TCRAP_Public/150423.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

           Thursday, April 23, 2015, Vol. 18, No. 079


                            Headlines


A U S T R A L I A

FSS HOLDINGS: First Creditors' Meeting Set For April 29
GRAPHICS PLUS: Faces Liquidation; 16 Jobs Axed
HEAR AND DO: First Creditors' Meeting Set For April 30
KABOKO MINING: First Creditors' Meeting Set For May 1
MAXWELL TRANSPORT: Creditors Accept a DOCA From Director

RIVA HAWTHORN: First Creditors' Meeting Slated For April 28
* Sydney-Based Marketing Business Up for Sale


C H I N A

KAISA GROUP: Moody's Says Defaults No Impact on Ca Rating
KAISA GROUP: Homebuilders' Reliance on Offshore Debt Unchanged


I N D I A

ALLIANCE FILAMENTS: ICRA Lowers Rating on INR27.03cr Loan to D
BEAM COX: CARE Lowers Rating on INR6cr LT Loan to D
BENARA AUTOS: CARE Reaffirms B+ Rating on INR2.50cr LT Loan
CHAMBAL MOTORS: ICRA Assigns B+ Rating to INR3.40cr Cash Credit
DEESAN COTEX: CARE Reaffirms B+ Rating on INR43.09cr LT Loan

DNK ROSHANS: CARE Reaffirms B+ Rating on INR20cr LT Loan
EASY FIT: CRISIL Cuts Rating on INR1.0BB Bill Discounting to D
ENVIROX PROTECTION: CARE Reaffirms D Rating on INR48cr ST Loan
HARI BHOG: CARE Assigns B+ Rating to INR6.64cr LT Bank Loan
HIGHBAR TECHNOLOGIES: CARE Reaffirms B+ Rating on INR22cr LT Loan

ISAT NETWORK: CRISIL Assigns B+ Rating to INR30MM Cash Credit
J. V. GOKAL: CARE Revises Rating on INR0.87cr Term Loan to BB+
JAI SHREE: CRISIL Suspends D Rating on INR75MM Letter of Credit
KALYANESWARY METALS: CRISIL Suspends D Rating on INR125MM Loan
KHODASHI POWER: ICRA Assigns D Rating to INR26cr LT Loan

KUBER SECURITIES: CARE Reaffirms B Rating on INR5cr LT Loan
LAXMI POWER: CARE Lowers Rating on INR10cr LT Bank Loan to D
LAXMI VENKATESH: CARE Reaffirms B Rating on INR7.75cr LT Loan
LEKH RAJ: CRISIL Raises Rating on INR450MM Cash Credit to B+
M G F MOTORS: CRISIL Cuts Rating on INR100MM Cash Loan to B-

MAA SAMLESWARI: CRISIL Suspends D Rating on INR80MM Cash Credit
MAHAVIR SPINFAB: CRISIL Ups Rating on INR38.6MM Loan to B+
MAHESWARI FERTILIZERS: CARE Assigns B+ Rating to INR5cr LT Loan
MAP LIMITED: ICRA Reaffirms B Rating on INR22.5cr Cash Loan
MJR FERRO: CARE Reaffirms D Rating on INR12.05cr LT Bank Loan

MPB CONSTRUCTION: CRISIL Suspends B+ Rating on INR40MM Bank Loan
MUTHA ENGINEERING: CARE Revises Rating on INR15.47cr Loan to B+
NATIONAL SCHOOL: CRISIL Suspends D Rating on INR80MM Term Loan
NEW HORIZON: ICRA Reaffirms B+ Rating on INR6r LT Loan
NOVARTIS ENERGY: CRISIL Reaffirms B Rating on INR50MM Cash Loan

PONTIAC MERCHANTS: CRISIL Suspends D Rating on INR113MM Term Loan
PRINCE MARINE: CARE Reaffirms B Rating on INR7.26cr LT Loan
R.PIYARELALL: CRISIL Suspends D Rating on INR300MM Packing Loan
RAJU SPINNING: ICRA Reaffirms D Rating on INR22cr FB Loan
RANGALI AGRO: CRISIL Suspends D Rating on INR200MM Term Loan

REGENT EDUCATION: CRISIL Suspends D Rating on INR50MM Term Loan
RINKI PLASTICS: CRISIL Suspends D Rating on INR147.7MM Term Loan
S. D. INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR80MM Loan
S. RASIKLAL: CRISIL Cuts Rating on INR185MM Loan to B+
SAHARA INDUSTRIES: ICRA Reaffirms B Rating on INR11cr Cash Loan

SAI PROFESSIONAL: CRISIL Suspends B Rating on INR49.6MM Term Loan
SARASWATI TRADING: CRISIL Suspends B Rating on INR110MM Cash Loan
SAVITRI STEELS: CRISIL Cuts Rating on INR140MM Loan to B+
SBJ PROJECTS: CRISIL Reaffirms B Rating on INR80MM Cash Credit
SHANKAR PARVATI: ICRA Reaffirms B+ Rating on INR7cr Cash Credit

SHIVAM RICE: CRISIL Suspends B- Rating on INR26.4MM Cash Loan
SIPAI INDUSTRIES: ICRA Reaffirms B+ Rating on INR14cr Loan
SRI PRIYANKA: ICRA Upgrades Rating on INR7.5cr Cash Credit to B
SUNIL AGRO: CRISIL Suspends D Rating on INR134.8MM Cash Credit
SUPER STAINLESS: ICRA Revises Rating on INR6.5cr Cash Loan to B-

SUPREME AUTOSHELL: ICRA Suspends B+ Rating on INR10cr Loan
TECHNO FAB: CARE Revises Rating on INR79.44cr LT Loan to B
TRISHLA BUILDTECH: ICRA Assigns B Rating to INR34cr Cash Credit
TUFF TUBES: CRISIL Suspends D Rating on INR77MM Cash Credit
YASH AUTOMOTIVE: CRISIL Suspends B Rating on INR160MM Cash Loan


J A P A N

SKYMARK AIRLINES: ANA May Assign Board Director to Support Revamp
TOKYO ELECTRIC: S&P Raises CCR to 'BB-'; Outlook Stable


N E W  Z E A L A N D

SPAZIO CASA: Boss Denies Former Units Owe NZ$5.5 Million to IRD


                            - - - - -


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


FSS HOLDINGS: First Creditors' Meeting Set For April 29
-------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick Chartered
Accountants were appointed as administrators of FSS Holdings
Australia Pty Limited on April 20, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edward Street,
in Brisbane, Queensland, on April 29, 2015, at 10:00 a.m.


GRAPHICS PLUS: Faces Liquidation; 16 Jobs Axed
----------------------------------------------
Nic White at ProPrint reports that Graphics Plus will close for
good after administrators failed to find a buyer for the stricken
business despite 32 expressions of interest.

ProPrint says the specialist UV printer famous for its plastics
work went into administration on March 30 with debts of more than
AUD1.5 million, and will now be liquidated.

ProPrint relates that former employees said the company had been
struggling for the past year with falling sales and AUD200,000 in
bad debts from fallen clients including Geon and Focus Press.

According to the report, administrator Thomas Dawson at Insol
Group said despite 32 expressions of interest in buying Graphics
Plus as a going concern, the most for any company in his 15-year
career, he could not get a deal done.

Mr. Dawson said all 16 staff have been made redundant and the
equipment, including an Agfa Anapurna M1600 and a manroland UV
offset press, will be auctioned off by Grays Online in the second
week of May, ProPrint adds.

ProPrint relates that the staff, owed about AUD300,000 in
entitlements, will get their superannuation from the asset sale
and the rest from a Fair Entitlement Guarantee claim.

Mr. Dawson said trade creditors are owed about AUD300,000 and
under new laws four suppliers including at least one big paper
merchant will get priority, the report relays.

Owner Phillip Delaney, who ran the business for 26 years, is the
biggest creditor, having sunk AUD800,000 to AUD1 million into the
business.


HEAR AND DO: First Creditors' Meeting Set For April 30
------------------------------------------------------
David Ingram and Steven Gladman of Hall Chadwick were appointed as
administrators of Hear and Do Pty Ltd, trading as Dove Cleaning
Services, on April 20, 2015.

A first meeting of the creditors of the Company will be held at
Level 19, 144 Edward Street, in Brisbane, Queensland, on
April 30, 2015, at 12:00 p.m.


KABOKO MINING: First Creditors' Meeting Set For May 1
-----------------------------------------------------
Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Kaboko Mining Limited
on April 20, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Pitcher Partners Perth, Level 1, 914 Hay Street, in
Perth Western Australia, on May 1, 2015, at 11:30 a.m.


MAXWELL TRANSPORT: Creditors Accept a DOCA From Director
--------------------------------------------------------
ATN reports that Maxwell Transport Group has avoided a formal
liquidation.

A second meeting of creditors has resolved to accept a deed of
company arrangement in which company director Peter Ferrari will
effectively purchase the business as a going concern, ATN relates.

According to the report, the deal saw Mr. Ferrari agreeing to
reduce his own liability in return for ownership of the business
assets.

ATN notes that administrator Gess Rambaldi recommended the deal to
the April 16 meeting, saying remaining creditors would receive a
higher, faster, and more certain dividend than they would likely
have seen after liquidation.

The report relates that Mr. Rambaldi said creditors received a
comprehensive report on the factors leading up to the voluntary
administration of the separate Maxwell Transport Group Pty Ltd and
MTG Pty Ltd.

He does not volunteer specifics but notes there were a number of
unprofitable contracts, the report says.

"This was one factor, but not the only factor," the report quotes
Mr. Rambaldi as saying.  He offers no comment on whether either
company had traded while insolvent, but notes the dual company
structure added an extra layer of confusion to the picture, ATN
notes.

"It's very clear that many creditors were confused as to which
entity they were dealing with, and which entity owned the assets,"
Mr. Rambaldi, as cited by ATN, said.

Under the deed of company arrangement, the two remaining companies
will be merged into a single entity controlled by
Mr. Ferrari, who had a claim to more than half of the debt owed by
Maxwell Transport Group, according to ATN.

Ferrari is well-known in the Victorian transport industry, having
previously led Extra Transport, a successful wharf cartage
business operating at the port of Melbourne.  It was sold to Toll
Holdings in 2008.

Ferrari did not return calls to ATN on April 21, and it remains
unclear if or in what capacity the merged company will resume
trading.

Maxwell Transport and MTG Logistics went into administration on
March 2, 2015. A third company, Optimal Corporate Services, was
placed into liquidation at the same time, ATN reported.


RIVA HAWTHORN: First Creditors' Meeting Slated For April 28
-----------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy Pty Ltd were appointed as
administrators of Riva Hawthorn Pty Ltd on April 16, 2015.

A first meeting of the creditors of the Company will be held at
237 Swan Street, in Richmond, Victoria, on April 28, 2015, at
11:30 a.m.


* Sydney-Based Marketing Business Up for Sale
---------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Hall Chadwick is
seeking urgent expressions of interest for the purchase of a
marketing business that has high-end clientele. The business is
situated in Sydney's lower North Shore.

Dissolve.com.au says interest parties should express their
interest before the end of the business day today, April 23, 2015.

The business is currently under the control of administrators
Blair Pleash and Kathleen Vouris of Hall Chadwick, the report
notes.




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


KAISA GROUP: Moody's Says Defaults No Impact on Ca Rating
---------------------------------------------------------
Moody's Investor Service said that Kaisa Group Holdings Ltd's (Ca
review for upgrade) interest payment defaults will weaken Chinese
property developers' near-term access to offshore funding, but
that the overall refinancing risk for the sector remains
manageable for 2015.

At the same time, Moody's says the defaults by Kaisa are within
expectation and have no immediate impact on the company's Ca
ratings. The ratings remain under review for upgrade.

On April 20, 2015, Kaisa announced that it had failed to honor
missed interest payments within the 30-day grace period on its
12.875% senior notes due 2017 and 8.875% senior notes due 2018.

Kaisa further stated that it will continue its efforts to reach a
consensual restructuring of its outstanding debt, and that it
hopes to enter into standstill agreements with offshore debt
holders.

"The interest payment defaults are within expectations considering
Kaisa's ongoing negotiations with its onshore and offshore
creditors and its stressed liquidity position," says Franco Leung,
a Moody's Vice President and Senior Analyst.

Kaisa's Ca ratings reflect the low recovery prospects for its
offshore bondholders.

The current review for upgrade of Kaisa's ratings reflects Moody's
expectation that Sunac's acquisition, if completed, will improve
repayment prospects for Kaisa's creditors, including its offshore
bondholders.

"But we will revise the ratings outlook to negative or further
downgrade Kaisa's ratings if the Sunac acquisition looks unlikely
to complete or if the expected recovery value for offshore
bondholders deteriorates beyond current expectations," adds Leung,
also the lead analyst for Kaisa.

At the same time, Kaisa's failure to rectify the interest payment
within the grace period marks the first rated interest payment
default by a Moody's-rated developer. Moody's believes the
defaults will undermine investor confidence and expects the risk
premium on Chinese developers will remain elevated.

In the first quarter of 2015, offshore bond issuance by Chinese
developers rated by Moody's dropped by about 50% year-on-year. The
credit quality of Chinese developers could deteriorate if their
access to offshore funding tightens.

However, Moody's believes that the relatively small amount of
offshore bonds maturing in 2015 and 2016 reduces the sector's
overall refinancing risk.

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

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


KAISA GROUP: Homebuilders' Reliance on Offshore Debt Unchanged
--------------------------------------------------------------
Fitch Ratings says that the default of Kaisa Group Holdings Ltd.
(Kaisa) on coupon payments of its offshore bond will not
materially change Chinese homebuilders' reliance on offshore debt
financing.

Chinese regulations restrict homebuilders' ability to borrow
onshore to acquire land.  In addition, retained profits have been
insufficient to fund the blistering growth of property sales over
the last decade.  As a result, most homebuilders have been funding
their growth primarily via offshore debt and equity markets.

The number of homebuilders accessing the offshore debt market
soared over the last five years.  As the importance of this market
grew, many of these companies have improved their corporate
governance, transparency and operational management to woo
international bond investors.  The 33 Fitch-rated Chinese property
companies have generally responded on a timely basis to
information and meeting requests by the agency, and have been
cooperative in providing the requested information.  Many have
stepped up investor outreach efforts and regular publication of
operational data.

Kaisa's default -- partly driven by its inability obtain the
necessary permits to sell apartments in certain projects -- is not
the start of a trend.  Although further similar defaults cannot be
ruled out due to the high number of borrowers of varying credit
quality in the market, there is little evidence of systematic
weakening in Chinese homebuilders' transparency or governance.

The main reason that Chinese homebuilders have reduced offshore
bond issuance in 2015 compared with a year earlier is the cyclical
slowdown in property sales following the 2013 peak.  Most
homebuilders are using this lull to slow their land acquisitions,
and in some cases, repair their stretched balance sheets.
Consequently, funding needs have fallen sharply, with much of the
proceeds from issuance in the year to date used to refinance
maturing debt and/or to extend existing maturities.  Fitch expects
this trend to continue for the rest of the year, as the Chinese
housing market continues to absorb excess inventory.



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


ALLIANCE FILAMENTS: ICRA Lowers Rating on INR27.03cr Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating from[ICRA]B- to [ICRA]D for
INR46.03 crore fund based facilities and INR2.50 crore (sublimt of
cash Credit) of Alliance Filaments Limited. ICRA has also revised
the short term rating from [CRA]A4 to [ICRA]D for INR1.55 crore
non fund based limits and INR20.00 crore(sublimit of long term
fund based limits) of AFL.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term fund based-      19.00      [ICRA]D (revised from
   Cash Credit                           ICRA B-)

   Long term fund based-      27.03      [ICRA]D (revised from
   Term Loan                             ICRA B-)

   Long term fund based-      (2.50)     [ICRA]D (revised from
   sublimit of Cash Credit               ICRA B-)

   Short term non fund        (10.00)    [ICRA]D (revised from
   Based-Letter of Credit                ICRA A4)

   Short Term non fund        (20.00)    [ICRA]D (revised from
   Based-Project letter                  ICRA A4)
   of Credit

   Short Term Non fund          0.80     [ICRA]D (revised from
   Based-Forward Cover                   ICRA A4)

   Short Term Non fund          0.75     [ICRA]D (revised from
   Based-Bank Guarantee                  ICRA A4)

The ratings revision reflects the ongoing delays in principal
servicing, and full utilization of working capital limits
reflecting the stress on its liquidity position. The ratings also
incorporate the adverse financial profile as reflected by modest
profitability and aggressive capital structure. The ratings also
take into account the highly competitive nature of the industry,
vulnerability of profitability to adverse raw material prices
fluctuations and movements in currency exchange rates.
The rating, however, favorably factors in the long experience of
promoters in textile industry; the location advantage derived from
proximity of the manufacturing unit to the raw material sources
and downstream processing units; and favorable demand outlook for
man-made fibres on account of volatility associated with cotton
prices.

Incorporated in the year 2009, Alliance Filaments Limited (AFL)
commenced commercial production from May 2011. The promoter group
is based in Surat (Gujarat), have been operating in the yarn
industry for more than a decade. AFL is involved in manufacturing
of Partially Oriented Yarns (POY) and Fully Drawn Yarns (FDY). The
manufacturing unit of the company is located at Kim, Surat.

Recent Results
In FY14, the company reported an operating income of INR103.97
crore and net profit of INR1.69 crore


BEAM COX: CARE Lowers Rating on INR6cr LT Loan to D
---------------------------------------------------
CARE revises the rating assigned to the bank facilities of Beam
Cox Constructions Private Limtied.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    0.50       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Beam Cox Constructions Private Limited (BCCPL) takes into account
the delays in debt servicing in the past two months owing to the
weak liquidity position.

Establishing a clear debt servicing track record with improvement
in liquidity position is the key rating sensitivity.
Beam Cox Constructions Private Limited (BCCPL) was incorporated in
the year 1994 by Mr Y Ravinder Reddy and other three directors.
The company is registered as Class-I contractor with Andhra
Pradesh government and is into execution of civil works and
construction contracts for government entities. Major works of the
company include construction of school buildings, school and
college hostel buildings, laying of cement roads, laying of water
pipelines, construction of stadium, etc. The company's contracts
are tender based orders from government organizations and has
executed several contracts till date and the recent projects of
the company include construction of around 8 govt. school
buildings, laying of pipelines, constructions of sump well under
in Medak district, Andhra Pradesh. The company group has two group
concerns; Y. Ravinder Reddy Constructions, a partnership firm
which is into construction activities and Ravinder Reddy Yellu
which is a proprietorship firm.


BENARA AUTOS: CARE Reaffirms B+ Rating on INR2.50cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Benara Autos Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.50       CARE B+ Reaffirmed
   Short-term Bank Facilities    2.90       CARE A4 Reaffirmed

Rating Rationale
The ratings of the bank facilities of Benara Autos Private Limited
(BAP) continue to be constrained by its small scale of operations
with low net-worth base, leveraged capital structure, highly
working capital-intensive nature of business and weak debt
coverage indicators. The ratings also factor in the susceptibility
of margins to raw material price volatility and fortunes linked
with the automobile industry.

The ratings, however, draw strength from the experienced
promoters, long track record of operations and integrated
manufacturing facility.

Going forward, the ability of the company to increase its scale of
operations while improving the profitability margins, effective
working capital management and further improving the capital
structure are the key rating sensitivities.

BAP, incorporated in 1985 as a private limited company was
promoted by Mr Ajay Kumar Jain, Mr Sanjay Benara, Mr Abhay Benara
and Ms Prem Lata Jain. The company is engaged in the manufacturing
of bi-metallic/ tri-metallic engine bearings and bushes, etc, for
automotive, industrial, marine and agricultural engines. The
processes of the company are ISO 9001:2008 certified and
manufacturing facility is located at Agra, Uttar Pradesh. The main
raw materials of the company are steel strips and copper, which
are mainly procured from the domestic market and the company also
imports aluminuim-tin strip from Taiwan. BAP sells its products in
replacement market through a network of retailers and dealers in
India and also exports to United States of America, China, Dubai,
Taiwan and Bangladesh. BAP earned 12% of its total operating
income from export sales in FY14 (refers to the period April 1 to
March 31).

For FY14, BAP achieved a total operating income (TOI) of INR21.00
crore with PAT of INR0.45 crore as against TOI of INR17.39 crore
with PAT of INR0.22 crore in FY13. As per unaudited results, the
company has achieved total operating income of INR14 crore for
7MFY15 (refers to the period April 1 to October 30).


CHAMBAL MOTORS: ICRA Assigns B+ Rating to INR3.40cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR3.4
crore fund-based bank facilities and INR0.93 crore term loan of
Chambal Motors Private Limited. ICRA has also assigned its short
term rating of [ICRA]A4 to the INR9.2 crore inventory funding
facility and a rating of [ICRA]B+/A4 to the INR4.47 crore
unallocated limits of the company.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Cash Credit Facilities       3.40        [ICRA]B+; assigned
   (LT Scale)

   Term loan (LT Scale)         0.93        [ICRA]B+; assigned

   Inventory funding
   (ST Scale)                   9.20        [ICRA]A4; assigned

   Unallocated (LT/ST Scale)    4.47        [ICRA]B+/A4; assigned


ICRA rating takes into account the high working capital intensity
of the company's operations leading to a stretched liquidity
position, its highly leveraged capital structure and weak coverage
indicators due to modest profitability. ICRA also takes note of
the subdued growth in the company's operating income in 2012-13
and 2013-14, impacted by the muted performance of Tata Motors
Limited (TML), which was also accompanied by an erosion of the
operating profit margin, However, the rating derives comfort from
the extensive experience of the management in the automobile
dealership business, benefits from being a sole dealer of TML in
Kota, Rajasthan and the company's established relationship with
Hero MotoCorp Limited (HML) and TML.

Going forward, the company's ability to increase its scale of
operations and register a sustained improvement in its
profitability, while optimally managing its working capital cycle
will be the key rating sensitivities.

CMPL is an authorized dealer of Hero MotoCorp Limited (HML) and
Tata Motors Limited (TML) in Kota, Rajasthan. Around 90% of its
sales are on account of vehicle sales, balance being accounted for
by service income/spare parts business.

Recent Results
In 2013-14, CMPL reported an operating income of INR84.9 crore and
a net profit of INR0.3 crore, as against an operating income of
INR79.5 crore and a net profit of INR0.5 crore in the previous
year.


DEESAN COTEX: CARE Reaffirms B+ Rating on INR43.09cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Deesan Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     43.09      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale
The ratings reaffirmation of the bank facilities of Deesan Cotex
Private Limited (DCPL) continue to be constrained by small and
fluctuating scale of operations, moderately leveraged capital
structure, weak debt coverage indicators, operations in the highly
competitive and fragmented nature of the textile industry and
susceptibility of operating margins to the raw material price
fluctuation.

These factors continue to far offset the benefits derived from the
experience of the promoters, financial support in the past and
operational support from group entities.

The ability of DCPL to improve the scale of operations through
stabilization of newly commenced unit coupled with efficient
management of the working capital cycle amidst the intense
competition are the key rating sensitivities.

Incorporated in 2007, DCPL is engaged in the manufacturing of
terry towels, trading of grey fabric and job work of yarn
doubling. The company has however commenced manufacturing of terry
towels only from December 2013 at Dhaiwad, Dhule, Maharashtra,
with an installed capacity of 15 tonnes per day. Earlier the
company was only engaged in the trading of grey cloth and
undertook job work of yarn doubling.

During FY14 (refers to the period April 1 to March 31), the total
income of DCPL stood at INR27.01 crore (declined by 25.01% vis-…-
vis FY13) and incurred net loss of INR2.63 crore (vis-a-vis net
profit of INR0.84 crore in FY13). Furthermore, during 11MFY15, the
company posted a turnover of INR28 crore.


DNK ROSHANS: CARE Reaffirms B+ Rating on INR20cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
DNK Roshans Departmental Stores Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      20        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of DNK Roshans
Departmental Stores Private Limited (DNK) continues to be
constrained by the company's limited track record of operations
and its below average financial risk profile marked by leveraged
capital structure and weak debt coverage metrics. The rating is
also constrained by working capital intensive nature of
operations, presence of DNK in a highly competitive and fragmented
industry and risk associated with obsolescence of inventory due to
the changing fashion trends. The rating, however, continues to
derive strength from the experience of the promoters in trading of
garments and favorable location of its showrooms.

Going forward, DNK's ability to profitably increase its scale of
operations, improving its capital structureand effectively manage
its working capital requirements would be the key rating
sensitivities.

DNK, incorporated in 2003, is promoted by Mr Puneet Kohli and Mr
Paras Kohli. The company is engaged in retailing of garment viz.,
sarees, suit, bridal wear, shirts, trousers and sherwani etc. It
has two retail outlets in Delhi at Lajpatnagar and Karol Bagh. It
started its commercial operations in April 2013. The company
procures traded goods from the domestic dealers and traders which
are then sold mainly to retail customers. The company also gets
the manufacturing done on a job work basis from manufactures in
Delhi-NCR as per its own designs & specifications.

During FY14 (refers to the period April 01 to March 31), DNK
reported total operating income of INR32.43 crore with PBILDT and
PAT of INR2.84 crore and INR0.23 crore respectively.


EASY FIT: CRISIL Cuts Rating on INR1.0BB Bill Discounting to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Easy Fit Jewellery Pvt Ltd (Easy Fit; part of the SGJHL group) to
'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting       1,000       CRISIL D (Downgraded
                                      from 'CRISIL C')

   Proposed Long Term       300       CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL C')

   Proposed Short Term      700       CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL A4')


The rating downgrade reflects instances of bills remaining unpaid
for more than 30 consecutive days because of the group's weak
liquidity. The weak liquidity is on account of stretch working
capital cycle driven by delays in collection of receivables.

The ratings continue to reflect SGJHL's weak financial risk
profile, marked by subdued debt protection metrics, its exposure
to risks related to customer and geographic concentration and
intense competition in the retail jewellery market. However, the
group derives comfort from its promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Gokul Jewellery House Pvt Ltd (Gokul),
Easy Fit and Shree Ganesh Jewellery House Ltd (SGJHL). This is
because, the three entities, together referred to as SGJHL group,
are under a common management, are engaged in the same line of
business, and operational and financial linkages.

The SGJHL group of Kolkata is promoted by Mr. Nilesh Parekh and
Mr. Umesh Parekh. SGJHL was incorporated in 2002. The company is
engaged in trading, manufacturing and export of handcraft and
machine-made studded gold and diamond jewellery.

Easy Fit is a 100 per cent subsidiary of SGJHL and is engaged in
manufacturing and export of handcrafted or machine-made plain and
studded diamond jewellery. Gokul is a 51.5 per cent subsidiary of
SGJHL. The company is engaged in trading of bullions and
manufacturing of handcraft jewellery.


ENVIROX PROTECTION: CARE Reaffirms D Rating on INR48cr ST Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Envirox Protection Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Fund-based)                 17.41       CARE D Reaffirmed

   Short-term Bank Facilities
   (Non-fund-based)             48.00       CARE D Reaffirmed

Rating Rationale
The rating of Envirox Protection Company Private Ltd. (EPCL)
continues to factor in the delays in servicing of interest and
repayments owing to severe liquidity constraints.

EPCL, a part of the J.V. Gokal group, is engaged in Engineering,
Procurement and Construction (EPC) of water treatment, waste water
and sewerage projects including treatment plants on a turnkey
basis. The company also carries out sewer / storm water drain
rehabilitation, micro tunnelling projects, low-cost mass housing
and water supply metering projects. The J. V. Gokal group is well
diversified across businesses as well as geographies. The group
has a presence across sectors such as aviation, capital markets,
infrastructure, textiles, engineering, oil and gas, mining
equipment, etc.

EPCL reported a net loss of INR13.52 crore on a total operating
income of INR30.22 crore in FY14.


HARI BHOG: CARE Assigns B+ Rating to INR6.64cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Hari Bhog
Overseas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.64       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Hari Bhog Overseas
(HBO) is primarily constrained by its small scale of operations
with low net worth base, low profitability margins, highly
leveraged capital structure and weak debt service coverage
indicators. The rating is further constrained by susceptibility of
margins to fluctuations in raw material prices and HBO's presence
in a highly fragmented industry characterised by intense
competition as well as constitution of the entity as a partnership
firm.

The rating, however, derives comfort from experience of the
promoters in the agro processing industry and favourable location
of the processing unit.

Going forward, the ability of the firm to increase its scale of
operations along with improvement in the profitability margins and
capital structure would be the key rating sensitivities.

HBO is a partnership firm established in January 2012 by Mr
Jagdish Chander Singla, Mr Ashok Kumar Singla and Mr Brij Mohan
Goyal sharing profit and loss in the ratio of 25%, 40% and 35%,
respectively. FY13 (refers to the period April 01 to March 31) was
the first full year of operation. The firm is engaged in
processing of paddy at its manufacturing facility located at
Karnal, Haryana, having an installed capacity of 13,000 metric ton
per annum (MTPA) as on March 31, 2014. HBO procures paddy directly
from local grain markets through commission agents located in
Haryana. The firm sells its products, ie, Basmati and Non-Basmati
rice in the states of Madhya Pradesh, Rajasthan, Delhi and Haryana
through a network of commission agents. HBO also undertakes
processing of paddy for government on job work basis.

For FY14 (refers to the period April 01 to March 31), HBO achieved
a total operating income of INR13.50 crore with PBILDT and PAT of
INR1.06 crore and INR0.02 crore, respectively, as against total
operating income of INR3.13 crore with PBILDT and PAT of INR0.86
crore and INR9,210.37 respectively, for FY13. Furthermore, during
FY15, HBO achieved a total operating income of INR19 crore till
February 28, 2015.


HIGHBAR TECHNOLOGIES: CARE Reaffirms B+ Rating on INR22cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Highbar Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      22        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Highbar Technologies
Limited (HTL) continues to be constrained by small scale of
operations, weak financial risk profile, stiff competition from
large established players and concentrated operations.

The rating derives strength from experience in the infrastructure
industry, less penetration of Information Technology (IT) in the
infrastructure sector leading to a large target market.
Ability of HTL to increase the scale of operations along with an
improvement in profitability amidst intense competition is the key
rating sensitivity.

HTL is a 100% subsidiary of Hindustan Construction Company Limited
[HCC, rated CARE C/CARE D/CARE A4], formed in 2009 by spinning off
the IT department of HCC-one of the largest infrastructure
development companies that has implemented ERP (Enterprise
Resource Planning) as well as other IT solutions to connect all
its project locations on SAP (Systems, Applications, Products)
platform. Information technology is very crucial for the
infrastructure sector, considering multiple locations and projects
that the companies operate in. Thus, HCC leveraged its technical
expertise in the infrastructure sector to provide end to end IT
services to infrastructure players. HTL's business mainly involves
developing, designing, marketing of support services, products and
accessories used in field of IT. Moreover, in FY12 [refers to the
period April 1 to March 31], HTL incorporated Highbar Technologies
FZ-LLC in Dubai to cater to international clients in Middle East.

On January 1, 2014, Hincon Technoconsult Limited (HTC), an
erstwhile 100% subsidiary of HTL undertaking business, was
amalgamated with HTL for better synergies of operations.

HTL reported a net loss of INR0.35 crore on a total operating
income of INR27.76 crore for FY14 (refers to the period April 01
to March 31) against a net loss of INR1.44 crore against a total
operating income of INR25.09 crore for FY13. For 9MFY15, the
company reported a PAT of INR0.50 crore on a total operating
income of INR32.57 crore against a net profit of INR0.27 crore on
a total operating income of INR20.87 crore for 9MFY14.


ISAT NETWORK: CRISIL Assigns B+ Rating to INR30MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of iSat Network Engineers Pvt Ltd (ISNEPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        45         CRISIL A4
   Cash Credit           30         CRISIL B+/Stable

The ratings reflect ISNEPL's modest scale of operations, with
customer concentration in its revenue profile and large working
capital requirements. The ratings also factor in the company's
average financial risk profile, marked by a modest net worth and
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
ISNEPL's promoters in the substations business.

Outlook: Stable

CRISIL believes that ISNEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a sustainable
increase in the company's scale of operations and profitability,
leading to improvement in its cash accruals and hence in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if ISNEPL's financial risk profile weakens, most likely
due to low cash accruals, large working capital requirements, or
debt-funded capital expenditure.

ISNEPL was incorporated in 1998, promoted by the Mumbai-based
Agarwal family. The company is an engineering, procurement, and
construction (EPC) contractor for high voltage and low voltage
substations of up to 400 kilovolts. It also imports testing
equipment for generation sets.


J. V. GOKAL: CARE Revises Rating on INR0.87cr Term Loan to BB+
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of J. V. Gokal And Co. Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.87      CARE BB- Revised from
   (Term Loan)                              CARE B+

   Short-term Bank Facilities
   (Fund-based)                  130        CARE A4 Reaffirmed

   Short-term Bank Facilities
   (Non-fund-based)                8        CARE A4 Reaffirmed

Rating Rationale
The revision of long term rating of J. V. Gokal and Co. Private
Ltd. (JVGCPL) was on account of improved capital structure and
debt coverage indicators.

However, the ratings continue to be constrained by extended
working capital cycle, product concentration risk, client
concentration risk, foreign exchange fluctuation risk, small size
of operations and prevalent intense competition in the tea
processing industry along with exposure of the company towards its
subsidiaries and associates by way of investment in equity, loans
and advances and corporate guarantees.

The ratings continue to derive strength from the experience of the
promoters with established track record of operations of the
company in the tea industry along with its long standing
relationships with its clients across territories.

Going forward, JVGCPL's ability to increase its scale of
operations, maintain its profitability margin and improve
liquidity position though effective management of operating cycle
amidst volatility in raw material price and intense competition
remains the key rating sensitivities.

J.V Gokal & Co. Pvt. Ltd (JVGCPL) was established on April 10,
1950 by Gokal Group represented by Mr Ravindra Gokal, Mr Nakul
Jagjivan, Mr Bhavesh R Gokal and Mrs Shobhna R Gokal. The company
though commenced operations from 1999-2000; the earlier operations
were carried out by the partnership firm -- J.V. Gokal and company
managed by the Gokal group. JVGCPL is presently engaged in
blending, bagging, packaging and trading of tea in bulk and in
consumer packs through export and domestic sales. The company has
four blending and packaging units -- three in West Bengal and one
in Cochin (Kerela).

Exports constituted around 99% of JVGCPL's revenues in FY14
(refers to the period April 1 to March 31) as compared to 95% in
FY13. The company exports bulk tea and packaged tea to CIS
countries, mainly Russia and Kazakhstan, North America
particularly Canada, European countries and Asia primarily China.
The company does not have its own plantations/tea gardens and buys
all its tea from the major tea auction centers in India.


JAI SHREE: CRISIL Suspends D Rating on INR75MM Letter of Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jai Shree Balaji Fats and Oils Pvt Ltd (JSFPL; part of the GMPL
group).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Letter of Credit        75         CRISIL D

The suspension of ratings is on account of non-cooperation by
JSFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSFPL is yet to
provide adequate information to enable CRISIL to assess JSFPL'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 Siddhi Vinayak Industries Pvt Ltd
(SVIPL), Ganesh Multiplex Pvt Ltd (GMPL), and JSFPL. This is
because the three companies, together referred to as the GMPL
group, have common promoters and management, significant
operational linkages with common suppliers and customers, and
fungible cash flows.

The GMPL group trades in edible oil, primarily refined, bleached,
and deodorised (RBD) palmolein oil. The group also trades in
pulses. Its daily operations are managed by Mr. Naval Kishore
Banka and his son, Mr. Rajeev Banka.


KALYANESWARY METALS: CRISIL Suspends D Rating on INR125MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kalyaneswary Metals Pvt Ltd (KMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          125         CRISIL D
   Letter of Credit      25         CRISIL D

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

KMPL, incorporated in 1995 in Kolkata (West Bengal), manufactures
ramming mass. The company was formed by the Kolkata-based Patni
family. In June 2010, it was purchased by Mr. Banwarilal Agarwal
and Mr. Gopal Agarwal.


KHODASHI POWER: ICRA Assigns D Rating to INR26cr LT Loan
--------------------------------------------------------
ICRA has assigned [ICRA]D rating to INR26.00 crore (enhanced from
20.00) enhanced fund based bank limits of Khodashi Power Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           26.00       [ICRA]D Assigned

The rating reaffirmation continues to factor in the delays in debt
servicing on account of insufficient cash flow generation from
KPPL's 4.9 MW run of the river hydro power plant to meet the
revised debt repayment obligation. The project has commissioned
and is in operation stage since December 2013; however, with
delays in monsoons, the plant was unable to run at higher capacity
with the current PLF at 22% during CY2014. Earlier the plant was
scheduled to commence operations in September 2012, and with heavy
rainfall and flooding at the project site during August 2012 led
to damages to electrical and mechanical components resulting in
delays. ICRA further notes that debt servicing would continue to
remain challenging unless additional funds are infused by the
promoters given that peak season of plant operations for FY15
(June-September) is over.

Khodashi Power Private Limited is setting up a 4.90 (2X2.45) MW
hydro electric power plant which is Located in Karad District of
Pune. It is being promoted by a group of individual promoters with
Mr G.P. Darshan Lal as Chairman. The project envisages generation
of power through run of river Hydro electric scheme. The diversion
is created on the river Krishna near Karad just before it joins
the Kyona tributary.


KUBER SECURITIES: CARE Reaffirms B Rating on INR5cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kuber Securities.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5         CARE B Reaffirmed

Rating Rationale
The rating continues to be constrained by the weak financial risk
profile due to high overall gearing, small scale of operations and
highly volatile income profile. The rating also takes into account
high market risk due to significant proprietary trading, weak
profitability and interest coverage indicators and constitution of
the entity as a partnership firm. However, the rating derives
strength from the established promoter group, low off-take risk
for sale of generated electricity (through windmill) and tax
benefits under Income Tax Act. The ability of the firm to improve
the overall financial risk profile and increase the scale of
operations are the key rating sensitivities.

Established in the year 1998, Kuber Securities (Kuber) is a
partnership firm promoted by Mr Mul Chand Malu and Mr Vikas Malu
with equal profit sharing arrangements. The firm is a part of the
group promoted by Mr Mul Chand Malu, which has diversified
presence in many business segments such as tobacco products,
cigarettes, snacks etc. across varied group entities.

Kuber is engaged in the business of trading in securities and
generation of electricity through wind mill. During FY14 (refers
to the period April 1 to March 31), the firm derived about 54% of
its revenues from securities trading segment while the rest was
contributed by the wind power segment. The firm commenced its
primary business of proprietary trading in securities in the year
2002 largely in the derivatives segment. In FY08, the firm set up
a wind mill power project with an installed capacity of 3.05 MW in
Kutch district of Gujarat. The firm has entered into an Operation
& Maintenance (O&M) agreement with Suzlon Infrastructure Services
Ltd. (SISL) for a period of 20 years. Furthermore, the firm has
signed long term Power Purchase Agreement (PPA) with Gujarat Urja
Vikas Nigam Limited (GUVNL) [rated CARE A+/ A (SO)/ A1+] for sale
of generated electricity at an agreed price of INR3.37 per unit
for 20 years.

During FY14, Kuber reported a net loss of INR0.32 crore on a total
operating income of INR3.99 crore as compared with a net profit of
INR1.18 crore on a total operating income of INR5.76 crore in
FY13. During 9MFY15 (refer to the period April 01 to December 31),
Kuber reported a net profit of INR0.10 crore on total income of
INR2.87 crore.


LAXMI POWER: CARE Lowers Rating on INR10cr LT Bank Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Laxmi Power Cables Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE D Revised from
                                            CARE BB
   Short-term Bank Facilities      7        CARE D Revised from
                                            CARE A4
Rating Rationale
The revision in the long-term and short- term bank rating of Laxmi
Power Cables Private Limited (LPCL) takes into account delays in
servicing of debt on account of stretched liquidity position of
the company.

Establishing a track record of timely servicing of debt
obligations would be the key rating sensitivity.

Incorporated in 1996, Laxmi Power Cables Pvt. Ltd. (LPCL) is
engaged in the manufacturing of Low Tension (LT) power cables and
wires, with its manufacturing plant at Daman. The company mainly
caters to the power industry with a wide range of clients from the
public sector utilities, industrial customers, railways and
others. The major raw material used in manufacturing of power
cables and wires are copper and aluminum.

During FY14 (refers to the period April 1 to March 31), LPCL had
posted total income of INR21.25 crore (vis-a-vis INR26.24 crore in
FY13) and PAT of INR0.29 crore (vis-a-vis INR0.23 crore in FY14).


LAXMI VENKATESH: CARE Reaffirms B Rating on INR7.75cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Laxmi Venkatesh Ginning And Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.75       CARE B Reaffirmed

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

Rating Rationale
The rating continues to be constrained by the working capital
intensive nature of business operations of Laxmi Venkatesh Ginning
and Pressing Factory (LVGPF), presence in competitive and
fragmented cotton ginning industry, susceptibility of operating
margins to fluctuation in the cotton prices, and seasonality
associated with cotton availability. The rating is further
constrained on account of LVGPF's constitution as a partnership
firm, weak financial risk profile marked by moderate gearing, low
profit margins and moderate liquidity position and impact of the
government policies related to cotton.

The rating continues to derive strength from the experience of the
partners along with proximity to raw material sources.
The ability of the firm to increase its scale of operations while
moving up in the cotton value chain and improvement in the
financial risk profile while managing the raw material price
volatility continue to remain the key rating sensitivities.

Beed based LVGPF was established as a partnership firm on July 25,
2003 by Mr K Murlikrishna and Mrs B Sidamma sharing profit
equally. LVGPF is engaged in the business of cotton ginning,
pressing and trading of ginned cotton and cotton seeds.
The firm procures raw cotton directly from the local farmers and
has an installed capacity of 20000 MTPA as on March 31, 2014. Its
manufacturing unit is located in Village Bhopa Dist Beed,
Maharashtra.

In FY14 (refers to the period April 1 to March 31), LVGPF reported
a total operating income of INR44.05 crore and net profit of
INR0.59 crore as against a total operating income of INR49.45
crore and net profit of INR0.50 crore in FY13.


LEKH RAJ: CRISIL Raises Rating on INR450MM Cash Credit to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Lekh Raj and Sons (LRS) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           450       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects significant improvement in LRS's
business risk profile mainly due to healthy top line growth during
2013-14 (refers to financial year, April 1 to March 31). During
2013-14, LRS's topline increased by around 288 per cent to reach
INR85.14 Cr. against previous year's INR22.61 Cr. The operating
margins have also remained at a healthy level of 8.0 per cent
during 2013-14. LRS's financial risk profile continues to remain
weak with high TOLTNW ratio of more than 5 times as on March 31,
2014 and weak debt protection metrics with NCATD and interest
coverage of 0.03 and 1.25 times respectively.

LRS's working capital requirements remain large, in line with
CRISIL's expectation, on account of large inventory. Its gross
current assets stood at 293 days as on March 31, 2014 reflecting
high inventory of 264 days and moderate debtor days of 33 days
partially offset by creditor days of 54. The liquidity of the firm
is supported by infusion of around INR12.5 million in 2013-14 in
the firm in form of USL and equity.

CRISIL's rating reflect LRS's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and the
susceptibility of its margins to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of LRS's promoters in the basmati rice
industry and the benefits the firm is likely to derive from the
healthy growth prospects for the rice industry over the medium
term.

Outlook: Stable

CRISIL believes that LRS will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
its financial risk profile will remain constrained over this
period by its weak capital structure and working-capital-intensive
operations. The outlook may be revised to 'Positive' if the firm
records substantial revenue and profitability, resulting in an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if LRS's revenue is low or if its
working capital cycle lengthens significantly, or if the firm
undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile, particularly its liquidity.

LRS was set up in 1984 as a partnership firm by the members of the
Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, and selling of basmati rice in the
domestic market.


M G F MOTORS: CRISIL Cuts Rating on INR100MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M G F Motors Ltd (MML) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Inventory Funding    357.5      CRISIL A4 (Downgraded from
   Facility                        'CRISIL A4+')

   Term Loan             65        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The ratings downgrade reflect CRISIL's belief that MML's operating
performance will remain weak over the medium term owing to intense
competition in the automobile dealership market. The company has
reported cash losses for 2013-14 (refers to financial year, April
1 to March 31) due to low profitability; continued pressure on
profitability will constrain MML's cash accruals and limit its
ability to meet its debt obligations over the medium term. CRISIL,
however, believes that MML will meet its debt obligations in time
aided by funding support from its promoters and group companies.

The ratings reflect MML's weak financial risk profile, marked by a
highly leveraged capital structure, and the susceptibility of its
margins to economic slowdowns and to intense competition in the
automobile dealership segment. These rating weaknesses are
partially offset by MML's established position in the automobile
dealership market for Hyundai Motors India Ltd (HMIL; rated
'CRISIL A1+') in Kerala and its healthy revenue mix.
Outlook: Stable

CRISIL believes that MML will continue to benefit over the medium
term from its established position in the automobile dealership
market in Kerala and its promoters' extensive experience. The
outlook may be revised to 'Positive' if the company improves its
cash accruals, driven by an increase in its scale of operations
and profitability, while efficiently managing its working capital
requirements, leading to a better financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if MML's liquidity deteriorates because of large
working capital requirements or debt-funded capital expenditure,
or delay in financial support from its promoters.

MML, set up in 1998, is an authorised dealer for HMIL in Kerala.
The company operates its showrooms under the MGF Hyundai brand.


MAA SAMLESWARI: CRISIL Suspends D Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Samleswari Industries Pvt Ltd (MSIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL D
   Cash Credit           80         CRISIL D

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

MSIPL, based in Sambalpur (Odisha), was set up in 2004.  MSIPL
manufactures sponge iron.


MAHAVIR SPINFAB: CRISIL Ups Rating on INR38.6MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mahavir Spinfab Pvt Ltd (MSPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' while reaffirming its rating on the company's short-term
bank facilities at 'CRISIL A4'.

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

   Packing Credit           60        CRISIL A4 (Reaffirmed)

   Post Shipment Credit     80        CRISIL A4 (Reaffirmed)

   Term Loan                38.6      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MSPL's financial
risk profile will improve over the medium term, marked by moderate
gearing and healthy debt protection metrics. The company's gearing
is expected at around 1.5 times over this period in the absence of
any major debt-funded capital expenditure (capex) plan and with
stable working capital debt. As a result, the company's debt
protection metrics are expected to remain comfortable over this
period, with net cash accruals to total debt and operating
interest coverage ratios expected at 0.18 to 0.20 times and over 3
times, respectively. However, any major debt-funded capex will be
a key rating sensitivity factor.

The ratings reflect MSPL's working-capital-intensive operations
and the vulnerability of its business risk profile to the economic
scenario in overseas markets. These rating weaknesses are
partially offset by the company's established market position in
the specialised textiles segment and its diversified revenue
profile.

Outlook: Stable

CRISIL believes that MSPL will continue to benefit over the medium
term from its established market position in the specialised
textiles segment. The outlook may be revised to 'Positive' in case
of an increase in the company's scale of operations, improvement
in its operating margin, and effective working capital management,
leading to a better financial risk profile. On the other hand, the
outlook may be revised to 'Negative' if MSPL's working capital
management deteriorates or if it undertakes a large debt-funded
capex programme.

MSPL was founded by Mr. Rakesh Jain in 1995. The company
manufactures work-wear fabric and clothing, including technical
textile fabric and garments used in various industries such as oil
and gas, molten metal, and healthcare. MSPL's corporate office is
in Kanpur (Uttar Pradesh).


MAHESWARI FERTILIZERS: CARE Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Maheswari
Fertilizers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Maheswari
Fertilizers (MF) is constrained by relatively small scale of
operations, modest profitability margins, leveraged capital
structure and moderate debt coverage indicators. The rating is
further constrained by the vulnerability of revenues to agro
climatic risks, competitive prices of fertilizer and challenges of
operating in a highly regulated fertilizer industry and
partnership nature of constitution.

The rating considers the benefits derived from promoters
experience and established presence of the firm.
Ability of MF to increase the scale of operations and
profitability margins along with improvement in capital structure
are key rating sensitivities.

Established in 2009 as partnership firm by Reddy family, MF is
engaged into manufacturing of Nitrogen-phosphorous-potassium (NPK)
mixture fertilizers. It has plant located at Kadapa with installed
capacity of 90,000 Metric tonnes per annum for NPK mixture
fertilizer. MF sells its products through 1,000 distributors and
dealers under the "Nandi" brand, across various regions of Andhra
Pradesh.

During FY14 (refers to period from April 1 to March 31), MF posted
total operating income of INR40.10 crore (as against INR38.50
crore in FY13) and PAT of INR0.60 crore in FY14 (as against
INR0.51 crore in FY13). Further, during 11MFY15 provisional,
entity reported total income of INR40 crore.


MAP LIMITED: ICRA Reaffirms B Rating on INR22.5cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B long term rating to the INR22.50
crore (enhanced from INR15.00 crore) cash credit facility of MAP
Limited. ICRA has also reaffirmed the [ICRA]A4 rating to the
INR3.00 crore short term non fund based limits (sublimit of cash
credit) of MAP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           22.50       [ICRA]B reaffirmed
   Packaging Credit      (3.00)      [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to take into account the
fragmented industry structure limiting profitability as well as
the company's high financial risk profile characterized by low
profitability and weak debt protection metrics. The ratings also
take into account the vulnerability of company's profitability to
raw material price fluctuations which are subject to seasonality,
crop harvest and government regulations.

The ratings, however, favourably take into account the extensive
experience of the promoters in the cotton industry and favourable
outlook for cotton and cotton seed demand.

MAP Limited (MAP, erstwhile MAP Corp Private Limited) was
incorporated in June 2012 by Mr. Mehul Patel and Mr. Arvind Patel
to undertake trading of cotton bales and wash oils. Mr. Arvind
Patel has also promoted other company - Raja Industries which is
engaged in cotton ginning for more than four decades.

Recent Results
For the year ended 31st March 2014, MAP has reported an operating
income of INR174.98 crore and profit after tax (PAT) of INR0.27
crore as against operating income of INR99.67 crore and PAT of
INR0.13 for the year ended 31st March 2013.


MJR FERRO: CARE Reaffirms D Rating on INR12.05cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms rating to the bank facilities of MJR Ferro Alloys
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.05      CARE D Reaffirmed
   Short-term Bank Facilities     0.50      CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of MJR Ferro Alloys
Private Limited (MFAPL) continue to remain constrained by on-going
delays in servicing of the debt obligations in the recent past due
to the stressed liquidity position of the company.

Establishing a clear debt servicing track record with improvement
in liquidity position is the key rating sensitivity.

Incorporated on February 18, 2008, MJR Ferro Alloys Private Ltd
(MFAPL) is involved in manufacturing of ferro alloys at its
manufacturing unit located in Nalgonda, Andhra Pradesh with an
overall installed capacity of 4500 metric ton per annum. The
commercial operations of the company commenced from June 1, 2012
and FY13 is the first year of operations. The company manufactures
ferro alloys and sells to clients like MPM Private Limited, SK
Enterprises, Rhodium Ferro Alloys Private Limited, Mittal
Corporation Limited etc.


MPB CONSTRUCTION: CRISIL Suspends B+ Rating on INR40MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MPB Construction Pvt Ltd (MPB).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     ------
   Bank Guarantee       40         CRISIL A4
   Cash Credit          35         CRISIL B+/Stable
   Term Loan            20         CRISIL B+/Stable

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

MPB was originally set up in 1986 as a proprietorship firm, Usha
Electricals (India), by Mr. M K Bhan; in April 2011, it was
reconstituted as a private limited company under the present name.
The company is engaged in civil construction such as construction
of industrial and institutional buildings and residential
construction, primarily for the defence sector. MPB, a Class S
contractor, bids for tenders floated by the Ministry of Defence.


MUTHA ENGINEERING: CARE Revises Rating on INR15.47cr Loan to B+
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Mutha Engineering Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.47       'CARE B+' Revised
                                             from CARE BB

Rating Rationale
The revision in the rating assigned to the bank facilities of
Mutha Engineering Private Limited (MEPL) factors in deterioration
in financial risk profile marked by net level losses in FY14
(refers to the period April 1 to March 31) and cash loss in 9MFY15
(refers to the period April 1 to December 31) due to increase in
raw material costs and decline in the proportion of high margin
export revenues. The rating also takes note of increased revenue
concentration from top two customers along with increase in
exposure to group companies in FY14.
The rating continues to derive strength from the experience of the
promoters.

The ability of the company to increase scale up operations,
improve profitability and gearing indicators and diversify
customer base are the key rating sensitivities.

Mutha Engineering Private Limited (MEPL), a Satara-based,
(Maharashtra) company, was incorporated in 1982 and is engaged in
engineering job work, machining and assembly of cast iron,
spheroidal graphite (SG) iron and aluminum casting products
supplied primarily to the auto industry. Mutha Spherocast India
Private Limited (MSIPL) a group company of the Mutha group was
incorporated in 1996. The company was engaged in the manufacturing
of various types of raw, semi-finished and finished green sand
shell moulded SG castings, weighing in the range of 0.5kg to 60kg
primarily catering to auto Original Equipment Manufacturers (OEM)
and auto ancillaries. The total installed capacity of the SG
casting division of MSIPL was at 5,760 Metric tonnes per annum
(MTPA) in FY14. MSIPL was declared as a sick company in 2006 by
the Board for Industrial and Financial Reconstruction (BIFR) and
was amalgamated with MEPL with effect from April 1, 2012.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR 107.33 crore and
a Net Loss of INR0.44 crore as against a total operating income of
INR105.03 crore and a PAT of INR0.46 crore in FY13. Furthermore
for 9MFY15 (refers to the period April 1 to December 31), the
company reported a total operating income of INR85.29 crore and a
Net Loss of INR6.22 crore.


NATIONAL SCHOOL: CRISIL Suspends D Rating on INR80MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
National School of Management Studies (NSMS).


                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      41.6       CRISIL D
   Bank Loan Facility

   Term Loan               80         CRISIL D

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

Established in 2002, NSMS imparts education in hospitality and
hotel management. The institute also offers computer application
and business management courses. It was established by National
School of Management Studies-Durgapur Chapter. NSMS is affiliated
to West Bengal University of Technology and is approved by the
Council for Technical Education, West Bengal. The institute also
has collaboration with and membership of the Federation of Hotel
and Restaurant Association of India, New Delhi, and Hotel and
Restaurant Association of Eastern India, Kolkata.


NEW HORIZON: ICRA Reaffirms B+ Rating on INR6r LT Loan
------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ and short
term rating of [ICRA]A4 on the INR9.0 crore bank facilities of New
Horizon Knits Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   based Facilities       6.00        [ICRA]B+; reaffirmed

   Long Term
   Unallocated Limits     1.40        [ICRA]B+; reaffirmed

   Short-term Non-Fund
   Based Facilities       1.60        [ICRA]A4; reaffirmed

ICRA's ratings continue to reflect highly fragmented and
competitive nature of the socks manufacturing industry resulting
in modest scale of NHPL's operations as reflected in Operating
Income (OI) of around INR18.35 crore in FY2014 and modest
profitability indicators for the company (operating margins at
12.58%, net profit margins at 0.25% and ROCE at 12.36% in FY2014).
Further, the profitability of the company is exposed to movements
in foreign exchange rates as 80% of sales are derived from
exports. The ratings are also constrained on account of NHPL's
moderately weak financial profile characterised by high gearing
levels of around 2.2 times as on Mar-14 which along with low
profitability resulted in modest debt coverage indicators with
OPBDITA/Interest of 1.59 times, Total Debt/ OPBDITA of 3.70 times
and NCA/TD of 8.51% as on Mar-14.

ICRA's ratings however continue to factor in established presence
of the promoters in socks manufacturing business leveraging on
which the company has been able to establish relationship with its
customers as evident in repeat orders.

Going forward, the ability of the company to scale up its
operations while improving the profitability levels and improve
its liquidity position will remain the key rating sensitivities.

NHPL, incorporated in 2004 and promoted by Mr. Shyam Sunder
Chamria and his son Mr. Ravi Chamria, is engaged in the
manufacturing of socks. The products of the company are sold in
international as well as domestic market. The manufacturing
facilities of the company, located in Bahadurgarh (Haryana), have
117 circular knitted machines.

Recent Results
NHPL reported OI of INR18.35 crore and a net profit of INR0.05
crore in 2013-14, as against an OI of INR14.23 crore and a net
profit of INR0.13 crore in the previous year.


NOVARTIS ENERGY: CRISIL Reaffirms B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Novartis Energy Pvt Ltd
(NEPL) continue to reflect NEPL's below-average financial risk
profile marked by modest net worth and weak debt protection
metrics. This rating weakness is partially offset by the extensive
experience of NEPL's promoter in the petroleum industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NEPL will benefit over the medium term from
its promoter' extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial cash accruals or
equity infusion leading to improvement in the company's financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in NEPL's financial risk profile,
particularly its liquidity, driven by low cash accruals or
lengthening of working capital cycle.

NEPL, based in Nagpur (Maharashtra), was established in May 2011
by Mr. Deepak Bharadwaj and commenced operations in July 2011. The
company trades in calcium grease and bitumen and undertakes
blending of base oil, used as a key ingredient in lubricants. Its
operations are managed by Mr. Deepak Bharadwaj.


PONTIAC MERCHANTS: CRISIL Suspends D Rating on INR113MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pontiac Merchants Pvt Ltd (PMPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL D

   Proposed Long Term
   Bank Loan Facility    67         CRISIL D

   Working Capital
   Term Loan            113         CRISIL D

The suspension of ratings is on account of non-cooperation by PMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PMPL is yet to
provide adequate information to enable CRISIL to assess PMPL'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 1997, PMPL trades in timber, primarily hard wood.
The company's operations are managed by Mr. Purshottam Patel and
his son Mr. Ankit Patel.


PRINCE MARINE: CARE Reaffirms B Rating on INR7.26cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Prince Marine
Transport Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.26      CARE B Reaffirmed
   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

Rating Rationale
The ratings reaffirmation of the bank facilities of Prince Marine
Transport Services Private Limited (PMTS) continues to be tempered
by the stretched liquidity position on account of blockage of
funds in debtors and inventory, relatively small scale of
operations, cyclical & competitive nature of the industry with
high customer concentration risk and fluctuating profitability
margins.

The rating continues to factor in the benefit derived from the
considerable experience of the promoters in the area of lighterage
operations and medium-term revenue visibility due to the fixed
nature of contracts.

The ability of the company to improve the liquidity profile with
timely monetization of debtors and its ability to deploy the
vessels at expected charter rates considering the cyclical nature
of the industry and stiff competitive scenario are the key rating
sensitivities.

Prince Marine Transport Pvt. Ltd. (PMTS) was founded by Mr Abdul
Razak in July 1993 as a proprietary firm. During the year 1994, it
was converted into a partnership firm and then in 2007 into a
private limited company. The company initially started with the
business of hiring ships, vessels, barges, tugs and towage of
vessels within Mumbai harbor limits as well as for ocean passages.
During 1998, it ventured into the business of cargo lighterage. To
capitalize on the opportunity of various services in the
developing port sector, the company entered into dredging support
services and bagged a dredging contract from JSW Jaigarh Port Ltd.
in the year 2009.

As on February 28, 2015, the company owns 15 barges mainly
involved in offshore supply as well as lighterage operations for
coal. Out of the 15 barges, nine are deployed on yearly contracts
and the remaining deployed on spot. The company also operates a
small ship building yard in Goa.


R.PIYARELALL: CRISIL Suspends D Rating on INR300MM Packing Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R.Piyarelall International Private Limited (RPI).

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Bank Guarantee            80         CRISIL D
   Export Packing Credit    300         CRISIL D
   Packing Credit           300         CRISIL D

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

RPI was formed in 1988 to export minerals and agricultural (agro)
commodities. The company initially focused on iron ore fines,
rice, wheat, maize, sugar, coal, coke, and cement clinker. After
the ban on export of agro products in 2008, RPI now deals
primarily in iron ore fines exports; the fines are exported mainly
from Paradip and Visakhapatnam ports. The company has around
350,000 square feet of storage space at the aforementioned ports.


RAJU SPINNING: ICRA Reaffirms D Rating on INR22cr FB Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D outstanding on
the INR13.56 crore (revised from INR17.45 crore) term loan
facilities, INR22.00 crore fund based facilities, INR0.26 crore
long-term non-fund based facilities and INR17.01 crore (revised
from 13.12) proposed facilities of Raju Spinning Mills Private
Limited. ICRA has also reaffirmed the short term rating of [ICRA]D
outstanding on the INR5.00 crore short-term non-fund based
facilities of the Company.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   LT- Term loan facilities       13.56       [ICRA]D/reaffirmed
   LT- Fund based facilities      22.00       [ICRA]D/reaffirmed
   LT- Non-fund based facilities   0.26       [ICRA]D/reaffirmed
   LT- Proposed facilities        17.01       [ICRA]D/reaffirmed
   ST- Non-fund based facilities   5.00       [ICRA]D/reaffirmed

The reaffirmation of the ratings takes into account the continuing
delays in debt servicing by the Company on account of stretched
cash flows and weak liquidity. In addition to the high interest
cost arising from the term loans availed to fund the past capital
expenditure incurred in 2010-11, higher credit period offered to
its customers in 2014-15 to sustain the order flows amid a
sluggish demand scenario has stressed the Company's cash flows.
Consequently, it has not been able to meet the high repayment
obligations in time. Going forward, the Company's ability to
improve its revenues while sustaining the profit margins will be
critical to improve the accruals and thereby, meet the debt
repayment obligations in a timely manner.

Raju Spinning Mills Private Ltd (RSMPL) was incorporated in 1983
and is primarily engaged in production of cotton yarn with its
spinning unit located at Rajapalayam, Tamil Nadu. The Company is
closely held by the promoters and the promoters' family. The
Company commenced operations in the year 1984 with a capacity of
4,000 spindles. In a phased manner, the company has expanded its
capacity to current levels of 59,932 spindles. The Company's
product profile is skewed towards the finer counts of carded and
combed yarn, with counts largely ranging from 60s to 100s. The
Company also produces customized yarns as per the requirements of
the customers.

Recent Results
The Company reported a net profit of INR0.7 crore on an operating
income of INR76.7 crore during 2013-14 as against a net profit of
INR0.3 crore on an operating income of INR76.5 crore during 2012-
13.


RANGALI AGRO: CRISIL Suspends D Rating on INR200MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rangali Agro India Private Limited (RAIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL D
   Term Loan            200         CRISIL D

The suspension of ratings is on account of non-cooperation by
RAIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RAIPL is yet to
provide adequate information to enable CRISIL to assess RAIPL'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, RAIPL was set up by Mr. Gautam Saha and his
wife, Mrs. Binita Saha, in Guwahati (Assam). RAIPL is setting up a
solvent extraction plant with crushing capacity of 200 tonnes per
day (tpd) of rice bran and a 50-tpd oil refinery unit.


REGENT EDUCATION: CRISIL Suspends D Rating on INR50MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Regent
Education & Research Foundation (RERF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             50         CRISIL D

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

RERF was set up in 2008 by Mr. Vinod Dugar and Mr. Vinod Baid.
RERF runs a college in Barrackpore (West Bengal) and offers
engineering and management courses.


RINKI PLASTICS: CRISIL Suspends D Rating on INR147.7MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rinki Plastics Pvt Ltd (RPPL).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           1.5        CRISIL D
   Cash Credit            125          CRISIL D
   Letter of Credit         2          CRISIL D
   Proposed Long Term
   Bank Loan Facility       3.8        CRISIL D
   Term Loan              147.7        CRISIL D

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

RPPL was incorporated on October 15, 2009. The company
manufactures extruded polyvinyl chloride pipes and associated
fittings. The Burdwan (West Bengal)-based company is promoted by
Mr. Sandeep Modi and his wife, Mrs. Savita Modi. The installed
capacity of its plant is 600 tonnes per month.


S. D. INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S. D. Infrastructure and Real Estate Private Limited (SDRL).

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

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

SDRL was incorporated in 1991 under the name Oswal Manufacturers
Pvt Ltd. In 2011, the management of the company was taken over by
the RDB Group (a Real Estate developer in Kolkata) and was renamed
SDRL. The company is presently into development of residential as
well as commercial complexes in West Bengal.


S. RASIKLAL: CRISIL Cuts Rating on INR185MM Loan to B+
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S. Rasiklal and Co. (SRC) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Adhoc Limit             10       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Foreign Exchange         6       CRISIL A4 (Downgraded from
   Forward                          'CRISIL A4+')


   Packing Credit          55       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Post Shipment Credit   185       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term      84       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The ratings downgrade reflect the deterioration in SRC's liquidity
with a stretch in its working capital cycle resulting in full
utilisation of its bank limits. CRISIL believes that the firm will
need fresh capital from its promoters, or will have to register a
sustained improvement in its working capital cycle, to alleviate
the pressure on its liquidity.

There has been a stretch in the firm's working capital cycle as
reflected in an increase in its gross current assets (GCAs) to an
estimated 280 days as on March 31, 2015 from 249 days as on March
31, 2014. The increase in GCAs is on account of build-up of
inventory and delayed payment from its customers. The stretch in
the firm's working capital cycle resulted in full utilization of
its bank limits over the last twelve months ended February 2015.

The ratings continue to reflect SRC's below'average financial risk
profile marked by its high total outside liabilities to tangible
net-worth ratio and below-average debt protection metrics. The
ratings of the firm are also constrained on account of the firm's
modest scale of operations, its large working capital
requirements, and the susceptibility of its profitability margins
to volatility in diamond prices and fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the benefits that SRC derives from the extensive experience of its
partners in the diamond industry, and its established
relationships with customers.

Outlook: Stable

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

SRC was set up in 1969 as a proprietorship concern by Mr. Rasiklal
Shah, and was reconstituted as a partnership firm in 1972. The
firm is engaged in cutting and polishing of diamonds. The firm
currently has three partners - Mr. Pravinchandra Shah, Mr. Kamlesh
Shah, and Mr. Saurabh Shah.


SAHARA INDUSTRIES: ICRA Reaffirms B Rating on INR11cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR11.00 crore
cash credit facility and the INR1.93 crore term loan facility of
Sahara Industries.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          11.00        [ICRA]B reaffirmed
   Term Loan             1.93        [ICRA]B reaffirmed

The reaffirmation of rating factors in SI's relatively small scale
of operations and weak financial profile as reflected in its low
profitability, highly leveraged capital structure and weak 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 SI 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.

The rating however, continues to favourably factor in the
longstanding experience of the partners in the business;
favourable location of SI's manufacturing facility in Wankaner
(Rajkot) giving it easy access to raw cotton and the stable demand
outlook for cotton based products.

Sahara Industries (SI) was established as a partnership firm in
June 1997 and is engaged in the business of ginning and pressing
of raw cotton. The firm's manufacturing facility is located at
Wankaner, Rajkot in Gujarat and is equipped with 48 ginning
machines with automatic feeders and 1 pressing machine. The firm
is currently managed by four partners i.e. Mr. Ami Ali Kadiwar,
Mr. Afzal Ibrahim Sipai, Mrs. Niyamat Sipai and Mrs. Sahenaj
Sipai, who have a long standing experience in the cotton ginning
business.

Recent Results
During FY 2014, SI reported an operating income of INR24.76 crore
and profit after tax of INR0.12 crore as against an operating
income of INR24.67 crore and profit after tax of INR0.10 crore
during FY 2013. Further, during 10M FY15 (April 2014- January
2015) the firm registered sales of ~Rs. 43.63 crore (as per
provisional financials).


SAI PROFESSIONAL: CRISIL Suspends B Rating on INR49.6MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Sai Professional Education Trust (SSPET).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       7.5        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       2.9        CRISIL B/Stable

   Term Loan               49.6        CRISIL B/Stable

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

Shree Sai professional education trust (SSPET) is a non-profitable
society and is registered under the society act, 2000. The trust
started functioning in 2006 and is based in Delhi. The trust
imparts education by running a polytechnic college and a school at
Jhajjar. It is managed by Mr. R S Khatri and his son Mr. V S
Khatri.


SARASWATI TRADING: CRISIL Suspends B Rating on INR110MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saraswati Trading Co. (ST).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           110        CRISIL B/Stable

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

ST, set up in 1999, is the proprietorship firm of Mr. Gurvinder
Singh. It is based in Kharar, Ropar Road, Punjab. The firm trades
in rice and paddy.


SAVITRI STEELS: CRISIL Cuts Rating on INR140MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Savitri Steels & Rerollings Pvt Ltd (SSRPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable' and has assigned its rating of
'CRISIL A4' to the short term bank facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        15         CRISIL A4 (Assigned)
   Cash Credit          135         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')
   Term Loan            140         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')
   Letter of Credit      30         CRISIL A4 (Assigned)

The rating downgrade reflects SSRPL's stretched liquidity owing to
large debt obligations vis-a-vis moderate cash accruals from
operations. The company had debt obligations of INR      40
million in 2014-15 (refers to financial year, April 1 to March 31)
and is expected to have debt obligations of INR39 million in 2015-
16. Its cash accruals in 2014-15 are estimated at around INR22
million, and the short-fall was funded through unsecured loans of
INR43 million from promoters. In 2015-16, too, the company's cash
accruals are expected to be insufficient to meet its debt
obligations, requiring continued support from promoters. The
company recently completed a backward integration programme, which
will improve its operating efficiency, and hence, its
profitability over the medium term. The improvement in
profitability will lead to gradual increase in cash accruals, and
hence, improved liquidity. However, the time taken for cash
accruals to increase and the quantum of increment, along with
timely support from promoters, will be key rating drivers over the
medium term.

The rating reflects SSRPL's modest scale of operations in the
fragmented steel industry, and its average financial risk profile
marked by weak debt protection metrics, moderate gearing and
moderate net worth. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of the company's
promoters.
Outlook: Stable

CRISIL believes that SSRPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' in case of
significant increase in the company's cash accruals, most likely
through improvement in profitability, along with sustained working
capital management. Conversely, the outlook may be revised to
'Negative' if SSRPL's financial risk profile, particularly its
liquidity, deteriorates because of low turnover or profitability
with low capacity utilisation, or in case of a stretch in its
working capital cycle, or large debt-funded capital expenditure.

SSRPL was incorporated in 2008, promoted by Mr. Kamal Kishore
Agrawal and Mr. Babulal Agrawal. The company has a manufacturing
facility in Hyderabad for thermo-mechanically-treated (TMT) bars.


SBJ PROJECTS: CRISIL Reaffirms B Rating on INR80MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SBJ Projects Pvt Ltd
(SBJ) continue to reflect SBJ's modest scale of operations in the
intensely competitive civil construction industry, and the
company's large working capital requirements and debt obligations,
resulting in stretched liquidity. These rating weaknesses are
partially offset by the extensive industry experience of SBJ's
promoters and their funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         35         CRISIL A4 (Reaffirmed)
   Cash Credit            80         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant growth in its revenue and improves its working capital
cycle, while maintaining its profitability and capital structure,
leading to sizeable cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in SBJ's financial
risk profile, particularly its liquidity, on account of lower
profitability, or significant pressure on its working capital
management because of delays in project execution and stretched
receivables, or large debt-funded capital expenditure.

SBJ was set up in 2008 by the Raipur-based Bansal family. The
company undertakes civil work and mass earthwork, as well as
earthmoving projects. It also has its own stone crushing plant.


SHANKAR PARVATI: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR1.30
crore (reduced from INR1.47 crore) term loan and INR7.00 crore
(enhanced from INR4.90 crore) long-term fund based cash credit
facility of Shankar Parvati Industries at [ICRA]B+.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based-
   Cash Credit              7.00       [ICRA]B+ Reaffirmed

   Long Term Fund Based-
   Term Loan                1.30       [ICRA]B+ Reaffirmed

The rating continues to be constrained by the firm's weak
financial risk profile characterized by thin margins, adverse
capital structure and modest coverage indicators. The rating also
takes into account the limited value addition in the cotton
ginning business, the highly fragmented and competitive nature of
the industry and the vulnerability of firm's profitability to
movements in cotton prices which are subject to seasonality and
crop harvest as well as the regulatory risk with regard to MSP.
The rating also considers adverse potential impact on net worth
and gearing levels in case of any substantial withdrawal from
capital account given the constitution as a partnership firm.
The rating however continues to favourably factor in the
longstanding experience of the promoters in the cotton ginning,
pressing and seed crushing industry, the favourable location of
the firm's plant with respect to raw material procurement and the
healthy growth in operating income of the firm during FY 2014.

Shankar Parvati Industries (SPI) was established as a partnership
firm in 2005, and is engaged in the manufacturing of cotton bales
and cottonseeds through ginning and pressing of raw cotton. The
firm markets cotton bales to merchant traders and cottonseeds to
local oil mills. SPI operates from its plant located in Kadi,
Gujarat with a total installed input capacity of processing 20160
MT of cotton per annum. SPI is currently managed and owned by Ms.
Shilpaben G Patel, Mr Vinodkumar K Patel, Ms. Daxaben V Patel and
Mr. Kantilal A Patel.

Recent Results
For the year ended March 31, 2014, the firm reported an operating
income of INR99.58 crore and a profit after tax of INR0.12 crore
as compared to an operating income of INR59.38 crore and a profit
after tax of INR0.10 crore in FY 2013.


SHIVAM RICE: CRISIL Suspends B- Rating on INR26.4MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shivam
Rice Mills Pvt Ltd (SRMPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          1.3         CRISIL A4
   Cash Credit            26.4         CRISIL B-/Stable
   Proposed Long Term     12.2         CRISIL B-/Stable
   Bank Loan Facility
   Term Loan              23.7         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SRMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRMPL is yet to
provide adequate information to enable CRISIL to assess SRMPL'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 2009, SRMPL is engaged in milling and processing
of paddy into par boiled rice, raw rice, and broken rice.
Currently, the company has an installed paddy milling capacity of
5 tonnes per hour at its rice mill in Siliguri (West Bengal).
SRMPL is promoted by the Agarwal family.


SIPAI INDUSTRIES: ICRA Reaffirms B+ Rating on INR14cr Loan
----------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating assigned to the INR14.80 crore
long term fund based facilities of Sipai Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             0.80        [ICRA]B+ reaffirmed
   Working Capital      14.00        [ICRA]B+ reaffirmed

The reaffirmation of rating factors in SI's moderate scale of
operations and weak financial profile as reflected in its low
profitability, highly leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by the
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of profitability to raw material
prices, which are subject to seasonality, crop harvest, regulatory
risks and also the risks arising out of the partnership nature of
the firm.

The rating however, continues to favourably factor in the
longstanding experience of the partners in the business;
favourable location of SI's manufacturing facility in Wankaner
(Rajkot) giving it easy access to raw cotton and the stable demand
outlook for cotton based products.

Sipai Industries (SI) was established in the year 1995 and is
engaged in the business of ginning and pressing of raw cotton and
cotton seed crushing. The firm's manufacturing facility is located
at Wankaner (Rajkot), Gujarat and is equipped with 36 ginning, 1
pressing machines and 5 expellers with a production capacity of
~300 bales per day.

Recent Results
For the financial year 2013-14, the firm reported an operating
income of INR69.80 Cr. and profit after tax of INR0.29 Cr. as
against an operating income of INR47.99 Cr. and profit after tax
of INR0.24 Cr. for the financial year 2012-13.


SRI PRIYANKA: ICRA Upgrades Rating on INR7.5cr Cash Credit to B
---------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to bank facilities
of Sri Priyanka Agro Enterprises Private Limited from [ICRA]C to
[ICRA] B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash credit           7.50        [ICRA]B upgraded
   Term loan             1.75        [ICRA]B upgraded

The revision of rating derives comfort from vast experience of the
management in the edible oil industry; established track record of
the company for over two decades and positive outlook for rice
bran oil which is considered to be a healthy alternative to other
varieties of oils. The rating also factors in the timely repayment
of debt obligations by the company over the last one year. The
rating, however, is constrained by moderate financial profile of
the company characterized by moderate gearing level and coverage
indicators; susceptibility of rice bran availability to agro
climatic risks; vulnerability of demand of rice bran oil to
competition from substitute oils and highly fragmented nature of
edible oil industry leading to intense competition.

Sri Priyanka Agro Enterprises Private Limited was incorporated in
the year 1990 and is involved in extraction and refining of rice
bran oil. The plant is located in Chandra Sekhara Puram village in
Nellore district in Andhra Pradesh. The solvent extraction
capacity is 200MT/day while the oil refining capacity is 50MT/day.

Recent Results
For FY2013, Sri Priyanka Agro reported an operating income of
INR53.61 crore and an operating profit of INR2.30 crore as against
an operating income of INR50.57 crore and an operating profit of
INR2.56 crore in FY2012.


SUNIL AGRO: CRISIL Suspends D Rating on INR134.8MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sunil
Agro Exports Ltd (SAEL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            134.8       CRISIL D
   Proposed Long Term
   Bank Loan Facility      55.2       CRISIL D
   Term Loan               70         CRISIL D

The suspension of ratings is on account of non-cooperation by SAEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAEL is yet to
provide adequate information to enable CRISIL to assess SAEL'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 1991 by Mr. Shyam Sunder Mall, SAEL is engaged in
processing and export of bulk and bottled gherkins. Its processing
facility, based in Karnataka, was commissioned from June 2011
onwards. Till 2009, the company traded in readymade garments;
however, this activity was stopped in 2009. The company's
corporate office is based in Kolkata and its day-to-day operations
are managed by Mr. Sunil Kumar Mall.


SUPER STAINLESS: ICRA Revises Rating on INR6.5cr Cash Loan to B-
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.50
crore cash credit facility of Super Stainless Steel(SSS) from
[ICRA]B to [ICRA]B-.  ICRA has also reaffirmed [ICRA]A4 rating to
the INR2.00 crore short-term non-fund based limit of SSS.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.50        Revised to [ICRA]B-
                                     from [ICRA]B

   Bank Guarantee        2.00        [ICRA]A4 reaffirmed

The revision in ratings takes into account significant decline in
trading volumes during past and current year on account of weak
demand scenario from end user industries and deterioration in the
liquidity position of the firm with significant increase in the
working capital intensity as a result of increased inventory
holdings and receivables period. The ratings also continue to
factor in the weak financial profile of the firm characterized by
thin profitability, adverse capital structure and low debt
coverage indicators. The ratings also takes into consideration the
vulnerability of firm's profitability to any adverse fluctuations
in stainless steel prices and the high competitive intensity faced
by firm due to fragmented industry structure and dependence on
limited number of suppliers resulting in limited bargaining power
with respect to credit period received for procurement. Further
ICRA has also noted the risks of capital withdrawals that are
inherent in proprietorship firms.

The ratings, however continues to take comfort from the long track
record of the firm in stainless steel trading business and its
established relationships with the suppliers, EPC contractors and
fabricators.

Super Stainless Steel (SSS) is a proprietor ship firm, established
in the year 2002 by Mr. Devendra Patel. From 2002 to 2005, the
firm was mainly involved in the trading of the ammonium alum. From
2005 onwards, the firm discontinued trading of ammonium alum and
started the trading of the stainless steel sheets, coils and
plates. In the year 2007, the firm acquired the dealership of
Jindal Stainless Limited. The firm currently also undertakes
trading of stainless steel products of SAIL.

Recent Results
For the year ended 31st March 2014, SSS has reported operating
income of INR59.77 crore and profit after tax of INR0.34 crore as
against operating income of INR62.73 crore and profit after tax of
INR0.35 crore for the year ended 31st March 2013. Further during
first nine months of current year, the firm has reported operating
income of INR22.74 crore and profit after tax of INR0.42 crore.


SUPREME AUTOSHELL: ICRA Suspends B+ Rating on INR10cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR10.0 crore
long term fund based facilities of Supreme Autoshell Industries
(Supreme Auto / the Firm). The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Supreme Auto is a partnership firm floated by the promoting
directors of Supreme Auto Group which is into manufacturing of
sheet metal stamped components and auto part assemblies/ sub
assemblies. The firm has setup a manufacturing facility at Chakan,
Pune primarily to cater to the requirements of MSKH Seatings
Private Limited (A supplier of seating assemblies to Mahindra &
Mahindra (M&M)). The plant commenced operations in June, 2012 and
currently caters to Tier 1 suppliers like MSKH Seatings Private
Limited (MSKH), TATA Johnson Controls Auto Ltd.


TECHNO FAB: CARE Revises Rating on INR79.44cr LT Loan to B
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Techno Fab Manufacturing Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     79.44      'CARE B' Revised from
                                            CARE B to CARE D and
                                            then revised to
                                            CARE B on revocation
                                            of suspension

   Short Term Bank Facilities    27.96      'CARE A4' Revised
                                            from CARE A4 to
                                            CARE D and then
                                            revised to CARE A4
                                            on revocation of
                                            suspension

   Long/Short Term Bank          13.82      'CARE B'/'CARE A4'
   Facilities                               Revised from
                                            CARE B/CARE A4
                                            to CARE D and then
                                            revised to
                                            CARE B/CARE A4 on
                                            revocation of
                                            suspension

Rating Rationale

The revision in ratings assigned to Techno Fab Manufacturing Ltd.
(TFML) to 'CARE D' reflects delays in debt servicing by the
company as highlighted in the auditor's report for the year ended
March 31, 2014. The ratings were revised as per CARE's policy of
recognising default.

However, following restructuring of the bank facilities by the
lenders from the cut-off date i.e., June 01, 2014, the ratings
have been revised to 'CARE B'/'CARE A4'.

The ratings continues to be constrained by weak financial
performance in FY14 (refers to the period April 1 to March 31),
working capital intensive nature of operations, volatility in raw
material prices, decline in order book position & high degree of
revenue concentration and dependence on the fortunes of steel and
power sector. The ratings however, continue to draw strength from
experience of promoters and proven project execution capabilities.
Improving profitability amidst slowdown in the end user segment
and managing working capital effectively and raise resources to
manage growth in scale of operation are the key rating
sensitivities.

Techno Fab Manufacturing Ltd. (TFML), promoted by the Singhania
family of Kolkata, is engaged in the fabrication and erection of
mechanical and engineering equipments like windmill tower
fabrication & erection, cable tray structure fabrication &
erection, manufacturing of steel structures and pipelines,
fabrication of boiler structure, construction & commissioning of
railway line on turnkey basis, etc, at its three manufacturing
facilities at Howrah, Rourkela and Chennai. The unit at Rourkela
is under a lease agreement, while the other two units are owned by
the company. The current promoters are Mr. Bihari Saran Singhania,
Mr. Priya Saran Singhania, Mr. Murari Mohan Singhania and Mr.
Gobardhan Singhania, all having about three decades of experience
in the fabrication business.

In FY14, TFML reported net loss of INR7.68 crore on total
operating income of INR121.75 crore as against PAT of INR0.05
crore on total operating income of INR99.33 crore in FY13.


TRISHLA BUILDTECH: ICRA Assigns B Rating to INR34cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR34
crore fund based facilities of Trishla Buildtech Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based- Cash      34.0        [ICRA]B; Assigned
   Credit Facility

ICRA's rating is constrained on account of the funding risks in
the company's ongoing project 'Trishla City'. While the first
phase of the project is in an advanced stage of construction, with
possession planned in Q1 FY16, the commencement of debt repayment
from March, 2015, results in significant committed outflows for
the company. Further, the committed receivables, at present,
remain limited owing to low average sale rate of existing
bookings. The company remains reliant on additional bookings and
funding support from promoters for managing project execution and
cash flows. ICRA, however, positively factors in the experience of
the promoters in the real estate sector in Chandigarh, low
approval risks for the project and the fact that the promoters
have brought in over 85% of their envisaged contribution. The
rating also derives comfort from the satisfactory response to the
project (72% of the area had been sold as of March 2015) and the
adequate collection efficiency.

Going forward, the company's ability to achieve satisfactory sales
velocity and collections and timely funding support from
promoters, to facilitate cash flow management and execute the
project as planned, will be the key rating sensitivities.

TBPL is a special purpose vehicle which was incorporated in 2011
to undertake a group housing project (Trishla City) in Zirakpur,
Chandigarh, Punjab. The operations of the company are managed by
Mr. Harish Gupta and Mrs. Deepti Gupta. The overall project
consists of 7 towers, with 351 flats with a total budgeted cost of
INR120 crore being funded by Bank Loan of INR34.0 cr, promoter's
contribution of INR34.6 cr and the balance INR50.0 cr from
customer advances. The first phase of the project comprises of 6
towers.


TUFF TUBES: CRISIL Suspends D Rating on INR77MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tuff
Tubes Pvt Ltd (TTPL; part of the Tuff Tubes group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL D
   Cash Credit            77         CRISIL D
   Letter of Credit       60         CRISIL D

The suspension of ratings is on account of non-cooperation by TTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TTPL is yet to
provide adequate information to enable CRISIL to assess TTPL'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 ratings, CRISIL has combined the business and
financial risk profiles of TTPL and Tuff Tubes (Orissa) Pvt Ltd
(TTOPL). This is because the two companies, together referred to
as the Tuff Tubes group, have significant operational and
financial linkages with each other, and sell their products under
the same brand name, Tuff Tubes.

TTPL was acquired by Mr. Raja Bhadra in December 2008; it
manufactures polyvinyl chloride (PVC) pipes. The ISO 9001: 2008-
certified company has a manufacturing unit at Barjora in Bankura
(West Bengal) with a capacity of 720 tonnes per month (tpm).
TTOPL, incorporated in 2010, also manufactures PVC pipes; it has a
capacity of 350 tpm in Cuttack (Odisha). The group supplies a
majority of its products directly, or indirectly through
contractors/dealers, to government bodies and agencies and in the
domestic market.


YASH AUTOMOTIVE: CRISIL Suspends B Rating on INR160MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Yash
Automotive Pvt Ltd (YAPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             160        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       25        CRISIL B/Stable
   Term Loan                35        CRISIL B/Stable

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

YAPL, incorporated in 2002, was promoted by Mr. Sanjeev Kumar. It
is an authorised dealer for commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+')  for
Mirzapur, Badohi and Sonbhadra (all in Uttar Pradesh), and has two
showrooms, five extension counters, and four workshops in the CV
segment.



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


SKYMARK AIRLINES: ANA May Assign Board Director to Support Revamp
-----------------------------------------------------------------
Jiji Press reports that ANA Holdings Inc., the parent of All
Nippon Airways, is considering sending one of its officials to
serve on the board of failed Skymark Airlines to support its
reconstruction.

Jiji Press relates that ANA Holdings will also invest in Skymark
to snap up a 19.9 percent stake after the bankrupt airline retires
all of its outstanding shares, sources said.

Following the capital reduction, Skymark plans to secure
JPY18 billion in fresh capital, the report relays.

According to the report, Japanese investment fund Integral Corp.,
which has provided financial support to Skymark since its
bankruptcy, will put up 50.1 percent of the fresh capital to take
the initiative in the airline's turnaround. Banks having business
with ANA Holdings are also expected to invest in Skymark, the
report notes.

ANA is also considering code-sharing flights with Skymark on local
routes in Japan, the sources said, Jiji Press relays.

According to Jiji Press, the sources said major routes, including
one linking Tokyo International Airport at Haneda and Fukuoka
Airport, and another between Haneda and New Chitose Airport in
Hokkaido, will not be covered by the envisaged code-sharing deal.

This is because Skymark's seat occupancy rate on these routes is
recovering, Jiji Press said citing sources.

The report notes that since its bankruptcy filing with the Tokyo
District Court under the civil rehabilitation law in late January,
Skymark has been using only the Boeing 737 small aircraft while
grounding the Airbus A330 midsize jet.

Also under study by ANA Holdings is joint jet fuel procurement
with Skymark, the report adds.

As Skymark is cautious about ANA Holdings' calls for a cut in the
number of its routes and payroll reductions, however, a tug of war
between the two companies is expected to continue toward
May 29, the deadline for Skymark to draw up a turnaround package,
the sources, as cited by Jiji Press, said.

                      About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.

Skymark will submit a rehabilitation plan to the court by May 29,
according to The Japan Times.


TOKYO ELECTRIC: S&P Raises CCR to 'BB-'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its long-
term corporate credit rating on Tokyo Electric Power Co. Inc.
(TEPCO) one notch to 'BB-' from 'B+'.  At the same time, S&P
affirmed its 'BB+' long-term senior secured rating and its 'B'
short-term ratings.  The outlook on the long-term ratings is
stable.  The rating action reflects S&P's view that TEPCO's
profitability and cash flow measurements have improved and S&P
forecasts a lower probability of material deterioration in the
measurements over the next 12 months or so.

Compensation and cleanup costs stemming from the disaster that
began at its Fukushima No.1 nuclear power plant in March 2011 and
uncertainty over a restart of its Kashiwazaki-Kariwa nuclear
reactors continue.  In addition, Japan's government plans full
liberalization of the nation's electricity sales.  Accordingly,
S&P believes business conditions for TEPCO remain difficult.
However, S&P thinks downside risk to TEPCO's profits and operating
cash flow has declined as a result of an increase in electricity
rates in September 2012 and the company's cost reductions.  Given
that weakened profitability because of the suspension of nuclear
power plants and the heavy cost of compensation and
decontamination significantly pressure the company's financial
standing and liquidity, S&P previously assessed the stand-alone
credit profile (SACP) for the company as 'ccc+' under S&P's
"Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings,"
dated Oct. 1, 2012.  However, S&P has revised its assessment of
the SACP for TEPCO to 'b-' on the basis of S&P's view that the
company's business performance has become more stable thanks to
continuous government support of its business operations following
government approval of TEPCO's New Comprehensive Special Business
Plan in January 2014.  S&P maintains its assessment of the
company's business risk profile as "fair," the fourth highest of
six possible categories, and its financial risk profile as "highly
leveraged," the lowest of six possible categories.

S&P estimates TEPCO made a sufficient operating profit in fiscal
2014 (ended March 31, 2015), following one the previous fiscal
year, and maintained an EBITDA margin (EBITDA/sales) of over 10%.
S&P forecasts the company's operating profit and EBITDA margin are
unlikely to deteriorate significantly in fiscal 2015.  S&P bases
its forecast on an assumption that the company will further reduce
costs even if it does not restart any of its Kashiwazaki-Kariwa
nuclear reactors or electricity rates are not raised in fiscal
2015.

In March 2015, Japan's Cabinet approved amendments to the
Electricity Business Act that would require major electric power
companies to unbundle power generation and transmission and
distribution (T&D) in 2020.  In anticipation of decoupling power
generation and T&D much earlier than other regulated electric
utility companies, TEPCO will introduce a holding company
structure from April 2016.  S&P plans to incorporate the impact of
this structural change in its ratings in phases to reflect
progress in enshrining the separation of power generation from T&D
in the legal system, but S&P expects a low likelihood of a
significant change in TEPCO's creditworthiness.  Also, S&P expects
no material change in financial institutions' continued financial
support for the company, in alignment with government support, in
the form of loans to refinance maturing debt and new lending.

S&P maintains its assessment of the likelihood of government
support for TEPCO as "high," on the basis of S&P's assessment that
TEPCO has a "strong" link to and "very important" role for the
government.  The government has continued its extraordinary
support for TEPCO, such as involvement in management after taking
a majority stake in TEPCO through its Nuclear Damage Compensation
and Decommissioning Facilitation Corp. and expanded financial
support for a cleanup and compensation costs related to the
Fukushima No.1 nuclear power plant.

S&P maintains its 'BB+' rating on TEPCO's senior secured general
mortgage bonds by reducing the number of notches of uplift from
the new 'BB-' issuer credit rating to two from three.  In
accordance with Article 37 of Japan's Electricity Business Act,
S&P believes TEPCO's senior secured general mortgage bonds have
higher priority of repayment than compensation costs.  As a
result, S&P believes financial institutions that provide unsecured
loans to TEPCO are likely to give the company financial support in
the form of debt restructuring.  Therefore, S&P still believes
TEPCO is less likely to default on senior secured general mortgage
bond issues than on bank borrowings.  Nevertheless, TEPCO is
reducing the proportion of unsecured loans among its total loans
because its creditor financial institutions apply the same degree
of protection to their lending as applies to general mortgage debt
hen they extend some new loans to TEPCO or refinance its existing
ones.  In addition, the company aims to resume issuing bonds in
financial markets.  Accordingly, S&P believes the likelihood of
support from creditor financial institutions will decline
slightly, resulting in the narrowing of the number of notches
between the issuer rating and the rating on issued general
mortgage bonds to two.  The two-notch uplift reflects S&P's view
as:

  -- As shown in the New Comprehensive Special Business Plan, the
     government will support TEPCO to prevent it falling into
     negative net worth.  S&P expects bondholders would be paid
     before compensation claimants if TEPCO were to default on
     senior secured general mortgage bonds, a situation that
     would not be in the interests of compensation claimants.

  -- TEPCO has issued a massive amount of bonds.  Defaults on
     such bonds may have serious consequences for Japan's bond
     market.

The stable outlook reflects S&P's view that Japan's government
will continue to provide stable support for TEPCO following
approval of the New Comprehensive Special Business Plan in January
2014.  S&P may consider an upgrade if it believes the government
is more likely to provide extraordinary support over the longer
term or S&P sees an increased likelihood of either early restarts
at its Kashiwazaki-Kariwa nuclear reactors or an additional rise
in electricity rates.  Conversely, S&P may lower its rating on
TEPCO if S&P expects its operating profit to decrease far below
our estimate because a restart of nuclear power plants is
unlikely, an additional rise in electricity rates is not approved,
and additional cost cuts become unlikely.  S&P may also consider a
downgrade if it sees a material decline in the likelihood of
government support for the company.



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


SPAZIO CASA: Boss Denies Former Units Owe NZ$5.5 Million to IRD
---------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the boss of
Spazio Casa group, an Italian tile and bathroom seller, has denied
former companies of the group owe NZ$5.5 million to Inland
Revenue.

According to the report, the IRD has filed claims against
liquidated non-trading entities which previously owned the Spazio
Casa group but its director Maurizio Cozzolino said most of the
alleged debt was based on estimates because the companies didn't
file tax returns.

As soon as the companies file the returns, Mr. Cozzolino said the
bulk of amount claimed would no longer be at issue, the Herald
relates.

The Herald says Mr. Cozzolino did acknowledge there was a long-
standing dispute with IRD over about NZ$1.6 million of tax, but
that was the extent of the matter and it was being worked through.

He stressed the dispute did not have any impact on the trading
part of the business or customers or suppliers because the new
company was separate from the now-liquidated companies, the report
relates.

The Herald notes that the eight liquidated companies which the IRD
is claiming tax from ceased trading in 2013 after a restructure
involving the sale of assets and re-finance of the Spazio Casa
Group. This was when Maurizio bought out his brother Paolo, who he
set up in the business with in 1995.

The business has since grown to have eight showrooms and one in
Australia, the report discloses.

Maurizio said the group was building a new showroom in Newmarket,
which would also sell high-end Italian kitchenware, the report
adds.


                             *********

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 ***