TCRAP_Public/150430.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 30, 2015, Vol. 18, No. 084


                            Headlines


A U S T R A L I A

BIRDS COMMERCIAL: First Creditors' Meeting Set For May 11
LIBERTY FUNDING 2015-1: Moody's Rates AUD3.5MM Cl. E Notes at Ba2
MIDECO DUST: Intellectual Property Up For Sale
NICHE HYDRAULICS: Business Up For Sale
PAPERLINX: Premier Paper Snaps Up Firm's Assets, Saves 30 Jobs

STARR-HUIA PTY: First Creditors' Meeting Set For May 7
STARSHINE HOLDINGS: First Creditors' Meeting Set For May 7


C H I N A

FOSUN INTERNATIONAL: Moody's Lifts Sr. Unsec Debt Rating to Ba3
GLORIOUS PROPERTY: S&P Lowers CCR to 'CCC-'; Outlook Negative
PARKSON RETAIL: Moody's Says Profit Warning for 1Q is Credit Neg.


H O N G  K O N G

NORD ANGLIA: Moody's Reviews 'B1' CFR, Direction Uncertain


I N D I A

AASTHA SPINTEX: CRISIL Assigns 'B' Rating to INR625MM Term Loan
AGASTHYA COPPER: CRISIL Cuts Rating on INR90MM Cash Loan to D
AGGARWAL IRON: ICRA Cuts Rating on INR25cr Loan to D
AVINASH RAMAKRISHNA: ICRA Reaffirms B+ Rating on INR35.75cr Loan
CLASSIC COTTON: ICRA Reaffirms B+ Rating on INR22cr Loan to B+

GIRIJASHANKAR COTTON: ICRA Reaffirms B+ Rating on INR7cr Loan
GURU KIRPA: CRISIL Raises Rating on INR140MM Cash Loan to B
JAYSHREE BUILDERS: ICRA Assigns B+ Rating to INR30cr Term Loan
MAHESHWARI COAL: ICRA Ups Rating on INR6.0cr Cash Loan to B
MAITY POULTRIES: CRISIL Ups Rating on INR81.7MM Loan to B+

KAIRALI EXPORTS: CRISIL Ups Rating on INR210MM Bank Loan to B-
KARLO AUTOMOBILES: ICRA Reaffirms B+ Rating on INR3.75cr Loan
KATARE COTTON: CRISIL Assigns B+ Rating to INR42.1MM Term Loan
KRISHNA KUMAR: ICRA Assigns B+ Rating to INR2.25cr Cash Loan
LAKSHMI VENKATA: CRISIL Reaffirms B+ Rating on INR59MM Cash Loan

LEON FOOD: CRISIL Assigns 'B' Rating to INR75MM Term Loan
MALAXMI WIND: CRISIL Reaffirms B- Rating on INR479.2MM LT Loan
MAXWORTH PLYWOOD: ICRA Rates INR2.75cr LT Fund Based Loan at B+
MICRO PRECISION: ICRA Reaffirms B+ Rating on INR3cr LT Loan
MURLIDHAR GINNING: ICRA Reaffirms B Rating on INR4.75cr Cash Loan

R. K. NATURAL: CRISIL Assigns B Rating to INR68MM Cash Loan
RACY SANITARY: CRISIL Assigns B+ Rating to INR30MM Term Loan
RAMNANDI ESTATE: CRISIL Assigns B Rating to INR63.8MM Term Loan
RNP SCAFFOLDING: ICRA Assigns B Rating to INR15cr LT Loan
S.R. RAVISHANKAR: CRISIL Reaffirms B+ Rating on INR50MM Loan

SANKRAIL AGRO: CRISIL Ups Rating on INR160MM Term Loan to B+
SATISH CHAND: ICRA Lowers Rating on INR2.15cr Loan to B+
SATYAM SPINNERS: ICRA Reaffirms B+ Rating on INR10.50cr Loan
SBJ PROJECTS: CRISIL Reaffirms B Rating on INR80MM Cash Loan
SHANTI MOTORS: ICRA Assigns B+ Rating to INR4.3cr Untied Limits

SHREEPATI CASTLE: ICRA Cuts Rating on INR50cr Term Loan to D
SHRINIWAS GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
SREE VASAVI: CRISIL Assigns B Rating to INR80MM LT Bank Loan
SRI RAJESWARI: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SRI VENKATESWARA: ICRA Reaffirms B Rating on INR8cr FB Loan

SRI VIJAYA: CRISIL Reaffirms B- Rating on INR80MM Cash Credit
STRUCTURAL SOLUTIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan
SUKETU ORGANICS: CRISIL Ups Rating on INR60MM LT Loan to B-
SUNSHINE INDUSTRIES: ICRA Cuts Rating on INR5.25cr Loan to B-
SURYA INDUSTRIES: CRISIL Ups Rating on INR140MM Cash Loan to B

TOYOP RELIEF: ICRA Reaffirms B- Rating on INR7.5cr Loan
VARSHA INDUSTRIES: ICRA Assigns B/A4 Rating to INR40cr Loan


I N D O N E S I A

JAPFA COMFEED: S&P Lowers CCR to 'B+'; Outlook Stable
KAWASAN INDUSTRI: Fitch Assigns B+ Rating to Prop. US$70MM Notes


M A L A Y S I A

MMI INTERNATIONAL: Fitch Lowers Issuer Default Rating to 'B+'


N E W  Z E A L A N D

HANOVER FINANCE: Case Takes Another Step in High Court
ROSS ASSET: Judge Lifts Investor Name Suppression


P H I L I P P I N E S

EXPORT AND INDUSTRY: PDIC Files Estafa Case vs Former Execs
SURIGAONON RURAL: Placed Under PDIC receivership


S O U T H  K O R E A

NATURALENDO TECH: Faces Probe Over Short-Selling


T A I W A N

WINTEK CORP: Court Approves Financial Restructuring Plan


                            - - - - -


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


BIRDS COMMERCIAL: First Creditors' Meeting Set For May 11
---------------------------------------------------------
Peter George Burton -- ballen@burtonglennallen.com.au -- of Burton
Glenn Allen was appointed as administrator of Birds Commercial Pty
Limited on April 29, 2015.

A first meeting of the creditors of the Company will be held
at The Fraser Room, Level 1, 33 Erskine Street, in Sydney, on
May 11, 2015, at 10:00 a.m.


LIBERTY FUNDING 2015-1: Moody's Rates AUD3.5MM Cl. E Notes at Ba2
-----------------------------------------------------------------
Moody's Investors Service assigned the following definitive rating
to notes issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2015-1 Trust

  -- AUD370.0 million Class A1 Notes, Definitive Rating Assigned
     Aaa (sf)

  -- AUD62.0 million Class A2 Notes, Definitive Rating Assigned
     Aaa (sf)

  -- AUD41.5 million Class B Notes, Definitive Rating Assigned
     Aa2 (sf)

  -- AUD11.0 million Class C Notes, Definitive Rating Assigned A2
     (sf)

  -- AUD5.5 million Class D Notes, Definitive Rating Assigned
     Baa2 (sf)

  -- AUD3.5 million Class E Notes, Definitive Rating Assigned Ba2
     (sf)

  -- AUD2.5 million Class F Notes, Definitive Rating Assigned B2
     (sf)

The following classes of notes are not rated by Moody's:

  -- AUD 4.0 million Class G Notes.

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

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (12.6%) or made on a limited
documentation basis (11.3%).

This is the seventeenth non-conforming RMBS transaction sponsored
by Liberty Financial Pty Ltd ("Liberty").

The ratings take account of, among other factors:

- Class A1 Notes benefit from 26.0% credit enhancement (CE) and
   Class A2 Notes benefit from 13.6% CE, while our MILAN CE
   assumption, the loss we expect the portfolio to suffer in the
   event of a severe recession scenario, is substantially lower
   at 12.70%. Moody's expected loss for this transaction is 1.1%.
   The subordination strengthens ratings stability, should the
   pool experience losses above expectations.

- A liquidity facility equal to 3.6% of the aggregate invested
   amount of the notes less the redemption fund balance, subject
   to a floor of AUD600,000

- The experience of Liberty in servicing residential mortgage
   portfolios. This is Liberty's 17th non-conforming
   securitisation, which highlights the lender's  experience as a
   manager and servicer of securitised transactions.

- Interest rate mismatch arises when the movements of the 30-day
   BBSW are not (simultaneously) passed on to the variable rate
   loans. To mitigate the basis risk, the threshold rate
   mechanism obligates the Servicer to set interest rates on the
   mortgage loans at a minimum rate above BBSW or higher if the
   trust's income is insufficient to cover the obligations of the
   Trustee under the transaction documents.

The key transactional and pool features are as follows:

- The notes will initially be repaid on a sequential basis
   (however class A1 & A2 will be pari passu) until, amongst
   other serial paydown triggers, the later of: (1) the second
   anniversary from closing; or (2) the subordination to the
   Class A & Class B notes has doubled since closing at which
   point the Class A1, A2, B, C, D, E, and F Notes will receive a
   pro-rata share of principal payments (subject to additional
   conditions).  The principal pay-down switches back to
   sequential pay (Class A1 to be senior to Class A2), once the
   aggregate loan amount falls below 20% of the aggregate loan
   amount at closing, or the fourth anniversary of the closing
   date.

- The portfolio is geographically well diversified due to
   Liberty's wide distribution network.

- The portfolio contains 12.6% exposure with respect to
   borrowers with prior credit impairment (default, judgment or
   bankruptcy).  Moody's assesses these borrowers as having a
   significantly higher default probability.

- 11.3% of loans in the portfolio were extended to borrowers on
   a limited documentation basis. Of the 11.3% low documentation
   loans, 98.7% are classified as 'alternative documentation'.
   For these alternative documentation loans Liberty performs
   additional verification checks over and above the typical
   checks for a traditional low documentation product. These
   checks include a declaration of financial position and six
   months of bank statements, 2 quarters of Business Accounting
   Statements or GST returns. Liberty's alternative documentation
   loans have stronger arrears performance when compared to
   traditional low documentation loans. Given the additional
   verification checks and the stronger arrears performance,
   these alternative documentation loans have been assessed to
   have a lower default frequency than standard low documentation
   loans.

- 21.1% of the loans in the portfolio were extended to self
   employed borrowers. Moody's analysis of historical delinquency
   and default data has indicated that loans granted to self
   employed borrowers have a greater propensity to default
   compared to loans granted to employed PAYG borrowers.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

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

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN CE
and median expected loss -- differed. The analysis assumes that
the deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE losses were to
increase to 19.05% from 12.7%, and the median expected loss were
to increase to 1.5% from 1.1%, the model-indicated rating for the
Class A1 Notes would remain unchanged, Class A2 Notes would drop
one notch to Aa1, Class B notes would drop one notch to Aa3 and
the Class C notes would drop 2 notches to Baa1. The over-
subordination at closing reduces the probability of ratings
migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


MIDECO DUST: Intellectual Property Up For Sale
----------------------------------------------
Dissolve.com.au reports that the intellectual property of Mideco
Dust Control Pty Ltd is up for sale.

Mideco Dust Control Pty Ltd specialises in designing and
manufacturing dust control and extraction devices and air
pollution control systems.


NICHE HYDRAULICS: Business Up For Sale
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Niche Hydraulics
Co is up for sale. The business is involved in oil, gas,
agriculture and mining boasting EBIT margins of up to 30 percent,
the report says.

The report relates that the company has been operating for fifteen
years. It is under the management of its chief executive. Forty
percent of its sales is direct to mines.

According to the report, the final buyer of the business will be
able to enjoy local and international expansion opportunities.

The company's revenue in the 2015 financial year is more than
AUD10 million, Dissolve.com.au discloses.


PAPERLINX: Premier Paper Snaps Up Firm's Assets, Saves 30 Jobs
--------------------------------------------------------------
Midlands News reports that Birmingham paper merchant The Premier
Paper Group has acquired the assets of PaperlinX's Castle
Donington reel paper and savory paper division, saving 30 jobs.

The deal comes after Australia-headquartered PaperlinX called in
administrators from Deloitte at a number of its UK companies
earlier this month, leading to almost 700 redundancies, according
to Midlands News.

The report notes that Graham Griffiths, managing director of the
Premier Paper Group, said: "The recent unfortunate events at
PaperlinX have resulted in redundancy for many people.

"We are delighted to be able offer more than 30 jobs to a team of
people with many years' experience and a great track record in the
business forms, direct mail and digital inkjet markets," the
report quoted Mr. Griffiths as saying.

"This is an excellent opportunity to grow our business in this
sector and the fit with our current business ensures that paper
producers have a route to market and customers have a service
offer that they can rely on," Mr. Griffiths said, the report
relays.

The report notes that the new Premier Reel Paper senior management
team comprises Steve Webb, Sam Catterall and Ben Woolf.

The Paper Company Ltd, Howard Smith Paper Group Ltd, Robert Horne
Group Ltd and PaperlinX Services (Europe) Ltd, which make up the
paper merchanting and visual technology services (VTS) businesses
of PaperlinX UK, went into administration on April 1, 2015, the
report relays.

PaperlinX said a lower demand for paper, difficulties in
restructuring substantial legacy pension liabilities and the
withdrawal of credit insurance sparked the process, the report
discloses.

The company ceased trading from 14 sites across the UK, with 693
redundancies made, and continues to trade from five sites, the
report notes.

The administration does not affect PaperlinX's operations in
Australia, New Zealand and Asia or UK independent packaging
businesses, which continue to trade as normal, the report adds.


STARR-HUIA PTY: First Creditors' Meeting Set For May 7
------------------------------------------------------
Dino Travaglini and Bruno A Secatore of Cor Cordis were appointed
as administrators of Starr-Huia Pty Limited, trading as CLW
Earthmoving, on April 24, 2015.

A first meeting of the creditors of the Company will be held at
Level 15, BGC Centre, 28 The Esplanade, in Perth, on May 7, 2015,
at 1:00 p.m.


STARSHINE HOLDINGS: First Creditors' Meeting Set For May 7
----------------------------------------------------------
Dino Travaglini and Bruno A Secatore of Cor Cordis were appointed
as administrators of Starshine Holdings Pty Limited on April 24,
2015.

A first meeting of the creditors of the Company will be held at
Level 15, BGC Centre, 28 The Esplanade, in Perth on May 7, 2015,
at 2:00 p.m.



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


FOSUN INTERNATIONAL: Moody's Lifts Sr. Unsec Debt Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service affirmed Fosun International Limited's
Ba3 corporate family rating and upgraded the senior unsecured debt
rating to Ba3 from B1.

At the same time, Moody's has upgraded to Ba3 from B1, the rating
on the senior unsecured bond issued by Sparkle Assets Limited and
guaranteed by Fosun.

Moody's has also changed the outlook on the ratings to stable from
negative.

"The change in the ratings outlook to stable reflects the improved
quality of Fosun's investment portfolio, its more diverse funding
sources to support its investments, and the smooth integration of
its insurance business in Portugal. These factors enhance the
company's business profile," says Lina Choi, a Moody's Vice
President and Senior Analyst, and also the International Lead
Analyst for Fosun.

The upgrade of the senior unsecured bond rating to Ba3 puts the
rating in the same rating category as Fosun's CFR, and
incorporates Moody's assessment of lower structural subordination
risk.

Fosun maintains sizeable cash and liquid financial assets at the
holding companies' level (holdco level). These assets -- which are
mainly stakes in listed companies -- totaled RMB75.5 billion at
end-2014, and can cover the debt at holdco level of around RMB70.9
billion, and mitigate the risks of structural subordination.

The debt at holdco level includes the guarantees provided by
holding companies to Fosun's other subsidiaries, and the holding
companies' borrowings from insurance subsidiaries.

Fosun's Ba3 CFR is supported by its: (1) diversified business
profile; (2) proven investment track record; and (3) multiple
funding channels to support its investments.

However, its ratings are constrained by its: (1) ambitious growth
appetite; resulting in higher execution and event risks from its
fast growth and foray into new businesses; (2) moderate level of
credit contagion risk from core subsidiaries; and (3) weak
financial profile for its CFR of Ba3.

Fosun's investment portfolio has become more diversified in terms
of geographic and industry exposure, due to active investments
during the past two years. The increase of less cyclical sectors
in its portfolio could reduce its overall earnings and cash flow
volatility. In addition, the bigger exposure to overseas
businesses -- which increased to around one-third of total
consolidated assets at end-2014 from less than 10% two years ago -
- lowers the systemic risk that the company faces from its
business concentration in China.

Moody's notes that Fosun behaves more like an investment holding
company, given its frequent investing and divestiture activities.
Most of its investees can fund their own operations. As a result,
Moody's analysis will focus on Fosun's financial profile at the
holding company level -- including ultimate and intermediary
holding companies -- the quality of its investment portfolio, as
well as its track record.

However, Fosun also faces credit contagion risk because the
company is likely to provide support to its core subsidiaries in
the insurance, property and pharmaceutical industries in times of
need. There are also intercompany loans and guarantees between
Fosun's holding companeis and its core subsidiaries. Moody's
therefore analyzes the group's consolidated financial profile as a
secondary assessment of the company's credit profile.

Based on Moody's assessment, most of Fosun's core subsidiaries
exhibit sub-investment grade credit profiles.

"The insurance business has become core to Fosun's strategy, and
represents its most important asset," says Kai Hu, a Moody's Vice
President and Senior Credit Officer.

"In addition, the integration of its insurance business in
Portugal -- which was acquired in May 2014 -- has been smooth.
Since the acquisition, Fosun has been using the insurance funds to
support its investments. However, there are regulatory limitations
on the use of insurance funds," adds Hu, who is also the Local
Market Analyst for Fosun.

Moody's estimates that Fosun made investments totaling around USD6
billion in 2014 and the first months of 2015. The investments were
largely debt funded and raised its gross debt by around 40%.

Nevertheless, Fosun's market value based leverage (MVL) -- as
measured by its adjusted net debt divided by the estimated market
value of its investment portfolio -- was at around 43% at end-
2014. Such a result is at the lower end of the MVL results
recorded by other Moody's-rated global investment holding
companies.

Moody's notes that the surge in the market value of its
investments in the domestic stock market helped lower the
company's MVL.

Moody's expects that Fosun will continue to engage in aggressive
investments. Given Fosun's highly flexible investment approach,
and the uncertainties surrounding its asset disposals, as well as
the lack of a clearly stated financial policy; management's
financial discipline is critical to the company's maintenance of
its Ba3 CFR.

Fosun's liquidity profile is manageable. At the holdco level, its
liquid assets -- excluding the listed stocks of its core
subsidiaries of around RMB33.8 billion -- are enough to cover its
debt maturing over the next 12 months of around RMB24.5 billion.
This situation partially mitigates Moody's concern over the
holdcos' weak cash interest coverage ratios and their ongoing
refinancing needs, given the average duration of Fosun's debt of
around 2.3 years. Such a duration is considerably shorter than
Fosun's investment horizon.

The stable ratings outlook reflects Moody's expectation that Fosun
will: (1) maintain its strong investment discipline and continue
to diversify its funding sources; and (2) maintain sufficient
liquidity at the holdco level.

An upgrade of Fosun's CFR is unlikely in the near future, given
the company's high leverage and acquisitive appetite.

Nevertheless, upward rating opportunity will emerge if: (1) the
quality of Fosun's investment portfolio improves; (2) Fosun
demonstrates a longer track record of sound investment discipline
and prudent financial management in pursuing growth; and (3)
Fosun's financial profile and liquidity position improve
materially.

Specific credit metrics that would indicate upgrade rating
pressure include: (1) an MVL at the holdco level of around 30%-
35%; and (2) interest coverage ratio and adjusted liquidity ratio
in excess of 2x-3x and 3x-4x respectively on a sustained basis.

On the other hand, Fosun's CFR could be downgraded if: (1) it
continues to embark on aggressive debt funded growth; (2) the
quality of its investment portfolio deteriorates and contagion
risk from its investees increases; and/or (3) Fosun's financial
profile and liquidity position deteriorate significantly.

Credit metrics that would indicate downward rating pressure
include: (1) Fosun's MVL at the holdco level exceeding 50%-60%;
and/or (2) interest coverage ratio and adjusted liquidity ratio
below 0.75x-1.0x and 1.5x-2.0x respectively for a prolonged
period.

The principal methodology used in these ratings was Global
Investment Holding Companies published in October 2007.

Fosun International Limited was founded in 1992. Its core
businesses comprise: (1) insurance; (2) steel; (3) property; (4)
pharmaceuticals and healthcare; and (5) mining.

Apart from these core businesses, Fosun also has a growing
presence in other areas such as asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses, and
investment partnerships that are not publicly listed.


GLORIOUS PROPERTY: S&P Lowers CCR to 'CCC-'; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Glorious Property Holdings
Ltd. to 'CCC-' from 'CCC'.  The outlook is negative.  S&P also
lowered its long-term Greater China regional scale rating on the
China-based developer to 'cnCCC-' from 'cnCCC'.  At the same time,
S&P lowered its long-term issue rating on Glorious' senior
unsecured notes to 'CC' from 'CCC-'.  S&P also lowered its long-
term Greater China regional scale rating on the notes to 'cnCC'
from 'cnCCC-'.

"We lowered the rating because we see a high probability that
Glorious could default in the next six months without unforeseen
positive development," said Standard & Poor's credit analyst
Christopher Yip.  "The company has yet to present a concrete
refinancing plan for its US$300 million notes due October 2015.
At the same time, Glorious' full-year 2014 results showed a
further weakening in its liquidity position as sales remained low
and the cash balance significantly depleted."

S&P believes a series of overdue debt repayments by Glorious
earlier this year indicate its tight liquidity position, which
critically depends on new funding and refinancing to improve.  If
S&P assumed that no specific grace periods were stipulated in
these obligations, S&P would have lowered the rating to 'SD'
(selective default) if the disclosure had been timelier.  However,
S&P understands that Glorious has since remedied all amounts with
repayment, extension, or waiver.  The incidents have prompted the
company's auditor to reclassify certain bank loans and senior
secured notes with cross-default clauses as short-term debt.
Aside from the reclassification, the company has significant debt
maturing over the next six months.

S&P's "weak" assessment of Glorious' management and governance has
further deteriorated, due to untimely information disclosure and
poor internal controls.  The overdue payments not only point to
weak risk management but also to increased information risk, given
that they did not come to light until the delayed results
announcement.

Glorious' project and sales execution will remain weak, in S&P's
view.  This weakness is apparent in the delays and accounting
impairments in the company's existing projects.  While Glorious'
contracted sales were just below Chinese renminbi (RMB) 1 billion
in the first quarter of 2015, the company expects more project
launches later in the year to improve its cash inflow.  Glorious
may face a shortage of funds to continue to move its projects
forward.  Therefore, S&P believes the company's consideration of
selling its assets to upport its debt repayment is imperative.

"Glorious' prospects for additional funding remain highly
uncertain, given the company's limited offshore financing
capability and deteriorating credit profile," said Mr. Yip.  "The
tightening of credit conditions may mean that Glorious will have
to seek extensions for, or restructure its obligations, increasing
its default risk."

S&P assess Glorious' liquidity as "weak," reflecting S&P's view
that the company's liquidity sources will fall significantly short
of uses over the next six to 12 months.  S&P expects net liquidity
sources to be negative.

Glorious will need to refinance its US$300 million offshore senior
unsecured notes due October 2015.  Although Glorious does not have
any financial covenants on its offshore bank loans, certain ratio
requirements stipulated under its offshore notes will restrict the
company from raising new financing.  In addition, Glorious has
previously breached cross-default terms as part of its onshore
bank loan covenant and subsequently obtained a waiver.

The negative outlook reflects S&P's view that Glorious' high level
of short-term debt and limited cash inflows will keep its
refinancing risk high, particularly for its offshore senior
unsecured notes due October 2015.  S&P also expects Glorious'
liquidity position to remain very weak over the next six months
because of limited funding to support new projects and sales
resources.

S&P could lower the rating if it do not believe Glorious can meet
any of its obligations.  This could happen if there is a lack of
progress by August 2015 on the company's part to: (1) raise new
funds, including potentially securing an offshore loan backed by
onshore collateral, for repaying its notes due in October 2015; or
(2) put in place an asset disposal plan to improve its debt-
repayment ability.

S&P could revise the outlook to stable or upgrade Glorious if the
company puts in place a realistic refinancing plan for the notes
such that its refinancing risk is manageable, and its sales
execution and profitability appear to be improving.


PARKSON RETAIL: Moody's Says Profit Warning for 1Q is Credit Neg.
-----------------------------------------------------------------
Moody's Investors Service said that Parkson Retail Group Limited's
profit warning for its 2015 first quarter results is credit
negative. However the announcement will not immediately impact its
Ba3 corporate family rating, senior unsecured bond ratings, or its
stable ratings outlook.

On April 24, 2015, Parkson announced that it expected to record a
loss for its 2015 first quarter results.

"The deterioration in operating performance will further pressure
Parkson's current rating. Apart from the RMB140 million penalty
from its property dispute in Beijing, we are also concerned about
the company's exposure to industry-wide weak consumer sentiment
and ongoing margin pressure," says Lina Choi, a Moody's Vice
President and Senior Analyst.

"Nonetheless, we consider the penalty as a one-time event which is
absorbable by its substantial cash on hand," says Choi.

The RMB140 million penalty is relatively small given Parkson's
cash on hand and cash equivalent which totaled RMB4.9 billion at
end-2014.

Moody's will continue to monitor the operating and financial
performances of the company over the next two quarters. If its
performance deteriorates beyond Moody's expectation, then its
ratings could be under pressure for downgrade.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. At end-2014, Parkson owned and managed 60 stores.
The 60 stores were spread across 37 Chinese cities. The company
targets the middle- and middle-upper end of the Chinese retail
market. It is 52.1%-owned by Parkson Holdings Berhad (unrated), an
affiliate of Malaysia's Lion Group.



================
H O N G  K O N G
================


NORD ANGLIA: Moody's Reviews 'B1' CFR, Direction Uncertain
----------------------------------------------------------
Moody's Investors Service placed Nord Anglia Education, Inc's
(NAE) B1 corporate family rating (CFR) and the B1 rating on the
$652 million senior secured term loan B and $75 million revolving
credit facility issued by Nord Anglia Education Finance LLC under
review, with direction uncertain.

These actions were in response to NAE's announcement on 27 April
2015 that it has entered into a definitive agreement with Meritas
Schools Holdings, LLC (B3 stable) to acquire schools.

Under the agreement, NAE will acquire six schools for an aggregate
purchase price of approximately $575 million. While NAE has
obtained committed financing from a bank group to fund the
transaction, the actual funding of the aggregate consideration has
not yet been determined.

"The rating review primarily reflects uncertainty on NAE's term
loan B and revolving credit facility ratings, which could be
affected either positively or negatively by the final capital and
funding structure of the acquisition," commented Joe Morrison, a
Moody's Vice President and Senior Analyst.

Moody's notes that the ratings on the term loan B and revolving
credit facility could benefit if the new debt is funded in part
with senior unsecured facilities. On the other hand, these ratings
and the CFR would be pressured if the acquisition is funded
largely with senior secured debt.

This large-scale acquisition demonstrates the company's strong
appetite for acquisitions, which is negative for the ratings.
However, if it strengthens its financial discipline through
significant equity funding in the total funding mix, the downward
pressure could be mitigated.

The review will examine the final funding structure of the
acquisition and resultant impact on NAE's capital structure,
expected financial performance after the acquisition, and post-
acquisition growth plans and financial strategy.

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

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 35 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 23,700 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the 12 months ended 28 February 2015, NAE generated
revenues of about $521 million.



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

AASTHA SPINTEX: CRISIL Assigns 'B' Rating to INR625MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aastha Spintex Pvt Ltd (ASPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            625         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    10         CRISIL B/Stable

   Cash Credit          130         CRISIL B/Stable

   Inland Guarantees     35         CRISIL A4

The ratings reflect ASPL's exposure to risks related to
implementation of its ongoing project and to stabilisation of
operations after commencement. These rating weaknesses are
partially offset by the extensive experience of ASPL's promoters
in the cotton ginning and spinning industry leading to established
relationships with customers and suppliers, and the advantageous
location of its plant.

Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of early
stabilisation of the firm's operations, leading to sizeable cash
accruals. Conversely, the outlook may be revised to 'Negative' if
ASPL's cash accruals are low or its financial risk profile
weakens, most likely because of a stretch in its working capital
cycle or large debt-funded capital expenditure, or if there is any
disruption in its operations due to any regulatory changes.

Incorporated in 2014, and promoted by members of the Morbi
(Gujarat)-based Patel and Sitapara families, ASPL is setting up a
unit to manufacture cotton yarn used for knitting and weaving with
major production of count 30's.


AGASTHYA COPPER: CRISIL Cuts Rating on INR90MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Agasthya Copper Pvt Ltd (ACPL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    40        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating downgrade reflects overutilisation by ACPL of its cash
credit limit for more than 30 consecutive days, due to weak
liquidity arising from the company's stretched receivables.

The rating also factors in ACPL's small scale of operations and
large working capital requirements. However, the company benefit
from the extensive experience of its promoters in the copper
industry.

ACPL is promoted by Mr. Sidharth Shah and his wife, Ms. Hetal
Shah. It was initially established in 2005 as a proprietorship
firm, Agasthya Enterprises, by Mr. Sidharth Shah; and was
reconstituted as a private limited company under the current name
in 2010. ACPL manufactures (through its associate company, Arje
Copper Pvt Ltd) and trades in copper alloy products such as copper
tubes, terminals, pipes, strips, sections, and bus bars.


AGGARWAL IRON: ICRA Cuts Rating on INR25cr Loan to D
----------------------------------------------------
ICRA has revised its long term rating on the Rs.25.0 crore bank
lines of The Aggarwal Iron & Steel Company from [ICRA]B+ to
[ICRA]D. The rating continues to remain suspended.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      25.0       [ICRA]D, revised (remains
                                     suspended)


AVINASH RAMAKRISHNA: ICRA Reaffirms B+ Rating on INR35.75cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR35.75
crore term loans of Avinash Ramakrishna Developers Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Term Loans)          35.75        [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into account the tight
liquidity position of the company because of limited cushion
between current rental inflows and debt service obligations, and
delay witnessed in completion of the expansion programme of the
mall; any further delay may lead to cost overrun, which would
adversely impact the overall business risk profile of the company.
Moreover, ability of the company to sale out the ongoing/ proposed
expansion of the mall at profitable rates would also remain a
concern. The rating continues to be impacted by the revenue
concentration risks arising out of operating a single property.
The rating is also constrained by the risk of cashflow mismatch in
case of any premature termination of any of the ongoing lease
agreements.

The rating, however, derives comfort from the experience of the
promoters in the real estate business, favourable location of the
shopping mall cum multiplex in close proximity to the central
business area of Bilaspur, Chhattisgarh, which strengthens its
attractiveness and a high occupancy level of the current
operational portion of the mall along with reputed tenant profile,
which ensures steady cash inflows.

ARDPL is jointly promoted by two business houses of Chattisgarh,
namely the Avinash group and the Agarwal group. Incorporated in
2007, the company is currently operating one shopping mall cum
multiplex 'Rama Magneto-The Mall' at Bilaspur, Chhattisgarh with a
leasable area of around 1.5 lakh square feet. The company has
already leased out almost the entire portion of the leasable area
of the mall to reputed tenants such as Easy Day Market (Bharti
Walmart), Pantaloons (Aditya Birla Group), Dominos (Jubilant
Bhartia Group), Reliance Trends, Reliance Footprint, Metro Shoes,
Peter England, PVR Cinemas, etc.

Recent Results
During the first nine months of 2014-15, the company has reported
a net profit of INR0.33 crore (provisional) on an operating income
of INR9.53 crore (provisional). The company reported a net profit
of INR0.39 crore on an operating income of INR17.17 crore in 2013-
14.


CLASSIC COTTON: ICRA Reaffirms B+ Rating on INR22cr Loan to B+
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR22.00 crore
fund-based cash credit facility of Classic Cotton Private Limited.
ICRA has reaffirmed the [ICRA]A4 rating to the INR1.00 crore SLC
facility of CCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           22.00       [ICRA]B+ reaffirmed
   SLC                    1.00       [ICRA]A4 reaffirmed

The rating continues to factor in Classic Cotton Private Limited's
(CCPL) weak financial profile as reflected in stretched liquidity
entailing high reliance on external borrowings and adverse capital
structure along with weak debt coverage indicators. The rating
also takes into account the low value additive nature of
operations and intense competition on account of the fragmented
industry structure leading to thin profit margins. The rating is
further constrained by the vulnerability to adverse fluctuations
in raw material prices which are subject to seasonal availability
of raw cotton and government regulations on MSP and export quota.

The rating, however, positively considers the long experience of
the promoters in the cotton ginning and pressing industry and the
advantage the company enjoys by virtue of its location in a cotton
producing region giving it easy access to raw cotton.

Classic Cotton Private Limited was incorporated in 2008 and is
engaged in cotton ginning and pressing to produce cotton bales and
cotton seeds and cotton seed crushing to produce cotton seed oil
and cotton seed cake. The plant is equipped with 36 ginning
machines and one pressing machine with installed capacity of
producing 400 bales per day. CCPL has also installed six and three
expellers, having crushing capacity of 10 MTPD of cotton seed in
January 2013 and March 2013 respectively. Apart from production,
the company is also involved in trading activities in cotton bales
and cottonseeds.

Recent Results
For the year ended 31st March, 2014, CCPL reported an operating
income of INR102.85 crore and profit after tax of INR0.38 crore.


GIRIJASHANKAR COTTON: ICRA Reaffirms B+ Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR8.00 fund based bank facilities of Girijashankar Cotton Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limit       7.00      [ICRA]B+; reaffirmed
   Unallocated Limit      1.00      [ICRA]B+; reaffirmed

ICRA's rating reaffirmation continues to take into account the
company's modest scale of operations, highly competitive and
seasonal nature of the cotton ginning industry, low value added
nature of the work which results in low profitability. The company
is also exposed to risk related to stocking of kapas and
associated volatility in its prices. During FY14, the company
enhanced its ginning capacity which was financed funded through
term loans and interest-bearing unsecured loans. However, due to
the fluctuating realizations and adverse headwinds in the ginning
industry, the capacity utilization of the plant remained on lower
side resulting in low return indicators. With the current levels
of profitability and cash accruals, the debt servicing ability of
the company will remain contingent to increase in capacity
utilization/turnover or higher profitability margins.
The rating continues to favorably factor in the experience of the
promoters in the cotton ginning industry, wide customer base which
mitigates customer concentration risk and proximity of the
manufacturing units to the cotton producing belt of Maharashtra
and Madhya Pradesh resulting in favorable access to raw material
and reduction in transportation cost and agent commission.
Going forward, improvement in operating performance of the new
ginning unit resulting in higher turnover/better profitability
will be critical factor determining the debt servicing capability
given the scheduled debt repayment liabilities and hence will be
the key rating sensitivities.

Incorporated in October 2005, GCPL is engaged in cotton ginning
and pressing. GCPL procures raw seed cotton (Kapas) from
farmers/mandis, which is processed in ginning mills for removing
seeds and other impurities. The raw cotton seed sourced by the
firm is of various kinds such as desi, Shankar 6, BB, MCU-5 and H4
cotton variety which is of high quality with staple length of 28 -
32 mm. The output of the process is cotton lint and cotton seed.
Cotton lint is in turn pressed into bales, and the overall wastage
in the ginning process is about 3%-4%, which is at par with
industry average. The manufacturing facility is located in
Sendhwa, Madhya Pradesh with an installed capacity of 310 bales
per day in 2012-13. With debt funded expansion, the capacity
during FY14 ginning season has increased to 610 bales per day.

Recent Results
The entity reported a net profit of INR0.26 crores on an operating
income of INR53.68 crores in FY14 as against net profit of INR0.19
crores on an operating income of INR43.45 crores in FY13.


GURU KIRPA: CRISIL Raises Rating on INR140MM Cash Loan to B
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Guru Kirpa Foods Pvt Ltd (GKFPL) to 'CRISIL
B/Stable' from 'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility     12       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan               8       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects GKFPL's timeliness in servicing its
debt, and CRISIL's belief that the company's liquidity will
improve over the medium term. The improvement in liquidity is
driven by more efficient operations with a change in the
management. The ownership and management structure of the firm
changed in 2014-15 (refers to financial year, April 1 to
March 31), and the new management is focused on improving the
efficiency of operations. This is reflected in the reduction in
debtors to an estimated at 30 days as on March 31, 2015, as
compared with 50 to 90 days previously. The management also
infused funds of around INR20 million in 2014-15. The funding
support from promoters shall remain key rating sensitivity factor.

The rating reflects GKFPL's weak financial risk profile, marked by
high gearing, weak debt protection metrics, and weak liquidity.
The rating also factors in the company's working-capital-intensive
operations and the susceptibility of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the rice industry.

For arriving at the rating, CRISIL had earlier combined the
business and financial risk profiles of GKFPL and Surya Industries
(SI), due to their common management and ownership. The combined
entity was known as the Guru Kirpa group. The ownership structure
of SI changed with effect from April 1, 2014. SI earlier had three
partners -- Mr. Subhash Chander (33.3 per cent), his son Mr. Raman
Josan (33.3 per cent), and Mr. Anil Josan (33.3 per cent). From
April 1, 2014, Mr. Chander is no more a partner in SI. Mr. Anil
Josan and Mr. Raman Josan are now equal partners in SI, overseeing
the firm's operations. Hence, there are no more operational
linkages between the two concerns and CRISIL has now only
considered the standalone business and financial risk profiles of
GKFPL for arriving at the rating.
Outlook: Stable

CRISIL believes that GKFPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
improves its working capital management, or significantly
increases its operating margin and scale of operations, leading to
sizeable cash accruals and consequently to better liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lengthening of GKFPL's working capital cycle, or a decline in its
operating margin or scale of operations, or weakening of its
financial risk profile.

GKFPL is engaged in hulling and milling of paddy and processing of
basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.

For 2013-14, GKFPL reported a profit after tax (PAT) of INR1.6
million on net sales of INR643.2 million, against a PAT of INR1.4
million on net sales of INR807.5 million for the previous year.


JAYSHREE BUILDERS: ICRA Assigns B+ Rating to INR30cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR30.00
crore fund-based bank facilities of M/s Jayshree Buildders. ICRA
has also assigned a short-term rating of [ICRA]A4 to the INR3.80
crore non-fund based bank facilities of the firm. ICRA has
assigned [ICRA]B+/[ICRA]A4 rating to the INR41.20 crore
unallocated fund-based/non fund-based bank facilities of Jayshree
Builders.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund Based
   Limit-Term Loan         30.00      [ICRA]B+ Assigned

   Short Term-Non fund
   based-Stand By Letter
   of Credit (SBLC)         3.80      [ICRA]A4 Assigned

   Unallocated Limits      41.20      [ICRA]B+/[ICRA]A4 Assigned

The assigned rating factors in the established track record of the
promoters by virtue of developing real estate projects for more
than 30 years in Mumbai. The rating also factors in clear land
title and regulatory approvals in place coupled with debt tie up
for under construction project.

The rating is however constrained by expected cost overruns in the
project 'Amrut Siddhi' affecting the project profitability,
funding risk for the project given that major funding (~56% of
project cost) is to be met through customer advances and execution
risk arising out of nascent stage of development for 6 of the 14
towers. The assigned rating also takes into cognizance the
location of the project coupled with the competition from upcoming
real estate projects in the vicinity. ICRA also notes that
additional debt for upcoming projects is expected to further
deteriorate the capital structure going forward.

Mumbai based Jayshree Builders was incorporated in the year 1980
by Mr. Ramesh Mehta along with other family members as partners
for undertaking real estate development. The firm is a part of the
Mehta Group which is engaged in the business of real estate
development in Thane and Kalyan since 1978. M/s Jayshree Builders
is a part of the Mehta Group which consists of various firms like
Amrut Builders, Shree Ram Builders, Deep Construction Company and
Lubex Petro Chem Private Limited and has executed more than 40
projects in past 30 years.


MAHESHWARI COAL: ICRA Ups Rating on INR6.0cr Cash Loan to B
-----------------------------------------------------------
ICRA has revised upwards the long term rating for the INR2.46
crore (reduced from INR6.6 crore earlier) term loan and INR6.0
crore cash credit facilities of Maheshwari Coal Benefication &
Infrastructure Private Limited from [ICRA]B- to [ICRA]B. ICRA has
also reaffirmed the short term rating of [ICRA]A4 for the INR2.0
crore non-fund based bank facility of MCBIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loan              2.46        [ICRA]B upgraded

   Fund Based Limit-
   Cash Credit             6.0        [ICRA]B upgraded

   Non-Fund Based Limit-
   Bank Guarantee          2.0        [ICRA]A4 reaffirmed

The upward revision in MCBIPL's long term rating and reaffirmation
of short term rating takes into account an improvement witnessed
in the company's financial profile as reflected by improved
profitability and net cash accruals, and significant increase in
the company's service income, as a result of diversification of
revenue stream and customer base post commissioning of its railway
siding, is likely to support its profitability going forward to an
extent, notwithstanding the sluggishness in coal trading business
during 2014-15. The ratings note that the company has maintained a
conservative capital structure that has also led to moderate debt
coverage indicators. However, the ratings are constrained by the
intense competition in the highly fragmented coal trading and
logistics business dominated by a number of unorganised players,
contract renewal risks associated with the short term service
orders secured in the recent past, its small scale of current
operations, and limited bargaining power against established
clients. The ratings also factor in the low capacity utilisation
of the company's coal washery and railway siding leading to
subdued return on capital employed, highly working capital
intensive nature of MCBIPL's operations which adversely impacts
its liquidity position, notwithstanding a gradual moderation in
the same in the recent years, and the company's substantial debt
service obligation
vis-a-vis the current net cash accrual, which is likely to keep
its cash flows under pressure. The ratings, however, continue to
take into account the experience of the promoters in coal trading
and logistics business, and the locational advantage enjoyed by
MCBIPL given its proximity to the mines of South Eastern
Coalfields Limited (SECL). In ICRA's opinion, the ability of the
company to improve its profitability while managing the working
capital requirements and increase the capacity utilisation of its
coal washery would be key rating sensitivities going forward.

Incorporated in 2005, MCBIPL is engaged in the coal trading and
logistics business in Chhattisgarh. The company also has a coal
beneficiation facility (dry technology) with an input capacity of
1.2 million ton per annum (mtpa), and a railway siding which has
been notified by the South East Central Railway as a brown field
private freight terminal.

Recent Results
Till 16th March'15 of 2014-15, the company posted an operating
profit (OPBDITA) of INR2.49 crore (provisional) on an operating
income of INR23.78 crore (provisional). During 2013-14, the
company reported a net profit of INR0.54 crore on an operating
income of INR24.79 crore.


MAITY POULTRIES: CRISIL Ups Rating on INR81.7MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Maity Poultries Pvt Ltd (MPPL; part of the Maity group) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable' and has reaffirmed its short
term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.6        CRISIL A4 (Reaffirmed)

   Cash Credit         36.7        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Term Loan           81.7        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects the Maity group's improved scale of
operations and moderate liquidity. The group achieved 141 per cent
rise in sales in 2013-14 (refers to financial year, April 1 to
March 31) over the previous year. The substantial increase in
sales was driven by increase in egg-laying bird capacity. The
growth momentum continued in 2014-15, backed by further increase
in egg-laying bird capacity, steady demand for eggs, and absence
of diseases among poultry in the eastern region. For the 11 months
through February 2015, the group had estimated revenue of INR700
million, against the management's target of INR750 million for the
whole year. The group's liquidity is also supported by fund
infusions from the promoters: during 2013-14, the promoters
infused INR8.3 million to support considerable growth in the
group's scale of operations. Utilisation of cash credit limit was
moderate at 80 to 90 per cent on average over the 12 months
through February 2015. Operating margin is expected to remain
moderate, and the working capital management to improve. The need-
based fund support of promoters and absence of fresh capital
expenditure (capex) are expected to support the group's financial
risk profile over the medium term.

The ratings reflect the Maity group's increasing scale of
operations and moderate operating margins and liquidity, and the
absence of capex plans. This rating strength is partially offset
by the company's modest working capital requirements and high
gearing.
Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in revenue and profitability, along
with efficient working capital management, resulting in higher-
than-expected net cash accruals and a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
significant decline in revenue and margins, or stretch in working
capital cycle weakens the group's financial risk profile,
particularly liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has
around 0.8 million egg-laying birds, with an annual capacity of
around 191 million eggs. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain proteins and vitamins and
are produced biologically. The group sells its designer eggs under
the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR11.1
million on net sales of INR518.9 million for 2013-14, against a
PAT of INR4.1 million on net sales of INR215.2 million for 2013-
14.


KAIRALI EXPORTS: CRISIL Ups Rating on INR210MM Bank Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kairali
Exports (KE) to 'CRISIL B-/Stable' from 'CRISIL D'.

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

   Proposed Long Term   210        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating upgrade reflects KE's timely servicing of its debt,
backed by improvement in its liquidity following reduction in
working capital cycle, and efficient working capital management.
Furthermore the firm's liquidity is expected to be supported by
moderate cash accruals of INR4.5 million to INR7.3 million,
against nil long-term maturing debt over the medium term.

CRISIL's rating on KE's long-term bank facilities reflects its
below-average financial risk profile, marked by high total outside
liabilities to tangible net worth ratio. Moreover, the company's
operating margin is susceptible to volatility in cashew prices and
to intense competition in the cashew-processing industry. However
these rating strengths are partially offset by its established
position in processing and export of cashew kernels.
Outlook: Stable

CRISIL believes that KE will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may be
revised to 'Positive' if the firm's liquidity improves driven by
improvement in cash accruals and working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in KE's working capital management, or a significant
decline in its cash accruals because of lower revenue or operating
profitability, leading to weakening in liquidity.

KE, founded as a partnership firm by Mrs. Anjana Nair and Mr R K
Bhoodesh in 2010, processes and exports cashew kernels.


KARLO AUTOMOBILES: ICRA Reaffirms B+ Rating on INR3.75cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+assigned to
the INR3.75 crore (reduced from INR7.00 crore earlier) cash credit
and INR6.00 crore (enhanced from INR3.00 crore earlier) e-DFS
facilities of Karlo Automobiles Private Limited. ICRA has also
assigned a long term rating of [ICRA]B+ to the INR1.50 crore
dropline overdraft, INR1.50 crore adhoc limit on e-DFS and INR0.25
crore untied limits of KAPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based (Cash
   Credit)                3.75      [ICRA]B+ reaffirmed

   Fund Based (e-DFS)     6.00      [ICRA]B+ reaffirmed/assigned

   Fund Based (Dropline
   Overdraft)             1.50      [ICRA]B+ assigned

   Fund Based (Adhoc
   Limit on e-DFS)        1.50       [ICRA]B+ assigned

   Untied                 0.25       [ICRA]B+ assigned

The reaffirmation of rating takes into account Karlo Automobiles
Private Limited's (KAPL) position as a dealer of Maruti Suzuki
India Limited (MSIL) and promoter's long standing experience in
the auto dealership business. In 2014-15, KAPL reported double
digit volume growth; primarily supported by the company's
aggressive marketing strategy in the rural areas of Bihar and the
company's revenue stream remains diversified across sales,
services and spares. The ratings are however constrained by the
company's stretched financial profile as reflected in its thin
profitability, high working capital intensity and weak debt
protection metrics. ICRA also notes the company's exposure to
inherent cyclicality of the automobile industry, competition from
other passenger car dealers (from other dealers of MSIL and
dealers of other OEMs) and operations being limited in the state
of Bihar resulting in high geographical concentration risk.

KAPL was incorporated in 1997 and has been engaged in the business
of vehicle dealership for Maruti Suzuki India Limited (MSIL). The
directors of company are Mr. Shivesh Narayan and Mr. Sanjeev
Kumar. KAPL has showrooms in Patna and Bodhgaya and a workshop cum
service station (3S facility) in Bodhgaya.

Recent Results
In 2013-14, the company registered a profit after tax of INR0.34
crore on an OI of INR78.47 crore as against profit after tax of
INR0.03 crore on an OI of INR71.26 crore.


KATARE COTTON: CRISIL Assigns B+ Rating to INR42.1MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Katare Cotton Waste Spinning Mills (KCWSM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          30          CRISIL B+/Stable
   Term Loan            42.1        CRISIL B+/Stable

The rating reflects KCWSM's modest scale of operations in the
intensely competitive cotton industry and the firm's below-average
financial risk profile, marked by a small net worth and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of KCWSM's promoters in the
cotton spinning industry.
Outlook: Stable

CRISIL believes that KCWSM will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the firm reports significant and
sustained improvement in its revenue and cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly liquidity, weakens on account
of low cash accruals or stretch in its working capital cycle or
unanticipated debt-funded capital expenditure.

Set up in 1974 as a partnership firm by Mr. Kishore Katare and his
family members, KCWSM manufactures cotton yarn. The firm recently
modernised its spinning unit in Solapur (Maharashtra) and
currently has capacity of 5520 spindles.


KRISHNA KUMAR: ICRA Assigns B+ Rating to INR2.25cr Cash Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.25
crore cash credit facility of M/s. Krishna Kumar Singh. ICRA has
also assigned a long term rating of [ICRA]B+ and a short term
rating of [ICRA]A4 to the INR2.70 crore bank guarantee and INR1.05
crore fund based/non fund based untied limit of KKS.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits
   (Cash Credit)            2.25      [ICRA]B+ assigned

   Non Fund Based
   Limits (Bank Guarantee)  2.70      [ICRA]B+/[ICRA]A4 assigned

   Fund Based/Non Fund
   Based Limits (Untied
   Limit)                   1.05      [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account relatively small scale of
current operations of the firm, highly fragmented and competitive
nature of the industry wherein business is procured on tender
based contract awarding system, which keeps profitability of all
the players including KKS under check, and high sectoral and
geographical concentration risks arising from operations being
limited to the construction and maintenance of roads in the state
of Jharkhand only. The ratings also factor in the vulnerability of
its profitability to the movement in the raw material prices
because of the absence of price escalation clause in its work
orders and the weak financial profile characterized by a leveraged
capital structure, weak coverage indicators and high working
capital intensity of operations, adversely impacting liquidity.

The ratings, however, derive comfort from the longstanding
experience of the promoters in the road construction business and
its status as Class I contractor with Road Construction Department
(RCD), Jharkhand, enabling KKS to bid for all contracts floated by
the department within the state and its current order book
position, which provides adequate revenue visibility over the near
term at least. Nevertheless, the risks associated with KKS's
status as a partnership firm including the risk of withdrawal of
capital, as also witnessed in 2013-14, will remain as a credit
concern going forward.

Established in 1998 as a partnership firm, KKS is engaged in the
construction and maintenance of roads in the state of Jharkhand.
The firm is registered as Class I contractor with Road
Construction Department (RCD), Jharkhand.

Recent Results
During the first eleven months of 2014-15, the firm has achieved a
turnover of around INR20 crore (provisional). The firm reported a
net profit of INR0.68 crore on an operating income of INR17.08
crore in 2013-14.


LAKSHMI VENKATA: CRISIL Reaffirms B+ Rating on INR59MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Lakshmi
Venkata Ramana Rice Mill (LVRRM) continues to reflect LVRRM's
below-average financial risk profile marked by a small net worth,
a high gearing, and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           59        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          16        CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's modest scale of operations in the
intensely competitive rice milling industry and the susceptibility
of its profitability margins to changes in government regulations
and paddy prices. These rating weaknesses are partially offset by
the extensive experience of LVRRM's partners in the rice milling
industry, and steady offtake from Food Corporation of India (FCI,
rated 'CRISIL AAA(SO)/Stable').
Outlook: Stable

CRISIL believes that LVRRM will continue to benefit over the
medium term from the extensive industry experience of its
management and steady offtake from FCI. The outlook may be revised
to 'Positive' if the firm registers a sustained increase in the
firm's scale of operations and profitability margins, or there is
a substantial increase in its net-worth on the back of sizeable
capital additions by its partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

LVRRM, set up in 1982 as a partnership firm, mills and processes
paddy into rice, rice bran, broken rice, and husk. Located in
Vijayawada (Andhra Pradesh), the firm has paddy milling capacity
of 4 tonnes per hour.


LEON FOOD: CRISIL Assigns 'B' Rating to INR75MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Leon Food Products Pvt Ltd (Leon).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             75        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    12.5      CRISIL B/Stable

   Letter of Credit       5.0      CRISIL A4

   Bank Guarantee         2.5      CRISIL A4

   Cash Credit           30.0      CRISIL B/Stable

The ratings reflect Leon's early stage of operations, below-
average financial risk profile marked by subdued debt protection
metrics and susceptibility to intense competition in the fruit
processing industry. These rating weaknesses are partially offset
by the promoters' extensive experience in the fruit processing
industry.
Outlook: Stable

CRISIL believes that Leon will continue to benefit over the medium
term from its promoters' extensive experience in the fruit
processing industry. The outlook may be revised to 'Positive' in
case of timely stabilisation of operations at its manufacturing
unit, resulting in sizeable accruals. Conversely, the outlook may
be revised to 'Negative' if Leon registers low revenue or
profitability, thereby negatively impacting its financial risk
profile.

Leon, incorporated in 2009, in City (State) by Mr. Lokadra Naidu,
manufactures and sells fruit pulp and concentrates.


MALAXMI WIND: CRISIL Reaffirms B- Rating on INR479.2MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Malaxmi Wind
Power (MWP) continues to reflect MWP's below-average financial
risk profile marked by its negative net worth and average debt
protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan      479.2       CRISIL B-/Stable (Reaffirmed)

The rating of the company is also constrained on account of its
moderate working capital requirements, and its susceptibility to
risks inherent in wind power generation business. These rating
weaknesses are partially offset by MWP's steady revenues supported
by its power purchase agreement (PPA) with Jodhpur Vidyut Vitaran
Nigam Ltd (JVVNL) and Gulbarga Electricity Supply Company Ltd
(GESCOM). The firm also benefits from its promoter's extensive
experience in the power generation business.
Outlook: Stable

CRISIL believes that MWP will benefit over the medium term from
its PPA with JVVNL and GESCOM. The outlook may be revised to
'Positive' if the firm registers a significant increase in its
plant load factor leading to higher-than-expected cash accruals,
or there is a sustained improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline the firm's plant load factor, or delays in
receivables from the state electricity utilities adversely
affecting the firm's liquidity.

MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish
Chandra Prasad. The firm operates two windmills - an 8.4 megawatt-
(MW) windmill in Jaisalmer (Rajasthan) and a 2.1-MW windmill in
Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for
the Jaisalmer windmill, and with GESCOM for the Bellary windmill.


MAXWORTH PLYWOOD: ICRA Rates INR2.75cr LT Fund Based Loan at B+
---------------------------------------------------------------
ICRA has assigned [ICRA]B+ to the INR2.75 crore long term fund
based limits and [ICRA]A4 to the INR2.50 crore short term non fund
based limits of Maxworth Plywood Pvt. Ltd. ICRA has also assigned
[ICRA]B+/[ICRA]A4 to the INR0.75 crore unallocated limits of MPPL.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long Term Fund
   Based Limits           2.75     [ICRA]B+ assigned

   Short Term Non-
   Fund Based Limits      2.50     [ICRA]A4 assigned

   Long/Short Term
   Unallocated Limits     0.75     [ICRA]B+/[ICRA]A4 assigned

The ratings assigned takes into account the highly competitive and
fragmented plywood manufacturing industry with presence of many
organized and unorganized players in the market. The ratings also
take into account the exposure of the MPPL's products to
competition from substitutes like Medium Density Fibreboard (MDF)
and particle boards. The ratings also note that MPPL is vulnerable
to changes in raw material and foreign exchange price fluctuations
which could impact its profitability margins. The customer
concentration of MPPL remained moderate at ~60% for its top five
customers during the last two years and also the coverage
indicators remained moderate as reflected in interest coverage
ratio of 1.57 times and Total debt/OPBDITA at 4.87 times as on
31st March 2014. The ratings, however, positively takes into
account the vast experience of promoters of over two decades in
the plywood industry along with established relationships with
suppliers and customers. The ratings also considers the favourable
demand prospects for plywood industry in India with positive
outlook on real estate sector and MPPL's easy access to imported
timber due to its proximity to Visakhapatnam port along with
MPPL's well established dealer and distribution network. The
ratings also favourably take into account low gearing of 0.88
times as on 31st March 2014.

Maxworth Plywood Pvt. Ltd. was incorporated in the year 1995 in
Visakhapatnam by Mr. Rajiv Agarwal and Ms. Nidhi Agarwal. The
company is engaged in manufacturing of plywood, block boards,
flush doors and is also engaged in trading of veneers, timber and
resins & chemicals. The company is part of the Deccan Group, which
has a history of about two decades in the plywood business. The
other group companies include Deccan Veneers Pvt Ltd, Truwoods Pvt
Ltd, Indus Tropics Ltd. and Alphine Panels Pvt Ltd. who have
extensive two decades of experience in the plywood industry.

Recent Results
As per audited financials for FY14, the firm reported an operating
income of INR19.17 crore with profit after tax of INR0.07 crore as
against INR20.86 crore of operating income with profit after tax
of INR0.12 crore in FY13.


MICRO PRECISION: ICRA Reaffirms B+ Rating on INR3cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term of [ICRA]B+ to the INR2.00 crore
(revised from INR0.56 crore) long term unallocated facilities,
INR3.00 crore (revised from INR2.50 crore) long-term fund based
facilities and the INR2.50 Crore long-term non fund based
facilities of Micro Precision.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loan facilities     Nil         [ICRA]B+/reaffirmed
                   (revised from 1.94)

   Long term unallocated    2.00        [ICRA]B+/reaffirmed
                   (revised from 0.56)

   Long term fund based     3.00        [ICRA]B+/reaffirmed
   facilities      (revised from 2.50)

   Long term non-fund
   based facilities          2.50       [ICRA]B+/reaffirmed

The reaffirmation of rating considers the significant experience
of the promoters in dealing with the defence sector agencies and
in supplying precision components, and the healthy growth in
revenues witnessed by the firm in the current fiscal through its
established clientele base supporting volumes through repeat
orders. The company's performance during FY13 and FY14 had been
impacted by the slowdown in orders from the Firm's key customers
in the defence coupled with the stretched collection cycle, both
of which have improved during the current year. The rating however
remains constrained by the firm's limited scale of operations
which restricts its financial flexibility, high customer
concentration (with the top five customers, contributing to ~90%
of sales during past few years) andstretched working capital
intensity owing to large inventory holding and stretched debtors'
position. Going forward, the firm's ability to maintain and grow
the top line, manage its working capital position and grow its
revenue profitably would be key credit monitorables.

Micro Precision is a partnership firm incorporated in 1989 by Mr.
D Magesh and his wife- Mrs. M Sandhya and is a Tier 1 supplier of
precision metal components primarily to the agencies/divisions
under the Ministry of Defence (Army and Navy). Precision
components supplied to the army are used in Army tanks. Components
supplied to the Navy include valves, pressure fittings, fasteners,
Regeneration boxes and filters for ships and submarines. Over 90%
of the supplies are directly made to the Defence sector and the
rest is supplied to other Tier 1 suppliers.

Recent Results
According to unaudited results, the firm's net profits stood at
INR0.20 crore on an operating income of INR6.57 crore during the
nine months period ending December 2014. For the fiscal, 2013-14,
the firm reported an operating income of INR5.13 crore with a net
profit of INR0.02 crore.


MURLIDHAR GINNING: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR4.75 crore
(reduced from INR7.00 crore) fund-based cash credit facility of
Murlidhar Ginning Pressing Company Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           4.75         [ICRA]B reaffirmed

The rating continues to be constrained by the company's relatively
modest scale of operations with de growth in operating income
during FY14 and its weak financial profile as reflected by thin
profitability, adverse capital structure, weak debt coverage
indicators and stretched liquidity position. The rating also takes
into account the low value additive nature of operations and
intense competition on account of fragmented industry structure
leading to pressure on profitability. The rating is further
constrained by vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The assigned rating, however, favorably considers the long
experience of the promoters in the cotton industry and favorable
location of the company giving it easy access to high quality raw
cotton.
Murlidhar Ginning Pressing Company Pvt. Ltd. (MGPCPL) was
incorporated in 1997 and is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing plant
of the company is located at Talaja - Mahuva Road in Bhavnagar,
Gujarat. The plant is equipped with 20 ginning machines and one
pressing machine with installed capacity of producing 250 bales
per day.

Recent Results
For the year ended 31st March, 2014, the company reported
operating income of INR40.86 crore with profit after tax (PAT) of
INR0.19 crore.


R. K. NATURAL: CRISIL Assigns B Rating to INR68MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R. K. Natural Fibre Pvt Ltd (RKNFPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          68          CRISIL B/Stable

The rating reflects RKNFPL's below-average financial risk profile,
marked by high gearing, a modest net worth, and weak debt
protection metrics. The rating also factors in RKNFPL's exposure
to intense competition in the cotton industry, and the company's
vulnerability to changes in raw cotton (kapas) prices and
government policies. These weaknesses are partially offset by the
extensive industry experience of RKNFPL's promoters, and its
proximity to the cotton-growing belt, ensuring regular supply of
raw cotton.
Outlook: Stable

CRISIL believes that RKNFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of infusion of
capital, leading to a better capital structure, and/or significant
increase in the company's scale of operations and profitability,
resulting in an improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if RKNFPL
contracts substantial debt to meet its incremental working capital
requirements or capital expenditure.

RKNFPL, based in Bodeli (Gujarat), is owned and managed by the
Patel family. The company gins and presses raw cotton to make
cotton bales. It sells the cotton bales to various traders and the
cotton seeds to various oil mills in the vicinity of the plant.

RKNFPL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR234 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR256 million for 2012-13.


RACY SANITARY: CRISIL Assigns B+ Rating to INR30MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Racy Sanitary Wares (Racy).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             30         CRISIL B+/Stable
   Bank Guarantee         8         CRISIL A4
   Cash Credit           20         CRISIL B+/Stable

The ratings reflect Racy's initial stage of operations and intense
competition in the sanitary ware industry. These rating weaknesses
are partially offset by the extensive industry experience of
Racy's partners.

For arriving at its ratings, CRISIL has treated the unsecured
loans of approximately INR40 million extended to Racy by its
partners and associates as neither debt nor equity as these loans
are expected to be retained in the business until the bank loans
are repaid.
Outlook: Stable

CRISIL believes that Racy will continue to benefit from its
partners' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case of successful
stabilisation of manufacturing operations and off take from
customers, while it maintains a moderate capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
delays in product off take, leading to low cash accruals or large
working capital requirements or lower-than-expected or delayed
funding support from partners.

Racy, incorporated in 2014, is a Morbi (Gujarat)-based partnership
firm promoted by Mr. Kuldip Kaila. The firm manufactures sanitary
wares; it commenced commercial operations in January 2015.


RAMNANDI ESTATE: CRISIL Assigns B Rating to INR63.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Ramnandi Estate Pvt Ltd (REPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit         35.9         CRISIL B/Stable
   Term Loan           63.8         CRISIL B/Stable

The rating reflects REPL's initial stages of operations with a
track record of sustained operating income and profitability yet
to be seen and exposure to intense competition in the automobile
dealership industry. These rating weaknesses are partially offset
by the promoters' extensive experience in the automobile
dealership business and benefits derived from the dealership of
Hyundai Motor India Ltd (HMIL).
Outlook: Stable

CRISIL believes that REPL will benefit from its promoters'
extensive industry experience and from the established
relationship with HMIL. The outlook may be revised to 'Positive'
if REPL achieves large revenue or cash accruals, or in case of
better-than-expected working capital management or infusion of
substantial capital by the promoters leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or weaker-than-expected
working capital management, of if the company undertakes any
significant debt-funded capital expenditure, over and above
expected, leading to deterioration in its financial risk profile,
particularly liquidity.

Incorporated in August 2011, REPL was promoted by Mr. Akhouri
Gopal. The company is the sole authorised dealer of HMIL for its
passenger vehicles in Gaya district of Bihar. REPL has one
showroom-cum-workshop in Gaya.


RNP SCAFFOLDING: ICRA Assigns B Rating to INR15cr LT Loan
---------------------------------------------------------
ICRA has assigned rating of [ICRA]B to the INR15.00 Crore long
term fund based limits of RNP Scaffolding & Formwork Private
Limited. ICRA has also assigned rating of [ICRA]A4 to the short
term fund based sub-limits of INR5.00 Crore. The outlook assigned
to the long term rating is 'Stable'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits-CC      15.00        [ICRA]B; assigned

   Short Term Fund
   Based Limits
   Bills Discounting     5.00        [ICRA]A4; assigned

The rating takes into account RNP's limited track record of
operations and significant revenue concentration risks with top 3
customers contributing to ~80% of revenues during 9 months of
operations of FY 2015. The rating also factors in the highly
competitive nature of the scaffolding industry with significant
presence of the unorganized sector and the exposure to the
cyclicality in steel prices given the fixed price nature of
contracts. Further, ICRA takes note of the company's highly
stretched capital structure, though unsecured loans in the
business provide comfort to an extent.

The rating, however, favourably factors in promoter's track record
of over two decades in the scaffolding industry and well
established relationships with customers in the domestic market.

RNP Scaffolding & Framework Pvt. Ltd. (RNP) is established as a
private limited company in 2013 and started operations since
January 2014. It manufactures aluminum scaffolding and formworks
which have applications in construction, real estate and
industrial sectors. It has scaffolding and formworks manufacturing
facility in Navi Mumbai. RNP group has other group companies: 'RNP
Scaffolding Pvt. Ltd.' which is into manufacture and supply of
scaffolding accessories and M.S Pipes and 'RNP Concrete (I) Pvt.
Ltd.' which is into manufacture and supply of ready mix concrete.

Recent Results
RNP recorded a net profit of INR1.25 Crore on an operating income
of INR38.19 Crore as per nine monthly provisional figures of FY
2015.


S.R. RAVISHANKAR: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.R. Ravishankar (SRR;
a part of the SR group) continue to reflect the SR group's modest
scale of operations in the intensely competitive civil
construction industry, and its working-capital-intensive
operations.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         93.2      CRISIL A4 (Reaffirmed)
   Overdraft Facility     50        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the civil construction
industry, and its moderate financial risk profile, marked by
moderate net worth, low gearing, and adequate debt protection
metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRR and S.R. Udayashankar (SRU). This
because both these firms, together referred to as the SR group,
are under a common management, have fungible cash flows, and have
considerable operational and business synergies with each other.
Outlook: Stable

CRISIL believes that the SR group will continue to benefit over
the medium term from its promoters' extensive experience in the
civil construction industry. The outlook may be revised to
'Positive' in case of sustainable improvement in the group's scale
of operations while it improves its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the SR
group's financial risk profile, particularly its liquidity,
deteriorates, most likely because of stretch in its working
capital cycle, slowdown in order execution, or due to capital
withdrawal by its promoters.

Update
For 2014-15 (refers to financial year, April 1 to March 31), the
SR group is estimated to register revenue of close to INR600
million; growth of 30 per cent over the previous year. Growth in
revenue could have been better if not for delays in execution of a
particular project. However, with work on the said project now
commencing coupled with an unexecuted order book of INR580 million
as of March 2015 will ensure steady revenue growth going forward.
The margin of the group is expected to remain stable around 11 per
cent over the medium term.


SANKRAIL AGRO: CRISIL Ups Rating on INR160MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sankrail Agro Poultries Private Limited (SAPPL; part of Maity
group) from 'CRISIL B-/Stable' to 'CRISIL B+/Stable' and has
reaffirmed its short term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         0.8      CRISIL A4 (Reaffirmed)

   Cash Credit           49.6      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Short Term
   Bank Loan Facility    17.1      CRISIL A4 (Reaffirmed)

   Term Loan            160        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects the Maity group's improved scale of
operations and moderate liquidity. The group achieved 141 per cent
rise in sales in 2013-14 (refers to financial year, April 1 to
March 31) over the previous year. The substantial increase in
sales was driven by increase in egg-laying bird capacity. The
growth momentum continued in 2014-15, backed by further increase
in egg-laying bird capacity, steady demand for eggs, and absence
of diseases among poultry in the eastern region. For the 11 months
through February 2015, the group had estimated revenue of INR700
million, against the management's target of INR750 million for the
whole year. The group's liquidity is also supported by fund
infusions from the promoters: during 2013-14, the promoters
infused INR8.3 million to support considerable growth in the
group's scale of operations. Utilisation of cash credit limit was
moderate at 80 to 90 per cent on average over the 12 months
through February 2015. Operating margin is expected to remain
moderate, and the working capital management to improve. The need-
based fund support of promoters and absence of fresh capital
expenditure (capex) are expected to support the group's financial
risk profile over the medium term.

The ratings reflect the Maity group's increasing scale of
operations and moderate operating margins and liquidity, and the
absence of capex plans. This rating strength is partially offset
by the company's modest working capital requirements and high
gearing.
Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in revenue and profitability, along
with efficient working capital management, resulting in higher-
than-expected net cash accruals and a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
significant decline in revenue and margins, or stretch in working
capital cycle weakens the group's financial risk profile,
particularly liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has
around 0.8 million egg-laying birds, with an annual capacity of
around 191 million eggs. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain proteins and vitamins and
are produced biologically. The group sells its designer eggs under
the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR11.1
million on net sales of INR518.9 million for 2013-14, against a
PAT of INR4.1 million on net sales of INR215.2 million for 2013-
14.


SATISH CHAND: ICRA Lowers Rating on INR2.15cr Loan to B+
--------------------------------------------------------
ICRA has revised its long term rating on the INR2.15 crore fund
based limits of Satish Chand Rajesh Kumar Private Limited to
[ICRA]B+ from [ICRA]BB- with a 'Stable' outlook. ICRA has
reaffirmed its short term rating of [ICRA]A4 on the INR4 crore
(reduced from INR6.00 crore) non fund based limits of SRPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based Limits       2.15      [ICRA]B+; Revised
   Non Fund based Limits   4.00      [ICRA]A4; Reaffirmed

ICRA's rating action takes into account the significant decline in
SRPL's revenues in FY2015 as well as the company's limited revenue
visibility for FY2016, owing to low outstanding order book as on
March 2015. The lower execution is likely to result in reduced
operating profits and cash accruals, resulting in diminished debt
coverage indicators and reduced liquidity. The ratings continue to
be constrained by the geographic concentration of SRPL's projects
to the state of Delhi which renders its revenues vulnerable to
order inflow from public sector clients in the region, as
witnessed in the recent past.

The ratings however continue to factor in the extensive experience
of the promoters in the construction industry as well as the
reputed client base of the company consisting of various public
sector entities like Public Works Department (PWD), Central Public
Works Department (CPWD), Department of Social Welfare etc. which
reduces counter party risk in receivables. The ratings also derive
comfort from SRPL's limited debt levels and outside liabilities.
Going forward, the ability of the company to build its order book
and improve its profitability while maintaining its working
capital cycle and capital structure will be the key rating
sensitivities.

Established in 1985 as a private limited company, SRPL is engaged
in executing civil engineering and infrastructure works, including
construction of buildings, community halls, residential blocks,
hospital blocks, schools etc. as well as development of streets,
drainages, footpaths and undertaking day to day maintenance. The
company also undertakes electrical and water supply installation
related work while executing the contracts. The company is
registered as a Class-I contractor with the Department of Social
Welfare and is eligible to bid for tenders of up to INR20 crore.

Financial Results
For FY14, the company reported a net profit of INR1.40 crore on an
operating income of INR37.69 crore, as compared to a net profit of
INR1.36 crore on an operating income of INR39.62 crore in the
previous year.


SATYAM SPINNERS: ICRA Reaffirms B+ Rating on INR10.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR10.50 crore fund
based limits and [ICRA]A4 rating on the INR1.50 crore non-fund
based limits (sub-limit of fund based limit) of Satyam Spinners
Private Limited (SSPL).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       10.50      [ICRA]B+, reaffirmed
   Non-fund based limits    1.50      [ICRA]A4, reaffirmed

ICRA's ratings continue to factor in SSPL's thin profit margins on
account of limited pricing power given the high intensity of
competition and the commoditized nature of cotton yarn. The
ratings also factor in the vulnerability of the company's
profitability to fluctuations in raw material prices. The ratings
are further constrained by the seasonal nature of cotton
availability, which requires high inventory levels, which have
been funded by working capital borrowings. This company's
financial profile continues to remain modest, characterized by
high TOL/TNW and weak coverage indicators. However, the ratings
continue to derive comfort from the extensive experience of the
promoters in the business and the company's established sales
network built over the years.

Going forward, the ability of the company to attain a sustained
improvement in profitability along with an improved capital
structure will be the key rating sensitivity.

SSPL has been promoted by the promoters of the Manjeet Group and
the Agarwal family of Sendhwa, Madhya Pradesh. SSPL was
incorporated in 1990 for setting up a spinning unit for
manufacturing yarn at Sendhwa, and commenced operations in 1993
with a production capacity of 1,600 metric tonnes of cotton yarn.
Currently the unit has 15,336 spindles for manufacturing cotton
yarn.

Financial Results
For FY14, the company reported a net profit of INR0.91 crore on an
operating income of INR84.35 crore, as compared to a net profit of
INR0.45 crore on an operating income of INR23.05 crore in the
previous year.


SBJ PROJECTS: CRISIL Reaffirms B Rating on INR80MM Cash Loan
------------------------------------------------------------
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        20        CRISIL A4 (Reaffirmed)

   Cash Credit           80        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    45        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.


SHANTI MOTORS: ICRA Assigns B+ Rating to INR4.3cr Untied Limits
---------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR10.00 crore fund
based facilities of Shanti Motors.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Term Loan              4.00       [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit            1.70       [ICRA]B+ assigned

   Fund Based Limit-
   Untied Limits          4.30       [ICRA]B+ assigned

The assigned rating takes into account SM's relatively small scale
of current operations, high competition faced from dealers of
various automobile companies and the commission structure being
decided by the principal, leading the firm to operate in a range
bound margins. The rating also factors in weak financial profile
of the firm characterized by a leveraged capital structure and low
coverage indicators, and significant repayment obligations for the
debt funded capital expenditure, which is likely to keep the
liquidity position stretched in the near term at least. The
rating, however, favourably considers the experience of the
promoters in automobile segment through their group entities and
SM's status as an authorized dealership of Honda Motorcycle and
Scooter India Pvt Ltd, the market leader in the scooter segment in
India. The rating also considers SM's established position as a
dealer of HMSIPL in Siliguri region since only one authorized
dealer of HMSIPL is being operational besides SM. However, the
operational track record of SM still remains limited. Moreover,
the risks associated with SM's status as a partnership firm
including the risk of withdrawal of capital will remain as a
credit concern going forward.

Established in June 2012 as a partnership firm, SM is engaged in
the automobile dealership business, with its showroom and workshop
located in Siliguri, West Bengal. The firm is an authorized dealer
for two wheelers of Honda Motorcycle and Scooters India Private
Limited (HMSI), and is engaged in the sales and services of
vehicles along with sale of spare parts and accessories. The
commercial operations of the firm commenced in July, 2013.

Recent Results
During the first eleven months of 2014-15, the firm posted net
profit of INR0.33 crore (provisional) on an operating income of
INR17.85 crore (provisional). The firm reported a net profit of
INR0.20 crore on an operating income of INR7.20 crore in 2013-14.


SHREEPATI CASTLE: ICRA Cuts Rating on INR50cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR50.0
crore fund based facilities of Shreepati Castle from [ICRA]BB-
'stable' outlook, to [ICRA]D.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term, Fund-based    50.00      [ICRA]D; revised
   limits - Term Loan                  from [ICRA]BB- (stable)

The rating revision follows deterioration in the liquidity
position of the company due to modest booking status of the
ongoing project leading to delay in debt servicing.

Shreepati Castle (SC) is a redevelopment project under D.C.R.
33(7) and includes rehabilitation of 445 tenants. The project
consists of one free sale tower (Wing A) and four tenant towers
(Wings B, C, 2A and D). The project has a construction build up
area of 7 lac square feet (including free sale and area for
tenants) and the construction work commenced in 2003-04. While
three of the tenant towers (Wings B, C and 2A) had already been
constructed and handed over to the tenants during FY13, the entity
has also handed over possession of the tenant tower Wing D during
this fiscal. The entity has tied up bank lines of INR50 crore for
construction of upper six floors of A wing and finishing work of
entire A wing and construction of G+21 Floors of Rehabilitation
Tower D Wing. The total saleable area under the project is
2,32,988 square feet.

Recent Results
As per its unaudited results for FY 2014, Shreepati Castle
reported profit after tax (PAT) of INR1.10 crore on an operating
income of INR14.45 crore.


SHRINIWAS GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Shriniwas Ginning
Industries (SGI) continue to reflect SGI's below average financial
risk profile, marked by modest net worth and high gearing.

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

   Proposed Long Term
   Bank Loan Facility    12.6      CRISIL B+/Stable (Reaffirmed)

   Term Loan              7.4      CRISIL B+/Stable (Reaffirmed)

The ratings also reflect SGI's modest scale of operations in the
highly fragmented cotton ginning industry and susceptibility of
its operating margins to volatility in cotton prices. These rating
weaknesses are partially offset by extensive experience of SGI's
promoters and their established relationship with customers and
suppliers.
Outlook: Stable

CRISIL believes that SGI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals, driven by improvement in scale
of operations and profitability, or significant capital infusion,
thus resulting in improvement in capital structure. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in SGI's financial risk profile, particularly liquidity, most-
likely because of decline in revenues or profitability, or
elongation of working capital cycle, or higher-than-expected
capital withdrawal by promoter.

Update
For 2013-14 (refers to financial year, April 1 to March 31), SGI
reported revenues of INR750.9 million, registering a year-on-year
growth of eight per cent and has remained in line with CRISIL's
expectations. For the 11 months through February 2015, SGI has
registered sales of around INR800 million and is expected to
register a growth of around 9 to 10 per cent over the near to
medium term. The firm's operating margins have remained stable in
the range of 2.5 to 2.8 per cent over the three years through
2013-14 and are expected to remain at similar level over the
medium term.

SGI's operations are moderately working capital intensive as
reflected in its gross current assets of 89 days as on March 31,
2014, primarily on account of swift receivable collection and
moderate inventory holding. SGI's operations are expected to
remain moderately working intensive and the same would be funded
through external borrowings. With high reliance on external
borrowings and modest net worth, the firm's gearing has remained
high in the past. However, with capital infusion during 2014-15,
the capital structure is expected to improve and remain in the
range of 2.3 to 2.5 times over the medium term. Furthermore, with
no expected capital expenditure, the gearing is expected to remain
above 2 times over the medium term. The cash accruals are expected
to be adequate to meet its maturing debt obligations over the
medium term, thus supporting its liquidity. Furthermore, the
liquidity remains supported by moderate utilisation of its bank
lines and absence of debt funded capex plans over the medium term.

SGI was established in 2006 as a proprietorship concern by Mr.
Gopaldas Rathi. The firm is engaged in cotton ginning and
pressing. It processes raw cotton (kapas) into cotton bales and
cotton seeds.

SREE VASAVI: CRISIL Assigns B Rating to INR80MM LT Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sree Vasavi Trust (SVT).

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

The rating reflects SVT's small scale of operations, geographical
concentration in its revenue profile, and significant dependence
on donation from trustees. The rating also factors in the
implementation risks for setting up of the hospital in Bangalore
by SVT. These rating weaknesses are partially offset by the
trust's above-average financial risk profile, marked by low
gearing and healthy debt protection metrics and the trustee's
extensive experience in the industry.
Outlook: Stable

CRISIL believes that SVT will continue to benefit from the
trustee's extensive industry experience over the medium term. The
outlook may be revised to 'Positive', if the company stabilises
its operations earlier than expected, resulting in larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overruns in its
project, resulting in lower-than-expected cash accruals. The
outlook may also be revised to 'Negative' if SVT undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

SVT was started in 1953 by the Vysya community of Bangalore. It
runs a marriage hall. Currently, the trust is constructing a
multi-speciality hospital in Bangalore. The hospital is expected
to commence its operations from May 2015.


SRI RAJESWARI: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Rajeswari Fireworks (SRF).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term       10.5       CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit              50         CRISIL B+/Stable

   Long Term Loan            4.5       CRISIL B+/Stable

The ratings reflect SRF's modest scale of operations in a
fragmented industry, below-average financial risk profile, marked
by weak debt protection metrics, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the fireworks
industry.
Outlook: Stable

CRISIL believes that SRF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the firm's scale of operations and profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in SRF's cash accruals or deterioration in its working
capital management, or substantial capital withdrawal by its
partners, leading to deterioration in its financial risk profile.

SRF, a partnership firm set up in 1979, manufactures pyrotechnics.
The firm is based in Sivakasi (Tamil Nadu) and is managed by Mr. G
Kathiresan and his son, Mr. K Prithviraj.

SRF reported a profit after tax (PAT) of INR1.12 million on net
sales of INR100.55 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.98 million on net
sales of INR85.90 million for 2012-13.


SRI VENKATESWARA: ICRA Reaffirms B Rating on INR8cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA] B rating to Rs.10.16
crore fund based and non fund based facilities of Sri Venkateswara
Constructions Private Limited (SVCPL).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       8.00       [ICRA]B reaffirmed
   Non Fund Based Limits   2.16       [ICRA]B reaffirmed

The rating continues to be constrained by small scale of
operations of the company in a competitive and fragmented industry
keeping margins under check. The ratings also takes into
consideration high geographic concentration risk present as most
of the work orders are within the state of Andhra Pradesh. The
rating is also constrained by high TOL/TNW ratio of 4.95 times as
on 30th September 2014 on account of stretched payments made to
labour subcontractors. The ratings also remain constrained by
stretched liquidity position of the company also leading to high
working capital limits utilization on account of advance payments
made towards raw material suppliers. However ratings assigned
positively factors in long standing experience of promoter in
construction industry resulting into established client base. The
ratings also positively factors in healthy inflow of orders and
execution during FY2014 and 6M FY2015 resulting in strong growth
of operating income during 6M FY2015 and also providing revenue
visibility for medium term. The ratings also factor in healthy
unexecuted order book size of 83.44 crores as on 1st January 2015
providing revenue visibility in medium term. However, execution of
the same remains to be seen.

M/s Sri Venkateswara Constructions, a partnership firm set up in
2006 and promoted by Mr. S. Srinivasa Reddy and Mr. Ramakrishna
Reddy was converted into a private limited company, Sri
Venkateswara Constructions Private Limited (SVCPL) in January
2012. SVCPL undertakes civil contracts involving building,
earthworks, irrigation, water supply and road works for
Transmission Corporation of Andhra Pradesh Limited, Andhra Pradesh
Irrigation and Command Area Development Department, Andhra Pradesh
Education Welfare & Infrastructure Development Corporation, Andhra
Pradesh State housing Corporation Limited, Andhra Pradesh Medical
Services & Infrastructure Development Corporation, Bharat Dynamics
Limited and Andhra Pradesh Rural Water Supply & Sanitation
engineering department.

Recent Results
As per the audited results in FY2014 the company recorded revenues
of INR18.62 crore and PAT of INR0.67 crore as compared to PAT of
INR1.02 crores from operating income of INR15.37 crore during
FY2013.


SRI VIJAYA: CRISIL Reaffirms B- Rating on INR80MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Vijaya
Durga Motors Private Limited (SVDMPL) continues to reflect
SVDMPL's small scale of operations, low profitability, and weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility    30       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SVDMPL's promoters in the automobile dealership
industry and the company's sound relationship with its principal,
Mahindra Navistar Automotives Ltd (Mahindra Navistar). The company
has repaid its term debt obligations.
Outlook: Stable

CRISIL believes that SVDMPL will benefit from the extensive
industry experience of its promoters over the medium term. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's revenue and profitability,
along with further improvement in its working capital management,
resulting in sizeable cash accruals. Conversely, the outlook may
be revised to 'Negative' if SVDMPL's financial risk profile,
especially its liquidity, deteriorates further, most likely
because of low cash accruals or a considerable increase in its
working capital requirements.

SVDMPL, incorporated in 2003, remained non-operational until April
2011. During 2011-12 (refers to financial year, April 1 to March
31), the company commenced operations by taking up the dealership
for Mahindra Navistar's commercial vehicles. Currently, SVDMPL
sells about 10 models of light commercial vehicles and five models
of heavy commercial vehicles. It has three showrooms, one each at
Kadapa, Kurnool, and Anantpur (all in Andhra Pradesh).

For 2013-14, SVDMPL reported a profit after tax (PAT) of INR0.66
million on total revenue of INR202.24 million, against a PAT of
INR0.59 million on total revenue of INR198.06 million for 2012-13.


STRUCTURAL SOLUTIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Structural Solutions
Private Limited (SSPL) continue to reflect SSPL's modest scale of
operations and susceptibility to risks inherent in tender-based
business. These rating weaknesses are partially offset by the
extensive industry experience of SSPL's promoters in the
engineering equipment trading business.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       100         CRISIL A4 (Reaffirmed)

   Letter of Credit      30         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    55         CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility     5         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with key suppliers. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in the company's revenue, along with stable
profitability margins. Conversely, the outlook may be revised to
'Negative' in case of steep decline in SSPL's profitability
margins or lengthening of its working capital cycle, further
straining its liquidity.

Incorporated in 2003 by Mr. Visheswar Rao and Mr. M A Gaffer, SSPL
distributes specialised engineering products, such as simulation
chambers, sensors, accelerometers, shakers, and rate table
systems. These products are mainly used in testing the quality of
various electronic systems and are widely used in research and
development and have applications in various sectors, such as
automobiles, aviation, medical, telecommunications, and defence.
SSPL's main office is in Hyderabad. The company also offers
services, such as maintenance, repairs, and training, to its
customers.

SSPL reported a profit after tax (PAT) of INR3.7 million on total
revenue of INR143.7 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR3.7 million on total
revenue of INR243.9 million for 2012-13.


SUKETU ORGANICS: CRISIL Ups Rating on INR60MM LT Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Suketu Organics Private Limited (SOPL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           35       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

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

   Proposed Long Term    60       CRISIL B-/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL D')

   Term Loan             15       CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SOPL over
the five months through March 2015 supported by infusion of
unsecured loan by its promoters. The upgrade also factors in
CRISIL's belief that SOPL will continue to receive funding support
from its promoters', for timely repayment of its term debt
obligations.

The rating reflects SOPL's below average financial risk profile
marked by subdued debt protection metrics and small scale of
operation. These rating weakness are partially offset by the
extensive experience of SOPL's promoters in the chemical industry.
Outlook: Stable

CRISIL believes that SOPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
financial support from the promoters. The outlook may be revised
to 'Positive' if the company reports substantial and sustainable
improvement in its turnover and accruals. Conversely, the outlook
may be revised to 'Negative' if the liquidity weakens because of
low cash accruals or stretched operating cycle, or its financial
risk profile deteriorates because of large debt-funded capital
expenditure.

SOPL was established in 2000-01 by Mr. Ketan Patel, and is being
actively managed by his brother, Mr. Dipesh Patel. The company
commenced operations in 2007-08; it manufactures specialty
polymers, which include insulating wire enamels, insulating
varnishes, organic titanates, phenolic resins, and moulding
powders.


SUNSHINE INDUSTRIES: ICRA Cuts Rating on INR5.25cr Loan to B-
------------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
INR5.25 crore cash credit facility of Sunshine Industries from
[ICRA]B to [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           5.25         [ICRA]B- downgraded

The downward revision in the rating takes into account consistent
decline in the scale of operations of the company over the past
two fiscals, due to unfavourable demand from the end-user steel
industry and restrictions imposed on coal mining in Meghalaya
during 2014-15, which affected the availability of primary raw
material, i.e. coking coal. The rating also take into account high
working capital intensity of operations, leading to a stretched
liquidity position and high client as well as geographical
concentration risks with only two customers, situated in Kolkata,
contributing 100% of the firm's top-line in the current fiscal.
ICRA also notes that the current profitability of the firm is
entirely dependent on the transport subsidy receivable under North
East Industrial and Investment Promotion Policy (NEIIPP), 2007;
and sustainability of the current profitability level after expiry
of the transport subsidy in 2015-16, would remain a challenge. The
rating is, further, constrained by the risk associated with the
entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners, exposure to the cyclicality
inherent in the end-user steel industry and fluctuation in the
coke prices that is likely to keep profits and cash flows
volatile. The rating, however, favourably considers the experience
of the promoters in the steel and coke manufacturing business
through group entities and the financial support SI enjoys from
group entities in the form of interest free unsecured loan.

Incorporated in January 2010, as a partnership firm, Sunshine
Industries (SI) is engaged in the manufacturing of low ash
metallurgical (LAM) coke, hard coke and breeze coke. The
manufacturing facility is located at Papumpare, Arunachal Pradesh.
The firm commenced operations in July, 2011 with an installed
capacity of 24,290 metric tons per annum (MTPA). Currently, there
are two partners in the firm, Mr. Ratan Sharma and Mr. Harsh
Sharma.

Recent Results
During the first nine months of 2014-15 the firm posted a net
profit of INR0.08 crore (provisional) on an operating income of
INR8.63 crore (provisional). The firm reported a net profit of
INR0.21 crore on an operating income of INR14.88 crore during
2013-14.


SURYA INDUSTRIES: CRISIL Ups Rating on INR140MM Cash Loan to B
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Surya Industries (SI) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        0.2       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit         140.0       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term   65.8       CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             4.0       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects SI's timeliness in servicing its debt,
and CRISIL's belief that the firm's liquidity will improve over
the medium term. The improvement in liquidity is driven by more
efficient operations following a change in the management. The
ownership structure of the firm has changed in 2014-15 (refers to
financial year, April 1 to March 31), and new management is
focused on improving the efficiency of operations. This is
reflected in the reduction in debtors to an estimated 20 days as
on March 31, 2015, as compared with 70 to 90 days previously. The
management also infused funds of around INR10 million in 2014-15.
The funding support from promoters shall remain a key rating
sensitivity factor over the medium term.

The ratings reflect SI's weak financial risk profile, marked by
weak liquidity, high gearing, and weak debt protection metrics.
The ratings also factor in the company's working-capital-intensive
operations and the susceptibility of its operating margin to
volatility in the raw material prices. These rating weaknesses are
partially offset by the  extensive experience of the firm's
promoters in the rice industry.

For arriving at the ratings, CRISIL had earlier combined the
business and financial risk profiles of SI and Guru Kirpa Foods
Pvt Ltd. (GKFPL) due to their common management and ownership. The
combined entity was known as the Guru Kirpa group. The ownership
structure of SI changed with effect from April 1, 2014. SI earlier
had three partners--Mr. Subhash Chander (33.3 per cent), his son
Mr. Raman Josan (33.3 per cent), and Mr. Anil Josan (33.3 per
cent). From April 1, 2014, Mr. Chander is no more a partner in SI.
Mr. Anil Josan and Mr. Raman Josan are now equal partners in SI,
overseeing the firm's operations. Hence, there are no more
operational linkages between the two concerns and CRISIL has now
only considered the standalone business and financial risk
profiles of SI for arriving at the ratings.
Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm improves its
working capital management, or significantly improves its
operating margin and scale of operations leading to sizeable cash
accruals, and consequently to an improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lengthening of SI's working capital cycle, or a decline in its
operating margin or scale of operations, weakening its financial
risk profile.

SI is engaged in hulling and milling of paddy and processing
basmati rice. It was founded by a group of locals in Ghubaya
village in Jalalabad (Punjab) in 2000. In 2009, it was taken over
by Mr. Subhash Chander's family members. Currently, it is being
managed by Mr. Anil Josan and Mr. Raman Josan.

For 2013-14, the firm reported a book profit of INR2.5 million on
net sales of INR715 million, against a book profit of INR2 million
on net sales of INR684.5 million for the previous year.


TOYOP RELIEF: ICRA Reaffirms B- Rating on INR7.5cr Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- assigned to
the INR5.00 crore fund based bank facilities and the INR7.50 crore
unallocated limits of Toyop Relief Private Limited. ICRA has also
re-affirmed the short-term rating of [ICRA]A4 assigned to the
INR10.00 crore fund based bank facilities and the INR10.00 crore
non fund based bank facilities of TRPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits
   (Cash Credit          5.00       ICRA]B- Re-affirmed

   Fund based limits
   (EPC/PCFC/FBP)       10.00       [ICRA]A4 Re-affirmed

   Non-fund based
   limits (Letter of
    Credit)             10.00       [ICRA]A4 Re-affirmed

   Unallocated Limits    7.50       [ICRA]B- Re-affirmed

The re-affirmation of the ratings continues to factors in the weak
financial profile as characterized by low profitability levels,
stretched capital structure with gearing of 4.58 times as on March
31, 2014, and weak coverage indicators. The ratings also take into
account the high working capital intensity of operations with
NWC/OI at 37% in FY14. Furthermore, the ratings continue to remain
constrained owing to exposure to supplier and customer
concentration risks along with risk of revenue volatility as
supply of relief material remains contingent on occurring of
natural disasters. ICRA notes that the company is also exposed to
foreign exchange fluctuation risks due to absence of hedging
mechanism. The ratings, however, draw comfort from the long
standing experience of its promoters in the disaster relief
material industry; and the company's established relationship with
its clients and exclusive relief material supply contracts entered
into with various non-governmental institutions which have enabled
it to ensuring healthy order inflows in the company.

Toyop Relief Private Limited (TRPL) is a Mumbai-based company
founded in 1994. TRPL was started as a proprietorship firm (Sabra
Exim Investments) by Mr. Sachin Shah. In 2004, the name of the
firm was changed to "Toyop Relief", and was reconstituted as a
private limited company in 2008. TRPL -- a closely held company
-- operates as a supplier of disaster relief material, including
kitchen accessories, plastic toiletries, hygiene kits, blankets,
buckets, tarpaulin tents, etc. TRPL caters to various non-
governmental organizations (NGOs) located abroad. It also imports
and trades in power tillers and specialty plastic granules that
have an application in the plastic industry. The specialty plastic
granules business was under Toyop & Co, a proprietorship concern
of Mr. Sachin Shah, which was merged with TRPL in 2009.

For the full year FY14, the company reported a net profit of
INR1.81 crore on a topline of INR70.31 crore, as compared to a net
loss of INR2.00 crore for FY13 on a topline of INR54.51 crore.


VARSHA INDUSTRIES: ICRA Assigns B/A4 Rating to INR40cr Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 to the INR40.11 crore* fund based working
capital facilities of Varsha Industries private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Working Capital Limits    40.00      [ICRA]B/A4 assigned
   Unallocated Fund Based
   Limits                     0.11      [ICRA]B/A4 assigned

The assigned ratings are constrained by company's weak financial
profile characterized by thin profitability, leveraged capital
structure and weak coverage indicators. The ratings further takes
into account the high competitive intensity in the agro commodity
business resulting from low entry barriers; exposure of firm's
profitability to any adverse regulatory changes particularly those
related to exports and incentives and fluctuations in availability
and prices of agro commodities as the same is linked to
seasonality and crop harvest.

The ratings, however, favourably factors in the extensive
experience of the promoters in agro commodities business; its
reputed clientele coupled with past relationships of promoters
with clients; favorable location in Gujarat resulting in easy
availability of raw materials and stable demand prospects for
various agro products like peanuts, sesame seeds etc.

Varsha Industries Private Limited (VIPL) was incorporated in 2013
to carry out processing and trading of agro commodities such as
grains, oil seeds, spices etc. Promoted by the Desai family, VIPL
was incorporated with the objective that the business dealings of
three sister concerns namely Archana Industries, Bhaskar Agro and
Varsha Proteins would be carried out under single roof i.e.,
Varsha Industries Private Limited (VIPL). The company is an ISO
22000:2005 certified company and is registered as Recognized
Export House by the Ministry of Commerce & Industry and Spice
Board (Government of India). The company is a member of the Indian
Oilseeds and Produce Export Promotion Council and the Agricultural
and Processed Food Products Export Development Authority
(Government of India).

Recent Results
For FY14, the company reported an operating income of INR1.12
crore and profit before tax of INR0.003 crore. Further, for 11M
FY15 (provisional & unaudited), the company reported an operating
income of INR271.12 crore and profit before tax of INR0.10 crore.



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


JAPFA COMFEED: S&P Lowers CCR to 'B+'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on PT Japfa Comfeed Indonesia
Tbk. (Japfa) to 'B+' from 'BB-'.  The outlook is stable.  S&P also
lowered its long-term issue rating on the senior unsecured notes
that Japfa guarantees to 'B+' from 'BB-'.  At the same time, S&P
affirmed its 'axBB' long-term ASEAN regional scale rating on the
Indonesia-based integrated poultry producer.

"We lowered the ratings because we expect Japfa's margins and cash
flows to remain thin over the next 12 months at least," said
Standard & Poor's credit analyst Xavier Jean.  "Industry
conditions in Indonesia's downstream poultry business are tough
and we expect the company's debt to remain elevated and its cash
flow adequacy to remain low over the period."

S&P expects operating conditions to remain difficult for the next
12 months at least.  Domestic demand growth has reduced in 2014
and S&P expects consumer sentiment to remain subdued for the next
12 months at least.  The rise in wages has been slowing in
Indonesia and the new administration has taken a number of
measures (including adjustments to the fuel subsidy regime) that
have affected disposable incomes.  The weakening rupiah may also
indirectly hit consumer confidence.

"Weaker demand growth since 2014 has coincided with years of
aggressive expansion in day-old chick and commercial farming
capacity," Mr. Jean said.  "That translated into margin
compression for all integrated poultry operators domestically."

S&P projects Japfa's EBITDA margins to be about 7% in 2015 and
2016, compared with 7.1% in 2014 and 10.2% in 2013.  S&P estimates
that the company's ratio of funds from operations (FFO) to debt to
be 12%-14% for the next 12-18 months, compared with 12% in 2014.
S&P expects Japfa's debt-to-EBITDA ratio to remain above 4.0x over
the next 12-18 months.  S&P also forecasts negative free operating
flows in 2015 and 2016 and a moderate increase in debt.

Japfa's capital structure is a credit weakness in the context of
the weakening Indonesian rupiah.  S&P estimates that about 40% of
the company's debt is denominated in U.S. dollars, which makes its
leverage sensitive to volatility in the rupiah.  S&P also
estimates that a little over half of the company's debt will
mature within the next 24 months.  This compares with about one-
third of debt maturing within 24 months in 2013.

In S&P's view, Japfa's competitive advantage is intact despite the
tough market conditions.  The company's wide geographic footprint,
difficult-to-replicate distribution network, good downstream
integration, and economies of scale should help it maintain its
No. 2 position in Indonesia.

The stable outlook reflects S&P's expectation that Japfa's FFO-to-
debt ratio will stabilize at 12%-14% over the next 12-18 months.
The outlook also factors in S&P's view that Japfa will maintain
good access to domestic banks and seek to extend debt maturities.

S&P could lower the rating if Japfa's liquidity deteriorates.
This could materialize if the company does not make material
progress on the refinancing of its rupiah bond within the next 12
months or if it finds it difficult to refinance maturing short-
term debt at a reasonable cost.  S&P could also lower the rating
if: (1) it expects the company's FFO-to-debt ratio to stay below
12%.  S&P believes this could materialize if the EBITDA margin
deteriorates below 7.0% while the company maintains its capital
spending; (2) the market position of Japfa's poultry feed and
breeding operations weakens, either because of significant
additional capacity or an erosion of the company's cost advantage;
or (3) S&P assess Japfa's group credit profile to have weakened
because of higher consolidated debt or increased debt at its
parent company Japfa Ltd.

S&P is unlikely to upgrade Japfa over the next 12 months, given
the tough industry conditions and compressed margins.
Nevertheless, S&P could raise the rating if the company's cash
flows improve such that its FFO-to-debt ratio rises toward 20% on
a sustained basis.  S&P believes this will likely require
sustainably better operating conditions, with EBITDA margins
staying above 8.5%, and a prudent approach to capital spending.
An upgrade would also be contingent upon the company's debt
maturity profile improving.


KAWASAN INDUSTRI: Fitch Assigns B+ Rating to Prop. US$70MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based industrial estate
developer PT Kawasan Industri Jababeka Tbk's (Jababeka; B+/Stable)
proposed US dollar notes of up to USD70 million an expected
'B+(EXP)' rating with a Recovery Rating of 'RR4'.  The notes will
be issued by wholly owned subsidiary Jababeka International B.V.,
and guaranteed by Jababeka and certain subsidiaries.  The new
notes will be consolidated and form a single series with the
USD190m 7.5% Notes due in 2019.

Jababeka plans to use the net proceeds from the new notes to repay
the remaining 2017 notes plus accrued interest and applicable
redemption premium totaling USD46.1m, and for general corporate
purposes.  In Fitch's view, Jababeka's financial profile will
remain unchanged and consistent with its ratings because the new
notes will be used mainly for refinancing that will lower its cost
of debt and extend debt maturity profile.

The notes are rated at the same level as Jababeka's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  The
final rating is contingent upon the receipt of documents
conforming to information already received.

KEY RATING DRIVERS

Solid Interest Coverage: Jababeka's rating reflects strong
interest coverage from the recurring income that comes from its
130MW power plant.  The plant is critical to Jababeka's overall
profile because its long-term power purchase agreement (PPA) with
state electricity company PT Perusahaan Listrik Negara (PLN; BBB-
/Stable) provides good earnings visibility and the U.S. dollar-
denominated cash flows are a natural hedge for its U.S. dollar
borrowings.  As of end-2014, the recurring coverage ratio
(recurring EBITDA/ interest expense) stood at about 1.2x.  Fitch
expects the recurring coverage ratio to improve slightly towards
end-2015 in line with more efficient funding costs and a
proportionate increase in recurring income in Jababeka's other
infrastructure services.

Limited Capex, Manageable Liquidity: Jababeka plans to develop a
second power plant, but will proceed only when it obtains a PPA
with PLN.  Excluding capex for the second power plant, Jababeka's
maintenance capex is relatively low at about USD10m each in 2015
and 2016.  This is mainly for dry port equipment, which is
scalable depending on the dry port's productivity.  The
discretionary nature of the company's land acquisitions and its
well-distributed debt maturity will allow Jababeka to accumulate
cash and strengthen its liquidity profile.

Presales Target Challenging: Fitch expects 2015 to continue to be
challenging for property developers because of modest economic
growth, and particularly for industrial estate developers, lower
foreign direct investment (FDI) flows than previous years.  In
Fitch's view, Jababeka's large, low-cost land bank supports its
healthy margins, which will moderate the impact from lower
presales and help the company to maintain sufficient liquidity.

Longer Working Capital Cycle: Fitch expects Jababeka's working
capital cycle to lengthen as the proportion of residential
property sales increases - a result of weaker demand for
industrial land.  The cash collection cycle for residential sales
is longer than that for industrial sales because developers
usually offer payment plans with longer repayment terms to attract
buyers.  However, Fitch believes risk is mitigated by the fact
that Jababeka already owns land inventory to continue presales in
its flagship Cikarang estate over the medium term, and because the
typical 30% down payment should suffice to fund construction.

Long-Term Diversification Benefits: Jababeka and Singapore's
Sembcorp are developing a new industrial complex in Kendal,
Central Java, which is modelled after the Cikarang estate.
Tenants relocating labour-intensive production out of Cikarang
will be able to take advantage of the much lower minimum wage in
Central Java.  Upon successful execution, Kendal will provide
Jababeka with diversification benefits and a new base for future
growth.  Fitch believes execution risk for this project is
manageable because Jababeka typically will use proceeds from
presales to develop a new estate in stages.  Jababeka is aiming to
launch presales in Kendal in in 2015 and is targeting around
IDR250bn in presales in the same year.

Project Concentration and Cyclicality: Jababeka's rating is
primarily constrained by concentration risk and high exposure to
the industrial estate development business.  Cikarang will
continue to contribute over 80% in marketing sales in the next 24
months, with industrial space in the estate accounting for more
than 60% of marketing sales.  The remainder of marketing sales
will stem from its Kendal estate, as well as residential and
commercial sales in Cikarang.

KEY ASSUMPTIONS

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

   -- Cikarang industrial sales volume of 250,000 sqm in 2015 and
      2016

   -- Kendal industrial sales volume of 125,000 sqm in 2015 and
      250,000 sqm in 2016

   -- Its power plant operates at around 90% utilisation rate

RATING SENSITIVITIES

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

   -- Decline in recurring EBITDA/ interest expense to below
      1x on a sustained basis (2014: 1.2x)

   -- Decline in presales/ gross debt to below 40% on a sustained
      basis (2014: 38%).  This trigger provides Fitch with a way
      to monitor Jababeka's development sales, which are an
      important support for its 'B+' rating.

No positive rating action is expected in the next 24 months due to
project concentration and high dependence on sales of industrial
space.



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


MMI INTERNATIONAL: Fitch Lowers Issuer Default Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded MMI International Ltd's (MMI) and its
parent Precision Capital Private Limited's (PCPL) Long-Term
Foreign-Currency IDR to 'B+' from 'BB-'.  The Rating Watch
Negative (RWN) on all the ratings has been removed, and a Stable
Outlook has been assigned to the Long-Term IDRs.

Fitch has simultaneously withdrawn the ratings as MMI has chosen
to stop participating in the rating process.  Therefore, Fitch
will no longer have sufficient information to maintain the
ratings.  Accordingly, Fitch will no longer provide ratings or
analytical coverage for MMI and PCPL.

The downgrade reflects MMI's higher leverage following the
adoption of a more aggressive financial profile, which includes a
five-year USD520m syndicated bank loan and a USD60m revolving
facility, which were used to repay the company's USD300m of senior
secured notes and the USD180m secured bank loan.

FULL LIST OF RATING ACTIONS

MMI International Ltd

   -- Long-Term Foreign-Currency IDR downgraded to 'B+' from
      'BB-'; Stable Outlook assigned and rating withdrawn;

   -- Senior secured debt class rating downgraded to 'B+'/RR4
      from 'BB-'; rating withdrawn.

Precision Capital Private Limited

   -- Long-Term Foreign-Currency IDR downgraded to 'B+' from
      'BB-'; Stable Outlook assigned and rating withdrawn.



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


HANOVER FINANCE: Case Takes Another Step in High Court
------------------------------------------------------
Matt Nippert at The New Zealand Herald reports that the Hanover
Finance case took another tentative step towards closure on April
28 with revelations the finance company's directors and promoters
were undertaking settlement negotiations on the eve of a long-
awaited trial.

The Herald relates that a Court of Appeal judgment said Hanover
failed in mid-2008, causing substantial losses to depositors.
About 16,000 people with investments totalling more than NZ$500
million lost most of their money following the failure of Hanover
and related companies, and the sale of assets to Allied Farmers.
According to the report, the Serious Fraud Office investigated the
case for nearly three years before declining to lay charges but
handed its findings to the Financial Markets Authority which laid
civil proceedings.

The Herald says the FMA is seeking NZ$35 million from Hanover
directors and promoters Mark Hotchin, Eric Watson, Gregory Muir,
Sir Tipene O'Regan, Bruce Gordon and Dennis Broit, arguing
investors were misled in advertisements and the company's
prospectuses.

The defendants deny the claim, and the case is set down for a 12-
week hearing beginning at the High Court at Auckland on
September 7, the report relays.

The Herald notes that on April 28 the parties attended a judicial
settlement conference before Justice Sarah Katz, unusually
attended in-person by Mr. Watson.

In February last year it was revealed that -- ultimately
unfruitful -- settlement discussions were underway, and court
guidelines say judicial settlement conferences are most
appropriate where parties are intransigent or private mediation
has failed, the report says.

The report relates that a spokesman for the FMA said the
appearance was a "standard step in the litigation process".

The spokesman said further comment would not be forthcoming "as
the matters remain before the courts," the report adds.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


ROSS ASSET: Judge Lifts Investor Name Suppression
-------------------------------------------------
Collette Devlin at Stuff.co.nz reports that a Ross Asset
Management investor, who liquidators are trying to claw money back
from, has been denied permanent name suppression.

Stuff.co.nz says the identity of the investor was suppressed
during the first test case heard in the High Court at Wellington
on March 23, where it was heard he put in half a million dollars
and received almost as much back in fictitious profits.

According to the report, the case was one of three aimed at trying
to recover millions of dollars for investors who lost money with
Ross Asset Management (RAM).

Stuff.co.nz relates that during the case Justice Alan MacKenzie
heard the un-named respondent borrowed NZ$500,000 from Westpac
bank to invest with RAM in April 2007 and was paid out NZ$954,000
in November 2011.

Documents show the funds were used to repay others and further the
Ponzi scheme, the report relays.

Liquidators seeking to lift the name suppression put their case
before Justice MacKenzie on April 17, Stuff.co.nz recalls.

According to Stuff.co.nz, a judgment by Justice MacKenzie said the
application for permanent suppression was refused but the interim
name suppression would remain in force until the delivery of his
substantive judgment.

The suppression would then expire, the report notes.

"While sympathising with the respondent's position, I have reached
the clear conclusion that a potential risk to his business does
not reach the high level required to outweigh the importance of
the principle of open justice," the judgment, as cited by
Stuff.co.nz, said.

Justice MacKenzie said the possibility of harm to others was an
important consideration weighing against suppression, Stuff.co.nz
adds.

                          About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


=====================
P H I L I P P I N E S
=====================


EXPORT AND INDUSTRY: PDIC Files Estafa Case vs Former Execs
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed charges
of syndicated estafa against five former Directors and officers of
the closed Export and Industry Bank (EIB), as well as two officers
of Arthaland Corporation for misappropriating the bank's funds in
favor of Arthaland. Respondents were likewise charged for
irregularities and for conducting business in an unsafe and
unsound manner in violation of Republic Act 3591, as amended,
otherwise known as the PDIC Charter. EIB is a 50-unit commercial
bank ordered closed by the Monetary Board and placed under
receivership by the PDIC on April 26, 2012.

In a complaint filed before the Department of Justice (DOJ) in
March 2015 docketed as XVI-INV-15C-00082, the PDIC charged Jaime
C. Gonzalez, former EIB Chairman, Juan Victor S. Tanjuatco, former
EIB President and Director, Aurea I. Yamsuan, former EIB Vice
President, Teresita Q. De Ocampo, former EIB Chief Financial
Officer, Riva Khristine V. Maala, former EIB Assistant Corporate
Secretary, Angela De Villa-Lacson, Arthaland Corporation
President, and Froilan Q. Tejada Arthaland Chief Financial Officer
with syndicated estafa.

The complaint which is based on investigations conducted by the
PDIC alleged that the respondents connived to misappropriate EIB
funds in the amount of PHP9.7 million to fast-track the purchase
of several properties in Batangas (Batangas properties) for the
benefit of Arthaland Corporation. Arthaland is owned and
controlled by EIB Chairman Jaime C. Gonzalez. The respondents
allegedly continued to misappropriate EIB's funds when these were
unlawfully disbursed to cover for the management and other
expenses of the aforementioned Batangas properties.

The complaint also alleged that the respondents deceived the bank
by intentionally concealing from the EIB Board and Executive
Committee the advance made by the bank to purchase the Batangas
properties. Only a resolution from the EIB Board can authorize
such disbursement.

The filing of charges against the EIB and Arthaland officers is in
support of PDIC's efforts to bring to justice parties that engage
in acts that will put depositors and the Deposit Insurance Fund
(DIF) at risk. The PDIC had earlier filed a criminal complaint
against Gonzales, Tanjuatco, de Ocampo and other EIB officers
namely Nilo L. Pacheco, Jr., Alex Luis M. Pesigan and Adeline L.
Grimares for conducting business in an unsafe and unsound manner
in violation of the General Banking Law of 2000. The said
complaint alleged that respondents authorized and allowed the
payment of a success fee in the amount of US.8 million when the
obligation to pay such a fee has not arisen. Of this amount, US.0
million was received by another company, AO Capital Partners
Limited, where Gonzales was also the Chairman.

PDIC vigorously pursues legal action against erring bank owners,
officers and personnel for the benefit of depositors/creditors and
to protect the DIF, PDIC's funding source for payment of insured
deposits.


SURIGAONON RURAL: Placed Under PDIC receivership
------------------------------------------------
The Monetary Board (MB) placed the Surigaonon Rural Banking
Corporation under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 634
dated April 23, 2015. As Receiver, PDIC took over the bank on
April 24, 2015.

Surigaonon Rural Banking Corporation is a 10-unit rural bank with
Head Office located at Cor. Rizal and Gimena Streets, Surigao
City, Surigao del Norte. It has branches in Tacloban City, Cagayan
de Oro City, Davao City and Butuan City; and five branches in
Surigao del Norte namely: Dapa, General Luna, Placer, Surigao City
and Tubod. Based on the Bank Information Sheet filed with the PDIC
as of December 31, 2014, the bank is owned by Alfredo T. Bonpin
(53.3%), Michael Anderson D. Bonpin (14.79%), Lamberto T. Go
(8.49%), Rudy G. Medina (5.17%), Willie A. Gan (4.22%), Paz S. Go
(4.22%) and Edward L.R. Tiu (3.64%). Its Acting President is
Margarito C. Bulaga and its Chairman is Rudy G. Medina.

Latest available records show that as of December 31, 2014,
Surigaonon Rural Banking Corporation had 13,184 accounts with
total deposit liabilities of PHP265.3 million. Total insured
deposits amounted to PHP249.4 million or 94.0% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with the Surigaonon
Rural Banking Corporation or acted as co-makers of the
obligations, and have incomplete and/or have not updated their
addresses with the bank. PDIC targets to start mailing payments to
these depositors at their addresses recorded in the bank by the
second week of May, 2015.

Depositors may update their addresses until May 4, 2015 using the
Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises. For depositors that are
required to file deposit insurance claims, the PDIC targets to
start claims settlement operations for these accounts by the third
week of May, 2015.



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


NATURALENDO TECH: Faces Probe Over Short-Selling
------------------------------------------------
The Korea Times reports that the share prices of Naturalendo Tech
extended steep falls for four straight days, hit by allegations
that its main healthcare product was fake.

The stock plunged by the daily limit of 15 percent to close at
KRW45,400.

According to the report, the firm has lost more than KRW1 trillion
($929.97 million) in market capitalization since April 22, when
the Korea Consumer Agency (KCA) claimed it had detected fake
ingredients in the firm's best-selling product, EstroG-100.

The product is selling in the United States, Japan and several
European countries, according to the company, the report relays.

Based on sample test results, the agency claimed nearly 90 percent
of EstroG-100 products do not contain ingredients extracted from
Cynanchum wilfordii, a medical herb proven to be helpful in
relieving menopausal symptoms. Instead, they had ingredients from
Cynanchum auriculatum royle, a herb unauthorized for medical use.

"The company refuses to accept our demand that it recall products
in the market and dispose raw materials made with the unauthorized
material," the report quotes a KCA official as saying. "If the
company keeps ignoring the demand, we will file a petition with
law enforcement."

The Korea Times says Naturalendo Tech has vehemently denied the
claim, saying EstroG-100 is made only with Cynanchum wilfordii
harvested in Korea. Naturalendo called the KCA's test "faulty,"
the report relays.

It plans to file a lawsuit against the agency for disclosing what
it claims is "misleading" data. It's seeking a reexamination by an
independent research lab.

The report says the firm has gone all out to calm perplexed
investors and consumers.

"We have supplied independently secured seeds of Cynanchum
wilfordii to our contracted farmers. And we perform stringent test
at each step - cultivation, harvest, drying, purchasing and
warehouse storing," the company said in a statement posted on its
English website, the report relays.

Nevertheless, the situation appears to be unfolding against the
company, the report states. The Financial Supervisory Service
(FSS) said on April 27 it will launch an investigation into
suspicious stock sales of the firm's key executive ahead of the
KCA disclosure.

According to the report, FSS said a senior executive sold 10,000
shares in the company only days before the disclosure.

The company's massive short-selling of its own shares ahead of the
disclosure is also subject to investigation, the report relates
citing FSS officials.

"We don't rule out some executives made the sales using inside
information, which was illegal," said an FSS investigator familiar
with the case, the report relays. Investigators will look into the
recent transaction records of the people involved to determine the
intention behind the controversial sales, the report adds.

Naturalendo Tech Co.,Ltd. -- http://www.naturalendo.com/-- is a
Korea-based company principally engaged in the research and
development (R&D) and manufacture of hormone biotechnology
products. The Company mainly provides novel phytoestrogen, which
is applied in the treatment of climacteric. It also provides other
hormonal formula, such as hormone disruptor inhibitor,
secretagogue and inhibitor used as diet formula and growth
hormone. In addition, the Company provides materials used for
diet, and involves in the R&D of drug delivery systems, immune
enhancer, atopy and acne, plantation factory, and others.



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


WINTEK CORP: Court Approves Financial Restructuring Plan
--------------------------------------------------------
Lauly Li at Taipei Times reports that Wintek Corp on April 27 said
its restructuring plan has been approved by the Taichung District
Court.

Wintek filed the financial restructuring plan and an emergency
injunction seeking court protection of its assets in October last
year, the report says.

Taipei Times relates that the court appointed three trustees to
oversee the company's restructuring program.

As of the third quarter of last year, Wintek had accumulated
liabilities of NT$53.5 billion (US$1.73 billion), the company said
in a filing with the Taiwan Stock Exchange, the report relays.

Lower-than-expected demand for touchpanels over the past few
years, along with heavy investments to upgrade its touchpanel
technology and expand its capacity caused heavy losses for the
company, Wintek spokesman Jay Huang told a press conference in
October last year, according to Taipei Times.

Taipei Times relates that creditors and shareholders can file
creditors' rights between May 7 and May 26 at the company's plant
in Taichung, Wintek said, adding that it would convene a meeting
with creditors and shareholders at the plant on June 15.

Wintek has 167,204 shareholders, the report discloses citing the
company's annual prospectus.

In the first three months of the year, Wintek posted revenues of
NT$100.53 million, down 99.38 percent from NT$16.3 billion last
year, according to its filing with the Taiwan Stock Exchange.

Taipei Times notes that Wintek's stock was recently suspended from
trading after the firm failed to declare its financial results for
last year in the regulated time period.

The company is to be delisted from the stock market 40 days after
its filing in accordance with the Operating Rules of the Taiwan
Stock Exchange Corp, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 10, 2014, Taipei Times said Wintek Corp. on Oct. 13 said its
board has approved the filing of a restructuring application and
emergency injunction in a move which seeks the court's protection
of its assets and a chance to overcome financial difficulties.

Based in Taichung, Taiwan, Wintek Corporation is engaged in the
design, research, development, manufacture and sale of liquid
crystal display (LCD) panels and liquid crystal modules (LCMs) for
indium tin oxide (ITO) conductive glass, touch panels, light
guides, twisted nematic (TN), super twisted nematic (STN) and thin
film transistors (TFTs).  The company's LCDs and LCMs are
used in communication devices, digital still camera (DSCs),
portable navigation devices (PNDs), moving picture experts group
layer-3 audio (Mp3), moving picture experts group(MPEG) layer-4
audio(MP4), digital photo frame and ultra-mobile personal
computers(UMPCs).  The Company also offers electronic components,
raw materials and semi-finished products. It distributes its
products in Taiwan, Europe, the Americas and other Asian markets.


                             *********

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 ***