TCRAP_Public/150415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, April 15, 2015, Vol. 18, No. 073


                            Headlines


A U S T R A L I A

ARTISAN DELICATESSEN: First Creditors' Meeting Set For April 22
BC IRON: Should Prepare to Shut Down, Analysts Say
CARE BEYOND: Placed Into Liquidation
CDS MANUFACTURING: First Creditors' Meeting Set For April 23
MAXPOWER GROUP: S&P Affirms then Withdraws 'B' Rating

MISS CHU: Creditors Has Less Chance of Recouping AUD4.6MM
PRO IMAGE: First Creditors' Meeting Slated For April 22
SINOSTEEL MIDWEST: To Shutter Blue Hills Iron Mine
SKS PARTNERS: Noggi Frozen Yogurt-Related Firm in Administration


C H I N A

WINSWAY ENTERPRISES: Fitch Lowers Issuer Default Rating to 'C'
WINSWAY ENTERPRISES: Misses Coupon Payment on 2016 Bonds
* CHINA: Junk Bonds Pose Most Risk Since 2004


I N D I A

APNA PUNJAB: CRISIL Suspends D Rating on INR410MM Term Loan
AROMATICS (INDIA): ICRA Reaffirms B+ Rating on INR20cr Cash Loan
AUTOMOTIVE COACHES: CRISIL Reaffirms D Rating on INR360MM Loan
BAJRANG COTGIN: ICRA Suspends B- Rating on INR14.83cr LT Loan
BLUFIELDS ENERGY: ICRA Assigns 'SP 3D' Grading

CARRYCON INDIA: ICRA Reaffirms B+ Rating on INR6.5cr FB Loan
CORAL TELECOM: CRISIL Assigns B- Rating to INR281M LT Bank Loan
DEITY FUEL: ICRA Assigns SP 3D Grading on Weak Financial Strength
G B TOOLS: CRISIL Suspends B- Rating on INR155MM Packing Credit
GREEN WOODCRAFTS: CRISIL Suspends B+ Rating on INR25MM Loan

ILPEA PARAMOUNT: CRISIL Suspends B Rating on INR90MM Cash Loan
INDEX INFORMATICS: ICRA Assigns SP 3D Grading
INTERNATIONAL FRESH: ICRA Assigns B+ Rating to INR13cr Cash Loan
JEEVISHA FOODS: ICRA Assigns B Rating to INR10.30cr FB Loan
JMD CHAIN: CRISIL Suspends B Rating on INR150MM Cash Credit

LAFFANS GRANITO: ICRA Assigns B+ Rating to INR25.5cr Term Loan
LAND MARK: ICRA Assigns SP 3D Grading on Weak Financial Strength
MAA SAMALESWARI: CRISIL Suspends B+ Rating on INR70MM Cash Loan
MAMMON CONCAST: CRISIL Suspends B+ Rating on INR90MM Cash Loan
MAX CERAMICS: ICRA Reaffirms B Rating on INR8.13cr Term Loan

MOTIA TOWNSHIP: ICRA Cuts Rating on INR23cr LT Loan to D
PARSEWAR AND COMPANY: ICRA Reaffirms B+ Rating on INR9.35cr Loan
PASHUPATI METALLICS: CRISIL Rates INR100MM Cash Loan at B+
QBARONS NATURAL: ICRA Puts SP 3D Grading on Weak Fin'l. Strength
RAIJA INC: ICRA Assigns SP 3D Grading on Weak Financial Strength

RAKSAN TRANSFORMERS: CRISIL Suspends B+ Rating on INR70MM Loan
RAMGARH SPONGE: CRISIL Suspends D Rating on INR103.3MM Term Loan
ROHIT HERITAGE: CRISIL Suspends B Rating on INR110MM Cash Loan
RUNGTA IRRIGATION: CRISIL Suspends B Rating on INR140MM Loan
S D RICE: ICRA Reaffirms B Rating on INR14cr Fund Based Limits

SADGURU MEDICAL: ICRA Assigns B Rating to INR7.9cr Term Loan
SAHARA GROUP: Court Stays Warrants vs. Subrata Roy, Executives
SARVESH REFRACTORIES: CRISIL Suspends D Rating on INR390MM Loan
SEASHORE AGRICULTURAL: CRISIL Suspends D Rating on INR300MM Loan
SHINE REALTORS: CRISIL Cuts Rating on INR150MM Bank Loan to D

SHREE BHAGYALAXMI: ICRA Reaffirms B Rating on INR7cr Cash Credit
SHREE PAWANSUT: ICRA Suspends D Rating on INR20.50cr Term Loan
SHUBH SWASTIK: ICRA Reaffirms B Rating on INR6cr Cash Credit
SOMALATA AYURVEDA: CRISIL Assigns B Rating to INR50MM LT Loan
SRD SYSTEMS: ICRA Puts SP 3D Grading on Weak Financial Strength

SURENDRA SALT: CRISIL Suspends B Rating on INR50MM Cash Loan
TIRUPATI COTTEX: ICRA Assigns B+ Rating to INR8cr Cash Credit
TIRUPATI COTTON: CRISIL Reaffirms B Rating on INR45MM Cash Loan
TIRUPATI COTTON: ICRA Reaffirms B+ Rating on INR24cr Cash Loan
VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR190MM Channel Loan

VIJAYANAGAR SUGAR: ICRA Cuts Rating on INR387.49cr Loan to D
YASH PAPERS: ICRA Lowers Rating on INR120.18cr FB Loan to D


I N D O N E S I A

PT PERTAMINA: Posts US$212.3MM Loss in January-February


J A P A N

BENU CAPITAL: S&P Assigns BB+ Rating on EUR-Denom. Class A Notes


N E W  Z E A L A N D

BRADMORE CATERERS: Owners Slowly Paying Back Debts


S O U T H  K O R E A

KEANGNAM ENTERPRISES: To be Delisted From Korea Exchange


T A I W A N

WAN HAI: Moody's Says 2014 Results Support Ba2 CFR


                            - - - - -


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


ARTISAN DELICATESSEN: First Creditors' Meeting Set For April 22
---------------------------------------------------------------
Frank Lo Pilato and Mitchell Herrett of RSM Bird Cameron Partners
were appointed as administrators of Artisan Delicatessen Pty Ltd,
trading as Edelweiss Gourmet Delicatessen, on April 10, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103 Northbourne Avenue, in
Turner, on April 22, 2015, at 2:00 p.m.


BC IRON: Should Prepare to Shut Down, Analysts Say
--------------------------------------------------
Australian Associated Press reports that BC Iron should prepare to
stop production in Western Australia to help save cash if iron ore
prices tumble further, analysts said.

AAP relates that while the Perth-based company appears to be
making money, Citi analysts believe it may soon have to shut down
production because iron ore prices are expected to continue
falling to fresh lows.

According to the report, BC Iron (BCI) earlier this month said its
all-in cash cost per tonne was between AUD53 and AUD57, as it
makes deeper cost cuts at its Nullagine operations in the Pilbara.

While the price of the steelmaking commodity rose 3.2 per cent
overnight to US$48.80 a tonne, Citi predicts it will fall to about
US$37 later in 2015, AAP states.

"As a short-life, high-cost producer, we believe BC Iron should
shut down production to conserve cash at our price forecasts," the
analysts said in a research note, the report relays.

Given the low liquidity of BC Iron's shares, Citi no longer has a
target price for the stock, AAP notes.

AAP says the bank has also removed its target price for Atlas
Iron, which has suspended its shares from trade as it prepares to
become the first prominent producer to shut down its Pilbara
mining operations by the end of April.

BC Iron Limited (ASX:BCI) -- http://www.bciron.com.au/-- is an
Australia-based iron ore mining and development company. The
principal activities of the Company include mining, crushing and
export of direct shipping iron ore and mineral exploration,
focusing primarily on iron ore deposits near Nullagine, Western
Australia.


CARE BEYOND: Placed Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Care Beyond
Measure AU Pty Ltd has been placed into liquidation leaving 60
caregivers with uncertain employment prospects.  Rodgers Reidy has
been appointed liquidator of the company, the report says.

Care Beyond Measure was taken to the Victorian Supreme Court by
the ATO following reports that it owed a huge sum to its
employees, Dissolve.com.au relates.


CDS MANUFACTURING: First Creditors' Meeting Set For April 23
------------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy Pty Ltd was appointed as
administrator of CDS Manufacturing Pty Ltd on April 13, 2015.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy Certified Practising Accountants, 237 Swan Street,
in Richmond, Victoria, on April 23, 2015, at 10:30 a.m.


MAXPOWER GROUP: S&P Affirms then Withdraws 'B' Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed and
subsequently, at the issuer's request, withdrawn its 'B/Stable'
issuer credit rating and 'axBB-' ASEAN scale rating on Indonesia-
based power producer MAXpower Group Pte. Ltd.  As the company has
elected not to issue a secured bond at this time, S&P has also
withdrawn the 'B' rating on the proposed senior notes that were
previously intended to be issued by the group's special-purpose
funding vehicle, MAXpower Group Issuer Pte. Ltd.

The stable outlook prior to the withdrawal reflected S&P's
expectation that financial metrics will improve over 2016, as
planned capacity additions would increase cash flow generation.
In addition, S&P expects MAXpower to keep a high proportion of
take-or-pay power contracts in its portfolio.  Before withdrawing
the ratings S&P concluded that absent the bond issue, liquidity
for the ensuing 12 months would have been "less than adequate",
therefore making MAXpower's credit stability contingent on the
company managing its liquidity such that its expansion plans are
adequately funded.


MISS CHU: Creditors Has Less Chance of Recouping AUD4.6MM
---------------------------------------------------------
Cara Waters at SmartCompany reports that creditors have little
chance of recovering the AUD4.6 million owed to them following the
sale of the MissChu Vietnamese restaurant chain back to founder
Nahji Chu.

As reported by SmartCompany last week, Chu has bought the six
Sydney MissChu sites and catering business back from
administrators through MissChu Holdings, a company controlled by
the Mawson Group and Chu.

But the chances of MissChu's creditors recovering any of the
AUD4.6 million owed "were very unlikely" KordaMentha's Rahul Goyal
told The Australian, SmartCompany relays.

According to SmartCompany, Mr. Goyal said Chu "had potentially
traded while insolvent and potentially faced civil and criminal
charges".

SmartCompany says KordaMentha has auctioned several company assets
including a luxury American built Chris Craft 25 Launch powerboat,
which MissChu used for delivery to yachts in Sydney Harbour.

"For me, living in Sydney and being a former refugee made me feel
as if I should own a boat," Ms. Chu said when she bought the Chris
Craft, SmartCompany relays.  "If you're going to keep calling me a
boat person, I'm going to take that literally!"

KordaMentha's creditors meeting minutes records that Ms. Chu
returned AUD95,000 worth of jewellery to KordaMentha, SmartCompany
says.

"The chairman did not discuss the reasons why they were acquired
and the circumstances," the minutes, as cited by SmartCompany,
stated.

The Australian reported the status of a Rolex watch and Cartier
ring also purchased using company funds is unknown, SmartCompany
relays.

SmartCompany notes that KordaMentha will report to the Australian
Securities and Investments Commission at the end of the month.

Ms. Chu told SmartCompany the claims made about the status of the
missing watch and ring and that the company had potentially traded
while insolvent were unproven.

"Those claims have to be proven and a forensic has been conducted
on me and MissChu since [the] voluntary administration. Nothing
untoward has surfaced. I was not trading while insolvent,"
SmartCompany quotes Ms. Chu as saying.

"It's important for me to keep MissChu alive and a successful
model and public support, which I do have, is important to that
process especially for the welfare of all stakeholders and the
future viability of the business."

SmartCompany contacted KordaMentha for comment but did not receive
a response prior to publication.

                         About Miss Chu

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.

Rahul Goyal and Janna Robertson of KordaMentha Restructuring were
appointed Voluntary Administrators of Miss Chu Pty Limited and
Miss Chu Manly Pty Limited (collectively known as 'MissChu') on
Dec. 23, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2015, SmartCompany said the troubled Vietnamese
restaurant chain has been sold to a company controlled by
Miss Chu founder Nahji Chu for an undisclosed price.

KordaMentha confirmed the sale of the Miss Chu business to MissChu
Holdings, a company controlled by the Mawson Group and Nahji Chu,
according to the report.


PRO IMAGE: First Creditors' Meeting Slated For April 22
-------------------------------------------------------
Paul Burness and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Pro Image Plaster
Supplies Pty Ltd on April 13, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, Victoria, on April 22, 2015, at 10:30 a.m.


SINOSTEEL MIDWEST: To Shutter Blue Hills Iron Mine
--------------------------------------------------
Rhiannon Hoyle at Dow Jones reports that Sinosteel Midwest will
shutter an iron-ore mine in Western Australia after being
confronted by a sharp downturn in prices and setbacks to a plan to
expand the operation.

Dow Jones says the closure of the Blue Hills mine -- where
Sinosteel began digging up ore in August 2013 -- is the latest in
a series of shutdowns at iron-ore mines from Australia to Canada,
including a decision by Atlas Iron last week to suspend all of its
mining operations.

According to the report, Sinosteel Midwest Corp -- which was
formed in 2008 when China's Sinosteel acquired iron-ore miner
Midwest Corp -- said it intended to cease shipments from Blue
Hills in mid-May.

"Tough economic conditions and lengthy delays in obtaining
environmental approvals for extensions to the Blue Hills operation
left no alternatives available," the company said in an emailed
statement, the report relays.

Western Australia's environmental regulator last year rejected a
proposal to expand the mine, Dow Jones notes.

Sinosteel Midwest Corporation Limited -- http://www.smcl.com.au/-
- engages in the development, mining, and processing of
metallurgical mineral resources in the Mid West region of Western
Australia. It develops and produces iron ore. Sinosteel Midwest
Corporation Limited was formerly known as Midwest Corp., Ltd. and
changed its name to Sinosteel Midwest Corporation Limited in
September 2008. The company was incorporated in 1987 and is based
in West Perth, Australia. As of September 15, 2008, Sinosteel
Midwest Corporation Limited operates as a subsidiary of Sinosteel
Corporation.


SKS PARTNERS: Noggi Frozen Yogurt-Related Firm in Administration
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that SKS Partners, a
company that shares its director with the Noggi Frozen Yogurt
chain, has entered voluntary administration.

Stewart Free and Bradd Morelli of Jirsch Sutherland were
appointing administrators of SKS Partners on April 9, the report
discloses.

An investigation by SmartCompany has revealed SKS Partners has
close ties with the franchised Noggi Frozen Yogurt chain, which
was founded by John Suh in 2009 during the height of the frozen
yoghurt craze in Australia.

Mr. Suh is listed as the director and secretary of SKS Partners on
business directory FindTheCompany, while SKS Partners and Noggi
parent company, SKS Services, share the same street address in
Gladesville, New South Wales, SmartCompany says.

However, SKS Partners and SKS Services have different Australian
business numbers (ABN), SmartCompany notes.

SKS Partners also owns the trademark for "Noggi Pure Frozen
Yogurt" in class 43, restaurant and hotel services, and previously
owned the trademark for "Noggi Loves You Body".

Noggi currently operates 11 frozen yoghurt outlets in New South
Wales, Queensland and the Australian Capital Territory.

According to SmartCompany, the company is actively advertising for
new franchisees, offering Noggi franchises for a franchise fee of
AUD0,000, a royalty fee of 8% of turnover and marketing fee of 2%
of turnover. Noggi estimates the set-up costs of a Noggi kiosk to
be between AUD150,000 and AUD250,000, while setting up a Noggi
shop is estimated to cost between
AUD250,000 and AUD350,000.



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


WINSWAY ENTERPRISES: Fitch Lowers Issuer Default Rating to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Winsway Enterprises
Holdings Limited's (Winsway) Long-Term Issuer Default Rating (IDR)
to 'C' from 'CCC'.  No Outlook has been assigned.

The downgrade reflects Winsway's failure to make a USD13.15m
coupon payment due 8 April 2015 for the USD309.3m of outstanding
8.5% notes due April 2016.  Winsway's senior unsecured rating and
the rating on its 2016 US-dollar denominated notes have been
affirmed at 'C', with Recovery Rating of 'RR6'.

The rating action indicates Winsway is in imminent default on
coupons and principal payments of the April 2016 notes.  Winsway
has a 30-day grace period to make the coupon payment that it
missed on 8 April 2015, but in Fitch's view, the company lacks the
capacity to fully repay the notes and the willingness to pay the
coupon even if it has the capacity to do so because of its desire
to negotiate a restructuring with existing bondholders.

KEY RATING DRIVERS

Potential Debt Restructuring: Winsway is working on a potential
debt restructuring for the April 2016 notes.  Fitch believes
Winsway's ability to refinance the notes has worsened following
the covenants waiver and debt exchange in 2013 and the current
weak outlook for the company's financial performance.

Potential Equity Injection: Winsway is in negotiations with some
investors for an equity injection to strengthen the company's cash
flow position.  Fitch believes the equity injection would be
contingent on the successful completion of a debt restructuring
for the April 2016 notes.  As of end-2014, the company's chairman,
Mr. Wang, held a 49% stake in Winsway, with the rest held by
several small shareholders.  Most of Mr. Wang's shares in Winsway
have been pledged as security for attaining certain contractual
obligations in his indirectly owned companies.

GCC Disposal Unsettled: Winsway said in November 2014 it would
dispose its 43% stake in Grande Cache Coal Corporation (GCC), a
Canadian coking coal mining subsidiary.  Although the company has
obtained the approval from Canadian authorities on 9 April 2015
for the disposal, it has yet to receive approval from Chinese
authorities.

GCC has USD410m of debt outstanding, but its ability to service
the debt is in doubt because its mining operations are
unprofitable.  Although this debt is ring-fenced from Winsway, any
default by GCC may adversely affect Winsway's ability to maintain
credit facilities from banks as there are banks that provide
financing to both companies.

Very Stretched Liquidity: Fitch expects Winsway's liquidity to
remain tight in 2015 as its US-dollar notes are due in April 2016
and the company's ability to generate free cash flow remains weak.
At end-2014, Winsway had HKD1.395bn (USD180m) of available cash,
with secured short-term debt of HKD1.19bn and USD309.3m of notes
due April 2016.

Weak Cash Generation: The likelihood that Winsway's operations
would return to profitability is quite low because of weak coal
prices, which stem from industry overcapacity and low demand.
Winsway had an operating EBITDA loss of HKD139m in 2014.  Revenue
for its core coking coal processing and trading business slumped
44% in 2014 and the company continued to incur EBITDA losses for
this segment.

KEY ASSUMPTIONS

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

   -- No major improvement in operating environment
   -- Winsway's sales volume and gross profit margin for the coal
      transportation business remain at levels similar to 2014's
   -- Minimal capex spending in 2015 and beyond

RATING SENSITIVITIES

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

   -- The Long-Term IDR will be changed to 'RD' (Restricted
      Default) from 'C', if Winsway fails to pay the coupon after
      the expiration of the grace period.

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

   -- The company pays the coupon within the grace period and
      successfully completes the potential debt restructuring of
      the April 2016 notes.

WINSWAY ENTERPRISES: Misses Coupon Payment on 2016 Bonds
--------------------------------------------------------
David Yong at Bloomberg News reports that Winsway Enterprises
Holdings Ltd., an importer of coal for steelmakers, didn't make a
$13.15 million semi-annual coupon payment due on April 8 on $309.3
million of notes maturing in April 2016, according to a stock
exchange filing. It plans to use a 30-day grace period to discuss
restructuring the debt after hiring Akin Gump Strauss Hauer & Feld
LLP as a legal adviser to an expected group of bondholders,
Bloomberg relates.

"The only solution for them is to sell assets, restructure their
debt and call for a capital injection to keep the operations
going," Jian Cheng, an analyst at Standard & Poor's in Hong Kong,
told Bloomberg by phone. "I don't see any material recovery in the
coal industry this year."

Bloomberg notes that the coal industry's latest cash squeeze is
another indication the market remains far from rebounding as
demand dwindles amid China's economic slowdown and the government
boosts efforts to curb pollution.  Kaisa Group Holdings Ltd.,
which missed coupon payments on two dollar bonds last month, and
Renhe Commercial Holdings Co. are two Chinese builders that
defaulted this year, S&P said in a research note on March 27,
Bloomberg relays.

Cheng said S&P will need more details from Winsway on the missed
payment and restructuring before revising the bond's CCC-rating,
which is three steps from default, Bloomberg adds.

Winsway Enterprises Holdings Limited, formerly Winsway Coking Coal
Holdings Limited (HKG:1733) -- http://www.winsway.com/-- is
engaged in the procurement and supply of coking coal around the
world, and the provision of services to its customers in China.


* CHINA: Junk Bonds Pose Most Risk Since 2004
---------------------------------------------
David Yong, Christopher Langner and Lianting Tu report that
investors in Chinese junk bonds are taking the biggest gamble in
at least a decade.

Leverage for speculative-grade Chinese companies is at its highest
since at least 2004, whether measured by earnings relative to
interest expense or total debt to a measure of cash-flow,
according to data compiled by Bloomberg using a Bank of America
Merrill Lynch index. Borrowers have also piled on the most debt
relative to their assets since 2007, Bloomberg says.

The deterioration in credit quality coincides with the slowest
annual growth since 1990 for Asia's biggest economy, and helps
explain why Fitch Ratings Ltd. predicts defaults will climb.
That's bad timing for bond investors who swallowed a record $209.2
billion of Chinese-company notes denominated in either dollars,
euros or yen last year, Bloomberg data show.

"The credit cycle in China has peaked," Hong Kong-based Arthur
Lau, the head of fixed income for Asia ex-Japan at PineBridge
Investments Asia Ltd., which manages $35.3 billion of debt
globally. "Corporate earnings are negative in general and
investors are bracing for a deterioration in metrics."

The typical high-yield company in China earned an average 2.7
times the interest they paid in 2014 and has about 35.5 times more
debt than their yearly operating income, according to data
compiled by Bloomberg using Bank of America Merrill Lynch index
data. Average debt taken out by the 65 companies in the index
climbed to 34.3 percent of assets.

Bloomberg notes that in the past month, developer Kaisa Group
Holdings Ltd. and coking-coal importer Winsway Enterprises
Holdings Ltd. have both missed bond coupon payments, and water-
treatment company Sound Global Ltd. flagged potential audit
issues. Hotpot restaurant-turned-Internet firm Cloud Live
Technology Group Co. also became the second onshore-debt defaulter
ever in China after failing to repay noteholders, Bloomberg says.

According to Bloomberg, China's debt has ballooned amid soaring
bad loans and shrinking industrial profits.  Bloomberg says
aggregate social financing, a measure of credit that covers
traditional and off-balance sheet lending, increased to double
China's gross domestic product at the end of December. While
that's below the peaks reached earlier last year, it's close to
the highest since Bloomberg started tracking the data in 2003.

"When credit grows that fast, it's normally a strong sign
misallocations of capital have taken place," Sander Bus, the head
of high-yield credits, and Victor Verberk, the head of investment-
grade credits, at Dutch money manager Robeco Groep NV, wrote in an
April 10 e-mail, Bloomberg relays.

"We wouldn't be surprised if China, and some other emerging
countries that face similar increases in debt, turns out to be the
place of the third episode of the global financial crisis after
the U.S. and Europe," they wrote, Bloomberg notes. Robeco had
about EUR246 billion ($260 billion) in assets at the end of 2014,
Bloomberg discloses.

Moody's Investors Service lowered the scores of Chinese junk-rated
companies 11 times in the first three months of 2015 and only
upgraded once, Bloomberg data show. The ratio is the worst since
at least 2006.

"There are two reasons for downgrades, one is that companies take
too much debt and the other is that the operational environment is
deteriorating," Bloombeg quotes Joep Huntjens, the head of Asian
debt at Netherlands-based NN Group NV, which had about $197
billion under management as of Dec. 31., as saying.  "What's
happening in China is the latter, a lot of companies are suffering
from excess capacity."


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APNA PUNJAB: CRISIL Suspends D Rating on INR410MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Apna Punjab Homes Ltd (APHL; formally known as Apna Punjab Homes
Limited).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             410        CRISIL D Suspended

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

APHL was set up in 2003 by Mr. Agyapaul Singh. It is currently
constructing a five-star hotel in Ludhiana (Punjab), with 126
suites under the brand, Amar, which is a brand of the ONYX
hospitality group, a leading Asian hotel management company. The
hotel which is being constructed at a cost of INR902.4 million
(funded in a debt-to-equity ratio of 1.5:1 times) is expected to
become operational by the end of 2013-14 (refers to financial
year, April 1 to March 31).


AROMATICS (INDIA): ICRA Reaffirms B+ Rating on INR20cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed its ratings at [ICRA]B+ on the long-term scale
and [ICRA]A4 on the short-term scale for the INR20.30 crore bank
limits of Aromatics (India) Private Limited (AIPL).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           20.00      [ICRA]B+; reaffirmed
   Term Loans             0.23      [ICRA]B+; reaffirmed
   Unallocated Limits     0.07      [ICRA]B+/[ICRA]A4; reaffirmed

The ratings reaffirmation factors in the growth (7% yoy) in the
revenues of the company attributable to increase in the sales
realizations on Linear Alkyl Benzene Sulphonic Acid (LABSA) and
the stable demand prospects for surfactants in the domestic market
on account of modest growth outlook for detergents which is the
key consumer segment.

The ratings continue to be constrained by the fragmented and
highly competitive nature of the surfactants industry due to low
techno-capital intensity which, in turn, leads to thin margins
(OPBDITA/OI of 1.94% in 2013-14 vis-a-vis 1.78% in 2012-13); the
low bargaining power of the company with its suppliers, primarily
large petrochemical companies, which have much larger scale of
operations and supplier concentration risk which is mitigated to
some extent by presence of suppliers in Western India and
alternative of imports. Further, increasing competition from
alternative surfactants or backward integration by detergent
players may impact industry sales volumes in the long term;
although the impact is not likely to be significant for the
diverse customer segment that the company caters to.

Nevertheless, the ratings favourably factor in the long experience
and established track record of the promoters of over three
decades in the domestic sulphonation industry and strong return
indicators of the company (RoCE of 19% and RoNW of 21% in 2013-14
as against 18.5% and 23% respectively in 2012-13). Going forward,
the ability of the company to improve its profitability and
efficiently manage the working capital requirements to improve the
capital structure leading to an improvement in debt coverage
metrics will be the key rating sensitivities.

AIPL is engaged in the business of sulphonation of Linear Alkyl
Benzene (LAB) to manufacture LABSA-90% (also called acid slurry).
LABSA is mainly used for the manufacture of detergent powder and
detergent cake/bar. The company began operations as a
proprietorship of the promoter, Mr. Kailash Chander Kochhar, in
1976 in Delhi in the name of M/s Aromatics India and commenced
production of LABSA at its manufacturing facility located in
Nangloi (Delhi). In 1996, the proprietorship was incorporated as a
private limited company and renamed as AIPL. The company began
operating another plant in Sikandrabad (Uttar Pradesh) in 2002;
however, the operations were discontinued in 2009 due to adverse
cost structure. In February 2009, the company set up another
manufacturing plant in Udaipur (Rajasthan) due to location
advantages in terms of raw material availability and disposal of
residual acid. Further, in 2011-12, the company acquired a plot
close to its existing unit in Udaipur and commissioned capacity of
25,000 metric tonnes per annum (MTPA) in May 2013. The company
shut down its operations at the old unit in Udaipur in 2014 and
the capacity of the company currently stands at 25,000 MTPA. The
procurement of the major raw material, LAB, is primarily from
Indian Oil Corporation.

As per unaudited financials for 9M 2014-15 (April to December
2014), AIPL reported a net profit of INR1.18 crore on an operating
income of INR209.45 crore as against a net profit of INR1.61 crore
on an operating income of INR209.58 crore in 2013-14.


AUTOMOTIVE COACHES: CRISIL Reaffirms D Rating on INR360MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Automotive
Coaches and Components Ltd (ACCL) continues to reflect delays by
ACCL in servicing its debt. The delays are because of the
company's weak liquidity on account of operating losses, driven by
low capacity utilisation and high fixed costs, against large debt
obligations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          155         CRISIL D (Reaffirmed)
   Long Term Loan       360         CRISIL D (Reaffirmed)

ACCL has a weak financial risk profile, marked by negative net
worth on account of large accumulated losses and weak debt
protection metrics. The company also has a modest scale of
operations and large working capital requirements, and is
susceptible to downturns in the end-user industry. However, the
company benefits from its established customer relationships and
its promoters' industry experience.

Established in the early 1980s, ACCL manufactures tippers and
trailers. Until 2013, ACCL was an affiliate of Ashok Leyland Ltd
(ALL), which was its majority stake holder and sole customer. ALL
sold its entire stake in ACCL to the Singh and Baid families in
2013-14.

ACCL has two manufacturing units, in Chennai and Puducherry, with
combined capacity of 600 tippers and 250 trailers.


BAJRANG COTGIN: ICRA Suspends B- Rating on INR14.83cr LT Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR14.83
crore long term fund based facilities of Bajrang Cotgin Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non cooperation from the company.

Bajrang Cotgin Private Limited (BCPL) was incorporated in the year
2005 and is engaged in the business of ginning and pressing of raw
cotton along with crushing of cotton seed to extract cotton seed
oil and cotton seed cake. The company's plant is located in Rajkot
with production capacity of 300 bales per day and 100MT capacity
of crushing oil seeds per day. Besides manufacturing, the company
is also engaged in trading of cotton seeds, yarn, lint, etc.


BLUFIELDS ENERGY: ICRA Assigns 'SP 3D' Grading
----------------------------------------------
ICRA has assigned 'SP 3D' grading to Blufields Energy Private
Limited (BEPL), indicating 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake off-
grid solar projects. The grading is valid till 29th March, 2017
after which it will be kept under surveillance.

Grading Drivers

Strengths Technical and financial support from promoter company
Nuevosol Energy Private Limited (Graded SP 2B by ICRA) Qualified
top management team with prior experience in solar power space
Risk Factors Limited track record of solar capacity installed as
EPC in off-grid segment No orders in hand showing no revenue
visibility in the near term Limited O&M capability of the company
Large number of organized and unorganized players in solar PV
space indicating high level of competition leading to pressure on
margins

SI Related Business  Moderate Performance Capability

Promoter's Track Record: Blufields Energy Private Limited (BEPL)
is promoted by Nuevosol Energy Private Limited (NEPL), which is
graded SP 2B by ICRA. NEPL provides solutions including design and
installation of PV panel mounting structures for solar
photovoltaic power plants and roof top systems. NEPL has executed
63 projects with cumulative solar capacity of 382 MW. BEPL which
is a system integrator and EPC for both grid connected and off-
grid projects have executed 1 project of 1.00 MW for INR3.16
crore.

Technical competence and adequacy of manpower: BEPL being 100%
subsidiary of NEPL draws technical support from NEPL, which has an
established position in PV panel mounting solutions. NEPL has
provided services to reputed solar EPC companies and developers.
BEPL shares manpower with NEPL, which has a 80 member technical
team including site managers, site engineers, site supervisors,
and quality engineers. In-house R&D team work to design unique and
customized solutions for every project and innovates to offer new
product offerings.

Quality of suppliers and tie ups: BEPL procures materials for
providing SI services from reputed players in the industry. The
materials are tested for quality and reliability before purchase
orders are given to the suppliers. As per feedback from the
supplier, they are satisfied with the involvement, information
flow, payments etc.

Customer and O&M Network: BEPL shares customers with NEPL. NEPL's
customers are highly reputed customers in solar power development
space, which includes solar EPC contractors, solar project
developers and also RESCOs. The customers of NEPL has developed
and commissioned projects all across India. Further, NEPL has also
provided services to its customers in 10 states including
Rajasthan, Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh,
Nagaland, etc. BEPL is under process of executing projects as EPC,
O&M capabilities will develop as soon as the projects are executed
by the company. Though NEPL has experience of maintaining mounting
solutions for 63 already executed projects. BEPL has executed a
project for solar power installation as system integrator for a
capacity of 1MW amounting to INR3.16 crore for Posh Chemicals Pvt.
Ltd and they were satisfied with quality of delivery and technical
competence of the company

Financial Strength - Weak
Revenues
Revenues of INR3.16 crore as at FY 2014

Return on Capital Employed (RoCE)
High at 137% for FY2014

Total Outside Liabilities / Tangible Net worth
High at 5.48 times as on FY2014 end

Interest Coverage Ratio
No debt

Net-Worth
Net Worth of the NEPL is INR6.21 crore and that of its promoter is
INR13.74crore

Current Ratio
1.18 times as on FY2014 end

Relationship with bankers
Bankers are satisfied with the company

The overall financial profile of the company is Weak.


CARRYCON INDIA: ICRA Reaffirms B+ Rating on INR6.5cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed its rating on the INR10.30 crore bank
facilities of Carrycon India Limited (CIL) at ICRA]B+.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits       6.50      [ICRA]B+; reaffirmed
   Non fund based limits   3.30      [ICRA]B+; reaffirmed
   Unallocated             0.50      [ICRA]B+; reaffirmed

ICRA's rating continues to be constrained by CIL's high working
capital intensity (Net working capital/Operating income of 98.5%
for FY14) on account of high receivables and large work in
progress inventory, thereby putting pressure on its liquidity
position, which is also reflected in its fully utilized working
capital limits. This apart, CIL's stagnant scale of operations and
growing debt levels have resulted in weak debt coverage
indicators, with interest coverage at 1.59x for FY14, NCA/TD at 7%
and elevated levels of Total debt/OPBDITA at 4.93x. The rating
also factors in the concentration risk arising out of dependence
on a few large clients and high competitive intensity with
presence of multiple small players.

However, the rating positively factors in the medium term revenue
visibility provided by the company's healthy order book. The
rating continues to be supported by CIL's long track record in the
telecom infrastructure support business, experienced promoters,
and its association with reputed clients like Delhi Metro Rail
Corporation (DMRC) and Bharat Sanchar Nigam Ltd (BSNL). ICRA also
notes the company's plans to increase its participation in
consortiums, which will result in a more dispersed execution risk.

Going forward, the company's ability to execute its order book as
planned, and improve profitability while efficiently managing its
working capital cycle, will be the key rating sensitivity factors.

Incorporated in 1995, CIL is promoted by Mr. G. D. Rao, Mr.
Prakash Bhanu, and Mrs. Sadhana Rao. CIL provides civil
contractor/engineering services for installing infrastructure for
telecom support services, telecom network maintenance services,
and installation of telecom towers, water supply, sewerage, de-
silting, trunk sewer lines and civil construction work.

Recent Results
In 2013-14, the company reported an operating income (OI) of
INR15.9 crore and a profit after tax (PAT) of INR0.28 crore, as
compared to an OI of INR16.9 crore and a PAT of INR0.32 crore in
2012-13.


CORAL TELECOM: CRISIL Assigns B- Rating to INR281M LT Bank Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Coral Telecom Ltd (CTL) and has assigned its 'CRISIL
B-/Stable/CRISIL A4' ratings to the facilities. CRISIL had, on
September 11, 2014, suspended the ratings as CTL had not provided
the necessary information required for a rating review. CTL has
now shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        30         CRISIL A4 (Assigned;
                                    Suspension revoked)

   Cash Credit           47.5       CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

   Letter of Credit      40.0       CRISIL A4 (Assigned;
                                    Suspension revoked)

   Proposed Long Term   281.0       CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension revoked)

   Working Capital       30.0       CRISIL B-/Stable (Assigned;
   Demand Loan                      Suspension revoked)

The ratings reflect CTL's modest financial risk profile marked by
high gearing and weak debt protection metrics, and its large
working capital requirements marked by considerable receivables.
These rating weaknesses are partially offset by the extensive
experience of CTL's promoters in the telecom equipment industry.
Outlook: Stable

CRISIL believes that CTL 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 operating
income and profitability increase significantly, leading to
substantial net cash accruals and improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's operating profitability does not improve as expected,
leading to low net cash accruals and weak liquidity.

CTL was set up in 1996 by a group of professionals from the
telecom and information technology sectors. It manufactures and
supplies integrated switches (EPBAX systems) for enterprise
applications. The company has enhanced its product portfolio by
introducing innovative switching products for voice video and data
delivery that support wireline as well as mobility applications.


DEITY FUEL: ICRA Assigns SP 3D Grading on Weak Financial Strength
-----------------------------------------------------------------
ICRA has assigned 'SP 3D'* grading to Deity Fuel Energy Private
Limited (DFEPL), which indicates 'Moderate' Performance Capability
and 'Weak' Financial Strength of the channel partner & "Solar
Photovoltaic - System Integrator" to undertake "Off Grid and
Decentralized Solar Applications". The grading is valid for a
period of two years from March 28, 2015 after which it will be
kept under surveillance.

Grading Drivers
Strengths

   * DFEPL benefits from being a part of Volt-Age Infra Pvt. Ltd
(VIPL) which is an EPC company with core operations in Power Plant
and Transmission Line installation existent in the industry for
over two decades.
  * Experienced Promoter group and management.
  * Own module manufacturing capacity provides backward
integration
   * Technical tieup with Germany based mp-tec
   * Moderate orderbook provides some revenue visibility

Risk Factors
   * Limited track record of operations with ability to execute
large projects remain to be seen
   * Low order inflows and suboptimal capacity utilization in
module manufacturing led to operating and cash losses in FY14
   * High working capaital intensity; delays in debtor recovery
majorly from government customers
   * Tight liquidity position; Delays in servicing debt
obligations
   * High competitive pressures from large number of
organized/unorganized players.

Fact Sheet
Year of Incorporation: 2010

Office Address:
109/110, First Floor, Indulal Complex, Lal Bahadur Shastri Road,
Navi Peth, Pune 411030

Shareholding Pattern:
Volt-Age Infra Private Limited 67%
Mr. Suresh Nikkam 20%
Mr. Unmesh Jagtap 8%
Mrs. Ujjwala Nikkam 5%

Established in 2010, DFEPL is a subsidiary (67%) of VIPL which is
engaged in design, supply, erection, testing and commissioning of
Extra High Voltage (E.H.V.), Turnkey outdoor substation projects,
hydropower projects, switchyard station, power transmission lines
and industrial lines, testing of electrical equipments, live line/
hot line and offline maintenance on an Engineering Procurement and
Construction (EPC) basis for over two decades.

DFEPL has a Solar Photovoltaic Polycrystalline Modules
manufacturing facility at Chakan, Pune with annual production
capacity of upto 20 MW. As a system integrator, company has
installed ~ 150 KW of solar power capacity with 280 solar water
pumps and 990 street lights in and around the state of Maharashtra
since its commencement of operations.

Promoter Track Record: Promoted by Jagtap and Nikam family in
2010, DFEPL is into manufacturing of Solar Photovoltaic panels,
and providing system integrator services for solar PV based
applications including solar power packs, submersible pumps,
street lighting, etc. DFEPL is a subsidiary (67%) of VIPL which
was established in 1991. VIPL is involved in business of
undertaking turnkey projects of Electrical Installations including
Design, Engineering, supply, Installation, testing & commissioning
for EHV Sub-Stations & Transmission Lines, Power Distribution,
Electrification work, substation automation etc for Power co-
generation projects and Industrial projects. Having long standing
experience in Power plant and transmission line installation
segment, VIPL along with other group companies UNPA Engineering
and Volt-Age Engineering provides financial flexibility and other
required support to the company.

DFEPL's product portfolio includes Solar power packs for
electrical backup in various industrial, government, telecom and
banking sectors; and Solar Power water pumps for supplying water
in rural sector, industrial application, household application,
government project and Defence area. Since its incorporation,
company has installed ~150 KW of solar power capacity with 280
solar water pumps and 990 street lights in and around the state of
Maharashtra.

   * Technical competence and adequacy of manpower: DFEPL has a
technical collaboration with mp-tech which is a Germany based
company involved in development and manufacturing of solar power
oriented applications, solar heat and mounting systems.It will
provide required technical support to DFEPL for developing,
planning and executing turnkey projects comprising roof systems
larger than 300 kWp and open space systems from 1 MWp. Further the
company has setup exclusive team of highly qualified members for
marketing and executing solar projects.

   * Quality of suppliers and tie ups: The Company has standard
frameworks to work with vendors/contractors and evaluates them
based on product certifications, quality parameters, financial
strength, capacity and the service levels which suppliers can
provide. Company pursues backward integration and majorly uses its
own SPV modules for solar projects.

   * Customer and O&M Network: The Company has executed small
sized projects (upto 30 KW) for public as well as private
customers since its inception. For Maharashtra, the company
directly caters to O& M requirements of the customers and for the
states like Madhya Pradesh, Rajasthan, Gujarat and Karnataka the
company has marketing executives who facilitate sales and service
support.

Revenues
Company reported operating income of INR5.95 crore in FY14 and
INR9.67 crore in FY 13
Return on Capital Employed (RoCE)
-9.08% during FY14
Total Outside Liabilities / Tangible Net worth
27.24 times during FY14
Interest Coverage Ratio
-0.64 times during FY14
Net-Worth
Company's networth is INR0.38 crore and the parent company VIPL's
networth is INR4.90 crore as on March 31, 2014
Current Ratio
1.69 times during FY14
Relationship with bankers: Unsatisfactory

Overall financial strength of the company is weak as the company
incurred operating and cash losses in FY14. Company's liquidity
position is tight on account of strained working capital cycle.


G B TOOLS: CRISIL Suspends B- Rating on INR155MM Packing Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G B Tools and Forgings Limited (GB Tools).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        2        CRISIL A4 Suspended
   Cash Credit          10        CRISIL B-/Stable Suspended
   Letter of Credit     20        CRISIL A4 Suspended
   Packing Credit      155        CRISIL A4 Suspended
   Term Loan            13        CRISIL B-/Stable Suspended

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

GB Tools was established in 1977 as a partnership firm named
Ambika Forging, which was reconstituted as a public limited
company (closely held) in February 2011. The company manufactures
hand tools such as spanners, wrenches, and screw drivers, which
are sold under the brand name, GB Tools. Currently, the company
has two manufacturing units in Punjab and Himachal Pradesh Its
day-to-day operations are managed by Mr. Gian Parkash Bhandari and
his son, Mr. Saurabh Gian Bhandari.


GREEN WOODCRAFTS: CRISIL Suspends B+ Rating on INR25MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Green Woodcrafts Pvt Ltd (GWPL).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             25      CRISIL B+/Stable Suspended
   Letter of Credit       110      CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility       1.6    CRISIL B+/Stable Suspended
   Rupee Term Loan          0.4    CRISIL B+/Stable Suspended
   Standby Line of Credit   0.3    CRISIL B+/Stable Suspended

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

GWPL was founded in 1996 by the Delhi-based Khetawat family. The
company has a manufacturing facility in Rohtak (Haryana), and
sells plywood and veneer under the Flamingo and Saffron brands.


ILPEA PARAMOUNT: CRISIL Suspends B Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ilpea Paramount Ltd (Ilpea).

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

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

Ilpea, established in 1996, is a 51:49 joint venture between
Industrie Ilpea SpA, Italy, and Paramount Polymers Pvt Ltd.
Ilpea's product profile consists of magnetic gaskets, polyvinyl
chloride (PVC) rigid profiles, injection-moulded components, and
rubber components for the white goods industry. The company has
its manufacturing facilities at Faridabad (Haryana) and Pune
(Maharashtra). Ilpea has also set up two satellite plants at Noida
(Uttar Pradesh) and Jajru (Haryana).


INDEX INFORMATICS: ICRA Assigns SP 3D Grading
---------------------------------------------
ICRA has assigned 'SP 3D'grading to Index Informatics Systems
Private Limited (IISPL), indicating 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake solar projects. The grading is valid till March 25,
2017 after which it will be kept under surveillance.

Grading Drivers

Strengths
   * Established O&M network of the company with 18 service centre
spread across different parts of Kerala
   * Strong technical team of 20 members with vast experience in
solar industry focussed on providing innovative and state of the
art solutions to customers
   * Satisfactory feedback from customers and suppliers
Risk Factors
   * Weak financial profile as characterized by small scale of
operation, high TOL/TNW, stretched liquidity position
   * Limited track record of the company in terms of capacities
installed as an EPC contractor in solar power space
   * Large number of organized and unorganized players indicating
high level of competition leading to pressure on margins

Fact Sheet

Year of Establishment: 2001
Corporate Office:
Index House, HIG 25, Panampilly Nagar, Cochin-682036
Managing Partner: Mr. Biju Joseph

Index Informatics Systems Private Limited (IISPL) was incorporated
in July 2001 by Mr. Biju Joseph and Mr. John Joseph. The Company
has recently entered into the field of installation, testing and
commissioning of roof top SPV plants. Index informatics has wide
network having 18 full-fledged offices and a strong sales and
support team.

Promoter's Track Record: The Managing Director of the company -
Mr. Biju Joseph has done his graduation from Kerala. He has a
cumulative experience of 15 years in the field of Electronics and
renewable energy. IISPL has started EPC operations for solar PV
recently; under his leadership they have executed significant
amount of projects in Solar PV.

   * Technical competence and adequacy of manpower: IISPL's
products conform to the specifications of MNRE. The company has
trained its professionals to install solar PV modules in various
households and mid-sized companies. The technical competence of
IISPL is provided by a team of personnel including science
graduates and technicians who have practical and industrial
experience. The workforce includes diploma holders, graduates and
engineers mostly from Electronics and Electrical background. The
technical competence is adequate as represented by positive
feedback from the customers and well qualified management profile.
The team members of IISPL are well trained for the design and
assembling of solar PV systems and providing O&M services. The
employee base for the company is adequate with the size of
operations for the company. IISPL has demonstrated its technical
ability by installing solar projects across Kerala. The company
has presently executed projects totaling to about 77kW for the
last 6 months of EPC operations. The company has adequately
experienced and qualified management team who look after the
project management, sales and marketing activities.

   * Quality of suppliers and tie ups: IISPL sources its
components like solar panels, batteries, invertors and charge
controllers mainly from various suppliers like Alpex Exports Pvt.
Ltd., Altron Power, KL Solar Company Pvt. Ltd., Krishna Batteries
etc. The company has a rigorous process for choosing the suppliers
indicating their highest level of commitment to best quality
delivery. The company shortlists the suppliers based on product
certifications, quality parameters and the service levels which
suppliers can provide. The components are thoroughly checked for
quality before procurement.

   * Customer and O&M Network: Index Informatics customers mainly
include household players and mid-sized companies mostly in
southern part of India in Kerala. Customers have expressed
satisfaction for the solutions provided by IISPL. The company has
an established O&M network with 18 service center spread across
different parts of Kerala.

Financial Strength - Weak

Revenues
The company has reported a revenue of INR1.10 crore till
March 31, 2014

Return on Capital Employed (RoCE)
15.74%

Total Outside Liabilities/Tangible Net worth
High at 32.05 times in FY2014

Interest Coverage Ratio low at 0.08 times as on March 31, 2014

Net-Worth
Networth of the company is INR0.04 crore as on March 31, 2014

Current Ratio: 0.93 times

Relationship with bankers:
Banker is satisfied with the account

The overall financial profile of the company is Weak


INTERNATIONAL FRESH: ICRA Assigns B+ Rating to INR13cr Cash Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR25.00
crore fund based bank facilities of International Fresh Farm
Products India Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             12.00        [ICRA]B+; Assigned
   Cash Credit           13.00        [ICRA]B+; Assigned

ICRA's rating factors in the modest scale of operations of IFPIL,
which coupled with the highly capital intensive nature of the
business has resulted in weak return indicators (ROCE of 6.42% for
FY2014). The rating also factors in high working capital intensity
of the company owing to the seasonal nature of procurement (for
peas) and regular capital expenditure incurred by the company
which has resulted in weak cash flows. The rating is also
constrained by the highly competitive nature of the industry
characterized by presence of numerous unorganized players in wheat
processing and cold storage and agro climatic risks associated
with the availability of wheat and green peas. The rating also
takes into account corporate guarantee of INR56.40 crore given by
IFPIL in favour of its subsidiary company -- International Mega
Food Park Limited.

However, the rating derives comfort from the extensive experience
of the promoters in the cold storage business and healthy
operating margins of the company. Further, with the commissioning
of the vegetable processing and freezing unit in January 2014, the
scale of operations of the company is expected to increase going
forward. ICRA's rating also takes into account the company's
agreement with PepsiCo India Holdings Private Limited which
provides visibility to its cash flows.

Incorporated in 1996, IFPIL has been promoted by Mr. Sukhinder
Singh and his family members. Initially the company was engaged in
the business of providing cold storage and warehousing facility on
a rental basis. In FY2012, the company ventured into processing of
wheat and started manufacturing various wheat products like Atta,
Maida, Suji, Bran and other byproducts. In FY2014, the company
forayed into processing of vegetables and installed a cold chain
facility for frozen vegetables. The company has installed a cold
chain facility in Sangrur, Punjab for processing and storage of
frozen vegetables, mainly peas and potatoes. The plant became
operational in January 2014 and has a processing capacity of 2
tonnes per hour and cold storage capacity of 2400 Metric Tonnes
(MT). IFPIL sells its frozen food products under its own brand
"Fresh Acre". The company also owns a cold storage facility of
8,600MT in Punjab which has been given to Pepsico India Holdings
Private Limited on rental basis.

Recent Results
The company reported a profit after tax (PAT) of INR0.98 crore on
an operating income of INR16.34 crore in FY2014 as against a PAT
of INR1.10 crore on an operating income of INR9.84 crore in the
previous year.


JEEVISHA FOODS: ICRA Assigns B Rating to INR10.30cr FB Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to INR10.30 crore
fund based limits of Jeevisha Foods Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     10.30        [ICRA]B assigned

The rating is constrained by limited track record of operations of
the company which commenced recently in December 2014. The rating
also takes into account the highly competitive nature of the
business, exposure to agro climatic risks impacting the
availability and pricing of raw material (paddy). The rating
however draws comfort from the favorable demand-supply scenario
and the locational advantage wherein proximity of the rice mill to
a major paddy growing area provides easy availability of paddy.

Going forward, JFPL's ability to ramp up operations in a timely
manner, and to maintain a prudent capital mix would be the key
rating sensitivities.

Jeevisha Foods Private Limited was incorporated in 2013 and is
engaged in milling of basmati rice. The manufacturing unit of the
firm is based in Kaithal (Haryana) with a milling capacity of 8
tonnes per hour and sortex machinery with a capacity of 8 ton/hr.
The operations of the firm are actively managed by Mr. Nikhil
chhabra.


JMD CHAIN: CRISIL Suspends B Rating on INR150MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JMD Chain Stores Ltd (JMD).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             150      CRISIL B/Stable Suspended
   Letter of Credit         15      CRISIL A4 Suspended
   Standby Line of Credit    7.5    CRISIL B/Stable Suspended
   Term Loan                67.5    CRISIL B/Stable Suspended

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

JMD, incorporated in 2002, retails and distributes leather
products under its Leather World brand through its 12 showrooms
across Patna (Bihar), Ranchi, Jamshedpur (both in Jharkhand), and
Kolkata (West Bengal).


LAFFANS GRANITO: ICRA Assigns B+ Rating to INR25.5cr Term Loan
--------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR25.50 crore term
loan and INR9.00 crore cash credit facilities of Laffans Granito
Private Limited. ICRA has also assigned an [ICRA]A4 rating to
INR4.50 crore bank guarantee facility and INR7.36 crore letter of
credit(within overall limit) of LGPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term Loans             25.50      [ICRA]B+; Assigned
   Cash Credit             9.00      [ICRA]B+; Assigned
   Bank Guarantee          4.50      [ICRA]A4; Assigned
   Letter of Guarantee    (7.36)     [ICRA]A4; Assigned
   (within overall limits)

The assigned ratings reflect the risks associated with
stabilization of plant as per expected operating parameters,
limited product portfolio of vitrified tiles and the highly
competitive business environment given the fragmented nature of
the tiles industry. Further, the assigned ratings are constrained
by the vulnerability of LGPL's profitability to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power. While assigning the ratings, ICRA also
notes that the financial profile is expected to remain stretched
in the near term given the debt funded nature of the project and
the impending debt repayment.

The assigned ratings, however, favourably consider the experience
of promoters in the ceramic industry, the location advantage,
giving it easy access to raw material as well as marketing support
from established group concerns; the company also expects to
benefit from the group's established distribution network in the
tiles industry.

Incorporated in June 2014, Laffans Granito Private Limited is a
private limited company and is proposed to engage in manufacturing
of vitrified tiles with annual production capacity of 93000 MTPA.
The company will initially manufacture vitrified tiles of size
24"x24. The manufacturing facility of Laffans Granito Private
Limited is situated at Morbi, Gujarat.


LAND MARK: ICRA Assigns SP 3D Grading on Weak Financial Strength
----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Land Mark Solar Private
Limited, indicating 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake solar
projects. The grading is valid till 22nd March 2017 after which it
will be kept under surveillance.

Grading Drivers
Strengths Satisfactory O & M arrangements for clients of LMSPL
through 17 service centres in Andhra Pradesh and Telangana states
Satisfactory feedback from customers and suppliers Positive
outlook and growth prospects for solar industry assisted by
favourable government policies

Risk Factors

Small scale of operations in the solar industry with revenues of
INR0.04 crore for FY2014 Low order book of INR0.43 crore showing
revenue visibility in the near term Limited track record of solar
installations as EPC in off-grid segment Large number of organized
and unorganized players in solar PV space indicating high level of
competition leading to pressure on margins

SI Related Business - Moderate

Performance Capability Promoter's Track Record: Mr. T Venugopal
Rao has an experience of more than 10 years in the solar business.
He is an M-Tech graduate and currently heads the solar division of
Landmark Solar Private Limited. Mr. Ravinder Rao and Mr. Rama Rao
are the promoters of the company and have ventured into the
business of solar power dealership, distribution and installation
in 2011. LSPL is distributor for Tata Power Solar Systems Pvt Ltd.
LMSPL is a system integrator and EPC of for solar photo voltaic
projects; it has executed 13 projects with a cumulative capacity
of 43.5 KWp till date amounting to INR0.43 crore. Currently, the
company is in the process of executing 4 projects to install solar
projects for a cumulative capacity of 26 KWp amounting to INR0.30
Crore to be completed over a period of 1 month. LMSPL is also
under final discussions and negotiations with some of the
residential segments in Andhra Pradesh and Telangana State to
receive work order for installation of solar power products of 31
Kwp amounting to INR0.32 Crore.

Technical competence and adequacy of manpower: LMSPL has a 7
member technical team including design engineers, site engineers,
site supervisors, project managers and quality engineers. All
members of the team hold technical degrees or diplomas. The
company has in-house installation teams which look into the
various technical aspects of installation and post installation
services.

Quality of suppliers and tie ups: LMSPL procures materials such as
SPV modules, invertors and batteries from various local and
reputed suppliers. The materials are tested for quality and
reliability before purchase orders are given to the suppliers. As
per the feedback from the suppliers, they are satisfied with the
involvement, information flow, payments etc.

Customer and O&M Network: The customer profile of LMSPL mainly
includes clients from commercial and residential segments in
Andhra Pradesh and Telangana State. Operation and maintenance is
carried out through the branches of the company, which are majorly
located in Andhra Pradesh and Telangana (in line with the
geographic sales of the company) and also in the other major
cities of India.

Financial Strength - Weak
Financial Strength
Revenues
Revenue from solar business for FY 14 was INR0.04 crore.

Return on Capital Employed (RoCE)
ROCE of the company stands low at 0.00% as at FY 2014

Total Outside Liabilities / Tangible Net worth
TOL/TNW for FY 14 was very high at 8.59 times on account of low
net worth

Interest Coverage Ratio (ICR)
Not Applicable, as the company has no debt facility.

Net-Worth
Net worth of the LMSPL and its promoters is INR11.73 crore

Current Ratio
Current Ratio for FY 14 is low at1.12 times.

Relationship with bankers
Bankers are satisfied with the company

The overall financial profile of the company is Weak.


MAA SAMALESWARI: CRISIL Suspends B+ Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Samaleswari Iron and Steel Company Pvt Ltd (MSISCPL; a part of
the RKB group).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              70       CRISIL B+/Stable Suspended
   Export Packing Credit    50       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
MSISCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSISCPL is yet
to provide adequate information to enable CRISIL to assess
MSISCPL'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 the rating, CRISIL has combined the business and
financial risk profiles of MSISCPL and RK Behuria (RKB), together
referred to as the RKB group. This is because there are
significant operational and financial linkages between the two
entities and the common management.

RKB trades in iron-ore lumps and fines and is the flagship entity
of the RKB group. Set up in 1996, the proprietorship concern,
owned by Mr. RK Behuria, is based in Orissa.


MAMMON CONCAST: CRISIL Suspends B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mammon Concast Pvt Ltd (MCPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           90       CRISIL B+/Stable Suspended
   Letter of Credit      40       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    20.2     CRISIL B+/Stable Suspended
   Term Loan              0.7     CRISIL B+/Stable Suspended

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

Incorporated in 2010, MCPL is promoted by Mr. Gopal Das Bansal,
Mr. Sagar Bansal (son of Mr. Gopal Das Bansal), Mr. Shashank Goyal
(friend of Mr. Gopal Das Bansal) and Mr. Anoop Kumar Goyal
(relative of Mr. Gopal Das Bansal).  Mammon manufactures mild-
steel billets. Its manufacturing plant is located in Dholpur
(Rajasthan). The company commenced its operations in March 2012.


MAX CERAMICS: ICRA Reaffirms B Rating on INR8.13cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR7.50
crore cash credit facility and INR8.13 crore (term loan facility
of Max Ceramics Pvt Ltd to [ICRA]B. ICRA has also reaffirmed the
[ICRA]A4 rating to the INR1.50 crore short term bank guarantee
facility, INR0.28. crore credit exposure limit and INR0.50 crore
letter of credit facility of MCPL.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits     7.50       [ICRA]B reaffirmed
   Term Loan              8.13       [ICRA]B reaffirmed
   Bank Guarantee         1.50       [ICRA]A4 reaffirmed
   CEL                    0.28       [ICRA]A4 reaffirmed
   LC                     0.50       [ICRA]A4 reaffirmed

The rating continues to be constrained by weak financial profile
characterised by smll scale of operation thin profitability,
stretched capital structure and weak coverage indicators of MCPL.
The ratings are further constrained by high competitive intensity
with presence of large established organized and unorganized
players, vulnerability of its profitability to the cyclicality
associated with the real estate industry and to the availability
and increasing prices of gas which is a major source of fuel.
However, the ratings continues to favorably factor in the
extensive experience of the promoters in ceramic industry,
established brand name and distribution network of its associate
concern 'Oasis Vitrified' and the diversified product portfolio of
the company consisting of wall and vitrified tiles of various
sizes and finish;and the locational advantage resulting in easy
access to raw material sources.

Max Ceramics Pvt. Limited (MCPL) is a vitrified and wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was established in 2010, while the company commenced its
operations in February 2011. MCPL is promoted and managed by
directors Mr. Sukhdevbhai L. Patel and Mr. Dharmendra K. Kanabar.
The plant has an installed capacity of 43,800 MTPA for vitrified
tiles and 20,500 MTPA for wall tiles. MCPL currently manufactures
wall tiles of size 12" X 12", 12" X 18", 12" X 24" with the
current set of machineries at its production facilities.

Recent Results
During FY 2014, the company reported profit after tax of INR0.33
crore on an operating income of INR40.66


MOTIA TOWNSHIP: ICRA Cuts Rating on INR23cr LT Loan to D
--------------------------------------------------------
ICRA has revised its rating on the INR23 crore bank facilities of
Motia Township Private Limited (MTPL) to [ICRA]D from [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-
   Based Facilities      23.00        [ICRA]D (Downgraded)

The rating downgrade is driven by delays in debt servicing by MTPL
on account of its stretched liquidity position. The company's
stretched liquidity is on account of its weak cash flows due to
the ongoing slowdown in the real estate market of Zirakpur,
Punjab. While the project was launched in February 2012, only ~41%
of launched area had been sold till December, 2014. Further, owing
to high dependence on customer advances in the funding mix, the
timely execution of the project remains highly dependent on
incremental sales and timely collections from customers.
Consequently, given the slow pace of sales, the construction
progress has also remained slow during the past two years, and
despite the passage of almost three years since commencement of
construction, only ~44% of the construction cost has been incurred
(till December, 2014) towards the ongoing phase of the project.
The inadequate levels of bookings and corresponding weak
collections have led to delays in debt repayments, which were
scheduled to commence from December, 2014 onwards. However,
subsequently, the term loan repayments have been rescheduled by
the lenders, and as per the revised schedule, these have to be
repaid in 14 monthly instalments from February, 2016 onwards.
ICRA notes that while the company has committed receivables of
about INR25 Crore, the pending construction cost for the ongoing
phase is about INR55 Crore. Thus, despite the re-schedulement of
the term loan, timely execution of the project and debt servicing
ability will continue to remain highly dependent upon incremental
sales and timely collections from customers.
Going forward, a track record of timely debt servicing will be the
key rating sensitivity. This, in turn would hinge on the company's
ability to successfully market unsold inventory while maintaining
healthy collection efficiency, thereby facilitating an improved
pace of project execution.

MTPL, promoted by the 'Motia Group', is developing an integrated
township named 'Motia Oasis' at Zirakpur, Punjab. The project will
include more than 1,100 residential units and 69 commercial/retail
units spread across 24 acres, with a saleable area of about 2.4
million square feet (msf). The project is being developed in
phased manner, wherein 335 residential units and 69 retail units
have been launched till date. The estimated project cost for the
ongoing phase is about INR120 crore, which the company is
partially funding with a term loan. Till December, 2014, MTPL had
received bookings for about 41% of the launched area, and had
incurred about 44% of the envisaged construction cost for the
launched phase.


PARSEWAR AND COMPANY: ICRA Reaffirms B+ Rating on INR9.35cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR9.35 crore
long-term fund based limits of Parsewar and Company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term, Fund based    9.35       [ICRA]B+ reaffirmed
   limits - Cash Credit

The rating continues to favourably factor in the long-standing
experience of the promoters in the fertilizer and seed trading
business; along with their established marketing and distribution
network in Maharashtra with more than 300 retailers' network. The
rating is, however, constrained by a highly leveraged capital
structure and stretched coverage indicators due to marginal
accruals and high working capital borrowings. The firm's margins
are in line with the low value-addition nature of its business.
ICRA also takes note of the moderate scale of operations, along
with the vulnerability associated with agro-climatic conditions,
which has a direct impact on the firm's growth and profitability.

Established in 1968, PAC is a partnership firm, engaged in trading
in agricultural inputs such as Fertilizers, Seeds and Pesticides.
The firm is also engaged in manufacturing of NPK mixed fertilizers
which contributes around 20-25% of total revenues. The firm is
located in Nanded, Maharashtra and has a branch office in
Aurangabad, Maharashtra.


PASHUPATI METALLICS: CRISIL Rates INR100MM Cash Loan at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Pashupati Metallics (PM).

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

The rating reflects PM's below-average financial risk profile
marked by modest net worth and start up nature of operations of
the firm. These rating weaknesses are partially offset by the
extensive industry experience of PM's promoters in steel industry.

Outlook: Stable

CRISIL believes that PM will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports higher than expected
revenues and profitability, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PM undertakes larger than expected debt-funded
capital expenditure programme, or in case of stretch in working
capital cycle, resulting in weakening of its financial risk
profile.

Set up in 2009, as a partnership firm by Mr. Rajiv Bansal, PM is
engaged in manufacturing of thermo mechanically treated (TMT)
steel bars. The manufacturing facility of the firm is located in
Gummidipoondi, Chennai (Tamil Nadu) and is expected to commence
commercial operations in April 2015.


QBARONS NATURAL: ICRA Puts SP 3D Grading on Weak Fin'l. Strength
----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Qbarons Natural Energy
Systems (QNES), indicating 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake
solar projects. The grading is valid till 29th March 2017 after
which it will be kept under surveillance.

Grading Drivers
Strengths Satisfactory feedback from customers and suppliers
Strong and established relationships with diverse clientele, which
have resulted in repeated orders Increasing awareness and support
from both central and state governments for the promotion of solar
power; hence, good demand in off-grid segment

Risk Factors

Financial profile is constrained by low net-worth and modest
profitability indicators High Total outside liabilities/ Tangible
net worth of 8.33 times for FY2014 owing to high creditors and
unsecured loans from promoters Limited geographical
diversification with majority of the customers present in states
of Andhra Pradesh and Telangana Limited operation and maintenance
capability with the firm having its foothold currently in states
of Andhra Pradesh and Telangana only. However, the same may
increase as the firm diversify its geographical presence. Large
number of organized and unorganized players in solar PV space
indicating high level of competition leading to pressure on
margins

SI Related Business - Moderate Performance Capability

Promoter's Track Record: The promoters of the firm Mr. Jayababu
and Mr. Jaganadham have more than 5 years of experience in solar
power industry. QNES has executed projects of a cumulative
capacity of 74 KW in the past 3 years and has 6 orders for supply
and installation of solar power generating systems for cumulative
capacity of 140 KW. Technical competence and adequacy of manpower:
Although QNES is engaged in the solar business for limited period
of three years, it has been successful in securing contracts for
erection & commissioning services from reputed customers. The firm
has qualified technical team who look after the various aspects of
installation and post installation services. They are supported by
experienced management team who look after customer and supplier
relations.

Quality of suppliers and tie ups: QNES procures materials such as
solar panels and inverters, from various suppliers like Vikram
Solar, Enertech UPS private limited etc. The products are procured
after sufficient testing for quality and reliability. The
suppliers are satisfied with their association with QNES.

Customer and O&M Network: The customer profile of QNES mainly
includes commercial and residential clients. The customers of QNES
are located mostly in state of Andhra Pradesh and Telangana. The
company's quality deliverables, timely execution and prompt after
sales service have led to satisfactory feedback from customers.
Operation and maintenance is carried out through company's
established dealer network.

Financial Strength - Weak

Revenues
The company has reported revenue of INR1.51 crore for the year
FY2014

Return on Capital Employed (RoCE)
High at 14.24 % for FY2014

Total Outside Liabilities / Tangible Net worth
High at 8.33 times as on FY2014

Interest Coverage Ratio
High at 3.72 times in FY2014

Net-Worth
Net worth of the QNES is INR0.06 crore

Current Ratio
High at 3.37 times

Relationship with bankers
Bankers are satisfied with the company

The overall financial profile of the company is Weak.


RAIJA INC: ICRA Assigns SP 3D Grading on Weak Financial Strength
----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Raija Inc (RI), indicating
'Moderate Performance Capability' and 'Weak Financial Strength' of
the channel partner to undertake solar projects. The grading is
valid till March 25, 2017 after which it will be kept under
surveillance.

Grading Drivers
Strengths Long track record of the partners with established
technical competence in the solar space Diversified range of
products and services Reputed and diversified customer base The
prospect of growth and favourable outlook in the solar industry
assisted by the favourable government policies
Risk Factors Weak financial profile as characterized by small
scale of operations, low net worth and stretched liquidity
position (NWC/OI=49% in FY2014) Limited O&M network with presence
primarily in Kerala and Karnataka Large number of
organized/unorganized players indicating high level of competition
may lead to pressure on margins.

Fact Sheet
Year of Establishment: 2013
Corporate Office:
Ground floor, Lulu Centre, Falnir Road ,Mangalore- 575002
Managing Partner:
Mr. Mohammed Adil

Raija Inc (RI) was set up as a partnership firm in the year 2013.
The firm undertakes design, development, manufacture, supply,
installation and commissioning of various ranges of solar thermal,
photovoltaic systems etc. RI is specializes in providing services
which includes complete execution of solar energy projects for
industrial, institutional, commercial, domestic and tailor-made
systems to suit individual applications.

Partners Track Record: Raija Inc is a partnership firm with four
partners (Mohammed Adil, Reji Sebastian, Mohammed Jasir, Zainudeen
Irshad). Mr Adil is a B.Com graduate and has more than 10 years of
experience in renewable energy space. Mr. Adil is the managing
partner of the firm. Mr. Sebastian is a Mechanical Engineer and
having 12 years of experience in renewable energy business. Mr.
Sebastian looks into the Marketing activity of the firm. Mr Jasir
is a Computer Science Engineer and has 10 years of experience. Mr
Jasir generally looks into the Finance and Accounts of the firm.
Mr. Irshad is an Electronics engineer and also has almost 10 years
of experience. Mr Irshad is responsible for the project execution
and services of solar projects.

Technical competence and adequacy of manpower: The technical
competence of RI is provided by a team of personnel including
science graduates and technicians who have practical and
industrial experience. The workforce includes diploma holders,
graduates and engineers. The technical competence is adequate as
represented by positive feedback from the customers and well
qualified management profile. The firm at present employs around
13 skilled employees and all the employees has been employed in
various divisions on a permanent basis. The team members of RI are
well trained for the design and assembling of solar PV & thermal
systems and providing O&M services. The employee base for the
company is adequate with the size of operations for the firm.
Quality of suppliers and tie ups: The firm procures materials like
inverters, batteries, structures, cables, toughened glass etc for
the installation of its solar PV and thermal systems. The firm has
a rigorous process for choosing the suppliers indicating their
highest level of commitment to best quality delivery. The firm
shortlists the suppliers based on product certifications, quality
parameters and the service levels which suppliers can provide.
Some of the major suppliers of RI include Luminous Power
Technologies (P) Limited, Shan solar (P) Limited etc.

Customer and O&M Network: The firm execute most of the sales in
photovoltaic through their direct channel. The firm's clientele
include various domestic as well as institutional clients. The O&M
network is limited for the firm; however going forward firm has
plans to expand the same. The firm has in house operations and
maintenance capabilities and provides optional AMC's to its
institutional customers.


RAKSAN TRANSFORMERS: CRISIL Suspends B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Raksan Transformers Pvt Ltd (RTPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       30         CRISIL A4 Suspended
   Bill Discounting     70         CRISIL A4 Suspended
   Cash Credit          70         CRISIL B+/Stable Suspended

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

RTPL was incorporated in 1995 by the Kanda family based in New
Delhi. Mr. Sanjeev Kanda is the key promoter and managing director
of the company. Initially, the company traded in, manufactured,
and repaired transformers and its parts. In 2004, RTPL exited the
trading and repairing segment and started manufacturing
distribution transformers ranging from 25 kilovolt-ampere (KVA) to
200 KVA. The manufacturing facility is located in Sonipat.


RAMGARH SPONGE: CRISIL Suspends D Rating on INR103.3MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ramgarh Sponge Iron Pvt Ltd (RSIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL D Suspended
   Cash Credit             50        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      29.1      CRISIL D Suspended
   Term Loan              103.3      CRISIL D Suspended

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

Incorporated in 2004, RSIPL is promoted by Mr. Mahabir Prasad
Rungta. The company manufactures sponge iron in its plant located
at Ramgarh (Jharkhand).


ROHIT HERITAGE: CRISIL Suspends B Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rohit
Heritage Jewellers Pvt Ltd (RHJPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          110       CRISIL B/Stable Suspended
   Proposed Long Term    30       CRISIL B/Stable Suspended
   Bank Loan Facility

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

RHJPL was incorporated in Ludhiana, Punjab in 2001. The company is
engaged in retail sale of gold and diamond jewellery through its
2000 square foot (sq ft) showroom. RHJPL is promoted and currently
managed by Mr. Rohit Jain and his wife, Mrs. Reema Jain.


RUNGTA IRRIGATION: CRISIL Suspends B Rating on INR140MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rungta Irrigation Ltd (RIL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        80       CRISIL A4 Suspended
   Cash Credit          140       CRISIL B/Stable Suspended

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

RIL was originally incorporated in 1986 as Jindal Irrigation Pvt
Ltd. Mr. M P Rungta took over the company in 1993 and subsequently
its name was changed to RIL. RIL manufactures, designs, assembles,
and markets pipe-based sprinkler irrigation systems known as micro
irrigation systems.


S D RICE: ICRA Reaffirms B Rating on INR14cr Fund Based Limits
--------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating for INR14.00 crore
(enhanced from INR12.00 crore) fund based bank facilities of
S D Rice Mills.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits      14          [ICRA]B (re-affirmed)

The rating is constrained by SRM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators coupled with high
working capital requirements. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating, however favorably takes into
account long standing experience of promoters in rice industry and
the proximity of the mill to major rice growing area which results
in easy availability of paddy.

S D Rice Mill is a partnership firm established in 1983 promoted
by Mr. Darshan Wadhwa and his family members. The firm is
primarily engaged in milling of basmati rice. The firm is also
engaged in converting semi processed rice into parboiled Basmati
rice. SRM's milling unit is based out of Jalalabad, Distt.
Ferozpur, Punjab which is in close proximity to the local grain
market.

Recent Results
During the financial year 2013-14, the company reported a profit
after tax (PAT) of INR0.04 crore on an operating income of
INR33.54 crore as against PAT of INR0.04 crore on an operating
income of INR26.61 crore in 2012-13. For the current financial
year, the company has reported sales of INR~37.50 crore till date.


SADGURU MEDICAL: ICRA Assigns B Rating to INR7.9cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR7.9
crore term loans and INR1 crore cash credit facility of Sadguru
Medical & Research Centre Pvt. Ltd.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-
   Term Loan              7.9         [ICRA]B; Assigned

   Fund Based-
   Cash Credit            1.0         [ICRA]B; Assigned

The assigned rating takes into account SMRCPL's small scale of
operations at present with a single hospital located in Cuttack,
Odisha, exposing the company to geographical concentration risks
as well. The rating also takes notes of the adverse financial
profile of SMRCPL as reflected by unfavourable capital structure
and modest debt coverage indicators. Moreover, the company would
be undertaking part debt funded capital expenditure (capex) for
addition of new medical equipments, which, in turn, is likely to
adversely impact the capital structure as well as debt coverage
indicators going forward. The rating also takes into consideration
the increasing working capital intensity of operations of SMRCPL
owing to stretched payment cycles of Government agencies and other
empanelled organizations as well as considerable stocking of
medicines, which adversely impacts its liquidity position.
Although the existing team of doctors have been associated with
SMRCPL for a long time, recruiting and retaining good doctors is
likely to remain a key challenge. The rating also takes note of
the experience of the promoters in the healthcare industry,
consistent growth in turnover as well as healthy profitability
indicators over the last three years and positive outlook for the
sector due to rising expenditure on healthcare, growing health
insurance, and new opportunities in medical tourism. In ICRA's
opinion, the ability of the company to increase its scale of
operations while managing its working capital requirements would
remain a key rating sensitivity going forward.

Established in 2004, Sadguru Medical & Research Centre Pvt. Ltd.
commenced operations in the year 2011-12. The company runs a
multi-speciality hospital in Cuttack, Odisha, with a total
capacity of 100 beds. The chairman, Dr. Pradip Kumar Mohanty and
the vice-chairman Dr. Samita Mohanty have been associated with the
hospital since its inception.

Recent Results
During 2013-14, SMRCPL recorded a profit after tax (PAT) of
INR0.51 crore on the back of an operating income (OI) of INR6.58
crore as against a PAT of INR0.50 crore on the back of an OI of
INR5.60 crore during 2012-13.


SAHARA GROUP: Court Stays Warrants vs. Subrata Roy, Executives
--------------------------------------------------------------
The Times of India reports that the Delhi HC on April 10 stayed
till May the warrants issued by a trial court against Sahara chief
Subrata Roy and his other executives in an income tax case for
alleged failure to file returns for a group company for the
assessment year 2013-14. Roy is in Tihar jail at present.

The report relates that Justice Manmohan Singh also stayed the
trial court proceedings and bailable warrants issued against the
executives -- J B Roy, Ranoj Das Gupta and O P Srivastava, all
directors of Sahara India Commercial Corporation.

"The proceedings shall be stayed and the process (warrant) issued
to the jail authorities to produce the applicant (Roy) shall also
be stayed till May 25," the court said, while issuing notice to
the income tax department, seeking their response before the next
date of hearing, TOI relays.

All the accused had moved court, challenging the warrants, the
report adds.

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

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


SARVESH REFRACTORIES: CRISIL Suspends D Rating on INR390MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sarvesh Refractories Ltd (SRL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        60         CRISIL D Suspended
   Cash Credit          390         CRISIL D Suspended
   Letter of Credit      55         CRISIL D Suspended
   Letter of credit &
   Bank Guarantee        20         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    80         CRISIL D Suspended
   Term Loan             45         CRISIL D Suspended

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

SRL was formed in 1992 Rourkela. It is a closely-held company,
formed by Mr. Ashok Agarwal and family, and manufactures
refractory products. The company has its manufacturing units in
Rourkela and Ahmedabad.


SEASHORE AGRICULTURAL: CRISIL Suspends D Rating on INR300MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Seashore Agricultural Promotion Company Pvt Ltd (SAPC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          100         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility   300         CRISIL D Suspended

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

SAPC was established in 2006 by Mr. Prashanta Kumar Dash of
Odisha. The company trades in various agro-based commodities such
as fruits, vegetables, grains, cereals, edible oil, sugar and
other grocery products, various fast-moving consumer goods, and
household consumables.


SHINE REALTORS: CRISIL Cuts Rating on INR150MM Bank Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shine Realtors Pvt Ltd (SRPL) to 'CRISIL D' from 'CRISIL
B+/Stable'. The rating downgrade reflects continuous delays by
SRPL in payment of interest on its term loan.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     150       CRISIL D (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan              120       CRISIL D (Downgraded
                                    from 'CRISIL B+/Stable')

SRPL's operations are exposed to cyclicality inherent in the real
estate industry and to project implementation risks. However, the
company benefits from its promoters' experience in the real estate
development business.

SRPL, incorporated in 2006, develops real estate in Guwahati. Its
day-to-day operations are managed by Mr. Anil Jaina and Mr. Rajesh
Jain.


SHREE BHAGYALAXMI: ICRA Reaffirms B Rating on INR7cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR7.00
crore cash credit facility and INR1.30 crore (reduced from INR1.50
crore) term loan facility of Shree Bhagyalaxmi Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.00       [ICRA]B reaffirmed
   Term Loan              1.30       [ICRA]B reaffirmed

Rating Rationale

The reaffirmation of the assigned rating factors in SB's modest
scale of operations with limited track record and aggressive
capital structure owing to high working capital borrowings. The
rating continues to be constrained by SB's low operating margins
on account of low value addition in the business; highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the firm's profitability to raw
material (i.e. raw cotton) price fluctuations, which are subject
to seasonality, crop harvest and regulatory risks. ICRA also notes
that as SB is a partnership firm, any significant withdrawals from
the capital account by the partners would affect its net worth and
thereby its capital structure; this remains a key rating
sensitivity.

The assigned rating, however, favourably factors in the long
experience of the firm's promoters in the cotton industry and
favourable location of the firm's manufacturing facility at
Saraya, Rajkot in Gujarat giving it an easy access to quality raw
material.

Shree Bhagyalaxmi Industries (SB) was established as a partnership
firm in April 2013 and is engaged in the business of ginning and
pressing of raw cotton. The firm's manufacturing facility is
located at Tankara, Rajkot in Gujarat and is equipped with thirty
six ginning machines and one pressing machine. SB commenced
ginning operations from December 2013. The firm is currently
promoted by nine partners who have a long standing experience in
the cotton ginning business.

Recent Results
During FY 2014, SB reported an operating income of INR14.09 crore
and profit after tax of INR0.004 crore.


SHREE PAWANSUT: ICRA Suspends D Rating on INR20.50cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR20.50 crore
long term, term loan facilities of Shree Pawansut Infotech Private
Limited (SPIL).

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term, fund based    20.50        [ICRA]D Suspended
   limits - Term Loan

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise. ICRA will withdraw the rating in case it remains under
suspension for a period of three years.

SPIL is part of Aurangabad based Sarita Group promoted by Mr
Somnath V Sakre. SPIL was formed in 2005 to construct a private IT
park in Kharadi, Pune on land leased from MIDC. Total saleable
area of park is 0.4 million sq ft and it was constructed at a cost
of ~Rs. 80 crore funded through INR50 crore term loan. The company
was able to sell 50% of area (one of the two towers constructed)
to Bharti Airtel though the remaining 50% area has remained unsold
for more than three years now. Debt repayments started in April
2009 and principal repayments were partially met through proceeds
received from Bharti Airtel initially. The interest and principal
repayments are majorly met through unsecured loans extended by
promoters now.


SHUBH SWASTIK: ICRA Reaffirms B Rating on INR6cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR6.00
crore cash credit facility of Shubh Swastik Dal Mill Co. Pvt. Ltd.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits-    6.00        [ICRA]B reaffirmed
   Cash Credit

The rating reaffirmation takes into account SSDM's weak financial
profile, characterised by low profit margins, depressed levels of
coverage indicators and high working capital intensive nature of
business. The rating also factors in the limited value-addition in
business, along with a highly fragmented industry, marked by the
presence of large number of players, which leads to low pricing
flexibility. The rating further incorporates SSDM's vulnerability
to agro-climatic conditions and Government regulations on pricing,
distribution and export of agricultural commodities. The rating,
however, derives support from the long experience of the promoters
in the pulses processing industry and the addition of corn flake
and soya bean nugget processing units, leading to revenue
diversification to an extent.

SSDM (erstwhile Swastik Industries, which was a partnership firm),
had originally started operations in 2002, with the objective of
processing of pulses. Swastik Industries was later converted into
a private limited company on June 12, 2011, which was named Shubh
Swastik Dal Mill Co. Pvt. Ltd. SSDM is currently owned by the
Raipur based Sachdev family. In 2014, the company has diversified
its product profile and has started manufacturing soyabean nuggets
and corn flakes.

Recent Results
SSDM reported a net profit of INR0.09 crore on an operating income
(OI) of INR26.26 crore in FY14 as compared to a net profit of
INR0.08 crore on an OI of INR25.68 crore during FY13. In 9M FY15,
the company has reported an operating income of INR23.67 crore.


SOMALATA AYURVEDA: CRISIL Assigns B Rating to INR50MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Somalata Ayurveda (India) Pvt Ltd (SAIPL).

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

The rating reflects the start-up phase of SAIPL's operations, its
below-average financial risk profile marked by small net worth,
and exposure to risks related to high degree of regulation in the
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes that SAIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
substantial revenue, most likely on account of increased order
flow, and reports high operating profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of slow order flow resulting
in small scale of operations, or low operating profitability, or
substantial debt-funded capital expenditure, resulting in
deterioration in its financial risk profile.

SAIPL, incorporated in 2013-14 (refers to financial year, April 1
to March 31) and based in Puttaparthi (Andhra Pradesh), markets
and sells organic ayurvedic products. It is a 100 per cent export
oriented company.


SRD SYSTEMS: ICRA Puts SP 3D Grading on Weak Financial Strength
---------------------------------------------------------------
ICRA has assigned 'SP 3D'* grading to SRD Systems (SRDS),
indicating 'Moderate Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake solar projects. The
grading is valid till 29th March 2017 after which it will be kept
under surveillance.

Grading Drivers
Strengths Order book of INR4.92 crore showing visibility of
revenues in near term Satisfactory feedback from customers and
suppliers Strong and established relationships with diverse
clientele, which have resulted in repeat orders Increasing
awareness and support from both central and state governments for
the promotion of solar power; hence, good demand in off-grid
segment

Risk Factors

Financial profile is constrained by low net-worth and modest
profitability indicators Limited geographical diversification with
majority of the customers present in state of Andhra Pradesh and
Telangana Limited operation and maintenance capability with the
firm having its foothold currently in Andhra Pradesh and
Telangana. However, the same may increase as the firm diversify
its geographical presence. Large number of organized/ unorganized
players indicating high level of competition may lead to
difficulties in getting client contracts and may pressurize
margins

SI Related Business - High Performance Capability

Promoter's Track Record: The promoters of the firm, Mr. G Sunil
Reddy and Mr. M Negi Reddy have more than 15 years of experience
in power sector with more than 5 years of experience in solar
power industry. SRDS has installed solar projects of cumulative
capacity 4.30 MW till date. The firm has an order book of 7.30 MW
for installation of solar panels with firm primarily taking up
installation of solar panels while the client supplies the solar
panels.

Technical competence and adequacy of manpower: SRDS has an
experienced installation team which looks into the various
technical aspects of installation and post installation services.
The firm has a workforce of around 14 members having prior
experience in solar space. The employed manpower has been adequate
for the limited number of projects undertaken so far; however the
same would need to be increased for scaling up of operations.
Quality of suppliers and tie ups: SRDS procures materials such as
solar modules, inverters, and other accessories from various
suppliers like Vega Solar, Refusol and Access Solar etc. The
products are procured after sufficient testing for quality and
reliability. As per feedback from the supplier, they are satisfied
with the involvement, information flow, payments etc.

Customer and O&M network: The customer profile of SRDS mainly
includes commercial enterprises and households. The customers of
the firm are located mainly in states of Andhra Pradesh and
Telangana. The firm's quality deliverables, timely execution and
good after sales service have led to satisfactory feedback from
customers. However, given the nascent stage of operations, it does
not have any service centers.

Financial Strength - Weak
Revenues
The firm has reported revenue of INR0.53 crore for FY2014

Return on Capital Employed (RoCE)
13.91% for FY2014

Total Outside Liabilities / Tangible Net worth
High at 2.83 times for FY2014

Interest Coverage Ratio
High at 185.16

Net-Worth
Net worth of the SRDS and its promoter's is INR19.08 crore
(promoter's net worth is 19.00 crore)

Current Ratio
High at 3.17 times as on FY2014 end

Relationship with bankers
Bankers are satisfied with the firm

The overall financial profile of the firm is Weak.


SURENDRA SALT: CRISIL Suspends B Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Surendra Salt Traders (SST).

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

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

SST, incorporated in 1986, is promoted by Mr. Mahendra Kumar
Sharma. It trades in unbranded free flow iodised and industrial
salt. The firm operates in the eastern and north-eastern states of
India, including West Bengal, Assam, Odisha, Bihar, Jharkhand, and
Chhattisgarh.


TIRUPATI COTTEX: ICRA Assigns B+ Rating to INR8cr Cash Credit
-------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR8.00
crore cash credit facility and INR0.51 crore term loan facility of
Tirupati Cottex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B+ assigned
   Term Loan             0.51        [ICRA]B+ assigned

The assigned rating factors in TC's modest scale of operations and
weak financial profile as reflected from thin profit margins,
stretched capital structure and poor debt coverage indicators. The
rating is further constrained by the highly competitive and
fragmented industry structure owing to low entry barriers; and the
vulnerability of the firm's profitability to raw material (i.e.
cotton) prices, which are subject to seasonality, crop harvest and
regulatory risks. ICRA also notes that as TC is a partnership
firm; any significant withdrawals from the capital account by the
partners would adversely affect its net worth and thereby its
capital structure; this remains a key rating sensitivity.

The assigned rating, however, favourably factors in the long track
record of the firm in the cotton ginning business, favourable
location of the firm's manufacturing facility at Jasdan, Rajkot in
Gujarat, giving it an easy access to quality raw material.

Tirupati Cottex (TC) was established as a partnership firm in
March 2011 and is engaged in the business of ginning and pressing
of raw cotton. The firm's manufacturing facility is located at
Jasdan, Rajkot in Gujarat and is equipped with fourteen ginning
machines and one pressing machine. The firm is currently promoted
by Mr. Divyeshbhai Rasikbhai Padaliya, Mr. Kanakbhai Karamshibhai
Bodar, Mr. Bharatbhai Jadavbhai Limbasiya and Mr. Maheshbhai
Dhanjibhai Ramani who have long-standing experience in the cotton
industry.

Recent Results
During FY 2014, TC reported an operating income of INR34.74 crore
and profit after tax of INR0.07 crore as against an operating
income of INR24.60 crore and profit after tax of INR0.07 crore
during FY 2013. Further during 11M FY2015, TC reported an
operating income of INR41.31 crore (as per provisional
financials).


TIRUPATI COTTON: CRISIL Reaffirms B Rating on INR45MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
Tirupati Cotton Industries (TCI) continues to reflect TCI's modest
scale of operations in the highly fragmented cotton industry,
below-average financial risk profile marked by modest net worth,
high gearing and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           45       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    35       CRISIL B/Stable (Reaffirmed)

The rating also factors in the vulnerability of TCI's operating
performance to changes in government policy. These rating
weaknesses are partially offset by its partners' extensive
experience in the cotton industry and established relationship
with suppliers and customers.

Outlook: Stable

CRISIL believes that TCI will continue to benefit over the medium
term from its promoter's extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
registers significant and sustained growth in its revenue and
profitability, while it improves its capital structure.
Conversely, the outlook may be revised to 'Negative' in case TCI's
revenue and margins decline significantly, or if its working
capital cycle lengthens, leading to further deterioration in its
financial risk profile.

Update
TCI's operating income is estimated to decline by about 25 per
cent to around INR1 billion in 2014-15 (refers to financial year,
April 1 to March 31) from INR1.3 billion in the previous year. The
revenue de-growth was driven mainly by a decline in cotton
production. However, the firm continues to report stable
profitability with operating margins at around 1.5 per cent.

TCI's working capital requirements have remained moderate. In
2014-15, the group's working capital cycle has remained in line
with the earlier estimates with gross current asset of around 50
days and is expected to remain moderate over the medium term.

TCI's financial risk profile has been average, marked by high
gearing, a small net worth and modest debt protection metrics. It
had a high gearing of over 3 times estimated as on March 31, 2015,
mainly because of a small net worth of INR24 million as against
sizeable bank borrowings to fund its working capital requirements.
The firm's net worth has remained small due to its low accretion
to reserves. Over the medium term, the net worth is expected to
remain small and as a result the gearing is expected to remain
above 2 times. The firm's debt protection metrics have been modest
because of its low accretion to reserves. TCI's interest coverage
and net cash accruals to total debt ratios are expected to remain
below 2 times and 0.07 times, respectively, over the medium term.

TCI's liquidity has remained moderate. Its net cash accruals for
2014-15 is expected around INR5 million against modest loan
repayment obligations. The firm's bank limits were moderately
utilised at an average 40 per cent through 2014-15.

TCI reported a profit after tax (PAT) of INR4.2 million on net
sales of INR1.31 billion for 2013-14, as against a PAT of INR3.7
million on net sales of INR1.02 billion for 2012-13.

TCI was established as a partnership firm in 2002 by Mr.
Durgashankar Agarwal and his mother Chandrakalabai Agarwal. The
firm is engaged in ginning and pressing of raw cotton (kapas) to
make cotton bales; it also trades in cotton bales. TCI has a
manufacturing facility at Paratwada (Maharashtra).


TIRUPATI COTTON: ICRA Reaffirms B+ Rating on INR24cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR24.00 crore
(reduced from INR25.00 crore) fund-based cash credit facility of
Tirupati Cotton. ICRA has also assigned short term rating of
[ICRA]A4 to INR1.25 crore short term non fund based limit of TC.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit Limit        24.00       [ICRA]B+; Reaffirmed
   Forward Contract Limit    1.25       [ICRA]A4; Assigned

The rating continues to be constrained by the modest scale of
operation as well as weak financial profile of Tirupati Cotton
(TC) as reflected by thin profitability, stretched capital
structure and weak coverage indicators. The rating is further
constrained by the lack of diversification in product profile,
limited value addition and highly competitive and fragmented
industry structure leads to low operating and net margins. Further
the ratings also incorporate the susceptibility of the cotton
prices to seasonality and regulatory risks which together with the
highly competitive industry environment exerts more pressure on
the margins. ICRA also notes that Tirupati Cotton is a partnership
firm and any significant withdrawals from the capital account will
affect its net worth and thereby the gearing levels.

The rating, however, favorably take into account the long standing
experience of promoters in the cotton cultivation and processing
industry which ensures procurement benefits and favorable location
of the firm.

Tirupati Cotton was incorporated as partnership firm in 2007 and
is engaged in ginning & pressing of raw cotton to produce cotton
seeds and pressed cotton bales. The ginning unit of the firm is
located at Shapar, Rajkot and is equipped with 30 ginning machines
and 1 pressing machine with total installed capacity of 300 bales
per day. The firm mainly deals in S-6 type of cotton.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR96.14 crore with profit after tax (PAT) of
INR1.48 crore.


VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR190MM Channel Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Valia Impex Pvt Ltd
(VIPL) continue to reflect VIPL's below-average financial risk
profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio and below-average debt
protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        80       CRISIL A4 (Reaffirmed)
   Bill Discounting     577.5     CRISIL A4 (Reaffirmed)
   Channel Financing    190       CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of high
degree of customer concentration in its revenue profile. These
rating weaknesses are partially offset by the company's
established track record as a distributor of polymers for Reliance
Industries Ltd (RIL), and the benefits it derives from its
promoter's extensive experience in the polymer distribution
business.
Outlook: Stable

CRISIL believes that VIPL will continue to benefit over the medium
term from its promoters extensive industry experience and its
long-standing relations with customers. The outlook may be revised
to 'Positive' if there is a significant and sustained increase in
the company's scale of operations, while it maintains its
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 VIPL's profitability
margins, or significant deterioration in its capital structure
caused most likely by a stretch in its working capital cycle.

VIPL was set up in 1989 by Mr. Balkrishna Valia and his family
members. VIPL is a del credere agent for RIL, and supplies polymer
products in Maharashtra, Goa, Daman (Union Territory of Daman and
Diu), and Silvassa (Union Territory of Dadra and Nagar Haveli).


VIJAYANAGAR SUGAR: ICRA Cuts Rating on INR387.49cr Loan to D
------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]C+ to
INR387.49 crore (Rs. 435.91 crore) term loans, INR74.71 crore
(earlier INR70.00 crore) cash credit facilities and INR32.05 crore
(earlier INR0.09 crore) unallocated limits of Vijayanagar Sugar
Private Limited. ICRA has also revised the short term rating to
[ICRA]D from [ICRA]A4 to INR55.75 crore (earlier INR44.00 crore)
non fund based facilities of VSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            387.49        [ICRA]D, revised from
                                      [ICRA]C+

   Cash Credit           74.71        [ICRA]D, revised from
                                      [ICRA]C+

   Non Fund Based
   Facilities            55.75        [ICRA]D, revised from
                                      [ICRA]A4

   Unallocated Limits    32.05        [ICRA]D, revised from
                                      [ICRA]C+

The ratings revision factors in the delays in the debt servicing
by the company on account of continuous net losses since inception
which resulted in stretched liquidity position. The ratings
continue to be constrained by the weak financial profile as
reflected by net losses, weak capital structure and debt coverage
metrics; this resulted in VSPL going for CDR scheme in FY13 and
rectification scheme under the CDR system in FY15. Further, there
could be pressure on the timely debt servicing by the company
going forward with the pressure on the domestic sugar realizations
expected to continue in the near term. The ratings continue to be
constrained by the vulnerability of sugar operations to agro-
climatic risks, regulatory risk inherent in the sector with
respect to government policies relating to cane pricing, sugar
exports etc.

However, ICRA continues to take note of the fully integrated sugar
plant with both cogen and distillery units providing cushion to an
extent during sugar downturn and low demand risk for power off-
take in Southern India as reflected by energy deficit in the
region as well as healthy tariffs. ICRA also notes that there has
been an improvement in the cane crushing by 14% to 6.15 lakh MT
during SY14 which is further expected to increase in SY15 backed
by higher cane availability, thus supporting the revenues going
forward.

Vijayanagar Sugar Private Limited (VSPL) was incorporated in 2007
by Mr. S Anand Reddy & Associates to set up an integrated sugar
plant in Gadag District, Karnataka. VSPL took over unfinished
sugar factory from Mrudagiri Sahakari Sakkare Karkhane Niyamit (a
co-operative sugar mill), on lease for 30 years on Build, Own,
Operate & Transfer (BOOT) basis in 2007 and set up an integrated
sugar plant comprising of a 5000 TCD sugar plant, 35.5 MW co-
generation power plant and 130 KLPD distillery. The project cost
was around INR487.67 crore. The co-gen unit became operational in
Apr 2010, sugar unit in Sep 2010 and distillery unit in Aug 2011.

Recent Results
In FY14, VSPL reported an operating income of INR365.91 crore and
net loss of INR87.24 crore as against operating income of INR99.57
crore and net loss of INR21.83 crore in FY13.


YASH PAPERS: ICRA Lowers Rating on INR120.18cr FB Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR120.18
crore fund based facilities of Yash Papers Limited from [ICRA]B+
to [ICRA]D. ICRA has also revised the short term rating assigned
to the INR6 crore non fund based limits of Yash Papers Limited
from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits    120.18      [ICRA]D revised from [ICRA]B+
   Non-fund Based
   Limits                 6.00      [ICRA]D revised from [ICRA]A4

The rating downgraded follows stretched liquidity position in the
peak raw material procurement season of YPL which is in the
business of manufacturing of kraft paper and machine glazed poster
paper. The cash flow mismatch has resulted in delays in debt
servicing in the month of February 2015. The financial profile of
the company continues to remain weak as reflected in the high
gearing level and weak debt coverage indicators owing to debt
funded capital expenditure incurred in the past. Further, going
forward, both cost of borrowed funds and quantum of yearly debt
repayments is expected to increase in line with the approved CDR
scheme. Although the capacity utilization has improved over
previous years, the scale of operations achieved may not be
sufficient to meet debt repayments in subsequent years. The
company is currently operating at near full capacity and hence
additional growth in revenues will have to be driven by further
capital investment which will put pressure on the cash flows of
the company. While ICRA notes that backed by a long track record
of operations, and also an experienced management team, the
company is able to command higher operating margins over its peers
despite the industry being highly fragmented and competitive, the
high financial leverage and the costs thereof have put substantial
strain on the cash flows of the company eventually resulting in
delays in debt servicing.

Going forward, the ability of the company to improve working
capital management to reduce liquidity stress in peak requirement
phase and timely servicing of debt will remain key rating drivers
for the company.

YPL has been in existence for over 25 years and has been engaged
in the paper manufacturing business since 1983. The main products
of the company include low-grammage kraft paper and Machine Glazed
(MG) Poster Paper. The paper manufactured is used in numerous
industries such as layer between Glass and Plywood sheets,
wrapping of tobacco products & clothes, Lamination etc.

Recent Results
During 9 months FY 2015, the company has reported operating income
of INR133.3 cr and a net loss of INR7.9 crore. During Q3 FY 2015,
the company has written off INR10.63 cr of this receivable towards
CER income which has impacted the net profitability of the
company. During the financial year 2013-14, the Company reported
PAT of INR1.94 crore on an operating income of INR147.38 crore as
against losses of INR1.69 crore on an operating income of
INR116.35 crore in 2012-13. During Q1 FY2014, the company has
reported operating income of INR45.2 crore and PAT of INR1.5
crore.



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


PT PERTAMINA: Posts US$212.3MM Loss in January-February
-------------------------------------------------------
ANTARA News reports that state oil and gas company PT Pertamina
suffered a net loss of US$212.3 million in the January-February
period due to a decline in its income from upstream businesses.

"In the first two months of 2015, Pertamina suffered a loss of
US$212.3 million, particularly because of losses incurred by its
upstream businesses, which amounted to US$368 million," President
Director of Pertamina Dwi Soetjipto said during a hearing with the
House of Representatives (DPR) on April 8.

ANTARA News relates that the loss was inevitable, even though the
company had set a profit target of US$280 million for the January-
February period in its business plan, he added.

According to the business plan, the company has targeted to make
US$1.731 billion as net profit in 2015, the report says.

However, Pertamina recorded a profit of US$130.4 million from its
downstream businesses in the first two months of the year, with
the new and renewable energy segment and others contributing
US$40.9 million and US$2.5 million, respectively, ANTARA News
adds.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

As reported in the Troubled Company Reporter-Asia Pacific on
May 26, 2014, Standard & Poor's Ratings Services assigned its
'BB+' long-term issue rating to a proposed issue of up to US$3.0
billion by PT Pertamina (Persero) (Pertamina) under the company's
US$10 billion global medium-term notes program.



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


BENU CAPITAL: S&P Assigns BB+ Rating on EUR-Denom. Class A Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+ (sf)' and 'BB (sf)' preliminary issue credit ratings to the
euro-denominated class A and B notes, respectively, to be issued
by Benu Capital Ltd.  The notes are sponsored by AXA Global Life,
the risk transfer counterparty and wholly owned subsidiary of AXA.

The noteholders will be at risk from age- and gender-weighted
mortality rates that exceed a specified percentage of reference
mortality index values.  The mortality index values are
constructed for each of the three countries within covered areas,
and from information obtained from Eurostat (France), the
Statistics Bureau of Japan, and the U.S. Centers for Disease
Control and Prevention, or their successors.  Both classes of
noteholders will be exposed to mortality rates in the U.S. states
and the District of Columbia, mainland metropolitan France and
Corsica excluding Departments d'Outre Mer (DOM) and Territories
d'Outre Mer (TOM), and Japan.

"We have based our preliminary rating on the lower of our 'BB+'
and 'BB' implied ratings on the mortality risk; our long-term
'AAA' issuer credit rating on the European Bank for Reconstruction
and Development (EBRD) as the issuer of the assets in the
collateral accounts; and the risk of nonpayment of the quarterly
contract payment by AXA Global Life.  Standard & Poor's will not
rate the EBRD notes in the collateral accounts," S&P said.

Although S&P do not rate AXA Global Life, it is a wholly owned
subsidiary of AXA (A-/Positive/A-2).  AXA Global Life is
responsible for arranging reinsurance agreements on behalf of AXA
Group's operating insurance entities, and S&P considers it has an
important role in the AXA group. AXA is not legally obliged to
make swap payments to Benu Capital Ltd.  However, S&P would expect
AXA to make payments to Benu Capital if AXA Global Life could not.
In addition, to isolate noteholders from the risk of AXA Global
Life failing to pay its quarterly premium payments, a periodic
payment deposit account will be set up, in which it will deposit
three months' worth of premium.  This ensures that the issuer can
pay scheduled interest up to the redemption date if the notes are
redeemed due to AXA Global Life's failure to make its quarterly
interest payments.



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


BRADMORE CATERERS: Owners Slowly Paying Back Debts
--------------------------------------------------
Jono Galuszka at Manawatu Standard reports that a Horowhenua duo
who ran a catering firm for the Foxton RSA have slowed down in
paying back money they overdrew from the company's bank account.

Bradmore Caterers Ltd, owned and directed by Christine Braddock
and William Moyle, took care of catering for the Foxton RSA and
Waikanae Club.

Manawatu Standard says the company has been in liquidation for two
years, after a lack of patrons at the RSA and the Waikanae Club
meant the company could not keep up with its bills.

When it went into the control of Colin Owens --
cowens@deloitte.co.nz -- of Deloitte, the company owed creditors
NZ$225,000 -- NZ$75,000 of that to Inland Revenue, according to
Manawatu Standard.

Creditors claims have since been placed at NZ$189,000.

All kitchen gear was leased from the clubs, and the company had no
physical assets to sell to get money back, Manawatu Standard says.

According to the report, some of the debt related to a company
bank account the company's owners overdrew, without saying how
they would pay it back.

Manawatu Standard says debt collectors were employed by the
liquidators to chase up Braddock and Moyle, and to get them to pay
back the overdraft.

Manawatu Standard relates that previous liquidation reports said
the pair had been paying it back, but needed to take a payment
holiday at one point because of "personal circumstances".

In his latest report, Mr. Owens said the pair had paid back
NZ$1,881 in the past six months, for a total of NZ$10,151,
according to Manawatu Standard.



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


KEANGNAM ENTERPRISES: To be Delisted From Korea Exchange
--------------------------------------------------------
Yonhap News reports that Keangnam Enterprises Ltd., a local
builder at the center of a bribery scandal involving several
political heavyweights, is poised to be delisted from the main
stock market as its cumulative loss has eroded its equity capital,
the bourse operator said on April 14.

Trading of Keangnam shares will be terminated today, April 15, as
the company has failed to deal with mounting debt, Yonhap relates
citing the Korea Exchange (KRX).

The report says Keangnam leaves the local stock exchange 42 years
after becoming the nation's first construction company to go
public.

Yonhap relates that the main bourse operator has been in the
process of delisting the builder after creditors last month
rejected its request for additional financial support and its
attempts to go into court receivership fell through.

Yonhap notes that the builder had been struggling in the red in
recent years amid a prolonged slump in the local housing market,
suffering annual losses of KRW182.7 billion and KRW310.9 billion
in 2014 and 2013, respectively.

Last week, its former chairman, Sung Wan-jong, committed suicide
in the midst of a widening probe into his company and other state
firms involved in the overseas development projects pushed during
the former Lee Myung-bak administration, Yonhap recalls.

During Lee's years in office from 2008 to 2013, local companies
launched expansive business projects to secure energy resources,
the report states.

Sung, who had served as a ruling lawmaker between 2012 and 2014,
left behind a list of politicians, including close aides to
President Park Geun-hye, whom he claimed to have given up to
several million dollars, adds Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2015, Yonhap News said Keangnam Enterprises, currently
under a debt workout program, filed for court receivership on
March 27, after its creditors rejected the company's request for
additional financial support. The Seoul Central District Court
said it has received the builder's application for the court debt-
workout program, the report related.

On March 27], creditor banks of the cash-stripped builder turned
down its petition for an additional KRW110 billion (US$99.2
million) in operating funds, according to Yonhap. The creditors,
led by policy lender Export-Import Bank of Korea, had previously
poured in KRW2.2 trillion for its rescue, the report noted.

Yonhap said Keangnam Enterprises, which has been put in a state of
impaired capital, was also denied its request to swap
KRW90.3 billion worth of convertible bonds for new shares.

Keangnam Enterprises Ltd (KRX:000800) is a Korea-based company
engaged in the construction business. It operates building
construction division, which constructs office buildings,
commercial buildings, education facilities, medical facilities,
public buildings and others; housing division, which develops and
constructs apartments, retail shops and residential complexes;
civil works division, which constructs railways, subways,
highways, and site development works, and plants division, which
constructs electricity plants and energy and oil refinery systems,
as well as water and sewage treatment facilities. It operates
overseas construction works. Through its subsidiaries, it engages
in the hotel, real estate leasing, energy and other businesses.


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


WAN HAI: Moody's Says 2014 Results Support Ba2 CFR
--------------------------------------------------
Moody's Investors Service said that Wan Hai Lines Ltd's improved
financial results in 2014 support its Ba2 corporate family rating
and the Ba3 senior unsecured bond rating of its guaranteed
subsidiary, Wan Hai Lines (Singapore) Pte. Ltd.

The ratings outlook remains stable.

"Wan Hai Lines Ltd's solid operating performance and significantly
improved financial leverage in 2014 benefited from an improving
operating environment in the shipping industry," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

According to Wan Hai's results announcement, its revenue grew
12.2% year-on-year to NTD67.0 billion 2014 from NTD59.7 billion in
2013, mainly supported by a 5.8% year-on-year growth in sales
volume -- compared with 2.4% in 2013 -- and higher average freight
rates.

In addition, the company's adjusted EBITDA margin rose to 19.4% in
2014 from 15.4% in 2013, owing to stable bunker costs, higher
average freight rates, cost improvement measures, and the robust
growth in sales volumes.

Consequently, its adjusted EBITDA increased by 41.8% to NTD13.0
billion in 2014 from NTD9.2 billion in 2013.

This development also led to an improvement in its adjusted net
debt/EBITDA to around 2.7x in 2014 from 3.9x in 2013. This level
of leverage is in line with its Ba2 rating.

Moody's expects Wan Hai's revenue to grow in the low single digits
annually over the next 1-2 years, driven by the improving
operating environment.

Moody's also expects Wan Hai's adjusted EBITDA margin to stay at
its current levels, underpinned by its implementation of operating
efficiencies and cost improvement measures.

Moody's expects Wan Hai's adjusted net debt/EBITDA to remain
around 2.6x-2.8x over the next 12-18 months based on its short-
term vessel chartering strategy, purchase of slot capacity from
partners, and limited capital expenditure (capex).

Wan Hai's liquidity profile remains strong, supported by its
steadily growing operating cash flows and cash and cash
equivalents of NTD26.8 billion at end-2014. These cash sources are
well in excess of its short-term maturing debt of NTD11.6 billion
over the next 12 months and projected capex of NTD2.4 billion over
the same period.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Wan Hai Lines Ltd operates a fleet of 91 container vessels. It
owned 74 container vessels and chartered 17 such vessels at end-
2014. Its service network extends across Asia, including to major
ports in Taiwan, Japan, China, Korea and Southeast Asia. The
company has been listed on the Taiwan Stock Exchange since
May 1996.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***