TCRAP_Public/150410.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

           Friday, April 10, 2015, Vol. 18, No. 070


                            Headlines


A U S T R A L I A

C.B.D. MAINTENANCE: Creditors' Meeting Set For April 16
COFFS HARBOUR: First Creditors' Meeting Set For April 16
PARVA INVESTMENTS: First Creditors' Meeting Set For Apr. 16
STEEN CONSTRUCTIONS: Creditors' Meeting Slated For April 17


C H I N A

CHINA AOYUAN: Placement of USD Notes No Impact on Moody's B2 CFR


I N D I A

AADITYA KRAFT: CRISIL Assigns B Rating to INR140MM Term Loan
ARIYANAYAKI AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
ARUPPUKOTTAI SHRI: ICRA Reaffirms B Rating on INR20cr FB Loan
ATLANTIC SHIPPING: CRISIL Reaffirms B+ Rating on INR130MM Loan
BAFNA HOSPITAL: CRISIL Reaffirms D Rating on INR480MM Term Loan

BALAGANAPATHI AGRO: CRISIL Assigns B Rating to INR60MM LT Loan
CYBERABAD EXPRESSWAYS: CRISIL Reaffirms D Rating on INR3.7BB Loan
DEVICOLAM DISTILLERIES: CRISIL Puts B- Rating on INR48MM Loan
DIGIFLIC CONTROLS: ICRA Assigns 'SP 3D' Grading
DUNAR FOODS: CRISIL Suspends D Rating on INR2.15BB Cash Credit

ELLUME SOLAR: ICRA Assigns SP 4D Grading on Weak Fin'l Strength
GOURANGA COLD: CRISIL Ups Rating on INR82MM Cash Loan to B-
GURU NANAK: CRISIL Assigns B- Rating to INR90MM Cash Credit
HARIOM FLEXIPACK: ICRA Reaffirms B Rating on INR4.55cr Term Loan
HEMKUNT RICE: CRISIL Assigns B+ Rating to INR50MM Cash Credit

JNK INDIA: ICRA Suspends B+ Rating on INR2cr Capital Loan
K.G. INDUSTRIES: CRISIL Rates INR185M Loan B on Weak Risk Profile
K. K. FIBERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
K.R. PADMANABHAN: CRISIL Assigns B Rating to INR50MM Cash Loan
KAIZEN INDUSTRIES: CRISIL Assigns B+ Rating to INR45MM Cash Loan

KNIGHT QUEEN: CRISIL Assigns B+ Rating to INR56.2MM Cash Loan
KRIFOR INDUSTRIES: ICRA Reaffirms B Rating on INR34.4cr Term Loan
KSL CONSTRUCTION: ICRA Suspends D Rating on INR15cr Bank Loan
M. K. STONE: CRISIL Ups Rating on INR20MM Cash Loan to B-
M. M. RICELAND: CRISIL Rates INR39.5MM Cash Loan at B

MAA BAMESWARI: ICRA Reaffirms B Rating on INR1.31cr Term Loan
MAHADEV YARN: CRISIL Assigns B+ Rating to INR121.2MM LT Loan
MEGADIMENSION INFRA: CRISIL Rates INR80MM LT Bank Loan at B+
METRO CITY: ICRA Ups Rating on INR7.75cr Cash Loan to B
NAVIYA TECHNOLOGIES: ICRA Assigns SP 3D Grading

NIHAR COTSPIN: CRISIL Assigns B Rating to INR50MM Term Loan
P. SRI: CRISIL Assigns B Rating to INR100MM Cash Credit
PRANALI CEMENT: ICRA Suspends B- Rating on INR11cr Term Loan
PRESSURE VESSELS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
PROTEX CERAMIC: CRISIL Assigns B+ Rating to INR42.5MM LT Loan

RIGA CERAMICA: CRISIL Assigns B+ Rating to INR59.8MM Term Loan
RLJ INFRACEMENT: CRISIL Reaffirms B Rating on INR98.8MM Loan
S. D. GURAV: CRISIL Assigns D Rating to INR60MM Overdraft Loan
SHREE HANUMAN: CRISIL Assigns B Rating to INR60MM Cash Loan
SHRI THANGAM: CRISIL Keeps B Rating on INR80MM LT Loan

SINGER IMPEX: CRISIL Assigns B+ Rating to INR55MM Cash Credit
SKY INDIA: ICRA Assigns D Rating to INR11cr Letter of Credit
SRI SAI: ICRA Cuts to D Then Suspends Rating on INR11cr Loan
SVSVS PROJECTS: CRISIL Suspends B+ Rating on INR25MM Cash Loan
TIRUPATI BALAJI: CRISIL Assigns B Rating to INR85MM Term Loan

TREZEROIL AGROTECH: CRISIL Assigns D Rating to INR65MM Cash Loan


M A L A Y S I A

1MALAYSIA: Prokhas to Help Firm With Cashflow Troubles


S I N G A P O R E

AVAGO TECHNOLOGIES: Fitch Affirms 'BB+' IDR; Outlook Stable


S O U T H  K O R E A

* SOUTH KOREA: Puts 41 Conglomerates Under Watch


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


C.B.D. MAINTENANCE: Creditors' Meeting Set For April 16
-------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Administrators of C.B.D. Maintenance Services Pty Ltd
on April 2, 2015.

A meeting of creditors will be held at 10:30 a.m. on April 16,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


COFFS HARBOUR: First Creditors' Meeting Set For April 16
--------------------------------------------------------
David Morgan and Morgan Chubb of Clout & Associates were appointed
as administrators of Coffs Harbour Catholic Recreation & Sporting
Club Limited, formerly Trading As Club Coffs on West High, on
April 2, 2015.

A first meeting of the creditors of the Company will be held at
Novatel Pacific Bay Resort, Cnr Bay Drive & Pacific Highway, on
Coffs Harbour, on April 16, 2015, at 11:00 a.m.


PARVA INVESTMENTS: First Creditors' Meeting Set For Apr. 16
-----------------------------------------------------------
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Parva Investments Pty Ltd, trading
as Autobarn Ballarat, on April 7, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn
East, on April 16, 2015, at 10:00 a.m.


STEEN CONSTRUCTIONS: Creditors' Meeting Slated For April 17
-----------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed
Joint and Several Liquidators of Steen Constructions Pty Ltd on
April 7, 2015.

A meeting of creditors will be held at 10:30am on April 17, 2015,
at Clifton Hall, Level 3, 431 King William Street, Adelaide.



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


CHINA AOYUAN: Placement of USD Notes No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Aoyuan Property Group
Limited's private placement of notes totaling USD100 million will
not immediately impact its B2 corporate family rating or B3 senior
unsecured bond rating.

On April 1, 2015, China Aoyuan announced that it had entered into
a purchase agreement with Harbor Sure (HK) Investments Limited
(unrated) -- a subsidiary of ABC International Holdings Limited
(unrated) -- to issue USD100 million notes due 2018 at 9.25%.

"The notes will improve China Aoyuan's liquidity profile and
lengthen the average tenure of its debt portfolio, because a large
portion of the proceeds will be used for debt refinancing," says
Fiona Kwok, a Moody's Analyst.

China Aoyuan's cash on hand, inclusive of unrestricted cash, of
RMB5.9 billion at end-2014, together with the notes totaling
USD100 million (RMB620 million), and its operating cash flow over
the next 12 months will be sufficient to cover its short-term debt
of RMB4.5 billion and unpaid land purchases of RMB2.0 billion,
including the site in Australia acquired in March 2015.

Its cash to short-term debt was at 1.3x at end-2014.

Besides, because a portion of the proceeds will be used to
refinance offshore debt secured by onshore deposits, onshore
deposits will be released to supplement the unrestricted cash
position of RMB2 billion at end-2014.

In addition, the issuance can help lower the company's short-term
debt level and improve its debt maturity profile.

At end-2014, China Aoyuan's short-term debt to gross debt was
high, at 39%.

Overall, China Aoyuan's 2014 results were in line with Moody's
expectations. Its adjusted EBITDA/interest and revenue/adjusted
debt were around 1.1x and 52% respectively at end-2014.

Moody's expects China Aoyuan's revenue to rise in 2015, supported
by its contracted sales of RMB10-RMB12 billion over the last two
years from RMB5.3 billion during 2012.

Consequently, while the company's debt levels will rise to fund
its expansion, Moody's expects that China Aoyuan's credit metrics
will remain stable. In particular, its EBITDA/interest and
revenue/adjusted debt should stay at around 1.1x-1.2x and 50%-55%
respectively. Such results position the company at its B2 rating
level.

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen.

As of December 31, 2014, the company had 45 projects in seven
provinces, including Guangdong Province and Chongqing city, with a
total land bank of 12.31 million square meters of gross floor
area.



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


AADITYA KRAFT: CRISIL Assigns B Rating to INR140MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aaditya Kraft & Papers Private Limited.


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B/Stable
   Term Loan            140        CRISIL B/Stable

The rating reflects AKPPL's exposure to risks related to
implementation of its ongoing project of setting up a kraft paper
unit. The rating also factors in AKPPL's start-up phase and
expected small scale of operations in the highly fragmented and
intensely competitive industrial paper segment. These rating
weaknesses are partially offset by the entrepreneurial experience
of the promoters and their funding support.

Outlook: Stable

CRISIL believes that AKPPL will benefit over the medium term, from
the promoters' entrepreneurial experience and funding support. The
outlook may be revised to 'Positive' if the company completes the
project within the stipulated time and cost, and generates strong
revenue and profitability, resulting in sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if delay in
completion of project and stabilisation of operations leads to low
revenue and profitability; or if large working capital
requirements or debt-funded capital expenditure (capex) weakens
AKPPL's financial risk profile, particularly liquidity.

AKPPL, incorporated in 2012 by Mr. Bibekananda Behara and family,
manufactures kraft paper. The company's manufacturing facility is
located in the outskirts of Cuttack (Orissa); it is expected to
commence commercial production from January 2016.


ARIYANAYAKI AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Ariyanayaki Agro Foods International (AAFI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Cash
   Credit Limit          10         CRISIL B+/Stable
   Long Term Loan        12.7       CRISIL B+/Stable
   Cash Credit           70.0       CRISIL B+/Stable
   Key Cash Credit        7.3       CRISIL B+/Stable

The rating reflects AAFI's weak financial risk profile, marked by
modest net worth and weak debt protection metrics, modest scale of
operations, and exposure to intense competition in the rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of AAFI's promoter in the rice milling
business.

Outlook: Stable

CRISIL believes that AAFI will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and operating profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AAFI undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 1995 as a proprietorship firm, AAFI is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk.  The firm is promoted by Mr. K. Sivaprakasam and is
based out of Pallathur (Tamil Nadu).

AAFI reported a profit after tax (PAT) of INR1.0 million on net
sales of INR 254.7 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR187.5 million for 2012-13.


ARUPPUKOTTAI SHRI: ICRA Reaffirms B Rating on INR20cr FB Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B outstanding
on the INR11.27 crore (revised from INR17.97 crore) term loans,
the INR20.00 crore fund based facilities and the INR6.7 crore
proposed facilities of Aruppukottai Shri Ramalinga Spinners
Private Limited. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 outstanding on the INR1.84 crore non-fund based
facilities of the Company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term: Term loans     11.27      [ICRA]B/re-affirmed

   Long-term: Fund based
   Facilities                20.00      [ICRA]B/re-affirmed

   Long-term: Proposed
   facilities                 6.70      [ICRA]B/re-affirmed

   Short-term: Non-fund
   based facilities           1.84      [ICRA]A4/re-affirmed

The rating action takes into consideration the promoter's
significant experience in the spinning industry and the continuous
financial support extended by the group company, Shri Ramalinga
Mills Limited (rated [ICRA]BB (stable)/[ICRA]A4+). In 2013-14, the
promoters had infused equity to the tune of INR3.0 crore which
aided in shoring up the net worth position; however, the capital
structure continues to be weak with gearing remaining high at 9.2
times as on March 31, 2014, and the coverage indicators remain
stretched. The Company's revenues and profitability are exposed to
volatility in cotton and yarn prices, and fluctuations in forex
rates. The ratings are further constrained by the limited scale of
operations, restricting its financial flexibility and price
competitiveness, given the highly fragmented structure of the
domestic spinning industry. Amid a sluggish demand scenario in the
current fiscal resulting in a sharp decline in yarn prices, the
Company's ability to protect its profit margins and generate
healthy cash flows becomes the key rating sensitivity.

Aruppukottai Shri Ramalinga Spinners Private Limited, was
incorporated as a private limited Company in June 1999 with an
object of establishing spinning and textile mills.

ASRSPL was a wholly owned subsidiary of Shri Ramalinga Mills
Limited; however, with the change in share holdings in 2013-14,
the Company is currently being held by the promoters. The Company
commenced its production in November 2003 and currently operates
as a cotton spinning unit in Aruppukottai, Tamil Nadu with an
installed capacity of 69,312 spindles.

Recent Results
The Company reported a net profit of INR4.1 crore on an operating
income of INR96.6 crore in 2013-14, as against a net loss of
INR0.04 crore on an operating income of INR91.7 crore in 2012-13.


ATLANTIC SHIPPING: CRISIL Reaffirms B+ Rating on INR130MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atlantic Shipping Pvt
Ltd (ASPL) continue to reflect ASPL's below-average financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics, and the company's susceptibility to economic
downturns. These rating weaknesses are partially offset by ASPL's
established market position in the port agency services business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     10        CRISIL B+/Stable (Reaffirmed)
   Term Loan             130        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPL's financial risk profile will remain
weak over the medium term, constrained by its weak capital
structure. The outlook may be revised to 'Positive' if ASPL's
capital structure improves, most likely driven by substantial
equity infusion by its promoter, or sustained increase in
profitability and accretion to reserves. Conversely, the outlook
may be revised to 'Negative' in case of stretch in ASPL's working
capital cycle, or more-than-expected funding support to associate
concerns, or large debt-funded capital expenditure.

Update
ASPL started catering to offshore segment in 2013-14, which gained
momentum in 2014-15 and has lead to increased revenues through the
year. The company's revenues are estimated to grow at a moderate
rate 10 per cent in 2014-15 (refers to financial year, April 1 to
March 31) to around INR 270 million driven by increased business
from offshore segment, which is expected to be sustainable through
2015-16. The change in revenue mix has also contributed to
increase in profitability and accruals generated by the company;
CRISIL expects that ASPL's accruals will remain in the INR25-35
million range over the near-term.

ASPL's gearing expected to be about 3.5-4 times as on March 31,
2015. This is higher than CRISIL's previous expectations as the
capital expenditure (capex) for office space, incurred by the
company in 2013-14, was higher than expected. However, there has
been infusion of unsecured loans (treated as neither debt nor
equity by CRISIL) to support the capex which CRISIL believes will
remain in the business over medium term. The gearing is expected
to improve going forward supported by absence of any debt funded
capex plans and steady accretion to reserves over the medium term.

The company's liquidity remains stretched, on account of its long
working capital cycle. Its debtor cycle remains stretched, which
has led to consistently high utilization on bank limits. CRISIL
expects that the increase in accruals generated will partially
reduce the reliance on short-term debt; however, the company's
long debtor cycle is expected to drive its working capital
requirements over the medium term.

ASPL was established in 1985 by Mr. Shabbir Rangwala. The company
provides port agency services, such as customs clearance and
documentation, crew-related services, loading and unloading of
cargo, and other services to vessels reaching Indian ports. It
handles dry and liquid cargo.


BAFNA HOSPITAL: CRISIL Reaffirms D Rating on INR480MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bafna Hospital and
Orthopaedic Research Centre Pvt Ltd (Bafna) continue to reflect
instances of delay by the company in servicing the interest
payment on its term loan contracted to set up a 230-bed hospital
(at an estimated cost of INR760 million). The delay has been
caused by the company's weakening liquidity, following the delay
in completion of the new hospital.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             480        CRISIL D (Reaffirmed)

Bafna is susceptible to risks related to implementation and demand
offtake for its ongoing project, and its small scale of existing
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the healthcare delivery sector.

Bafna was incorporated in Indore (Madhya Pradesh) in 1999. The
company runs a 30-bed hospital for orthopaedic and trauma cases.


BALAGANAPATHI AGRO: CRISIL Assigns B Rating to INR60MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of M/s. Balaganapathi Agro Industries Private
Limited (BAIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Cash          5         CRISIL B/Stable
   Credit Limit
   Cash Credit           60         CRISIL B/Stable
   Long Term Loan        60         CRISIL B/Stable

The rating reflects BAIPL's weak financial risk profile, marked by
high gearing, small net worth, weak debt protection metrics, and
modest scale of operations in an intensely competitive rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of BAIPL's promoters in rice milling
industry.

Outlook: Stable

CRISIL believes that BAIPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company's revenues and
profitability increase substantially, leading to an improvement in
its financial risk profile, or in case of significant infusion of
capital, resulting in an improvement in BAIPL's capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes aggressive debt-funded expansions, or if its
revenues and profitability decline substantially leading to
weakening in its financial risk profile.

Incorporated in 2008, BAIPL is engaged in milling of raw and
parboiled rice in Nizamabad (Telangana). The company is promoted
by Mr. Vattikuti Rambabu and his family.

BAIPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR178.7 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR167.1 million for 2012-13.


CYBERABAD EXPRESSWAYS: CRISIL Reaffirms D Rating on INR3.7BB Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Cyberabad Expressways Ltd
(CEL) continues to reflect instances of delay by CEL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            3,760       CRISIL D (Reaffirmed)

CEL has a limited track record of timely receipt of annuities, and
is exposed to operations and maintenance-related risks associated
with highways. However, CEL benefits from the annuity nature of
its build, operate, and transfer (BOT) project.

CEL is a special-purpose vehicle (SPV), set up to design,
construct, develop, and maintain an 11.7-kilometre stretch of the
Kollur-Patancheru section of the eight-lane Hyderabad (Andhra
Pradesh) Outer Ring Road. The company has received provisional
completion certificate on March 2012. As per the concession
agreement, CEL will receive a semi-annual annuity of INR395
million from Hyderabad Growth Corridor Ltd until December 2022.
Gayatri Projects Ltd holds a 50 per cent equity stake in CEL,
while IL&FS Engineering & Construction Company and Terra Projects
Ltd hold 18 and 32 per cent, respectively.


DEVICOLAM DISTILLERIES: CRISIL Puts B- Rating on INR48MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of The Devicolam Distilleries Ltd (TDDL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Working
   Capital Facility     3.7         CRISIL B-/Stable
   Cash Credit         48.0         CRISIL B-/Stable
   Long Term Loan       8.3         CRISIL B-/Stable

The rating reflects TDDL's below-average financial risk profile.
The rating also factors in TDDL's modest scale of operations,
large working capital requirements,    and susceptibility to
regulatory risks in the Indian-made foreign liquor (IMFL) segment.
These rating weaknesses are partially offset by the extensive
industry experience of TDDL's promoters.

Outlook: Stable

CRISIL believes that TDDL will benefit over the medium term from
its promoters' extensive experience in the IMFL industry. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its operating profitability
or its working capital management, resulting in a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if any regulatory change adversely impacts the company's revenue
and margins or if the company undertakes a large debt-funded
capital expenditure programme or if its working capital cycle
lengthens, leading to deterioration in its financial risk profile.

TDDL, based in Ernakulam (Kerala), manufactures IMFL. The company
is promoted by Mr. Clint Martel Wilfred, Mr. Clive Melini Wilfred,
and Ms. Certina Roy Vayalat.

For 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, TDDL reported a profit after tax of INR0.32
million on a total revenue of INR369.91 million; for 2012-13, the
company reported a loss of INR15.09 million on a total revenue of
INR392.92 million.


DIGIFLIC CONTROLS: ICRA Assigns 'SP 3D' Grading
-----------------------------------------------
ICRA has assigned 'SP 3D' grading to Digiflic Controls (India)
Private Limited, indicating the 'Moderate Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid till 16th March 2017
after which it will be kept under surveillance

Grading Drivers

Strengths
Experienced track record of the promoters in operations and
marketing management in addition to technical competence in the
solar industry.

Service center network spread across the country with 33 centers
adding to O&M capabilities with additional dedicated service team.

Strong technical team of 44 members, most of them is having long
track record in related industry.

Established government clientele including department of
sericulture, Karnataka Forest Department, Karnataka Horticulture
Department etc.

Risk Factors
Relatively modest scale of operation of the firm

Large number of organized/ unorganized players indicating high
level of competition may lead to pressure on margins.

Moderate financial profile of the company indicated by moderate
gearing, reduced margins, and high TOL/TNW.

High working capital intensity on account of high debtor days.

SI Related Business - Moderate Performance Capability

Promoter Track Record: Mr. Subramani. P is the Chairman and
Managing Director of the company and is the majority shareholder
with 99.5% shareholding percentage. He has 9 years of experience
in the Solar systems industry in addition to experience in the
marketing of automated and hydraulics machines with a total
experience of 25 years. DCPL has moved into water purification
system manufacturing and it started operations in Solar PV segment
also. Ms. Kamal C.S is the director of the company and holds a
B.Com and ICWAI degree.

She holds a total experience of 15 years and leads the finance,
procurement and administration functions of the company.

Technical competence and adequacy of manpower: The major driving
force behind the business project of DCPL is the technical
knowledge base of the management and the manpower. The company
employs 44 employees with varied expertise in technical, marketing
and finance divisions.

Quality of suppliers and tie ups: The Company procures materials
like tubular batteries, SPV modules, cables, LED Luminary, PCB
Boards for the manufacturing of its products. The main
prerequisite for all the products being sourced is meeting the
necessary quality specifications. Major suppliers of DCPL
include Luminous Power Technology Pvt. Ltd., Vikram Solar Pvt.
Ltd., and HBL Power systems etc.

Customer and O&M Network: DCPL has projects spread across ventures
catering to governmental establishments to remote village
projects. The company has installed systems for several
educational institutions, hospitals, petrol pumps etc. Some of the
major customers are Karnataka Forest Department, Department of
Sericulture, State Bank of Mysore, Kudremukh Wildlife Division
etc. The company has a network of 33 dealers spread across
Karnataka, Andhra Pradesh, Maharashtra, Tamil Nadu, New Delhi,
Assam etc. In addition to this dealer chain the company has its
dedicated service personnel also adding to the service
capabilities.

Financial Strength - Weak

Revenues:
The company reported sales of INR13.22 crore as on FY14

Return on Capital Employed (RoCE): 31.51%
Total Outside Liabilities/Tangible Net worth: 3.61 times
Interest Coverage Ratio: 4.67 times
Net-Worth:
The company's net-worth is INR2.98 crore
Current Ratio: 1.21 times

Relationship with bankers:
Bankers have given a negative feedback. The account has been
irregular for last 4 months.

The overall financial profile of the company is Weak.


DUNAR FOODS: CRISIL Suspends D Rating on INR2.15BB Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dunar
Foods Ltd (Dunar).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bill Discounting           50        CRISIL D Suspended
   Cash Credit             2,155        CRISIL D Suspended
   Export Packing Credit   2,065        CRISIL D Suspended
   Packing Credit            230        CRISIL D Suspended
   Standby Line of Credit    200        CRISIL D Suspended
   Term Loan                 364.5      CRISIL D Suspended
   Warehouse Receipts      1,000        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Dunar with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Dunar is yet to
provide adequate information to enable CRISIL to assess Dunar's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Dunar was established as a partnership firm and reconstituted as a
private limited company in 1998, and then as a public limited
company in 2010-11 (refers to financial year, April 1 to
March 31). The company is managed by Mr. Surendar Gupta. Dunar
mills and processes basmati rice.


ELLUME SOLAR: ICRA Assigns SP 4D Grading on Weak Fin'l Strength
---------------------------------------------------------------
ICRA has assigned a 'SP 4D' grading to Ellume Solar Private
Limited (ESPL/the company), indicating 'Weak 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 the date of assignment of grading i.e.
till March 30, 2017 after which it will be kept under
surveillance.

Grading Drivers
Strengths

Strong parentage, with flagship company Hi-Fab Engineers Private
Limited commanding a reputed brand name in the mechanical
engineering sector

Promoters proven track record in solar thermal sector, with
installations in the range of 2 lakh LPD; experienced technical
team is in place for solar initiative

Risk Factors

Limited track record in solar PV space with installations done on
a pilot basis without recording any revenue in the PV domain till
date

Currently the pending order book consist only of 50kW order for
R&D purpose

Scaling up of business in PV domain remains the key

Order inflow and timely execution remains key for growth of solar
venture going forward

Loss making operations at present with negative net worth due to
limited installations

Fact Sheet
Year of Formation: 2010
Office Address:
Shree Building, 4th Floor, Shantilal Modi Road, Kandivali
(W) Mumbai 400 067

Shareholding Pattern :
Mr Rajendra Damania - 50%
Mrs. Jyoti Damania - 50%

Incorporated in 2010, Ellume Solar Private Limited is currently
engaged in the manufacture of solar water heaters and is planning
on venturing into the PV segment.

The company is already conducting research in the PV segment and
has come up with the product profile but is yet to launch them
formally. R&D installations has been done for ~36.5 kW consisting
of solar pumps and rooftop solar projects. Till date, the
company has installed solar water heaters to the extent of 2 lakh
LPD.


GOURANGA COLD: CRISIL Ups Rating on INR82MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Gouranga Cold Storage Pvt Ltd (GCSPL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3.0       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          82.0       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan            21.5       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects GCSPL's improved liquidity, leading to
timely servicing of debt over the past three months. In addition,
its cash accruals are expected to increase, driven by an
improvement in its business risk profile and supported by better
operating income and margin. The cash accruals are likely to be
sufficient to meet its debt obligations over the medium term.
CRISIL, however, believes that GDSPL's liquidity, though improved,
will remain constrained over the medium term because of modest
profitability and large working capital requirements.

The ratings reflect GCSPL's small scale of operations and below-
average financial risk profile; the ratings also factor in the
company's susceptibility to regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These rating weaknesses are partially offset by the benefits that
GCSPL derives from its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that GCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of increase in
GCSPL's cash accruals or infusion of capital by its promoters,
leading to improvement in the company's financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' in case of pressure on GCSPL's liquidity on account
of delays in repayment by farmers, considerably low cash accruals,
or significant debt-funded capital expenditure.

GCSPL, incorporated in 1987, provides cold-storage facility to
potato farmers and traders. The company is owned by the West
Bengal-based Dolui family, who has experience of two-and-a-half
decades in the same line of business. GCSPL's cold storage, with
capacity of about 42,960 tonnes divided into five chambers, is in
Paschim Medinipur (West Bengal). The average utilisation of the
company's storage capacity during 2011-12 (refers to financial
year, April 1 to March 31) was over 95 per cent.


GURU NANAK: CRISIL Assigns B- Rating to INR90MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Guru Nanak Cotton Factory (GNCF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL B-/Stable

The rating reflects GNCF's weak financial risk profile, marked by
a small net worth and weak debt protection metrics. The rating
also factors in the firm's small scale of operations in an
intensely competitive industry. These rating weaknesses are
partially offset by the extensive experience of GNCF's promoters
in agriculture-based industry and funding support received from
them.

Outlook: Stable

CRISIL believes that GNCF will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the firm's financial risk profile is expected to remain weak over
this period owing to its working-capital-intensive operations. The
outlook may be revised to 'Positive' if GNCF improves its
financial risk profile, driven by an improvement in its scale of
operations and hence in a substantial increase in its net cash
accruals, or a better working capital cycle. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly its liquidity, deteriorates further due to a
decline in its revenue and profitability.

GNCF is a partnership firm started by the Kumar family. It
manufactures cotton bales and rice. The cotton bales are sold to
spinning mills based in Punjab, whereas the rice is sold to
exporters based at Kandla port (Gujarat).


HARIOM FLEXIPACK: ICRA Reaffirms B Rating on INR4.55cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR8.05 crore long
term, fund based facility of Hariom Flexipack Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund
   Based-Cash Credit     3.50         [ICRA]B Reaffirmed

   Long term, Fund
   Based-Term Loan       4.55         [ICRA]B Reaffirmed

The reaffirmation of rating takes into consideration the long
standing experience of the promoters in plastic bags and flexible
packaging industry, well established customer relationships with
reputed FMCG companies providing sustainable repeat orders for the
firm. HFI has started exporting polycoated papers and soap
wrappers to geographies like Dubai and expected healthy increase
in the export business would provide geographical diversification
for the company. The rating is, however, constrained by the highly
leveraged capital structure with weak debt coverage indicators,
fragmented and highly competitive industry structure and small
scale of operations of the firm. Liquidity position of the company
also remains under pressure as reflected in high working capital
facility utilization.

Further, the ratings also factor in the susceptibility of the firm
to raw material price volatility which is a crude oil derivative.

Established in 2010, HFI is engaged in manufacturing of laminated
packaging material such as Printed Laminated Rolls, Pouches, Soap
Wrappers and Poly Coated Papers. The firm mainly caters to the
FMCG industry and the products manufactured by the firm find their
application in packaging of soaps, spices, grocery, wafers, and
food products etc. The manufacturing facility of the firm is
located in Kolhapur, Maharashtra. The firm is promoted by Mr.
Vijay Rohida and Mr. Sham Rohida. Rohida group is based out of
Kolhapur and has established track record in plastic bags and
flexible packaging business.


HEMKUNT RICE: CRISIL Assigns B+ Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Hemkunt Rice Mills Pvt Ltd (HRMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             40         CRISIL B+/Stable
   Cash Credit           50         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable

The rating reflects HRMPL's modest financial risk profile marked
by low net worth base and below average debt protection metrics.
The rating also factors in the moderate scale of operations of
HRMPL in an intensely competitive rice milling industry. These
rating weaknesses are partially offset by promoter's extensive
experience in rice industry and established regional presence of
HRMPL's brand.

Outlook: Stable

CRISIL believes that HRMPL will benefit over the medium term from
its promoter's extensive rice industry experience. The outlook may
be revised to 'Positive' if the company's scale of operations
improves substantially while maintaining profitability and
accruals or if the financial risk profile improves significantly
led by infusion of funds from promoters. Conversely, the outlook
may be revised to 'Negative' if the company undertakes large than
expected debt-funded expansions, or if its revenues and
profitability decline substantially leading to deterioration in
its liquidity and overall financial risk profile.

Incorporated in January 2005, and based out Hazaribagh (Jharkhand)
HRMPL is engaged in milling and processing of par boiled rice. It
has an installed paddy milling capacity of 20 TPH. HaritKranti ,
Swarna Supreme and AAA Gold are the some of products brand of the
company. The day to day activity is managed by its Directors --
MrManjeet Singh Kalra and MrSwaranpal Singh Kalra.


JNK INDIA: ICRA Suspends B+ Rating on INR2cr Capital Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.00 crore
working capital limits of JNK India Private Limited.

ICRA has also suspended [ICRA]A4 rating assigned to the INR6.00
crore non fund based limits of JNK India Private Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


K.G. INDUSTRIES: CRISIL Rates INR185M Loan B on Weak Risk Profile
-----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
K.G. Industries (KGI) continues to reflect KGI's weak financial
risk profile, marked by high gearing, a small net worth, and weak
debt protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           185        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable
   Term Loan              15        CRISIL B/Stable

The rating also factors in the firm's large working capital
requirements, small scale of operations, and exposure to risks
relating to regulatory changes, vagaries in the monsoon, and
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of KGI's promoters in
the rice processing industry.

Outlook: Stable

CRISIL believes that KGI's financial risk profile will remain weak
over the medium term because of its large working capital
requirements and small net worth. The outlook may be revised to
'Positive' if KGI's operating margin and scale of operations
increase considerably, while it manages its incremental working
capital requirements prudently leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's operating margin declines further, or if
it contracts large debt to fund capital expenditure.

KGI processes and sells basmati and parmal rice. Its facility in
Jalalabad (district Bhatinda, Punjab) has a milling and sorting
capacity of 8 tonnes per hour.

For 2013-14, KGI reported a book profit of INR3.1 million on net
sales of INR462.2 million, against a book profit of INR 0.6
million on net sales of INR389 million for 2012-13.


K. K. FIBERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of K.K. Fibers (KKF; part
of the KK group) continues to reflect the KK group's below-average
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL B+/Stable (Reaffirmed)
   Term Loan             13.1      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the group's modest scale of operations
with low operating profitability in the highly fragmented cotton
industry, and susceptibility to changes in government policies and
to volatility in cotton prices. These rating weaknesses are
partially offset by the extensive industry experience of the KK
group's promoters, and the funding support extended by them to the
group.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKF and KK Finecot Pvt Ltd (KKPL),
together referred to as the KK group. This is because both the
entities are engaged in the same business, are managed by common
promoters, and have operational linkages in the form of common
procurement.

Outlook: Stable

CRISIL believes that the KK group will continue to befnefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group's financial
risk profile, particularly its liquidity, improves significantly,
most likely because of significant cash accruals or infusion of
fresh capital by the promoters leading to improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of decline in KK group's profitability or increase in its
working capital requirements, leading to deterioration in its
financial risk profile, particularly its liquidity.

The KK group, based in Khargone (Madhya Pradesh), is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
is engaged in ginning and pressing of raw cotton and sale of
cotton seeds. It has an in-house oil mill for extracting oil from
cotton seeds. KKFL, incorporated in 2011-12, is also engaged in
cotton ginning and pressing of raw cotton.


K.R. PADMANABHAN: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of K.R. Padmanabhan and Sons (KRP; part of the KRP
group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B/Stable

The rating reflects the KRP group's modest scale of operations and
below-average financial risk profile, marked by high external
indebtedness. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the rice
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KRP and P. Sri Ramulu (PRS). This is
because both the entities, together referred to as the KRP group,
are engaged in the same business and have significant financial
fungibility.

Outlook: Stable

CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


KAIZEN INDUSTRIES: CRISIL Assigns B+ Rating to INR45MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaizen Industries.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit      10         CRISIL A4
   Bank Guarantee        15         CRISIL A4
   Cash Credit           45         CRISIL B+/Stable

The ratings reflect Kaizen Industries' small scale and working-
capital-intensive operations, and below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
firm's established position in the pre-fabricated steel structures
business, and its moderate order book.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR43.37 million, provided to Kaizen Industries by its partners
and their relatives, as neither debt nor equity. This is based on
a specific undertaking from the management stating that these
loans will not be withdrawn from the business over the next three
years.

Outlook: Stable

CRISIL believes that Kaizen Industries will continue to benefit
over the medium term from its established market position and its
moderate order book. The outlook may be revised to 'Positive' if
the firm scales up its operations and improves its customer
diversity, leading to strengthening of its business risk profile.
An increase in accruals or more efficient working capital
management, resulting in a better financial risk profile,
particularly liquidity, may also lead to a 'Positive' outlook.
Conversely, deterioration in Kaizen Industries' liquidity, on
account of low accruals, a stretch in its working capital cycle,
or large debt-funded capital expenditure, could drive a revision
in the outlook to 'Negative'.

Kaizen Industries, set up in 2004 by Kolkata-based Mr. Samik De
and Mr. Suarajit Dutta, manufactures pre-fabricated steel
structures for buildings and shelters, and polyvinyl chloride
compound granules for Bharat Sanchar Nigam Ltd.


KNIGHT QUEEN: CRISIL Assigns B+ Rating to INR56.2MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Knight Queen Industries Pvt Ltd (KQIPL;
part of the Anupam group).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan           16.7       CRISIL B+/Stable
   Inland/Import
   Letter of Credit     2.1       CRISIL A4
   Bank Guarantee       5         CRISIL A4
   Cash Credit         56.2       CRISIL B+/Stable

The ratings reflect the Anupam group's working-capital-intensive
and modest scale of operations. These rating weaknesses are offset
by the group's average financial risk profile marked by average
gearing and moderate net worth and the long-standing presence of
its promoters in the consumer durable industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AHA and its group company KQIPL. This
is because the two entities, together referred to herein as the
Anupam group share a common management, operations and marketing
network.

Outlook: Stable

CRISIL believes that Anupam group will maintain its business
profile over the medium term backed by established relationship
with its customers and suppliers. The outlook may be revised to
'Positive' in case of improvement in its working capital
management or an improvement in the group's capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial profile as a result of
higher-than-expected increase in working capital requirements or
decline in profitability as a result of significant price
volatility of raw material.

Set up in 1984, as a partnership firm, AHA manufactures hurricane
lantern, liquid petroleum gas (LPG) stove, kerosene-wick stove,
LPG geyser, pressure cooker, LED lamps. The group has its
manufacturing facility in Himachal Pradesh and sells its lantern
under the brand name 'Everyday'.

Set up in 1985-86, KQIPL manufactures mosquito repellents like
refills, mats, liquid vaporiser machine and coils. KQIPL also
manufactures LPG stove and pressure cookers. KQIPL sells its
repellent under the 'Knight Queen' brand and the remaining
products under the '3H' brand.


KRIFOR INDUSTRIES: ICRA Reaffirms B Rating on INR34.4cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and a short-
term rating of [ICRA]A4 to the fund based and non-fund based bank
facilities aggregating to INR54.40 crore of Krifor Industries
Private Limited.

                            Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Long Term - Term loans     34.40     [ICRA]B; reaffirmed

   Long Term - Cash Credits   20.00     [ICRA]B; reaffirmed

   Short Term- Import Letter (14.10)    [ICRA]A4; reaffirmed
   of Credit (FLC)

   Short Term- Letter of     (12.19)    [ICRA]A4; reaffirmed
   comfort for buyers
   credit

The ratings reaffirmation takes into consideration Krifor
Industries Private Limited's (KIPL's) limited track record of
operation with weak financial risk profile indicated by loss
incurred as well as highly leveraged capital structure. The
ratings are further constrained by the risks associated with the
availability of key raw materials, the threat from substitute
products and intensely competitive industry structure
characterized by the presence of a large number of players both in
the organized and unorganised segments.

The ratings however favorably factor in the healthy demand
indicators for particle boards, locational advantages derived by
the company by virtue of proximity to raw material suppliers and
major consumption centers as well as steady ramp up of
manufacturing activities during initial stage of
operations.

Krifor Industries Private Limited (KIPL) was incorporated in April
2012 with the objective of manufacturing particle boards from
sugar cane bagasse. Manufacturing operations of the company
initiated during March 2014. Mr. Sanjeev Dalmia, Mr. Mandeep
Bajaj, Mr. Chetandas Khatri and Mr. Jugal Bhutra are the key
management personnel of the company who look after overall
operations of the company. KIPL has nine other operational group
companies, seven of which are associated with the textile
industry. The particle board manufacturing unit in Surat under
KIPL is a step forward to further diversity in the operations of
the group.


KSL CONSTRUCTION: ICRA Suspends D Rating on INR15cr Bank Loan
-------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]D and short term
rating of [ICRA]D assigned to INR15.00 crore bank facilities of
KSL Construction Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


M. K. STONE: CRISIL Ups Rating on INR20MM Cash Loan to B-
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M. K. Stone (MK) to 'CRISIL B-/Stable' from 'CRISIL D'.

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

   Proposed Long Term     7        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             47        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects partial alleviation of pressure on
MK's liquidity following the restructuring of its debt. Under an
approved restructuring scheme, the firm's repayments have
ballooning maturity starting January 2015. The repayments since
January 2015 have been timely backed by improvement in liquidity,
driven by increasing sales and healthy operating profitability. MK
is likely to report net sales of around INR18.5 million for 2014-
15 (refers to financial year, April 1 to March 31). As 2015-16
will be the firm's first full year of operations following the
restructuring of its debt, CRISIL believes MK will report healthy
sales growth of 100 per cent year-on-year for the year. Besides,
the firm's operating margin is expected to improve and remain
around 30 per cent over the medium term.

The rating reflects MK's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
small scale of operations in the intensely competitive building
material sector. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters in the building
material industry.

Outlook: Stable

CRISIL believes that MK will, over the medium term, continue to
benefit from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, leading to
sizeable cash accruals, and improves its capital structure, driven
by shortening of its working capital cycle or equity infusion.
Conversely, the outlook may be revised to 'Negative' if MK's
liquidity weakens because of low offtake or a decline in
profitability or a stretch in the working capital cycle.

MK, set up in March 2011, manufactures aggregates (grit, metal,
and kapchi) which are used in the construction sector. The firm is
managed by its three partners: Mr. Mukesh Patel, Mr. Rajesh Patel,
and Mr. Jatin Patel.

MK reported a net loss of INR12.91 million on net sales of INR9.32
million for 2013-14.


M. M. RICELAND: CRISIL Rates INR39.5MM Cash Loan at B
-----------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of M. M. Riceland Private Limited (MRPL; formerly known
as M.M. Rice Mill), and has assigned its 'CRISIL B/Stable' rating
to the long-term facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          39.5       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan             1.8       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Warehouse Financing  27.9       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

CRISIL had, on December 7, 2014, suspended the ratings as MRPL had
not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

The rating reflects MRPL's small scale of operations with high
working capital intensity, and below-average financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the proprietors' extensive experience in, and healthy growth
prospects for, the rice industry.

Outlook: Stable

CRISIL believes that MRPL will continue to benefit over the medium
term from its proprietors' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the firm's financial risk profile, driven most
likely by sizeable cash accruals or capital infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of considerably low cash
accruals, or large working capital requirements, or a large, debt-
funded capital expenditure, exerting further pressure on MRPL's
liquidity.

Initially set up in 1998 as a partnership firm, MRPL was
reconstituted as a proprietorship concern under Mr. Surinder Pal
in 2011-12 (refers to financial year, April 1 to March 31). MRPL
mills basmati rice at its production facilities located at Malout
(Punjab).


MAA BAMESWARI: ICRA Reaffirms B Rating on INR1.31cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B to the
INR0.54 crore working capital loan and INR1.31 crore term loans of
Maa Bameswari Cold Storage Pvt. Ltd. ICRA has also re-affirmed the
short term rating of [ICRA]A4 to the INR3.72 crore seasonal cash
credit facility of MBCS.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Seasonal Cash Credit    3.72       [ICRA]A4 re-affirmed
   Working Capital Loan    0.54       [ICRA]B re-affirmed
   Term Loan               1.31       [ICRA]B re-affirmed

The ratings reaffirmation take into account MBCS's adverse capital
structure, depressed coverage indicators, high working capital
intensive nature of operations on account of upfront advances to
be extended to the farmers at the time of loading of potatoes,
which in turn keeps the gearing at a high level. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on increase in operating costs in a
timely manner, leading, in turn, to downward pressures on
profitability and MBCS's exposure to agro-climatic risks, with its
business performance being entirely dependent upon a single agro
commodity, i.e. potato. Further, ICRA notes that the loans
extended to farmers by MBCS may lead to delinquency, if potato
prices fall to a low level. The ratings also take cognizance of
the recent debt funded capacity expansion of MBCS which might lead
to stretched liquidity position in the short term due to high
debt-servicing obligations relative to expected net cash
accruals from operations.

The ratings, however, derive support from the long track record of
the promoters in the management of cold storages, and the
locational advantage of MBCS by way of presence of its cold
storage units in West Bengal, a state with large potato production
and the recent increase in rental by the State Government which is
likely to provide cushion to the profitability of the company in
the near to medium term.

Incorporated in 2005, MBCS is promoted by the Saha and the Shaw
family. It is located in the Hooghly district of West Bengal and
is primarily engaged in the business of storage and preservation
of potatoes. Currently, MBCS has an annual storage capacity of
19,300 tonne.

Recent Results
In FY14, MBCS reported a net loss of INR0.02 crore on the back of
an operating income (OI) of INR1.88 crore, as compared to a net
profit of INR0.01 crore on the back of an OI of INR1.62 crore in
FY13.


MAHADEV YARN: CRISIL Assigns B+ Rating to INR121.2MM LT Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Mahadev Yarn Pvt Ltd (MYPL).

                     Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan      121.2        CRISIL B+/Stable
   Bank Guarantee        5.0        CRISIL A4
   Cash Credit         100          CRISIL B+/Stable

The ratings reflect MYPL's below average financial risk profile
marked by modest net worth, high gearing and below average debt
protection metrics, and limited pricing flexibility due to
commodity nature of the products and intense competition in the
texturised yarn segment. Theses rating weaknesses are partially
offset by its promoters' extensive experience in the textile
industry.

Outlook: Stable

CRISIL believes MYPL will continue to benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' in case the company
generates more-than-expected cash accruals, because of sustained
improvement in revenue and profitability leading to better capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes any large debt-funded capital expenditure, or
its liquidity weakens because of sharp decline in profitability or
increase in working capital requirements.

Incorporated in 1991, MYPL is a Surat (Gujarat)-based company
promoted by the Mundra family. It manufactures polyester filament
yarns and textured yarns. MYPL's plant, located at Kharch in
Bharuch (Guajarat), has installed capacity 28 tonnes per day.


MEGADIMENSION INFRA: CRISIL Rates INR80MM LT Bank Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Megadimension Infra Pvt Ltd (MIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Long Term
   Bank Loan Facility     80        CRISIL B+/Stable

The rating reflects MIPL's exposure to risks related to project
implementation and offtake, and its susceptibility to inherent
risks and cyclical demand in the real estate sector in India.
These rating weaknesses are partially offset by the promoters'
extensive experience in the real estate sector.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from the promoters' extensive experience in the real estate
sector. The outlook may be revised to 'Positive' if the company's
business and financial risk profiles significantly improve, backed
by timely completion and healthy demand for its ongoing project,
leading to healthy cash accruals. Conversely, the outlook may be
revised to 'Negative' if MIPL's debt servicing ability
deteriorates because of time or cost overruns in the ongoing
project, or delays in receiving customer advances, constraining
its revenue and profitability.

MIPL was incorporated in 2012, and develops real estate. The
company is constructing a residential project in Lucknow (Uttar
Pradesh). MIPL is promoted by Mr. Shamim Khan and Mr. Haseen Khan.


METRO CITY: ICRA Ups Rating on INR7.75cr Cash Loan to B
-------------------------------------------------------
ICRA has upgraded the long term ratings assigned to the INR3.82
crore (reduced from INR5.00 crore) term loans and the INR7.75
crore cash credit facilities of Metro City Tiles Private Limited
from [ICRA]D to [ICRA]B. ICRA has also upgraded the short term
ratings assigned to the INR2.60 crore (enhanced from INR2.50
crore) non fund based facilities of MCTPL from [ICRA]D to
[ICRA]A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based-    7.75       Rating revised to
   Cash Credit Facility                [ICRA]B from
                                       [ICRA]D

   Long Term Fund Based-    3.82       Rating revised to
   Term Loans                          [ICRA]B from
                                       [ICRA]D

   Short Term Non-Fund      2.60       Rating revised to
   Based Limits                        [ICRA]A4 from [ICRA]D

The revision in ratings takes into account the regularizing of the
debt servicing by MTCPL in the recent months and healthy growth in
scale of operations in FY14 and current fiscal on account of the
shift in product profile, supported by increasing exports leading
to an improvement in profitability and cashflows of the company.
The ratings also factor in the extensive experience of the
promoters in the ceramic industry and locational advantage due to
presence of the company's plant in Morbi (Gujarat), India's
ceramic hub giving it easy access to raw material. The group
companies are also present in other tile segments, which supports
the marketing and sales of the company's products to
dealers/builders.

The ratings continue to remain constrained by MCTPL's moderate
scale of operations and its weak financial risk profile
characterized by low net margins, stressed liquidity, high gearing
levels and moderate coverage indicators albeit some improvements
in FY14 and current fiscal due to improved net profitability. The
ratings are further constrained by the vulnerability of
profitability to availability and increasing prices of gas (a
major source of fuel for tile manufacturers) as well as to the
cyclicality inherent in the real estate industry, which is the
main consuming sector and the intense competitive pressures owing
to the presence of a large number of organized as well as
unorganized players in the tiles industry.

Incorporated in the year 2007, Metro City Tiles Private Limited
(MCTPL) is involved in manufacturing of digital glazed vitrified
tiles with its plant situated at Morbi, Gujarat. The plant has an
installed capacity of 43,200 Metric Tonnes Per Annum (MTPA). MCTPL
currently manufactures glazed vitrified tiles of size 2 x 2 sq.
ft. and 2 x 4 sq. ft with the current set of machineries at its
production facility.

MCTPL is promoted by Mr. Dilip R. Patel and his family members.
The company is a part of Metro Group of Industries having presence
across floor tiles (Metro Ceramics), glazed vitrified tiles
(MCTPL), polished vitrified tiles and porcelain tiles (Metro World
Tiles Private Limited).

Recent Results

For the 2013-2014, MCTPL reported an operating income of INR32.34
crore and profit after tax of INR0.30 crore as against operating
income of INR18.35 crore and net losses of INR0.60 crore for the
financial year 2012-13. Further, during 9M FY 2015 (provisional
unaudited), MCTPL reported an operating income of INR43.59 crore
and profit after tax of INR1.22 crore.


NAVIYA TECHNOLOGIES: ICRA Assigns SP 3D Grading
-----------------------------------------------
ICRA has assigned a 'SP 3D' grading to Naviya Technologies,
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 March 30, 2015 after which it will be kept under
surveillance.

Grading Drivers
Strengths

Long track record of the firm's promoters in marketing of
batteries and other power equipments across various sectors like
power, telecom, pharma, IT etc

Established relationship with suppliers

Diversified revenue stream decreases reliance on any single
segment

Healthy order book position for FY 2016

Risk Factors

Limited experience as a system integrator in the solar power
industry

Small scale of operations at present

Low net worth position; however, firm has been sanctioned INR2.25
crore bank limits which would support its growth in operations
going forward

Ability of the firm to commission the off grid solar power plants
under

Decentralized Distributed Generation (DDG) scheme without time and
cost overruns remains crucial to ensure profitability margins,
given the fixed price nature of contracts

Fact Sheet

Year of Formation: 2011
Office Address:
117, Gundecha Industrial Estate, Next to Big Bazar, Akurli
Road, Kandivali (East), Mumbai 400101

Shareholding Pattern:
50% - Mr. Bala Kishore Bijinepally
50% - Mr. K.B. Umapathi
Naviya Technologies (NT) is a partnership firm incorporated in the
year 2011 by Mr. Bala Kishore Bijinepally and Mr. K.B. Umapathi.

The firm's promoters have industry experience of more than 15
years each in marketing of batteries and other electrical
equipments across various sectors like power, telecom, pharma, IT
etc. The firm is currently engaged in supply of batteries for
small off-grid solar power plants and industrial applications,
supply, installation and commissioning of solar pumps, heat pumps,
chillers, Diesel Generators etc. In the solar energy space, in
addition to supply of batteries to various off grid solar power
plants including projects under the Decentralized Distributed
Generation (DDG) scheme under the The Rajiv Gandhi Grameen
Vidyutikaran Yojana (RGGVY), the firm has also commissioned solar
pumps of 15 KW capacity in the state of Chhattisgarh.

Moreover, the firm has also been involved in installations of ~375
KW solar pumps and ~200 KW off grid solar power plants (under DDG
schemes) as a project manager. In Q4 FY 2015, the firm was
selected as the L1 bidder for executing DDG projects in 15
villages in the state of Karnataka involving setting up of solar
PV capacity of ~300 KW.

SI Related Business - Moderate Performance Capability

Solar capacity installed and promoter Track Record: The firm's
promoters have industry experience of more than 15 years each in
marketing of batteries and other electrical equipments across
various sectors like power, telecom, pharma, IT etc. In the solar
energy space, in addition to supply of batteries to various off
grid solar power plants including projects under the Decentralized
Distributed Generation (DDG) scheme under the The Rajiv Gandhi
Grameen Vidyutikaran Yojana (RGGVY), the firm has also
commissioned solar pumps of 15 KW capacity in the state of
Chhattisgarh. Moreover, the firm has also been involved in
installations of ~375 KW solar pumps and ~200 KW off grid solar
power plants (under DDG schemes) as a project manager. In Q4 FY
2015, the firm was selected as the L1 bidder for executing DDG
projects in 15 villages in the state of Karnataka involving
setting up of solar PV capacity of ~300 KW.

Technical competence and adequacy of manpower: Both the firm's
promoters have engineering backgrounds and have more than 15 years
of industry experience. Further, Mr. K. Dhanumjaya, who has an
industry experience of more than 25 years and has been closely
associated with the solar industry in India, is the mentor and
advisor to the firm's promoters. The firm currently has 11
employees on its payrolls of which 4 personnel are technical staff
involved in the firm's solar energy related activities, 1
technical personnel is involved in HVAC segment, 4 personnel are
involved in marketing activities and balance 2 are involved in the
administration and account functions. The firm executes the
installation works largely through 22 sub-contractors with whom
the firm's promoters have a long standing relationship. Given the
current scale of operations, the manpower strength of the firm
remains adequate.

Quality of suppliers and tie ups: In the solar energy space, the
firm has till date largely been involved in supplying solar
batteries and has also set up 5 solar pumps of aggregate capacity
15 KW. The firm sources the solar batteries primarily from NED
Energy Ltd which is a reputed player in the industry. Further,
the firm sources solar pumps from Kirloskar Brothers Ltd which is
also a large and reputed supplier. The feedback from the firm's
suppliers remains satisfactory.

Customer and O&M Network: In the solar energy space, till date the
firm has installed 5 solar pumps for individuals. Further, the
firm has undertaken solar pump installations and solar power plant
installations as a project manager for other companies. The
customers are satisfied with the work done by the firm. In
case of solar batteries, the firm has a product warranty from the
battery manufacturer which is extended to the customers. Further,
in case of solar pumps, while the components are covered by back
to back warranty from the manufacturers, the firm enters into an
Annual Maintenance Contract with the customers for a period of 5
years. The AMC charges are typically 5% - 7% of the
installation costs and cover unscheduled, on-call corrective
maintenance services as well as scheduled preventive maintenance
as per the terms of agreement with the customer.


NIHAR COTSPIN: CRISIL Assigns B Rating to INR50MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Nihar Cotspin Pvt Ltd (NCPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               50         CRISIL B/Stable
   Inland/Import Letter
   of Credit               10         CRISIL A4
   Overdraft Facility      25         CRISIL A4

The ratings reflect NCPL's nascent stage of operations along with
significant offtake risks, exposure to intense competition in the
textile industry, and the company's weak financial profile, marked
by modest net worth and high gearing. These rating weaknesses are
partially offset by the extensive experience of NCPL's promoter in
the textile industry.

Outlook: Stable

CRISIL believes that NCPL will continue to benefit over the medium
term from the extensive experience of its promoter in the textile
industry. The outlook may be revised to 'Positive' in case of
successful commissioning of its manufacturing unit, leading to
substantial accruals and improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenue or profitability, or sizeable
debt to fund working capital requirements, thereby impacting
NCPL's debt-servicing ability.

Incorporated in May 2013, NCPL is promoted by Mr. Chirag Thakkar.
The company is setting up a grey fabric manufacturing unit in
Bhiwandi (Maharashtra). NCPL also trades in grey fabric.


P. SRI: CRISIL Assigns B Rating to INR100MM Cash Credit
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of P. Sri Ramulu (PRS; part of the KRP group).

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

The rating reflects the KRP group's modest scale of operations and
below-average financial risk profile, marked by high external
indebtedness. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the rice
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of K.R. Padmanabhan and Sons (KRP) and
PRS. This is because both the entities, together referred to as
the KRP group, are engaged in the same business and have
significant financial fungibility.

Outlook: Stable

CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


PRANALI CEMENT: ICRA Suspends B- Rating on INR11cr Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to 11.00 crore
term loan and INR2.00 crore fund-based facility and [ICRA]A4
assigned to INR1.00 crore non-fund based facility of Pranali
Cement Pipes Pvt. Ltd.  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
   ----------        -----------     -------
   Term Loan             11.00       [ICRA]B- suspended
   Fund-based Limits      2.00       [ICRA]B- suspended

Incorporated in 2006-07, PCPPL is promoted by Mr. Indermal Jain
and is engaged in the manufacturing of concrete pipes up to 3,000
mm of diameter. The company began its commercial operations in
2011-12; however, the promoters have an experience of over three
decades in the concrete pipes business. The company's
manufacturing facility is located at Wada in Thane,
Maharashtra and has an installed capacity of around 100,000 metric
tonnes per annum (MTPA).


PRESSURE VESSELS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Pressure Vessels India (PVI).

                     Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             15        CRISIL B+/Stable
   Inland/Import Letter  12        CRISIL A4
   of Credit
   Bank Guarantee        44        CRISIL A4
   Cash Credit           50        CRISIL B+/Stable

The ratings reflect PVI's modest scale of and working-capital-
intensive operations in the fragmented engineering and capital
goods industry. The ratings also factor in the firm's below-
average financial risk profile, marked by its small net worth and
leveraged capital structure. These rating weaknesses are partially
offset by the extensive experience of PVI's promoters in the
engineering and capital goods industry and their established
relations with reputed customers.

Outlook: Stable

CRISIL believes that PVI will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm records a significant and
sustained improvement in its revenue while maintaining its
moderate profitability, leading to high cash accruals. Conversely,
the outlook may be revised to 'Negative' if PVI's financial risk
profile, particularly liquidity, weakens on account of low cash
accruals or a stretch in its working capital cycle or an
unanticipated debt-funded capital expenditure.

PVI, established in 1986, undertakes fabrication works for heavy
industrial equipment such as pressure vessels, heat exchangers,
distillation columns, and other allied equipment. PVI is a
partnership firm promoted by Mr. Shyam Joshi and Mrs. Vandana
Shyam Joshi, and its manufacturing facilities are located in Pune
(Maharashtra).


PROTEX CERAMIC: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Protex Ceramic Pvt Ltd (PCPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      2.5        CRISIL B+/Stable
   Bank Loan Facility
   Cash Credit            10.0        CRISIL B+/Stable
   Long Term Loan         42.5        CRISIL B+/Stable

The rating reflects PCPL's start-up nature and modest scale of
operations in the highly competitive sanitary ware industry, and
its average financial risk profile, marked by average gearing and
debt protection metrics. These rating weaknesses are partially
offset by the proximity of the company's manufacturing facilities
to raw material and labour resources and favorable demand for its
products.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from the favourable location of its plant. The outlook may be
revised to 'Positive' if the company ramps up its scale of
operations during its initial year of operations while registering
moderate profitability, thereby generating substantial cash
accruals, and efficiently manages its working capital
requirements. Conversely, the outlook maybe revised to 'Negative'
if PCPL's accruals are low, or its working capital requirements
are large during its initial phase of operations, resulting in
pressure on its liquidity.

Established in 2014, PCPL is based in Rajkot (Gujarat). The firm
manufactures sanitary ware at its unit in Wankaner. It began
commercial operations from January-2015.


RIGA CERAMICA: CRISIL Assigns B+ Rating to INR59.8MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Riga Ceramica Private Limited (RCPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            59.8        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     0.7       CRISIL B+/Stable
   Bank Guarantee        12.0       CRISIL A4
   Cash Credit           27.5       CRISIL B+/Stable

The ratings reflect the company's susceptibility to risks
associated with its ongoing project, and its expected large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of RCPL's promoters
in the ceramic industry, and the proximity of its manufacturing
facilities to sources of cheap raw material and labour.

Outlook: Stable

CRISIL believes that RCPL 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 stabilises
operations at its proposed plant on time, and reports substantial
revenue and profitability, leading to high cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company faces delays in commencement of its operations resulting
in cost over-runs, or generates lower than expected cash accruals
during the early stage of its operations, resulting in pressure on
its liquidity.

Incorporated in 2014, RCPL is based in Morbi, Gujarat. The company
is setting up a unit to manufacture digital wall tiles with an
installed capacity of 30,000 tonnes per annum. RCPL is likely to
commence its commercial operations from April 2015.


RLJ INFRACEMENT: CRISIL Reaffirms B Rating on INR98.8MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of RLJ
Infracement Pvt Ltd (RLJIPL) continues to reflect RLJIPL's
exposure to risks related to its nascent stage of operations in a
competitive industry, and its constrained financial risk profile
during its stabilisation phase. These rating weaknesses are
partially offset by the resourceful background of the company's
promoters and the strong funding support that it is expected to
receive from them.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           48        CRISIL B/Stable (Reaffirmed)
   Term Loan           98.8        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RLJIPL will continue to benefit over the
medium term from funding support from its promoters. The outlook
may be revised to 'Positive' if the company registers significant
improvement in its business and financial risk profiles, backed by
ramp-up in operations of its cement plant, leading to healthy and
sustainable cash accruals. Conversely, the outlook may be revised
to 'Negative' if RLIJPL faces delays in its project, and/or in
receiving funding, leading to depressed revenue and profitability,
and hence, to deterioration in its liquidity and debt servicing
ability.

RLJIPL is promoted by Mr. Sneh Jain, Mr. Rameshwar Singh, and Mr.
Manmohan Agrawal. The company manufactures cement at its facility
in Chunar, Mirzapur (Uttar Pradesh).


S. D. GURAV: CRISIL Assigns D Rating to INR60MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of S. D. Gurav (SDG).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/Overdraft    60        CRISIL D
   facility

The rating reflects SDG's overdrawn working capital limits for
more than 30 days, on account of weak liquidity. The weak
liquidity is on account of large working capital requirements. The
rating also reflects SDG's below average financial risk profile
marked by its weak capital structure. However, these rating
weaknesses are partially offset by SDG's promoters' extensive
industry experience.

Established in 1995 as a sole proprietor firm, SDG is a Belgaum
(Karnataka) based civil contractor & interior designer. The
company primarily undertakes construction of residential projects.

For 2013-14 (refers to financial year, April 1 to March 31), SDG
reported a profit after tax (PAT) of INR9.3 million on total
revenue of INR118.1 million against a PAT of INR3.4 million on
total revenue of INR63.97 million for 2012-13.


SHREE HANUMAN: CRISIL Assigns B Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Shree Hanuman Jee Modern Rice Mill Pvt. Ltd.
(SHMRMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable
   Term Loan             40        CRISIL B/Stable

The rating reflects SHMRMPL's exposure to risk related to
stabilization and demand of its rice mill and its working-capital-
intensive operations. These rating weaknesses are partially offset
by promoters' extensive experience in the rice milling industry
and stable demand for rice.

Outlook: Stable

CRISIL believes that SHMRMPL will benefit from the promoters'
extensive industry experience in rice milling business over the
medium term. The outlook may be revised to 'Positive' in case of
timely stabilization of operations at its manufacturing facility
resulting in more than expected revenue and accruals. Conversely,
the outlook may be revised to 'Negative' if SHMRMPL's financial
risk profile, particularly its liquidity, weakens, most likely
because of a considerable increase in its working capital
requirements, low cash accruals, or large debt-funded capital
expenditure.

Incorporated in 2009, SHMRMPL is into milling of par boiled rice
in Patna (Bihar). The day to day operations of the company is
being managed by Mr. Jamuna Prasad Gupta along with Mr. Sushil
Kumar and Mr. Manish Kumar, who have extensive experience in the
rice milling business.


SHRI THANGAM: CRISIL Keeps B Rating on INR80MM LT Loan
------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Thangam Spinners
India Pvt Ltd (STS) continue to reflect STS's below-average
financial risk profile, marked by high gearing. The ratings also
factor in the company's working-capital-intensive and small scale
of operations, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
experience of STS's promoters in the textile industry.


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B/Stable
   Letter of Credit      10        CRISIL A4
   Long Term Loan        80        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    35        CRISIL B/Stable

Outlook: Stable

CRISIL believes that STS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if significant ramp-up in
scale of operations and stable operating profitability lead to
sustainably stronger cash accruals and capital structure for STS,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues or profitability decline or there is
deterioration in working capital management, or any large capital
expenditure leading to weakening the company's financial risk
profile.

STS was set up as a partnership firm in 1995 and reconstituted as
a private limited company in 2008. The company manufactures cotton
yarn.


SINGER IMPEX: CRISIL Assigns B+ Rating to INR55MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Singer Impex (SI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           55         CRISIL B+/Stable

The rating reflects SI's modest scale of operations in the highly
competitive embroidery industry, and low operating margin inherent
in the trading nature of business. These rating weaknesses are
partially offset by the promoters' extensive experience in the
embroidery industry.

Outlook: Stable

CRISIL believes that SI will benefit from its promoters' long-
standing experience in the embroidery industry. The outlook may be
revised to 'Positive' in case of significant increase in revenue
and profitability leading to substantial increase in accruals.
Conversely, the outlook may be revised to 'Negative' if SI's
financial risk profile weakens, because of lower profitability or
revenue, or large external indebtedness or a stretch in its
working capital cycle.

SI, set up in 2010, is promoted by Surat (Gujarat)-based Mr. Ankur
Narang. The firm trades various types of embroidery needles and
embroidery spare parts used in garment industry. SI is the
authorised Indian distributor/supplier of products of TOYO brand
from China.


SKY INDIA: ICRA Assigns D Rating to INR11cr Letter of Credit
------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR14.50 crore bank
limits of Sky India Metals Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund Based     3.50       [ICRA]D Assigned
   Limit-Cash Credit

   Short Term Non Fund     11.00       [ICRA]D Assigned
   Based Limit-Bank
   Guarantee/Letter of
   credit

The assigned rating takes into account the stretched liquidity
profile of SIMPL as reflected by multiple instances of devolvement
of letter of credit (LC) and over-utilization of bank limits in
recent months.

The rating is also constrained by company's moderate scale of
operations in a highly fragmented industry with low entry barriers
resulting in intense competition. Moreover, the rating is further
affected by high inventory levels entailing high working capital
intensity, which amplify the company's exposure to volatility in
metal scrap prices. ICRA further notes that the company is exposed
to foreign exchange fluctuation risks in the absence of natural
hedge and a company hedging mechanism.

The rating, however, factors in the long experience of the key
management in the iron and steel trading business and the
moderately diversified customer base, which mitigates client
concentration risk to certain extent. ICRA also notes the
significant growth in operating income in 2013-14 supported
by increase in volumes and sales realization.

Ability of the company to regularize its debt obligations and
manage its working capital effectively will be the key rating
sensitivities.

Sky India Metals Private Limited (SIMPL) was incorporated in
February 2006 and is engaged in trading of ferrous & non ferrous
scraps. The company has its registered office at Mumbai and a
warehousing facility in Mumbra, (Thane district, Maharashtra).

Recent results

During the financial year 2013-14, SIMPL registered a net profit
of INR0.18 crore on an operating income of INR47.47 crore.


SRI SAI: ICRA Cuts to D Then Suspends Rating on INR11cr Loan
------------------------------------------------------------
ICRA has revised the long term assigned to INR15.00 crore fund
based limits of Sri Sai Basava Taraka Rama Oils Private Limited
from [ICRA] B to [ICRA] D and has simultaneously suspended the
rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            11.00        Revised from [ICRA] B
                                     to [ICRA] D and
                                     simultaneously suspended

   Unallocated           4.00        Revised from [ICRA] B
                                     to [ICRA] D and
                                     simultaneously suspended

The revision in rating takes into account delays in payment of
interest on term loans by the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.


SVSVS PROJECTS: CRISIL Suspends B+ Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Svsvs Projects Private Limited (SVSVS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       150        CRISIL A4 Suspended
   Cash Credit           25        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
SVSVS with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVSVS is yet to
provide adequate information to enable CRISIL to assess SVSVS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2007, SVSVS undertakes construction of roads,
bridges, dams, buildings, and irrigation works. The company is a
special class contractor registered with the Public Works
Department of Andhra Pradesh and the Andhra Pradesh Roads and
Buildings Department. SVSVS is promoted by Mr. V Rama Mohan Rao
and his family.


TIRUPATI BALAJI: CRISIL Assigns B Rating to INR85MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Tirupati Balaji Agri Foods (TBAF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           5         CRISIL B/Stable
   Term Loan            85         CRISIL B/Stable

The rating reflects TBAF's start-up phase of operations in the
fragmented cold storage industry and its weak financial risk
profile, marked by high gearing and small net worth. These rating
weaknesses are partially offset by the extensive experience of the
firm's partners in the cold storage business through group
concerns.

Outlook: Stable

CRISIL believes that TBAF will continue to benefit over the medium
term from its partner's extensive industry experience. The outlook
may be revised to 'Positive' if the firm's financial risk profile
improves with enhanced scale of operations and cash accruals or a
significant capital infusion by its partners. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly its liquidity, weakens, most likely because
of large debt-funded capital expenditure or sharp decline in
accruals driven by volatility in commodity prices, or lengthening
of working capital cycle.

Set up in 2013, TBAF trades in, stores, and preserves potatoes.
Its cold storage is in Deesa (Gujarat) and has capacity of 10,000
tonnes per annum. The firm's day-to-day operations are managed by
Mr. Fulchand Bhai.


TREZEROIL AGROTECH: CRISIL Assigns D Rating to INR65MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Trezeroil Agrotech Limited (TAL)

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           65         CRISIL D

The rating reflects TAL's overdrawn working capital limits for
more than 30 days, on account of weak liquidity. The weak
liquidity is on account of large working capital requirements. The
rating also reflects TAL's weak financial risk profile marked by
high gearing and weak debt protection metrics. However, these
rating weaknesses are partially offset by TAL's promoters'
extensive experience in the edible oil industry.

TAL, established in 2010 as a closely held public limited company
and based in Hyderabad, is primarily engaged in the refining and
sale of edible oil.

For 2013-14 (refers to financial year, April 1 to March 31), TAL
reported net profit of INR3.3 million on total revenue of INR394.4
million, against net profit of INR4.0 million on total revenue of
INR45.4 million for 2012-13.



===============
M A L A Y S I A
===============


1MALAYSIA: Prokhas to Help Firm With Cashflow Troubles
------------------------------------------------------
The Star reports that Prokhas Sdn Bhd, the in-house restructuring
outfit of the Finance Ministry (MoF), has been tasked to help
sister company 1Malaysia Development Bhd (1MDB) deal with cash-
flow problems tied to its debt obligations.

The report says Prokhas was roped in to assist 1MDB, which needs
about MYR5 billion this year to meet its debt obligations.

"Prokhas has come into the picture, which is why CIMB Investment
Bank Bhd that was appointed two weeks ago to look into the sale of
1MDB's energy assets has been out of the job," the report quotes a
source as saying.

According to the report, the amount due this year is largely to
cover the payment of a US$975 million term loan taken by 1MDB
Energy Holdings Ltd that falls due on Aug 31 this year. At the
current exchange rate of 3.64 to the US dollar, the maturing term
loan is valued at MYR3.55 billion.

1MDB Energy Holdings is the energy unit of 1MDB that was supposed
to list by the first quarter of this year under the new name of
Edra Global Energy Bhd, the report states. But 1MDB withdrew its
proposal on Feb. 28 this year because it could not meet the
listing requirements.

"CIMB was roped in to arrange for the sale of Edra Energy, which
is about the only asset that can be sold immediately to raise
funds for 1MDB to help meet its debt obligations," said a banker,
The Star relays.

But its mandate was terminated on April 1 -- just a week after the
investment bank was appointed, the report notes.

The Star relates that the other portion of the MYR5 billion
obligation this year comes from interest cost totalling around
MYR1.4 billion on all other outstanding loans that 1MDB has taken
over the last five years.

1MDB is MYR41.9 billion in debt to fund a buying binge over the
past five years, as the company built up a portfolio of power and
energy assets, as well as amassing prime landbanks earmarked for
future development, according to the report.

The report relates that while the power plants acquired from
Genting Bhd and Tanjong Plc are generating some cashflow for the
company, it is not enough to cover its interest cost and planned
development expenditure.

Last year, 1MDB had to defer a debt payment taken to finance the
purchase of Tanjong's power plants in 2012 for MYR8.5 billion, the
report recalls.

An outstanding amount of MYR2 billion was finally settled with the
assistance of billionaire T. Ananda Krishnan, who owns Tanjong,
after two delays, says The Star.

According to the report, Second Finance Minister Datuk Seri Ahmad
Husni Hanadzlah had, in his winding-up speech in Parliament on
March 25, said that the Government had formed a special task force
to look into 1MDB's performance, as well as the debts borne by the
firm.

He had earlier in March told Parliament that 1MDB's financial
position was "unsustainable" with a cashflow problem, the report
relays.

The Star adds that the Government, Husni said, had already
extended MYR950 million to 1MDB as a "standby credit" facility to
address its short-term financial needs.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


AVAGO TECHNOLOGIES: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings for Avago Technologies
Finance Pte. Ltd., including the 'BB+' Long-term Issuer Default
Dating.  Fitch also has affirmed and assigned a recovery rating of
'RR1' to the senior secured revolving credit facility (RCF) and
term loan.  Fitch's actions affect $6 billion of total debt,
including the undrawn $500 million secured RCF.  The rating
outlook is Stable.

The ratings and Outlook reflect Fitch's expectations for Avago
Technologies Ltd.'s (Avago) solid operating performance from
accelerating LTE adoption driven secular demand.  As a result,
higher smartphone shipments, increasing complexity, growing
internet bandwidth demands and greater storage requirements will
drive solid organic revenue growth over the next few years.

In addition, Fitch expects solid top line growth, constrained
capacity, healthy inventory levels and lower fixed operating
expenses from the LSI integration will sustain higher operating
EBITDA margins through the intermediate-term.  Fitch expects
operating EBITDA margin above 40% versus a Fitch estimated 35.3%
for the latest 12 months (LTM) ended Feb. 1, 2015.  Profitability
will remain cyclical with trough operating EBITDA margin in the
low 30%.

Fitch expects $500 million of FCF in fiscal 2015 and annual FCF
approaching $1 billion through the intermediate-term from growing
and higher margin profitability.  Expectations for elevated
capital spending to alleviate capacity constraints at the
company's production facility and potentially higher inventory
levels to meet strong demand could temper FCF in the short-term.

Fitch also expects Avago to use FCF for acquisitions to continue
diversifying their end market exposure.  The company will buy
supplier of fiber channel and related products, Emulex, for $606
million, or $609 million net of acquired cash and debt in the
second half of fiscal 2015.  This transaction should complement
Avago's enterprise storage offerings.  In conjunction with the
company's recent acquisition of PLX Technology and LSI, Avago
should generate nearly a third of revenues from enterprise storage
markets at higher than corporate wide profit margins.

Fitch expects credit protection measures to strengthen from higher
profitability and Avago's plan to repay $600 million of the
outstanding secured term loan during the current quarter with
available cash.  As a result, Fitch anticipates total leverage
(total debt to operating EBITDA) will fall and remain below 2.5
times (x) in the absence of significant operating shortfalls or
debt financed acquisitions.

KEY RATINGS DRIVERS

The ratings are supported by Avago's:

   -- Leadership positions in secular growth markets, driven by
      Avago's technology leadership in integrated high performance
      FBAR filters.

   -- Strong profitability with expectations for profit margin
      expansion from cost synergies.

   -- Consistent and solid annual mid-cycle FCF, providing ample
      financial flexibility for debt reduction and to organically
      fund smaller technology focused acquisitions.

   -- Expectations for solid credit protection measures for the
      rating, given voluntary debt reduction and strengthened
      profitability.

Rating concerns center on:

   -- Expectations for ongoing and potentially significant debt
      financed acquisitions, as well as the attendant integration
      risks, given importance of research and development (R&D)
      investments.

   -- Expectations for operating volatility from short-cycle
      products, particularly smartphones, which require annual
      design socket wins and should represent 35% to 40% of total
      sales through the intermediate-term.  Fitch also
      anticipates additional volatility from uneven demand
      patterns in wireline infrastructure and enterprise and data
      center spending.

   -- Improved but still substantial customer and end market
      concentration, with wireless communications and wired
      infrastructure representing roughly half of revenues and
      Avago's top 10 customers accounting for 57% of revenues.
      Fitch notes exposure to leading handset providers, while a
      risk, also are driving significant revenue growth, given
      Avago's technology leadership.

RATINGS SENSITIVITIES

Positive rating action could occur if Fitch expects:

   -- Total leverage will remain below 2.5x over the longer-term,
      driven by voluntary debt reduction, structurally higher
      profitability or management's commitment to maintain
      financial policies consistent with investment grade; or

   -- More consistent operating performance through the cycle
      from reduced customer or end market concentration.

Negative rating actions could result from:

   -- Market share erosion at a leading customer or in aggregate,
      indicating an loss of technological advantage; or

   -- Fitch expects total leverage sustained above 3x from
      profitability and FCF degradation or large debt financed
      acquisitions.

As of Feb. 1, 2015, Fitch believes liquidity is solid and consists
of:

   -- $2.6 billion of cash and cash equivalents;
   -- $500 million undrawn senior secured RCF expiring 2019.

Consistent annual FCF of $500 million to $1 billion also supports
liquidity. Cash location is not a concern for Avago, due to the
company's incorporation in Singapore.

Total debt is $5.4 billion and consists of:

   -- $4.6 billion senior secured term loan B maturing in 2019;
   -- $1 billion of the privately placed convertible note due
      2020.

The term loan B amortizes at $46 million (1%) annually until the
bullet maturity in 2019.

KEY RATINGS ASSUMPTIONS

   -- Strong Wireless segment revenue growth (mid-40%) for fiscal
      2015, driven by robust smartphone demand from key
      customers.

Fitch assumes more normalized mid-single digit growth beyond the
near-term.

   -- Enterprise segment revenue growth in the low- to mid-single
      digit, driven by solid enterprise and data center spend.
   -- Low single digit revenue growth for the Wireline segment,
      due to solid demand for ASIC and fiber optics.
   -- Low single digit revenue growth for Industrial, consistent
      with the broader market.
   -- Fitch assumes profit margin remains consistent at current
      levels, resulting in operating EBITDA margin near 40%.
   -- Inventory levels increase to accommodate robust demand
      within the context of constrained capacity.
   -- Dividends grow 10% annually.
   -- Capex remains at 10% of revenues through forecast period to
      support growth.

Fitch affirms Avago Technologies Finance Pte. Ltd.'s ratings as:

   -- IDR at 'BB+';
   -- $4.6 billion Senior Secured Term Loan B at 'BBB-/RR1'; and
   -- $500 million Senior Secured Revolving Credit Facility (RCF)
      at 'BBB-/RR1'.



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


* SOUTH KOREA: Puts 41 Conglomerates Under Watch
------------------------------------------------
Yonhap News reports the South Korea's financial watchdog said
April 9 that it has placed 41 highly-indebted conglomerates under
closer watch for debt reductions in order to prevent unexpected
defaults.

According to the report, the Financial Supervisory Service said
the conglomerates that owe more than KRW1.3 trillion ($1.2
billion) to local banks have been designated as heavy corporate
debtors for this year, compared with 42 firms selected last year.

The report relates that the FSS unveils the list of major highly-
indebted large firms in April every year.

STX Group, Daesung Group and Booyoung Group were dropped from the
list as they sold off affiliates and paid off debts amid
restructuring. Meanwhile, Sinokor Merchant Marine Co. and Harim
Co. were added to the list, according to Yonhap.

The report notes that the outstanding amount of the 41 firms'
combined loans totaled KRW303 trillion as of the end of 2014, up
7.4 percent from KRW282.3 trillion tallied a year earlier. It
accounted for 16.7 percent of all lending by local financial
institutions, the report notes.

The report says the most heavily-indebted conglomerate is Hyundai
Motor Group, which has KRW31.7 trillion in debt, followed by
Samsung Group with KRW29.6 trillion and SK Group with
KRW24.5 trillion.

Yonhap adds that the FSS said it will closely scrutinize the
firms' financial health until the end of April and monitor their
restructuring efforts throughout the year.

Local lenders have been struggling from snowballing corporate loan
defaults worth tens of trillions of won as mid-sized companies
including Keangnam Enterprises, Dongbu Corp., Taihan Electric Wire
Co. and Moneual Inc. have become insolvent since last year, Yonhap
reports.


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


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

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

AUSTRALIA

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
ASHIMA LTD               ASHM             63.23         -48.94
ATV PROJECTS              ATV             48.47         -43.93
BELLARY STEELS           BSAL            451.68        -108.50
BENZO PETRO INTL          BPI             26.77          -1.05
BHAGHEERATHA ENG         BGEL             22.65         -28.20
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
BLUE BIRD INDIA          BIRD            122.02         -59.13
CELEBRITY FASHIO         CFLI             24.96          -8.26
CHESLIND TEXTILE          CTX             20.51          -0.03
CLASSIC DIAMONDS          CLD             66.26          -6.84
COMPUTERSKILL             CPS             14.90          -7.56
DCM FINANCIAL SE        DCMFS             18.46          -9.46
DFL INFRASTRUCTU         DLFI             42.74          -6.49
DIGJAM LTD               DGJM             99.41         -22.59
DISH TV INDIA            DITV            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
ENSO SECUTRACK           ENSO             15.57          -0.46
EURO CERAMICS            EUCL            110.62          -6.83
EURO MULTIVISION         EURO             36.94          -9.95
FERT & CHEM TRAV          FCT            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
GOLDEN TOBACCO            GTO             97.40         -18.24
GSL INDIA LTD             GSL             29.86         -42.42
GSL NOVA PETROCH         GSLN             16.53          -1.31
GUJARAT STATE FI          GSF             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
INTEGRAT FINANCE          IFC             49.83         -51.32
JCT ELECTRONICS          JCTE             80.08         -76.70
JENSON & NIC LTD           JN             16.49         -71.70
JET AIRWAYS IND         JETIN          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
JOG ENGINEERING           VMJ             45.90          -5.28
KALYANPUR CEMENT         KCEM             23.39         -42.66
KERALA AYURVEDA          KERL             13.97          -1.69
KIDUJA INDIA              KDJ             11.16          -3.43
KINGFISHER AIR           KAIR            515.93      -2,371.26
KINGFISHER A-SLB       KAIR/S            515.93      -2,371.26
KITPLY INDS LTD           KIT             14.77         -58.78
KLG SYSTEL LTD           KLGS             40.64         -27.37
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
MTZ POLYFILMS LT          TBE             31.94          -2.57
MURLI INDUSTRIES         MRLI            262.39         -38.30
MYSORE PAPER             MSPM             87.99          -8.12
NATL STAND INDI          NTSD             22.09          -0.73
NAVCOM INDUS LTD          NOP             10.19          -3.53
NICCO CORP LTD           NICC             71.84          -4.91
NICCO UCO ALLIAN         NICU             23.25         -83.90
NK INDUS LTD              NKI            141.35          -7.71
NRC LTD                  NTRY             55.11         -52.44
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARAMOUNT COMM           PRMC            124.96          -0.52
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM          PKPL             61.08         -88.85
PIONEER DISTILLE          PND             53.74          -5.62
PREMIER INDS LTD         PRMI             11.61          -6.09
PRIYADARSHINI SP         PYSM             20.80          -2.28
QUADRANT TELEVEN         QDTV            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
ROYAL CUSHION            RCVP             14.70         -75.18
SAAG RR INFRA LT         SAAG             12.54          -4.93
SADHANA NITRO             SNC             16.74          -0.58
SANATHNAGAR ENTE         SNEL             49.23          -6.78
SANCIA GLOBAL IN         SGIL             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE GANESH FOR         SGFO             44.50          -2.89
SHREE KRISHNA            SHKP             14.62          -0.92
SHREE RAMA MULTI         SRMT             38.90          -4.49
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
UDAIPUR CEMENT W          UCW             11.38         -10.53
UNIFLEX CABLES           UFCZ             47.46          -7.49
UNIWORTH LTD               WW            149.50        -151.14
UNIWORTH TEXTILE          FBW             22.54         -35.03
USHA INDIA LTD           USHA             12.06         -54.51
VANASTHALI TEXT           VTI             14.59          -5.80
VENUS SUGAR LTD            VS             11.06          -1.08
WANBURY LTD              WANB            141.86          -3.91
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
FILSYN CORP A           FYN               23.11         -11.69
FILSYN CORP. B         FYNB               23.11         -11.69
GOTESCO LAND-A           GO               21.76         -19.21
GOTESCO LAND-B          GOB               21.76         -19.21
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


THAILAND

ABICO HLDGS-F       ABICO/F               15.28          -4.40
ABICO HOLDINGS        ABICO               15.28          -4.40
ABICO HOLD-NVDR     ABICO-R               15.28          -4.40
ASCON CONSTR-NVD    ASCON-R               59.78          -3.37
ASCON CONSTRUCT       ASCON               59.78          -3.37
ASCON CONSTRU-FO    ASCON/F               59.78          -3.37
BANGKOK RUBBER          BRC               77.91        -114.37
BANGKOK RUBBER-F      BRC/F               77.91        -114.37
BANGKOK RUB-NVDR      BRC-R               77.91        -114.37
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
CIRCUIT ELEC PCL     CIRKIT               16.79         -96.30
CIRCUIT ELEC-FRN   CIRKIT/F               16.79         -96.30
CIRCUIT ELE-NVDR   CIRKIT-R               16.79         -96.30
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               38.87         -46.47
K-TECH CONTRU-R     KTECH-R               38.87         -46.47
KUANG PEI SAN        POMPUI               17.70         -12.74
KUANG PEI SAN-F    POMPUI/F               17.70         -12.74
KUANG PEI-NVDR     POMPUI-R               17.70         -12.74
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
TONGKAH HARBOU-F      THL/F               62.30          -1.84
TONGKAH HARBOUR         THL               62.30          -1.84
TONGKAH HAR-NVDR      THL-R               62.30          -1.84
TRANG SEAFOOD           TRS               15.18          -6.61
TRANG SEAFOOD-F       TRS/F               15.18          -6.61
TRANG SFD-NVDR        TRS-R               15.18          -6.61
TT&T PCL               TTNT              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
WORLD CORP -NVDR    WORLD-R               15.72         -10.10
WORLD CORP PCL        WORLD               15.72         -10.10
WORLD CORP PLC-F    WORLD/F               15.72         -10.10


                             *********

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

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

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


                            *********


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

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

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

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

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



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