TCRAP_Public/150527.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, May 27, 2015, Vol. 18, No. 103


                            Headlines


A U S T R A L I A

ALC GROUP: Alleged Ponzi Scheme Operator Faces Court
QRXPHARMA LIMITED: First Creditors' Meeting Slated For June 3
TASTE GRILL: First Creditors' Meeting Slated For June 2
* Insolvent Businesses Could Be Saved With New Safe Harbour Laws


H O N G  K O N G

HANERGY HOLDING: Listed Unit Fails to Repay Bank Loans


I N D I A

ACE KUDALE: CRISIL Reaffirms 'B' Rating on INR187MM Loan
ALWAR ROLLER: CARE Assigns 'B' Rating to INR6.25cr LT Loan
ANANT EDUCATIONAL: CRISIL Cuts Rating on INR77.5MM Loan to B-
BHUSHAN AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR74MM Loan
BRAHMAPUTRA PAPER: CRISIL Ups Rating on INR84MM Loan to B+

BUTTA CONVENTION: CRISIL Assigns 'D' Rating to INR150MM Term Loan
CYGNUS SPLENDID: ICRA Assigns 'B' Rating to INR9.50cr Term Loan
DIVYADEEP SUGAR: ICRA Suspends 'B' Rating on INR20cr Term Loan
EKTA TRUST: CRISIL Raises Rating on INR80MM Term Loan to B-
G M COLD: CRISIL Reaffirms B+ Rating on INR69.5MM Cash Loan

GANPATI ENTERPRISES: CRISIL Places B+ Rating on INR135MM Loan
GAYATRI COTGIN: CRISIL Ups Rating on INR133MM LT Loan to B+
GIRIRAJ GINNING: CRISIL Assigns B+ Rating to INR640MM Cash Loan
GRAND AUTO: CARE Assigns B+ Rating to INR9.30cr LT Bank Loan
GULMOHAR PARK: ICRA Revises Rating on INR55cr Term Loan to 'D'

GURU NANAK: ICRA Assigns B Rating to INR5.50cr Long Term Loan
HARIHARAN SPINNERS: ICRA Reaffirms 'B+' Rating on INR15.27cr Loan
HARYANA RICE: CRISIL Reaffirms B Rating on INR250MM Cash Loan
HILLTOP CONCRETE: CARE Assigns 'B' Rating to INR13.50cr LT Loan
HIMAGIRI HOSPITALS: CRISIL Ups Rating on INR60MM LT Loan to 'B'

INDIABULLS REAL: Moody's Says Sales Weakness is Credit Negative
JSM DEVCONS: ICRA Reaffirms 'B' Rating on INR37.75cr LT Loan
JSW STEEL: Moody's Says FY2015 Results Below Expectations
KHATUCO EXPORT: CRISIL Reaffirms B+ Rating on INR11MM Loan
KSA EDUCATIONAL: CRISIL Assigns 'D' Rating to INR71MM LT Loan

LADO CERAMIC: CRISIL Assigns B+ Rating to INR37.5MM Term Loan
LAKSHMIGRAHA ENTERPRISES: CRISIL Reaffirms B+ INR150M Loan Rating
LIGHTCITY CERAMIC: CRISIL Reaffirms 'B' Rating on INR52.7MM Loan
MAHADEV GINNING: ICRA Reaffirms B Rating on INR7cr Cash Credit
MAMTA TRANSFORMERS: CRISIL Assigns B Rating to INR40MM Cash Loan

MANALTHEERAM AYURVEDIC: CRISIL Rates INR20MM LT Loan at 'B'
MASCOT ENGITECH: CRISIL Assigns B+ Rating to INR70MM Cash Loan
MIRRIKH MOTORS: CRISIL Assigns B+ Rating to INR150MM Cash Loan
MSR INFRAA: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
NAVKAR WHEELS: CRISIL Assigns B+ Rating to INR49MM Term Loan

NEW DIAMOND: ICRA Ups Rating on INR37.50cr Term Loan From 'B+'
PARVATI COTTON: ICRA Suspends 'B' Rating on INR6cr LT Loan
PAVAS POLYCHEM: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
PIONEER SPINNING: ICRA Assigns 'B+' Rating to INR6.0cr LT Loan
PNP ENGINEERING: CRISIL Ups Rating on INR110MM Bank Loan to B-

PRINT SOLUTIONS: ICRA Assigns 'D' Rating to INR11cr Term Loan
PUREWAL STONE: ICRA Assigns 'B' Rating to INR8.60r LT Loan
PURPLE ADVERTISING: ICRA Suspends 'D' Rating on INR24cr Term Loan
RACHIT CREATION: CRISIL Reaffirms B+ Rating on INR60.3MM Loan
RAJENDRA GEARS: ICRA Suspends B+ Rating on INR4cr Fund Based Loan

RANCHI EXPRESSWAYS: ICRA Reaffirms D Rating on INR1,191.6cr Loan
RANGER COTTON: CRISIL Reaffirms 'B' Rating on INR185MM Loan
S.K.M COLD: CARE Assigns 'B' Rating to INR5.15cr LT Loan
SADIK ENTERPRISE: CRISIL Reaffirms B- Rating on INR50MM Loan
SANJOO PRINTS: ICRA Suspends 'D' Rating on INR6.77cr LT Loan

SEMI EXPORTS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
SEVEN-11 INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.50cr Loan
SREE VIJAYALAKSHMI: ICRA Assigns 'IrB+' Issuer Rating
SUMER SONS: CRISIL Reaffirms 'B-' Rating on INR165MM Cash Loan
SUNHILL HOMES: CRISIL Assigns 'B' Rating to INR1.75BB Term Loan

TRANS FAB: CRISIL Reaffirms B+ Rating on INR85MM Cash Credit
UNIBIOS LABORATORIES: ICRA Suspends 'D' Rating on INR36cr Loan
VIDYA POLYMER: ICRA Reaffirms 'B+' Rating on INR4.50cr Cash Loan
VIJAYATEJ HOSPITALITY: CRISIL Ups Rating on INR62MM Loan to B+
YOGIRAJ SPINNING: ICRA Suspends B+ Rating on INR44.40cr Loan


I N D O N E S I A

STAR ENERGY: Fitch Affirms 'B+' Long-Term Issuer Default Rating


J A P A N

SHARP CORP: Face Dire Prospects of Turnaround
TOSHIBA CORP: Expands Accounting Probe to TV, Chip, Comp. Units


N E W  Z E A L A N D

TRUE GREEN: Placed In Liquidation; Couple Left Out of Pocket


P H I L I P P I N E S

PHILIPPINE NATIONAL: Moody's Ups Deposit Ratings From Ba2


S O U T H  K O R E A

HYUNDAI HEAVY: Restructures Financial Units as Part of Revamp
POSCO PLANTEC: Applies For Debt-Restructuring Program


T H A I L A N D

THAI AIRWAYS: Posts THB9.1 Billon in First Nine Months This Year


                            - - - - -


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


ALC GROUP: Alleged Ponzi Scheme Operator Faces Court
---------------------------------------------------
Following an Australian Securities and Investments Commission
investigation, an Adelaide man has faced court accused of
deception totaling AUD12 million.

Former mortgage broker Michael Samra faced Adelaide Magistrates
Court on May 22, 2015, charged with 12 counts of deception.

ASIC alleges Mr. Samra operated a Ponzi scheme with promises of
high returns on the investment, some up to 30-48 per cent a year.

ASIC alleges Mr. Samra induced investors to loan his company,
ALC Group Pty Ltd, money on the basis that it would be on-lent to
unnamed builders or property developers on a short term basis.
Approximately AUD66 million came into the ALC bank account over a
seven month period with the majority of funds paid out to
investors.

The charges follow the collapse of ALC Group in 2009 owing
liabilities of approximately AUD40 million.

Mr. Samra, who was not required to enter a plea, was bailed and
the matter will return to court on July 28, 2015.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

ALC Group Pty Ltd is a Norwood-based finance company.


QRXPHARMA LIMITED: First Creditors' Meeting Slated For June 3
-------------------------------------------------------------
Timothy Paul Heesh and Amanda Caroline Lott of TPH Insolvency were
appointed as administrators of QRxPharma Limited on May 22, 2015.

A first meeting of the creditors of the Company will be held at
Auditorium Room, Ground Floor History House, 133 Macquarie Street,
in Sydney, on June 3, 2015, at 11:00 a.m.


TASTE GRILL: First Creditors' Meeting Slated For June 2
-------------------------------------------------------
Bradd William Morelli and Stewart William Free of Jirsch
Sutherland were appointed as administrators of Taste Grill And
Brassieres Pty Limited on May 22, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland (Newcastle), 47 Newcomen Street, in Newcastle,
New South Wales, on June 2, 2015, at 10:30 a.m.


* Insolvent Businesses Could Be Saved With New Safe Harbour Laws
----------------------------------------------------------------
Kirsten Robb at SmartCompany reports that around one-third of
businesses liquidated could be saved and billions of dollars
recovered for the Australian economy if the government adopts
draft safe harbour recommendations from the Productivity
Commission, according to registered liquidator Sean Wengel --
sean.wengel@williambuck.com

Mr. Wengel, an insolvency principal at financial advisory firm
William Buck, told SmartCompany the safe harbour provisions
recommended in the Productivity Commission's draft report on the
barriers of setting up and closing a business have the potential
to save up to 3000 insolvent business from being liquidated.

SmartCompany relates that the recommendations would see a
provision for a 'safe harbour' to allow company directors to
explore restructuring options without personal liability for
insolvent trading, which is currently a significant disincentive
for directors.

"The current insolvency trading laws essentially incentivise
terminating a struggling business rather than encouraging its
resurrection," the report quotes Mr. Wengel as saying.

According to the report, Mr. Wengel said when a company director
realises a company is trading as insolvent they have two options -
- appointing external administrators or shutting down.

But he said an external administration rarely helps turnaround an
insolvent business and typically triggers defaults on contracts
and creates a stigma for the business and its directors, the
report relays.

"Lots of the company's value is lost when it enters external
administration," SmartCompany quotes Mr. Wengel as saying.  "It's
fair to say a large majority would prefer to save their business."

As a registered liquidator, Mr. Wengel said directors usually look
for restructuring help "when it's all too late" because of fear of
personal liability.

"They've pushed it on for too long and they have no choice but to
appoint me as liquidator. But if they'd come in 12 months prior to
work on a solution to save the business, a lot would be much
happier with the outcome," Mr. Wengel told SmartCompany.

The new provisions are slated to provide directors with a limited
period of time to seek restructuring advice to find a workable
solution for a business and avoid any personal liability in doing
so, the report adds.



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


HANERGY HOLDING: Listed Unit Fails to Repay Bank Loans
------------------------------------------------------
Caixin Online reports that the solar-panel manufacturer whose
listed subsidiary has suffered a sell-off of shares in Hong Kong
failed to repay bank loans, sources close to the parent company
said.

The share price of Hong Kong-listed Hanergy Thin Film Power
plunged from 7.37 Hong Kong dollars to 3.91 Hong Kong dollars
(from 95 U.S. cents to 50 U.S. cents) -- a decline of nearly 47
percent -- in the first 70 minutes of trading on May 20.

The steepest falls were seen in the last 25 minutes, before the
company was forced to suspend trading at 10:40 a.m. Some 175
million shares had changed hands by then, the share's highest
daily trading volume since April 24, the report says.

Trading of stock in Hanergy Thin Film Power remained suspended on
May 21, the report states.

According to the report, the firm is the listed arm of Hanergy
Holding Group Ltd., which is based in Beijing and has as its
chairman Li Hejun, the country's richest man before the sell-off.

Li's fortune, which includes 31.25 billion shares in Hanergy, was
estimated by the monthly magazine Hurun Report at CNY165 billion
(about $26 billion) in February, the report discloses.

Caixin Online notes that the share's nose-dive prompted
speculation the company is being investigated by Hong Kong's
securities regulator, the Securities and Futures Commission, over
market manipulation.

Neither the regulator nor Hong Kong Exchanges and Clearing, which
runs the former British colony's stock market, have commented, the
report says.

According to Caixin Online, several people close to Hanergy
Holding Group said it used shares in its listed unit to take out
bank loans, but has been unable to repay some of them. The share
sales escalated after debtors made little progress in negotiations
with the company over the defaults, those sources said, the report
relays.

Caixin Online reports that Hanergy secured loans from Jinzhou
Bank, in the northeastern province of Liaoning, in the second half
of last year after the bank gave it an 8-billion-yuan credit line,
other people close to the firm said. In January last year, Hanergy
reached a deal with China Minsheng Bank and a credit consortium
the bank leads to provide the company with loans of no less than
CNY20 billion, says Caixin Online.

However, a senior executive at Minsheng said it had not extended
any loans to Hanergy, the report notes. "We've studied the company
carefully and found it relies too much on connected transactions
between the parent company and its listed unit, so we have been
vigilant over its operations," the report quotes the bank
executive as saying.

Shares in the solar panel manufacturer soared 249% over 12 months
to a high of HK$9.07 on March 5, the report states. The stock has
been popular among mainland investors using the so-called
Shanghai-Hong Kong Stock Connect.

Caixin Online relates that analysts had warned the shares came
with risks because the company relied heavily on connected deals
with its parent company, a practice that can lead to accusations
of market manipulation.

According to the report, Mr. Li, Hanergy Holding Group's chairman,
said in an earlier interview that connected transactions accounted
for 62% of its listed arm's business. He pledged that the company
would make a breakthrough in reducing the number of such
transactions this year, the report states.

Hanergy has not commented on the dive in its share price. It began
shortly after shareholders gathered in Hong Kong for an annual
meeting that Mr. Li did not attend. Frank Dai Mingfang, the firm's
vice chairman, abruptly left the meeting after receiving a phone
call, the report notes.

                       About Hanergy Holdings

Hanergy Holdings Group Company Ltd., together with its
subsidiaries, engages in hydropower, wind power, and solar energy
power generation activities. It also engages in solar power
research and development; thin film photovoltaic cells and modules
production; photovoltaic power plant construction and operation;
integration of solar modules into facades; and energy conservation
and emission reduction. The company also provides solar panels
engineering, procurement, construction, and installation services;
and engages in power plant construction in China, the United
States, and Europe.



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


ACE KUDALE: CRISIL Reaffirms 'B' Rating on INR187MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Ace Kudale Car Pvt Ltd
(AKCPL) continue to reflect AKCPL's weak financial risk profile,
marked by accumulated losses and weak debt protection measures,
and large working capital requirements.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            10      CRISIL A4 (Reaffirmed)

   Cash Credit               35      CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility                 187      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       162.7    CRISIL B/Stable (Reaffirmed)

   Term Loan                 35.3    CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's low bargaining power with
its principal, Maruti Suzuki India Ltd (MSIL), and competitive
pressures from other four-wheeler vehicle dealers. These rating
weaknesses are partially offset by the funding support that AKCPL
gets from its promoters.

Outlook: Stable

CRISIL believes that AKCPL will continue to benefit over the
medium term from its established relationship with its principal
and continued funding support from the promoters. The outlook may
be revised to 'Positive' if AKCPL reports considerable increase in
its revenue and profitability, and sustained improvement in its
capital structure over the medium term. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
company's financial risk profile, most likely because of large
working capital requirements or low cash accruals.

Incorporated in 2007 by the Kudale family, AKCPL began operations
in 2010 with a dealership for MSIL's vehicles. AKCPL has one owned
showroom-cum-workshop at Manjri on the Pune-Solapur highway
(Maharashtra), and a workshop on rented premises at Bhosari, on
the Pune-Nashik highway.


ALWAR ROLLER: CARE Assigns 'B' Rating to INR6.25cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Alwar
Roller Flour Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.25      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Alwar Roller Flour
Mills Private Limited (ARFM) is primarily constrained on account
of stabilisation risk associated with its recently completed
Greenfield project. The rating is, further, constrained on account
of seasonality associated with agro commodities and its presence
in highly fragmented and government regulated industry.
The rating, however, favourably takes into account the experienced
promoters in the agro processing industry with strong group
support.

The ability of the company to stabilise the operations in its
recently completed greenfield project for processing of wheat and
the ability to achieve envisaged sales and profit would be the key
rating sensitivities.

ARFM was incorporated in March 2014 with an objective to set up
greenfield roller flour unit at Alwar (Rajasthan) having installed
capacity of 150 tones for processing of wheat per day at Alwar,
Rajasthan. The company manufactures flour (atta) and refined flour
(maida). It completed its project and started commercial
operations by end of April 2015.

AFRM has envisaged total cost of the project of INR8 crore towards
the project envisage to be funded through share capital of INR3
crore, INR2 crore through unsecured loans from promoters and
remaining through term loan of INR3 crore. Till April 17, 2015,
ARFM has incurred total cost of INR7.10 crore towards the project
funded through share capital of INR2.50 crore, INR1.61 crore
through unsecured loans, INR2.90 crore through term loan and
remaining through creditors.


ANANT EDUCATIONAL: CRISIL Cuts Rating on INR77.5MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Anant Educational Trust (AET) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable', and has assigned its 'CRISIL A4' rating to the trust's
short-term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     12.5       CRISIL A4 (Reassigned)
   Term Loan              77.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects low student intake in AET's school
for academic years 2014-15 and 2015-16 leading to low fee income
estimated for the said years, and consequently significantly low
margin for 2014-15 (refers to financial year, from April 1 to
March 31) despite the strong brand of its principal, Delhi Public
School (DPS). The low income and operating margin led to weakening
of AET's capital structure and interest coverage ratio. The
trust's weak profitability will lead to just sufficient cash
accruals to meets its debt obligations, however, trustees are
expected to support the trust in timely repayment obligations, as
seen in the past.

The ratings reflect AET's below-average financial risk profile,
marked by leveraged capital structure and muted debt protection
metrics, constraining its financial flexibility. The ratings also
factor in the trust's exposure to risks related to restrictions
imposed by regulatory bodies and to intense competition in the
education sector. These rating strengths are partially offset by
the benefits that AET derives from the extensive experience of its
trustees in the education sector.
Outlook: Stable

CRISIL believes that AET will continue to benefit over the medium
term from its trustees' extensive experience in the education
industry and its association with DPS. The outlook may be revised
to 'Positive' in case of significant ramp-up in AET's scale of
operations with increase in student intake while improving its
profitability, leading to significant improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in the event
of further dip in occupancy and profitability or significant
deterioration in the trust's liquidity because of large capital
expenditure.

AET was set up in 2011. The trust set up a school under the DPS
brand in Patiala (Punjab) in 2012-13. Mr. Ramesh Talwar is the key
promoter-trustee who looks after AET's operations.

AET reported a net deficit of INR14.35 million on net sales of
INR16.8 million for 2013-14. The trust is likely to report a fee
income of INR28.2 million in 2014-15.


BHUSHAN AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR74MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bhushan
Automobiles Pvt Ltd (BAPL) continues to reflect BAPL's exposure to
intense competition in the automotive dealership industry, and its
below-average financial risk profile marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the company's established relationship with its principal
Escorts Ltd (Escorts) and its promoters' extensive industry
experience.

                      Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Cash Credit           74           CRISIL B+/Stable
                                      (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10           CRISIL B+/Stable
                                      (Reaffirmed)

Outlook: Stable

CRISIL believes that BAPL will continue to benefit over the medium
term from its established relationship with its principal. The
outlook may be revised to 'Positive' in case of improvement in
BAPL's financial risk profile, supported by equity infusion by the
promoters or increased operating margin leading to large cash
accruals. Conversely, the outlook may be revised to 'Negative' if
BAPL reports a significant slowdown in revenue or undertakes a
large debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Update
BAPL's operating income is estimated in the range of INR1000
million to INR1050 million for 2014-15 (refers to financial year,
April 1 to March 31), down by around 5 per cent year-on-year
driven by lower demand for agricultural equipment during the year.
The company is likely to record low operating margin of 0.50 to
0.60 per cent in 2014-15, in line with historical operating margin
of 0.4 to 0.6 per cent. The low operating margin is on account low
commission that the company receives from its principal and cash
discount it offers to dealers. BAPL's operations are moderately
working capital intensive as reflected in its moderate gross
current assets of 50 to 60 days in the past. Because of low credit
offered by the principal, BAPL's cash credit limit is utilised
extensively, by 95 to 100 per cent, limiting the company's
capability to meet exigencies. The company's liquidity is
supported by absence of any term debt obligation.

BAPL has weak financial risk profile because of low operating
margin. The financial risk profile is marked by estimated high
total outside liabilities to tangible net worth ratio of around
3.5 times as on March 31, 2015, and weak interest coverage ratio
of 1.4 times for 2014-15. The financial risk profile is expected
to remain weak over the medium term.

BAPL was set up in 2005, promoted by Mr. Bhushan Kumar and his
family members. The company is a distributor of Escorts Ltd's farm
vehicles in Bihar.

BAPL reported a net profit of INR26.40 million on net sales of
INR1074 million for 2013-14, as against a net profit of INR23.55
million on net sales of INR950 million for 2012-13.


BRAHMAPUTRA PAPER: CRISIL Ups Rating on INR84MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Brahmaputra Paper Private Limited (BPPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' on account of improvement in BPPL's
liquidity with moderate bank limit utilisation and adequate
flexibility between net cash accruals and debt obligations,
resulting in improved gearing.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              30         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

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

   Term Loan                 1         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in BPPL's liquidity with
net cash accruals of around INR15.9 million in 2013-14 (refers to
financial year, April 1 to March 31).  BPPL's net cash accruals
are expected to improve over the near to medium term, and to be
adequate to meet debt obligations of INR17.3 million. Further, the
company's cash credit limits of INR35 million have been moderately
utilised and provides adequate flexibility to meet any exigency.
The absence of debt-funded capital expenditure (capex) plans is
expected to result in improved gearing over the near to medium
term.

The rating also reflects BPPL's small scale of operations in the
fragmented paper industry, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
company's moderate financial risk profile marked by low gearing,
and robust debt protection metrics, partially constrained by small
net worth.
Outlook: Stable

CRISIL believes that BPPL will benefit from the favourable demand
prospects for kraft paper in the packaging industry and the
strategic location of its plant over the medium term. The outlook
may be revised to 'Positive' if BPPL's sales and profitability
improves substantially resulting in sizeable net cash accruals
being generated. Conversely, the outlook may be revised to
'Negative' if BPPL's liquidity weakens because of an increase in
its working capital requirements or if the company undertakes any
large debt-funded capex programme, thereby weakening its debt-
servicing ability.

Incorporated in 2009, BPPL manufactures kraft paper. Its
manufacturing facility is in Tezpur (Assam). BPPL manufactures
varieties of kraft paper with grammage (GSM) of 70 to 250 and
burst factor (bf) of 20. The company's product finds application
primarily in the packaging industry for manufacturing of
corrugated boxes. The company's day-to-day operations are managed
by its managing director Mr. Dilip Kumar Singh.


BUTTA CONVENTION: CRISIL Assigns 'D' Rating to INR150MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facility of Butta Convention Services Private Limited (BCSPL). The
rating reflects instances of delay by BSCPL in servicing its debt;
the delays have been caused by the company's weak liquidity,
driven by initial stage of operations and insufficient accruals to
meet debt obligations.

                      Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Term Loan             150          CRISIL D

BSCPL also has modest scale of operations in the highly
competitive hospitality industry. However, it benefits from its
promoters' extensive industry experience.

Incorporated in May 2012, BCSPL is in the hospitality business and
operates a convention center. Located in Madhapur (Hyderabad,) the
company hosts social as well as corporate events. The Company is
promoted by Mr. Butta S Neelakanta and his wife Mrs. Butta Renuka
and is part of the BUTTA group of companies. The group has
presence in the Hospitality, Education, Branded Retail and
Automobile space in Hyderabad

BCSPL has incurred a net loss of INR18.9 million on net sales of
10.1 million during 2013-14 (refers to financial year; April 1 to
March 31).


CYGNUS SPLENDID: ICRA Assigns 'B' Rating to INR9.50cr Term Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR13.14
crore fund based bank facilities of Cygnus Splendid Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund Based
   Facility- Cash credit    3.64        [ICRA]B; Assigned

   Long-term Fund Based
   Facility- Term Loan      9.50        [ICRA]B; Assigned

ICRA's rating takes into account CSL's modest scale and limited
track record of operations in non-woven fabric manufacturing; the
vulnerability of profitability to fluctuations in polymer prices
and the financial profile of the company characterized by modest
profitability (on account of higher dependence on trading
business), leveraged capital structure and weak coverage
indicators. This has also resulted in dependence on external funds
to meet the debt obligations given the insufficient level of
internal accruals generated from operations. However, the rating
favourably factors in the support from the diversified Cygnus
Group, which benefits the company in terms of client acquisition
and reputed client base which includes established players like
Indian Railway, Haldiram's, HLL lifecare, Daawat, etc. Going
forward, the ability of the company to increase its scale of
operations, improve its profitability while improving its debt
protection metrics will be the key rating sensitivities.

CSL initially started its business as a partnership firm under the
name of Cygnus Splendid in the year 2011. It was later
incorporated into CSL in August 2012 and is a part of the Cygnus
Group. The company is promoted by Singhania family (Krishna Kumar
Singhania, Vijay Kumar Singhania, etc.) and is engaged in
manufacturing of non-woven fabric and trading of fabric. The
manufacturing facility is located at KIE industrial area, New
Delhi with an installed capacity of 7200 metrci tonnes per annum
(MTPA). The plant started operations in April 2013.

Recent Results
CSL reported an operating income of INR48.04 crore and a loss of
INR1.4 crore in 2013-14, as against an operating income of INR0.22
crore and a loss of INR2.52 crore in the previous year.


DIVYADEEP SUGAR: ICRA Suspends 'B' Rating on INR20cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20 crore term
loan of Divyadeep Sugar & Agro Industries P Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


EKTA TRUST: CRISIL Raises Rating on INR80MM Term Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Ekta
Trust (Ekta) to 'CRISIL B-/Stable' from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                80        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by Ekta over
the past four months, driven by improved liquidity. CRISIL
believes that Ekta's liquidity will improve further, with expected
increase in student enrolments, and new students paying revised
fees in most courses. Ekta is expected to generate sufficient cash
accruals to service its maturing debt of INR16.4 million in 2015-
16 (refers to financial year, April 1 to March 31). CRISIL
believes that Ekta will service its debt as scheduled, supported
by improving liquidity.

The rating continues to reflect Ekta's exposure to risks relating
to intense competition, and to unfavourable regulations in the
education services industry. These weaknesses are partially offset
by Ekta's established track record in the education domain.
Outlook: Stable

CRISIL believes that Ekta will continue to benefit over the medium
term from its trustees' experience in the education sector. The
outlook may be revised to 'Positive' if Ekta further increases its
scale of operations while strengthening its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
significant decline in cash accruals, low student admissions, or
any large, debt-funded capital expenditure weakens its capital
structure.

Ekta, based out of Sabarkantha (Gujarat), offers undergraduate
courses. The trust started operations in 1991, and currently
offers degree and diploma courses in engineering and nursing.

Ekta reported a provisional profit after tax (PAT) of INR9.4
million on net sales of INR88.6 million in 2014-15 (Rs.4.8 million
and INR60.6 million in 2013-14).


G M COLD: CRISIL Reaffirms B+ Rating on INR69.5MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G M Cold
Storage Pvt Ltd (GMCSPL) continues to reflect its exposure to
risks related to the highly regulated and intensely competitive
cold storage industry in West Bengal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           69.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term    40.5       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The rating also reflects the company's weak financial risk
profile, marked by a small net worth and low profitability. These
rating weaknesses are partially offset by the extensive experience
of GMCSPL's promoters in the cold storage and potato trading
businesses.
Outlook: Stable

CRISIL believes that GMCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improved cash
accruals or infusion of capital by promoters, leading to
improvement in the financial risk profile and the company's risk
absorption capacity. Conversely, the outlook may be revised to
'Negative' if GMCSPL registers deterioration in its liquidity on
account of stretched receivables, or non-recovery of produce
market loan extended to farmers, or lengthening of its working
capital cycle, or a large debt-funded capital expenditure (capex)
programme.

Update
GMCSPL's operating income has improved backed by an increase in
potato trading. The company recorded estimated revenues at
INR102.8 million for 2014-15 (refers to financial year, April 1 to
March 31). Its operating profitability remained stable at 8 to 10
per cent over the two years ended 2014-15.

The company's financial risk profile remains average, with a small
net worth, and high gearing of 3.37 times as on March 31, 2015,
against 4.01 times as on March 31, 2014. GMCSPL's debt protection
metrics remained healthy, with interest coverage and net cash
accruals to total debt ratios estimated at 3.52 times and 0.09
times, respectively, for 2014-15.

GMCSPL's liquidity remains moderate, with its bank limits
remaining fully utilised. The cash accruals of INR6.1 million
remain sufficient in the absence of any fixed repayment obligation
and any debt-funded capex plans.

GMCSPL, incorporated in 1986, provides cold storage facilities to
potato farmers and traders. It also trades in potato. The company
is owned by the West Bengal-based Gorai family, which has been in
the same line of business for 25 years. GMCSPL's cold storage is
located in Bankura (West Bengal).


GANPATI ENTERPRISES: CRISIL Places B+ Rating on INR135MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ganpati Enterprises - Muzaffarnagar (GE).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit               20      CRISIL B+/Stable
   Cash Credit/Overdraft
   facility                 135      CRISIL B+/Stable

The rating reflects GE's susceptibility to risks related to
changes in government policies and to license allocation through
lottery in the liquor retailing business. The rating also factors
in the modest profitability of operations. These rating weaknesses
are partially offset by the extensive experience of GE's partners
in liquor trading, and the firm's diversified revenue profile.
Outlook: Stable

CRISIL believes that GE will continue to benefit over the medium
term from its partners' extensive experience in liquor trading and
geographical diversification in its revenue. The outlook may be
revised to 'Positive' if the firm reports significant increase in
its scale of operations and profitability leading to substantially
high cash accruals, while it improves its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
considerable increase in GE's working capital requirements or
capital withdrawal by its partners, leading to pressure on the
firm's financial risk profile.

Formed in 2002, GE is a partnership firm engaged in retailing of
Indian-made foreign liquor and country liquor through 23 retail
shops across Rajasthan, Haryana, and Uttaranchal.

For 2013-14, GE reported a profit before tax (PBT) of INR6.88
million on net sales of INR474 million, against a PBT of INR4.79
million on net sales of INR300 million for 2012-13.


GAYATRI COTGIN: CRISIL Ups Rating on INR133MM LT Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Gayatri Cotgin Corporation (GCC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Proposed Long Term       133       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Standby Line of Credit     6       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan                 21       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects GCC's improved liquidity marked by
sufficient cash accruals against term debt obligations, moderate
bank line utilisation and support from promoters in the form of
unsecured loans. The upgrade also factors in improvement in scale
of operations, with the firm reporting net sales of INR85.4
million in 2013-14 (refers to financial year, April 1 to
March 31) and INR271.4 million as estimated in 2014-15. The firm's
liquidity has improved marked by cash accruals of INR4.8 million
as estimated in 2014-15, as against annual debt obligation of INR3
million.

The rating continues to reflect GCC's small scale of operations in
the highly competitive cotton industry, moderately working-
capital-intensive operations, and average financial risk profile.
These rating weaknesses are partially offset by the promoters'
extensive experience in the cotton industry, and the firm's
proximity to the cotton-growing region in Gujarat.
Outlook: Stable

CRISIL believes that GCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
substantial revenue while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a decline in GCC's revenue or profitability, or a stretch
in its working capital cycle, resulting in weakening in its
financial risk profile or if the firm undertakes a large debt-
funded capital expenditure programme.

Incorporated in 2013, GCC is a partnership firm located near
Bhavnagar (Gujarat). Its promoters have more than a decades'
experience in the cotton ginning industry. GCC reported a profit
after tax of INR0.6 million on net sales of INR85.4 million for
2013-14.


GIRIRAJ GINNING: CRISIL Assigns B+ Rating to INR640MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Giriraj Ginning and Pressing Private Limited (GGPPL)
and has assigned its 'CRISIL B+/Stable' rating. CRISIL had
suspended the rating on GGPPL's long-term bank facilities on
February 29, 2012 as the company had not provided the necessary
information required for a rating view. GGPPL has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           640        CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Term Loan              17.8      CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Standby Letter         30.0      CRISIL B+/Stable (Assigned;
   of Credit                        Suspension Revoked)


The rating reflects the experience of GGPPL's promoters in the
cotton trading and ginning industry, and the favourable location
of the company's facility, ensuring easy availability of raw
cotton. These rating strengths are partially offset by GGPPL's
large working capital requirements, and average financial risk
profile, marked by high gearing and weak debt protection metrics.
Outlook: Stable

CRISIL believes that GGPPL will continue to benefit over the
medium term from its promoters' experience, established
relationships with customers and suppliers, and favourable
location of the firm. The outlook may be revised to 'Positive' if
the company reports strong accruals while also improving its
working capital management. Conversely, the outlook may be revised
to 'Negative' if decline in accruals, any large debt-funded
capital expenditure, or increase in working capital requirements
weakens its financial risk profile.

Incorporated in September 1998 and promoted by Mr. Naresh Lotiya,
GGPPL is based in Rajkot (Gujarat). The firm undertakes cotton
ginning and pressing operations and has capacity to process 250
tonnes of raw cotton per day.


GRAND AUTO: CARE Assigns B+ Rating to INR9.30cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' Ratings To The Bank
Facilities Of Grand Auto Udyog Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.30       CARE B+ Assigned
   Short-term Bank Facilities    0.70       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Grand Auto Udyog
Pvt. Ltd. (GAUPL) are primarily constrained by its small scale of
operations with thin profit margins marked by pricing constraints
and margin pressure arising out of competition from other auto
dealers in the market, risk of non-renewal of dealership agreement
from principles, working capital intensive nature of its operation
leading to leveraged capital structure and moderate debt
protection metrics. The rating, however, derives strength from its
experienced promoters with long track record of operations,
authorised dealership of some automobile majors leading to
diversified product profile and integrated nature of business.

Going forward, the ability of the company to improve its scale of
operation along with improvement in profit levels, margins and
efficient management of working capital would be the key rating
sensitivities.

Grand Auto Udyog Pvt. Ltd. (GAUPL) was established as a
partnership firm namely Grand Automobiles in 1986 by one Mr Nabin
Kumar Mohanty of Cuttack along with other partners. Since
inception, the firm has been in car dealership business. Later, in
the year 2011, the firm converted into a company and rechristened
as GAUPL. Presently, the company has authorised dealership of
various companies like, India Yamaha Motor Pvt. Ltd., Piaggio
Vehicles Private Limited, Swaraj Mazda tractors and Total Oil
India Pvt. Ltd. (ELF) for the Cuttack district of Odisha. Apart
from this, the company is a dealer and distributor for some tyre
companies like Bridgestone, CEAT, JK Tyres, TVS Tyres etc. GAUPL
has six showrooms at Cuttack for different products. This apart,
the company has eight sales counters for automobile products
spreading in nearby three districts of Odisha.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR50.35 crore (FY13:
INR38.78 crore) and a PAT of INR0.23 crore (FY13: INR0.17 crore).
The company has achieved a turnover of about INR57.9 crore in FY15
(provisional).


GULMOHAR PARK: ICRA Revises Rating on INR55cr Term Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR55 crore term
loan facility of Gulmohar Park Mall Private Limited (GPMPL) to
[ICRA]D from [ICRA]BB+ (Stable).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan                55        [ICRA]D/ Revised

The revision in rating takes into consideration the delay in term
loan repayments by GPMPL. The rated loan being a Lease Rental
Discounting (LRD) loan availed by securitizing lease rentals
receivable from retailers occupying the property, any delays in
timely remittance of monthly lease rentals from lessees adversely
impacts GPMPL's ability to service its debt repayment obligations
in a timely manner.

GPMPL owns and operates the Gulmohar Park Mall at Sarkhej-
Gandhinagar Highway, Ahmedabad. The name of the company has been
changed to Gulmohar Park Mall Pvt. Ltd. from Navratna SG Highway
Properties Pvt. Ltd. on 29th May 2012.

The Gulmohar Park mall is located on the Sarkhej-Gandhinagar
Highway at Satellite Road in Ahmedabad, ~17-19 km. from the
airport and ~11-12 km. from the railway station. The total
leasable area of the mall is 2,22,236 sqft. The property is a
standalone mall which is being operated on a 100% lease model.
Construction of the mall began in June 2006 and the mall commenced
operations in October 2008.


GURU NANAK: ICRA Assigns B Rating to INR5.50cr Long Term Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.50
crore fund based bank facilities of Guru Nanak Stone Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term                5.50        [ICRA]B; assigned

ICRA's rating takes into account GSI's moderate scale of
operations and high level of competitive intensity due to the
presence of a large number of crushers in the vicinity, which has
resulted in volatile profitability margins in the past. The rating
also factors in regulatory restrictions on the river bed mining
industry which might impact raw material availability. ICRA also
takes into account the vulnerability of GSI's profitability to a
slowdown in the real estate and construction sectors, which are
its key off takers. Further, the rating is also constrained by the
firm's elevated gearing on account of its reliance on debt for
funding the working capital requirements; the firm has a high
working capital intensity due to substantial inventory levels it
is required to maintain round the year. The rating also takes into
account the moderate coverage indicators of the firm due to low
profitability and high debt levels. However, the rating derives
comfort from the experience of the promoters in the industry, and
favorable demand outlook for stone grits given the healthy level
of construction activity in the surrounding areas.

Going forward, the firm's ability to ramp up its operations and
maintain an optimal working capital cycle will be the key rating
sensitivities.

GSI was established in 2006 as a partnership firm by Mr. Preet Pal
Singh and Mr. Amarjeet Singh as partners. During November 2012,
Mr. Preet Pal Singh voluntarily retired from the partnership firm
and Mr. Gurpal Singh Gorava and Mrs. Paramjeet Kaur were admitted
as partners on the same date. GSI is engaged in processing of
stone grit into various sizes and sand from river bed material
through screening and crushing process. The firm's processing
plant is located at Village Ladpur, Uttar Pradesh over a total
area of 4.10 acres.

Recent Results
GSI reported a net profit of INR0.09 crore on an operating income
of INR20.83 crore for the year ended March 31, 2014 as compared to
a net profit of INR0.06 crore on an operating income of INR18.87
crore for the previous year. The firm, on a provisional basis,
reported an operating income of INR28.66 crore for FY15.


HARIHARAN SPINNERS: ICRA Reaffirms 'B+' Rating on INR15.27cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR15.27 crore (revised from INR16.13 crore) term loan facilities
and the INR6.00 crore fund based facilities of Hariharan Spinners
Limitedat [ICRA]B+. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 to the INR0.37 crore (revised from INR2.70 crore) non-
fund based facilities of the Company. ICRA has assigned a long
term rating of [ICRA]B+ to the INR3.19 crore (revised from nil)
unallocated limits of the Company.

                              Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   LT-Term loan facilities    15.27      [ICRA]B+ reaffirmed
   LT-Fund based facilities    6.00      [ICRA]B+ reaffirmed
   LT-Unallocated limits       3.19      [ICRA]B+ assigned
   ST-Non-fund based
   Facilities                  0.37      [ICRA]A4 reaffirmed

The ratings reaffirmation considers the strong growth of ~21.4% in
operating income in 2013-14 supported by higher volumes on the
back of favourable demand for yarn. However, the revenues
witnessed muted growth for 11 months ending February 2015 due to
lower realisation for yarn which coupled with inventory losses
incurred during the year has also led to a moderation in operating
margin for the same period. The ratings continue to draw comfort
from the experience of the promoters in the industry and the
Company's established relationship with its domestic customers
which lend stability to the volumes to some extent. The ratings,
however, remains constrained by the Company's modest scale of
operations which limits benefits from economies of scale, the
intense competition in the business which limits pricing
flexibility to an extent and the high supplier concentration with
Grasim Industries Limited exposing the Company to risk of supply
constraints. Although the company does not have any significant
capital expenditure plans in the medium term, with sizeable debt
repayment obligations falling due in the near term, the ability of
the company to improve its scale and margins while maintaining its
working capital intensity remains critical.

Hariharan Spinners Limited (HSL) was incorporated in the year 2005
and is engaged in the production of polyester and polyester-
viscose blended yarn by six promoters. The Company started its
commercial production on April 2008 with a spindle capacity of
12,096 spindles and currently has a capacity of 16,128 spindles.
The Company has its manufacturing facilities at Tiruchengode,
Tamil Nadu. The company also has windmills installed with a total
generation capacity of 1.6 MW.

Recent Results
According to the unaudited financials, HSL reported profit before
tax of INR0.4 crore on operating income of INR30.0 crore for the
11 months ending February 2015 as against a net profit of INR0.1
crore on operating income of INR32.3 crore during 2013-14.


HARYANA RICE: CRISIL Reaffirms B Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Haryana Rice
Mills (HRM) continues to reflect HRM's large working capital
requirements, leading to a weak financial risk profile, and its
small scale of operations.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL B/Stable (Reaffirmed)

The rating also factors in the vulnerability of the firm's margin
to volatility in raw material prices, its high dependence on
monsoon, and its susceptibility to regulatory changes. These
rating weaknesses are partially offset by HRM's strong track
record in the basmati rice industry.
Outlook: Stable

CRISIL believes that HRM's financial risk profile will remain weak
over the medium term because of substantial debt contracted to
fund large working capital requirements. The outlook may be
revised to 'Positive' if the firm generates considerable cash
accruals or if its capital structure improves significantly driven
by capital infusion by the partners. Conversely, the outlook may
be revised to 'Negative' if HRM's capital structure deteriorates,
or if there is a steep decline in the price of rice, adversely
impacting the firm's profitability.

Update
HRM's sales of INR764 million (up 59 per cent year-on-year) for
2013-14 (refers to financial year, April 1 to March 31) were
better than CRISIL's expectation, on account of higher demand from
exporters. However, the increase in sales volume also resulted in
decline in the firm's operating margin to 2.5 per cent in 2013-14
from 3.1 per cent in 2012-13. The firm's revenue is estimated to
have declined INR650 million in 2014-15, due to reduced demand
from customers and ban on imports by Iran. HRM's operations remain
working capital intensive, driven by high debtor days and large
inventory. HRM's financial risk profile is marked by high gearing
of 11.72 times as on March 31, 2014, due to high dependence on
short-term bank borrowings and modest net worth. The gearing is
estimated to have remained high, at 11.7 times, as on March 31,
2015, as was no capital infusion in 2014-15. However, the firm's
liquidity was supported by capital infusion of INR10 million by
the partners in 2013-14 and additional support in the form of
unsecured loans of INR7.5 million during the same year.

Set up in 1985 as a partnership firm by the Lal family of Haryana,
HRM mills and sorts basmati rice in Karnal (Haryana).

HRM reported a book profit of INR0.8 million on net sales of
INR764 million for 2013-14, against a book profit of INR0.6
million on net sales of INR481 million for 2012-13. The firm is
estimated to report a turnover of INR650 million for 2014-15.


HILLTOP CONCRETE: CARE Assigns 'B' Rating to INR13.50cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Hilltop
Concrete Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.50      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Hilltop Concrete
Private Limited (HCPL) is primarily constrained on account of
project implementation and stabilization risk arising out of
ongoing debt funded capital expenditure. The rating is also
constrained on account of presence of HCPL in the highly
competitive industry and exposure to the risk and cyclicality
associated with the real estate industry.

The rating, however, takes comfort from the experience of the
promoters, location advantage arising out of proximity to
the key raw material and positive demand outlook for AAC blocks on
account of increasing acceptance of the product in
the Indian market.

HCPL's ability to timely complete its project within envisaged
cost and stabilize its business operations with establishment
of its customer base is the key rating sensitivity. Furthermore,
achieving envisaged level of sales and profitability would
also remain crucial.

Incorporated during 2012, Surat-based (Gujarat), HCPL is promoted
by Mr Vinay Chaudary, Mr Kirtee Chaudary, Mr Priyank Chaudary and
Mr Gaurav Chaudary. At present, HCPL is implementing debt funded
capital expenditure to set up plant for manufacturing of AAC Block
at Kapadvanj (Dist: Kheda, Gujarat) with proposed installed
capacity of 285,000 cubic meters per annum. The total cost of the
project is envisaged to be INR22.02 crore (including margin money
for working capital of INR1.21 crore) which is to be funded
through equity share capital of INR7 crore, term loan of INR13.50
crore and balance by way of unsecured loans. HCPL expects to
commence the commercial production from November 2015 with delay
of around ten months from earlier envisaged date.


HIMAGIRI HOSPITALS: CRISIL Ups Rating on INR60MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Himagiri Hospitals Pvt Ltd (HHPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan            60      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Overdraft Facility      22.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       7.5      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that HHPL will
maintain its improved business risk profile over the medium term,
supported by its successful commercialization of operations at its
hospital and thereafter, a healthy ramp-up in operations resulting
in improved cash accruals vis-a-vis its debt obligations. CRISIL
also believes that with the stabilisation of operations at its
hospital, the company's revenue will improve, resulting in a
healthy cash accruals. In the absence of any capital expenditure
plan, the cash accruals will support working capital management,
thus improving HHPL's financial risk profile, over the medium
term.

The rating continues to reflect HHPL's modest scale of operations
in the highly fragmented healthcare segment and it's below average
financial risk profile. These weaknesses are partially offset by
benefits derived from the extensive experience of its promoters
and its strategic location.
Outlook: Stable

CRISIL believes that HHPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of sustainable increase in the
company's revenue and profitability along with efficient working
capital management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
HHPL's financial risk profile weakens because of low cash accruals
or deterioration in the working capital management or large debt-
funded capital expenditure.

Set up in 2011, HHPL operates a multi-specialty tertiary care
hospital in Hyderabad. The company is promoted by Mr. P. Shankar
Reddy and his family.

For 2013-14, (refers to the financial year April 1 to March 31)
HHPL reported a net loss (NL) of INR11 million on net sales of
INR43 million.


INDIABULLS REAL: Moody's Says Sales Weakness is Credit Negative
---------------------------------------------------------------
Moody's Investors Service says that Indiabulls Real Estate
Limited's (Indiabulls, B1 stable) weak operating sales in the
fourth quarter of fiscal year 2015 is credit negative.

Indiabulls reported operating sales of 0.66 million square feet
for INR5.5 billion for the quarter ending 31 March 2015 (QE3/2015)
and 1.77 million square feet, for INR20.4 billion for fiscal year
2015 against Moody's expectation of 3-4 million square feet, for
INR25-30 billion.

Moody's analysis is contained in its just-published report
"Indiabulls Real Estate Limited: Continued Weakness in Operating
Sales in Q4 is Credit Negative," by Vikas Halan, a Moody's Vice
President and Senior Credit Officer and Sweta Patodia, a Moody's
Associate Analyst.

Revenue recognition also declined with the company recording
revenues of only INR5.9 billion during the fourth quarter of
fiscal year 2015 compared to INR6.5 billion in the last quarter.

The company, however, recorded revenues of INR25.9 billion during
fiscal year 2015, an increase of 50% compared to the previous
year.

Indiabulls' high exposure to the oversupplied residential property
market in Gurgaon means that sales will remain weak if demand does
not pick up in the region in the coming months.

Indiabulls' two projects at Gurgaon, One Indiabulls and Indiabulls
Imperial, account for over 56% of the company's total unsold area
of 23.35 million square feet.

In addition, operating sales at One Indiabulls have also remained
extremely low with the company managing to sell only 0.04 million
square feet out of the total saleable area of 6.15 million square
feet as of 31 March 2015.

Sales in Gurgaon have been impacted due to delay in approval of
building plans and infrastructure developments. In a recent
positive development, however, infrastructure development could
get a boost following a ruling by the High Court of Punjab and
Haryana. On May 21 2015, the court vacated its stay on
construction along a 2.5 km stretch of the 18km-long Northern
Peripheral Road or Dwarka Expressway, connecting Dwarka with
National Highway 8, which was stuck in litigation. Any progress on
actual construction of the Expressway will provide positive
momentum for sales in the region.

Easing monetary policy along with improving economic growth will
stimulate residential property demand in India but the time frame
for such an improvement remains uncertain.

If Indiabulls' sales performance continues to remain weak, credit
metrics may weaken -- and negatively pressure the company's
ratings -- such that EBITDA/ interest will fall below 1.5x by
fiscal year ending March 2016.

Further, Moody's notes that lower margins have weakened he credit
metrics for the quarter. EBITDA for the quarter almost halved,
which resulted in credit metrics deteriorating despite marginal
reduction in borrowings. Leverage levels will remain high until
the projects reach revenue recognition thresholds. Progress on
sales and execution of the projects will help to improve free cash
flow generation required to service the debt obligations.

Finally, Indiabulls' liquidity is adequate; as of March 31, 2015,
the company had cash and cash equivalents of INR6.7 billion along
with current investments of INR3.3 billion. Over the next 12
months, Indiabulls has INR9.7 billion in debt maturities.


JSM DEVCONS: ICRA Reaffirms 'B' Rating on INR37.75cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B to the
INR37.75 crore fund based facilities of JSM Devcons Private
Limited (JDPL).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund Based
   Facilities              37.75      [ICRA]B; Reaffirmed

The rating remain constrained on account of the weak collection
efficiency in the company's ongoing project which along with cost
over runs has resulted in modest cash flow position and increased
reliance on funding support from promoters. Further, despite the
final stages of construction for the initial phase of the project,
the company remains exposed to market risks with only 75% of the
launched area having being sold till date. The company's ability
to sell additional units and improve collections is critical given
that majority of the debt has to be repaid over the next twelve
months.

However the rating derives comfort from the nearing completion
stage of the company's project which mitigates execution risks to
an extent, its attractive location of the project with proximity
to prominent commercial centers of Indore, Madhya Pradesh and the
low regulatory risk as all the necessary approvals are in place.
Going forward, the ability of the company to improve its cash flow
position by increasing collection efficiency and successfully
market the existing inventory will remain the key rating
sensitivities.

JDPL, incorporated in December 2007, is developing its maiden
residential real estate project by the name 'Pinnacle D Dreams' at
Indore, Madhya Pradesh. 'Pinnacle D Dreams' is being developed in
phased manner whereby JDPL plans to complete the project in three
phases. In October 2009, the first phase constituting saleable
area of 0.6 million square feet (msf) across three high rise
buildings was launched. Subsequently, the second phase covering an
incremental 0.6 msf area was launched in November 2011.

Recent Results
In the financial year ending March 31, 2014 (FY14), JDPL had an
operating income of INR33.30 crore on which it earned a Profit
after Tax (PAT) of INR0.33 crore compared to operating income of
INR29.16 crore on which it earned a Profit after Tax (PAT) of
INR0.18 crore in FY13.


JSW STEEL: Moody's Says FY2015 Results Below Expectations
---------------------------------------------------------
Moody's Investors Service said that JSW Steel Limited's audited
consolidated results for the fiscal year ended March 31, 2015
(FY2015) were below Moody's expectations but should improve in
FY2016.

"JSW's sales volumes for FY2015 were 3% lower than we had
expected. Lower steel realizations year-over-year and a muted
correction in domestic iron ore prices led to an annual
consolidated EBITDA of INR95.1 billion, which was 14% short of our
estimates," says Kaustubh Chaubal, a Moody's Vice President and
Senior Analyst.

Chaubal explained that subdued domestic demand and a surge in
imports from China, Russia and Korea exerted pressure on steel
realizations, and steel prices in India fell 26% between April
2014 and March 2015. By contrast, JSW's steel realizations fell by
only 9% over the same period.

"Looking ahead, domestic sales will drive growth at JSW in
FY2016," adds Chaubal.

Moody's analysis is contained in its just-released report titled
"JSW Steel Limited: Full Year Operating Results Below
Expectations, But Expected Recovery Ahead," and is co-authored by
Chaubal, and Vincent Tordo, an Associate Analyst.

Moody's report says that in FY2016, demand for steel in India will
be supported by the pick-up in sales for commercial vehicles. The
report also says that JSW expects a 7% increase in sales to 12.9
million tons for FY2016.

In addition, cost pressures will likely ease during FY2016.
Moody's report says that while steel prices will remain under
pressure, the cut in domestic iron ore and coking coal prices will
help ease pressure on margins.

JSW also remains focused on easing margin pressure through cost
reduction initiatives such as yield improvement, fuel efficiency,
logistics and procurement, and shifts in the road/rail mix.

Moody's expects JSW's leverage metrics to stay within the
parameters of its Ba1 corporate family rating over the next 12
months. In particular, Moody's says JSW's leverage should stay
just under 4.0x in FY2016.


KHATUCO EXPORT: CRISIL Reaffirms B+ Rating on INR11MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Khatuco Export
India Pvt Ltd (KEIPL) continue to reflect KEIPL's customer
concentration in its revenue, highly working-capital-intensive
operations, and below-average financial risk profile, marked by
small net worth and muted debt protection metrics. These rating
weaknesses are partially offset by the benefits that KEIPL derives
from its promoters' extensive experience in the carpets industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing           11      CRISIL B+/Stable (Reaffirmed)
   Credit

   Foreign Bill
   Discounting              60      CRISIL A4 (Reaffirmed)

   Standby Letter of
   Credit                    7.5    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that KEIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if KEIPL's scale of
operations and working capital cycle improves substantially,
leading to sizeable cash accruals. Conversely, the outlook may be
revised to 'Negative' if KEIPL faces a decline in offtake from its
key customer, thereby adversely affecting its revenue and margins
or if it undertakes any large debt-funded capital expenditure
programme, leading to weakening in its capital structure and debt
protection metrics.

Update
KEIPL, on a provisional basis, reported healthy year-on-year
revenue growth of 30 per cent for 2014-15 (refers to financial
year, April 1 to March 31), better than CRISIL's estimated
topline. KEIPL's operating margin is estimated at 5.3 per cent in
2014-15. CRISIL believes that KEIPL's scale of operations will
continue to grow at a moderate pace of 15 to 20 per cent while
sustaining its healthy operating margin over the medium term,
supported by its promoters' extensive industry experience. KEIPL
remains susceptible to growth prospects of its sole customer Al
Marzaan International (USA).

KEIPL has high gross current assets of around 184 days as
estimated on March 31, 2015 on account of high credit of 150 to
170 days extended to its sole customer Al Marzaan International.
KEIPL maintains an inventory of 30 to 35 days and receives a
credit of 10 to 15 days from its suppliers. Hence, KEIPL's
operations remain working capital intensive. High working capital
requirements have led to its bank limits being utilised at more
than 75 per cent over the 12 months through March 2015. CRISIL
believes that KEIPL's operations will remain working capital
intensive over the medium term.

KEIPL's financial risk profile remains moderate, marked by low net
worth of around INR55 million to INR58 million and a moderate
total outside liabilities to tangible net worth ratio of around
1.50 times as estimated on March 31, 2015. The company's debt
protection metrics remains weak, with interest coverage ratio and
risk coverage ratio of around 2.0 times and 1.5 times as estimated
on March 2015. CRISIL believes that KEIPL's financial risk profile
will remain weak, marked by its low net worth and weak debt
protection metrics.

Incorporated in 1976 and based in Varanasi (Uttar Pradesh), KEIPL
procures and exports various hand-knotted carpets. It was
previously a partnership firm, Khatuco Enterprises, founded by Mr.
B M Agrawal. The company is currently being managed by Mr. Vinod
Agrawal and his son, Mr. Veeraj Agrawal.

For 2014-15, KEIPL reported an estimated profit after tax (PAT) of
INR3.4 million on net sales of INR184.2 million, as against a PAT
of INR2.4 million on net sales of INR141.6 million for 2013-14.


KSA EDUCATIONAL: CRISIL Assigns 'D' Rating to INR71MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of KSA Educational and Charitable Trust (KSA). The
rating reflects instances of delay by KSA in servicing its term
debt obligations; the delays have been caused by the Trust's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           20         CRISIL D
   Long Term Loan        71         CRISIL D

The rating also reflects KSA Trust's modest scale of operations,
geographical concentration in revenue profile and weak financial
risk profile. These rating weaknesses are partially offset by its
promoters' experience in the educational sector.

KSA was founded in 2008 by Mr.K.S.Alagiri. In 2010 the trust
started a Maritime college in Chidambaram, Tamil Nadu which offers
Diploma in Nautical Science and Marine Engineering degree. The
college is affiliated to Indian Maritime University-a Central
University run by the Government of India.


LADO CERAMIC: CRISIL Assigns B+ Rating to INR37.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lado Ceramic Pvt Ltd (LACPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               37.5       CRISIL B+/Stable
   Bank Guarantee          10         CRISIL A4
   Cash Credit             20         CRISIL B+/Stable

The ratings reflect the extensive experience of the company's
promoters in marketing ceramic tiles, and the strategic location
of its plant at Morbi, Gujarat ensuring availability of raw
materials and labour. These rating strengths are partially offset
by LACPL's exposure to risks relating to project implementation
and modest scale of operations.
Outlook: Stable

CRISIL believes that LACPL will maintain its business risk profile
backed by its promoters' industry experience. However, the
company's financial risk profile is expected to remain average
over the medium term, with high gearing and average debt
protection metrics because of low accruals during the project
stabilisation phase. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if LACPL reports low
operating margin or it undertakes any large debt-funded expansion,
or due to stretch in its working capital cycle weakening its
financial risk profile.

LACPL was incorporated in September 2014. The company is setting
up a facility to manufacture ceramic tiles with annual capacity of
24,000 tonnes per annum. LACPL is promoted by Mr. Piyushbhai
Kalariya and others.


LAKSHMIGRAHA ENTERPRISES: CRISIL Reaffirms B+ INR150M Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Lakshmigraha Enterprises
(LE) continue to reflect its below-average financial risk profile,
marked by modest net worth, high gearing, and average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting      100        CRISIL B+/Stable (Reaffirmed)

   Cash Credit           150        CRISIL B+/Stable (Reaffirmed)

   Channel Financing      50        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15        CRISIL B+/Stable (Reaffirmed)

The rating also factor in its low profitability due to its trading
nature of operations. These rating weaknesses are partially offset
by the benefits that LE derives from its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that LE will continue to benefit over the medium
term from its established position as a distributor of Reliance
Industries Ltd (RIL) in South India. The outlook may be revised to
'Positive' if the firm registers significant and sustainable
improvement in its financial risk profile, driven by improvement
in cash accruals or capital infusion. Conversely, the outlook may
be revised to 'Negative' if LE records significant decline in cash
accruals due to decline in sales or profitability or if there is
significant weakening in its capital structure on account of
larger-than-expected debt-funded working capital borrowings.

LE, set up in 1986, is a partnership firm, with Ms. R Nandini and
Ms. N Nivedita as its partners. The firm is a distributor of RIL
for its polyester fibre, including polyester-filament yarn,
polyester-stable fibre, polyester-textured yarn, and related
products. The firm is based in South India. The day-to-day
operations are managed by Ms. R Nandini and family.


LIGHTCITY CERAMIC: CRISIL Reaffirms 'B' Rating on INR52.7MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lightcity Ceramic Pvt
Ltd (LCPL) continue to reflect LCPL's modest scale of operations
in the highly competitive ceramic industry, its large working
capital requirements and average capital structure. These rating
weaknesses are partially offset by the extensive experience of
LCPL's promoters, and the proximity of its manufacturing
facilities to raw material and labour resources.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        7.5        CRISIL A4 (Reaffirmed)

   Cash Credit          25.0        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   52.7        CRISIL B/Stable (Reaffirmed)

   Term Loan            34.8        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LCPL will benefit over the medium term from
its promoters' extensive experience in the ceramics industry. The
outlook may be revised to 'Positive' if LCPL improves its scale of
operations while maintaining its profitability, leading to large
cash accruals, or if it improves its working capital management.
Conversely, the outlook maybe revised to 'Negative' if the
company's cash accruals are low due to reduced order flow or
profitability, or if its financial risk profile deteriorates, most
likely because of a stretch in its working capital cycle or
substantial debt-funded capital expenditure.

Update
LCPL's revenue is estimated to have declined by about 25 per cent
year-on year to INR80 million in 2014-15 (refers to financial
year, April 1 to March 31) on account of challenging environment
in the real estate sector, which is its end-user industry. The
profitability is estimated to be near constant at about 15 per
cent in 2014-15. Consequently, it is estimated to have cash
accruals of INR5.80 million in 2014-15. CRISIL believes that
LCPL's business risk profile will remain constrained on account of
its modest scale of operations. The company's operations continue
to be working capital intensive owing to high inventory
requirements. Its gross current asset (GCA) is estimated to be
around 504 days as on March 31, 2015 as against 409 days as on
March 31, 2014. CRISIL believes that LCPL's operations will remain
working-capital-intensive over the medium term.

The company's adjusted gearing is estimated to be around 3 times
as on March 31, 2015, considering unsecured loans of INR9.60
million extended by promoters as neither debt nor equity (since
they are expected to remain in the business over the medium term).
The gearing remains high due to a modest net worth of INR19
million as on March 31, 2015 and high dependence on bank debt for
funding the working capital requirements. The debt protection
metrics are, however, estimated to be moderate with interest
coverage and net cash accruals to total debt ratios of 1.7 times
and 0.10 times, respectively, for 2014-15, on the back of moderate
operating profitability. CRISIL believes that LCPL's financial
risk profile will remain average over the medium term on account
of modest accretion to reserves and near stable debt levels.

LCPL has average liquidity marked by just sufficient cash accruals
to meet its term debt obligations. The company's bank limit
utilisation has been high at 90 per cent. The liquidity is,
however, supported by unsecured loans from promoters amounting to
INR9.6 million as on March 31, 2014. CRISIL expects the company to
generate cash accruals of about INR6.9 million against repayment
obligations of INR5.8 million in 2015-16.

LCPL, incorporated in 2011, is promoted by Morbi (Gujarat)-based
Mr. Durlabhjibhai Ramjibhai Patel, Mr. Sanjaybhai Loriya, Mr.
Piyush Kumar Merja, and others. The company manufactures digital
wall tiles at its facilities in Morbi. It has an installed
capacity of 18,000 tonnes per annum.


MAHADEV GINNING: ICRA Reaffirms B Rating on INR7cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B) rating to the INR7.00 crore fund
based cash credit facilities of Mahadev Ginning Pressing Co.

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

The assigned rating continues to be constrained by Mahadev Ginning
Pressing Co.'s (MGPC) weak financial risk profile as reflected bya
leveraged capital structure along with weak debt coverage
indicators and stretched liquidity position. The rating, further
takes into account the vulnerability of MGPL's profitability to
adverse fluctuations in raw material prices, which are subject to
the seasonal availability of raw cotton and government regulations
on MSP and export quota. The rating also factor in the low value
additive nature of operations and intense competition on account
of the fragmented industry structure which leads to thin profit
margins. Further, being a partnership firm, any substantial
withdrawal from the capital account may have an adverse impact on
the capital structure of the firm.

The rating, however, positively considers the long experience of
the partners in the cotton industry and the advantages arising
from the firm's proximity to the raw material sources which
ensures regular and easy availability of raw cotton.

Established in 2007, Mahadev Ginning Pressing Co. (MGPC) is
promoted by Mr. Anirudh Jadav, Mr. Balvant Jadav, and Mr, Harish
Jadav. The firm is engaged in cotton ginning and pressing business
to produce cotton bales and cotton seeds. The firm has installed
24 ginning machines with an installed capacity of producing 220
cotton bales per day.

Recent Results
For the year ended 31st March, 2015, as per provisional results,
the firm reported an operating income of INR33.34 crore with
profit before tax (PBT) of INR0.18 crore.


MAMTA TRANSFORMERS: CRISIL Assigns B Rating to INR40MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Mamta Transformers Private Limited (MTPL).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           30      CRISIL A4
   Cash Credit              40      CRISIL B/Stable

The ratings reflect the company's below-average financial risk
profile marked by high gearing and weak debt protection metrics.
The ratings also factor in MTPL's modest scale and working-
capital-intensive nature of operations. These rating weaknesses
are partially offset by its promoters' extensive experience in the
transformer industry.
Outlook: Stable

CRISIL believes that MTPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' in case of significantly
higher-than-expected cash accruals or capital infusion along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' in case of low cash accruals or large
working capital requirements or if MTPL undertakes a large debt-
funded capital expenditure, exerting pressure on its liquidity.

Incorporated in 1995, MTPL is based in Indore (Madhya Pradesh) and
is primarily engaged in the manufacturing and repairing of
distribution transformers. The company is promoted by Mr. R L Ora,
Mr. Vineet Ora and their family members.


MANALTHEERAM AYURVEDIC: CRISIL Rates INR20MM LT Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Manaltheeram Ayurvedic Hospital & Research
Centre Pvt. Ltd. (Manaltheeram).

                           Amount
   Facilities            (INR Mln)        Ratings
   ----------            ---------        -------
   Cash Credit/Overdraft     6.6          CRISIL B/Stable
   facility

   Long Term Loan           20.0          CRISIL B/Stable

The rating reflects Manaltheeram's small scale of operations in a
highly competitive hospitality segment and its weak financial risk
profile marked by high gearing and small net worth. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters in the hospitality segment.
Outlook: Stable

CRISIL believes that Manaltheeram will benefit from the extensive
industry experience of the promoters over the medium term. The
outlook may be revised to 'Positive' if company reports
sustainable increase in revenues and profitability leading to
improvement in its financial risk profile. Conversely the outlook
may be revised to 'Negative' if the financial risk profile of the
company deteriorates mostly driven by significantly larger than
debt funded capex or further support extended to promoters or
affiliates, or in case of a significant decline in cash accruals
due to low occupancy levels.

Manaltheeram Ayurveda Hospital & Research Centre Private Limited
(Manaltheeram) was set up in 2005 in Trivandrum (Kerala). The
company runs two resorts that offer stay and treatments for
various ailments using Ayurveda and Yoga. The company is promoted
by Mr. Baby Matthew.

Manaltheeram reported, on a provisional basis, net profit of
INR5.3 million on operating income of INR162.7 million for 2014-
15. The company reported a net loss of INR1.9 million on operating
income of INR153 million for 2013-14.


MASCOT ENGITECH: CRISIL Assigns B+ Rating to INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Mascot Engitech Pvt Ltd (MEPL). The rating reflects
MEPL's working capital intensive and modest scale of operations.
These rating weaknesses are partially offset by its promoters'
extensive experience and above-average financial risk profile.

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

Outlook: Stable

CRISIL believes that the company will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher scale of operations and profitability along with better
working capital management. Conversely, the outlook may be revised
to 'Negative' if it does not achieve the expected sales or
profitability, or its working capital requirements increase, thus
leading to weak business and financial risk profiles.

MEPL, is a Bhavnagar (Gujarat) based company. The company is owned
and managed by Mr. Mehul Patel and his family members. The company
is engaged into providing fabrication services on job work basis
to ship building companies as well as the industrial segment.

MEPL reported a profit after tax (PAT) of about INR8.5 million on
revenue of INR305.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a net profit of INR12.5 million on
revenue of INR376 million for 2012-13.


MIRRIKH MOTORS: CRISIL Assigns B+ Rating to INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to bank
facilities of Mirrikh Motors Private Limited (Mirrikh).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              150          CRISIL B+/Stable

CRISIL's rating on the bank loan facilities of Mirrikh's reflects
its modest financial risk profile, marked by leveraged capital
structure and modest interest coverage ratio, and intense
competition in auto dealership industry. These rating weaknesses
are partially offset by its established market position as Hyundai
Motors India Limited (HMIL) dealer in Surat (Gujarat).
Outlook: Stable

CRISIL believes that Mirrikh will benefit over the medium term
from its promoters' extensive experience in automobile dealership
business and its established relationship with its principal,
HMIL. The outlook may be revised to 'Positive' if the company's
financial risk profile improves, led by improvement in scale and
operating profitability. Conversely, the outlook may be revised to
'Negative' if Mirrikh's working capital cycle lengthens
significantly, or it undertakes any large debt-funded capital
expenditure plans, leading to further deterioration in its overall
financial risk profile.

Mirrikh is a Surat based authorised dealer for HMIL in Surat and
Bardoli, Gujarat. It also deals in spares and accessories and
carries out servicing of vehicles.

Mirrikh reported a profit after tax (PAT) of INR5.2 million on net
sales of INR 884.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR5.7 million on net sales
of INR896.7 million for 2012-13.


MSR INFRAA: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR20 crore term loan limits of MSR Infraa (erstwhile RR
Constructions).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               20.00       [ICRA]B/reaffirmed

The rating continues to positively factor in the long standing
experience of the promoters of more than 15 years in the real
estate industry and the favorable location of the entity's only
ongoing project, R.R. Signature, which is in close proximity to
various IT companies and educational institutions. The rating is,
however, constrained on account of execution risk as this project
is first ever high rise development by the firm and the size of
the project is significantly larger than the past projects
executed by the firm. The rating factors in the funding risk
associated with the project as significant portion of the project
cost is expected to be met through customer advances, which will
be contingent upon the firm's ability to sell the remaining space
as well as maintain healthy collection efficiency. MSR's high debt
level has resulted in a stretched capital structure as reflected
by a gearing of 8.62x as on 30th September, 2014. Besides, the
rating also takes into account the risks inherent in partnership
nature of the firm, inter alia, the limited ability to raise
capital and the exposure to personal liabilities of the partners.
ICRA also takes note of significant competition in the region from
various other established real estate developers.

Going forward, ability of the company to achieve healthy booking
levels, maintain high collection efficiency and execute its
ongoing project in a timely manner would be the key rating
sensitivities.

MSR Infraa was founded in the year 1996 by Mrs. M. Sunitha as a
proprietorship firm. The firm was reconstituted as a partnership
firm in September, 2013 with Mrs. M Sunitha and Mr. M Sanjeeva
Raju as partners. The entity is engaged in the business of real
estate development and has completed many residential projects in
Nellore and Bangalore since its inception. They are currently
developing a residential apartment project, "R.R. Signature" at
Hegde Nagar - Thanisandra Road, Bangalore. The project will
consist of 2 blocks of 14 floors each excluding two basements and
ground floor for parking, with a total of 248 2-BHK and 3-BHK
apartments. The total project cost is INR133 crore which is to be
funded through bank loans to the tune of INR20 crore, INR35 crore
through promoter contribution and balance INR78 crore through
customer advances.

Recent Results
The entity reported net profit of INR0.96 crore on operating
income of INR4.58 crore for FY 2014 as compared to a net profit of
INR0.93 crore on operating income of INR7.64 crore for FY 2013.


NAVKAR WHEELS: CRISIL Assigns B+ Rating to INR49MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Navkar Wheels (NW).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              41        CRISIL B+/Stable
   Term Loan                49        CRISIL B+/Stable

The rating reflects NW's geographical concentration in revenue,
and its below-average financial risk profile marked by below
average debt protection metrics. The rating also factors in the
firm's limited bargaining power with its suppliers and exposure to
intense competition in the automotive dealership market. These
rating weaknesses are partially offset by the extensive industry
experience of NW's promoters and the firm's established
relationship with Hero MotoCorp Ltd (Hero MotoCorp).
Outlook: Stable

CRISIL believes that NW will continue to benefit over the medium
term from its promoters' relationship with Hero MotoCorp and the
established position of Hero MotoCorp in the motorcycles segment.
The outlook may be revised to 'Positive' if NW's business risk
profile improves with the new dealership of Hyundai Motors India
leading to improvement in NW's scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' in case of pressure on NW's financial risk profile,
particularly its liquidity, because of low cash accruals or large
working capital requirements or debt-funded capital expenditure.

NW is an authorised and exclusive dealer for all two-wheelers of
Hero Moto Corp in Dhule (Maharashtra). NW operates one 3S (sales-
service-spares) showroom in Dhule. It is also starting dealership
of Hyundai in May 2015.


NEW DIAMOND: ICRA Ups Rating on INR37.50cr Term Loan From 'B+'
--------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]BB- from [ICRA]B
for the fund based bank facilities of New Diamond Era aggregating
to INR44.00 crore. The long-term rating has a 'Stable' outlook.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-       37.50       [ICRA]BB- (Stable);
   Term Loan                           upgraded from [ICRA]B+

   Fund Based Limit-        6.50       [ICRA]BB- (Stable);
   Cash Credit                         upgraded from [ICRA]B+

The rating upgrade takes into account the firm's healthy growth in
operating revenues along with sound profitability margins,
supported by favorable demand for lab-grown diamonds in the
international market. The rating also considers NDE's improvement
in gearing levels due to infusion of capital during FY 2015.
The rating is, however, constrained by the firm's working capital
intensive nature of operations as a result of high inventory
levels and receivable cycle. The vulnerability of the firm's
profitability to adverse fluctuations in foreign exchange in the
absence of a formal hedging policy and exposure to project
implementation risk, given the large scale of capacity expansion
planned in the near term, is a concern too. The rating also
factors in the risk of capital withdrawals in a partnership firm,
which may impact its capital structure.

Established in 2011, New Diamond Era (NDE) is engaged in the
production of Chemical Vapor Deposition (CVD) Carbon Stones (i.e.,
lab-grown diamonds or man-made diamonds). These may be used for
cutting tools, as semi-conductors, as high-power transistors, as
well as in the jewelry industry. The firm is part of the Bhatvari
Group (Surat) with business interests across restaurants, textile
manufacturing, engineering and diamond manufacturing. The firm has
a manufacturing facility at Sachin SEZ in Surat, Gujarat, wherein
it has installed 48 new CVD machines (imported from Germany) with
an installed capacity to manufacture 19,200 carats of lab-grown
diamonds per annum.

The company reported a Profit before Tax (PBT) of INR3.59 crore on
an operating income of INR16.99 crore in FY 2014. For FY 2015, the
company has reported a PBT of INR11.56 crore on an operating
income of INR32.15 crore (provisional).


PARVATI COTTON: ICRA Suspends 'B' Rating on INR6cr LT Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR6.00
crore long term fund based facilities of Parvati Cotton
Industries. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Parvati Cotton Industries (PCI) was incorporated in the year 2006
as a partnership firm having ten partners. The firm is engaged in
the ginning and pressing of raw cotton and crushing cotton seeds
to extract cotton seed oil and cotton seed oil cake. The firm's
manufacturing facility is located at Mehsana, Gujarat and is
equipped with 24 ginning, 1 pressing machine and 6 expellers with
total production capacity of 200 bales per day and 36 MT of cotton
seed oil assuming the operations are carried out 24 hours a day.
The partnership was reconstituted in 2012 with retirement of five
partners and admission of six new partners.


PAVAS POLYCHEM: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Pavas Polychem Pvt
Ltd (PPPL) continues to reflect the company's average financial
risk profile, small scale of operations in the fragmented
polyvinyl chloride (PVC) resin trading industry, and vulnerability
to its operating margin to fluctuations in PVC prices. These
rating weaknesses are partially offset by the extensive industry
experience of PPPL's promoters and financial support received from
them.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      70        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PPPL 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's scale of
operations increases significantly, along with improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PPPL's financial risk profile deteriorates, most
likely due to increase in working capital requirements or large
debt-funded capital expenditure.

Incorporated in 2011, PPPL is a Kanpur (Uttar Pradesh)-based
company engaged in the trading of PVC resin. The company is
promoted by Mr. Pavan Khatri and started its commercial operation
from September 2011.


PIONEER SPINNING: ICRA Assigns 'B+' Rating to INR6.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.00
crore fund based facilities and INR4.00 crore proposed facilities
of Pioneer Spinning & Weaving Mills Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities-
   (long-term)                6.00      [ICRA]B+ assigned

   Fund based facilities-
   Proposed (long-term)       4.00      [ICRA]B+ assigned

The rating considers the small scale of operations of the company,
which coupled with high competition results in limited pricing
flexibility, exposing the company to volatility in cotton and yarn
prices. ICRA also takes note of the on-going debt-funded capex,
which is expected to exert pressure on capital structure and
stretch the company's debt metrics over the medium term. The
rating however draws comfort from the long-standing experience of
the promoters and moderate working capital intensity of
operations, aided by prompt collection of payments from its
customers.

Pioneer Spinning and Weaving Mills Limited was established in the
year 1979. The company is engaged in manufacturing of cotton yarn
of 40s, 60s, 80s, 92s and 100s counts. It initially started with a
capacity of 9,000 spindles and following the steady addition of
spindles over the years the capacity at present is 38,160 spindles
and 400 rotors. The company's manufacturing facility is located in
Chittoor district of Andhra Pradesh. It has ~610 employees
(including temporary workers of ~300).The company procures cotton
of MCU-5 and DCH-32 varieties from Andhra Pradesh, Madhya Pradesh
and Gujarat, and sells the produce in the domestic markets.

Recent Results
For the financial year 2013-14, the company reported net profit of
INR1.6 crore on an operating income of INR59.1 crore as against a
net profit of INR3.6 crore on an operating income of INR51.7 crore
for the financial year 2012-13.


PNP ENGINEERING: CRISIL Ups Rating on INR110MM Bank Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
PNP Engineering Works Pvt Ltd (PNP) to 'CRISIL B-/Stable' from
'CRISIL C', and has reaffirmed its rating on the company's short-
term bank facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           50         CRISIL A4 (Reaffirmed)

   Cash Credit              40         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

   Proposed Long Term      110         CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL C')

The rating upgrade reflects PNP's timely repayment of debt (not
rated by CRISIL) over the three months ended April 30, 2015, aided
by improvement in liquidity, which was driven by large orders in
2014-15 (refers to financial year, April 1 to March 31); the
orders are to be executed in 2015-16. However, the company's cash
credit account continues to be overdrawn, though the same is
regularized in less than 30 days.

The rating upgrade also reflects the improvement in PNP's business
and financial risk profiles, marked by increase in operating
income and improvement in debt protection metrics and gearing.
PNP's operating income for 2014-15 is estimated at INR220 million
as against INR60 million in 2013-14, driven by higher orders
received from Reliance Industries Ltd, Indian Oil Corporation Ltd,
and Expo Gas Containers Ltd. CRISIL expects PNP's operating income
to remain at similar levels over the medium term. Its operating
margin, however, is estimated to decline to 5.6 per cent in 2014-
15 from 7.2 per cent in 2013-14 on account of the company's
inability to pass on the increase in cost of raw materials to the
end customers. CRISIL expects the operating margin to remain at
current levels over the medium term. The company's estimated
interest coverage and net cash accruals to total debt ratios were
at 1.8 times and 0.08 times, respectively, for 2014-15, as against
0.5 times and -0.04 times, respectively, for 2013-14 on account of
improvement in net cash accruals to around INR5 million in 2014-15
as against negative cash accruals in 2013-14; the improvement in
cash accruals is backed by improvement in liquidity, which was, in
turn, driven by better orders in 2014-15 and expected execution of
these orders in 2015-16. CRISIL expects PNP's debt protection
metrics to remain at similar levels over the medium term. The
company's estimated gearing was at 1.57 times as on March 31,
2015, as against 1.74 times as on March 31, 2014, on account of
reduction in debt level and accretion to reserves. The same is
expected to improve over the medium term on account of repayments
and accretion to reserves. In addition, the company's estimated
net worth was at around INR40 million as on March 31, 2015. CRISIL
expects PNP's net worth to increase marginally over the medium
term backed by increase in cash accruals.

The ratings reflect PNP's modest financial risk profile and modest
scale of operations. These rating weaknesses are partially offset
by the extensive experience of PNP's promoters in the engineering
and construction services business.
Outlook: Stable

CRISIL believes that PNP's management of its liquidity will remain
a key sensitivity factor over the medium term on the back of
tender-based orders being received by the company. The outlook may
be revised to 'Positive' if there is substantial improvement in
PNP's cash accruals. Conversely, the outlook may be revised to
'Negative' if the company delays servicing its debt on time or if
its financial risk profile deteriorates on the back of decline in
expected cash accruals or any major debt-funded capital
expenditure programme undertaken by the company over the medium
term.

PNP was set up by Mr. Subhas Chandra Panja in Haldia (West Bengal)
in 1998. The company provides engineering and construction
services such as installation of storage tanks, industrial piping,
and structures for oil refineries, petrochemical companies, and
the steel industry.


PRINT SOLUTIONS: ICRA Assigns 'D' Rating to INR11cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] D to the INR11.0
Crore bank facilities of Print Solutions Private Limited (PSPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               11.0         ICRA]D; assigned

ICRA's rating is driven by delays in debt servicing by PSPL, on
account of its weak liquidity position. ICRA also takes note of
the revenue concentration risk to which the company is exposed, as
most of its revenues emanate from a single property, accentuating
the risk of delays in debt servicing due to delay in payment of
lease rent by the lessee. ICRA also takes cognizance of the
established track record of the promoters in the real estate
business.

Going forward, the ability of the company to build up a
satisfactory track record of timely debt servicing and maintain a
satisfactory liquidity position will be the key rating
sensitivities.

PSPL was promoted by Mr.Dushyant Pahare and was later acquired by
its current owners Mr. Gurjeet Singh Chhabra and family . The
company is a part of the Century 21 group which is involved in
real estate development in the Indore region. PSPL has leased out
land and the building constructed on it to Malwa Hospitalities
Pvt. Ltd. which has in turn has developed a 181 room hotel -
Effotel Hotels on the same. PSPL earns an annual rent of INR2.4
crore from this property.

The Century 21 group has been promoted by Mr. Gurjeet Singh
Chhabra and includes companies like M.P. Entertainment and
Developers Private Limited (MPED), Ria Hotels Pvt. Ltd (RHPL) and
Century 21 Town Planners Private Limited (CTPL). Mr. Chhabra has
been involved in real estate development in and around Indore. He
started his business by operating gardens which were let out for
marriages and parties. He later ventured into development of
shopping malls. Currently the group has two operational malls
under CTPL and MPED. Both these malls are located on A.B. Road,
Indore (Madhya Pradesh). RHPL has leased out land to Bestech
Hospitalities Pvt. Ltd. (Bestech), which in turn has developed and
constructed a five star hotel Radisson on the same.

Recent Results
PSPL has reported Profit after tax of INR1.08 crore against an
operating income of INR2.0 crore 2014-15.


PUREWAL STONE: ICRA Assigns 'B' Rating to INR8.60r LT Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR8.60
crore fund based bank facilities and INR0.40 crore unallocated
long term limits of Purewal Stone Crusher.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term               8.60         [ICRA]B; assigned

   Unallocated- Long
   Term                    0.40         [ICRA]B; assigned

ICRA's rating takes into account PSC's limited track record of
operations, owing to its nascent stage of operations and the high
level of competitive intensity due to the presence of a large
number of crushers in the vicinity. The rating also factors in the
regulatory restrictions on the river bed mining industry which
might impact raw material availability. ICRA also takes into
account the vulnerability of PSC's profitability to a slowdown in
the real estate and construction sectors, which are its key off
takers. Further, the rating is also constrained by the firm's high
expected gearing levels, due to the expected high working capital
intensity of the firm, given the substantial inventory levels it
is required to maintain. The rating also takes into account the
firm's scheduled debt repayment obligations, which are large
relative to its projected cash accruals. However, the rating
derives comfort from the experience of the promoters in the
industry, and favorable demand outlook for stone grits given the
healthy level of construction activity in the surrounding areas.
Going forward, the firm's ability to ramp up its operations and
maintain an optimal working capital cycle will be the key rating
sensitivities.

PSC is engaged in the business of screening and crushing of stones
which are sourced from river-beds in the Kashipur region of
Uttarakhand. The firm is duly licensed and authorized by the
Geology and Mining Department, Forest Department and the State
Government of Uttarakhand for the same. The stone crushing site of
the firm is located in village Veerpur, Lachhi, Ramnagar,
Uttarakhand, over an area of 12 acres, with an installed annual
processing capacity of 8,60,000 Metric Tonnes (MT) and an
installed annual crushing capacity of 9,000 MT. The plant
commenced operations from March, 2015.


PURPLE ADVERTISING: ICRA Suspends 'D' Rating on INR24cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR24 crore term loans of Purple Advertising Services Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


RACHIT CREATION: CRISIL Reaffirms B+ Rating on INR60.3MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rachit Creation (RC)
continues to reflect RC's weak financial risk profile, marked by a
small net worth and high gearing, and its modest scale of
operations in the intensely competitive embroidery designing
business. These rating weaknesses are partially offset by RC's
established track record in the textile industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        3.3        CRISIL A4 (Reaffirmed)

   Cash Credit          20.0        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   33.9        CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan      60.3        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its established relationship with its customers, and the
superior quality of its embroidery designs. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves, most likely driven by infusion of fresh capital by the
proprietor or significant increase in its scale of operation and
profitability. Conversely, the outlook may be revised to
'Negative' if there is a significant deterioration in RC's working
capital management or a decline in its profitability, leading to
lower-than-expected net cash accruals, or the firm undertakes a
large debt-funded capital expenditure, constraining its financial
risk profile.

Update
RC reported net sales of INR124.7 million in 2013-14 (refers to
financial year, April 1 to March 31) as against INR96.1 million in
the previous year led by improved contribution from fabrics sales.
The firm, on a provisional basis, reported net sales of INR100
million (fabric sales contributes 35 per cent) till January 31,
2015 and is expected to report sales of INR130 million to INR140
million for the full year. RC's operating margin was at 15.7 per
cent during 2013-14 as against 20.1 per cent in the previous year
on account of rise in material cost. CRISIL believes that with
improved contribution from fabric sales, the firm's operating
margin will remain at 18 to 20 per cent for 2014-15. With similar
revenue mix, CRISIL expects the operating margin to be at around
20 per cent over the medium term. RC's gross current assets were
at 123 days as on March 31, 2014 led by high receivables of 93
days. RC's liquidity profile remains stretched, marked by expected
moderate cash accruals of INR14 million to INR16 million a year
over the medium term against maturing term debt obligation of
around INR13.2 million; this is on account of lower accretion to
reserves, withdrawal of capital, and absence of equity infusion by
promoters.

The firm's debt protection metrics remain moderate with net cash
accruals to total debt (NCATD) ratio of 0.16 times and interest
coverage ratio of 3.8 times for 2013-14. CRISIL expects the firm
to maintain its NCATD and interest coverage ratios at 0.3 to 0.4
times and 4.8 to 5.0 times, respectively, over the medium term.

RC reported a profit after tax (PAT) of INR3.9 million on net
sales of INR124.7 million for 2013-14 as against a PAT of INR3.5
million on net sales of INR96.1 million for 2012-13.

RC, a proprietorship concern set up by Mr. Ramniwas Gupta in 2005
in Surat (Gujarat), is engaged in designing embroidery on fabric.
The firm operates embroidery machines and customises its designs
according to its customers' requirements.


RAJENDRA GEARS: ICRA Suspends B+ Rating on INR4cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ as rating assigned to the INR4.0
crores fund based facilities and [ICRA]A4 rating assigned to
INR1.0 crore fund based and INR1.0 crore non-fund based facilities
of Rajendra Gears. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


RANCHI EXPRESSWAYS: ICRA Reaffirms D Rating on INR1,191.6cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR1191.60 crore term loan facilities of Ranchi Expressways
Limited at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans             1191.60       [ICRA]D re-affirmed

The re-affirmation of rating takes into account the continued
delays in servicing its term loan obligations. In terms of
financial progress, REL achieved a progress of 16% of the total
Engineering, Procurement and Construction (EPC) cost as against
the scheduled target of 93% as on Mar, 2015 due to unavailability
of RoW and delayed equity infusion. Further, there has been cost
escalation which is estimated to be around INR85 crore for which
funding is yet to be tied up. ICRA notes that owing to delays in
securing RoW by the authority, REL has sought extension of
timeline for completion of project till March, 2016 as against
scheduled COD of June, 2015. The rating continues to take into
account the implementation risks, pending land acquisition and
susceptibility to adverse movement of the interest rates. The
rating is further constrained by REL's exposure to funding risk in
the light of deteriorated financial risk profile of Madhucon
Projects Limited (MPL) and given that MPL is yet to bring in
around INR200 crore of equity and would be required to part fund
the cost escalation, which gets further accentuated by group's
significant funding commitments towards various on-going BOT
projects. While reaffirming the rating, ICRA has noted the
operational strength of the promoter (MPL), who is also the EPC
contractor, fixed-price EPC contract; absence of traffic risk and
low revenue risk due to annuity nature of the project and the
deferment in repayment schedule by 24 months from Mar 2015 to Mar
2017.

Going forward, REL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further, timely
infusion of remaining equity and tying up funds for the escalation
in cost, timely execution of the project as per revised schedule
will be the other rating sensitivities.

Ranchi Expressways Limited (REL) has been incorporated in the year
2011 as a special purpose vehicle promoted by Madhucon Infra
Limited (MIL) and Madhucon Projects Limited (MPL) through their
Road BOT (Build, Operate, Transfer) projects holding company
Madhucon Toll Highways Limited (MTHL) to carry out the four-laning
of Ranchi-Jamshedpur Highway section.

Four laning of Ranchi to Jamshedpur section of NH-33 from km
114.000 to km 277.500 in the state of Jharkhand under NHDP Phase
III on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity
basis. The total cost of the project is INR1655.0 crore, including
the Interest During Construction (IDC) component of INR147.64
crore. The total concession period is 15 years including the
construction period of 2.5 years. The appointed date for the
project has been announced as 4th Dec 2012 and the scheduled date
of completion of the project is 3rd June 2015. REL will receive a
fixed annuity payment of INR133.2 crore semi-annually for a period
of 12.5 years. The project is being funded by INR1191.6 crore debt
and INR463.4 crore of promoter's contribution in the form of
INR182.05 crore equity and INR281.35 crore interest free unsecured
loans. As on 31st Mar 2015, promoters have brought in INR262.28
crore and INR567.61 crore of the total 1191.60 crore tied-up debt
has been drawn down. As per the Lenders Independent Engineer
(LIE)'s report for the dated April'15, 154 Km (94.2%) of the total
length of 163.5 Km was available to REL without any encumbrances.


RANGER COTTON: CRISIL Reaffirms 'B' Rating on INR185MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
loan facilities and has reaffirmed 'CRISIL B/Stable' rating for
long-term bank facilities of Ranger Cotton Mills (India) Pvt Ltd
(Ranger Cotton).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           14.6     CRISIL A4 (Assigned)
   Term Loan               116.4     CRISIL B/Stable (Reaffirmed)
   Cash Credit             185       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile, marked by high gearing and susceptibility
of operating margins to volatility in raw material prices. These
rating weaknesses are partially offset by the promoters'
experience in the textile business.

On May 11, 2015, CRISIL had assigned its 'CRISIL B/Stable' ratings
to the long-term bank facilities of Ranger Cotton.
Outlook: Stable

CRISIL believes that Ranger Cotton will benefit over the medium
term from the experience of the promoters in the textile business.
The outlook may be revised to 'Positive' if the company posts
higher-than-expected revenue and profitability and improves its
capital structure. Conversely, the outlook may be revised to
'Negative' if Ranger Cotton underutilises its capacities, thereby
reducing its cash accruals and lengthening its working capital
cycle, or if it undertakes a large debt-funded capital expenditure
programme.

Ranger Cotton was set up in 2004 by Mr. A Arumugam. It
manufactures cotton yarn in counts ranging from 20s to 40s, and
grey cotton. The company's facilities are located at
Gobichettipalayam (Tamil Nadu).


S.K.M COLD: CARE Assigns 'B' Rating to INR5.15cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' the long-term rating to bank facilities of
S.K.M Cold Chain And Logistics.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.15      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of S. K. M Cold Chain &
Logistics (SKM) is primarily constrained on account of its nascent
stage of operations coupled with stabilization risk associated
with the recently completed debt-funded capex and its presence in
the highly competitive and fragmented cold storage industry.
However, the rating derives strength from the long experience of
the promoters in the agricultural industry and eligibility for
government benefits for setting up cold storage unit.

The ability of SKM to quickly stabilize its operations and achieve
the envisaged level of capacity utilisation and cash accruals are
the key rating sensitivities.

SKM was incorporated on April 1, 2014 as a partnership firm by its
five key partners namely Mr Sanjiv Laxmichand Hinduja, Mr
Bharatsingh Lalsinh Raheva, Mr Mahendrasinh Lalsinh Rahevar, Mr
Dhirajsinh Lalsinh Rehavr and Mr Omkar Ramlakhan Mahto with an
objective of setting up cold storage facility in the food
preservation business segment along with carrying out business of
trading of fruits and vegetables. The storage plant is spread over
an area of 8,000 Sq. meters at Rupal village of Sabarkantha
district in Gujarat with total storage capacity of 1.40 lakh bags
per annum (LBPA). Moreover, four storage chambers are constructed
in the plant to store and preserve vegetables; mainly potatoes to
maintain and preserve its quality for a longer period of time.
The commercial operations started from February 2015.


SADIK ENTERPRISE: CRISIL Reaffirms B- Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of M/S. Sadik
Enterprise (SE) continues to reflect SE's small scale of
operations, below-average financial risk profile, and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the coal trading industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bill Discounting      50       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SE will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm increases its scale of
operations and improves its cash accruals. Conversely, the outlook
may be revised to 'Negative' if SE undertakes any large debt-
funded capital expenditure and reports low revenue and
profitability, leading to deterioration in its financial risk
profile, particularly liquidity.
SE was set up in 1998 in Hailakandi (Assam) by the Choudhury
family. The firm trades in coal and bamboo, and sells its products
primarily to Hindustan Paper Corporation Ltd. SE's day-to-day
operations are managed by Mr. Nizam Uddin Choudhury.


SANJOO PRINTS: ICRA Suspends 'D' Rating on INR6.77cr LT Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR6.77
crore long term fund based bank facilities and INR0.96 crore
unallocated bank facilities of Sanjoo Prints Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SEMI EXPORTS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Semi Exports (SE)
continue to reflect SE's modest scale of operations in the
intensely competitive cashew industry, and below-average financial
risk profile, marked by high total outside liabilities to tangible
net worth (TOLTNW) ratio. These rating weaknesses are partially
offset by the extensive experience of SE's proprietor in the
cashew industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      50        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its established track record and stable demand prospects
in the cashew industry. The outlook may be revised to 'Positive'
if firm generates large cash accruals resulting in an improvement
in financial risk profile for SE. Conversely, the outlook may be
revised to 'Negative' if the firm reports low revenue and
profitability, large debt-funded capital expenditure, or
significant withdrawals of capital by the proprietor.

Update
SE reported an estimated operating income of INR230 million for
2014-15 (refers to financial year, April 1 to March 31), up 14 per
cent over the previous year, driven by steady demand from the
domestic market. The operating margin ranged from 2.5 to 3 per
cent over the two years through 2014-15. The business risk profile
is expected to remain moderate over the medium term driven by
steady demand.

The financial risk profile is below average, marked by high TOLTNW
ratio and low net worth. The TOL/TNW ratio and net worth were
estimated at 6.6 times and INR15 million as on March 31, 2015. The
TOL/TNW is expected to remain high on account of sizeable working
capital borrowings. The debt protection metrics are weak, with
interest coverage ratio of 1.66 times on account of subdued
profitability. CRISIL believes that SE's financial risk profile
will remain below-average over the medium term owing to the large
working capital requirement met with its bank lines.

The liquidity is adequate, with moderate bank limit utilisation at
64 per cent on average over the 12 months through March 2015. The
cash accruals are adequate-estimated at INR2.8 million to INR2.9
million-to over maturing debt, including vehicle loan obligations
of INR1.1 million over the medium term. CRISIL believes that SE
will maintain adequate liquidity over the medium term, supported
by moderate bank limit utilisation.

SE, a proprietorship firm of Mrs. Laija Navabudeen, processes and
trades in raw cashew nuts. The firm is based in Kollam (Kerala).


SEVEN-11 INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.50cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR5.50 crore
fund-based cash credit facility and INR0.18 crore term loan
facility of Seven-11 Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             5.50       [ICRA]B+; Reaffirmed
   Term Loan               0.18       [ICRA]B+; Reaffirmed

The rating reaffirmation continues to factor in Seven-11
Industries (SI) modest scale of operations and susceptibility to
variations in raw material prices due to limited ability to pass
on the raw material price increase to the customers. The rating is
further constrained by the firm's highly competitive business
environment given the fragmented industry structure as well as
high working capital intensity due to slow realization from
debtors, leading to high reliance on working capital borrowings
and a stretched capital structure.

The rating, however, favorably factors in the long standing
experience of promoter in line of business as well as eestablished
relationship with reputed suppliers.

Seven-11 Industries was established as a proprietorship firm in
2005. In 1991, Mr. Rajkumar Lodha started a proprietorship firm
named Shell Colours & Chemicals. The firm is engaged in trading
water based inks, retarder, adhesives, etc. However, in 2005, he
closed this firm and started a new firm in the name of Seven-11
Industries of which, his wife Mrs. Shelloo Lodha was the
proprietor. This firm was started to engage in the manufacturing
of water based printing inks, adhesives and retarder. The
manufacturing facilities are situated in Dhabhel Daman with an
installed capacity to manufacture 3560 MTPA. In 2011, the firm
opened its branch in Sarigam Gujarat which is engage in
manufacturing of emulsion paints for walls. The manufacturing
facility of the firm is located in Nani Daman. The plant has an
installed capacity to manufacture 3560 MTPA of its products.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR25.59 crore with profit after tax (PAT) of
INR0.83 crore.


SREE VIJAYALAKSHMI: ICRA Assigns 'IrB+' Issuer Rating
-----------------------------------------------------
ICRA has assigned the issuer rating of IrB+ to Sree Vijayalakshmi
Rice Industries (SVRI).

The assigned rating is constrained by the modest scale of
operations coupled with thin profitability levels and high working
capital requirements, which is inherent to the nature of the
industry. The rating factors in the intensely competitive nature
of the rice milling industry with presence of several small and
large scale players which puts further pressure on the
profitability. Further, the rating is constrained by the
susceptibility of operations to agro-climatic risks which may
impact the availability of the paddy in adverse weather
conditions.

The rating, however, positively factors in the long track record
of the promoters in rice industry, proximity of the mill to major
rice growing area which results in easy availability of paddy and
stable demand outlook with rice being an important part of the
staple Indian diet. The rating also takes comfort from the healthy
growth in revenues witnessed over past four years with sustained
margins and absence of scheduled debt repayment obligations.

Sree Vijayalakshmi Rice Industries (SVRI) started operations in
the year 1982 as a partnership firm. The firm is engaged in the
milling of paddy for producing raw and steamed rice. The firm is
promoted by Mr. A. Venkatraj and Mr. A. Saibaba who have
significant experience in the rice milling industry. The rice mill
is located at Raichur, Karnataka. The installed capacity of the
plant is 5tph (tons per hour).

Recent results
In FY14, the company reported a net profit (PAT) of INR0.40 crore
on an operating income (OI) of INR26.50 crore as against a PAT of
INR0.39 crore on an OI of INR23.91crore in FY13.


SUMER SONS: CRISIL Reaffirms 'B-' Rating on INR165MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sumer Sons Private
Limited (SSPL) reflects its modest financial risk profile, marked
by high total outside liabilities to tangible net worth (TOLTNW)
and weak interest coverage ratio, and exposure to risks related to
limited value-addition in operations, and volatility in steel
prices.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)
   Cash Credit           165       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SSPL derives from its established relationship with its major
supplier, Rastriya Ispat Nigam Ltd, and its diversified customer
base.

Outlook: Stable

CRISIL believes that SSPL's financial risk profile will remain
weak over the medium term owing to incremental working capital
requirement and planned debt-funded capex. However, SSPL will
continue to be benefit from its diversified product offering and
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' in case of significant
improvement in net worth most likely through equity infusion or
significant increase in scale of operations coupled with
improvement in profitability levels leading to larger than
expected cash accruals and thereby healthy liquidity. Conversely,
the outlook may be revised to 'Negative' if SSPL's profitability
or working capital management deteriorates significantly impacting
its liquidity.

SSPL was established in 1995-96 as a partnership firm by Mr.
Rajeev Jain and family. In 2002, it has been converted into a
private limited company. SSPL's core activity involves trading in
wide range of steel steel long products such as thermo-
mechanically treated bars, round bars; structural steel like
angles, beams, and channels having applications in construction
and infrastructure sector. It also trades in sponge iron and pig
iron and generates less than 5 per cent of its revenues by
providing services as a consignment agent for Jindal Steel Power
Ltd and Rashtriya Ispat Nigam Limited (rated 'CRISIL AA-/Stable').


SUNHILL HOMES: CRISIL Assigns 'B' Rating to INR1.75BB Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sunhill Homes Pvt Ltd (Sunhill).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan              1,750          CRISIL B/Stable

The rating reflects the promoters' extensive experience in the
real estate industry. These rating strengths are partially offset
by Sunhill's exposure to execution and offtake risks, and its
susceptibility to risks and cyclicality inherent in India's real
estate sector.
Outlook: Stable

CRISIL believes that Sunhill will continue to benefit over the
medium term from its promoters' extensive experience in the real
estate sector. The outlook may be revised to 'Positive' in case of
significant improvement in Sunhill's credit risk profile, backed
by timely funding support from promoters and bank, and timely
completion and high saleability of its ongoing project, leading to
healthy and sustainable cash accruals. The outlook may be revised
to 'Negative' if there are time and cost overruns in ongoing
projects or if Sunhill's liquidity is significantly constrained by
delays in receiving funding for the projects, thereby weakening
its debt-servicing ability.

Sunhill was incorporated in 2012 by New Delhi-based Mr. Ajay
Khetarpal and Mr. Pardeep Jain. Sunhill is a residential real
estate developer in Gurgaon (Haryana). Sunhill has a development
agreement with HS Realty Pvt Ltd for setting up 804-flats group
housing project in Sector 67, Gurgaon. Mr. Ajay Khetarpal and Mr.
Pardeep Jain are the key promoters and are also the directors in
the company.


TRANS FAB: CRISIL Reaffirms B+ Rating on INR85MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Trans Fab Power India
Private Limited (TPIPL) continue to reflect its below-average
financial risk profile, marked by small net worth, high gearing,
and below-average debt protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       62.5        CRISIL A4 (Reaffirmed)
   Cash Credit          85          CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     12.5        CRISIL A4 (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in the fragmented transformer manufacturing industry,
and large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience and
funding support of the promoters, and TPIPL's moderate order book
and healthy customer relationships.
Outlook: Stable

CRISIL believes that TPIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
electrical transformer industry and their funding support. The
outlook may be revised to 'Positive' if significant improvement in
scale of operations and profitability results in stronger cash
accruals for TPIPL; or if efficient working capital management and
continued funding support from the promoters strengthen its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accruals, large working capital
requirements, or any sizeable capital expenditure weakens the
company's financial risk profile, particularly liquidity.

Incorporated in 2006, TPIPL manufactures distribution and power
transformers ranging from 25 kilovolt amperes to 25 megavolt
amperes. Its manufacturing facilities are in Pirangut, near Pune
(Maharashtra). TPIPL mainly caters to engineering, procurement,
and construction (EPC) players in the power sector and to other
industrial customers. The company is promoted by Mr. R B Shinde,
who has nearly two decades of experience in the electrical
transformers industry.


UNIBIOS LABORATORIES: ICRA Suspends 'D' Rating on INR36cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR1.36
crore term loans, INR36.00 crore, long-term, fund based facilities
and INR6.50 crore, short-term, non-fund based facilities of
Unibios Laboratories Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


VIDYA POLYMER: ICRA Reaffirms 'B+' Rating on INR4.50cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR4.50 crore cash
credit limit and INR3.50 crore term loan of Vidya Polymer Private
Limited. ICRA has also reaffirmed its [ICRA]A4 rating on the
INR1.50 crore non-fund based limits of VPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit        4.50       [ICRA]B+; reaffirmed
   Term Loan                3.50       [ICRA]B+; reaffirmed
   Non Fund Based Limits    1.50       [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account VPPL's small scale of
operations, its low profitability and modest financial profile as
reflected in its weak coverage indicators. The liquidity position
of the company remains stretched as reflected in frequent
overdrawals of fund based limits in the last 12 months. The
ratings also factor in the intensely competitive nature of the
packaging industry and the vulnerability of the company's
profitability to adverse fluctuations in raw material prices.
Nevertheless, the ratings derive comfort from the extensive
experience of the promoters in the packaging business, and its
established relationships with key customers.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while attaining an optimal
working capital intensity will be the key rating sensitivities.

VVPL, incorporated in 2006, manufactures packaging materials,
mainly for the food and pan masala industries. The manufacturing
facility of the company is located in Noida, Uttar Pradesh.

Recent Results
The company reported a net profit of INR0.10 crore on an operating
income of INR46.20 crore in FY14, as against a net loss of INR0.03
crore on an operating income of INR18.14 crore in the previous
year. The company, on a provisional basis, reported revenues of
INR53.61 crore in FY15.


VIJAYATEJ HOSPITALITY: CRISIL Ups Rating on INR62MM Loan to B+
--------------------------------------------------------------
CRISIL' has upgraded its rating on the long-term bank facilities
of Vijayatej Hospitality Pvt Ltd (VHPL) to CRISIL B+/Stable from
CRISIL B/Stable.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     21.1       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              62.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade factors in the improved accruals generated by
VHPL on an increased revenue base. In 2014-15 (refers to financial
year, April 1 to March 31), VHPL's  is estimated to register
operating income of over INR63 million up from INR49 million in
2013-14. This has facilitated better absorption of fixed costs,
and therefore, improvement in operating margin to over 35 per
cent. Consequently the accruals of close to INR15 million in 2014-
15 from INR1.6 million in the previous year. Ramp-up in scale of
operations and the promoters' continued support in the form of
unsecured loans are expected to further strengthen the liquidity
over the medium term.

The rating continues to reflect VHPL's modest scale of operations
and subdued financial risk profile marked by modest net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive business experience
and continued fund support.
Outlook: Stable

CRISIL believes that VHPL will benefit from the promoters'
extensive business experience and qualified management team. The
outlook may be revised to 'Positive' if ramp-up in scale of
operations and healthy demand for its services translate into
stronger cash accruals for VHPL. Conversely, the outlook may be
revised to 'Negative' in case of dip in profitability or absence
of timely fund support from promoters.

VHPL was incorporated in 2010 by Mr. Prakash Jha and his family.
The company is in the hospitality business and operates a hotel
and banquet hall 'Clarks Inn' at P&M Mall in Patna (Bihar). The
hotel has around 30 rooms and started operations in January 2013.
The company's business operations are managed by its CEO, Mr.
Sunil Agarwal.

VHPL is estimated to report net loss of INR3.7 million on sales of
INR63 million in 2014-15 against net loss of INR13 million on net
sales of INR45 million for 2013-14.


YOGIRAJ SPINNING: ICRA Suspends B+ Rating on INR44.40cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR44.40
crore limits of Yogiraj Spinning Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in September 2012, Yogiraj Spinning Pvt. Ltd. (YSPL)
is setting up a plant in Rajkot, Gujarat, to engage in ginning and
pressing raw cotton and spinning of cotton yarn. The plant has a
ginning unit with 24 ginning machines with an input capacity of
16,896 MTPA and a spinning unit having 17,280 spindles with an
input capacity of processing 4,594 MT of ginned cotton to produce
combed and carded yarn. The company is promoted and managed by the
members of the Chudasama family, who have extensive experience in
the cotton industry through associate concerns like Shree
Gangeshwar Enterprise, Yogiraj Ginning & Oil Industries and
Yogikrupa Trading Co.



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


STAR ENERGY: Fitch Affirms 'B+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based Star Energy Geothermal
(Wayang Windu) Limited's (SEG) Long-Term Issuer Default Rating
(IDR) at 'B+'.  The Outlook is Stable.  At the same time, the
agency has affirmed its USD350m of senior secured notes at 'B+'
with a Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Single-Site Risk: SEG's ratings reflect the geological risks
present in operating in a seismically active area and the risk of
operating at only one site. The single-site risk was evident when
one of its pipelines was damaged following a landslide on 5 May
2015. The ratings of the company are, however, not impacted given
the one-off and short-lived nature of the damage caused by the
incident.

The damage halted operations of its two power plants, which SEG
expects to remain shut for up to four weeks. SEG said its power
plants were not damaged by the landslide. Fitch believes SEG's
liquidity is robust enough to support the loss of cash generation
during the outage; the company had cash balances of USD75m at end-
2014, which should be adequate to cover its operational expenses
and finance costs until operations resume.

Insurance Mitigates Risk: SEG's insurance policies cover most
plant costs, and we expect SEG's insurance to cover the costs of
repairs to the damaged pipeline. Although SEG's insurance also
includes business interruption coverage of USD75m over two years,
it would only apply if operations are interrupted for more than 45
days.

High Earnings Visibility: SEG's energy sales are based on an
energy sales contract expiring in 2039 with the state power
utility, PT Perusahaan Listrik Negara (Persero) (PLN; BBB-
/Stable), which provides for tariff adjustments as exchange rates
and inflation change. The sales contract requires PLN to offtake
up to 400MW (current capacity is 227MW).

Stable Operations: SEG has operated at an average net capacity
factor of broadly over 95% - above the industry average - since it
started operations in 2000. Its geothermal resources, which were
independently verified, are able to support 287MW of power
generation (its existing capacity is 227MW) up to 2039. That said,
steam supply was on average less than the optimal amount needed -
450 kilogrammes per second (kg/s) - throughout 2014, which
resulted in a slightly lower capacity factor of 95%. SEG's
capacity factor averaged about 98% from 2009 to 2013. The company
would need to continue to invest in new steam wells to compensate
for the decline.

Uncertain Expansion: Currently there are uncertainties associated
with SEG's potential expansion. Capex in relation to any
significant capacity additions could be substantial in relation to
SEG's balance sheet. SEG's geothermal resources support the
addition of new capacity, and the company continues to assess the
viability of more additions in light of both negotiations to raise
tariffs with PLN and subject to results of tests of the
permeability of its sub-surface rock.

Adequate Financial Profile: Fitch expects SEG's EBITDA to decline
to about USD70m in 2015 from USD87m in 2014 due to the damage to
its pipeline, and a two-week scheduled shutdown for maintenance,
which happens once in three years. Fitch expects SEG to generate
EBITDA of about USD80m-85m a year after 2015. Its recurring capex
can be comfortably covered by operating cash flows, and SEG said
that it would not pay out any substantial dividends in the medium
term, which should help it gradually deleverage over the next few
years. SEG's internal cash flows and cash accumulation will be
adequate to meet its bond maturities of USD30m to USD40m a year
between 2017 and 2019.

Short-Term Rise in Leverage: SEG's funds from operations (FFO)-
adjusted net leverage in 2015 will temporarily increase above 5x,
the level at which negative rating action may be considered.
However Fitch expects SEG to reduce the leverage ratio below 5x by
2016 and continue to deleverage due to positive FCF generation,
provided it has no large capex for a new power plant. Should SEG
go ahead with an expansion of its capacity, its credit metrics
will weaken; however, we anticipate the company to be able to
improve its credit metrics within a reasonable period to levels
appropriate for its 'B+' ratings. However, negative rating
pressure can arise if the company has to spend a substantial
amount of capex on drilling new wells to sustain its current level
of production and cash generation from existing units.

KEY ASSUMPTIONS

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

   -- A 10% decline in annual power generation to 1,660GwH in
      2015 from 1,847GwH in 2014, owing to a four-week plant
      shutdown due to the landslide and two weeks of scheduled
      maintenance

   -- Generation recovers to over 1,800GWh in 2016 and 2017

   -- Capex of USD40m in 2015, and about USD30m a year
      thereafter, most of which would be incurred for drilling
      new steam wells to maintain production

   -- No investments in new capacity additions

RATING SENSITIVITIES

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

   -- FFO-adjusted net leverage exceeding 5.0x (3.9x in 2014) and
      FFO interest coverage falling below 2.0x (3.11x at 2014),
      both on a sustained basis.
   -- A continued decline in SEG's capacity factor
   -- Material increase in capex to maintain production, leading
      to weaker cash generation from existing operations.

Positive: Positive rating action is unlikely due to SEG's small
scale and single-site operation.



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


SHARP CORP: Face Dire Prospects of Turnaround
---------------------------------------------
The Japan Times reports that several electronics makers have
regained profitability largely thanks to restructuring measures
and the weakening of the yen, but Sharp Corp. and Toshiba Corp.
are unlikely to catch up with their domestic rivals soon.

According to the report, struggling Sharp's latest rehabilitation
plan got a cold reception from the financial markets, while
Toshiba faces the risk of being delisted in light of accounting
irregularities that have emerged in connection with past
infrastructure projects.

The Japan Times relates that the stock prices of the two well-
established enterprises have come under selling pressure recently,
with fears growing that they will lose global competitiveness and
face a tougher predicament down the road.

"Sharp has yet to stand at the starting line to grow again,
although some Japanese electronics makers have shown signs of a
full-fledged recovery," the report quotes Kentaro Harada, a credit
analyst at SMBC Nikko Securities Inc. in Tokyo, as saying.

An industry source also said that if Toshiba is found to have
cooked its books, the latest problem could "undermine credibility"
in the company and "deal a crushing blow" to its corporate
performance, the report relays.

Among Japan's top electronics makers, Hitachi Ltd. and Mitsubishi
Electric Corp. have posted record group operating profits, while
Panasonic Corp. enjoyed a strong earnings improvement in fiscal
2014 ended March 31, thanks to the yen's plunge under "Abenomics,"
the Japan Times notes.

Sony Corp. logged a group net loss for the same year but it
expects to return to the black for the first time in three years
in the business year ending in March 2016, sparking hopes for the
icon's revival, according to the report.

But Osaka-based Sharp said it returned to the red in fiscal 2014
with a group net loss of JPY222.35 billion ($1.8 billion), erasing
the JPY11.56 billion profit logged the previous year, the report
notes.

Vowing to repair its precarious financial situation triggered by
poor showings from its core liquid crystal display and solar panel
businesses, Sharp on May 14 unveiled a new business plan that
entails selling its head office in Osaka and cutting around 3,500
jobs in Japan, according to the report.

It will also receive a JPY200 billion bailout from its two main
creditor banks - Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ -
and JPY25 billion from a corporate reconstruction fund the two
banks have invested in, the Japan Times says.

By sticking to the plan for three years, Sharp aims to move into
the black in fiscal 2016 and expand net profit in fiscal 2017
ending in March 2018, President Kozo Takahashi has said, the
report relates.

But the strategy is not aggressive enough to turn around Sharp's
stagnant business, as it is still uncertain in which fields it can
profit, many experts said, the report adds.

Tokyo-based Toshiba meanwhile said it may have to downgrade
operating profit by at least JPY50 billion for the three years
through March 2014 over improper accounting in its infrastructure
business, the Japan Times reports.

The report relates that Toshiba has said in a statement that the
major causes of the irregularities were its corporate culture,
which placed high priority on budgetary achievement, and the
"imperfect function of internal controls for accounting reports."

An equity analyst at a foreign brokerage said many analysts "had
already realized" that some of Toshiba's businesses were
"obviously" being tasked with high profit goals, the report
relays.

The Japan Times reports that Toshiba has to report its annual
earnings by the end of June to abide by Tokyo Stock Exchange
rules. Failure to do so could place it on a "watch list" for
delisting.

The possibility cannot be ruled out that Toshiba will really be
delisted if serious accounting frauds are spotted, the report
adds.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on May 18,
2015, Standard & Poor's Ratings Services said that it has lowered
by two notches to 'CCC-' its long-term corporate credit rating on
Japan-based electronics company Sharp Corp.  S&P kept the rating
on CreditWatch with negative implications.  At the same time,
S&P's 'CCC+' long-term debt rating and its 'C' short-term
corporate credit and commercial paper program ratings remain on
CreditWatch with negative implications.  In addition, S&P lowered
its long-term corporate credit rating on Sharp's overseas
subsidiary Sharp International Finance (U.K.) PLC to 'CCC-' and
kept it on CreditWatch with negative implications. Our 'C' short-
term corporate credit and commercial paper program ratings on
Sharp International Finance remain on CreditWatch with negative
implications.


TOSHIBA CORP: Expands Accounting Probe to TV, Chip, Comp. Units
---------------------------------------------------------------
Japan Today reports that Toshiba Corp said it is expanding an
accounting probe to its television, memory chip, and computer
divisions, after earlier warning the investigation would take a
toll on its balance sheet.

Japan Today relates that the huge conglomerate, which makes
everything from batteries to nuclear reactors, said earlier it was
revoking its earnings forecast for the past fiscal year and would
not pay a dividend.

Initially, Toshiba said it was focusing on suspect accounting
linked to unspecified infrastructure projects and that the
problems would likely force it to cut its reported operating
profit over the last few years by JPY50 billion, the report
relates.

According to the report, the Japanese firm said it underestimated
the cost of "certain" projects, along with other accounting
irregularities.

But on May 22, the company said that some other businesses would
also need to go under the microscope, although the extent of the
problems -- and who is responsible for them -- remains unclear,
Japan Today says.

The report relates that Toshiba said it has hired an outside team
of investigators.

"The company has decided that these concerns also require thorough
investigation by the independent investigation committee," the
report quotes Toshiba as saying in a statement, referring to its
TV, semiconductor and computer businesses.

Toshiba earlier this month cancelled its projection for a
JPY120 billion net profit on sales of JPY6.7 trillion in its
latest fiscal year to March. It has not given a date for the
release of its revised results, Japan Today adds.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.


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


TRUE GREEN: Placed In Liquidation; Couple Left Out of Pocket
------------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that when their builder
went bust, a Christchurch couple thought they could at least pick
up the pieces and start again.  That is when they found out they
had also lost their windows and doors, for which they had paid
about NZ$50,000.

According to the report, Denise and Neil Wiggins last year entered
a contract with True Green Homes Ltd to build a low-energy home on
their block in Fernside, near Rangiora. Completion was expected in
April, the report says.

The report says the Wiggins wanted to create an old-style farm
house that had superior build standards.

"It was our dream home. We wanted to bring up our daughter in a
farming area," the report Denise Wiggins as saying.

Problems with the house started early, with the builders not
preparing the foundations according to consented plans. After the
concrete pad was down nothing much seemed to happen, she said, the
report relates.

"Then I looked on the companies website and saw True Green was in
liquidation," Mrs. Wiggins, as cited by Stuff.co.nz, said.

Stuff.co.nz says the Wiggins met with the liquidators about a week
later to find their windows and doors had been sold.

True Green Homes Ltd specialised in low-energy, pre-fabricated
homes built to "German standards" and build panels for the houses
at a factory in Amberley.

True Green was placed in voluntary liquidation by the shareholders
on April 15. Errol Bailey and Brenton Hunt, of the Taurus Group,
were appointed liquidators.



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


PHILIPPINE NATIONAL: Moody's Ups Deposit Ratings From Ba2
---------------------------------------------------------
Moody's Investors Service upgraded the long-term and short-term
deposit ratings of Philippine National Bank (PNB) and Rizal
Commercial Banking Corporation (RCBC) to Baa3/P-3 from Ba2/NP.
Moody's also affirmed the Baa2/P-2 long-term and short-term
deposit ratings of Land Bank of the Philippines (LBP).

In addition, Moody's has upgraded the baseline credit assessment
(BCA) and Adjusted BCA of PNB and RCBC to ba1 from ba3
respectively. LBP's BCA was upgraded to ba2 from ba3.

Moody's upgraded RCBC's senior unsecured debt, senior unsecured
euro medium term notes (MTN) program, non-cumulative preferred
stock and other short-term ratings to Baa3, (P)Baa3, B1(hyb) and
(P)P-3 from Ba2, (P)Ba2, B3(hyb) and (P)NP respectively.

At the same time, Moody's also affirmed the following ratings of
Metropolitan Bank & Trust Company (MBT): baa2 Baseline Credit
Assessment (BCA) and Adjusted BCA, Baa2/P-2 long-term and short-
term deposit ratings, Baa3 long-term local currency subordinated
debt rating, and Ba2 (hyb) foreign currency preferred stock
rating.

Furthermore, Moody's has assigned a Counterparty Risk Assessment
(CR Assessment) to all rated Philippine banks as follows: (1) Bank
of the Philippine Islands (BPI) -- Baa1(cr)/P-2(cr), (2) BDO
UNIBANK, INC (BDO) -- Baa1(cr)/P-2(cr), (3) LBP -- Baa2(cr)/P-
2(cr), (4) MBT -- Baa1(cr)/P-2(cr), (5) PNB -- Baa2(cr)/P-2(cr),
(6) RCBC -- Baa2(cr)/P-2(cr), (7) United Coconut Planters Bank
(UCPB) -- B1(cr)/NP(cr).

These actions follows the conclusion of the rating agency's
reviews initiated on 17 March, 2015 that was prompted by changes
arising from the implementation of Moody's new methodology for
rating banks globally (see "Banks", published on 16 March 2015).
In the case of RCBC, the action also concludes the review
initiated on 18 December 2014 that was prompted by the company's
announcement on 17 December that it had entered into a definitive
agreement with Cathay Life Insurance Co., Ltd (Cathay Life, Baa2
positive), whereby Cathay Life will acquire an approximate 20%
stake in RCBC.

Moody's has withdrawn the outlooks on all junior instrument
ratings for its own business reasons. Please refer to Moody's
Investors Service's Policy for Withdrawal of Credit Ratings.
Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term deposit
and senior unsecured debt ratings. The outlook on all the long-
term deposit and senior unsecured debt ratings of these banks is
stable.

UPGRADE OF LONG-TERM RATINGS AND BCA/ADJUSTED BCA OF PNB AND RCBC:

The upgrade of the long-term and short-term ratings of PNB and
RCBC reflects the consistent improvement in the credit profiles of
these banks, backed by favorable operating conditions in the
Philippines.

The upgrade of the bank's BCAs and adjusted BCA to ba1 from ba3
reflects improvements in their asset quality profiles during a
period in which new non-performing loans (NPL) formation has
remained low in the Philippines. In addition, the bank's capital
buffers have improved, following PNB's PHP 11.6 billion in new
equity raising in early 2014 and Cathay Life's PHP 7.95 billion
investment in new equity of RCBC, which was completed in April
2015.

Although PNB's asset quality remains weaker than the rated
Philippine banks average, its high levels of capitalization and
loan-loss coverage provide sufficient loss absorption capacity at
its current rating levels to withstand systemic stresses over the
next 12-18 months.

UPGRADE OF BCA AND ADJUSTED BCA of LBP:

LBP's BCA, its stand-alone credit assessment, was upgraded to ba2
from ba3 reflecting the bank's improved credit fundamentals. Over
the past three years, the bank's asset quality, profitability, and
cost efficiency improved on the back of robust domestic operating
conditions. The bank continues to maintain a strong funding
profile that is supported by its sizable distribution network and
status as the primary depository institution for the government
and its agencies.

At the same time, the bank's ba2 BCA also takes into account its
high credit concentrations, weakening capital position from credit
growth and poorer financial transparency relative to other rated
banks in the Philippines.

The bank's adjusted BCA was upgraded to ba2 from ba3, following
the upgrade of its BCA.

AFFIRMATION OF RATINGS OF MBT:

The affirmation of MBT's BCA and Adjusted BCA of baa2 reflects its
strong domestic franchise, robust capital and liquidity profiles
and improving asset quality, which reflect discipline and prudence
in business growth.

MBT's Baa2 deposit rating is positioned at the same level as the
sovereign rating of Baa2 to reflect the high correlation between
banking and sovereign credit risk in the Philippines.

ASSIGNING OF COUNTERPARTY RISK ASSESSMENTS:

The CR Assessment is an opinion of the counterparty risk related
to a bank's covered bonds, contractual performance obligations
(servicing), derivatives (e.g., swaps), letters of credit,
guarantees and liquidity facilities.

CR assessments reflect Moody's opinion of how counterparty
obligations are likely to be treated if a bank fails, and are
distinct from debt and deposit ratings in that they (1) consider
only the probability of default, rather than the expected loss;
and (2) apply to counterparty obligations and contractual
commitments rather than to debt or deposit instruments.

In most cases, the starting point for the CR Assessment -- which
is an assessment of the bank's ability to avoid defaulting on its
operating obligations -- is one notch above the bank's adjusted
BCA, to which Moody's then adds the same notches of support uplift
as applied to deposit and senior unsecured debt ratings. As a
result, the CR Assessment for most rated banks in the Philippines
is 1 notch higher than their deposit ratings, reflecting Moody's
view that authorities are likely to honor the operating
obligations the CR Assessment refers to in order to preserve a
bank's critical functions and reduce potential for contagion.

However, in the case of LBP, given its very high deposit rating,
which is aligned with the Philippine government bond rating at
Baa2, Moody's has also assigned a CR Assessment of Baa2(cr).

WHAT COULD CHANGE THE RATINGS UP:

PNB

An upward revision of PNB's BCA would likely lead to an upgrade of
its ratings, assuming that its credit metrics remain robust.

The following factors could result in an upward revision of the
BCA: (1) proven ability to maintain its nonperforming assets --
NPLs and foreclosed assets; and/or; (2) evidence that it can
reduce its operating expenses and improve its risk-adjusted
profitability and/or; (3) a high level of loss-absorption
capacity.

RCBC

An upward revision of RCBC's BCA would likely lead to an upgrade
of its ratings, assuming that its credit metrics remain robust.

The following factors could result in an upward revision of the
BCA: (1) proven ability to contain or reduce nonperforming assets
-- NPLs and foreclosed assets; (2) an ability to maintain its
capitalization level in line with the peers; and/or (3) evidence
that it can continue to reduce credit costs and improve its risk-
adjusted profitability to support capital generation.

RCBC's preferred stock rating is linked to its BCA, and could be
upgraded if its BCA is raised.

LBP

LBP's deposit rating of Baa2 is at the same level as the
Philippines' sovereign rating. It is unlikely that LBP will be
rated above the sovereign as Moody's view the correlation of risk
between the bank and the sovereign to be high. The stable outlook
on the sovereign's rating suggests that the upside and downside
risks are balanced. Nonetheless, an upgrade of the sovereign
rating would likely lead to an upgrade of the bank's deposit
ratings, assuming its credit metrics remain robust.

The following factors could result in an upward revision of the
BCA: (1) improvements in the timeliness and transparency of
financial reporting; and/or (2) significant reductions in credit
risk concentrations in individual borrowers and industry groups;
and/or (3) a significant diversification of its funding sources,
reducing its reliance on government-related funding and exposure
to policy risks.

MBT

MBT's deposit rating of Baa2 is at the same level as the
Philippines' sovereign rating. It is unlikely for MBT to be rated
above the sovereign as Moody's view the correlation of risk
between the banks and the sovereign to be high. The stable outlook
on the sovereign's rating suggests that the upside and downside
risks are balanced. Nonetheless, an upgrade of the sovereign
rating would likely lead to an upgrade of the banks' deposit
ratings, assuming its credit metrics remain robust.

If the sovereign is upgraded, the following factors could result
in an upward revision of the bank's BCA: (1) a consistent
reduction in non-performing assets (non-performing loans and
foreclosed assets); (2) steady improvement in profitability
levels, as reflected by improvements in core earnings and
reductions in credit costs; and/or (3) higher levels of loss-
absorption capacity, as reflected by steady improvements in its
capitalization.

MBT's subordinated debt and hybrid ratings are linked to its BCA,
and could be upgraded when its BCA is upgraded.

WHAT COULD CHANGE THE RATINGS DOWN:

PNB

The bank's BCA and consequently its ratings could be lowered if:
(1) aggressive organic expansion or acquisitions result in a
significant increase in its risk profile; and/or (2) its operating
environment weakens significantly or underwriting practices become
lax, resulting in a significant increase in nonperforming assets
(NPLs and foreclosed assets); and/or (3) there is a material
decline in its capital buffers.

RCBC

The bank's BCA and consequently its ratings could be lowered if:
(1) aggressive organic expansion or acquisitions result in a
significant increase in its risk profile; and/or (2) its operating
environment weakens significantly or underwriting practices become
lax, resulting in a significant increase in nonperforming assets
(NPLs and foreclosed assets); and/or (3) there is a material
decline in its capital buffers, such that its Tangible Common
Equity/ Risk Weighted Assets (TCE/RWA) ratio falls below 10%.

LBP

The bank's BCA and consequently its ratings could be lowered if:
(1) the operating environment weakens significantly or
underwriting practices become loose, resulting in a significant
deterioration in its asset quality; and/or (2) if non-performing
loans rise without a corresponding increase in loan-loss
provisions; and/or (3) its capital buffer declines materially, as
a result of balance sheet or credit losses.

MBT

The bank's BCA could be lowered if: (1) aggressive organic
expansion or acquisitions result in a significant increase in
their risk profiles; and/or (2) the operating environment weakens
significantly, or underwriting practices loosen, resulting in a
steady increase in non-performing assets which erodes loss-
absorbing buffers; and/or (3) there is a material decline in the
banks' capital buffers, as a result of strong balance sheet growth
or credit losses.

Taking into account the announcement, the bank's ratings are as
follows:

BPI

  -- BCA and Adjusted BCA remains unchanged at baa2;

  -- Local and foreign currency deposits rating remains unchanged
     at Baa2/P-2; stable outlook on long-term rating;

  -- CR Assessment of Baa1(cr)/P-2(cr).

BDO

  -- BCA and Adjusted BCA remains unchanged at baa2;

  -- Local and foreign currency deposit rating remains unchanged
     at Baa2/P-2; stable outlook on long-term rating;

  -- Foreign currency senior unsecured rating remains unchanged
     at Baa2; stable outlook on long-term rating;

  -- CR Assessment of Baa1(cr)/P-2(cr).

LBP

  -- BCA and Adjusted BCA upgraded to ba2 from ba3;

  -- Local and foreign currency deposit ratings affirmed at
     Baa2/P-2; stable outlook on long-term rating;

  -- CR Assessment of Baa2(cr)/P-2(cr).

MBT

  -- BCA and Adjusted BCA affirmed at baa2

  -- Local and foreign currency deposit rating affirmed at
     Baa2/P-2; stable outlook on long-term rating;

  -- Local currency subordinated debt affirmed at Baa3;

  -- Foreign currency pref. stock non-cumulative rating affirmed
     at Ba2 (hyb);

  -- CR Assessment of Baa1(cr)/P-2(cr).

PNB

  -- BCA and Adjusted BCA upgraded to ba1 from ba3

  -- Local and foreign currency deposit ratings upgraded to
     Baa3/P-3 from Ba2/NP; outlook on long-term rating changed to
     stable from ratings under review;

  -- CR Assessment of Baa2(cr)/P-2(cr).

RCBC

  -- BCA and Adjusted BCA upgraded to ba1 from ba3;

  -- Foreign currency deposits rating upgraded to Baa3/P-3 from
     Ba2/NP; outlook on long-term rating changed to stable from
     ratings under review;

  -- Foreign currency MTN program rating upgraded to (P)Baa3 from
     (P)Ba2;

  -- Foreign currency senior unsecured debt rating upgraded to
     Baa3 from Ba2; outlook on long-term rating changed to stable
     from ratings under review;

  -- Foreign currency preferred stock rating upgraded to B1(hyb)
     from B3(hyb);

  -- Foreign currency other short term rating upgraded to (P)P-3
     from (P)NP;

  -- CR Assessment of Baa2(cr)/P-2(cr).

UCPB

  -- BCA and Adjusted BCA remains unchanged at caa1;

  -- Foreign currency bank deposits remains unchanged at B2/NP;
     stable outlook on long-term rating;

  -- Foreign currency deposit note/CD program remains unchanged
     at (P)B2/(P)NP;

  -- CR Assessment of B1(cr)/NP(cr).

The principal methodology used in these ratings was Banks
published in March 2015.

Headquartered in Manila, BPI reported total assets of PHP1,450
billion as of 31 December 2014.

Headquartered in Manila, BDO reported total assets of PHP1,864
billion as of 31 December 2014.

Headquartered in Manila, LBP reported total assets of PHP849
billion as of 31 December 2013.

Headquartered in Manila, MBT reported total assets of PHP1,616
billion as of 30 March 2015.

Headquartered in Manila, PNB reported total assets of PHP625
billion as of 31 December 2014.

Headquartered in Manila, RCBC reported total assets of PHP458
billion as of 31 December 2014.

Headquartered in Manila, UCPB reported total assets of PHP277
billion as of 31 December 2013.



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


HYUNDAI HEAVY: Restructures Financial Units as Part of Revamp
-------------------------------------------------------------
The Korea Herald reports that Hyundai Heavy Industries is
streamlining its financial units as part of an ongoing group-wide
restructuring to ride out financial difficulties.

The Korea Herald relates that the shipbuilder said May 22 that it
would realign the businesses of Hyundai Finance Corp., Hyundai
Venture Investment and Hyundai Futures as part of its large-scale
restructuring efforts to streamline business operations and combat
the group's financial crisis.

According to the report, the company said Hyundai Finance chairman
Chung Mong-il, the eighth son of the late Hyundai Group founder
Chung Ju-yung, also stepped down from his post to take
responsibility for the firms' continued losses.

While he is also resigning from his position at Hyundai Venture,
Hyundai Venture CEO Kim Jae-geun is also stepping down, the report
notes.

The report relates that the shipbuilder said Hyundai Heavy
executives would fill in for the exiting executives until the
positions are filled.

Hyundai recorded losses for the sixth consecutive quarter earlier
this year, posting an operating loss of KRW189 billion and a net
loss of KRW91 billion in the January-April period, the report
adds.

Hyundai Heavy Industries builds ships for commercial, and military
purposes. The Company manufactures oil tankers, cargo and
passenger vessels, and warships. Hyundai Heavy Industries also
produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.


POSCO PLANTEC: Applies For Debt-Restructuring Program
-----------------------------------------------------
Yonhap News Agency reports that POSCO Plantec Co., a unit of South
Korea's top steelmaker POSCO, said on May 26 it decided to apply
for a debt-restructuring program in an effort to tide over a cash
crunch.

POSCO Plantec said in a regulatory filing that the decision to
request the workout program to its creditors, led by the Korea
Development Bank, was made during a board meeting, Yonhap relates.

By law, creditors who hold more than 75 percent of debt owed by
POSCO Plantec are required to give the okay to the workout plan,
according to the report.

Yonhap relates that the plant parts maker said that its overdue
loan payments totaled KRW89.2 billion (US$81.08 million) as of May
26.

According to the report, POSCO Plantec has been struggling in the
red for the last two years amid an overall slump in the
shipbuilding and other maritime industries. Last year, the company
posted an operating loss of KRW189.1 billion, the report relays.

POSCO and its construction arm, POSCO Engineering and Construction
Co., had injected KRW290 billion late last year into the cash-
strapped affiliate via paid-in capital contributions, the report
notes.

Yonhap notes that the latest workout request marks the first time
for a POSCO affiliate to apply for a debt-restructuring scheme,
but the conglomerate, which is currently carrying out measures to
boost financial soundness, said additional funding for its ailing
unit is unlikely at the moment.

"Additional financial support for POSCO Plantec, which has been
suggested by some, is difficult," Yonhap quotes a POSCO official
as saying.  "Considering the current situation in which it is
unclear whether financial firms and lenders are willing to
cooperate, extra funding in the short term may go against the
interests of POSCO's shareholders."

Posco Plantec, formerly Sungjin Geotec Co., Ltd, is a Korea-based
company engaged in the manufacture of industrial equipment for
petrochemical, refinery, power, steel and other industries.



===============
T H A I L A N D
===============


THAI AIRWAYS: Posts THB9.1 Billon in First Nine Months This Year
----------------------------------------------------------------
ThailandBusiness News reports that Thai Airways International has
reported a consolidated net loss of THB9,117 million for the first
nine months of this year.

The loss represented a THB2,864 million increase from the same
period last year, said THAI acting president ACM Siwakiat Jayema,
the report relates.

However, he said the third quarterly performance of this year
showed THAI and its subsidiaries have recorded profits of THB1,097
million, breaking down to THB1,086 million generated by THAI, as
compared with THB6,182 million net loss of the third  quarter in
2013, according to the report.

He attributed the loss for the past nine months to the tourism
industry which is still not returning normal and tough competition
in the industry, particularly from low cost airlines, fleet
expansions, and opening of new routes, the report relates.

As a consequence, THAI suffered a 15% drop in passengers from
16.20 million in the same period last year to 13.77 million this
year.  The average number of seats sold per flight slipped to 70%,
down nearly 10 percentage points from one year earlier.
He also said the average number of seats sold per flight in the
third quarter also slipped to 71.1% from 75.3% last year.

Besides loss from asset depreciation also rose 66.2% or
THB2,086 million higher than last year to THB5,237 million, he
added, ThailandBusiness News reports.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.



                             *********

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 ***