TCRAP_Public/150413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, April 13, 2015, Vol. 18, No. 071


                            Headlines


A U S T R A L I A

ATLAS IRON: Suspends Production in Response to Low Iron Ore Price
CUDECO LTD: Suspension of Shares Trading Extended
MAIN INDUSTRIAL: First Creditors' Meeting Set For April 20
NECTAR DESIGN: First Creditors' Meeting Slated For April 21
PRIVA DESIGNS: First Creditors' Meeting Set For April 17

SUMMERLAND OLIVE: In Administration; 2nd Meeting Set For April 15
VIVA BRAZIL: First Creditors' Meeting Set For April 21
* Administrators Seek Expressions of Interest for Labor Firm


C H I N A

CHINA AOYUAN: B2 CFR Not Affected by Private Placement of Notes
CHINA OIL: Moody's Affirms Ba1 CFR; Revises Outlook to Negative
CHINA ZHENGTONG: 2014 Results in Line With Ba3 CFR
FUTURE LAND: Proposed Reorg. Enhances Ability to Raise Equity
SINA CORP: Faces Suspension Over Lack of Censorship

* CHINA: More High-Cost Iron Ore Mines to be Shut This Year


I N D I A

A R C INDIA: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
ALLIED ENGINEERS: CRISIL Suspends B Rating on INR32MM Bill Disc.
AMARAVATHY SPINNING: CRISIL Suspends B Rating on INR40MM LT Loan
ANTONY COMMERCIAL: CRISIL Reaffirms B+ Rating on INR180MM e-DFS
BAJAJ HOTELS: CRISIL Suspends D Rating on INR100MM Term Loan

BALAJI ELECTROSTEELS: CRISIL Suspends B- Rating on INR180MM Loan
BANK OF INDIA: Moody's Keeps (P)Ba2 Rating on FC MTN Program
CLS INDUSTRIES: CARE Ups Rating on INR6.67cr LT Loan to B
HLM INDIA: CRISIL Ups Rating on INR108.5MM Bank Loan to B+
INSTYLE EXPORTS: CRISIL Suspends B- Rating on INR100MM Loan

FORTUNE SPIRIT: CRISIL Reaffirms B+ Rating on INR150M Cash Loan
GANGOTRI ENTERPRISES: CARE Reaffirms C Rating on INR820cr LT Loan
GAURISANKAR ELECTROCASTINGS: CARE Rates INR8.84cr LT Loan at B+
HANUMAN AGRO: CARE Revises Rating on INR18.6cr LT Loan to BB-
HINDUSTAN FLUOROCARBONS: CRISIL Rates INR51.5MM Cash Credit at C

JUBLEE HILL: CRISIL Suspends B- Rating on INR166MM LT Loan
KAAN FISH: CARE Revises Rating on INR2.92cr Long Term Loan to B+
KANKANI ENTERPRISES: CARE Rates INR8.75cr LT Bank Loan at B+
KEDIA PROJECTS: CARE Reaffirms B+ Rating on INR10.63cr LT Loan
KK FINECOT: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan

KOS OILS: CRISIL Cuts Rating on INR340MM Cash Credit to D
MYCO INFRA: CARE Assigns B+ Rating to INR30cr Long Term Loan
NECTAR BEVERAGES: CRISIL Suspends B- Rating on INR310MM Term Loan
P.D. AGRO: CRISIL Assigns B Rating to INR80MM Cash Loan
PRATITI HEALTH: CARE Assigns B+ Rating to INR13.8cr LT Bank Loan

PRIME INSULATORS: CRISIL Assigns B Rating to INR40MM Cash Loan
RANBANKA HERITAGE: CARE Assigns B Rating to INR4.71cr LT Loan
S. G. MOTORS: CRISIL Assigns B+ Rating to INR55MM Cash Credit
SAMRADDHI COT: CARE Reaffirms B+ Rating on INR7.92cr LT Loan
SATGURU AGRO: CRISIL Cuts Rating on INR140MM Cash Loan to B+

SATYAMEV COT: CRISIL Reaffirms B Rating on INR60MM Cash Loan
SCHON ULTRAWARES: CRISIL Assigns D Rating to INR78MM Term Loan
SHREE NAKODA: CARE Reaffirms B Rating on INR20cr LT Bank Loan
SHREE UMIYAJI: CRISIL Assigns B+ Rating to INR31.9MM Cash Loan
SIRIUM CERAMIC: CARE Assigns B Rating to INR7cr LT Bank Loan

SPICEJET LTD: Withdraws Plea From High Court Against Irish Lessor
STEELSWORTH PVT: CRISIL Ups Rating on INR40MM Cash Loan to B
SUMEET FACILITIES: CRISIL Ups Rating on INR105MM Bank Loan to B-
SYNERGY AGRI: CARE Assigns D Rating to INR11.57cr LT Bank Loan
TALWAR AUTO: CRISIL Reaffirms B Rating on INR75MM Channel Loan

TEHRI PULP: CARE Reaffirms C Rating on INR80.13cr LT Bank Loan
TRANSPORT SOLUTIONS: CRISIL Ups Rating on INR200MM Loan to B+
TRATEC ENGINEERS: CRISIL Suspends D Rating on INR262MM Term Loan
U.K. AGRITECH: CRISIL Suspends D Rating on INR70MM Cash Loan


J A P A N

* JAPAN: Corporate Bankruptcies Drop For Sixth Consecutive Year


S I N G A P O R E

PRECISION CAPITAL: Moody's Affirms B1 Corporate Family Rating


                            - - - - -


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


ATLAS IRON: Suspends Production in Response to Low Iron Ore Price
-----------------------------------------------------------------
Atlas Iron said on April 10 that due to recent significant falls
in the iron ore price, it will progressively suspend its mining
operations over the month of April, with exports to cease shortly
thereafter.

Despite an extensive cost-cutting program, to which staff and
contractors have made significant contributions, the global
supply-demand imbalance for iron ore has driven prices down to the
point where it is no longer viable for Atlas to continue
production.

Atlas has continued to reduce costs significantly and its break-
even price on a benchmark 62Fe basis is currently below USD$60/t
at an EBITDA level. However, despite these substantial reductions,
Atlas' break-even price remains well above the current spot price.

In light of this, Atlas will cease mining and crushing at its Mt
Webber project this week.

Mining and crushing at the Abydos project is scheduled to cease
within 14 days and operations at the Wodgina mine are expected to
be completed in late April.

All Atlas' projects will be put on care and maintenance, pending
future iron ore market conditions.

Atlas Managing Director Ken Brinsden said the decision to suspend
production was taken after extensive consideration of the
Company's financial position, discussions with contractors and
secured creditors.

"To suspend our operations, with the impact that will have on so
many committed and talented people, is an extremely difficult
decision," Mr. Brinsden said.

"I sincerely thank all those who have worked so hard to build
Atlas' production base and those who have worked furiously to
maintain Atlas' competitive position over the past 15 months, in
the face of increasingly oppressive market conditions."

Approximately 500 people are currently employed across Atlas'
production assets, including direct employees and those of the
Company's contractors. Atlas employs a further 75 people in its
Perth office.

Based on the significant percentage of global iron ore production
which is now cash flow negative, Atlas expects prices will
ultimately increase. However, the timing of a recovery is unclear,
leaving Atlas with little choice but to take decisive action to
protect its balance sheet and resource position.

Atlas said it is now in discussions with its creditors concerning
options which would enable the Company's mines to re-start as
efficiently as possible in a circumstance where an operating
margin can be re-established, whether through further cost
reduction where possible and/or improvements in the iron ore
price.

Atlas will not be commenting further on these operational changes
or financial discussions at this stage. However the Company will
provide an update on these matters in due course.

Atlas also advises that Moody's have downgraded Atlas' corporate
senior secured ratings to Caa3 and announced that the ratings are
on review for further downgrade. In addition, S&P have announced
the downgrade of Atlas' corporate family and senior secured
ratings to CCC and placed all ratings on credit watch with
negative implications. These rating updates do not impact existing
terms under Atlas' Term Loan B maturing in December 2017.

                         About Atlas Iron

Australia-based Atlas Iron Limited Atlas Iron Limited (ASX:AGO)
-- http://www.atlasiron.com.au/-- engages in exploration,
development, mining and sale of iron ore. The Company is focused
on the development and feasibility of its Horizon 2 projects,
which include McPhee Creek.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2015, Standard & Poor's Ratings Services said that it had
lowered its corporate credit rating on Australian iron ore miner
Atlas Iron Ltd. and the company's senior secured debt to 'CCC'
from 'B-'.  At the same time, S&P placed all ratings on
CreditWatch with negative implications.  The recovery rating on
the senior secured debt remains at the lower end of '3'.

"The downgrade reflects our concerns that the recent rapid fall in
iron ore prices could significantly weaken Atlas Iron's liquidity
position," Standard & Poor's credit analyst May Zhong said.  "We
expect the company to generate losses and negative free operating
cash flows in the current quarter ended March 31, 2015."

As a result, the company would have to draw down its cash holding
(AUD169 million at Dec. 31, 2014) to fund its interest payment,
working capital, and capital expenditure.  Although S&P believes
Atlas Iron should have sufficient liquidity to fund its interest
payment due in June 2015, failure to arrest the negative earnings
trend could quickly deplete its cash holding within the next 12
months.


CUDECO LTD: Suspension of Shares Trading Extended
-------------------------------------------------
The Gold Coast Bulletin reports that shareholders in CuDeco Ltd
remain in limbo after the company extended the suspension of trade
in its shares.

CuDeco has become the latest would-be miner to find it tough to
raise cash due to the resources sector slump, the report says.

According to the Bulletin, the company has been trying to raise
AUD50 million from Chinese investors to fund the final stages of
its Rocklands copper project near Cloncurry.

The Bulletin recalls that CuDeco said previously it had hoped to
complete the capital raising by mid-March. But on April 9 it told
shareholders the negotiations had taken longer.

"CuDeco expected that the voluntary suspension would have been
completed by this time but the raising of capital in this market
and in China has proven a far more protracted process than
anticipated," the report quotes CuDeco as saying. "The company
advises that the capital raising is well advanced with due
diligence taking place so that the transaction can proceed."

CuDeco shareholders have been wondering as to the future of the
project while the company has attempted to raise cash, the report
notes.

Its shares, which last traded at AUD1.41, were placed in a trading
halt in late January, says the Bulletin.

The Bulletin discloses that the company posted a first-half net
loss of AUD13.8 million, up 565 per cent from a AUD2.4 million
loss in the 2014 first half.

CuDeco attributed the massive financial implosion to a
AUD7.14 million unrealised foreign exchange loss, because its loan
facilities are in US dollars, and a AUD2.9 million impairment
incurred due to logistic issues, reports the Bulletin.

                            About CuDeco

CuDeco Limited -- http://www.cudeco.com.au/-- explores and
evaluates mineral properties in Australia. The company explores
for copper, cobalt, and gold deposits. It primarily owns a 100%
interest in the Rocklands Group copper project located in
Cloncurry, Queensland, Australia. The company was formerly known
as Australian Mining Investments Ltd. CuDeco Limited is
headquartered in Southport, Australia.


MAIN INDUSTRIAL: First Creditors' Meeting Set For April 20
----------------------------------------------------------
Des Munro, Stuart Otway and Alan Scott of BRI Ferrier were
appointed as administrators of Main Industrial and Electrical Pty
Ltd, trading as Laser Electrical Adelaide CBD, on April 8, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide, on April 20,
2015, at 3:00 p.m.


NECTAR DESIGN: First Creditors' Meeting Slated For April 21
-----------------------------------------------------------
Ross John McDermott of Ross McDermott Chartered Accountant was
appointed as administrator of Nectar Design Pty Ltd on April 10,
2015.

A first meeting of the creditors of the Company will be held at
the Office of Ross McDermott, Suite 6, 233 Cardigan Street, in
Carlton, Victoria, on April 21, 2015, at 11:00 a.m.


PRIVA DESIGNS: First Creditors' Meeting Set For April 17
--------------------------------------------------------
Michael Carrafa and Richard J Cauchi of SV Partners were appointed
as administrators of Priva Designs Pty Ltd, as trustee for "Priva
Designs Trust", on April 7, 2015.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on April 17, 2015, at 11:00 a.m.


SUMMERLAND OLIVE: In Administration; 2nd Meeting Set For April 15
-----------------------------------------------------------------
Eloise Keating at SmartCompany reports that Summerland Olive
Products Australia has collapsed into voluntary administration.

Summerland Olive Products Australia was established in 2000 by a
group of olive producers who specialise in producing table olives.
The business produces a range of black and green table olives, as
well as tapenade, dried olive varieties and olive oil,
SmartCompany discloses.

The report notes that Summerland's products have won a number of
awards, including at the Sydney Royal Fine Food Show and the Royal
Melbourne Fine Foods Awards.

However, administrator Chris Palmer of O'Brien Palmer was
appointed to manage the company on March 2, the report says.

A spokesperson for O'Brien Palmer told SmartCompany the
administrators are considering "all available avenues" for the
future of the business.

The first meeting of creditors was held in Sydney on March 11 and
the second creditors' meeting is scheduled to be held on
April 15, also in Sydney, SmartCompany notes.

Summerland Olive Products Australia is a New South Wales-based
olive processing and marketing company.


VIVA BRAZIL: First Creditors' Meeting Set For April 21
------------------------------------------------------
Robert Ditrich and Rodney Slattery of PPB Advisory were appointed
as administrators of Viva Brazil Restaurants Pty Ltd on April 9,
2015.

A first meeting of the creditors of the Company will be held at
Level 21, 181 William Street, in Melbourne, Victoria, on
April 21, 2015, at 3:00 p.m.


* Administrators Seek Expressions of Interest for Labor Firm
------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports a labour hire company
that operates in the hospitality industry is put up for sale. The
company has been placed into administration with David Coyne and
James Koutsoukos of BRI Ferrier appointed administrators of the
company, the report says.

According to the report, the key features of the sale include
office locations in Perth and Melbourne and an established
business which has been operating for fifteen years. The company
boasts of a yearly turnover of AUD5 million and AUD7 million and
its experienced staff. The sale also includes the company`s blue
chip clients, the report notes.



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


CHINA AOYUAN: B2 CFR Not Affected by Private Placement of Notes
---------------------------------------------------------------
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 1 April 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.


CHINA OIL: Moody's Affirms Ba1 CFR; Revises Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of China Oil and Gas Group Limited's (COG) Ba1 corporate
family rating and senior unsecured debt rating.

Moody's has also affirmed both ratings.

RATINGS RATIONALE

"The negative outlook reflects COG's weak earnings and increased
leverage due to prolonged delays in implementing cost pass-through
for its Qinghai projects and the weak performance of its upstream
business," says Ivy Poon, a Moody's Assistant Vice President and
Analyst.

"While we expect modest improvements in earnings in the next 12-18
months, the company's projected metrics will remain weak for the
current rating, given the challenges of its Qinghai projects and
the weakness in oil prices," adds Poon.

COG's EBITDA dropped by 13% to HKD1.3 billion in 2014, despite the
growth in revenue and gas sales volume.

Specifically, the drop in profit resulted from the high level of
sales concentration in Qinghai Province, where the company's
projects have experienced material delays in passing increased
costs to customers. In 2014, the province accounted for 47% of
total gas sales volume.

At the same time, leverage increased after the upstream
acquisition of Baccalieu Energy Inc (BEI, unrated) in July 2014,
but the project has not generated meaningful cash flow due to weak
oil prices.

As a result, adjusted retained cash flow (RCF)/debt weakened to
12.0% from 20.5% a year ago, which hit Moody's downgrade trigger
of 15%-20%.

This weak performance has exposed COG's fundamental weaknesses --
(1) high geographic concentration risk, particularly in Qinghai
Province which has a less developed economy compared with the
affluent provinces in China, (2) small operating scale with
limited financial flexibility against adverse market changes, and
(3) high business risk from the upstream business with volatile
commodity prices.

Moody's expects modest improvements in earnings in 2015 after the
increase in tariffs effective 15 March 2015 for the Qinghai
projects and the reduction in the purchase price of natural gas
effective 1 April 2015.

However, this latest hike only relates to the adjustments
announced by the National Development and Reform Commission (NDRC)
in 2013 and uncertainty remains over when COG will reach an
agreement with the Xining government for other tariff adjustments
announced in 2014 and 2015.

Furthermore, Moody's expects the oil-price environment will remain
weak in 2015, which means a material improvement in COG's upstream
projects is unlikely in the near term and business risk will
remain high.

These challenging operating conditions will mean that COG's
projected metrics in 2015 will remain weak for its Ba1 rating.

Nevertheless, the weakened business and financial profile would be
partly mitigated by (1) potential further tariff adjustments in
the Qinghai projects, (2) lower gas costs for piped gas projects
in 2015, (3) continued geographic diversification outside Qinghai
Province, (4) expectation of a moderate recovery in oil prices in
2016, and (5) a manageable capital expenditure plan in 2015.

The Ba1 corporate family rating continues to reflect (1) the
steady contribution from its piped city gas distribution projects
outside Qinghai Province, as well as LNG transmission and
processing projects, and (2) the company's stable working
relationship with Kunlun Energy Limited (unrated), a subsidiary of
China National Petroleum Corporation (Aa3 stable).

The negative outlook indicates downward rating pressure is
present.

Moody's will monitor the following benchmarks for indications of a
possible downgrade: (1) a further deterioration in profitability
due to delays in cost pass-through for the Qinghai projects, (2) a
weakened operating performance for the upstream business, and (3)
a further increase in leverage.

On the other hand, a change in the outlook to stable from negative
could occur if COG shows: (1) improved profitability, as shown by
full cost pass-through for the Qinghai projects in relation to the
tariff adjustments announced in 2014 and 2015, and (2) a steady
cash flow contribution from the upstream business.

Financial metrics that indicate a return to stable outlook include
RCF/ debt exceeding 15% on a sustained basis.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

China Oil and Gas Group Limited engages in the piped city gas
business in China, as well as the transportation and distribution
of compressed natural gas, and liquefied natural gas. The company
also expanded its footprint to the oil and gas production business
in Canada in July 2014. In 2014, its revenue reached HKD7.7
billion.

The company is listed on the Hong Kong Exchange. Mr. Xu Tieliang,
the company's chairman, is the largest shareholder, with a 21.74%
stake.


CHINA ZHENGTONG: 2014 Results in Line With Ba3 CFR
--------------------------------------------------
Moody's Investors Service says that China ZhengTong Auto Services
Holdings Ltd's financial results for 2014 were in line with its
Ba3 corporate family rating and stable rating outlook.

"While ZhengTong's profitability improved slightly year-on-year,
its financial leverage increased in 2014 due to a higher debt
level," says Chenyi Lu, a Moody's Vice President and Senior
Analyst.

"Nevertheless, its leverage remained consistent with its Ba3
rating. We also expect the company's leverage to improve over the
next 12-18 months," adds Lu.

ZhengTong's adjusted debt/EBITDA rose to 4.2x in 2014 from 3.7x in
2013, because its adjusted debt grew to RMB9.3 billion in 2014
from RMB7.6 billion in 2013, mainly owing to the funds required to
increase its inventory levels.

Moody's expects ZhengTong's adjusted debt/EBITDA to fall to 3.5x-
4.0x over the next 12-18 months, given the company's prudent
expansion strategy and steady earnings growth.

Based on ZhengTong's results announcement, its revenue grew 3.6%
year-on-year to RMB30.9 billion in 2014 from RMB29.8 billion in
2013, driven by the ramping up of its newly opened stores over the
last few years.

The company's adjusted EBITDA margin improved to 7.1% in 2014 from
6.9% in 2013, because of the greater contribution from its after-
sales services; a segment which recorded a stronger gross margin.
Consequently, its adjusted EBITDA increased by 6.9% year-on-year
to RMB2.2 billion from RMB2.1 billion.

Over the next 1-2 years, Moody's expects ZhengTong to record
modest revenue growth and a steady improvement in its
profitability.

ZhengTong's liquidity profile is characterized by high refinancing
risk, due to its substantial short-term debt of RMB4.3 billion and
bills payables of RMB4.3 billion at end-2014. These refinancing
needs well exceed its liquidity holdings.

Nonetheless, Moody's expects the company to retain its ability to
roll over its debt with domestic banks, given its profitable
operations and strong market position in China. In addition, its
inventory of global brand luxury cars is highly marketable and
offers a secondary source of liquidity.

China ZhengTong Auto Services Holdings Ltd is a top auto
dealership group in China. The company focuses primarily on the
luxury and ultra-luxury car market. It operated 105 retail outlets
in China at end-2014, and listed on the Hong Kong Stock Exchange
in 2010.


FUTURE LAND: Proposed Reorg. Enhances Ability to Raise Equity
-------------------------------------------------------------
Moody's Investors Service says that Future Land Development
Holdings Limited's (Ba3 stable) proposed reorganization in
relation to its 58.86% owned, B-share subsidiary, Jiangsu Future
Land Co., Ltd. (unrated) is a positive development because the
parent's ability to raise equity in China will improve.

On April 7, 2015, Future Land announced that it planned to issue
A-shares to all public shareholders of Jiangsu Future Land, after
which the A-shares will merge with the existing B-shares by way of
a share swap.

"The reorganization, if successful, will enhance Future Land's
access to domestic funding through Jiangsu Future Land," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.

Moody's notes that the B-share market is characterized by low
liquidity, and limits Future Land's ability to raise new equity.

The proposed reorganization, which will effectively convert
Jiangsu Future Land's B shares into A shares, will improve the
liquidity of the company's shares.

If it lists on the A-share market, Jiangsu Future Land could also
benefit from the recent reopening of A-share equity issuance in
the medium term.

However, Moody's notes that the completion of the proposed
reorganization remains uncertain, because it is subject to
regulatory, board and shareholder approvals.

Moody's will monitor future corporate actions in relation to the
proposed reorganization. In particular, any changes in assets,
cash flow and liquidity, which will in turn affect Future Land's
Ba3 corporate family and B1 senior unsecured debt ratings.

The principal methodology used in these ratings was Global
Homebuilding Industry published in March 2009. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

Future Land Development Holdings Limited was founded in 1996 by
its chairman, Mr. Wang Zhenhua. Mr. Wang has been in the property
development business in China since 1993. The company listed on
the Hong Kong Stock Exchange in November 2012.

Future Land's 58.86%-owned subsidiary, Jiangsu Future Land Co.,
Ltd is a B-share company listed on the Shanghai Stock Exchange
since 1997.

Future Land has more than 51 projects under development. Its land
bank totaled approximately 15.56 million sqm of gross floor area
at 31 December 2014.


SINA CORP: Faces Suspension Over Lack of Censorship
---------------------------------------------------
Xinhua News reports that Sina Corp will face suspension of its
Internet news services if it fails to improve censorship of
illegal content, authorities have warned.

The news agency relates that the Cyberspace Administration of
China (CAC) summoned Sina leaders to a meeting late on April 10
over "massive numbers of public complaints about its law
violations".

According to Xinhua, since the beginning of the year, the
administration has received 6,038 complaints about Sina, more than
any other web portal. It said the reports indicated that "Sina has
spread illegal information related to rumors, violence and
terrorism, pornography, swindling, advocation of heresies and has
distorted news facts, violated morality and engaged in media
hype."

Sina has also published some false news because of hurry and its
censorship of user accounts has been poor, undermining online
order and damaging public interests, the CAC added, the report
relays.

It asked Sina to correct these oversights and strengthen internal
management, according to Xinhua. If Sina fails to meet these
requirements, the CAC will "seriously" punish the firm, with
possible measures including a complete shut down of its Internet
news services.

Sina's leaders promised they will intensify censorship and publish
more information with "positive energy," adds Xinhua.

Sina Corporation (NASDAQ:SINA) is a China-based online media
company. The Company provides online media to China and Chinese
communities across the world. The Company's digital media network
of SINA.com, SINA.cn and Weibo.com, enable Internet users to
access professional media and user generated content in multi-
media formats from the web and mobile devices. SINA.com offers
professional content on each of its region specific websites.
SINA.cn provides information and entertainment content from SINA
portal for mobile users. The Company's open platform architecture
hosts developed and third-party applications, in Weibo.com, social
media featuring microblogging services and social networking
services. The Company also offers SINA MVAS, allows users to
receive news and information, download ring tones, mobile games
and pictures, and participate in dating and friendship
communities. The Company's other business and products include:
Game Portal, eReading, Enterprise services, Email, and Blog.


* CHINA: More High-Cost Iron Ore Mines to be Shut This Year
-----------------------------------------------------------
Eric Ng at South China Morning Post reports that high-cost iron
ore mines in remote parts of the mainland and those owned by
state-owned steel mills will come under unprecedented pressure to
shut down this year, with iron ore prices tipped to fall further
from current decade-low levels.

SCMP says the closure of uncompetitive mines, which have either
been protected by local governments to preserve jobs or shielded
them from import competition due to their remoteness, is necessary
to balance the over-supplied market.

According to the report, the 1.2 billion tonne-a-year seaborne
iron ore market, with two-thirds of shipments going to the
mainland, is expected to see more low-cost supply, as the 55
million tonne-a-year Roy Hill mine is scheduled to come on stream
in Austalia late this year, while the 90 million tonne-a-year S11D
project in Brazil is expected to be on line next year.

As a result, more high-cost supply from the mainland and elsewhere
will be squeezed out of the market, SCMP notes. The report says
mainland ore imports surged 13.8 per cent last year, even as crude
steel output grew just 0.9 per cent. The deputy secretary-general
of the China Iron and Steel Association, Li Xinchuang, predicts
mainland steel output will fall 1 per cent this year, the report
states.

SCMP quotes Investec Asset Management commodities fund manager
George Cheveley, who previously worked as a market analyst at iron
ore giant BHP Billiton, as saying that: "We have seen supply come
out in China, and in West Africa . . . but we need more, that
means we still need to see more pressure on some of these
companies at the higher end [of the cost curve]."

The report relates that Mr. Cheveley said the largest producers in
Australia and Brazil, which supply the bulk of the seaborne ore,
faced little pressure to cut back as they were still profitable at
current low prices, given cash production costs
-- excluding depreciation and other fixed costs -- that were below
US$20 a tonne in Western Australia.

Iron ore delivered to the Qingdao port traded at HK$47 a tonne on
April 2, the lowest since 2005, the report notes. It has fallen a
third since the start of the year and by 60 per cent from a year
earlier, to a fraction of the record high of around US$200 in
early 2008, SCMP relates.

According to the report, Deutsche Bank said the iron ore price
could fall below US$40 a tonne and would need to stay at US$40 to
US$45 for a long period to balance the market, as the weak
Australian dollar, low oil prices and near record-low freight
rates drove down miners' costs in US dollar terms.

SCMP, citing the US Geological Survey, discloses that Australia
has the world's largest iron ore reserves in terms of iron
content, accounting for 21 per cent of the total, followed by
Brazil's 20 per cent, Russia's 17 per cent and the mainland's 9
per cent.

But the mainland's ore content -- 31 per cent -- is much lower
than the other three nation's 49 to 56 per cent, which means its
production costs are much higher, the report notes.

Mr. Cheveley said many high-cost mainland mines had closed last
year, but faster than expected production growth overseas, with
some 60 million tonnes of the excess from Australia, had more than
offset the mainland closures, adds SCMP.



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


A R C INDIA: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of A R C India Petroleum Pvt Ltd (ARCPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      25         CRISIL B/Stable
   Bank Loan Facility
   Bank Guarantee          20         CRISIL A4
   Cash Credit             80         CRISIL B/Stable

The ratings reflect ARCPL's nascent and modest scale of
operations, and weak financial risk profile marked by high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by the benefits derived by ARCPL from the
extensive industry experience of its promoters and strategic
location of the company.

Outlook: Stable

CRISIL believes that ARCPL will continue to benefit over the
medium term from the strategic location and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company registers more-than-expected revenues
and profitability, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ARCPL's financial risk profile deteriorates, most likely because
of less-than-expected revenues and profitability, or larger-than-
expected debt-funded capital expenditure.

Based out of Secunderabad (Telangana), ARCPL is engaged in the
business of oil reclamation. Promoted by Mr. G. Krishna Chaitanya
Varma and his family, the company's manufacturing facility is
located in Tuni (Andhra Pradesh). The company started commercial
operations during October 2014.


ALLIED ENGINEERS: CRISIL Suspends B Rating on INR32MM Bill Disc.
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Allied Engineers (AE).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bill Discounting          32        CRISIL A4 Suspended
   Overdraft Facility        20        CRISIL B/Stable Suspended
   Packing Credit            17.5      CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility        21        CRISIL B/Stable Suspended
   Standby Letter of Credit   9.5      CRISIL A4 Suspended

The suspension of ratings is on account of non-cooperation by AE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AE is yet to
provide adequate information to enable CRISIL to assess AE'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'

AE, incorporated in 1985, manufactures & trades components like
nuts & bolts as well as bicycle & tractor parts.  The firm is
based out of Ludhiana (Punjab) and the day to day operations are
managed by Mr. G. Narula along with his son.


AMARAVATHY SPINNING: CRISIL Suspends B Rating on INR40MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Amaravathy Spinning Mills (ASM).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B/Stable Suspended
   Long Term Loan        40        CRISIL B/Stable Suspended
   Proposed Term Loan    35        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by ASM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASM is yet to
provide adequate information to enable CRISIL to assess ASM'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'

ASM, set up in 1990, manufactures cotton yarn. The firm is
promoted by Mr. C Varatharajan, Mr. S Shanmugam, Mr. M
Gururajamoorthy, and Mrs. Nirmala.


ANTONY COMMERCIAL: CRISIL Reaffirms B+ Rating on INR180MM e-DFS
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Antony
Commercial Vehicles Pvt Ltd (ACVPL) continues to reflect ACVPL's
below-average financial risk profile, marked by a small net worth,
weak capital structure, and modest debt protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Electronic Dealer        180     CRISIL B+/Stable (Reaffirmed)
   Financing Scheme(e-DFS)

   Inventory Funding        180     CRISIL B+/Stable (Reaffirmed)
   Facility

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

The rating also factors in the company's modest scale of
operations and its susceptibility to intense competition in the
automobile dealership market. These rating weaknesses are
partially offset by the extensive industry experience of ACVPL's
promoters, and its established relationships with customers.
Outlook: Stable

CRISIL believes that ACVPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
the established position of its principal, Ashok Leyland Ltd
(ALL), in the commercial vehicle segment. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, driven most likely by a significant
increase in its cash accruals, fresh equity infusion, and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of further pressure on ACVPL's
financial risk profile, particularly its liquidity, owing to low
cash accruals, large working capital requirements, or substantial
debt-funded capital expenditure.

Update
ACVPL's revenue declined marginally year-on-year to INR1.59
billion in 2013-14 (refers to financial year, April 1 to March 31)
on the back of lower volumes, driven by a weak economic
environment. Its operating profitability also declined to 1.7 per
cent in 2013-14 from around 2 per cent in 2012-13 due to increase
in fixed costs; the company generated cash accruals of around
INR4.5 million in 2013-14, as against INR13.5 million in 2012-13.
However, ACVPL has recorded revenue of around INR1.6 billion for
the 10 months through January 2015, on the back of an increase in
volumes following a mild recovery in the economic environment;
CRISIL expects the company to record revenue of around INR2.1
billion in 2014-15. Operating profitability is also expected to
improve over the medium term with an increase in revenues.

ACVPL's gearing increased to 14.48 times as on March 31, 2014,
from 8.52 times a year earlier because of negative accretion to
reserves coupled with increase in working capital debt. Its net
worth was modest at around INR19.3 million as on March 31, 2014.
The company's debt protection metrics were modest, with interest
coverage ratio at 1.2 times in 2013-14. CRISIL, however, expects
ACVPL's financial risk profile to improve over the medium term,
supported by expected equity infusion and steady accretion to
reserves.

ACVPL's working capital requirements increased towards the end of
2013-14, as indicated by the increase in its gross current assets
to 109 days as on March 31, 2014, from 46 days as on March 31,
2013. However, the company was able to fund these requirements
through advances received from customers and marginal credit from
suppliers, resulting in moderate cash credit limit utilisation, at
an average of 71 per cent over the 10 months through January 2014.
CRISIL believes that ACVPL will generate cash accruals of INR18.7
million, against repayment obligations of INR9 million, in 2014-
15.

Incorporated in 2011, ACVPL is an authorised dealer for the medium
and heavy commercial vehicles of ALL for Mumbai, Thane, and Raigad
(all in Maharashtra). The company received the dealership in 2011
and started commercial operations in April 2012. ACVPL operates
two showrooms, one in Taloja (Raigad) and the other in Bhiwandi
(Thane).

The company reported a net loss of INR5.3 million on net sales of
INR1.57 billion for 2013-14, against a profit after tax of INR6
million on net sales of INR1.62 billion for 2012-13.


BAJAJ HOTELS: CRISIL Suspends D Rating on INR100MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bajaj Hotels (BH).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             100        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by BH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BH is yet to
provide adequate information to enable CRISIL to assess BH'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'

BH was setup in 2009, as a partnership firm of Mrs. Alka Bajaj and
Mrs. Reeta Bajaj. The firm is managed by Mr. Ravi Bajaj (husband
of Mrs. Alka Bajaj) and his brother, Mr. Raman Bajaj (Husband of
Mrs. Reeta Bajaj). The firm is constructing a mall-cum-hotel in
Amritsar (Punjab). The firm has tied up with Ginger Hotels (Roots
Corporation Limited, subsidiary of The Indian Hotels Firm Limited)
for management of the hotel. The hotel is expected to commence its
commercial operations in November-December 2013.


BALAJI ELECTROSTEELS: CRISIL Suspends B- Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Electrosteels Ltd (BEL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        20         CRISIL A4 Suspended
   Cash Credit          180         CRISIL B-/Stable Suspended
   Corporate Loan        42.5       CRISIL B-/Stable Suspended
   Letter of Credit      60         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    24.6       CRISIL B-/Stable Suspended
   Term Loan             64.6       CRISIL B-/Stable Suspended
   Working Capital       58.3       CRISIL B-/Stable Suspended
   Term Loan

The suspension of ratings is on account of non-cooperation by BEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BEL is yet to
provide adequate information to enable CRISIL to assess BEL'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'

BEL was set up in 1995 by Mr. Sushil Bajaj and Mr. Dinesh Agarwal.
The company manufactures steel long products and silico manganese.
Its registered office is in Patna (Bihar) and its plants are in
Jhumritelaiya (Jharkhand).


BANK OF INDIA: Moody's Keeps (P)Ba2 Rating on FC MTN Program
------------------------------------------------------------
Moody's Investors Service has affirmed the long-term ratings and
changed the outlook to positive from stable for 12 Indian
government-owned financial institutions. The rating actions are in
line with Moody's affirmation of the Government of India's Baa3
issuer and senior unsecured ratings on 9 April 2015, and Moody's
changing of the sovereign's ratings outlook to positive from
stable on the same date.

Moody's has also downgraded the local currency bank deposit
ratings and the senior unsecured ratings of three Indian private
sector banks to Baa3/P-3 from Baa2/P-2. The outlook on all the
long-term ratings of these banks has been changed to positive. The
foreign currency deposit rating of these three banks has been
affirmed at Baa3/P-3 and the outlook on their long-term ratings
has been changed to positive from stable.

The 12 affected government-owned financial institutions are: (1)
Bank of Baroda, (2) Bank of India, (3) Canara Bank, (4) Export-
Import Bank of India, (5) Indian Railway Finance Corporation
Limited, (6) Oriental Bank of Commerce, (7) Power Finance
Corporation Limited, (8) Punjab National Bank, (9) Rural
Electrification Corporation Ltd., (10) State Bank of India, (11)
Syndicate Bank, and (12) Union Bank of India.

The three affected private sector banks are: (1) AXIS Bank
Limited, (2) HDFC Bank Limited and (3) ICICI Bank Limited.

All of the banks' other ratings remain unaffected.

RATINGS RATIONALE

POSITIVE OUTLOOK FOR 12 INDIAN GOVERNMENT-OWNED FINANCIAL
INSTITUTIONS

The rating actions are in line with Moody's revision of the
outlook on the Government of India's Baa3 bond ratings to positive
from stable.

The government's credit strength is an important input in Moody's
deposit and debt ratings for financial institutions, because it
impacts Moody's assessment of the government's capacity to provide
support in times of stress.

As such, an improvement in the government's own creditworthiness,
as measured by its sovereign rating, has the potential to lift the
supported ratings for the financial institutions. The assignment
of a positive outlook on the sovereign's and the financial
institutions' ratings signals a higher probability of the
sovereign providing support to the financial institutions in times
of stress.

DOWNGRADE OF LOCAL CURRENCY DEPOSIT AND SENIOR UNSECURED RATINGS
OF THREE PRIVATE-SECTOR BANKS; OUTLOOK POSITIVE

The downgrade of the local currency bank deposit and senior
unsecured ratings of three Indian private-sector banks to Baa3/P-3
from Baa2/P-2 is driven by the change in Moody's view that the
capacity for government support is limited to a government's bond
rating, rather than Moody's previous expectation that banks in
India could benefit from additional support through other policy
tools. These rating actions follow the publication of Moody's
updated bank rating methodology on 16 March 2015.

At the same time, the outlook on all the long-term ratings of the
three banks has been changed to positive from stable, in line with
Moody's revision of the outlook on the Government of India's Baa3
bond ratings to positive from stable.

The ratings and outlook of the affected financial institutions are
listed below.

AXIS Bank Limited

Local currency deposit rating downgraded to Baa3/P-3 from Baa2/P-
2; outlook on long-term rating changed to positive from rating
under review

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged at baa3

AXIS Bank Limited, headquartered in Mumbai, reported total
consolidated assets of INR 3,819.5 billion ($64 billion) as of 31
March 2014.

AXIS Bank Limited, DIFC Branch

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Other short-term ratings downgraded to (P) P-3 from (P) P-2

AXIS Bank Limited, Hong Kong Branch

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchaged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Other short-term ratings downgraded to (P) P-3 from (P) P-2

AXIS Bank Limited, Singapore Branch

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchaged at
(P)Ba1

Foreign currency junior subordinate debt rating unchanged at
Ba2(hyb); outlook stable

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Pref. stock (non cumulative) rating unchanged at Ba3(hyb)

Bank of Baroda

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged at ba2

Bank of Baroda, headquartered in Mumbai, reported total
consolidated assets of INR 6,571.0 billion ($110 billion) as of 31
March 2014.

Bank of Baroda, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated debt rating of unchanged at Ba2;
outlook negative

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Pref. stock (non-cumulative) rating unchanged at B2(hyb); outlook
negative

BCA and Adjusted BCA unchanged at ba2

Bank of India, headquartered in Mumbai, reported total
consolidated assets of INR 5,712.1 billion ($96 billion) as of 31
March 2014.

Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated debt rating unchanged at Ba2;
outlook negative

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Bank of India, Jersey Branch

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

Pref. stock (non-cumulative) rating unchanged at B2(hyb); outlook
negative

Canara Bank

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged ba2

Canara Bank, headquartered in Bangalore, reported total
consolidated assets of INR 4,902.1 billion ($82 billion) as of 31
March 2014.

Canara Bank, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinated debt rating unchanged at
Ba3(hyb); outlook negative

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

Export- Import Bank of India

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency issuer rating affirmed at Baa3; outlook changed
to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Export-Import Bank of India, headquartered in Mumbai, reported
total consolidated assets of INR 871.5 billion ($15 billion) as of
31 March 2014.

Export-Import Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

HDFC Bank Limited

Local currency deposit rating downgraded to Baa3/P-3 from Baa2/P-
2; outlook on long-term rating changed to positive from rating
under review

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

BCA and Adjusted BCA unchanged at baa3

HDFC Bank Limited, headquartered in Mumbai, reported total
consolidated assets of INR 4,903.4 billion ($82 billion) as of 31
March 2014.

HDFC Bank Limited, Bahrain Branch

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

HDFC Bank Limited, Hong Kong Branch

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

ICICI Bank Limited

Local currency deposit rating downgraded to Baa3/P-3 from Baa2/P-
2; outlook on long-term rating changed to positive from rating
under review

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

BCA and Adjusted BCA unchanged at baa3

ICICI Bank Limited, headquartered in Mumbai, reported total
consolidated assets of INR 7,475 billion ($123 billion) as of 31
March 2014.

ICICI Bank Limited, New York Branch

Local currency senior unsecured debt rating downgraded to Baa3
from Baa2; outlook changed to positive from rating under review

Local currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Local currency subordinated MTN program rating unchanged at (P)Ba1

Local currency junior subordinate MTN program rating unchanged at
(P)Ba2

ICICI Bank Limited, Bahrain Branch

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate debt rating unchanged at
Ba2(hyb); outlook stable

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Pref. stock (non cumulative) rating unchanged at Ba3(hyb)

ICICI Bank Limited, Dubai Branch

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

ICICI Bank Limited, Hong Kong Branch

Deposit Note/CD Program rating affirmed at (P)Baa3/(P)P-3

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

ICICI Bank Limited, Singapore Branch

Foreign currency senior unsecured rating downgraded to Baa3 from
Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to
(P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Indian Railway Finance Corporation Limited

Foreign currency issuer rating affirmed at Baa3; outlook changed
to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Indian Railway Finance Corporation Limited, headquartered in
Mumbai, reported total consolidated assets of INR 707.6 billion
($13 billion) as of 31 March 2014.

Oriental Bank of Commerce

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged at ba2

Oriental Bank of Commerce, headquartered in New Delhi, reported
total consolidated assets of INR 2,194.5 billion ($37 billion) as
of 31 March 2014.

Power Finance Corporation Limited

Foreign currency issuer rating affirmed at Baa3; outlook changed
to positive from stable

Power Finance Corporation, headquartered in Mumbai, reported total
consolidated assets of INR 1,698.2 billion ($31 billion) as of 31
March 2014.

Punjab National Bank

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency issuer rating affirmed at Baa3; outlook changed
to positive from stable

BCA and Adjusted BCA unchanged at ba3

Punjab National Bank, headquartered in New Delhi, reported total
consolidated assets of INR 5,480.4 billion ($92 billion) as of 31
March 2014.

Rural Electrification Corporation Ltd.

Local currency issuer rating affirmed at Baa3; outlook changed to
positive from stable

Foreign currency issuer rating affirmed at Baa3; outlook changed
to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Rural Electrification Corporation Ltd, headquartered in Mumbai,
reported total consolidated assets of INR 1,305.1 billion ($24
billion) as of 31 March 2014.

State Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Other short-term program rating affirmed at (P)P-3

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Pref. stock (non-cumulative) rating unchanged at B1(hyb); outlook
negative

Baseline credit assessment (BCA) and Adjusted BCA unchanged at ba1

State Bank of India, headquartered in Mumbai, reported total
consolidated assets of INR 17,856.6 billion ($299 billion) as of
31 March 2014.

State Bank of India, Hong Kong Branch

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Other short-term program rating affirmed at (P)P-3

State Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Other short-term program rating affirmed at (P)P-3

State Bank of India, Nassau Branch

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba1

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba2

Pref. stock (non-cumulative) rating unchanged at B1(hyb); outlook
negative

Other short-term program rating affirmed at (P)P-3

Syndicate Bank

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

BCA and Adjusted BCA unchanged at ba2

Syndicate Bank, headquartered in Bangalore, reported total
consolidated assets of INR 2,509.3 billion ($42 billion) as of 31
March 2014.

Syndicate Bank, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

Union Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on
long-term rating changed to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

BCA and Adjusted BCA unchanged at ba2

Union Bank of India, headquartered in Mumbai, reported total
consolidated assets of INR 3,523.5 billion ($59 billion) as of 31
March 2014.

Union Bank of India, Hong Kong Branch

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating unchanged at
(P)Ba2

Foreign currency junior subordinate MTN program rating unchanged
at (P)Ba3

The principal methodology used in rating State Bank of India,
State Bank of India, Hong Kong Branch, State Bank of India, London
Branch, State Bank of India, Nassau Branch, Bank of Baroda, Bank
of Baroda, London Branch, Syndicate Bank, Syndicate, London
Branch, Bank of India, Bank of India, London Branch, Bank of
India, Jersey Branch, Canara Bank, Canara Bank, London Branch,
Oriental Bank of Commerce, Union Bank of India, Union Bank of
India, Hong Kong Branch, Punjab National Bank, Export-Import Bank
of India, Export-Import Bank of India, London Branch, AXIS Bank
Limited, AXIS Bank Limited, DIFC Branch, AXIS Bank Limited, Hong
Kong Branch, AXIS Bank Limited, Singapore Branch, ICICI Bank
Limited, ICICI Bank Limited, New York Branch, ICICI Bank Limited,
Bahrain Branch, ICICI Bank Limited, Dubai Branch, ICICI Bank
Limited, Hong Kong Branch, ICICI Bank Limited, Singapore Branch,
HDFC Bank Limited, HDFC Bank Limited, HDFC Bank Limited, Bahrain
Branch, and HDFC Bank Limited Hong Kong Branch was Banks published
in March 2015. The principal methodologies used in rating Indian
Railway Finance Corporation Limited, Power Finance Corporation
Limited and Rural Electrification Corporation Ltd. were Finance
Company Global Rating Methodology published in March 2012, and
Government-Related Issuers published in October 2014. Please see
the Credit Policy page on www.moodys.com for a copy of these
methodologies.


CLS INDUSTRIES: CARE Ups Rating on INR6.67cr LT Loan to B
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
CLS Industries Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.67       CARE B Revised from
                                            CARE D

   Long-term /Short-term Bank    2.00       CARE B/CARE A4
   Facilities                               Revised from
                                            CARE D/CARE D

   Short-term Bank Facilities    6.00       CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings assigned to the bank facilities of CLS
Industries Private Limited (CIPL) takes into account its
satisfactory track record of regular servicing of debt obligation
with improvement in liquidity and solvency position and increase
in total operating income during FY14 (refers to the period April
1 to March 31) and FY15 (provisional).

The ratings, however, continue to be constrained on account of
modest scale of operations in highly competitive and fragmented
industry coupled with its financial risk profile marked by its
thin net profit margin, weak debt coverage indicators and modest
liquidity position. Furthermore, the ratings also factor in the
susceptibility of its operating margins to raw material price
fluctuation and high inter group sales/purchase transactions.
The ratings, however, continue to derive strength from the
resourceful promoters having diversified business interest and
moderate capital structure.

The ability of CIPL to increase its scale of operations with
increase in the order book position and improvement in its
operating margins and liquidity position are the key rating
sensitivities.

Gandhidham-based (Gujarat) CLS Industries Private Limited (CIPL),
erstwhile Ave Hotels and Resorts Private limited, was incorporated
in the year 2008 as a private limited company by Mr Shyam Sharma
(Director) and his two sons Mr Mohit Sharma (Director) and Mr
Rohit Sharma (Director). The name of the company was changed to
its present form on May 18, 2010.

CIPL is engaged in the manufacturing of core veneer with an
installed capacity of 18.25 lakh square meter per annum (SMPA),
phase veneer with an installed capacity of 54.75 lakh SMPA, marine
plywood with an installed capacity of 1.10 lakh per annum, block
board with an installed capacity of 3.65 lakh per annum and flush
doors with an installed capacity of 1.10 lakh per annum as on
March 31, 2014. The commercial production of CIPL was started in
February 2011. The promoter group also has business interests in
various other fields such as hospitality, leasing, trading, etc,
through their group concerns, namely, CLS Enterprise Private
Limited, Shiv Petroleum, Shiv Enterprise and C.L. Sharma Resorts
Private Limited.

As per the audited results of FY14, CIPL reported merely INR0.05
lakh of net profit on a total operating income (TOI) of INR20.54
crore as against PAT of INR0.01 crore on TOI of INR16.44 crore. As
per the provisional results for 11MFY15, CIPL registered the
turnover of INR18.54 crore.


HLM INDIA: CRISIL Ups Rating on INR108.5MM Bank Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
HLM India Pvt Ltd (HIPL; part of the TSI group) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term   108.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

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

The rating upgrade reflects CRISIL's belief that the TSI group
will sustain its improved liquidity over the medium term on
account of sizeable funds received from its promoters in the form
of unsecured loans. The promoters extended unsecured loans of
INR639 million in the business in the past two years, resulting in
significant improvement in the group's liquidity. Also, the
management's commitment towards retention of these unsecured loans
in the business till the tenure of the bank limits and not
extending any additional funding support to its affiliate
Automotive Coaches and Components Ltd (ACCL) is expected to
support the group's liquidity over the medium term. Furthermore,
the TSI group's business risk profile is likely to improve over
the medium term on the back of expected ramp-up of operations
along with improvement in profitability and working capital
management. Also, the group is expected to generate annual net
cash accruals of about INR60 million, which is likely to be
sufficient for meeting its maturing annual debt obligations of
about INR6.6 million, over the medium term.

The rating reflects the TSI group's modest operating profitability
in the highly competitive automotive carrier manufacturing
industry and working-capital-intensive operations constraining its
business risk profile. The rating also factors in the group's
average financial risk profile marked by a modest net worth and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters and their funding, and its established market
position in the automotive carriers manufacturing industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HIPL, Lohr India Automotive Pvt Ltd
(LIAPL), and Transport Solutions India Pvt Ltd (TSIPL). This is
because all these companies, together referred to as the TSI
group, are in a similar line of business and have significant
intercompany transactions; also, TSIPL has extended corporate
guarantees towards bank loan facilities of LIAPL and HIPL.

Outlook: Stable

CRISIL believes that the TSI group will, over the medium term,
continue to benefit from the extensive industry experience of its
promoters and their established relationships with customers. The
outlook may be revised to 'Positive' if there is a significant and
sustained improvement in the group's revenue and profitability,
resulting in sizeable cash accruals. Conversely, the outlook may
be revised to 'Negative' if the group's financial risk profile,
especially liquidity, deteriorates, because of large working
capital requirements or substantial debt-funded capital
expenditure.

The TSI group was established in 2006 and manufactures carriers
used in logistic services. Presently, the group manufactures
tippers and trailers under TSIPL, car and truck carriers under
LIAPL, and refrigerated carriers under HIPL. The group's promoters
have over four decades of experience in manufacturing carriers
used in logistic services.


INSTYLE EXPORTS: CRISIL Suspends B- Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Instyle Exports Pvt Ltd (Instyle).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------              ---------   -------
   Bank Guarantee              2.5     CRISIL A4 Suspended
   Export Packing Credit     400       CRISIL A4 Suspended
   Foreign Bill Discounting  100       CRISIL B-/Stable Suspended
   Letter of Credit           30       CRISIL A4 Suspended
   Term Loan                  70       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Instyle with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Instyle is yet
to provide adequate information to enable CRISIL to assess
Instyle'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'.

Instyle was established by Mr. Ashok Logani in 1981. Mr. Logani
has an experience of over 30 years in the ready-made garments
industry. Instyle Exports, a proprietorship concern which was set
up by Mr. Logani in 1978, was merged with Instyle on April 1,
2004. Instyle manufactures and exports women's garments, including
blouses, skirts, jackets, and trousers. Product specifications,
such as design, pattern, and raw material are customised to the
requirements of the customers. Instyle exports its products mainly
to European countries and the US. It has one production facility
in Okhla and four in Gurgaon (Haryana).


FORTUNE SPIRIT: CRISIL Reaffirms B+ Rating on INR150M Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Fortune Spirit
Ltd (FSL) continues to reflect FSL's modest scale and working
capital intensive nature of operations leading to weak liquidity.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term      80       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The rating is also constrained by susceptibility of the company's
operations to the regulatory framework governing the liquor trade
in Odisha. These rating weaknesses are partially offset by the
extensive experience of by FSL's promoters in the liquor industry
and its average financial risk profile marked by moderate gearing
and debt protection metrics, albeit on a modest net worth base.

Outlook: Stable

CRISIL believes that FSL will benefit over the medium term from
its promoters' extensive experience in the Indian Made Foreign
Liquor (IMFL) industry. The outlook may be revised to 'Positive'
if FSL reports significantly higher revenue and profitability,
while it maintains its capital structure or improves its liquidity
profile. Conversely, the outlook may be revised to 'Negative', if
any regulatory changes adversely impact the company's revenue and
margins, it undertakes a large debt-funded capital expenditure
programme, or its working capital cycle stretches, impacting its
financial risk profile, particularly liquidity.

Update
FSL's operating income grew 50 per cent year-on-year in 2013-14
(refers to financial year, April 1 to March 31) with net sales of
around INR390 million. In the current year as well, the company
has booked net sales of INR320 million up to January 2015.

The company's financial risk profile remains average marked by a
modest net worth, high gearing and moderate debt protection
metrics. Despite infusion of equity of INR30 million, the gearing
increased to 1.64 times as on March 31, 2014 from 1.09 times as on
March 31, 2013 on account of sharp increase in external
borrowings.

The working capital requirements remain high with gross current
asset (GCA) of 215 days as on March 31, 2014 as compared to GCA of
197 days as on March 31, 2013 on account of high inventory and
debtors. Driven by high working capital requirements, the
company's bank limits remain highly utilised at 98.96 per cent on
an average in the 11 months ended February 2015 with instances of
utilisation of adhoc limits, despite an enhancement of INR50
million in its bank limits.

FSL was incorporated in 2007 by Mr. Rajesh Kumar Sahu, his brother
Mr. Deepak Sahu and Mr. Ayush Sahu (son of Mr. Deepak Sahu). FSL
processes and bottles Indian made foreign Liquor (IMFL) for
Jagatjit Industries Ltd and Mohan Meakin Ltd. The company's
registered office is in Bhubaneshwar and manufacturing facilities
in Ganjam district in Orissa.

FSL reported a profit after tax (PAT) of INR9.6 million on net
sales of INR391 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR7.2 million on net sales
of INR261 million for 2012-13.


GANGOTRI ENTERPRISES: CARE Reaffirms C Rating on INR820cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gangotri Enterprises Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities    820.00      CARE C Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Gangotri
Enterprises Limited (GEL) continue to be constrained by its
stretched liquidity position led by working capital-intensive
operations. The ratings, however, draw strength from experienced
promoters and long operational track record.

Going forward, GEL's ability to improve its profitability margins
coupled with effective management of working capital shall be the
key rating sensitivities.

GEL was incorporated in 1991, and is a closely-held company with
the Board of Directors being managed by family members. It is
headed by Mr. Vinay Shankar Tewari (M.D), assisted by other
directors including Mr. Ajit Pandey and Mrs. Reeta Tewari having
over a decade of experience in the construction/infrastructure
industry.

GEL is engaged in the construction of roads, bridges and flyovers,
BOT projects, construction of residential and industrial
buildings, gas pipe lines, railway terminals, linking of rail
tracks, signals and electrical items for railways, earthworks in
embankments and infrastructure work.

During FY14, GEL reported total operating income of INR333.67
crore and PAT of INR0.85 crore as compared to total operating
income of INR493.60 crore and loss of INR27.46 crore in FY13.


GAURISANKAR ELECTROCASTINGS: CARE Rates INR8.84cr LT Loan at B+
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Gaurisankar Electrocastings Pvt. Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.84       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Gaurisankar
Electrocastings Pvt. Ltd. (GEPL) is primarily constrained by its
small scale of operations in the highly fragmented and competitive
iron & steel industry, lack of backward integration vis-a-vis
volatility in prices working capital-intensive nature of
operations resulting in moderately leveraged capital structure
and weak debt service coverage indicators.

The aforesaid constraints are partially offset by the experience
of the promoters with long track record of operation and
strategic location of the plant.

The ability of the company to grow its scale of operations along
with improvement in its profitability by combating the pressure of
volatility in raw material prices and managing working capital
effectively are the key rating sensitivities.

GEPL, incorporated in 2006 by Mr Ranjeet Prasad and Mr Sunil Kumar
based out of Jharkhand with the objective of manufacturing iron &
steel products. Since inception, the company is engaged in
manufacturing of mild steel (MS) bars and the facility of the
company is located at Giridih, Jharkhandwith an annual installed
capacity of 17,100 metric tone per annum (MTPA).

GEPL, as a part backward integration initiative, has setup a MS
ingot manufacturing unit on the compound of the existing plant. MS
ingot is the main raw material used for manufacturing MS bar. The
plant was setup at an aggregate cost of INR5.92 crore, which was
funded at a debt equity mix of 1.03:1. The company has already
incurred the entire cost and at present trial run is in process.
The plant is likely to commence operation from April 2015.

As per the audited results of FY14 (refers to the period April 01
to March 31), GEPL reported a PBILDT of INR1.06 crore (INR0.92
crore in audited FY13) and PAT of INR0.05 crore (INR0.05 crore in
audited FY13), on a total operating income of INR19.36 crore
(INR24.00 crore in audited FY13). Furthermore, during 9MFY15, the
management is stated to have achieved net operating income of
INR24.23 crore.


HANUMAN AGRO: CARE Revises Rating on INR18.6cr LT Loan to BB-
-------------------------------------------------------------
CARE revises/reaffirms rating to the bank facilities of Hanuman
Agro Industries Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.60      CARE BB- Revised from
                                            CARE B

   Short-term Bank Facilities     2.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Hanuman Agro Industries Ltd. (HAIL) are mainly on account of
improvement in the financial risk profile of the company with
increase in scale of operations, profit levels and improved debt
coverage indicators. However, the ratings continue to remain
constrained by its small scale of operation, susceptibility of
operating margin to fluctuation in raw material prices, high
leverage ratios, working-capital intensive nature of its
operations and intense competition in the industry. The ratings,
however, derive strength from its experienced promoters with long
track record of operations, adequate distribution network and
satisfactory demand outlook of the industry.

Going forward, the ability of the company to improve its scale of
operations along with improvement in its profitability and
efficient management of working capital will be the key rating
sensitivities.

HAIL incorporated in November 1984, was promoted by the Kanoria
family of Kolkata. HAIL has been engaged in business of paper
milling having manufacturing facility in Raipur, Chhattisgarh.
Initially, the company used to manufacture agro-residue based
writing and printing paper (WPP) ranging from Maplitho, SS Cream
Wove & Duplicating sheets having stretches between 42 to 70 grams
per square metre (GSM). From February 2013, the company changed
its manufacturing process using recycled fibre and waste paper as
raw material followed by an increase in capacity from 13,200 MTPA
to 16,500 MTPA. HAIL's entire power requirement is met through its
2.5 MW captive power plant (CPP). The power plant is registered
carbon credit and generating a significant amount of revenue as
non-operating income from The United Nations Framework Convention
on Climate Change (UNFCCC). The company sells its products through
the wholesalers and distributors covering 18 states of India
primarily located in eastern, northern and western parts of the
country under the brand name of 'Hanuman'.

During FY14, the company reported a total operating income of
INR39.2 crore (FY13: INR29.7 crore) and a PAT of INR0.8 crore (in
FY13: net loss of INR0.9 crore). The company has achieved a total
operating income of INR27.96 crore during 9MFY15 (refers to the
period April 1 to December 31).


HINDUSTAN FLUOROCARBONS: CRISIL Rates INR51.5MM Cash Credit at C
-----------------------------------------------------------------
CRISIL has assigned its rating on the bank facilities of
Hindustan Fluorocarbons Limited (HFL) at 'CRISIL C/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       9.7        CRISIL C
   Bank Loan Facility
   Long Term Loan          50.0        CRISIL C
   Letter of Credit         3.8        CRISIL A4
   Bank Guarantee           5.0        CRISIL A4
   Cash Credit             51.5        CRISIL C

The ratings reflect the delays by HFL in repayment of debt that is
unrated by CRISIL. The delays are on account of its weak
liquidity.

The ratings also reflect HFL's modest scale of operations in a
competitive industry and its weak financial risk profile marked by
weak capital structure and debt protection metrics. These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive experience in the chemical
manufacturing industry.

HFL is a Hyderabad-based company manufacturing
polytetrafluoethylene (PTFE), an engineering plastic in India. It
was incorporated in 1983 as a subsidiary of Hindustan Organic
Chemicals Limited.

For 2013-14(refers to financial year, April 1 to March 31), HFL
reported a loss of INR248.24 million on total revenue of INR313.45
million against a PAT of INR9.48 million on total revenue of
INR444.7 million for 2012-13.


JUBLEE HILL: CRISIL Suspends B- Rating on INR166MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jublee
Hill Resorts Limited (JHRL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 Suspended
   Cash Credit              5        CRISIL B-/Stable Suspended
   Long Term Loan         166        CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      94        CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by JHRL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JHRL is yet to
provide adequate information to enable CRISIL to assess JHRL'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'

Set up by Mr.J.Sarath Babu and his family, JHRL, operates a three
star hotel under the name of Daspalla in Hyderabad in Andhra
Pradesh. The hotel commenced commercial operations in August 2010.


KAAN FISH: CARE Revises Rating on INR2.92cr Long Term Loan to B+
----------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Kaan Fish Oil Company.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long- term Bank Facilities    2.92       CARE B+ Revised from
                                            CARE BB-

   Short-term Bank Facilities    6.00       CARE A4 Reaffirmed

Rating Rationale

The long-term rating assigned to the bank facilities of Kaan Fish
Oil Company (KFOC) was revised on account of the sharp decline in
its profitability and cash accruals resulting in the deterioration
in its liquidity position and debt coverage indicators during FY14
(refers to the period April 1 to March 31).

The ratings continue to be constrained on account of its modest
scale of operations, partnership nature of the constitution,
competitive nature of the industry coupled with regulatory risks,
seasonality associated with the seafood industry and foreign
exchange fluctuation risk.

The ratings, however, continue to derive comfort from the
experienced key personnel, proximity to raw material procurement
area and increase in total operating income during FY14.
The ability of KFOC to increase its scale of operations, improve
profitability and debt coverage indicators amidst high competitive
pressure along-with the efficient management of working capital
requirements remain the key rating sensitivities.

KFOC was formed in 2008 as proprietorship firm by Mr Mehir Hariram
Cham. The firm was primarily engaged in manufacturing of fish
meal. Subsequently in 2011, KFOC installed facilities for
processing of frozen sea foods and also set up an ice plant with
capacity of 150,000 units. It also expanded its sterilizer's
capacity (for fish meal) from 4000 metric tonnes per annum (MTPA)
to 8000 MTPA. KFOC has a production-cum-storage facility located
at Porbandar (Gujarat) with total installed capacity of 3,000 MTPA
for processing of frozen sea food and cold storage facilities with
capacity of 1200 tons for preserving processed sea foods. The
company mainly exports to Japan and Russia. KFOC also has an
associate concern in the name of 'Kan Victual Pvt. Ltd. (KVPL;
rated CARE BB/CARE A4)', which is engaged in production and export
of frozen Surimi (fish paste).

During FY14, KFOC reported a total operating income (TOI) of
INR35.40 crore and a PAT of INR0.13 crore as against a TOI of
INR27.88 crore and a PAT of INR0.62 crore during FY13.


KANKANI ENTERPRISES: CARE Rates INR8.75cr LT Bank Loan at B+
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kankani
Enterprises Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.75       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Kankani Enterprises
Private Limited (KEPL) is primarily constrained on account of its
relatively small scale of operations in the highly competitive
textile industry and thin profitability. The rating is, further,
constrained on account of KEPL's pre-dominantly debt-funded
project.

The rating, however, favourably takes into account the experience
of the promoters with long track record of operations in the
textile industry coupled with comfortable solvency and liquidity
position of the company. The rating, further, considers location
advantage by virtue of being situated in the textile cluster of
Bhilwara.

KEPL's ability to increase its scale of operation and timely
completion of the ongoing project and its stabilization shall be
the key rating sensitivities.

Bhilwara-based (Rajasthan) KEPL was incorporated in September,
1992 by Mr Om Prakash Kankani along with his family members with
an objective of trading of yarns in Mumbai. Later, KEPL changed
its business of trading of yarn to trading of synthetic and cotton
fabrics. The company procures yarn from local market and gets
manufactured finished fabrics on job work basis from weaving and
processing units located in the local market. The company sells
fabrics in the states of Rajasthan, Maharashtra, Madhya Pradesh,
Andhra Pradesh and Gujarat through dealers and agents. Currently,
KEPL has undertaken a project to set up weaving unit with
installed capacity of 34.53 Lakh Meters Per Annum (LMPA).

During FY14 (refers to the period April 1 to March 31), KEPL
reported a total operating income of INR5.39 crore (FY13: INR4.02
crore) with a PAT of INR0.05 crore (FY13: INR0.02 crore).


KEDIA PROJECTS: CARE Reaffirms B+ Rating on INR10.63cr LT Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Kedia
Projects Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.63      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Kedia Projects
Private Limited (KPL) continues to be constrained by residual
project implementation risk associated with its green field
project, higher reliance on customer advances for funding and its
presence in the highly competitive real estate development
industry. The rating, however, continues to draw comfort from the
experience of the promoters in execution of real estate projects,
strategic location of the project, receipt of all the necessary
approvals and achievement of financial closure of the project.
Going forward, the ability of the company to timely execute the
remaining project within envisaged cost and estimates, achievement
of sales at envisaged price and sustain any adverse changes in the
regulatory guidelines would be the key rating sensitivities.

KPL promoted by Mr Pradeep Kedia and Mr Jai Prakash Agarwal was
incorporated in 2008. It is currently setting up a high end mix-
use hospitality project, called the 'D&K City Project' at Port
Blair, Andaman & Nicobar Islands. The project is being developed
on a land parcel of 16,920 sq. mtrs and is to be constructed in
two phases. The 1st phase consists of residential complex and the
2nd phase which includes the commercial complex (includes hotel,
shopping complex, club houses). The 2nd phase shall be taken up
after commissioning of the 1st phase. The residential block is
constructed in seven blocks (A to G) with 110 apartments including
a mix of 1-BHK (bedroom, hall & kitchen), 2-BHK and
3-BHK (5 duplexes) in all. The initial estimates were for 107
apartments which were revised to 110 during FY13 (refers to the
period April 1 to March 31). KPL is a part of SBIL group having
business activities in the domains of real estate development,
hospitality, consumer products, organic & botanical activities,
natural dyes & clothing, agro commodities, etc. Other group
associates of SBIL are 'RPA Promoter and Builder Private Limited'
(RPA), 'JPPJ Build Estate Private Limited' (JBPL), 'Sach
Properties Private Limited' (SPPL), 'Angel Tech Build Private
Limited' (ATBPL), etc, which are involved in the real estate
development in Dehradun, Goa, Haridwar, Port Blair and Kanpur.


KK FINECOT: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of KK Finecot Private
Limited (KKPL; 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. 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.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          52.5        CRISIL B+/Stable (Reaffirmed)
   Term Loan            19.0        CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of K.K Fibers (KKF) and 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 benefit 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.


KOS OILS: CRISIL Cuts Rating on INR340MM Cash Credit to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KOS Oils Pvt Ltd (KOS) to 'CRISIL D' from 'CRISIL B+/Stable'.
The rating downgrade reflects KOS's overdrawn cash credit facility
for more than 30 days; this was because of the company's weak
liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           340       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Standby Line of        15       CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

KOS also has a weak financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio and modest debt
protection metrics. Furthermore, the company is exposed to intense
competition in the fragmented edible oils industry. However, KOS
benefits from its promoters' extensive experience in the edible
oils trading business.

KOS was originally established in 1979 as a partnership firm, Sri
Krishna Oil Stores, promoted by Mr. K Arumugam and managed by nine
partners; the firm was reconstituted as a private limited company
with the current name in 2014. Based in Tiruvannamalai (Tamil
Nadu), KOS trades in refined palm oil and other edible oils in
Tamil Nadu and Puducherry.


MYCO INFRA: CARE Assigns B+ Rating to INR30cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Myco Infra
Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      30        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Myco Infra Private
Limited (MIPL) is primarily constrained on account of project
implementation and salability risk related to its ongoing real
estate projects with low booking status and advance received and
the risk related to real estate sector.

The rating, however, derives benefit from the wide experience of
the promoters and established track record of the group in
executing real estate projects.

Successful completion of MIPL's on-going real estate project
within envisaged time and cost parameters and timely receipts of
funds at envisaged prices is the key rating sensitivity.

Ahmedabad-based Myco Infra Private Limited (MIPL) was incorporated
as a private limited company in January 2010, by Mr Abdulkadir
Haji Husainbhai Memon, Mr Adbul Razak Hushain Nagani, Mr Abdul
Gaffar Nagani and Mr Afzal Nagani. Currently, MIPL is executing
two residential projects named 'Ahmed Residency' and 'Akibah
Heights' at Ahmedabad, Gujarat, with total saleable area of 3.49
lakh sq. ft. (lsf). MIPL has received approvals for land and other
relevant clearances for the projects.


NECTAR BEVERAGES: CRISIL Suspends B- Rating on INR310MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nectar
Beverages Pvt Ltd (NBPL, part of the SMV group)).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           120        CRISIL B-/Stable Suspended
   Letter of Credit       70        CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    150        CRISIL B-/Stable Suspended
   Term Loan             310        CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by NBPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NBPL is yet to
provide adequate information to enable CRISIL to assess NBPL'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'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NBPL and its group companies, Steel
City Beverages Pvt Ltd (SCBPL) and SMV Beverages Pvt Ltd (SBPL).
This is because all these entities, collectively referred to as
the SMV group herein, are in the same line of business, with
inter-company transactions and cross-holding of equity shares.
Moreover, these companies, at times, buy and sell products from
each other, depending on availability of production capacity.
SCBPL, for instance, acts as a hub for bottling of juices for the
entire group. Also, there is fungibility of cash flows between the
entities, in the form of advances to each other, as well as
investments.

The SMV Group, promoted by Mr. Surya Kant Jaipuria, is a
franchisee bottler of Pepsi, with five bottling plants covering
Chhattisgarh, the Vidharbha region of Maharashtra, Jharkhand,
Orissa, and Karnataka (excluding Bengaluru).


P.D. AGRO: CRISIL Assigns B Rating to INR80MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of P.D. Agro Processors (PDAP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B/Stable
   Term Loan             40         CRISIL B/Stable
   Term Loan              5.5       CRISIL B/Stable

The rating reflects PDAP's average financial risk profile, marked
by modest net worth and high gearing primarily, and modest scale
of operations. These rating weaknesses are partially offset by the
extensive industry experience of PDAP's partners.
Outlook: Stable

CRISIL believes that PDAP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case PDAP reports significantly
high sales or profitability or a substantial improvement in its
financial risk profile driven by higher-than-expected cash
accruals or capital infusion, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case lower-than-expected cash accruals or sizeable working
capital requirements or debt funded capital expenditure exert
further pressure on the firm's liquidity.

PDAP was established in July 2013 as a partnership firm by Mr.
Bhupender Agarwal and Ms. Kamla Agarwal. The firm processes non-
basmati rice (Sona Masuri, Samba Masuri, HMT) at its unit in Rae
Bareilly (Uttar Pradesh) that has an installed milling and sorting
capacity of 10 tonnes per hour. PDAP commenced its operations in
January 2014.


PRATITI HEALTH: CARE Assigns B+ Rating to INR13.8cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pratiti
Health Educational Institutes Pvt. Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Proposed Long-term
   Bank Facilities               13.8       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Pratiti Health
Educational Institutes Pvt. Ltd. (PHEI) is primarily constrained
by its project implementation risk involved with the setting up of
the educational institute & hostel facility including yet to be
achieved financial closure for the debt, high competition from
established & upcoming educational institutes, stringent
regulatory framework for education sector in India and capital-
intensive nature of business.

The rating, however, draws comfort by the presence of experienced
& qualified management, satisfactory proposed infrastructure and
positive outlook & high growth potential for the sector.
Going forward, PHEI's ability to successfully execute the project,
establish a brand name for itself amidst intense competition and
ensure adequate student intake would be the key rating
sensitivities.

PHEI was incorporated in August 2008 for establishing and
operating a media & mass communication institute & hostel. The
company is currently setting up a greenfield project in Noida,
Uttar Pradesh, to start an educational institute & hostel in two
phases. The institute will be spread over an area of 2.97 acre and
shall comprise modern infrastructure with latest available
technology and experienced faculties. PHEI will be providing post-
graduation, graduation, diploma and certification courses in media
& mass communication from academic year (AY) 2017-18 with total
intake capacity of 1,400 students and will also operate a hostel
having 200 rooms with a capacity of accommodating 400 students,
which will be operational by April 2016.


PRIME INSULATORS: CRISIL Assigns B Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Prime Insulators Pvt Ltd (PIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4
   Cash Credit           40        CRISIL B/Stable

The ratings reflect PIPL's extensive experience of promoters in
the insulator industry, and long relationships with suppliers and
customers. The rating also factors in the company's moderate
working capital requirements. These rating strengths are offset by
the modest scale of operations in an intensively competitive
polymer insulator industry, low net worth, and moderate capital
structure.
Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' if significant improvement in scale
of operations and profitability, or substantial equity infusion
leads to a stronger financial risk profile. Conversely, the
outlook may be revised to 'Negative' if decline in revenue and
margins (and therefore, stretch in liquidity), or any large debt-
funded capital expenditure weakens its financial risk profile.

PIPL, incorporated in 2006, is located in Himatnagar, Gujarat.
PIPL produces electro porcelain disc insulators for high extension
wires have capacity of around 6500 tonnes per annum. Promoted by
the Patel family, PIPL is managed by Mr Nareshkumar Patel and Mr.
Mahendrakumar Patel.


RANBANKA HERITAGE: CARE Assigns B Rating to INR4.71cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B/ CARE A4' ratings to the bank facilities of
Ranbanka Heritage Resorts Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4.71       CARE B Assigned
   Short term Bank Facilities    0.08       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ranbanka Heritage
Resorts Private Limited (RHR) are primarily constrained on account
of low occupancy rate in its hotel resulting into small scale of
operations in highly fragmented and competitive hotel industry.
The ratings are, further, constrained on account of its highly
leveraged capital structure and seasonal nature of its operations.
The ratings, however, derive strength from the experienced
promoters in the hotel industry.

The ability of RHR to increase its scale of operations through
further increase in occupancy and average room rent (ARR) in the
highly fragmented and competitive industry is the key rating
sensitivity.

RHR was incorporated in 2008 to carry out hotel business in the
textile city of Bhilwara, Rajasthan. RHR operates through 51 room
heritage hotel which includes 28 deluxe rooms, 19 super deluxe
rooms and 4 suits of which two are luxury suites. Additionally,
hotel provides other amenities like 2 Bars of which one is at roof
top which it runs seasonally, 2 Banquet halls for organizing
seminars, meetings, ceremonies and workshop which can accommodate
500 persons at a time and 1 multi-cuisine restaurant. The hotel
property is spread over an area of 7 acres and provides banquet
lawn for wedding planners, family occasions, ceremonies and other
parties spread over an area of 70,000 sq ft and can accommodate
5,000 people at a time.

Furthermore, RHR also carries out trading of finished fabrics
which forms around 10% total operating income (TOI) in FY14
(refers to the period April 1 to March 31).

During FY14 (A; refers to the period April 1 to March 31), RHR has
reported a total operating income of INR2.03 crore (FY13: INR1.75
crore) with a net loss of INR0.13 crore (FY13: net profit of
INR0.09 crore).


S. G. MOTORS: CRISIL Assigns B+ Rating to INR55MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long-
term bank facility of S. G. Motors (SGM).

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

The ratings reflect SGM's below-average financial risk profile
marked by high gearing and below-average debt protection metrics.
The rating also reflects SGM's exposure to intense competition in
the automobile dealership segment. These rating weaknesses are
partially offset by SGM's moderate scale of operations and
established association with Yamaha Motor Pvt Ltd (Yamaha), along
with the extensive experience of its promoters in the automobile
dealership segment.
Outlook: Stable

CRISIL believes that SGM will continue to benefit from its
promoters' extensive industry experience along with its
established relationship with Yamaha, over the medium term. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, because of substantial equity infusions or a
sustained improvement in the profitability and cash accruals.
Conversely, the outlook may be revised to 'Negative' if SGM's
financial risk profile, especially its liquidity deteriorates,
because of a stretch in its working capital cycle or significantly
low net cash accruals.

SGM, promoted by the Kerala based George family, is an authorised
dealer for Yahama's two-wheelers. The firm operates a showroom in
Kottayam (Kerala) and three service centres in Kerala.

SGM reported a profit after tax (PAT) of INR1.2 million on net
sales of INR208.4 million for 2013-14 (refers to financial year,
April 1 to March 31), as compared to a PAT of INR0.3 million on
net sales of INR142.7 million for 2012-13.


SAMRADDHI COT: CARE Reaffirms B+ Rating on INR7.92cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Samraddhi
Cot Fibers Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.92       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Samraddhi Cot Fibers
Pvt Ltd (SCFPL) continues to remain constrained by short track
record of operations coupled with financial risk profile
characterised by low profit margins, leveraged capital structure
and moderate debt coverage indicators. The rating further
continues to remain constrained on account of seasonality
associated with the procurement of raw material, susceptibility of
profitability to cotton price fluctuation and changes in the
government policy coupled with its presence in the highly
fragmented industry with limited value addition and working
capital-intensive nature of operations.

The rating, however, continues to derive comfort from the vast
experience of the promoters in the cotton industry and locational
advantage in terms of proximity to the cotton-growing regions in
Madhya Pradesh. The rating also factors in the stabilisation of
operations during FY14 (refers to the period April 1 to March 31)
coupled with increase in the total operating income during
11MFY15.
SCFPL's ability to increase its scale of operations coupled with
improvement in profit margins in light of competitive nature of
industry and fluctuating raw material prices, along with
improvement in capital structure and managing its working capital
requirements efficiently remain the key rating sensitivities.

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal and it is
involved in business of cotton ginning and pressing. SCFPL
operates from its plant located in Sendhwa, Madhya Pradesh, with a
capacity of processing raw cotton for producing 200 bales per day
and is currently utilising 80% of its total capacity. SCFPL
procures its raw cotton locally through brokers and mandis.
During FY14, SCFPL reported TOI of INR31.11 crore (FY13: INR9.73
crore) and PAT of INR0.13 crore (FY13: INR0.12 crore). However,
during 11MFY15, SCFPL achieved a total income of INR35 crore.


SATGURU AGRO: CRISIL Cuts Rating on INR140MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Satguru Agro Industries Ltd (SAIL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term     69.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan              10.5      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects pressure on the company's business
risk profile and its liquidity. During 2014-15 (refers to
financial year, April 1 to March 31), SAIL turnover is likely to
decline to around INR1.1 billion from INR1.3 billion in 2013-14.
Simultaneously, operating margin is estimated to have reduced to
around 1.6 per cent from over 3.5 per cent in the past.
Consequently, SAIL's liquidity has weakened with sharp decrease in
its cash accruals to around INR5 million and continued working
capital intensity.

CRISIL's rating on the long-term bank facilities reflect SAIL's
below-average financial risk profile, marked by its small net
worth and weak debt protection metrics, and susceptibility to
volatility in raw material prices and to changes in  government
regulations along with exposure to intense competition in the
highly fragmented soya market. The rating weaknesses are partially
offset by the extensive industry experience of SAIL's promoters.

Outlook: Stable

CRISIL believes that SAIL's credit risk profile will remain
constrained by its modest net worth and cash accruals along with
high gearing, over the medium term. The outlook may be revised to
'Positive' if the company's scale of operations and profitability
improve, with prudent working capital management. Conversely, the
outlook may be revised to 'Negative' if SAIL's financial risk
profile, particularly its liquidity, weakens with further decline
in its cash accruals, or stretched working capital cycle.

Founded in 1991 by the Khaitan family, SAIL was acquired in 2004
by the current management, comprising the Kalavadia, Zalawadia,
Padodara, and Changela families. The company manufactures soya
bean oil and soya de-oiled cakes.


SATYAMEV COT: CRISIL Reaffirms B Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Satyamev Cot Fibers Pvt Ltd (SCFPL) continues to reflect the
company's below-average financial risk profile and susceptibility
of its profitability to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the cotton industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B/Stable (Reaffirmed)
   Term Loan             22.9       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCFPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' in case of a
significant increase in the company's scale of operations while it
improves its profitability. Conversely, the outlook may be revised
to 'Negative' if SCFPL's revenue and profitability are lower than
expected, its working capital cycle is stretched, or if it
undertakes any significant debt-funded capital expenditure (capex)
programme, leading to further weakening of the financial risk
profile.

Update
SCFPL's revenue and profitability was in line with CRISIL's
expectations in 2013-14 (refers to financial year, April 1 to
March 31). Revenue is, however, expected to decline in 2014-15,
due to slowdown in cotton imports by China. Operating margin is
likely to be 4 to 4.5 per cent due to limited value addition and
fragmented nature of the industry. Further the company's
profitability will remain vulnerable to changes in the cotton
prices, as sharp changes in the prices will likely have an impact
on the inventory valuation.

Owing to the early stage of stabilisation of its operations, the
company's working capital cycle has been longer than expected,
with gross current asset [GCA] of 109 days as on March 31, 2014,
as against CRISIL's expectation of 62 days, driven primarily by
inventory of about 70 days. CRISIL believes that SCFPL's working
capital cycle will continue to be exposed to variations in cotton
availability and price fluctuations, based on which the stocking
pattern of the company may change.

SCFPL's liquidity is supported by unsecured loans from the
promoters at regular intervals. The loans stood at INR30.4 million
as on March 31, 2014. The promoters also infused equity of INR16.3
million during 2013-14. The company's bank lines continue to be
utilised by 50 to 60 per cent in the peak period-November to June-
due to its moderate working capital intensity, and the
availability of funding support from promoters. CRISIL expects
that funding support from the promoters will remain over the long-
term. The company has a repayment obligation of INR3.6 million
against which it is expected to generate cash accruals of INR5
million to INR6 million over the medium term.

The company's financial risk profile continues to remain modest,
marked by modest net worth of INR70.8 million and moderate gearing
of 1.86 times, respectively, as on March 31, 2014. The modest debt
protection metrics were marked by interest coverage ratio of 2.6
times and net cash accruals to total debt ratio of 0.12 times in
2013-14. With the absence of any debt-funded capex plan, CRISIL
believes that SCFPL's financial risk profile will remain modest
over the medium term.

Incorporated in 2012, SCFPL gins and presses raw cotton at its
facilities in Anjad (Madhya Pradesh). The company's day-to-day
operations are managed by Mr. Ishwar Patidar.


SCHON ULTRAWARES: CRISIL Assigns D Rating to INR78MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Schon Ultrawares Pvt Ltd (SUPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             78         CRISIL D
   Cash Credit           15         CRISIL D
   Proposed Long Term     7         CRISIL D
   Bank Loan Facility

The rating reflects instances of delays by SUPL in servicing its
term debt; the delays have been caused by stretched liquidity on
account of working-capital-intensive operations .The company's
financial risk profile is below average, marked by high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive experience in the
paper industry.

Established in 2000, SUPL manufactures, exports and supplies a
broad range of biodegradable goods, including paper bowls, plates,
and trays, clamshell boxes, paper wall panels, and pulp and fibre
moulded packaging for use in hotels, restaurants and homes. The
company is promoted by Mr. Sunil Kumar Juneja and Mr. Sumit
Juneja. The company's manufacturing facility at Neemrana,
Rajasthan has been operational since September 2014.


SHREE NAKODA: CARE Reaffirms B Rating on INR20cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Nakoda Industries Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.0       CARE B Reaffirmed

Rating Rationale

The rating of Shree Nakoda Industries Ltd (SNIL) continues to be
constrained by its low profitability margins due to trading nature
of business, profitability susceptible to volatility in trading
material prices, customer and geographical concentration risk,
high gearing ratios and significant exposure to group companies.
The rating, however, continues to draw strength from the
experience of the promoters and access to quality trading
materials. Increasing the scale of operation along with
profitability and efficient management of working capital shall
remain the key rating sensitivities.

SNIL, incorporated in December 1991, belongs to the Raipur-based
Nakoda group. The company was initially incorporated as Goel
Vanaspati Products Ltd. to carry out chemical business. In 2005,
it discontinued chemical manufacturing business and ventured into
trading of steel products, mainly MS Bars, rounds, iron ore and
coal. The Nakoda group comprises companies having major interest
in manufacturing & trading of steel products, chemicals, food
grain, polymers and coal.

In FY14, SNIL reported a PAT of INR0.29 crore (Rs.0.22 crore in
FY13) on total operating income of INR123.47 crore (Rs.87.14 crore
in FY13). In 9MFY15 (as per the provisional results), SNIL
reported total operating income of INR163.63 crore.


SHREE UMIYAJI: CRISIL Assigns B+ Rating to INR31.9MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Shree Umiyaji Cold Storage (SUCS).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          31.9        CRISIL B+/Stable
   Term Loan            28.1        CRISIL B+/Stable

The rating reflects SUCS's small scale of operations in a highly
fragmented industry and the firm's weak financial risk profile
marked by weak capital structure. These rating weaknesses are
partially offset by the extensive experience of SUCS's promoters
in the agriculture industry.

Outlook: Stable

CRISIL believes that SUCS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SUCS improves its scale of
operations and sustains its profitability, leading to significant
improvement in its accruals. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates because of pressure on its profitability or delays in
realisation of advances extended to farmers.

SUCS is a cold storage chain providing cold storage facilities for
potatoes. It became operational in 2013 and is managed by Kachhawa
and Patel families of Deesa (Gujarat). Mr. Vikram Kachhawa manages
the firm's day-to-day operations.


SIRIUM CERAMIC: CARE Assigns B Rating to INR7cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sirium Ceramic Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7         CARE B Assigned
   Long term Bank Facilities/     3         CARE B/CARE A4
   Short-term Bank Facilities               Assigned
   Short-term Bank Facilities     1.75      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sirium Ceramic
Private Limited (SCPL) are primarily constrained on account of
stabilization risk associated with its recently completed debt-
funded project, susceptibility of its margins to volatility in
prices of natural gas and key raw materials and presence in the
highly competitive ceramic industry and fortunes linked to demand
from the cyclical real estate sector.

The ratings, however, derive benefit from the wide experience of
the promoters in the ceramic industry and location advantage
having presence in the ceramic hub with easy access to raw
material, fuel and labor.

The ability of SCPL to stabilize its operations with achievement
of the envisaged capacity utilization, sales levels and
profitability and rationalization of debt levels coupled with
efficient working capital management are the key rating
sensitivities.

Sirium Ceramic Private Limited (SCPL) incorporated in January,
2014 is promoted by Mr Hitarth Dalsaniya, Mr Rajnik Barsana,
Harakhji Suvariya and Mr Alpesh Loria. SCPL has set up its green
field project for manufacturing of digital ceramic wall tiles with
an installed capacity 7,000 boxes per annum at Morbi in Gujarat.
Currently, the company is manufacturing the tiles in two different
sizes i e 12"*12" and 12"*24". The total cost of the project is
INR14.44 crore to be funded through equity capital of INR5 crore,
term loan of INR7 crore and balance of INR 2.44 crore through
unsecured loan.The company has commenced its operations from
November, 2014.


SPICEJET LTD: Withdraws Plea From High Court Against Irish Lessor
-----------------------------------------------------------------
The Times of India reports that SpiceJet Ltd on April 7 withdrew
from the Delhi high court one of its pleas seeking orders to DGCA
not to de-register its three Boeing 737 aircraft leased from an
Irish firm, saying it has arrived at a settlement with the foreign
entity.

According to the report, SpiceJet told a bench of Chief Justice G
Rohini and Justice RS Endlaw that it has arrived at a settlement
with Wilmington Trust SP Services (Dublin) Ltd and withdrew the
petition filed against the Irish firm.

TOI relates that the second petition, which involves three Boeing
737 aircraft leased from another Irish firm, AWAS Ireland Ltd, was
listed by the court for hearing on May 1 after the low-cost
airline said it is in the process of settling the payment due to
the foreign entity.

SpiceJet had filed the two petitions challenging a March 19 order
of a single-judge of the High Court directing Directorate General
of Civil Aviation (DGCA) to de-register the six Boeing 737 planes
leased from the two Irish firms, the report recalls.

TOI says the order was passed on the pleas of the Irish firms
which had said their lease with SpiceJet had been terminated due
to alleged default in payment of lease rental by the airline.

The report relates that challenging the order, the airline, in its
pleas, has said de-registration of its aircraft "shall result in
completely closing down of operations of SpiceJet" as a result of
which the whole turnaround plan in terms of the scheme for revival
and reconstruction of the carrier would "collapse".

It has said the Scheme of Reconstruction and Revival for Takeover
of Ownership, Management and Control of the airline would collapse
"as no investor would be investing money in an airline which was
without aircraft and operations," the report relays.

SpiceJet, which currently has 32 aircraft in its fleet, had said
de-registration of its aircraft would also mean that it would not
be able to fly them which in turn would affect the people who have
booked tickets months in advance, adds TOI.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


STEELSWORTH PVT: CRISIL Ups Rating on INR40MM Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Steelsworth Pvt Ltd (SPL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'; while reaffirming its rating on the company's short-term
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Export Packing          8       CRISIL A4 (Reaffirmed)
   Credit


   Letter of credit &     10       CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Proposed Long Term      0.9     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan               0.3     CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SPL will maintain
its improved liquidity over the medium term, supported by the
absence of term debt obligations and any debt-funded capital
expenditure (capex) plans. The rating upgrade also factors in the
expected improvement in the company's financial risk profile,
though marginal, driven by increase in cash accruals backed by
increase in its scale of operations.

The ratings reflect SPL's below-average financial risk profile,
marked by weak capital structure and subdued debt protection
metrics. The ratings also factor in the company's modest scale of
operations and large working capital requirements. These rating
weaknesses are partially offset by extensive experience of SPL's
promoters in the tea-processing machinery industry.

Outlook: Stable

CRISIL believes that SPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case SPL reports higher-
than-expected cash accruals, driven by substantial improvement in
its scale of operations and improvement in its working capital
cycle, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in SPL's financial risk profile, most-likely
because of decline in revenues or profitability, or further
elongation in its working capital cycle, or larger-than-expected
debt-funded capex plans, impinging its liquidity.

SPL, based in Kolkata was founded by Mrs. Uma Bagaria in 1949. The
company manufactures and supplies tea-processing machinery in the
domestic and international market. It has a foundry, machining,
and fabrication plant in Tinsukia (Assam).


SUMEET FACILITIES: CRISIL Ups Rating on INR105MM Bank Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sumeet Facilities Pvt Ltd (SFPL) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D.'

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           45         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term   105         CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')


The rating upgrade reflects SFPL's improved liquidity on account
of strong funding support by promoters which has enabled the
company fully repay its term debt from Bank of Maharashtra; and
timely servicing of its other debt obligations over the six months
through February 2015. CRISIL believes that SFPL will maintain its
current liquidity over the medium term, driven by improving cash
accruals and need-based funding support from promoters.

The rating reflects SFPL's below-average financial risk profile,
marked by aggressive capital structure and subdued debt protection
metrics, its large working capital requirements, and its exposure
to intense competition in the manpower services industry. These
rating weaknesses are partially offset by its promoters' extensive
experience in the manpower services industry and their funding
support.

Outlook: Stable

CRISIL believes that SFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile, particularly liquidity, improves with significant
increase in cash accruals or sizeable infusion of fresh funds by
promoters. Conversely, the outlook may be revised to 'Negative' if
SFPL's liquidity weakens because of a decline in cash accruals, or
stretched working capital cycle, or any large debt-funded capital
expenditure.

Set up in 1992 by Mr. Prabhakar Salunke, SFPL provides manpower
services which include providing housekeeping services and
providing skilled and unskilled workers. The company is based in
Pune (Maharashtra) and mainly renders its services to the
corporate, education institutes, hotels, malls and government
organisations.


SYNERGY AGRI: CARE Assigns D Rating to INR11.57cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Synergy
Agri Products Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.57       CARE D Assigned
   Short-term Bank Facilities    0.10       CARE D Assigned

Rating Rationale

The rating of Synergy Agri Products Private Limited (SAPPL)
factors in the ongoing delays in debt servicing on account of the
stressed liquidity position of the company.

Incorporated on March, 2004, Durgapur-based (West Bengal) Synergy
Agri Products Pvt Ltd (SAPPL) was set up as a joint venture
between Synergy group (owns 80%) and Vedic Realty Pvt Ltd (VRPL,
owns 20%). SAPPL was initially incorporated as Vedic Synergy Bio-
Technologies Ltd and subsequently renamed to its current name.
SAPPL is engaged in the propagation and growing of plants and
tissue culture activities. SAPPL mainly grows banana and bamboo
plants, and supplies to state agricultural departments and other
reputed players. The hardening unit and laboratory is located at
Durgapur with an annual capacity of 70 million plants.
The Synergy group was founded by its Chairman, Mr Cecil Antony and
along with Mr Francis Antony, its Vice-Chairman. The group is
operational since two decades and has diversified operations in
areas like education, bio-technology, solar power, food and
infrastructure.

During FY14 (Provisional) ( refers to the period April 1 to March
31), the company reported a total operating income of INR8.01
crore (FY13: INR8.79 crore) and a PAT of INR0.09 crore (FY13:
INR1.02 crore).


TALWAR AUTO: CRISIL Reaffirms B Rating on INR75MM Channel Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Talwar Auto
Garages Pvt Ltd (TAGPL) continues to reflect TAGPL's below-average
financial risk profile marked by its small net worth, high total
outside liabilities to tangible net worth ratio and average debt
protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Channel Financing     75         CRISIL B/Stable (Reaffirmed)

The rating of the company is also constrained on account of its
exposure to intense competition in the automotive dealership
industry resulting in its low profitability margins, and the
susceptibility of its operations to cyclicality in the economy.
These rating weaknesses are partially offset by TAGPL's
established relation with its principal - VE Commercial Vehicles
Ltd (VECV), the company's efficient working capital management,
and its low exposure to inventory and debtor risks.

Outlook: Stable

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

TAGPL was set up in 1986 by Mr. Sunil Talwar and his family
members. The company is an authorized dealer of VECV's entire
range of commercial vehicles in 10 districts of Telangana. TAGPL
also sells spares and accessories, and provides after-sales
services.


TEHRI PULP: CARE Reaffirms C Rating on INR80.13cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tehri Pulp and Paper Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities     80.13      CARE C Reaffirmed
   Short-term Bank facilities    15.75      CARE A4 Reaffirmed

Rating Rationale
The ratings for the bank facilities of Tehri Pulp and Paper Ltd.
(TPPL) continues to be constrained by weak financial risk profile,
working capital-intensive nature of operations and susceptibility
of profitability to volatility in the raw material prices. The
ratings, however, derive strength from experienced promoters and
long track record of operations.

Going forward, TPPL's ability to improve its profitability margins
and capital structure along with efficient working capital
management would be the key rating sensitivities.

TPPL, incorporated in year 1993, is engaged in the manufacturing
of Kraft Paper and Kraft Liner in Muzaffarnagar, Uttar Pradesh.
TPPL has waste paper and agro-based Kraft paper manufacturing
facilities located at its units in Muzaffarnagar, Uttar Pradesh,
with a total installed capacity of 78,000 metric tonne per annum
(MTPA) as on March 31, 2014. It is a packaging item and used for
manufacturing of corrugated boxes, cartons and other packaging
purpose.

TPPL is a part of the Bindal Group of companies, which includes
other companies like Agarwal Duplex Board Mills Ltd (rated 'CARE
BB+/ CARE A4') and Bindals Papers Mills Ltd (rated 'CARE D').
During FY14 (refers to the period April 01 to March 31), TPPL has
reported total operating income of INR140.75 crore with PAT of
INR1.86 crore as compare with total operating income of INR111.61
crore and net loss of INR6.69 crore during FY13.


TRANSPORT SOLUTIONS: CRISIL Ups Rating on INR200MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Transport Solutions India Pvt Ltd (TSIPL; part of the TSI group)
to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           200        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term     50        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that the TSI group
will sustain its improved liquidity over the medium term on
account of sizeable funds received from its promoters in the form
of unsecured loans. The promoters extended unsecured loans of
INR639 million in the business in the past two years, resulting in
significant improvement in the group's liquidity. Also, the
management's commitment towards retention of these unsecured loans
in the business till the tenure of the bank limits and not
extending any additional funding support to its affiliate
Automotive Coaches and Components Ltd (ACCL) is expected to
support the group's liquidity over the medium term. Furthermore,
the TSI group's business risk profile is likely to improve over
the medium term on the back of expected ramp-up of operations
along with improvement in profitability and working capital
management. Also, the group is expected to generate annual net
cash accruals of about INR60 million, which is likely to be
sufficient for meeting its maturing annual debt obligations of
about INR6.6 million, over the medium term.

The rating reflects the TSI group's modest operating profitability
in the highly competitive automotive carrier manufacturing
industry and working-capital-intensive operations, constraining
its business risk profile. The rating also factors in the group's
average financial risk profile, marked by a modest net worth and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters and their funding, and its established market
position in the automotive carriers manufacturing industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TSIPL, Lohr India Automotive Pvt Ltd
(LIAPL), and HLM India Pvt Ltd (HIPL). This is because all these
companies, together referred to as the TSI group, are in a similar
line of business and have significant intercompany transactions;
also, TSIPL has extended corporate guarantees towards bank loan
facilities of LIAPL and HIPL.

Outlook: Stable

CRISIL believes that the TSI group will, over the medium term,
continue to benefit from the extensive industry experience of its
promoters and their established relationships with customers. The
outlook may be revised to 'Positive' if there is a significant and
sustained improvement in the group's revenue and profitability,
resulting in sizeable cash accruals. Conversely, the outlook may
be revised to 'Negative' if the group's financial risk profile,
especially its liquidity, deteriorates, because of large working
capital requirements or substantial debt-funded capital
expenditure.

The TSI group, established in 2006, manufactures carriers used in
logistic services. Presently, the group manufactures tippers and
trailers under TSIPL, car and truck carriers under LIAPL, and
refrigerated carriers under HIPL. The group's promoters have over
four decades of experience in manufacturing carriers used in
logistic services.


TRATEC ENGINEERS: CRISIL Suspends D Rating on INR262MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tratec Engineers Private Limited (Tratec).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       160        CRISIL D Suspended
   Cash Credit          150        CRISIL D Suspended
   Letter of Credit      60        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    18        CRISIL D Suspended
   Term Loan            262        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Tratec with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Tratec is yet to
provide adequate information to enable CRISIL to assess Tratec'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'.

Tratec was incorporated in 1995 by Mr. Kamal Khosla, Mr.
Rangaswamy and Mr. Raman Anand. Mr Raman Anand subsequently sold
his stake in Tratec to the incoming promoter Mr. Anil Narendra.
Tratec manufactures special-purpose multi-axle vehicles to carry
extremely heavy and over-dimensional consignments (ODCs). The
company manufactures two types of trailers: specialised hydraulic
modular trailers and customised trailers. It derives the bulk of
its revenue from the former segment. Tratec has capacity to
manufacture 3600 axles per annum at its manufacturing unit at
Damdama Lake Road, Gurgaon (Haryana) and Plant at Bawal, which is
partially operational.


U.K. AGRITECH: CRISIL Suspends D Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
U.K. Agritech Private Limited (UKAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
UKAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UKAPL is yet to
provide adequate information to enable CRISIL to assess UKAPL'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'.

Based in West Bengal, UKAPL is a trading concern incorporated on
November 11, 2009. The company was promoted by the father-son duo
of Mr. Santosh Kumar Das and Mr. Ujjwal Das. Currently, UKAPL
trades in red lentil.



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


* JAPAN: Corporate Bankruptcies Drop For Sixth Consecutive Year
---------------------------------------------------------------
The Wall Street Journal's JapanRealtime reports that the number of
corporate bankruptcies in Japan fell 11% during the last fiscal
year, dipping below 10,000 for the first time since 2006.

Realtime relates that Teikoku Databank Ltd. figures released on
April 8 showed bankruptcies falling for the sixth straight year
since a peak during the global financial crisis in 2008. The
number of bankruptcies in the 12 months to March 31 was 9,044, the
data showed, Realtime relays.

The total debt left by bankrupt companies also shrank for the
sixth consecutive year, falling 31% to JPY1.89 trillion ($15.7
billion) in fiscal 2014, according to Realtime.



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


PRECISION CAPITAL: Moody's Affirms B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Precision Capital Private
Ltd's (PCPL) B1 corporate family rating (CFR) with a stable
outlook.

MMI International Ltd (MMI),a wholly owned subsidiary of PCPL, is
a leading precision engineering components company for hard disk
drive (HDD) manufacturers worldwide.

The outlook on the ratings is stable.

At the same time, the ratings for MMI's $300 million senior
secured notes and $180 million term loan B have been withdrawn
following their redemption in full on 27 March 2015 with a new
$580 million unrated bank credit facility.

RATINGS RATIONALE

PCPL closed on a new $520 million five year senior secured term
loan at 30 March 2015. The proceeds were used to redeem the
company's $300 million senior secured notes due 2017, repay the
remaining outstanding (around $77 million) under its $180 million
Term Loan B, and pay a whole premium, accrued interest and related
fees and expenses. The remaining proceeds will be used for a one-
time special dividend to its shareholders.

At the same time, the company's $110 million revolving credit
facility was also terminated and replaced with a new $60 million
revolving credit facility, and which can only be used for working
capital/general corporate purposes.

PCPL is majority-owned by Kohlberg Kravis Roberts (unrated), with
a total controlling interest of 73%, while the remaining 27%
interest is held by the management of MMI. This is the first
dividend return for shareholders.

"Although this transaction results in increased debt levels and
higher adjusted debt/EBITDA of around 4.2x compared to 3.2x at 31
December, it can be accommodated in the company's current B1
rating. The company's solid cash flow generation, prudent
management of capex and mandatory amortization payments of the
term facility will allow it to delever below 4x over the next 12
months," says Annalisa DiChiara, a Moody's Vice President and
Senior Analyst.

PCPL reported revenue and adjusted EBITDA of $734 million and $134
million, respectively, for the 12-month period ended December
2014. The company has successfully offset lower pricing and slower
EBITDA growth by reducing operating expenses through cost-cutting
initiatives, productivity gains, disposing of non-core businesses,
and growing underlying product shipments.

Although Moody's does not expect a significant expansion in
revenues nor operating profit over the next 12 months, given the
relatively stable industry outlook, the company will fundamentally
delever as the bank loan will begin amortizing in September 2015.
Moreover, the company will be subject to a cash flow sweep which
will also expedite deleveraging.

The company has consistently generated positive free cash flow --
even during the down cycle in 2009 -- owing to its ability to
manage its margins and reduce capex. And Moody's expects this
trend to continue over the next 12-24 months.

"We expect the company to generate at least $130 million in EBITDA
per year for 2015 and 2016, while capex is likely to remain in the
$30 million range, thus allowing the it to generate around $60
million of free cash flow per year, prior to the mandatory
amortization payments," adds Di Chiara, who is also PCPL's Lead
Analyst.

The ratings outlook is stable, reflecting PCPL's defendable market
position and its strong customer relationships with the leading
HDD original equipment manufacturer players, especially Seagate
Technology HDD Holdings and Western Digital Corp (unrated).

Over the longer term, positive ratings pressure could arise if (1)
HDD demand picks up resulting in EBITDA expansion; (2) PCPL's
debt/EBITDA is sustained below 2.5x; and (3) retained cash flow
(RCF) to debt is maintained above 30%.

Conversely, the rating could come under additional downward
pressure if market conditions continue to deteriorate and HDD
demand further falls beyond Moody's expectations, resulting in
debt/EBITDA remaining above 4.0x and RCF/debt falling below 15%
over an extended period.

The principal methodology used in these ratings was Global
Technology Hardware, published in October 2010. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

PCPL and its subsidiaries together represent a market-leading
precision manufacturing technology company with a key focus on
producing mechanical and electro-mechanical components for the HDD
industry.



                             *********

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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