffirms B Rating on INR19cr Cash Loan
MAHAVEER COTTS: CRISIL Reaffirms B Rating on INR60MM Cash Credit
MELT-O-THERM: CRISIL Rates INR43.1M Loan at B; Suspension Revoked

N. K. SHARMA: CRISIL Reaffirms D Rating on INR100M Overdraft Loan
NEW EMPIRE: CARE Revises Rating on INR13.06cr Long-Term Loan to B
NEYSA JEWELLERY: CRISIL Reaffirms D Rating on INR444.7MM Loan
PAVAN MOTORS: CRISIL Reaffirms B Rating on INR60MM Funding Loan
PURANDAR MILK: ICRA Lowers Rating on INR5.0cr Term Loan to D

RICHA ENTERPRISES: ICRA Withdraws D Rating on INR14cr LOC
RIDHI SIDHI: ICRA Suspends B Rating on INR7.65cr Fund Based Loan
RUBAN PATLIPUTRA: CARE Reaffirms B+ Rating on INR19.82cr LT Loan
S.G.S. JEWELLERY: ICRA Suspends B- Rating on INR6cr Bank Loan
S.S MEDICAL: CRISIL Assigns B Rating to INR60MM Cash Credit

SAFIR ENTERPRISES: CRISIL Assigns B Rating to INR35MM Cash Loan
SAHARA DREDGING: CRISIL Reaffirms B+ Rating on INR35.8MM Loan
SAHARA INDIA: CRISIL Reaffirms D Rating on INR1.40BB Term Loan
SAI SUDHA: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
SAROJINI FERRO: CRISIL Reaffirms B- Rating on INR150MM LT Loan

SETO TEKNOLOG: ICRA Suspends B+ Rating on INR3.0cr LT Loan
SHIV SHAKTI: ICRA Reaffirms B Rating on INR5cr Cash Credit
SHIVA POLYMERS: CRISIL Cuts Rating on INR55MM Cash Loan to B
SHREE GOKULESH: CARE Reaffirms B+ Rating on INR7.34cr LT Loan
SHRISTI CEMENT: CRISIL Assigns B- Rating to INR40MM Cash Credit

SIVAPARAMESH SPINNING: CRISIL Rates INR45.2MM Term Loan at B
SPA CERAMIC: ICRA Revises Rating on INR4cr Cash Credit to B-
SRI VARALAKSHMI: CRISIL Ups Rating on INR28.5MM Cash Loan to B
SRIPATHY ASSOCEATES: CRISIL Ups Rating on INR200MM Loan to B+
TOOLFAB ENGINEERING: CARE Rates INR19.92cr LT Bank Loan at B

TRINITY BEVERAGES: CARE Reaffirms D Rating on INR59.24cr LT Loan
V.S. ECOBLOCKS: ICRA Assigns B+ Rating to INR10cr Term Loan
VEERA TECHNO: CRISIL Places B+ Rating on INR50MM Cash Credit
VINTAGE DISTILLERS: CRISIL Reaffirms B+ Rating on INR120MM Loan
VISHAL CAR: CRISIL Reaffirms B Rating on INR67MM Bank Loan

ZIPPY EDIBLE: ICRA Reaffirms B- Rating on INR9.70cr Term Loan


I N D O N E S I A

INDIKA ENERGY: Moody's Affirms B1 CFR; Outlook Remains Negative


J A P A N

SKYMARK AIRLINES: Pays JPY3BB in Landing Fees at Haneda Airport


N E W  Z E A L A N D

U FLY EXTREM: Closes Doors After CAA Suspends License


T A I W A N

GLOBAL LIFE: Cathay Buys Two Insolvent Insurers For NT$30.3BB


X X X X X X X X

* Moody's Says Strong US$ Creates Pressures in Some Countries


                            - - - - -


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


A. R. QLD: First Creditors' Meeting Slated For April 2
------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of A. R. Qld Pty Ltd on March 23, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on April 2, 2015, at
11:00 a.m.


CAPTON INVESTMENTS: First Creditors' Meeting Set For April 2
------------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Capton Investments Pty Ltd, as trustee for JBM
Enterprises Unit Trust, formerly trading as JBM Communications,
on March 23, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on April 2, 2015, at
10:00 a.m.


CODICOTE PTY: Administrators Seek Expressions of Interest
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the administrators
of Codicote Pty Ltd are seeking urgent expressions of interest for
the sale of the business and assets.

Dissolve.com.au says investment highlights include professional
and experienced workforce who offer design and project management,
procurement, strategic planning as well as project delivery
services.  According to the report, the buyer of the company will
also get a blue chip client list from throughout the construction
industry. The sale also includes well-recognised and reputable
brand, Sydney and Melbourne offices as well as a reported AUD2.2
million generated revenue in FY14.

Codicote Pty Ltd is a boutique construction advice, planning and
project management services company. Codicote was placed into
administration March 17, 2015, with Andrew Thomas Sallway and
Gayle Dickerson of Grant Thornton being appointed administrators
of the company.


CRUSADE ABS 2015-1: Moody's Rates AUD16MM Class E Notes at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited as trustee of the
Crusade ABS Series 2015-1 Trust.

Issuer: Crusade ABS Series 2015-1 Trust

  -- AUD648.0 million Class A Notes, Assigned Aaa (sf)

  -- AUD40.0 million Class B Notes, Assigned Aa1 (sf)

  -- AUD29.0 million Class C Notes, Assigned A1 (sf)

  -- AUD25.5 million Class D Notes, Assigned Baa1 (sf)

  -- AUD16.0 million Class E Notes, Assigned Ba1 (sf)

Moody's does not rate the AUD41.5 million seller notes.

This Australian prime ABS transaction is a cash securitisation of
receivables from loans to obligors in Australia. The transaction
has a substitution period of 12 months from the first payment
date, subject to amortisation triggers and portfolio parameters.
The portfolio consists of consumer finance, commercial hire
purchase, goods loans (chattel mortgage) and finance lease
receivables secured by motor vehicles. All receivables were
originated in accordance with St.George Finance Limited's
procedures, a wholly owned subsidiary of Westpac Banking
Corporation. This is St.George's sixth auto ABS transaction and
its third since merging with Westpac.

The ratings address the expected loss to investors by the legal
final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

The structure of Crusade ABS Series 2015-1 Trust is similar to
that of previous Crusade transactions sponsored by St. George. One
notable difference is that notes will be redeemed pro-rata,
subject to performance triggers, following the 12-month
substitution period.

The transaction is backed exclusively by motor vehicles,
predominantly passenger vehicles. Motor vehicle default patterns
are less pro-cyclical and, on average, recovery rates are higher
than other asset classes such as equipment.

To fund the purchase price of the portfolio, the trust will issue
six classes of notes. The notes will pay down pro rata, subject to
performance criteria such as there being no unreimbursed charge-
offs on any class of note. The notes will also revert to
sequentially pay down when the outstanding balance of the
receivables falls below 10% of the initial receivables balance at
closing.

The substitution period is not common in Australian term ABS
transactions. The substitution (revolving) period of 12 months
after the first payment date allows the trust to use available
principal to purchase additional receivables to replenish the
pool.

The substitution period is subject to performance triggers that
will stop the trustee from purchasing further receivables. These
triggers include the following:

- charge-offs that exceed 1% of the aggregate initial principal
   balance of all notes;

- average 90-day delinquencies during the immediately preceding
   3 months that constitute more than 3% of the portfolio.

During the substitution period, the trustee can purchase
receivables only if they meet the eligibility criteria and if,
after the purchase, the portfolio remains within the portfolio
parameters. Moody's has assessed the impact of the substitution
period on the credit quality of the portfolio and transaction
structure with regard to, among other factors, the effect on the
timing of defaults for receivables sold into the trust during the
substitution period, in light of the original portfolio's
seasoning. Moody's has also considered the risk of an increase in
default probability if, during the substitution period, the trust
purchases lower quality receivables than were in the original
pool.

Finally, if Westpac does not use all of the monthly principal
collections to purchase additional receivables, it can hold
monthly collections up to an amount equal to 25% of the initial
note balance in cash. Given that this cash will not be part of the
interest rate swap, Moody's has factored into its analysis the
potential for negative carry during the substitution period.

Moody's base case assumptions are a default rate of 3% and a
recovery rate of 35%, which imply an expected (net) loss of 1.95%.
Moody's has stressed the default rate to the historical level of
2.49% and the recovery rate to the historical level of 42.33%.

Methodology Underlying the Rating Action

The principal methodology used in this rating was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
January 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities: If the default rate rises to 6%
(double Moody's assumption of 3%) and recovery rates are reduced
to 10% (less than half Moody's assumption of 35%) then the model-
indicated rating for the Class A notes and Class B notes drops six
and eight notches to A3 and Ba1 respectively.


THREE CHIMNEYS: First Creditors' Meeting Set For April 1
--------------------------------------------------------
Danny Tony Vrkic of DV Recovery Management was appointed as
administrator of Three Chimneys Pty Limited on March 20, 2015.

A first meeting of the creditors of the Company will be held at
Marketview, Cnr of Market and Church Street, in Wollongong,
New South Wales, on April 1, 2015, at 11:00 a.m.



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


ASIAN BAMBOO: Receives Petition For Insolvency From DEG, PROPARCO
-----------------------------------------------------------------
Asian Bamboo AG said DEG and PROPARCO have filed petitions for
insolvency proceedings in respect of Asian Bamboo with the local
court of Hamburg. The petitions are related to termination of the
loan agreements with DEG and PROPARCO and the respective claims
for immediate repayments of USD16,407,816.34 and EUR13,951,043.33,
respectively.

"The Management Board is of the opinion that DEG and PROPARCO are
not behaving responsibly towards the Company and its shareholders
particularly in light of the many accelerated repayment proposals
which have been put forward by the Company and also Mr. Lin in
his private capacity. The Management Board has instructed its
legal advisers to examine all legal aspects of this issue," Asian
Bamboo said in a statement.

"However, the Company has sufficient funds and credit-facilities
to repay all outstanding receivables including the amount claimed
by DEG and PROPARCO. As of 31 December 2014, as announced on 6
March 2015, the Company had cash and cash equivalents in an
amount of EUR24.2 million (preliminary). In addition, Mr. Lin
has set up a credit facility of RMB100 million, roughly
equivalent to EUR15.1 million between the Company and himself.
Moreover the Company is asset rich, generates positive operating
cash flows and has the continued backing of Mr. Lin Zuojun, the
Company's founder, largest shareholder and CEO. In particular Mr.
Lin has the means and willingness to buy the PROPARCO and DEG
loans."

Asian Bamboo AG is a Germany-based holding company engaged in the
forest and wood industry. The Company is active in the
cultivation of bamboo forest in China, as well as the sale of
organic bamboo shoots and trees. It is also engaged in the
research with focus on food science, bamboo forest cultivation,
fine-processing of bamboo shoots and biotechnology. The Company
distributes the bamboo shoots mainly through wholesale markets
and primarily to the construction and interior decoration,
furniture, flooring, plywood, panels and veneer, as well as pulp
and paper industries, and additionally also to textile, charcoal,
handicraft and chopsticks, and tourism industries. Asian Bamboo
AG operates through two wholly-owned Hong Kong incorporated
subsidiaries, such as Hong Kong XRX Bamboo Investment Co Ltd,
under which all plantation leases are held, and Asian Bamboo
(Hong Kong) Industrial Co Ltd, which invests in bamboo fiber
processing.


CLOUD LIVE: Shows Second Default Risks Brewing
----------------------------------------------
Bloomberg News reports that bonds of 11 Chinese companies now
yield more than 15 percent as investors brace for the nation's
second onshore default amid record maturities in the coming
quarter.

Companies in Asia's largest economy need to repay CNY1.5 trillion
($242 billion) of local-currency notes in the period to
June 30, the most for a quarter in Bloomberg data going back to
1998. The yield on Cloud Live Technology Group Co.'s 2017 debt has
jumped 137 basis points to 17.7 percent as of March 20 since the
Beijing-based Internet company said on March 4 its ability to meet
debt obligations next month face "big uncertainties," according to
Bloomberg.

Political, economic and regulatory factors are converging to make
defaults more likely, the report says.  Bloomberg says Premier Li
Keqiang told parliament this month he is prepared to tolerate
individual cases of "financial risk," growth is the slowest in
more than two decades, an anti-graft campaign is halting projects
and authorities are limiting investors' scope to buy riskier
bonds.

"Conditions for a second bond default are becoming more ripe,"
Bloomberg quotes Li Ning, a bond analyst in Shanghai at Haitong
Securities Co., the nation's third-biggest listed brokerage, as
saying. "Given the huge amount of redemptions, China's bond market
has a high credit risk in the second quarter."

Investors didn't lose a cent in China's only onshore bond default
to date, the report notes. Shanghai Chaori Solar Energy Science &
Technology Co., which failed to make a full coupon payment last
March, repaid all the principal and interest for its CNY1 billion
of bonds on Dec. 22, Bloomberg says.

Bloomberg notes that the economy expanded 7.4 percent last year,
the slowest pace since 1990. Bloomberg's gross domestic product
tracker, which draws on measures such as electricity production,
shows the pace weakened to 6.28 percent in February. Home prices
dropped in more cities last month, Bloomberg discloses citing
statistics bureau data.

"The economic slowdown has put pressure on Chinese companies,
especially non-state-owned companies, which get less support from
the government," Bloomberg quotes Liu Dongliang, a senior analyst
at China Merchants Bank Co. in Shanghai, as saying. The
"probability of a second default is rising."

Cloud Live, which last year changed its business focus from
restaurant chains to Internet data, said March 4 investors had
applied to sell back CNY398.71 million of its bonds on April 5,
according to Bloomberg. The company had CNY10.39 million in a
special account for the repayment as of March 17, the bond's lead
underwriter GF Securities Co. said March 18.  A person who
answered the phone on March 20 at Cloud Live's investor relations
department said the company is preparing its annual report and
can't take questions, Bloomberg says. He declined to be named.


FUTURE LAND: Fitch Affirms B+ Local Currency IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Future Land Development
Holdings Limited's (Future Land) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDR) at 'B+'. The Outlook is
Stable. The agency has also affirmed the company's senior
unsecured rating at 'B+' and recovery rating at 'RR4'.
The affirmation is supported by Future Land's fast asset-turnover
strategy targeting middle-class home buyers and strong market
position in the Yangtze River Delta, which has reached critical
mass. Significant minority interests in its key subsidiary, the
58.8%-owned Jiangsu Future Land (JFL), that restrict Future Land's
access to its cash flows; weaker deconsolidated financial metrics
(after excluding JFL); and limited geographical diversification
remain key constraints on Future Land's ratings.

KEY RATING DRIVERS

Expansion Will Not Pressure Rating: Future Land's net debt /
adjusted inventory was stable at 25% at end-2014 (end-2013: 23%)
as the company maintained strong sales efficiency and reduced its
funding requirement by increasing equity partnerships for JFL's
residential development projects. The company plans to rapidly
expand its non-JFL subsidiaries, which it calls the non-B share
segment, over the next 12-18 months. This would likely result in
Future Land's leverage rising to around 35%-40%, which is still in
line with its rating level.

Mild Margin Improvement Expected: Future Land's EBITDA margin
reduced to 12.7% in 2014 from 17.3% in 2013 due to higher land
costs as well as lower selling prices. Excluding the provision for
inventory impairment, the company's EBITDA margin was 14.5% in
2014. Fitch expects Future Land's EBITDA margin to stay around the
mid-teens in 2015 with limited growth in selling prices due to
weaker market conditions. Significant EBITDA margin improvement
would more likely be driven by a higher proportion of sales from
mixed development projects that include higher-margin commercial
properties, but this would only take place when the non-B share
segment expands and benefits from economies of scale.

Weaker Deconsolidated Financial Metrics: Cash flow contribution
from the non-B share segment has been minimal because its scale is
still small. In Fitch's analysis, after deconsolidating JFL from
Future Land given restrictions on access to the former's cash
flow, the non-B share segment's contracted sales reached CNY5.7bn
in 2014 (2013: CNY3.5bn) and its net debt/adjusted inventory was
36% (2013: 36%), which are both weaker than JFL's. With Future
Land's plan to increase its land bank for the non-B share segment
for mixed development projects that have longer cash cycles, Fitch
expects the deconsolidated leverage to peak at around 60%. The
non-B share segment's weaker credit metrics compared with JFL's
during this period also means structural subordination would
likely persist over the medium-term as JFL remains the key
contributor to Future Land's performance.

Strong Position in Yangtze River Delta: Future Land is one of the
largest homebuilders in the Yangtze River Delta, with more than
90% of its CNY23.1bn in contracted sales (excluding sales from
associates and joint ventures) in 2014 (2013: CNY20.6bn) from this
region. The company had 11.2 million square metres of attributable
land bank as at end-2014. Its business profile is supported by its
fast asset-turnover strategy, as measured by the contracted
sales/total debt ratio of 1.7x at end-2014, a level that is better
than its peers. The concentration in the Yangtze River Delta,
however, leaves it vulnerable to local policy and economic
changes. Future Land is in the early stages of diversifying its
sales base - it has acquired land outside the Yangtze River Delta
in recent years for mixed developments - but its track record of
sales in mixed development projects, particularly outside the
region, is still limited.

Significant Structural Subordination: Future Land's rating is
constrained by structural subordination stemming from the presence
of significant minority interests in JFL, which restricts Future
Land's access to cash flows from JFL. In 2014, JFL accounted for
over 75% of Future Land's CNY23bn in contracted sales (2013: over
80%) and Fitch estimates the subsidiary had net debt/adjusted
inventory of 17% at end-2014. JFL, which undertakes high-churn
pure residential projects, accounted for 63% of Future Land's land
bank as at end-2014.

KEY ASSUMPTIONS

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

-- Contracted sales growth averaging in the mid-teens.

-- New land acquisitions averaging 40% of annual contracted
    sales.

-- No significant improvement in gross margins with Future Land
    keeping to its mass-market focus and high asset-turnover
    strategy.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A significant decrease in the company's contracted sales,
    excluding JFL, in 2015

-- A significant decrease in the contracted sales/ total debt
    ratio to below 1.0x at the holding company level on a
    sustained basis (0.7x at end-2014)

-- Consolidated net debt/ adjusted inventory rising above 45% on
    a sustained basis

-- EBITDA margin sustained below 15%

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

-- A substantial increase in the scale of the company's business,
    excluding JFL, with annual contracted sales exceeding CNY10bn

-- Unrestricted access to JFL's cash flows

-- EBITDA margin sustained above 20%


GEELY AUTOMOBILE: 2014 Results No Impact on Moody's 'Ba2' CFR
-------------------------------------------------------------
Moody's Investors Service said that Geely Automobile Holdings
Limited's weaker financial results for 2014 have no impact on its
Ba2 corporate family and senior unsecured bond ratings or the
stable rating outlook.

"Despite a significant year-on-year weakening in its operating
performance in 2014, Geely's profitability and net cash position
remain robust, and continue to provide a buffer against the
cyclicality of the automobile industry," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

"In addition, we expect Geely's sales performance to rebound over
the next 1-2 years," says Ho.

Geely's auto sales volume fell 24% year-over-year in 2014, driven
by a sharp decline in sales to some of its major export markets,
including Russia, and the restructuring of the company's
dealership network in China.

As a result of the weak sales, new model start-up costs and
increased development costs, Geely's adjusted EBITA margin
contracted to about 7.0%-7.5% in 2014 from 10.2% in 2013.

However, Moody's expects Geely's sales volume to grow by about 5%-
10% year-on-year over the next 1-2 years. This growth will be
driven by steady demand growth for passenger vehicles in China,
its product line up renewal and extension, and stabilization of
its exports.

In this regard, and given the expected moderation in development
costs, Moody's expects the company's adjusted EBITA margin to grow
to 7.5%-8.0% over the next 12 months.

Geely's adjusted debt/EBITDA rose to about 1.3x in 2014 from 0.3x
in 2013, as adjusted debt grew to about RMB2.7 billion at end-2014
from RMB1.1 billion at end-2013, and adjusted EBITDA fell 40%-45%.
However, its net cash position remained stable at RMB4.7 billion
at end-2014.

Moody's expects Geely's adjusted debt/EBITDA to stay at 1.0x-1.5x
over the next 12 months, given its expected prudence in
investments. This level of financial leverage and net cash
position remain healthy and continue to support its Ba2 rating.

Geely's liquidity position is adequate, as evidenced by its net
cash position.

The principal methodology used in this rating was Global
Automobile Manufacturer Industry published in June 2011.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China.  Geely develops,
manufactures and sells passenger vehicles that are sold in China
and globally. Its chairman and founder Mr. Li Shufu and his family
held a 42.8% stake in the company at end-December 2014. The
company is incorporated in the Cayman Islands and listed on the
Hong Kong Stock Exchange.


HILONG HOLDING: Moody's Says 'Ba2' CFR Unaffected by 2014 Results
-----------------------------------------------------------------
Moody's Investors Service said that Hilong Holding Limited's
weaker financial results in 2014 have no impact on its Ba2
corporate family rating, or stable rating outlook.

"Despite a significant year-on-year increase in 2014, which was
largely in line with our expectations, Hilong's financial leverage
remains in line with its Ba2 rating," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

"In addition, we expect the company's financial leverage to
improve over the next 12-18 months," adds Lu.

Hilong's adjusted debt/EBITDA rose to around 3.4x in 2014 from
1.7x in 2013, as adjusted debt grew to RMB2.6 billion at end-2014
from RMB1.3 billion at end-2013, and its adjusted EBITDA margin
fell to 29.9% from 32.1%.

The company raised debt mainly to support its new offshore
engineering services business, while the weaker earnings were the
result of costs incurred for the new business.

Moody's expects Hilong's adjusted debt/EBITDA to improve to around
3.0x over the next 12-18 months, driven by higher earnings and
lower capital expenditure of about RMB200 million in 2015,
compared to RMB1.3 billion in 2014.

The increased earnings will be driven by an expected 10% year-on-
year growth in revenue in 2015, underpinned by the new offshore
engineering services. The new segment's two major contracts with
CNOOC Limited (Aa3 stable), worth RMB550 million, will be
completed this year. However, the revenue growth will be partially
offset by a slightly weaker adjusted EBITDA margin, as the new
business has a weaker gross margin than its overall company's
gross margin.

Based on Hilong's results announcement for 2014, revenue grew 5.0%
year-on-year to RMB2.58 billion from RMB2.45 billion in 2013.
Solid revenue growth of 18% in 2014 in the oilfield services
business was offset by weakness in the line pipe technology and
services business and the delay in pipe line constructions in
China since the second half of 2013.

Hilong's liquidity profile remains adequate, underpinned by its
expected operating cash flows of RMB400 million over the next 12
months and cash and cash equivalents of RMB548 million at end-
2014. The company also had undrawn committed credit facilities of
RMB500 million at end-2014.

These cash sources are sufficient to cover its short-term maturing
debt of RMB833 million and the projected capital expenditure of
RMB200 million over the next 12 months.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. It has four main businesses: oilfield equipment
manufacturing and services, line pipe technology and services,
oilfield services, and offshore engineering services.

Its shares were listed on the Hong Kong Stock Exchange in 2011.
Mr. Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 59.7% equity interest at end-2013.


JINGRUI HOLDINGS: Moody's Affirms B2 CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service changed the outlook on Jingrui Holdings
Limited's corporate family and senior unsecured ratings to
negative from stable.

Moody's has also affirmed Jingrui's B2 corporate family rating and
B3 senior unsecured rating.

"The change in outlook to negative reflects the weakened credit
profile of Jingrui Holdings Ltd including its high leverage, thin
interest coverage and operating margins and its reduced financial
flexibility amid challenging market conditions, thereby
positioning it weakly against its B2 peers," says Dylan Yeo, a
Moody's Analyst.

Jingrui's adjusted EBITDA interest coverage declined to 0.7x in
2014 from 0.9x in 2013, cash to short-term debt decreased to 87%
from 108%, and adjusted EBITDA margin fell slightly to 12% from
13%. These ratios were below its rating thresholds of 1.0x for
EBITDA interest coverage and 100% for cash to short-term debt.

Leverage also stayed high, with revenue-to-debt holding at 54.8%
from 2013 to 2014. In Q4 2014, Jingrui completed a HKD128 million
rights issue, which partially reduced its debt funding needs.

Moody's expects Jingrui's adjusted EBITDA margin to remain at
around 12% in 2015. However, this level is low relative to its B2
peers and provides Jingrui with limited buffer against further
price volatility in the property market. Weakened demand and an
oversupply in property led to a decline in selling prices and
profit margins across the Chinese property market last year.

"The negative outlook also reflects the tight liquidity position
of Jingrui Holdings Ltd, which in turn limits the pace of recovery
in its credit profile," adds Yeo, who is also the Lead Analyst for
Jingrui.

The company's liquidity position weakened in 2014 as short-term
debt increased to RMB5.1 billion -- accounting for 45% of its
overall debt -- from RMB3.1 billion in 2013. The increase was
partly due to a greater proportion of longer term debt coming due.
As a result, cash to short-term debt fell to 87% from 108% in 2013
despite the increase in cash-on-hand, including restricted cash,
to RMB4.4 billion from RMB3.4 billion.

Revenue recognition has been slower than expected, relative to the
increase in contracted sales in 2013 and 2014. Contracted sales
increased at a compound annual growth rate (CAGR) of 39% in 2012-
2014 to RMB9.1 billion.

Revenue, on the other hand, grew at a much milder pace of 14% CAGR
over the same period.

"We will monitor Jingrui Holdings Ltd's ability to deleverage and
improve its credit profile to a level that is in line with a B2
rating," adds Yeo.

Moody's expects Jingrui to alleviate its liquidity concerns by
refinancing its short-term trust and bank loans with longer-term
debt instruments.

In addition, it has entered into partnerships for new property
projects in order to reduce its capital burden by sharing project
costs.

The company intends to improve operating cash flow through greater
efficiency in inventory turnover. It is also focusing its
operations in higher-tier cities, which exhibit more robust demand
due to stronger market fundamentals.

Upward rating pressure is unlikely, due to the negative outlook.
Nevertheless, the outlook could revert to stable if Jingrui (1)
successfully executes its business plan and revenue recognition in
2015 ; (2) improves its liquidity position, such that cash to
short-term debt rises above 1x on a sustained basis; and (3)
successfully deleverages, such that revenue/debt rises above 60%
and EBITDA/interest improves above 1x.

Downward rating pressure could emerge if (1) Jingrui's liquidity
and operating cash flow generation weaken, due to lower-than-
expected contracted sales growth, aggressive land acquisitions, or
a further weakening of China's (Aa3 stable) property sector; (2)
property prices decline and profit margins come under pressure,
which negatively affect interest coverage and financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.

Credit metrics that Moody's would consider for a downgrade
include: (1) a cash balance below 100% of short-term debt; (2)
EBITDA interest coverage below 1.0x; and (3) substantially higher
debt leverage, such that revenue-to-debt remains below 60% on a
sustained basis.

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

Established in 1993, Jingrui Holdings Ltd. is a property developer
based in Shanghai and principally focused on residential projects
in the Yangtze River Delta region. The company was listed on the
Hong Kong Stock Exchange in October 2013.

At Dec. 31, 2014, it had a land bank of 5.0 million square meters
in gross floor area across 15 cities in China, including Shanghai,
Tianjin and Chongqing, and cities in Zhejiang Province and Jiangsu
Province.



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I N D I A
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AAKASH POLYFILMS: CRISIL Reaffirms B+ Rating on INR98MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Aakash Polyfilms
Limited (APL) continue to reflect its small scale of operations
and the susceptibility of its profitability margins to volatility
in realisations and in raw material prices.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           64        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      40        CRISIL A4 (Reaffirmed)
   Term Loan             98        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of APL's promoters in the packaging industry, the
continued funding support it receives from them, and its moderate
capital structure.

Outlook: Stable

CRISIL believes that APL will continue to benefit over the medium
term from its promoters' extensive experience in the flexible
packaging industry. The outlook may be revised to 'Positive' if
the company significantly scales up its operations and sustains
profitability, backed by stabilisation of its new manufacturing
facility. Conversely, the outlook may be revised to 'Negative' if
APL's cash accruals are lower than expected or if its financial
risk profile deteriorates, either because of larger-than-expected,
debt-funded capital expenditure or significant increase in its
working capital requirements.

Update
Having achieved revenues of INR 300 million for the 9 months ended
December 2014; APL's revenue is expected to increase by 50 per
cent year-on-year in 2014-15 (refers to financial year,
April 1 to March 31) to INR450 million, backed by enhanced demand
for metalized film from recently set-up manufacturing facility
during July 2014. Additionally, with capability to manufacture
metalized film instead of procuring films and metalizing them;
APL's operating margins are expected to significantly improve to
7- 8 per cent for 2014-15 from 1.4 per cent for 2013-14. However,
the company's working capital requirements continue to remain
high, driven by high inventory levels as reflected in expected
gross current asset (GCA) days of 210 to 220 days as on March 31,
2015. CRISIL believes that while the company will continue to
improve its scale of operations while sustaining improved
operating margins over the medium term; further elongation in
working capital cycle will remain a key rating sensitivity factor
over the medium term.

In 2013-14, even though the company's revenue increased by 15 per
cent year-on-year to INR279.8 million; higher interest expense
following increased debt for installation of manufacturing
facility led to weak debt protection metrics with interest
coverage ratio of less than 1 time for 2013-14. However, the
expected increase in operating margins and absence of capital
expenditure plans is expected to improve the metrics over the
medium term. Further, moderate expected gearing of 1-1.2 times as
on March 31, 2015 and periodic support from promoters in the form
of unsecured loans supports APL's average financial risk profile.

The company has adequate liquidity with expected cash accruals of
INR 20 to 22 million for 2014-15 against debt repayments of
approximately INR 15 million for the same period.

Incorporated in 1994, APL, a Surat (Gujarat)-based company, is
promoted by the Tulsiani family. APL is engaged in the
manufacturing and processing of metalized and holographic films.

For 2013-14, APL reported a net loss of INR 6.9 million on net
sales of INR307.3 million, against a net loss of INR3 million on
net sales of INR279.8 million for 2012-13.


ANANTSHREE POLYMERS: CARE Reaffirms B+ Rating on INR7.78cr Loan
---------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to bank
facilities of Anantshree Polymers Pvt Ltd.

                               Amount
   Facilities                INR crore)    Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    7.78       CARE B+ Rating
                                           Suspension revoked and
                                           Reaffirmed

   Short-term Bank Facilities    0.25      CARE A4 Rating
                                           Suspension revoked and
                                           Reaffirmed

Rating Rationale
The ratings of Anantshree Polymers Pvt. Ltd. (APPL) continue to be
constrained by its limited track record of operation, small size
of operations, susceptibility of profitability to volatile raw
material price and its presence in a highly competitive and
fragmented woven sacks industry with low entry barriers and
limited product differentiation putting pressure on its
profitability. The ratings also factor in high working capital
intensity of the operations and losses incurred by the company
at the net level in FY14 (refers to the period April 1 to
March 31), resulting in erosion of networth and leveraged capital
structure.

The ratings, however, draw strength from the longstanding
experience of the promoter in the packaging industry and
group support in terms of assured off take out of total
production.

Going forward the company's ability to grow its scale of
operations coupled with improvement in profitability margins
while managing the working capital effectively would be the key
rating sensitivity.

APPL was incorporated in 2011, by the Kayan family belonging to
Kolkata to set up a unit for manufacturing polypropylene (PP) /
high density polyethylene (HDPE) based woven sacks. The unit was
setup at an aggregate cost of INR9.55 crore, being financed at a
debt equity mix of 1.5:1. It commenced operations from September
2013 with an initial installed capacity of 3,285 metric tonnes per
annum (MTPA). APPL's products mainly find application in packaging
of agro products, fertilizers, food grains, seeds, cement, tea,
etc.

During FY14, APPL had reported a total operating income of INR7.22
crore and incurred a loss of INR0.40 crore. Furthermore, as per
the M10FY14 (provisional), the company has maintained to have
achieved a total operating income of INR17.12 crore.


ANGEL PIPES: ICRA Reaffirms B- Rating on INR10cr Unallocated Loan
-----------------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B- on the INR7 crore
fund based limits of Angel Pipes and Tubes Private Limited. ICRA
has also assigned its long term rating of [ICRA]B- to the INR10
crore unallocated limits of APT.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facilities    7.00        [ICRA]B-; reaffirmed
   (LT Scale)
   Unallocated-(LT Scale)    10.00       [ICRA]B-; assigned

ICRA's rating continues to take into account the highly
competitive and fragmented nature of the industry APT operates in,
which along with the company's low capacity utilization levels,
has resulted in thin profit margins; this is exacerbated by the
vulnerability of the company's profitability to raw material price
changes. The rating also takes into account the high inventory
build-up which has been financed through large working capital
borrowings, this coupled with the company's low net worth base has
led to a highly leveraged capital structure, with the gearing
increasing to 5.4 times on March 31, 2014 from 5.1 times, an year
ago. The weak profitability and high level of borrowings have also
resulted in modest coverage indicators. However, the rating
positively factors in the extensive experience of the promoters in
the stainless steel industry and the company's established
distribution network in Maharashtra, Karnataka and Kerala, which
coupled with some improvement in capacity utilization, has
resulted in steady year-on-year growth in 2013-14 revenues.

Going forward, the company's ability to improve its scale of
operations through improved capacity utilization while improving
its profitability metrics, along with attaining an optimal working
capital cycle, will be the key rating drivers.

APT was incorporated in 2006 and manufactures stainless steel
pipes and tubes at its manufacturing facility at Sanchor,
Rajasthan which has a production capacity of 9,600 metric tonnes
of pipes per annum. The company's products find application across
sectors like - petrochemicals, chemicals, pharmaceuticals,
fertilizers, oil processing, furniture, and automobiles.

In 2013-14, APT reported an operating income of INR53.5 crore and
a Profit After Tax (PAT) of INR0.23 crore as against an operating
income of INR41.01 crore and a net loss of INR1.07 crore in the
previous year.


ARADHANA DISTRIBUTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aradhana
Distributors Pvt Ltd (ADPL) continues to reflect ADPL's below-
average financial risk profile, marked by average debt protection
metrics and modest gearing; and the company's exposure to intense
competition in the automobile dealership business. These rating
weaknesses are partially offset by the extensive industry
experience of ADPL's promoter.

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

   Proposed Long Term     6.4      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              1.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ADPL will continue to benefit over the medium
term from its promoter's extensive experience in the automobile
dealership business. The outlook may be revised to 'Positive' if
the company registers a substantial increase in its revenue or
accruals or if there is equity infusion, resulting in substantial
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if ADPL generates significantly low accruals
or undertakes a debt-funded capital expenditure programme, leading
to deterioration in its debt protection metrics.

ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its daily operations are managed by Mr. Sanjay
Patodia.

ADPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR873 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR326 million for 2011-12.


BABA HI-TECH: CARE Reaffirms B+ Rating on INR10.4cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Baba Hi-Tech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10.4      CARE B+ Reaffirmed
   Short-term Bank Facilities      0.4      CARE A4 Reaffirmed

Rating Rationale
The ratings continue to be constrained by its small scale of
operations of Baba Hi-Tech Private Limited (BHPL) in the highly
competitive and fragmented iron & steel industry, lack of backward
integration vis-a-vis volatility in prices and high working
capital intensity of operations resulting in leveraged capital
structure.  The ratings, however, continue to draw comfort from
long-standing experience of the promoters in the iron & steel
industry and strategic location of the plant.

Going forward, BHPL's ability to grow its scale of operations
along with improvement profitability margins and effective
management of working capital would be the key rating
consideration.

BHPL, incorporated in March 2007, by two brothers Mr Kapil Prasad
Jaiswal and Mr Ramdhani Jaiswal, is engaged in the manufacturing
of steel TMT bars. The manufacturing facility of the company is
located at Chirkunda in Dhanbad, Jharkhand. The unit commenced
commercial production in September 2010, with an initial installed
capacity of 24,000 MTPA. In February 2013, subsequent to
stabilisation of operation, the company expanded its installed
capacity to 48,000 MTPA. The company sells the steel bars under
the brand name "Hindsteel500".

In FY14 (refers to the period April 01 to March 31), the company
has reported a total operating income of INR32.7 crore
(INR18.4 crore in FY13) and PAT INR0.2 crore (INR0.1 crore in
FY13). Furthermore, in 10MFY15 (Provisional), the company
has maintained to have achieved a TOI of INR31.92 crore.


BARUAPARA SK: ICRA Assigns B Rating to INR7.35cr Term Loan
----------------------------------------------------------
ICRA has assigned [ICRA]B rating to INR7.35 crore term loan,
INR3.00 crore cash credit facility, INR0.25 standby line of credit
and INR0.40 crore non-fund based facility of Baruapara SK Tea
Factory Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan               7.35        [ICRA]B Assigned

   Cash Credit facility    3.00        [ICRA]B Assigned

   Standby Line of         0.25        [ICRA]B Assigned
   Credit

   Non-fund based          0.40        [ICRA]B Assigned
   Facility

The rating takes into consideration BSKTFPL's small scale of
current operations and limited operating history of only one and a
half years, its entire dependence on purchased leaves primarily
from the market, which increases the risks related to
availability, quality and prices of green leaves. While the
company's nature of operations of processing purchased green leaf
to produce black tea is likely to keep its margins range bound, it
is likely to protect the company, to an extent, in a scenario of
declining tea prices since cost of green leaf is largely linked to
prices of black tea. The company's capital structure remained
unfavourable with a gearing of around 17.10 time as on 31st March,
2014; the debt obligation, due to higher debt-funded initial set
up cost, would also be high in the short to medium term. However,
ICRA also factors in the experience of the promoter in tea
industry and favourable demand outlook of the tea industry over
the short to medium term.

Incorporated in April 2011, BSKTFPL set up a CTC tea manufacturing
facility in August 2013 with an annual capacity of 10.5 lac kgs of
made tea. The manufacturing facility is located at Dooars, West
Bengal. The company does not have its own plantation facilities
and it depends entirely on bought leaf for its production. The
company procures green leaf from the small growers located in the
nearby area of its production facilities. The company is in the
process to double its existing production capacity and the
enhanced production capacity is expected to be commissioned by the
end of May 2015.

FY14 was the first year of operation and BSKTFPL reported a net
loss of INR0.81 crore on an OI of INR1.05 crore.


BHARAT CHEMICALS: CARE Lowers Rating on INR6.0cr LT Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Bharat
Chemicals & Paints.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.0       CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities     0.5       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
M/s. Bharat Chemicals & Paints factors in the instances of the
on-going delay in servicing of its debt obligations on account of
the stressed liquidity position of the firm.

M/s. Bharat Chemicals & Paints (BCP) was set up as a partnership
firm in 1976 by Mr Mrinal Kanti Golder and his brother-in-law Mr
Subir Kr. Roy of Haldia (West Bengal). The firm was initially
engaged in the business of trading chemicals meant for
manufacturing paints. Subsequently, in 1979, BCP discontinued
trading business and forayed into contract of industrial painting.
Industrial painting contracts include painting the outer walls of
refineries, structures, pipelines, etc at the industrial sites. In
1985, the firm also started executing civil construction jobs
which include warehouse buildings, piling & foundation, RCC
framework, etc. After the demise of Mr Subir Kumar Roy in 1996,
the firm was reconstituted by the induction of his wife Mrs Somya
Golder as an equal partner.


BIG LION: ICRA Suspends D Rating on INR10cr Term Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR10.00 crore term loans of Big Lion Entertainment Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

In 2006, Big Lion Entertainment Private Limited (BLEPL) (renamed
from JK Entertainment Private Limited) was acquired by Mr. Kamlesh
Patel. The theatre was earlier known as SK Cinema and was operated
as a single-screen movie theatre by JK Entertainment Pvt. Ltd. In
2008, BLEPL undertook an expansion project for transforming the
single-screen theatre into a multiplex with four screens and all
the screens have been operational since December 2009.


COREY ORGANICS: CRISIL Ups Rating on INR120MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Corey Organics Pvt Ltd (Corey) to 'CRISIL B-/Stable' from 'CRISIL
D', and has assigned its 'CRISIL A4' rating to the company's
short-term bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Letter of Credit       20        CRISIL A4 (Assigned)

   Proposed Long Term    118        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan               7        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by Corey
over the three months ended February 28, 2015. The upgrade also
factors in CRISIL's belief that Corey will continue to service its
debt on time, with its cash accruals expected to remain adequate
vis-a-vis its debt obligations.

The ratings reflect Corey's modest scale of operations in the
intensely competitive bulk drug and intermediaries industry, and
its large working capital requirements. The ratings also factor in
the company's average financial risk profile, marked by a small
net worth, moderate gearing, and average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of Corey's promoters in the pharmaceuticals segment and
its established relations with customers.

Outlook: Stable

CRISIL believes that Corey will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in the company's revenue and profitability margins, or
there is a sustained improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in the company's profitability margins,
or significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

Corey was set up in 1996 by Mr. Raja Kumar Reddy and his family
members. The company manufactures fine chemicals, pyridine
compounds, and intermediates. The company is is based in Hyderabad
(Telangana).


DAINIK SAVERA: CRISIL Cuts Rating on INR56MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Dainik Savera News and Media Network (DSN) to CRISIL D/CRISIL D
from CRISIL B/Stable/CRISIL A4.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit      20        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    24        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan             56        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects the delay by DSN in timely servicing
of its term loans; the delays are caused by the company's weak
liquidity, driven by operating losses because of higher overheads
as the company is in initial stage of operations.

The firm also has weak financial risk profile marked by low
networth and weak debt protection metrics. It margins are also
susceptible to fluctuations in economic cycles and newsprint
prices. Theses weaknesses are partially offset by establish
presence of the promoter's family in the Jalandhar region.

DSN was set up in Dec 2012 and is owned and managed by Mr. Shital
Vij and his family members. The firm owns a printing press through
which it publishes Dainik Sawera, a regional newspaper with
presence in the state of Punjab, Haryana, Delhi and Himachal
Pradesh. The firm has its printing facility at Jalandhar, Punjab.


DIAMOND ENGINEERING: CRISIL Reaffirms D Rating on INR1.26BB Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Diamond Engineering
(Chennai) Pvt Ltd (DECPL) continue to reflect delays by DECPL in
servicing its debt due to weak liquidity. DECPL's operations are
highly susceptible to downturns in the capital goods industry.
Moreover, the company has a below-average financial risk profile
marked by weak debt protection metrics and limited financial
flexibility. The company, however, benefits from its established
position in the steel fabrication business and its strong
relationships with key customers.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit           407.9        CRISIL D (Reaffirmed)

   Funded Interest       157.1        CRISIL D (Reaffirmed)
   Term Loan

   Letter of credit &    150          CRISIL D (Reaffirmed)
   Bank Guarantee

   Long Term Loan        150          CRISIL D (Reaffirmed)

   Term Loan             188.3        CRISIL D (Reaffirmed)
   Working Capital

   Term Loan           1,264.4        CRISIL D (Reaffirmed)

   Cash Credit           200          CRISIL D (Reaffirmed)

CRISIL had earlier downgraded its ratings on the bank facilities
of DECPL to 'CRISIL D/CRISIL D' from 'CRISIL B-/Negative/CRISIL
A4', on January 23, 2015 due to delays in servicing its debt. The
delays were caused by the company's weak liquidity on account of
large working capital requirements and cash losses in 2013-14
(refers to the financial year, April 1 to March 31).

DECPL, established in 1987, is one of the larger players operating
in the light engineering and steel structural fabrication
business. The company fabricates steel components based on the
engineering designs and requirements of its customers in the
construction, cement, power, sugar, and automotive components
industries. DECPL's portfolio of fabricated products includes
structural steel, bulk material handling equipment, and industrial
process equipment for domestic and overseas projects of
international original equipment manufacturers and engineering,
procurement, and construction companies. DECPL's services include
heavy machining, surface finishing, packing, and forwarding.

For 2013-14, DECPL reported net loss of INR469 million on net
sales of INR2.64 billion against profit after tax of INR3.4
million on net sales of INR2.60 billion for 2012-13.


ENHANCED ELECTRONIC: ICRA Assigns 'SP 3D' Grading
-------------------------------------------------
ICRA has assigned a 'SP 3D' grading to Enhanced Electronic Design
Private Limited (EEDPL), indicating the 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid for a
period of two years from February 27, 2015 after which it will be
kept under surveillance.

Grading Drivers
Strengths Healthy order book position; current orders on hand
amount to ~4.47 MW EEDPL has demonstrated the ability to execute
small and moderate sized projects thereby increasing the chances
of securing new EPC projects in the future Sourcing of components
from reputed suppliers increases credibility of the products and
services offered by the company

Risk Factors
Small scale of operations resulting in limited bargaining power
with suppliers and customers. Profitability remains low on account
of limited pricing flexibility Limited exposure of the company in
executing solar PV projects, however company has executed fifteen
solar power projects totalling to ~486 kW for customers in Gujarat
Operational & maintenance (O&M) capabilities of the company
remains to be seen; although the company plans to expand its O&M
network Large number of organized/ unorganized players indicating
high level of competition may lead to difficulties in getting
client contracts and may pressurize margins

Fact Sheet
Month & Year of Establishment: October 2012

Office Address:
808, Sakar 1, Near Nehru Bridge corner, Ashram Road
Ahmedabad

Director: Mr. Bhavesh Rathod

Enhanced Electronic Design Private Limited (EEDPL) is engaged in
the business of setting up solar photovoltaic based roof top and
ground mounted projects on EPC and turnkey basis. The company has
executed about fifteen projects having a total installed capacity
of 486kW, valuing to ~Rs. 2.57 crore since inception.

SI Related Business - Moderate Performance Capability

Promoter Track Record: Although the company has limited experience
in the solar energy space, the director has been engaged in the
renewable energy space from about four years out of a total
aggregate experience of five years. Prior to setting up EEDPL, the
promoter operated as a freelancer consultant to various solar
projects in the state of Gujarat.

Technical competence and adequacy of manpower: EEDPL has limited
experience in executing solar based EPC projects, however through
the experience and expertise of the director spanning five years
along with the technical team of the company, EEDPL possesses the
competence to secure and execute solar PV based roof top EPC
projects. EEDPL has executed 15 EPC projects amounting to about
INR2.57 crore (~486 kW) and has a firm order book position for
installing ~4.47 MW of solar roof top projects, translating to
~INR30.5 crores; with deliverables based mainly in Gujarat and
Karnataka. EEDPL has demonstrated its technical expertise by
augmenting the system installed by it to facilitate 60% reduction
in total cost for salt manufacturers. EEDPL also has an ISO
9001:2008 certification reflecting the ability to provide standard
products and services. The company employs about ~12-15 personnel
in varying capacities and responsibilities, which is adequate in
relation to the current scale of operations of the company.
Moreover, the company enjoys the support of a qualified second
tier management team with significant experience and expertise in
related fields.

Quality of suppliers and tie ups:

The Company procures electrical hardware and other structural
components from domestic vendors and enjoys healthy working
relationship with them. EEDPL procures solar modules and other
components from domestic vendors. The company shortlists the
vendors based on product certifications, quality parameters, and
the service levels which suppliers can provide. Earlier, EEDPL had
a technical collaboration agreement with Green Brilliance Energy
Private Limited, which it ended on account of quality of solar
panels not being as per the requirements. Currently, EEDPL has
signed an agreement with Soleos Solar GMBH (based in Germany) to
procure solar inverters as well as to act as a technical partner
for its operations in India.

Customer and O&M Network:

EEDPL has executed 486kW of projects till date. The projects were
executed within the stipulated time period in most of the cases.
EEDPL, presently, relies on print media (newspaper) and secondary
databases for fresh order generation. EEDPL has O&M team
consisting of 5 personnel and the network expands to various
regions with offices located at Ahmedabad (Gujarat), Bhopal
(Madhya Pradesh) and upcoming offices at Bijapur (Karnataka) and
Gurgaon (Haryana). However, it plans to increase its team and
diversify its presence across various regions as the projects
executed increase and O&M related operations expand. Also, EEDPL
has been allowed by its suppliers to use their dealership network
for post installation support and troubleshooting, if the need of
the same arises.

Financial Strength - Weak

Revenues: INR2.61 Cr. for 10.5M FY2015 (Provisional Financials
till February 18, 2015)

Return on Capital Employed (RoCE): 111.62%

Total Outside Liabilities / Tangible Net worth: 12.85 times

Interest Coverage Ratio: 760.76 times

Net-Worth:
The net-worth of the company is INR0.20 crore (as on 18th
February, 2015).

Current Ratio: 1.09 times
Relationship with bankers: No bank borrowing

The overall financial profile of the company is Weak.


INCAP LTD: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Incap Ltd. (Incap)
continue to reflect the company's modest scale of, and working-
capital-intensive, operations.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit           65        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      40        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    15        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the client concentration risk in
Incap's revenue profile. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive experience in the electrical components
industry.

Outlook: Stable

CRISIL believes that Incap will continue to benefit over the
medium term from its promoters' experience in the electrical
components industry and their established relationships with
customers. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the company's revenue and
profitability margins from the current levels or if there is
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if there is a steep decline
in Incap's profitability margins from the current levels or if
there is significant deterioration in its capital structure, most
likely because of larger-than-expected working capital
requirements.

Incap, set up in 1993 by Mr. C Bhagvantha Rao, manufactures
aluminium electrolyte capacitors. The company also provides
logistical support for transport of insulators from ports to Power
Grid Corporation of India Ltd's project locations for Chinese
suppliers.

For 2013-14 (refers to financial year, April 1 to March 31), Incap
reported profit after tax (PAT) of about INR15.3 million on total
revenue of INR405.9 million as against net profit of INR6.4
million on total revenue of INR353.3 million for 2012-13.


INTERNATIONAL MEGA: CRISIL Cuts INR564MM Loan Rating to B+
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of International Mega Food Park Ltd (IMFPL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/ Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Rupee Term Loan      564         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects expected deterioration in IMFPL's
liquidity and financial risk profile owing to delay in
operationalising its mega food park project in Fazilka (Punjab).
Partial operations started in February 2014, with the dairy
products and individually quick frozen (IQF) segments coming on
stream. However, the biomass plant and leasing of plots to other
businesses is yet to start, though the project is already delayed
by more than a year. The delay has resulted in limited cash flows
from the business. The higher share of dairy sales in the revenue
is also expected to constrain cash accruals, which may now be
insufficient for servicing of debt from November 2015. However,
the liquidity is supported by unsecured loans extended by the
promoters. IMFPL is also undertaking a capital expenditure (capex)
of INR225 million funded by term debt of INR185 million in 2014-15
(refers to financial year from April 01 to March 31) to set up a
skimmed milk products facility in addition to the food park. The
capex will add to the pressure on the company's liquidity over the
medium term.

The rating continues to reflect IMFPL's exposure to intense
competition in the cold storage industry and exposure to
government regulations and epidemic-related factors. These rating
strengths are partially offset by the benefits that IMFPL derives
from the extensive experience of the promoters in the food
processing industry and the company's diversified revenue profile.

Outlook: Stable

CRISIL believes that IMFPL will benefit from its promoters'
extensive experience in the food processing and packaging industry
and favourable government policies towards mega food park projects
over the medium term. The outlook may be revised to 'Positive' in
case IMFPL is able to significantly improve its scale of
operations and profitability, and therefore, its financial risk
profile over the medium term. Conversely, the outlook may be
revised to 'Negative' if any debt-funded capex or significant
delays in fully operationalising the project weaken IMFPL's
financial risk profile, particularly liquidity.

IMFPL was incorporated in 2010 as a closely held public limited
company and special-purpose vehicle (SPV). It has set up a mega
food park under the Ministry of Food Processing Industry's
(MoFPI's, Government of India (GOI)) Mega Food Parks' Scheme at
village Dabwala Kalan (Fazilka, Punjab). The total cost of the
project was INR1364 million, funded in a debt-to equity to ratio
of 1:1, with term debt of INR564 million, promoters' contribution
of INR300 million, and GOI grant of INR500 million. The key
promoters of the SPV include International Fresh Farm Products Pvt
Ltd (IFFPL), Narain Exim Corporation (NEC) and Citrus Estates
(CE). The project is expected to provide adequate infrastructure
facilities for food processing along the value chain from the farm
to market. The major revenue streams for IMFPL will be the
retailing and wholesale of dairy products and agricultural
products, rentals from food processing and cold storage facilities
and selling power to Punjab State Electricity Board (PSEB) from
its biomass power plant. The operations for the dairy, cold
storage and warehousing segment started in February 2014 while the
operations for the biomass plant are expected to commence in April
2015.

IMFPL reported a net loss of 2.7 million on net sales of INR49.3
million for 2013-14 (refers to financial year from April 01 to
March 31).


JANTA BREEDING: ICRA Assigns B Rating to INR4.28cr Term Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.0
Crore bank facilities of Janta Breeding Farm (JBF).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          1.73          [ICRA]B; assigned
   Term Loan            4.28          [ICRA]B; assigned
   Unallocated          3.99          [ICRA]B; assigned

ICRA's ratings take into account the modest operating scale of
JBF, and the highly competitive and fragmented nature of the
industry it operates in, due to the presence of numerous players,
in both the organized and the unorganized sectors. The operating
margins of the firm are susceptible to fluctuations in the price
of feed (maize and soya), which accounts for about 70% of the
total operating costs. Further, the highly working capital
intensive nature of operations requires short-term borrowings for
financing, which coupled with the company's weak profitability
have resulted in a weak financial profile characterized by
moderate gearing and weak debt protection metrics. The firm is
also exposed to risks associated with its partnership constitution
such as risk of capital withdrawals, risk of dissolution etc.
However, ICRA positively takes into account the experience of the
promoters in the poultry business and the overall positive outlook
for the broiler segment.

The ability of the company to increase its scale of operations,
improve profitability, and manage its working capital cycle
optimally will be the key rating sensitivities.

JBF is a partnership firm and commenced operations in 2010. It is
engaged in the selling of day old chicks and eggs, to dealers in
Uttar Pradesh, Maharashtra, Madhya Pradesh and Bihar. JBF has its
farm and hatchery in Village Kairana, District Muzaffarnagar,
Uttar Pradesh with a hatchery capacity of 1,00,000 chickens. The
firm procures broiler parents from Venkateshwara Hatcheries.

In 2013-14, JBF reported an operating income of INR10.8 crore and
a net profit of INR0.1 crore as against an operating income of
INR7.2 crore and a net profit of INR0.1 crore in the previous
year.


KAMALAKANTA COLD: CRISIL Assigns B Rating to INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Kamalakanta Cold Storage Pvt Ltd (KCSPL).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Working Capital Facility    10       CRISIL B/Stable
   Cash Credit                 60       CRISIL B/Stable
   Term Loan                   30       CRISIL B/Stable

The rating reflects KCSPL's below-average financial risk profile,
and exposure to risks related to its early stage of operations in
a competitive industry. These rating weaknesses are partially
offset by the promoters' extensive experience in the cold storage
industry.

Outlook: Stable

CRISIL believes that KCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while improving its profitability and
working capital management. Conversely, the outlook may be revised
to 'Negative' if KCSPL's financial risk profile, particularly its
liquidity, weakens, because of substantial working capital
requirements, or a decline in its cash accruals, or large debt-
funded capital expenditure.

KCSPL, founded by the Ghosh family, was incorporated in 2012. The
company provides cold storage services to potato farmers and
traders, and intends to undertake opportunistic trading in
potatoes.


LAVISH GRANITO: CARE Assigns B+ Rating to INR16.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Lavish Granito Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      16.50     CARE B+ Assigned
   Long term/Short term           10.00     CARE B+/CARE A4
   Facilities                               Assigned
   Short term Bank Facilities      3.30     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lavish Granito
Private Limited (LGPL) are constrained on account of project
implementation and stabilization risk associated with the
greenfield project, susceptibility of its margins to volatility in
raw material and natural gas prices and presence in a competitive
ceramic industry along with demand linked to the cyclical real
estate sector.

The ratings, however, derive benefits from the experience of the
promoters together with established marketing network in the
ceramic industry along with its location benefit which provides
easy access to raw material, fuel and labour.

The ability of LGPL to successfully complete its ongoing project
without any time and cost overrun and achieve the envisaged level
of sales and profitability are the key rating sensitivities.

Incorporated in October 2014, LGPL has proposed to set up a
manufacturing plant for glazed ceramic wall tiles in Morbi. The
company has currently undertaken a greenfield project to
manufacture glazed vitrified tiles with a proposed installed
capacity of 18.75 lakh boxes (4 tiles of 16" X 16") per annum at
its manufacturing facilities located at Morbi, which is one of the
major ceramic tile producing regions in India. The total project
cost is estimated at INR36.96 crore (including margin for working
capital and BG) which is to be funded through a term loan of
INR16.50 crore, equity of INR20 crore and balance INR0.46 crore by
way of unsecured loans. LGPL proposes to use the latest nano
polishing and digital printing technology and the digital printing
machinery for the same will be imported from Spain. The plant is
expected to begin commercial production from April, 2016
with FY17 (refers to the period April 1 to March 31) being its
first full year of operations.

LGPL is promoted by two promoters namely, Mr Vipulbhai Detroja &
Mr Jitendra Patel. Both promoters together with friends and family
members namely Mr Gunvant Patel, Mr Tarun Likhiya & Mr Vipulbhai
Detroja will take charge as board of directors of the company. All
these directors have been currently associated with other tile
manufacturing companies and have a good track record in the
ceramic industry.

The promoters have also promoted M/s Liva Ceramics, M/s Lavish
Ceramics & M/s Silk Ceramics.


MAHADEV INDUSTRIES: ICRA Reaffirms B Rating on INR19cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B on the INR19.15
Crore (enhanced from INR14.80 crore) working capital and term loan
facilities; and short term rating of [ICRA]A4 on the INR5.0 Crore
warehouse receipts of Mahadev Industries. ICRA has also assigned
long term rating of [ICRA]B to the INR1.65 Crore unallocated
limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             0.15         [ICRA]B; reaffirmed
   Cash Credit          19.00         [ICRA]B; reaffirmed
   Warehouse Receipts    5.00         [ICRA]A4; reaffirmed
   (WHR)
   Unallocated-long      1.65         [ICRA]B; assigned
   term fund based

ICRA's ratings continue to be constrained by the intensely
competitive nature of the industry in which Mahadev Industries
operates, which exerts pressure on its operating margins. The
ratings also take into account Mahadev Industries' high working
capital intensity, with NWC/OI at 47% for 2013-14. This has
resulted in high reliance on bank borrowings, which coupled with
the company's thin profitability has resulted in elevated gearing
and weak debt coverage indicators. While the firm's gearing has
registered some improvement in 2013-14, relative to the year ago,
it still remains at elevated levels. The ratings however, continue
to derive support from the firm's experienced management and its
presence in the paddy producing belt of India, which ensures easy
availability of raw material. The rating also factors in the
firm's established relationship with its customers and the
favorable demand outlook for the rice industry, with India being
the second largest producer and consumer of rice in the world.

Mahadev Industries was established in the year 2000 with Mr. Kapil
Kumar, Mr. Kulbhusan Lal, Mr. Chaand Dhawan, Mr. Kunal Dhawan and
Mr. Vikas Kumar as its partners. It has an installed milling
capacity of 4 metric tonnes (MT) per hour and sorting capacity of
4 MT per hour. It undertakes milling of basmati as well as non-
basmati rice, however ~75% of its revenue is derived from basmati
rice.

The firm achieved an operating income of INR60.6 Crore and a
profit after tax INR0.35 crore in 2013-14, as against an operating
income of INR42.3 crore and a profit after tax of INR0.25 crore in
the previous year.


MAHAVEER COTTS: CRISIL Reaffirms B Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mahaveer Cotts
Strings Pvt Ltd (MCSPL) continues to reflect MSCPL's weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics. The rating also factors in the
company's small scale and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of MCSPL's promoters in the cotton ginning
industry and their expected funding support.

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

Outlook: Stable

CRISIL believes that MCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' if
MCSPL significantly increases its scale of operations and
profitability, leading to better-than-expected cash accruals and
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
weakens further, most likely because of increased working capital
borrowings, or if any change in government policy adversely
impacts its operations.

Update
MCSPL registered revenue of around INR105 million for the six
months ended September 30, 2014, and is expected to register
revenue of around INR300 million for 2014-15 (refers to financial
year, April 1 to March 31). Its revenue has declined in the
current year mainly because of the overall slowdown in demand for
cotton yarn in the industry due to decline in exports to China.
The company's operating margin was low at around 2.8 per cent in
2013-14, in line with estimates, and is expected to remain at a
similar level over the medium term.

MCSPL's financial risk profile remains weak, with high gearing,
modest net worth, and weak debt protection metrics. It had a
gearing of over 3 times, due to short-term debt funding of its
working-capital-intensive operations and a small net worth of
around INR25 million, as on March 1, 2014. The company's debt
protection metrics also remained weak due to its low operating
margin and high gearing; its interest coverage and net cash
accruals to total debt ratios are estimated at 1.2 times and 2 per
cent, respectively, for 2014-15. MCSPL's financial risk profile is
expected to remain weak over the medium term because of low
accretion to reserves.

MCSPL's liquidity remains weak, as indicated by almost full
utilisation of its bank limits over the 12 months through October
2014 and instances of over-utilisation in some of the months. The
company's cash accruals are expected to remain low at around
INR0.9 million in 2014-15. However, it does not have any term debt
obligations. It also gets fund support from its promoters in the
form of unsecured loans, the balanced of which stood at INR21.7
million as on March 31, 2014. MCSPL's liquidity is expected to
remain stretched over the medium term due to low accruals.

MSCPL was set up in 2008 by Mr. Kamalchand Jain and his family.
The company, based in Bhikangaon district (Madhya Pradesh),
produces cotton bales by ginning and pressing raw cotton (kapas);
it has a capacity of 200 bales per day.


MELT-O-THERM: CRISIL Rates INR43.1M Loan at B; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Melt-O-Therm Furnaces Pvt Ltd (MTFL) and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank loan
facilities. CRISIL had earlier, through its rating rationale dated
December 7, 2014, suspended the ratings as MTFL did not provide
the information required to undertake a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign ratings to the bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.9       CRISIL A4 (Assigned;
                                   Suspension revoked)

   Cash Credit          40         CRISIL B/Stable (Assigned;
                                   Suspension revoked)

   Rupee Term Loan      43.1       CRISIL B/Stable (Assigned;
                                   Suspension revoked)

The ratings reflect MTFL's exposure to risk relating to
stabilization of its existing project and its expected below-
average financial risk profile. These rating weaknesses are
partially offset by the promoters 'entrepreneurial and industry
experience.

Outlook: Stable

CRISIL believes that MTFL will maintain a stable business risk
profile over the medium term on account of its promoters
'entrepreneurial and industry experience. The outlook may be
revised to 'Positive' if the company's operations stabilise in a
timely manner, leading to sizeable cash accruals thereby enhancing
its liquidity profile. Conversely, the outlook may be revised to
'Negative' in case of lower than expected revenues and
profitability or in case of a large debt-funded capital
expenditure, leading to weakening of its financial risk profile.

MTFL was incorporated in 2010 with the objective of setting up a
unit to manufacture solid and hollow aluminium extrusion profiles.
The manufacturing facility is located in North 24 Paraganas (West
Bengal). The day-to-day operation of the company is being managed
by Mr. Amit Paul.


N. K. SHARMA: CRISIL Reaffirms D Rating on INR100M Overdraft Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of N. K. Sharma
Enterprises Ltd (NKS) continues to reflect instances of delay by
NKS in servicing its interest obligations driven by weak liquidity
due to cash flow mismatches. CRISIL believes that NKS's debt
servicing ability will be highly contingent upon the level of
customer advances and management of its cash flows.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      100         CRISIL D (Reaffirmed)

The rating continues to reflect NKS's exposure to risks related to
project implementation and stabilisation, and cyclicality inherent
in the Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of NKS's promoters in
the real estate industry.

NKS was set up in 2000 by the Zirakpur (Punjab)-based Sharma
family. The company is managed by Mr. N K Sharma and his brothers,
Mr. P K Sharma, Mr. Y K Sharma, Mr. D K Sharma, and his father,
Mr. V N Sharma. NKS develops residential and commercial projects,
mainly in Zirakpur.

For 2013-14 (refers to financial year, April 1 to March 31), NKS
reported a profit after tax (PAT) of INR3.96 million on net sales
of INR114.41 million, as against PAT of INR2.99 million on net
sales of INR53.57 million for 2012-13.


NEW EMPIRE: CARE Revises Rating on INR13.06cr Long-Term Loan to B
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
New Empire Tin Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    13.06       CARE B Revised from
                                            CARE BB- to CARE D
                                            and then revised to
                                            CARE B

   Short-term Bank Facilities    3.00       CARE A4 Revised from
                                            CARE A4 to CARE D
                                            and then revised to
                                            CARE A4

Rating Rationale
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings 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 revision in the ratings assigned to the bank facilities of New
Empire Tin Factory (NETF) to 'CARE D' factors in delays in debt
servicing during the period April 2014 to May 2014. The ratings
have been revised to 'CARE B' & 'CARE A4' as the debt servicing
has been regular since June 2014 on account of restructuring of
bank facilities.

The ratings of NETF are constrained by partnership nature of
constitution of the entity and slow off-take from one of its major
client, namely, Tricom Fruit Products Ltd.

The rating, however, considers experience of the partners in
trading of tin plates, bulk pharma drugs and agro products.

The ability of the NETF to garner sales from other clients and
thereby turnaround its operations along with servicing of its debt
in a timely manner shall be critical from the credit perspective
is the key rating sensitivity.

Established in 1976 as partnership firm, NETF is engaged in the
trading of tin plates, bulk pharma drugs and agro products. The
end users of tin plates are Tin Box/Containers manufactures (for
packaging), that of bulk pharma drugs are pharmaceutical industry
& agro products are food processing industry. The firm imports
around 70% of the traded materials (from China, UK, USA, Germany
and Europe) and sells entirely in the domestic market.

During FY14, NETF has posted total income of INR23.89 crore (up by
14.32% vis-a-vis in FY13) and PAT of INR0.18 crore (vis-…-vis
INR2.97 crore in FY13). Furthermore, during 10MFY15 (refers to the
period April 1 to January 31), NETF has posted a total operating
income of INR1.67 crore.


NEYSA JEWELLERY: CRISIL Reaffirms D Rating on INR444.7MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Neysa Jewellery Limited
(NJL) continues to reflect instances of delay by NJL in servicing
its term debt. The delays have been caused by the company's weak
liquidity.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bill Discounting         93.7       CRISIL D (Reaffirmed)

   Export Packing
   Credit                   66.6       CRISIL D (Reaffirmed)

   Funded Interest         270.0       CRISIL D (Reaffirmed)
   Term Loan

   Packing Credit          266.7       CRISIL D (Reaffirmed)

   Post Shipment Credit    313.9       CRISIL D (Reaffirmed)

   Rupee Term Loan          84.7       CRISIL D (Reaffirmed)

   Term Loan                21.1       CRISIL D (Reaffirmed)

   Working Capital         179.4       CRISIL D (Reaffirmed)
   Demand Loan

   Working Capital         444.7       CRISIL D (Reaffirmed)
   Term Loan

   Export Packing Credit     9.2       CRISIL D (Reaffirmed)

NJL has large working capital requirements and is exposed to
intense competition in the jewellery manufacturing industry. The
company has a weak financial risk profile marked by its negative
net-worth, high debt levels and weak debt protection metrics.
However, the company continues to benefit from its promoters
extensive experience in jewellery business.

NJL was set up in 1996 by Mr. Pravin Shah and his family members.
The company manufactures and exports diamond-studded gold, silver,
and platinum jewellery. It is a 100 per cent export-oriented unit,
and its manufacturing unit is in Mumbai (Maharashtra).


PAVAN MOTORS: CRISIL Reaffirms B Rating on INR60MM Funding Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pavan Motors Pvt
Limited (PMPL) continues to reflect the company's below-average
financial risk profile marked by its small net-worth, high total
outside liabilities to tangible net-worth ratio, and below-average
debt protection metrics.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding      60       CRISIL B/Stable (Reaffirmed)
   Facility

The ratings of the company are also constrained on account of its
susceptibility to economic cyclicality, and its exposure to
intense competition in the automobile dealership industry
resulting in its low profitability margins. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of its promoters, the company's efficient working
capital management, and its low exposure to inventory and debtor
risks.

Outlook: Stable

CRISIL believes that PMPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's scale of operations and
profitability margins, or there is a substantial improvement in
its capital structure on the back of sizeable equity infusion from
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

PMPL was set up in 2011 by Mr. Chandra Pavan Reddy and his family
members. The company is an authorised dealer for Maruti Suzuki
India Ltd's cars in Nalgonda district in Telangana. The company
has 2 showrooms and 2 authorized service stations in Nalgonda.


PURANDAR MILK: ICRA Lowers Rating on INR5.0cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.00 crore
term loans, INR0.90 crore long term fund based facilities and
INR1.10 crore unallocated limits of Purandar Milk and Agro
Products Limited from [ICRA]B- to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, fund based     5.00      [ICRA]D from [ICRA]B-
   Limits - Term Loans

   Long term, fund based     0.90      [ICRA]D from [ICRA]B-
   limits - Cash Credit

   Long term unallocated     1.10      [ICRA]D from [ICRA]B-
   Limits

The revised ratings take into account the recent irregularities in
debt servicing obligations by PMAPL on account of the stretched
liquidity position arising due to the delay and cost escalation in
setting up the cold storage unit. Further, continued delays in
disbursal of government subsidy has led to additional requirements
of funds. The ongoing debt funded capex combined with limited
scale of operations and marginal accruals has also deteriorated
the financial profile of the company with stretched gearing as
well as coverage indicators. Intense competition on account of
fragmented nature of the industry marked by presence of number of
large and small milk processors further limits the profitability
of the company. ICRA also notes the vulnerability of dairy sector
to regulatory changes and agro climatic conditions.

Purandar Milk and Agro Products Limited was established in 2000
and commenced operations in 2001.The company is involved in
procurement, processing and sale of milk and milk products,
trading of petroleum products, petrol and diesel and weigh bridge
operations .The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'. PMAPL is part of
Silver Jubilee Group promoted by Mr. Sanjay Jagtap which has
diversified interests ranging from automobile dealership, dairy,
real estate to investment advisory services. The prominent among
them include Silver Jubilee Motors Limited (promoted along with
Mr. Kiranpalsingh Ahluwalia) involved in sales and services of
Mahindra and Mahindra utility vehicles. PMAPL is setting up of
5000 metric ton per month capacity cold storage plant in Khalad,
Pune (Maharashtra).

PMAPL reported a profit after tax (PAT) of INR0.1 crore in FY14 on
an operating income of INR32.24 crore. The company has reported
operating profit before depreciation, interest, amortization and
tax (OPBDITA) of INR0.4 crore in the same period.


RICHA ENTERPRISES: ICRA Withdraws D Rating on INR14cr LOC
---------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR14.0
crore line of credit for Richa Enterprises as there is no amount
outstanding against the rated bank limits.


RIDHI SIDHI: ICRA Suspends B Rating on INR7.65cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.65 crore
fund based facilities of Ridhi Sidhi Overseas. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RUBAN PATLIPUTRA: CARE Reaffirms B+ Rating on INR19.82cr LT Loan
----------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Ruban Patliputra
Hospital Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.82      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Ruban Patliputra
Hospital Private Limited (RHPL) continues to remain constrained by
its nascent stage and capital intensive nature of its business
with stabilisation risk, its presence in a highly fragmented &
competitive healthcare industry with risk of unavailability or
inability to attract quality doctors and medical professionals and
risk relating to mishandling of a case or negligence on part of
any doctor and/or staff. However, the rating continues to drive
strength from being a multi-specialty hospital with self-contained
infrastructure facilities, its locational advantage, the
experience of the promoters and favourable industry outlook.

The ability of RHPL to derive benefits from recently completed
project as envisaged and its ability to improve its capital
structure and effective management of its working capital will be
the key ratings sensitivities.

RHPL was incorporated on February 2011 by Dr Satyajit Kumar Singh
along with his family members for setting up a 200-bed multi-
specialty hospital with five modular operation theatres at
Patliputra colony, Patna (Bihar). The hospital proposes to offer a
wide array of healthcare facilities encompassing cardiology &
cardiac surgery, neurology, neuro (brain) surgery, orthopaedic
(joint replacement and spinal surgery), etc. Moreover, it proposed
to have all kinds of trauma surgical emergencies, Cardiac Care
Unit (CCU), Intensive Care Unit (ICU) and automated laboratory. It
will also provide indoor and outdoor pharmacy. RHPL belongs to the
Ruban group of hospitals built up by Dr Satyajit Kumar Singh.
Ruban group of hospitals is an established hospital brand in the
city of Patna. Basudeo Health Foundation Pvt Ltd is the flagship
company of the group engaged in medical treatment in critical
diseases since 1996 in and around the city of Patna, Bihar.

The company has earned a total operating income of INR3.52 crore
with a net loss of INR11.11 crore during FY14. However, it has
booked revenue of INR28.77 crore during 11MFY15.


S.G.S. JEWELLERY: ICRA Suspends B- Rating on INR6cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.00
crore bank facilities and of S.G.S. Jewellery Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


S.S MEDICAL: CRISIL Assigns B Rating to INR60MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of S.S Medical Systems (India) Private Limited
(SSMSIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           60        CRISIL B/Stable

The ratings reflect SSMSIPL's weak financial risk profile; small
and volatile scale of operations and high working capital
requirements. The rating weaknesses are partially offset by
company's promoter's extensive experience in the industry.

Outlook: Stable

CRISIL believes that will maintain its business risk profile
backed by promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' in case the financial risk
profile of the company improves either through capital infusion
from promoters or if company generates higher than expected sales
along with healthy profitability. Conversely, the outlook may be
revised to 'Negative' in case of increase in working capital
requirement leads to further deterioration in financial risk
profile.

Promoted by Mr. Monish Bhandari, SSMSIPL is into the manufacturing
and assembling of medical equipment's used in hospitals,
pathologies, labs etc. The manufacturing and assembling unit of
the company is located in Bhimtal, Nainital.


SAFIR ENTERPRISES: CRISIL Assigns B Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Safir Enterprises (SE).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term       5         CRISIL B/Stable
   Bank Loan Facility

   Cash Credit             35         CRISIL B/Stable

   Letter of Credit        40         CRISIL A4

The ratings reflect SE's modest scale of operations,
susceptibility to volatility in raw material prices and foreign
exchange rates, and large working capital requirements. The
ratings also factor in the firm's below-average financial risk
profile marked by high total outside liabilities to tangible net
worth ratio and weak interest coverage ratio. These rating
weaknesses are partially offset by the extensive experience of
SE's proprietor in the timber trading industry.

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
firm's scale of operations and profitability, resulting in
substantial cash accruals, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in SE's financial risk profile,
particularly liquidity, most likely driven by low cash accruals or
large working capital requirements.

Established in 2009 as a proprietorship firm by Mr. A Mukadam, SE
imports and trades in timber.

SE reported a profit after tax (PAT) of INR0.5 million on revenue
of INR28.3 million for 2013-14 (refers to financial year, April 1
to March 31), against a PAT of INR0.4 million on revenue of
INR28.9 million for 2012-13.


SAHARA DREDGING: CRISIL Reaffirms B+ Rating on INR35.8MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sahara Dredging
Ltd (SDL) continue to reflect the company's average financial risk
profile marked by high gearing.

                     Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        90        CRISIL A4 (Reaffirmed)
   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term    35.8      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The rating also reflects SDL's working-capital-intensive
operations, and high customer and supplier concentration risk.
These rating weaknesses are partially offset by the promoter's
extensive experience in the shipping and dredging industry, and
the company's expertise in carrying out dredging operations.

Outlook: Stable

CRISIL believes that SDL will maintain its business and financial
risk profiles over the medium term, driven by its promoters'
experience in the sector. The outlook may be revised to 'Positive'
if SDL's revenues increase substantially and profitability is
sustained at current levels, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case its financial risk profile weakens owing to
reduced revenue and accruals, any debt-funded capital expenditure,
or stretch in receivables.

Update
SDL had revenue of INR140 million in the nine months through
December 2014; the revenue is expected to increase by over 90 per
cent year-on-year in 2014-15 (refers to financial year, April 1 to
March 31) to INR200 million, backed by healthy orders.
Additionally, the company's order book of INR650 million to be
executed over the two years through 2016-17 provides high revenue
visibility. In 2013-14, its revenue reduced by 14 per cent year-
on-year to INR115 million due to a subdued business environment
and delayed execution of some orders. However, the operating
margin was healthy at 26.6 per cent on account of service nature
of operations. CRISIL believes that SDL will continue to improve
its scale of operations while sustaining operating margins over
the medium term, backed by healthy order book and track-record in
project execution.

SDL has sizeable working capital requirements on account of large
receivables'with expected debtor days of 110 to 130 days as on
March 31, 2015. However, the company continues to fund its
receivable cycle by delaying payments to suppliers. CRISIL
believes that any substantial changes in its receivable cycle, or
deviations in payables will likely be rating sensitivity factors.

The company is undertaking purchase of a specialized dredger for
INR150 million, partly funded by term debt. The gearing is,
therefore, likely to remain high at 1.8 to 1.9 times as on March
31, 2015. However moderate net worth expected at over INR 100
million as on March 31, 2015 along with healthy interest coverage
at over 2.5 times for 2014-15 support the company's average
financial risk profile. Furthermore, the company has adequate
liquidity with expected cash accruals of INR38 million to 40
million for 2014-15, against maturing term debt of INR23 million.

SDL was set up by Mr. Asif Dadarkar in 1994 as Maldar Dredging
Ltd; the company was renamed in 1998. SDL is primarily engaged in
the business of dredging, and also acts as a sub-contractor to
larger dredging/construction companies.

SDL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR115.2 million for 2013-14, as against a PAT of INR7.6
million on net sales of INR133.5 million for 2012-13.


SAHARA INDIA: CRISIL Reaffirms D Rating on INR1.40BB Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sahara India Medical
Institute Ltd (SIMIL) continue to reflect instances of delay by
SIMIL in servicing its debt; the delays have been caused by weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           1,400        CRISIL D (Reaffirmed)

SIMIL's weak financial risk profile is marked by weak debt
protection metrics and its working capital requirements are large.
Also, it has a limited track record in the tertiary healthcare
segment. However, the company benefits from its established brand,
Sahara, and from the experienced management at its hospital.

Established in 1997, SIMIL is a wholly owned subsidiary of Sahara
Prime City Ltd, the real-estate arm of the Sahara group. SIMIL is
operating a multi-specialty tertiary hospital, Sahara Hospital, in
Lucknow (Uttar Pradesh). The hospital began operations in February
2009 with 195 operational beds. Currently, SIMIL has more than 374
operational beds. The hospital provides specialised medical
services in areas such as neurology, orthopaedics, gynaecology,
oncology, and cardiology. SIMIL has also set up a nursing training
college in Lucknow, with capacity to train 40 nurses per annum.


SAI SUDHA: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR11 crore fund based bank limits (enhanced from INR6 crore)
of Sai Sudha Motors Private Limited.

                     Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.0          [ICRA]B+; reaffirmed
   Cash Credit (e-DFS)   5.0          [ICRA]B+; assigned

The reaffirmation of the rating takes into account SSMPL's adverse
financial risk profile as reflected by low profitability, high
gearing and weak debt coverage indicators, its weak bargaining
position with the principal, and the high geographical
concentration risk, with its presence being limited to the state
of Odisha. ICRA notes that the high working capital requirements,
inherent in an auto dealership business, also adversely impact its
liquidity position. The rating also takes into consideration the
experience of the promoters in the commercial vehicle dealership
business and the established relationship with TML through its
group companies. However, ICRA notes that the company remains
exposed to the inherent cyclicality of the Indian commercial
vehicle industry. In ICRA's opinion, the ability of the entity to
improve its capital structure and profitability while managing its
working capital requirements would remain key rating sensitivities
going forward.

Incorporated in February 2012, Sai Sudha Motors Private Limited
(SSMPL) is an authorized dealer for the sale of Medium & Heavy
Commercial Vehicles (M&HCV) as well as for services and sale of
spares for Tata Motors Limited (TML) in three districts of Odisha
namely, Jajpur, Kendrapara and Jagatsinghpur. Currently, SSMPL
operates out of one 3S (Sales, Spares, Service) facility in Jajpur
which commenced operations in August 2013.

SSMPL reported a profit after tax of INR0.07 crore on the back of
an operating income of INR60.12 crore during FY14.


SAROJINI FERRO: CRISIL Reaffirms B- Rating on INR150MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sarojini Ferro Alloys
Pvt Ltd (SFAPL) continues to reflect SFAPL's modest scale of
operations, susceptibility of its operating profitability to
volatility in raw material prices and its below-average financial
risk profile.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           40       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       150       CRISIL B-/Stable (Reaffirmed)
   Working Capital       10       CRISIL B-/Stable (Reaffirmed)
   Term Loan

These rating weaknesses are partially offset by the benefits
derived from the extensive experience of SFAPL's promoters in the
ferro alloy industry and the need-based funding support extended
by promoters.

Outlook: Stable

CRISIL believes that SFAPL will benefit over the medium term from
the extensive experience of its promoters in the ferroalloy
industry. The outlook may be revised to 'Positive' if the
company's scale of operations and operating profitability improve
significantly on a sustained basis, thereby leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if sub-optimal capacity utilisation results
in insufficient cash accruals and increased dependence on need-
based funding support from the promoters, or if the company
extends funding support to associate entities, or if it undertakes
larger-than-expected debt-funded capital expenditure thereby
leading to deterioration in its financial risk profile.

Set up in 2009, SFAPL manufactures ferroalloys. The company is
promoted by Mr. P Rajan Babu, Mr. P Ashok, and their family.

During 2013-14 (refers to financial year April 1 to March 31),
SFAPL reported net loss of INR26 million on net sales of INR336
million against net loss of INR63 million on net sales of INR230
million for 2012-13.


SETO TEKNOLOG: ICRA Suspends B+ Rating on INR3.0cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR5.75 crore bank
facilities of Seto Teknolog Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, Fund        3.00          [ICRA]B+ Suspended
   Based Limits

   Long-term, Term Loan   0.50          [ICRA]B+ Suspended

   Short-term, Non        2.25          [ICRA]A4 Suspended
   Fund Based Limits

Seto Teknolog Private Limited (SETO) established in 1971, has been
active in the field of Control & Instrumentation for a wide
variety of utilities & industries including Thermal & Hydro Power
utilities, Nuclear Power Plants, Fertilizers, Chemicals &
Petrochemicals, Metallurgical and Research institutions. The
company has been one of the leading manufacturers of Telemetering
transducers for Power line applications and micro-processor based
control systems for nuclear power plants and various utilities.
SETO had also designed & commissioned one of the largest Urban
Electric Distribution SCADA (Supervisory control and data
acquisition) systems in India using microprocessors & Real-time
operating system for BEST, Mumbai.

The company has a manufacturing cum R&D facility situated at the
Electronics zone, TTC Industrial area, Mahape, Navi Mumbai,
admeasuring 14,500 sq ft area in an independent plot, with fully
furnished office. The company is headed by the founder Technocrat
Mr. L.R. Subramanyan and with Mr. Raghvendra Raichur. Mr
Subramanyan, an alumnus and currently a visiting faculty of IIT
Bombay has over 40 years experience in Teaching, Research and
Development. Mr Raichur too is alumnus from IIT Bombay with over
35 years experience in Design & Development of Embedded Systems,
in particular with strong analog electronics. The company has over
50 personnel, majority being qualified engineers.


SHIV SHAKTI: ICRA Reaffirms B Rating on INR5cr Cash Credit
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR1.15
crore (reduced from INR1.40 crore) term loan and INR5.00 crore
fund based cash credit facilities of Shiv Shakti Ginning Factory
at [ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund         5.00          [ICRA]B reaffirmed
   Based- Cash Credit

   Long Term Fund         1.15          [ICRA]B reaffirmed
   Based- Term Loan

The rating continues to be constrained by the firm's modest scale
of cotton ginning and seed crushing operations and its weak
financial risk profile characterized by thin margins, adverse
capital structure and modest coverage indicators. The rating also
takes into account the limited value addition in the cotton
ginning business, the highly fragmented and competitive nature of
the industry and the vulnerability of firm's profitability to
movements in cotton prices which are subject to seasonality and
crop harvest. The rating also considers adverse potential impact
on net worth and gearing levels in case of any substantial
withdrawal from capital account given the constitution as a
partnership firm.

The rating however continues to favourably factor in the
longstanding experience of the promoters in the cotton ginning,
pressing and seed crushing industry and the favourable location of
the firm's plant with respect to raw material procurement.

Shiv Shakti Ginning Factory (SSGF) was established in 1991, and is
engaged in cotton ginning, pressing and crushing of cottonseeds to
produce cotton bales, cottonseed oil and cottonseed oil cake. The
manufacturing unit of the firm is located in Jasdan, Rajkot with
an installed capacity of producing 150 bales of ginned cotton in a
day in the ginning unit. The crushing unit is equipped with two
expellers with installed input capacity of crushing 3600 MTPA of
cottonseeds. SSGF is currently managed and owned by Mrs. Kajalben
P Gosai and Mr. Pratapgiri O Gosai.

For the year ended March 31, 2014, the firm reported an operating
income of INR29.09 crore and a profit after tax of INR0.06 crore
as compared to an operating income of INR26.17 crore and a profit
after tax of INR0.05 crore in FY 2013. Further in the first nine
months of FY 2015, the firm reported an operating income of
INR19.67 crore and profit before depreciation and tax of INR0.06
crore (as per unaudited provisional numbers).


SHIVA POLYMERS: CRISIL Cuts Rating on INR55MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shiva Polymers Pvt Ltd (SPPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)

   Cash Credit             55        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        20        CRISIL A4 (Reaffirmed)

   Proposed Long Term      10        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Working Capital         45        CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The downgrade in rating reflects SPPL's weak liquidity marked by
expected cash accruals of INR10 million against debt obligation of
INR10 million in 2015-16 (refers to financial year, April 1 to
March 31). The bank lines remained almost fully utilised over the
12 months through November 2014.

The downgrade also reflects SPPL's moderate business risk profile
marked by a decline in operating margin. The company reported a
margin of 5.3 per cent in 2013-14 as against 6.2 per cent in 2012-
13 on account of increase in employee, power, and fuel cost.
CRISIL expects the company to report margin of 5.5 per cent over
the medium term.

CRISIL's ratings reflect the company's modest financial risk
profile, marked by modest net worth, weak liquidity, and
inadequate debt protection metrics, along with its working-
capital-intensive operations. These rating weaknesses are
partially offset by the company's established customer base and
the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SPPL's liquidity will remain weak over the
medium term because of its constrained profitability and stretched
working capital cycle. The outlook may be revised to 'Positive' if
the company reports large cash accruals, or in case of sizeable
infusion of long-term funds, leading to easing of the pressure on
its liquidity. Conversely, the outlook may be revised to
'Negative' if there is further deterioration in SPPL's liquidity,
or it undertakes a large debt-funded capital expenditure
programme.

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced
operations in November 1997. The company manufactures high-density
polyethylene and polypropylene woven sacks.


SHREE GOKULESH: CARE Reaffirms B+ Rating on INR7.34cr LT Loan
-------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Shree Gokulesh
Rice Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.34      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Gokulesh Rice
Mill (SGRM) continues to remain constrained on account of low
profit margins, leveraged capital structure with weak debt
protection metrics, working capital intensive nature of
operations, risk associated with operations in a fragmented agro
processing industry along with partnership nature of its
constitution. The rating takes into account the substantial
increase in its turnover, improvement in operating cycle along
with decline in profitability and deterioration in debt coverage
indicators during FY14 (refers to the period April 1 to
March 31).

The rating, however, continues to derive comfort from SGRM's
experienced and resourceful promoters and its proximity
to paddy-growing areas.

The ability of SGRM to increase its scale of operations,
improvement in profitability and capital structure while managing
working capital efficiently are the key rating sensitivity.

Established in the year 2004, Ahmedabad-based Shree Gokulesh Rice
Mill (SGRM) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr Minesh H Patel, Mr
Raghav J Patel, and Mr Tejas K Patel who manage the day to day
operations. As on March 31 2014, it had a total installed capacity
of 360,000 Quintals of Paddy per annum and operates through its
sole manufacturing facility at Ahmedabad. SGRM supplies its
products to Gujarat, Maharashtra, Karnataka and Rajasthan.

During FY14, SGRM reported a TOI of INR44.15 crore and PAT of
INR0.03 crore as against a TOI of INR21.56 crore and a PAT
of INR0.02 crore during FY13. Furthermore, as per the provisional
results for 10MFY15, SGRM has registered a turnover of INR30
crore.


SHRISTI CEMENT: CRISIL Assigns B- Rating to INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings on the bank facilities of
Shristi Cement Ltd (SCL) at 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      0.6        CRISIL B-/Stable
   Bank Loan Facility

   Bank Guarantee         14.4        CRISIL A4

   Cash Credit            40.0        CRISIL B-/Stable

The ratings reflect SCL's small scale of operations, its weak
operating profitability on account of low pricing flexibility and
its exposure to risks inherent to its commodities' dealing
business. These rating weaknesses are partially offset by the
extensive experience of the promoters in the industry.

Outlook: Stable

CRISIL believes SCL will maintain its credit profile, supported by
its promoter's extensive experience. The outlook may be revised to
'Positive' if the company achieves improvement in its
profitability and accruals from its core business activity,
thereby improving the financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' in case the
cash accruals decline on the back of lower profits or losses from
the commodities dealing activity thereby affecting the liquidity
and financial risk profiles.

Shristi Cement Limited (SCL) was incorporated in the year 2001 and
began its operations in the year 2003. The company is engaged in
the production of cement with an installed production capacity of
300000 MTPA.

SCL reported a loss after tax of INR14.8 million on net sales of
INR203.5 million in 2013-14 (refers to financial year, April 1-
March 31), as against a profit after tax of INR3.5 million on net
sales of INR186.6 million in 2012-13.


SIVAPARAMESH SPINNING: CRISIL Rates INR45.2MM Term Loan at B
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sivaparamesh Spinning Mill Pvt Ltd (SSMPL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Rupee Term Loan              45.2      CRISIL B/Stable
   Proposed Rupee Term Loan     20        CRISIL B/Stable
   Proposed Cash Credit Limit   23        CRISIL B/Stable
   Bank Guarantee                1.8      CRISIL A4
   Cash Credit                  10        CRISIL B/Stable

The ratings reflect the company's early stage of operations in the
textile industry. This rating weakness is partially offset by the
management's extensive industry experience.

Outlook: Stable

CRISIL believes that SSMPL will continue to benefit over the
medium term from the extensive industry experience of the
management and their established customer base. The outlook may be
revised to 'Positive' if early stabilisation of operations at
SSMPL results in improved cash accruals and a stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if delay in stabilising operations weakens the company's cash
accruals and liquidity.

SSMPL, set up in 2014, manufactures cotton yarn. The company is
based in Salem (Tamil Nadu) and its operations are managed by Mr.
Shiva Kumar.


SPA CERAMIC: ICRA Revises Rating on INR4cr Cash Credit to B-
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR4.00
crore cash credit facility and INR2.00 crore (reduced from INR2.88
crore) term loan facility of Spa Ceramic Private Limited to
[ICRA]B- from [ICRA]B. ICRA has reaffirmed the short-term rating
of [ICRA]A4 assigned to the INR0.90 crore non-fund based facility
of SCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          4.00          [ICRA]B- from [ICRA]B
   Term loan            2.00          [ICRA]B- from [ICRA]B
   Bank Guarantee       0.90          [ICRA]A4 reaffirmed

The revision in ratings takes into account the de-growth in
operating income in FY2014 owing to weak demand scenario and weak
financial profile of the company characterized by operating
losses, highly leveraged capital structure, poor coverage
indicators in FY 2014, and increase in working capital intensity
of operations in 9M FY 2015. The ratings are further constrained
by SCPL's relatively small scale of operations and the
vulnerability of the company's profitability to the cyclicality
inherent in the real estate industry, which is the main consuming
sector; and to the adverse fluctuations in prices of raw materials
and natural gas, which is the major fuel. The ratings also take
into account the highly competitive domestic ceramic industry with
presence of large established organized tile manufacturers as well
as unorganized players in Morbi (Gujarat) resulting in limited
pricing flexibility.

The ratings, however, favourably take into account the long
standing experience of the company's promoters in the ceramic
industry and locational advantage due to presence of the company's
plant near Morbi, India's ceramic hub, giving it easy access to
raw material. The ratings also factor in the significant equity
infusion of INR2.50 crore in the current financial year by the new
promoters of the company.

Incorporated in November 2009, Spa Ceramic Private Limited (SCPL)
is engaged in the business of manufacturing digital ceramic wall
tiles. It has its manufacturing facility located at Morbi,
Gujarat, with an installed capacity of 18,000 metric tonnes per
annum (MTPA). The company currently manufactures wall tiles of
sizes 10"x15" and 8"x24" with the current set of machineries. It
has established "Spa" brand for selling its products in the
market. The company is promoted by Mr. Kaushik Charola, Mr. Pravin
Baraiya, Mrs. Jyotsana Savsani and Mrs. Hansa Detroja along with
other relatives/friends.

During FY 2014, SCPL reported operating income of INR12.31 crore
and net loss of INR2.33 crore as against an operating income of
INR14.48 crore and profit after tax of INR0.05 crore during FY
2013. Further during 9M FY2015, SCPL reported an operating income
of INR8.50 crore (as per provisional financials).


SRI VARALAKSHMI: CRISIL Ups Rating on INR28.5MM Cash Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Varalakshmi Solvent Oils Private Limited (SVSOPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          28.5       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Term Loan            26.5       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects the expected improvement in SVSOPL's
business risk profile driven by a sustained increase in scale of
operations, while maintaining its profitability margins. The
upgrade also reflects expected improvement in SVSOPL's financial
risk profile. CRISIL believes that SVSOPL will sustain the
improvement in its financial risk profile over the medium term on
the back of consistent growth in its net-worth and absence of any
large debt-funded capital expenditure (capex) programme.

SVSOPL's revenues are expected to register a year-on-year growth
of around 45.5 per cent in 2014-15 (refers to financial year,
April 1 to March 31), and its operating profit margin is expected
to remain stable at 9.0 per cent. CRISIL believes that the company
will register an annual revenue growth of around 20 per cent over
the medium term supported by better demands and enhancement in the
working capital limits to INR55 million by March 2015. The
operating profit margin of the company is also expected to remain
stable at 9 per cent over the medium term.

SVSOPL's net worth is expected to increase to INR59 million as on
March 31, 2015 from INR50.3 million as on March 31, 2014 on the
back of modest accretion to reserves. Consequently, its gearing is
expected to decline to 1.12 times as on March 31, 2015 from 1.4
times as on March 31, 2014. The gearing of the company is expected
to further decline to less than 1 time as on March 31, 2016 on the
back of consistent growth in its net worth and absence of any
large debt-funded capex plans.

The rating continues to reflect SVSOPL's limited track record of
operations, small scale of operations, below-average financial
risk profile marked by small net-worth and presence in a
fragmented industry with exposure to intense competition. These
rating weaknesses are partially offset by the extensive experience
of SVSOPL's promoters, and its financial risk profile marked by
marked by moderate gearing and average debt protection metrics.

Outlook: Stable

CRISIL believes that SVSOPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues, while maintaining
its profitability margins or there is an improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

SVSOPL, incorporated in the year 2010 is engaged in the business
of manufacturing of rice bran oil with a capacity of 200 tonnes of
rice bran per day. SVSOPL, promoted by Mr. Visweswara Rao and
family, has its plant in Kotabammali in Srikakulam district in
Andhra Pradesh. The commercial operations started from January
2012.


SRIPATHY ASSOCEATES: CRISIL Ups Rating on INR200MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Sripathy Assoceates (Sripathy) to 'CRISIL B+/Stable from
'CRISIL B/Stable and reaffirmed its rating on short-term bank
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        200       CRISIL A4 (Reaffirmed)

   Cash Credit           200       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that Sripathy will
sustain its improved liquidity over the medium term, driven by
better business performance and stable operating margin. For the
nine months through December 2014, the firm booked operating
income of around INR1290 million supported by healthy execution of
orders. Consequently, the firm is likely to generate cash accruals
of more than INR70 million in 2014-15 (refers to financial year,
April 1 to March 31) which will be more than adequate to meet its
debt obligations.

The ratings reflect Sripathy's working-capital-intensive
operations, the susceptibility of its operating margin to
volatility in raw material prices, and its modest scale of
operations in the construction industry. These rating weaknesses
are partially offset by the extensive industry experience of
Sripathy's partners.

Outlook: Stable

CRISIL believes that Sripathy will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significant and sustained improvement in its scale of operations
and cash accruals along with better working capital management.
Conversely, the outlook may be revised to 'Negative' if Sripathy
registers low revenue or if its financial risk profile weakens
because of large debt-funded capital expenditure or delays in
receivables or considerable capital withdrawal by its partners.

Sripathy was set up as a partnership firm in 1989 in Erode (Tamil
Nadu). The firm undertakes civil contracts involving construction
of colleges, buildings, and roads, primarily for government
departments.


TOOLFAB ENGINEERING: CARE Rates INR19.92cr LT Bank Loan at B
------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Toolfab
Engineering Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.92      CARE B Assigned

CARE has withdrawn the ratings assigned to the long term and short
term facilities as the company has fully repaid the amounts rated
under the said facilities and there is no amount outstanding under
the facilities as on date.

Rating Rationale

The rating assigned to Toolfab Engineering Industries Private
Limited (TEIPL) is constrained by TEIPL's weak financial risk
profile marked by significant decline in profitability and
deteriorating debt coverage indicators, working capital intensive
nature of operations, and the company's presence in a highly
fragmented and competitive industry. The rating also factors in
TEIPL's elongated collection period, although the same has
improved in FY14 (refers to the period April 1 to March 31).
The rating, however, derives strength from the established track
record of the company in the engineering industry, experienced
promoters and modest order book position from reputed customers.
The ability of the company to increase its scale of operations and
improve its financial risk profile is the key rating sensitivity.

TEIPL was originally established as a partnership firm in 1972 at
Trichy, Tamil Nadu. It was acquired by Mr Madan Mohan in 1995 and
was incorporated as a private limited company in 2004. TEIPL, an
ISO 9001:2008 certified company, undertakes engineering and
fabrication work for wind mill towers, boiler pressure parts,
mining equipment, pre-engineered buildings among others. TEIPL's
manufacturing unit is located at Trichy, Tamil Nadu with an
installed capacity of 50,000 metric ton per annum. The capacity
utilization was about 40% in FY14.

Its clientele include reputed customers like Regen Powertech
Private Limited (CARE BB/CARE A4), Win Wind Energy Private
Limited, Neyveli Lignite Corporation Limited, Transstroy India
Limited (CARE BBB-/CARE A3), Suzlon Towers and Structures Limited,
Bharat Heavy Electricals Limited among others, with whom the
company has long standing relationship owing to its long track
record of operations.

In the case of some orders, the raw materials required for the
execution, are supplied by the customers themselves reducing raw
material risk of the company to that extent. Other than that, the
company purchases windmill internal platforms and ladders etc.
within Tamil Nadu (approx. 60% of the total purchases), primarily
from SAIL and enjoys credit period of 45 days. TEIPL offers a
credit period ranging from 30-60 days to its customers.

In the case of some orders, the raw materials required for the
execution, are supplied by the customers themselves reducing raw
material risk of the company to that extent. Other than that, the
company purchases windmill internal platforms and ladders etc.
within Tamil Nadu (approximately 60% of the total purchases),
primarily from SAIL and enjoys a credit period of 45 days. TEIPL
offers a credit period ranging from 30-60 days to its customers.

TEIPL incurred net loss of INR0.54 crore on a total operating
income of INR25.39 crore in FY14 (refers to the period April 1
to March 31) as compared with PAT of INR0.22 crore on a total
operating income of INR22.97 crore in FY13. For FY15
(provisional), till February 19, 2015, TEIPL achieved total
operating income of INR27 crore.


TRINITY BEVERAGES: CARE Reaffirms D Rating on INR59.24cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Trinity Beverages Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     59.24      CARE D Reaffirmed

Rating Rationale
The reaffirmation of the rating of Trinity Beverages Private Ltd
(TBPL) takes into account the continued delays in debt servicing.

TBPL was incorporated in July 2002 and commenced business from May
2003 with the setting up facilities for production of beverages
(mineral water, soda and flavoured drinks) at its plant located at
Hyderabad and Bangalore. The company was taken over by Mr Kishore
Agarwal (present managing director) who is the promoter of the
Iceberg group of companies. The group is mainly engaged in
carbonated soft drinks, flavoured drinks, soda and packaged
drinking water.

During FY13 (refers to the period April 01 to March 31), TBPL
posted a PBILDT of INR4.02 crore (FY12: INR11.87 crore) and
net loss of INR6.75 crore (FY12: PAT of INR4.05 crore) on a total
operating income of INR95.19 crore (FY12: INR61.49 crore).


V.S. ECOBLOCKS: ICRA Assigns B+ Rating to INR10cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR10.00 crore
proposed term loans of V.S. Ecoblocks Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term - Proposed    10.00       [ICRA]B+ assigned
   term loans

The assigned rating is constrained by project implementation risk
with nascent stage of construction as only 3% of project cost
incurred and civil works underway currently; and significant
funding risk as the company is yet to incur INR24.26 crore of cost
for the completion of the manufacturing facility which would be
funded by equity and unsecured loans of INR9.27 crore and term
loan of INR14.97 crore for which financial closure is yet to be
achieved. The rating also factors in high competitive intensity
due to low entry barriers in the AAC (Autoclaved Aerated Concrete)
blocks manufacturing segment and debt servicing is highly
sensitive to timely completion of the project and ability of the
company to achieve the envisaged capacity utilisation and margins.
The rating, however, positively factors in the experience and
qualification of the management team; increased acceptance of AAC
blocks in its catchment area, Andhra Pradesh and Telangana market;
and location advantage on account of proximity to both raw
material supply centres and end product demand centres: Hyderabad
(200km), Vijayawada (60km), Guntur (95km) and other major towns in
Krishna district, Andhra Pradesh

Going forward, the ability of the company to achieve the financial
closure, execute the project without time and cost overruns will
remain the key rating sensitivities from credit perspective.

V.S. Ecoblocks Private Limited (VEPL) was incorporated in August
2012 and is setting up a manufacturing unit of AAC bricks with an
installed capacity of 118,000 Cu.mt/Annum in Nawabpet village near
Nandigama, Krishna District, Andhra Pradesh. The primary raw
material for AAC blocks are cement, lime, aluminum, fly ash and
gypsum. The total cost of the project is INR24.97 crore which is
planned to be funded by INR5.00 crore of equity, INR5.00 crore of
promoter unsecured loans and INR14.97 crore of term loan.


VEERA TECHNO: CRISIL Places B+ Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Veera Techno Trec Private Limited (VTTPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      35         CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee         100         CRISIL A4

   Cash Credit             50         CRISIL B+/Stable

The ratings reflect VTTPL's average financial risk profile, marked
by average debt protection metrics, small scale of operations in
the industry and its large working capital requirements, and.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
the industry.

Outlook: Stable

CRISIL expects VTTPL to maintain a steady credit outlook backed by
extensive experience of its promoters. The outlook may be revised
to 'Positive' if the company is able to generate better than
expected cash accruals on account of higher than expected
operating profitability, while improving its working capital
parameters, resulting in overall improvement in the liquidity
profile and the capital structure. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
materially deteriorates due to lower profitability margins arising
from significant increase in prices of raw materials, or stretch
in working capital management resulting in deterioration in the
overall liquidity profile.

Incorporated in 2003, VTTPL is an approved RDSO (Research and
Design Standards Organization) Part 1 supplier to Indian Railways
for Switches, Switch Expansion Joints and Thick Web Switches as
per Indian Railway Specs (IRS) Design. The company was taken over
by Mr. Gopal Saha & Mr. Niladri Saha in 2005-06.  The
manufacturing facilities of the company are located in Rohtak,
Haryana.

VTTPL reported a net profit of INR1.29 million on net sales of
INR224.84 million for 2013-14 (refers to financial year, April 1
to March 31), as against a net profit of INR2.95 million on net
sales of INR270.83 million for 2012-13.


VINTAGE DISTILLERS: CRISIL Reaffirms B+ Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vintage
Distillers Limited (VDL) continue to reflect VDL's low
profitability, average financial risk profile marked by average
debt protection metrics, and susceptibility to adverse regulatory
changes in the distilleries industry.

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

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

   Term Loan            120        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
VDL derives from its established regional presence and efficient
working capital management.

Outlook: Stable

CRISIL believes that VDL will maintain its credit risk profile,
backed by its established regional presence in the distilleries
industry. The outlook may be revised to 'Positive 'if VDL
stabilises its on-going capital expenditure (capex) leading to
significantly better-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if any regulatory changes
adversely impact the company's revenues or profitability, or VDL's
financial risk profile deteriorates owing to a larger-than-
expected, debt-funded capital expenditure programme.

VDL, incorporated in 1988, is promoted by the Jain family. VDL
manufactures country liquor and sells under the 'Dholamaru' and
'Lovelyline' brands. Its manufacturing facility is at Alwar
(Rajasthan).


VISHAL CAR: CRISIL Reaffirms B Rating on INR67MM Bank Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishal Car World Pvt
Ltd (VCWPL) continue to reflect the company's below-average
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOLTNW) ratio and moderate debt protection
metrics, and its susceptibility to economic slowdown and to
intense competition in the automobile dealership segment. These
rating weaknesses are partially offset by the extensive industry
experience of VCWPL's promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        10       CRISIL A4 (Reaffirmed)

   Cash Credit           10       CRISIL B/Stable (Reaffirmed)

   Electronic Dealer     40       CRISIL B/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

   Proposed Long Term    67       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             33       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VCWPL 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
significantly increases its sales volumes and operating
profitability, or in case of significant improvement in its TOLTNW
ratio and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if VCWPL reports lower-than-expected cash
accruals, thereby impacting its liquidity, or if it undertakes a
significant debt-funded capital expenditure programme, leading to
the weakening of its financial risk profile.

Incorporated in 2012 and based in Tinsukia (Assam), VCWPL is the
authorised dealer for Maruti Suzuki India Ltd in Tinsukia. The
company currently operates one showroom with sales, service, and
spares facilities, which were set up in October 2013.

VCWPL reported cash loss of INR1 million on operating income of
INR129 million for 2013-14, its first year of operations.


ZIPPY EDIBLE: ICRA Reaffirms B- Rating on INR9.70cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B- on the INR9.70 crore
term loans and the INR2 crore cash credit facilities of Zippy
Edible Products Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       9.70         [ICRA]B- ; reaffirmed
   - Term Loan
   Fund Based Limits       2.00         [ICRA]B-; reaffirmed
   - Cash Credit

The rating reaffirmation factors in the delay in the commencement
of commercial operations attributable to postponement in the
electrical installation. The rating continues to be constrained by
the start up nature of the company and high reliance on debt for
funding the initial project cost with debt to equity ratio of
approximately 1.78 times. The company's debt servicing capability
remains vulnerable to time taken to stabilize operations resulting
in modest credit profile over the medium term. The rating is also
constrained by the limited size of present instant noodles segment
with organized sector dominating higher market share.

The rating however, favourably factors in the steady demand
prospects for instant noodles segment; locational advantages for
the company in terms of proximity to raw materials and the various
fiscal benefits available to the company for being located in
Uttarakhand. Going forward, the ability of the company to tie up
with the customers and suppliers for its products and achieve
modest capacity utilisation and profit levels to meet its debt
obligations in a timely manner would be the key rating
sensitivities.

ZEPPL was incorporated in August 2013. The company is setting up a
manufacturing facility to produce Pasta and Vermicelli. The plant
is expected to commission in April 2015. The proposed unit is
located in Jaspur in Uttarakhand and would have total production
capacity of 7,920 Metric Tons Per Annum. The total project cost is
INR15.16 crore which is being funded through term loan of INR9.70
crore and capital and unsecured loan of INR5.46 crore.



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


INDIKA ENERGY: Moody's Affirms B1 CFR; Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service affirmed Indika Energy Tbk (P.T.)'s
(Indika) corporate family rating at B1.

At the same time, Moody's also affirmed the B1 ratings on the $300
million notes due 2018 and $500 million notes due 2023, issued by
Indo Energy Finance B.V. and Indo Energy Finance II B.V.,
respectively. The entities are wholly owned subsidiaries of
Indika. The notes are unconditionally guaranteed by Indika.

The outlook on all ratings remains negative.

"The ratings affirmation reflects our view that Indika's
commitment to a conservative liquidity profile and capital
structure supports the B1 rating despite weakening credit metrics.
Moody's expect depressed coal prices to weigh heavily on its coal
related businesses in 2015, which will result in weaker margins
and higher leverage" says Brian Grieser, a Moody's Vice President
and Senior Analyst. "Indika is weakly-positioned at its B1 rating
and therefore has limited headroom to accommodate a deterioration
in liquidity during 2015," adds Grieser.

Despite the challenges stemming from weak coal prices, Indika's
commitment to a strong balance sheet and ongoing cost savings
inititatives provides a buffer to its weakening credit metrics.
The company maintains large cash balances, has an extended debt
maturity profile and has substantial visibility to cash flows
provided by its key investment in Kideco (unrated), Indonesia's
third largest coal producer.

Moody's expects Indika to continue with its capital protection
measures as it carefully manages production growth and price
pressures over the next two years, such that it maintains around
$200 million of cash at its holding company level and generates
flat to marginally positive free cash flows through 2016.

"While we expect minimal cash flows from its Petrosea and Tripatra
subsidiaries in 2015 and 2016, Indika will comfortably cover its
debt service, administrative overhead and capital spending
requirements over the next two years using its cash balances at
the holding company level and dividend distributions from Kideco,"
adds Grieser, who is also Lead Analyst for Indika.

The negative outlook reflects Moody's expectation that Indika's
credit profile will likely deteriorate in 2015-16 as cash
dividends from its coal producer Kideco and earnings from its
other coal-related businesses decline.

Moody's expects Indika's adjusted debt-to-EBITDA ratio to remain
around 5.0x-5.5x in 2015-16 based on our Newcastle thermal coal
average price assumption of $65 to $75 per ton in 2015.

Moody's expects Kideco's average selling price to be between $45
to 50 per ton over the next two years which Moody's estimate will
reduce Indika's share of dividends from Kideco to $55 to $60
million in 2015 and $45 to $50 million in 2016 from $88 million in
2014.

Further, Moody's expect Indika's contract mining subsidiary
Petrosea (unrated) to face both volume and price headwinds in
2015. Petrosea has a concentrated customer base which Moody's
expect to focus on reducing their overburden removal volumes and
contractor costs given the outlook for coal prices which will
directly impact Petrosea's operating performance. In addition, the
absence of meaningful new contract wins will likely see cash flow
generation slide at Indika's wholly-owned EPC contractor, Tripatra
(unrated). The combination of these two factors will likely offset
any benefit seen across its operations from lower fuel costs in
2015.

A ratings downgrade could occur if 1) Coal prices fail to
stabilize and thus fall short of our $65-75 per ton target in the
next twelve months ; 2) Tripatra, Petrosea, and MBSS fail to win
contracts such that cash flow turn meaningfully negative; 3) the
relationship between Samtan and Indika deteriorates; 4) Indika
undertakes any large debt-funded acquisitions; or 5) its liquidity
profile deteriorates such that cash balances at the Holding
company fall below $200 million.

Sustained indicators Moody's would look for include total
debt/EBITDA (including dividends from associates) exceeding 5.0x,
net debt/EBITDA over 4.0x and EBIT/interest below 2.0x.

Upward ratings pressure is limited in the near-to medium-term
given the negative outlook and our view that deleveraging is
highly unlikely in the current environment for coal prices.

However, the rating outlook could stabilize if Indika improves its
financial leverage, such that its total debt/EBITDA (including
dividends from associates) falls below 4.0x and EBIT/interest
improves to over 2.5x. Any positive action would require Indika to
maintain the current strength of its liquidity profile in concert
with an improvement in realizable coal prices for Kideco.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Indika is an Indonesian integrated energy group listed on
Indonesia's Stock Exchange. Through a number of acquisitions,
Indika has positioned itself as an integrated energy group with a
focus on energy resources (primarily trhough 46% interest in
Kedeco), energy services (primarily through wholly owned Tripatra
and 69.8% stake in Petrosea) and energy infrastructure (primarily
through its 51% stake in MBSS).



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


SKYMARK AIRLINES: Pays JPY3BB in Landing Fees at Haneda Airport
---------------------------------------------------------------
Jiji Press reports that Skymark Airlines has paid the government
some JPY3 billion in overdue landing fees at Tokyo International
Airport at Haneda and other state-managed airports.

According to Jiji Press, sources said Skymark believes it
necessary to keep its takeoff and landing slots at Haneda in order
to ensure its business reconstruction because Haneda-linked
flights are a key revenue source for the carrier.

Skymark filed for bankruptcy protection with the Tokyo District
Court under the civil rehabilitation law on Jan. 28. Under the
rehabilitation process, claims that arose before the bankruptcy
filing are reduced in principle.

Jiji Press relates that the sources said the court, however, has
allowed Skymark to pay the landing fees in full since the airline
needs to maintain Haneda slots in order to continue its
operations.

The JPY3 billion in question that was overdue as of Jan. 28 also
included landing fees at New Chitose Airport in Hokkaido and Naha
Airport in Okinawa, according to the sources, Jiji Press relates.

Claims totaling over JPY300 billion are estimated to have been
filed with the court against Skymark, the report notes.

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


U FLY EXTREM: Closes Doors After CAA Suspends License
-----------------------------------------------------
Alastair Paulin at The Nelson Mail reports that Motueka aviation
company U Fly Extreme, which offered clients the chance to do
acrobatics in a Pitt Special biplane, has ceased operating after
the Civil Aviation Authority suspended the owner's licence to
instruct.

The report says that the key issue behind the suspension is
believed to be that the CAA regards U Fly Extreme to be operating
as a tourism aviation business rather than a pilot instruction
business.

The Nelson Mail relates that in response to questions about the
suspension, the CAA would say only that "issues relating to U Fly
Extreme's operation are under active investigation and while that
continues we are not in a position to discuss this matter".

"Suffice to say that when the CAA does require the suspension of
an operator's aviation documents, there are very serious and sound
reasons."

According to the report, the doors of the Motueka Aerodrome
business are closed, its website appears to be down, and owners
Vincent and Alison D'Ath have refused to comment on the record.

Their daughter Jessica D'Ath has written about the closure in a
blog post that has been sent to many media organizations, the
report says.

In it, she alleged that staff from CAA posed as tourists
interested in going for a flight at U Fly Extreme in early March
and after a pre-flight briefing, "declared the long-running and
very successful business to be operating illegally," the report
relays.

"They claim that U Fly Extreme does not offer instructional
flights, and therefore cannot fly under its current flight
training licence. Just like that, the red tape has gone up. The
bureaucrats have struck once more and another gem in the crown of
New Zealand entrepreneurialism will be destroyed. A hardworking
couple will have their lives pulled out from under them in their
mid-50s, and will have to start again," Ms. D'Ath said in her Blog
post, The Nelson Mail relays.

The report notes that the company had been operating for at least
11 years and received a big promotional boost in 2013 when they
hosted Hobbit star James Nesbitt for a flight in May.  Mr. Nesbitt
was filming the documentary River Deep, Mountain High: James
Nesbitt in New Zealand, which aired on ITV in Britain on Christmas
Day just before the Queen's Christmas message, says The Nelson
Mail.

U Fly Extreme was the only place in New Zealand and one of the few
in the world where non-pilots could take the controls of an open-
cockpit Pitt Special stunt bi-plane, secure in the knowledge they
had an experienced aerobatic pilot with his hands hovering above
the joystick in the seat behind, The Nelson Mail reports.



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


GLOBAL LIFE: Cathay Buys Two Insolvent Insurers For NT$30.3BB
-------------------------------------------------------------
Amy Su at Taipei Times reports that Cathay Life Insurance Co Ltd
on March 23 won the auction for insolvent Global Life Insurance Co
and Singfor Life Insurance Co, with a lower-than-expected bid for
compensation of NT$30.3 billion (US$961.8 million), the Financial
Supervisory Commission (FSC) said.

The life insurance arm of Cathay Financial Holding Co beat three
other bidders, the report says.  The commission did not specify
their identity, but Fubon Life Insurance Co is rumored to be one
of them, according to Taipei Times.

According to the report, Cathay Life will take over the assets,
liabilities and operations of the two companies, with the semi-
official Taiwan Insurance Guaranty Fund offering compensation
totaling NT$30.3 billion for its takeover of the two insurers,
including NT$8 billion in reserve assets.

"The request for a NT$30.3 billion subsidy from TIGF was
surprisingly lower than market expectations of NT$60 billion. It
is a fair deal for the government," FSC Chairman William Tseng
told a press conference after the auction, Taipei Times relates.
The report adds that Mr. Tseng attributed the bid's success to the
government's right strategy, including timing, increased
transparency and offering administrative forbearance to raise the
incentives for potential bidders.

Mr. Tseng said TIGF would arrange a syndicated loan to pay for the
total compensation, Taipei Times relates.

According to Taipei Times, Mr. Tseng said within three years, TIGF
is to pay off the NT$30.3 billion loan, along with a remaining
debt of NT$26.3 billion for subsidizing Transglobe Life Insurance
Inc's takeover of ailing Kuo Hua Life Insurance Co.

Mr. Tseng called the successful auction of Global Life and Singfor
Life a "milestone" for the nation's insurance sector, saying he
expected it to be the last time the government has to use public
funds to save a problematic insurer, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2014, The China Post said Financial Supervisory
Commission (FSC) Chairman Tseng Ming-chung on August 12 announced
that the commission has ordered the Taiwan Insurance Guaranty Fund
to take over two troubled insurance carriers, namely
Global Life Insurance Co. and Singfor Life Insurance Co.  Mr.
Tseng emphasized that the move is designed to ensure that the two
companies will be able to meet all obligations to their clients
and preserve the interests of all affected policyholders and
employees.  According to the report, FSC findings indicate that
the two companies' financial conditions have been deteriorating
rapidly since 2005, and have been lacking progress toward
improvement.



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


* Moody's Says Strong US$ Creates Pressures in Some Countries
-------------------------------------------------------------
The strengthening US dollar has created external pressures in some
countries, as reflected in weakened currencies and declining
foreign exchange reserves, Moody's Investors Service says in
research.  To the extent that these pressures reflect capital
outflows or significantly lower inflows, they hurt countries with
large external funding needs.

Moody's report, entitled "US Dollar Strength Hurts Countries with
Large External Financing Needs", is an update to the markets and
does not constitute a rating action.

"The anticipated rise in US interest rates and subdued growth
prospects for some countries are making investment in these
markets less attractive," says Marie Diron, Senior Vice President
and co-author of the report.

Moody's report says the current pressure is on a similar scale to
mid-2013 when financial markets adjusted to the possibility of
tighter US monetary policy.

For countries with large pending external debt payments -- such as
Malaysia, Turkey and Chile -- marked depreciations of their
exchange rates make it more expensive for corporations to service
foreign currency debt. It could also crimp the willingness of
foreign creditors to refinance local currency external debt.

In addition, countries with large current account deficits, such
as Turkey and South Africa, are vulnerable to external pressures
because they may find it more difficult to finance their deficits.

Moreover, for some countries, falling commodity prices weigh on
export revenues, lowering current account surpluses or increasing
deficits. Chile, Colombia, Malaysia and Peru are among the
commodity exporters that have faced external pressures.

In Brazil, Colombia and Mexico, central banks have preserved
foreign exchange reserves and allowed the value of their
respective currency to depreciate.  However, in Malaysia and
Chile, central banks have used their reserves to try to stop even
larger depreciations.

"The erosion of reserves buffers is credit negative for
sovereigns," adds Ms. Diron, "most particularly in countries where
reserves are relatively low in relation to forthcoming external
debt repayments."

By contrast, foreign exchange reserves in India and Indonesia have
risen and their nominal effective exchange rates have not
depreciated as significantly as elsewhere. In both cases, current
account balances have improved since 2013 and capital flows have
accelerated in anticipation of policy reforms following political
transitions in 2014, bucking the general emerging market trend of
lower capital inflows.

However, Indonesia's higher exposure to lower global commodity
prices and greater reliance on foreign financing has resulted in
some exchange rate depreciation in recent weeks. In India's case,
improving growth prospects have drawn significant equity capital
inflows and the risk to its external position lies in growth or
policy disappointment over coming months leading to outflows.



                             *********

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.



                 *** End of Transmission ***