TCRAP_Public/150528.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 28, 2015, Vol. 18, No. 104


                            Headlines


A U S T R A L I A

CASSANDRA SERVICES: First Creditors' Meeting Slated For June 4
G B R TRANSPORT: First Creditors' Meeting Set For June 4
NORTHERN IRON: Gets Financial Aid to Cover Forex Losses
RUDDUCKS PTY: Goes Into Liquidation; Assets Up for Sale
SSMB HEALTH: First Creditors' Meeting Slated For June 4

TCI CAPITAL: ASIC Cancels AFS License


C H I N A

CHINA AOYUAN: Fitch Assigns 'B+' Rating to USD250MM Sr. Notes
SUNAC CHINA: S&P Lowers CCR to 'B+'; Outlook Stable
XINYUAN REAL: Fitch Lowers IDR to 'B'; Outlook Stable
ZHONGRONG INTERNATIONAL: S&P Rates US$ Guaranteed Notes 'BB'
ZHONGRONG INTERNATIONAL: S&P Assigns 'BB' ICR; Outlook Stable


I N D I A

ABC RAILROAD: CRISIL Assigns 'B' Rating to INR110MM Cash Credit
ADESH COTTON: CRISIL Puts B Ratings on 'Notice of Withdrawal'
AGRO FOODS: ICRA Assigns 'B' Rating to INR17cr Term Loan
AGROFLEX REINFORCE: ICRA Suspends B+ Rating on INR1.5cr Loan
ALANG METAL: ICRA Lowers Rating on INR19.50cr FB Loan to 'D'

AMBANI ORGANICS: ICRA Reaffirms 'B' Rating on INR7cr Loan
ANIRUDH TEXCHEM: ICRA Suspends B+ Rating on INR9.45cr Bank Loan
ARMSTRONG KNITTING: CRISIL Ups Rating on INR100MM Loan to B-
ASTRA DIAMOND: CRISIL Reaffirms 'D' Rating on INR75MM LT Loan
ASWIN COLD: CRISIL Assigns 'B' Rating to INR60MM Cash Loan

BHANSALI DIAMONDS: ICRA Assigns 'B+' Rating to INR11.5cr LT Loan
BRAHMAPUTRA TELE: CRISIL Reaffirms B Rating on INR96MM Bank Loan
CHEMTROLS SAMIL: CRISIL Reaffirms 'B-' Rating on INR100MM Loan
COCHIN STEEL: CRISIL Cuts Rating on INR20MM Bank Loan to 'B'
DIAMOND TMT: CRISIL Raises Rating on INR300MM Cash Loan to B+

EXCEL VINYL: CRISIL Reaffirms B+ Rating on INR28.5MM Loan
GHANSHYAM GINN: ICRA Assigns 'B' Rating to INR18cr Cash Credit
GILLCO DEVELOPERS: ICRA Suspends B Rating on INR70cr Bank Loan
GOKUL GINNING: CRISIL Assigns B+ Rating to INR60MM Cash Credit
GOVAAN STEELS: CRISIL Reaffirms 'D' Rating on INR200MM LOC

K PATEL: CRISIL Cuts Rating on INR195MM Cash Loan to B+
KARNATAKA OEM: ICRA Suspends B+ Rating on INR5.0cr Loan
KAVYARC TRADEX: CRISIL Assigns B Rating to INR70MM Cash Credit
KHUSHI ENTERPRISES: CRISIL Reaffirms B Rating on INR60MM Loan
MASS CASHEWS: ICRA Assigns 'B+' Rating to INR7.50cr LT Loan

MAYUR SEEDS: CRISIL Ups Rating on INR40MM Cash Loan to 'B'
METAL CLOSURES: ICRA Suspends B- Rating on INR71.70cr Cash Loan
MILLENIUM STEEL: CRISIL Assigns 'B' Rating to INR42.5MM Cash Loan
MUTHU PIPES: CRISIL Reaffirms B Rating on INR88MM LT Loan
NEOTECH EDUCATION: ICRA Revises Rating on INR18.22cr Loan to 'C'

NAGARWALA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR100M Loan
NAINANI MEDICO: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
PIONEER FABRICATORS: CRISIL Ups Rating on INR101.6MM Loan to B
PRESIDENCY BUILDERS: ICRA Withdraws 'D' Rating on INR10cr Loan
RADIANT PLASTRUDERS: ICRA Reaffirms B Rating on INR5.44cr Loan

RC AUTOMOTIVE: CRISIL Lowers Rating on INR180MM Cash Loan to B-
SAMRAKSHANA ELECT: CRISIL Reaffirms B- Rating on INR258.7MM Loan
SANYA MOTORS: CRISIL Cuts Rating on INR190MM Cash Loan to B+
SHREE LAXMI: ICRA Assigns 'B' Rating to INR4.5cr Cash Credit
SHREE MOMAI: ICRA Suspends B+ Rating on INR5.50cr Bank Loan

SHREE UMIYAJI: ICRA Suspends 'D' Rating on INR6.69cr Bank Loan
SHRISHTI ELECTROMECH: CRISIL Reaffirms B Rating on INR122.3M Loan
SHUBHLAXMI GUM: ICRA Assigns 'B+' Rating to INR7cr Cash Credit
SONAL ADHESIVES: ICRA Assigns 'D' Rating to INR12.20cr Loan
SRI MANJUNATHA: CRISIL Reaffirms B Rating on INR45MM Cash Loan

SURAJ PULSES: CRISIL Reaffirms 'B' Rating on INR120MM Cash Loan
T.ABDUL WAHID: CRISIL Reaffirms B+ Rating on INR206.4MM Loan
VHB LIFE: CRISIL Ups Rating on INR525MM Bank Loan to 'B'
VHB MEDISCIENCES: CRISIL Ups Rating on INR475.2MM Loan to 'B'
WAINGANGA SUGAR: CRISIL Assigns 'D' Rating to INR400MM Loan


J A P A N

SKYMARK AIRLINES: To Set Debt Repayment Ratio at 5% Under Plan
SKYMARK AIRLINES: Intrepid Aviation to Block ANA Stake Buy
SKYMARK AIRLINES: Airbus Opposes ANA's Part in Restructuring


N E W  Z E A L A N D

STARPLUS HOMES: Liquidators May File Case Against Inland Revenue


S I N G A P O R E

STATS CHIPPAC: S&P Keeps 'BB+' CCR on CreditWatch Negative


S O U T H  K O R E A

POSCO PLANTEC: To Submit Debt Workout Plans


V I E T N A M

OCEAN BANK: Vietnam's Central Bank Takes Over Troubled Lender


                            - - - - -


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A U S T R A L I A
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CASSANDRA SERVICES: First Creditors' Meeting Slated For June 4
--------------------------------------------------------------
Travis J Pullen -- travis@tjpadvisory.com.au -- of TJP Advisory
was appointed as administrator of Cassandra Services Pty Limited
on May 26, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 710 Collins Street, in Docklands, Victoria, on June 4,
2015, at 10:40 a.m.


G B R TRANSPORT: First Creditors' Meeting Set For June 4
--------------------------------------------------------
Anthony Robert Cant and Simon Patrick Nelson of Romanis Cant were
appointed as administrators of G B R Transport Pty. Ltd. on May
25, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Romanis Cant, 106 Hardware Street, in Melbourne,
Victoria, on June 4, 2015, at 10:00 a.m.


NORTHERN IRON: Gets Financial Aid to Cover Forex Losses
-------------------------------------------------------
Gold Coast Bulletin reports that Norway-focused iron ore miner
Northern Iron Limited is receiving support from its financiers to
cover foreign exchange losses following a plunge in iron ore
prices.

The Bulletin relates that the Perth-based company is preserving
cash, reducing costs and securing financial support because of the
worsening economic environment.

According to the report, the company said it is working with
financiers, offtake partners and suppliers to restructure and
improve its working capital so it can continue as a going concern.

Chief executive Anthony Beckmand said the company had received
further support from its financiers with repayment and interest
holidays and the addition of new working capital facilities to
cover losses under foreign exchange hedge contracts for 2015, the
report relays.

"The group is actively working to optimise operations, achieve
further cost reductions, restructure debt, while working actively
with key stakeholders towards a long term solution," Mr Beckmand
told the company's annual general meeting on May 27, the Bulletin
reports.

The report says Northern Iron has cut 10 per cent of its company
employees and contractor positions, implemented voluntary pay
reductions across all levels over the past year as it works with
suppliers to reduce costs.

Northern Iron produced six million tonnes of iron ore in 2014 and
reported a US$180 million loss in full year 2014, the report
notes.

Australia-based Northern Iron Limited (ASX:NFE) --
http://www.northerniron.com.au/-- owns the Sydvaranger Iron
Project in northern Norway. The Company has three segments:
Sydvaranger iron Ore Project, marketing of ore concentrates and
corporate office. Sydvaranger is located adjacent to the towns of
Bjornevatn and Kirkenes in Norway, north east of the capital,
Oslo. The Sydvaranger Iron Project encompasses four magnetite iron
deposits: Bjornevatn, Fisketind ost, Kjellmannsasen and Tverrdalen
and a further 20 prospects with known iron mineralization located
over a 12 kilometers strike length. The Sydvaranger project
produces and exports iron ore concentrate to steel industry
customers worldwide. Products from the project contain iron ore
content of approximately 68.5% and silica content of less than
4.5%.


RUDDUCKS PTY: Goes Into Liquidation; Assets Up for Sale
-------------------------------------------------------
Eloise Keating at SmartCompany reports that Rudducks, a Victorian-
based wholesaler of pet food and accessories that has been
operating since 1904, has collapsed into liquidation.

According to the report, Rudducks has been trading for more than
110 years but the Supreme Court of Victoria appointed
Philip Newman -- pnewman@pcipartners.com.au -- and David Quin --
dquin@pcipartners.com.au -- of PCI Partners as liquidators of the
business earlier this month following an application to wind-up
the company, which was lodged by Victas Freight Express in
December 2014.

The report, citing the database of the Australian Securities and
Investments Commission, discloses that ASIC received notice that
the court had appointed a liquidator to the company on May 21.

While the business has most recently been trading under the name
Rudducks, its previous names included Rudducks Wholesale Pet
Supplies, H. Van Der Helm and Pure Breeds Shop, SmartCompany
notes.

SmartCompany says Messr. Newman and Quin are seeking urgent
expressions of interest in the business or its assets, which
according to an advertisement place in May 27's edition of The
Australian, include an established nationwide customer base;
stock, plant and equipment; and business names, website,
copyright, patents and trademarks.

The collapse of the business has clearly left some creditors out
of pocket, with one posting on the Ruddocks' Facebook page on
May 19 that he had completed some work for the business in October
2014 but had not been paid, according to the report.

Rudducks manufactured and supplied products for dogs, cats, birds,
aquarium and small animals and was based in Dandenong, in
Melbourne's east.


SSMB HEALTH: First Creditors' Meeting Slated For June 4
-------------------------------------------------------
Randall Joubert of Joubert Insolvency was appointed as
administrator of SSMB Health Pty Limited, trading as GNC Live Well
Bankstown, on May 25, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Joubert Insolvency, Level 1, 5 Elizabeth Street, in
Sydney, on June 4, 2015, at 11:00 a.m.


TCI CAPITAL: ASIC Cancels AFS License
-------------------------------------
Australian Securities and Investments Commission has cancelled the
Australian financial services (AFS) license of TCI Capital
Advisers Pty Ltd (TCI) following concerns it failed to comply with
its compliance obligations.

ASIC cancelled the license after TCI management failed to ensure
the company had adequate financial resources to provide its
services.

TCI also failed to lodge audited financial accounts for FY2010,
FY2011, FY2012, FY2013 and FY2014 within the required timeframe,
and failed to report this breach to ASIC.

TCI has the right to seek a review of ASIC's decision at the
Administrative Appeals Tribunal.

The cancellation of TCI's AFS license is effective 19 May 2015.

Melbourne-based TCI provided investment advice, assistance and
research to wholesale clients such as multinational corporations
and institutional investment funds.


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C H I N A
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CHINA AOYUAN: Fitch Assigns 'B+' Rating to USD250MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(Aoyuan; B+/Stable) USD250m 10.875% senior notes due 2018 a final
rating of 'B+' and Recovery Rating of 'RR4'.

The notes are rated at the same level as Aoyuan's senior unsecured
rating because they constitute direct and senior unsecured
obligations of the company.  The assignment of the final rating
follows the receipt of documents conforming to information already
received and the final rating is in line with the expected rating
assigned on May 17, 2015.

The Chinese homebuilder's ratings are supported by its continued
business expansion with moderate leverage and sufficient
liquidity.  The ratings are constrained by the high level of non-
residential properties in the product mix and the limited
geographic diversification.

KEY RATING DRIVERS

Growing Business Scale: Aoyuan's contracted sales rose 22% in 2014
to CNY12.2bn, mainly because of its consistent execution in
delivering an increased number of properties ready for sale.  Its
larger scale gives the company a more stable sales base and
greater financial flexibility in making land acquisitions.

Stable Financial Profile: What sets Aoyuan apart from its fast-
growing peers is that it has maintained healthy leverage despite
its rapid expansion.  Its leverage as measured by net
debt/adjusted inventory was 28% at end-2014, and its sales
efficiency - measured by contracted sales/total debt - remained
above 1.1x in 2014.  Fitch estimates that Aoyuan's land premium
for 2015 will be around CNY5bn, or less than 40% of its estimated
full-year contracted sales.  Fitch expects Aoyuan's financial
profile to stay healthy in 2015, which will support its credit
profile.

Exposure to Non-Residential Property: In order to increase revenue
and profitability, the company complements core residential
property sales with retail properties and offices, which accounted
for 26% of total contracted sales in 2014.  Aoyuan's retail
properties are typically located on the first several floors of
the residential blocks in most of its projects.  Although non-
residential properties are currently selling at a healthy pace,
Fitch believes that they are more cyclical than residential
properties and any further increase in the share of non-
residential properties in Aoyuan's contracted sales may increase
its business risk.

Limited Geographic Diversification: Around 67% of contracted sales
in 2014 were from Guangdong province in southern China, where
competition remains intense.  The geographical concentration
exposes the company to the uncertainties of local policies and the
local economy.  It has successfully replicated its business model
in locations outside Guangdong province, such as Chongqing
municipality.  As projects in Chongqing start to contribute to
sales, Fitch expects Aoyuan to continue its geographic
diversification and the share of contracted sales from Guangdong
will decrease to around 55% in the next 12 months.

KEY ASSUMPTIONS

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

   -- Pace of land acquisitions to be stable in 2015
   -- Contracted sales are estimated based on properties
      available for sale in 2015, and the sell-through ratio
   -- The company's average selling price for its contracted
      sales will be stable or rise slightly in 2015
   -- Company will maintain its fast churn and high cash-flow
      turnover business model

RATING SENSITIVITIES

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

   -- The ratio of contracted sales to total debt falling below
      1x (2014: 1.1x) on a sustained basis
   -- Net debt to adjusted net inventory sustained above 40%
      (2014: 28%)
   -- Deviation from the fast churn and high cash-flow turnover
      business model
   -- Proportion of contracted sales from non-residential
      properties rising above one third of its total contracted
      sales

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

   -- Successful execution of expansion strategy for the next two
      to three years, with contracted sales rising to more than
      CNY15bn a year, and EBITDA margin increasing to over 25%
      (2014: 19%) on a sustained basis


SUNAC CHINA: S&P Lowers CCR to 'B+'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based real estate
developer Sunac China Holdings Ltd. to 'B+' from 'BB-'.  The
outlook is stable.

S&P also lowered its long-term issue rating on the company's
senior unsecured notes to 'B' from 'B+'.  At the same time, S&P
lowered its long-term Greater China regional scale ratings on
Sunac to 'cnBB' from 'cnBB+' and on the notes to 'cnBB-' from
'cnBB'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Feb. 16, 2015.

"The downgrade reflects our expectation that Sunac's cash flows
and leverage are likely to remain weak over the next six to 12
months following a sharp deterioration in 2014," said Standard &
Poor's credit analyst Christopher Yip.

Sunac's consolidated contract sales, revenue, and EBITDA margin in
2014 were significantly lower than S&P's expectation.  S&P has
lowered its base-case contract sales and revenue estimates for
2015 and 2016.

Sunac's profitability is likely to improve slightly in 2015 as the
company clears less profitable projects in its portfolio.
However, the improvement is not likely to materially change the
leverage.  Management's aggressive appetite for acquisition will
likely continue to put pressure on the company's financial risk
profile.  S&P expects Sunac's debt-to-EBITDA ratio to be 6.5x-7.5x
for 2015.  S&P has lowered its assessment of the company's
financial risk profile to "highly leveraged" from "aggressive"
based on the above factors.

S&P has not incorporated Sunac's proposed acquisition of Kaisa
Group Holdings Ltd. in S&P's analysis because the transaction is
uncertain.  Sunac's mergers and acquisitions have changed its
corporate structure, making an accurate assessment of its cash
flow and leverage challenging.

Sunac continues to benefit from its growing business scale,
improved geographical diversification, and established position in
niche markets in about 10 upper-tier cities in China.  S&P assess
the company's business risk profile as "satisfactory" based on the
above factors.

Sunac has an aggressive risk tolerance and acquisition appetite, a
mixed record of executing transactions, and less timely
information disclosure.  S&P therefore assess its management and
governance assessment as "weak."

In S&P's view, Sunac has a portfolio of joint venture assets with
higher profitability and lower leverage than the company.  These
projects are not fully reflected in Sunac's anchor.  The positive
impact of Sunac's comparable rating analysis offsets the negative
impact of our management and governance assessment.

Given S&P's assessment of Sunac's financial risk profile as
"highly leveraged," event risk due to acquisitions are unlikely to
lead to a revision in S&P's assessment.  S&P don't believe the
acquisitions will weaken Sunac's liquidity, given the company's
large cash balance at the end of 2014.  S&P has revised the
financial policy score to "neutral" from "negative."

"The stable outlook reflects our expectation that Sunac will
improve its leverage in 2015 as increasing revenues and improving
profitability offset higher borrowings," said Mr. Yip.

Nevertheless, S&P expects the company's cash flows and leverage to
remain commensurate with a "highly leveraged" financial risk
profile.  S&P has not factored in any potential large acquisitions
in its base case.

S&P could downgrade Sunac if S&P believes the company's expansion
and acquisition are more aggressive than it expected, such that
its profitability and leverage further weaken.  An EBITDA interest
coverage below 1x could indicate such deterioration, which could
happen if Sunac funds its acquisitions mostly with debt,
increasing its total debt significantly more than S&P expects.  A
more than 15% decline in revenue and gross margins lower than 15%
in 2015 are likely to trigger a downgrade.

S&P could upgrade Sunac if the company adopts a more conservative
financial policy, improves profitability and leverage, and
demonstrates a record of acquisitions and undertaking expansion in
a prudent and disciplined manner, such that its debt-to-EBITDA
ratio is below 5x on a sustained basis.  In S&P's base case,
revenue growth of more than 10% and gross margin higher than 27%
in 2015 could trigger an upgrade.


XINYUAN REAL: Fitch Lowers IDR to 'B'; Outlook Stable
-----------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder Xinyuan Real
Estate Co., Ltd.'s (Xinyuan) Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'B' from 'B+'.  The Outlook is Stable.
The agency has also downgraded Xinyuan's senior unsecured rating
to 'B' from 'B+', with Recovery Rating at 'RR4'.

The rating downgrades follow much slower growth in the company's
sales compared with the expansion of its land bank, which resulted
in a sharp increase in its leverage.  The rating is also
constrained by a profit margin that is lower than that of its
peers.

KEY RATING DRIVERS

Weak Sales; Higher Leverage: Xinyuan had CNY6.1bn in land premiums
and CNY2.8bn in development expenditure, but achieved only
CNY6.4bn in contracted sales in 2014.  The gross floor area (GFA)
acquired in 2014 was three times the contracted GFA sold.  With
land banking speeding ahead of sales, Xinyuan's net debt/adjusted
inventory increased to around 48% at end-2014 from a net cash
position at end-2013.  With 1Q15 contracted sales of only
CNY1.1bn, 32.5% less than a year earlier, its leverage has further
increased to 56%.  Fitch believes Xinyuan's leverage will stay
high for the rest of 2015 at around 50% unless contracted sales
rises significantly.

Significantly Thinner Margin: Xinyuan's EBITDA margin narrowed to
14% in 2014 from 27% in 2013, mainly due to the low gross margin
on sales in the past and the high selling, general and
administration (SG&A) costs, which were at 13%-15% of contracted
sales.  Fitch expects Xinyuan's gross profit margin to recover
from 2H15 as sentiment in the property sector improves.  Fitch
will continue to monitor the SG&A expenses as part of our
assessment of the company's management and execution abilities.

Frequent Management Changes: Xinyuan announced major management
changes in April 2015.  The company appointed a new CFO Mr. Liu
Huaiyu, whose predecessor served for only 10 months. This kind of
frequent management change is a potential rating constraint
because it may have negative impact to the consistent execution of
the company's strategy and financial policies.

Bigger Scale Supports Ratings: Xinyuan's Stable Outlook reflects
that its scale is comparable to similarly rated peers, and the
company can maintain its current financial profile once it steps
up the sales from the new land it acquired in 2014.  Its total
sellable GFA as of March 2015 was 3.2 million sqm, a 29% increase
compared with the 2.5 million sqm land bank in mid-2014.  Its
larger scale and increase in assets provide more protection to
creditors and support its rating outlook.

KEY ASSUMPTIONS

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

   -- Land purchases to slow down in 2015.  New land acquisition
      GFA / contracted sales GFA to fall to below 1.5x from 2015
      from 2.9x in 2014.

   -- Contracted sales are estimated based on properties
      available for sale in 2015, and the sell-through ratio.
      Fitch expects contracted sales to increase at a steady pace
      in 2015 and 2016

   -- Average selling price of contracted sales to recover from
      2014 levels and rise slightly in 2015 for comparable
      projects

   -- SG&A costs as percentage of contracted sales will gradually
      decrease as Xinyuan plans to cut internal costs

RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory rising above 60% on a sustained
      Basis

   -- Contracted sales/total debt falling below 0.6x on a
      sustained basis (end-2014: 0.7x) - EBITDA margin falling
      below 15% on a sustained basis

Positive future developments that may, individually or
collectively, lead to positive rating action include:

   -- Significant increase in scale as reflected by contracted
      sales exceeding CNY15bn

   -- Net debt/adjusted inventory falling below 40% on a
      sustained basis

   -- Contracted sales/total debt improving to above 1.0x on a
      sustained basis - EBITDA margin improving to above 20% on a
      sustained basis

The list of rating actions is:

Long-Term Foreign-Currency IDR downgraded to 'B' from 'B+',
Outlook Stable
Foreign-currency senior unsecured rating downgraded to 'B' from
'B+'; Recovery Rating at 'RR4'
USD200m senior unsecured notes due 2019 downgraded to 'B' from
'B+'; Recovery Rating at 'RR4'
USD200m senior unsecured notes due 2018 downgraded to 'B' from
'B+'; Recovery Rating at 'RR4'


ZHONGRONG INTERNATIONAL: S&P Rates US$ Guaranteed Notes 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
local currency issue rating to a U.S. dollar benchmark-sized bond
by Zhongrong International Bond 2015 Ltd.  S&P also assigned its
'cnBBB-' long-term Greater China regional scale rating to the
bond.  The issuer is a special purpose company wholly owned by
Zhongrong International Holdings Ltd. (BB/Stable/B; cnBBB-/cnA-3),
which guarantees the bond and is an indirectly wholly owned
subsidiary of Zhongrong International Trust Co. Ltd.  S&P's
ratings are subject to its review of the final documentation
related to the transaction.

The ratings on the bond have been equalized to the counterparty
credit rating on Zhongrong International Holdings Ltd. to reflect
S&P's view that the guarantee is irrevocable, unconditional, and
timely, and therefore qualifies for rating substitution treatment.
These obligations rank equally with all other unsecured and
unsubordinated obligations of the guarantor, if any, except for
certain obligations required to be preferred by law.  The proceeds
from the issuance will be used by Zhongrong International Holdings
and any other member of the group for general corporate purposes.


ZHONGRONG INTERNATIONAL: S&P Assigns 'BB' ICR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term and 'B' short-term issuer credit ratings to
Zhongrong International Holdings Ltd. (Zhongrong BVI).  The
outlook on the long-term rating is stable.  At the same time, S&P
assigned its 'cnBBB-' long-term and 'cnA-3' short-term Greater
China regional scale ratings to the company.  Zhongrong BVI is a
British Virgin Islands-incorporated intermediate holding company
under China-based Zhongrong International Trust Co. Ltd.

"The ratings on Zhongrong BVI reflect the credit profile of its
parent Zhongrong and the company's status as a 'highly
strategically important' subsidiary," said Standard & Poor's
credit analyst Harry Hu.  "We expect Zhongrong BVI to receive
support from its parent, if required."

S&P's assessment of Zhongrong BVI's status in the group is based
on these factors:

   -- Zhongrong BVI serves as the only offshore platform for the
      group.

   -- Zhongrong BVI is a start-up operation that acts as a profit
      booking center for the group.  The company's board of
      directors, management, and systems are integrated with that
      of the parent.

S&P expects Zhongrong BVI's asset, equity, and income
contributions to the parent group to grow rapidly over the next
two years.  S&P believes Zhongrong BVI's financial profile could
change drastically over the next two years, given the company's
start-up nature, and does not shed meaningful light on its credit
profile.

Zhongrong's credit profile reflects its large size and diverse
product offerings.  The company is one of the largest trust
companies in China.  Its product offerings include traditional as
well as alternative asset classes.  S&P considers Zhongrong as an
alternative asset manager because most of its assets under
management (AUM) are invested in direct loans and private equity.

Zhongrong's business risk profile reflects the increasing
competition in China's asset management industry.  The company's
solid distribution channels, national footprint, diverse
investment products, efficient cost structure, and above average
profitability also support its business risk profile.

Zhongrong's ability to innovate and develop new products puts it
in a good position to withstand the impact of its business
transition.  The company is seeking to reduce pressure to support
investors in actively managed direct-loan investment plans.

S&P expects the growth in Zhongrong's AUM to slow as the company
moves away from its passively-managed trustee function business.
This low-fee product currently accounts for the bulk of the
company's AUM and is facing high competition.  The share of
actively managed assets in total AUM could therefore increase
substantially beyond S&P's base-case expectations.

S&P expects Zhongrong's fee income mix to change with an increase
in the share of performance fees and investment income.  The
latter is difficult to estimate given that the increase in
investments in 2014 is mostly in publicly listed shares that are
subject to market movements.  The company's flexible cost
structure is likely to support its profitability.

Zhongrong's financial risk profile is a strength for the group's
credit profile.  The company does not have any financial debt as
of end-2014.

Zhongrong also has substantial cash balances, at about one-third
of its proprietary assets, as of the end of 2014.  However, the
company's small balance sheet relative to AUM with implicit
support constrains its liquidity profile.

A small but material part of Zhongrong's invested AUM is for
financing of operations of a related party.  Such related party
transactions at the AUM level could constrain the effectiveness of
Zhongrong's governance and exert higher pressure for support if
the borrowers come under distress.  Zhongrong's active approach to
risk management, including several layers of reserving mechanisms
used as buffers for potential operating losses, tempers this risk.

S&P believes Zhongrong is likely to benefit from the setting up of
the China Trust Industry's Security Fund for trust companies in
December 2014 under the guidance of the China Banking Regulatory
Commission.  The fund aims to provide liquidity support for trust
products or distressed trust companies to ensure financial
stability.  Given that Zhongrong is a large trust company in
China, S&P believes the company will benefit from this
institutional setting.  S&P's assessment also takes into
consideration that the company is under prudential regulation.

"The stable outlook on Zhongrong BVI reflects our expectation that
the company will remain a highly strategically important
subsidiary of Zhongrong group over the next two years," said
Mr. Hu.  "The outlook also reflects our expectation that the
group's credit profile will remain at the current level over the
period."

S&P may lower the rating on Zhongrong BVI if the group
significantly deviates from its strategic orientation toward the
company, or Zhongrong BVI's performance, contribution to the
group's strategic execution, equity injections received, and
operational integration with the parent are less than S&P expects.

S&P could upgrade Zhongrong BVI if the group credit profile
improves significantly.



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


ABC RAILROAD: CRISIL Assigns 'B' Rating to INR110MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of ABC Railroad Products Private Limited (ABC).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Short Term
    Bank Loan Facility       5           CRISIL A4

   Proposed Long Term
   Bank Loan Facility       30           CRISIL B/Stable

   Letter of Credit         55           CRISIL A4

   Bank Guarantee          100           CRISIL A4

   Cash Credit             110           CRISIL B/Stable

The ratings reflect the ABC's small scale of operations and
working capital intensive operations. These rating weaknesses are
partially offset by promoters' extensive industry experience and
average financial risk profile marked by moderate gearing and
average debt protection metrics.
Outlook: Stable

CRISIL believes that ABC will maintain its credit risk profile on
account of extensive experience of its promoters and average
financial risk profile. The outlook may be revised to 'Positive'
in case of significant improvement in scale of operations and net
cash accruals, or in case of improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if ABC's financial risk profile deteriorates because of reduced
profitability margins resulting from increasing competition; or if
its liquidity weakens because of deterioration in working capital
management.

Incorporated in 2006, ABC, a Lucknow (Uttar Pradesh) based company
is engaged in the business of ultrasonic testing of railway lines,
reconditioning of crossings and supply of hydraulic tools like
grinding machines, drilling machines and cutting tools to Indian
Railways. Company's operations are managed by Mr. Rajeev Agarwal.

ABC reported a profit after tax (PAT) of INR16.9 million on net
sales of INR463.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR14.9 million on net
sales of INR290.2 million for 2012-13.


ADESH COTTON: CRISIL Puts B Ratings on 'Notice of Withdrawal'
-------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of Adesh
Cotton Industries (ACI) on 'Notice of Withdrawal' for a period of
60 days, at ACI's request. The rating will be withdrawn at the end
of the notice period, in line with CRISIL's policy on withdrawal
of rating on bank loans.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           45         CRISIL B/Stable (Notice of
                                    Withdrawal)

   Proposed Long Term     5         CRISIL B/Stable (Notice of
   Bank Loan Facility               Withdrawal)

ACI, set up in 2005, is promoted by the Dhasa (Gujarat)-based Mr.
Rameshbhai Herma and his two brothers. The firm mainly undertakes
ginning and pressing of cotton into bales as well as cottonseed
oil extraction.


AGRO FOODS: ICRA Assigns 'B' Rating to INR17cr Term Loan
--------------------------------------------------------
ICRA has assigned a rating of [ICRA]B to the INR17.00 crore long
term loans of International Agro Foods.  ICRA also has an
outstanding rating of [ICRA]B on the INR10.00 crore long term cash
credit facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund Based
   Term Loans              17.00        [ICRA]B; assigned

   Long Term, Fund Based
   Cash Credit             10.00        [ICRA]B; outstanding

The rating action takes into account the long experience of the
promoters of over three decades in buffalo meat processing
business and the locational advantage due to presence in Uttar
Pradesh, which provides easy access to raw materials. The rating
also favourably factors in the integrated nature of operations
given the in-house slaughterhouse which has been recently set up.
ICRA also notes the stable business outlook in terms of raw
material availability and sufficient growth opportunities in the
meat export sector.

The rating is however constrained by the highly competitive and
fragmented industry structure which limits pricing power and the
vulnerability of the entity's profitability to adverse movements
in foreign exchange rates given that a majority of the revenues
are contributed by exports. Further, the rating is constrained by
the susceptibility of the business to changes in regulations
related to foreign trade and risks related to disease outbreak.
ICRA also notes the sharp revenue de-growth during FY15 due to
change in government regulations and the exposure to regulatory
risk since APEDA certification is yet to be received for the
integrated meat processing facility. Going forward, the ability of
the entity to increase its scale of operations, and maintain its
profitability amid high competitive intensity and foreign exchange
risk remain key rating drivers.

Established in the year 2006, International Agro Foods (IAF) is a
partnership firm and initially had five partners, Mr. Habib Ahmed,
Mr. Shamoon Ahmed, Mr. Irshad Ahmed, Mr. Siraj Ahmed and Mr. Mohd
Barkat. In FY12, the ownership of the firm was taken over by the
Qureshi family, which has over three decades of experience in the
buffalo meat business. Located at Ghaziabad (UP), IAF is engaged
in processing, packing, storage and export of buffalo meat. IAF
set up an integrated slaughterhouse-cum-meat processing unit in
Dasna, UP during April 2015 for slaughtering, rendering and
packaging of buffalo meat. The slaughterhouse has a capacity for
slaughtering upto 750 buffalos per day while the meat processing
capacity is 100 metric tonnes per day (MTPD). The entity will
commence in-house slaughtering once it receives certification from
the Agricultural and Processed Food Products Export Development
Authority (APEDA) for export of buffalo meat.

Recent Results
As per its audited results for FY 2014, IAF reported profit after
tax (PAT) of INR0.18 crore on operating income of INR33.68 crore.


AGROFLEX REINFORCE: ICRA Suspends B+ Rating on INR1.5cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR1.50 crore Fund based facility and the short term rating of
[ICRA]A4 assigned to the INR5.00 crore Non-fund based facility of
Agroflex Reinforce Inc. The suspension follows ICRA's inability to
carry out a rating surveillance, in the absence of the requisite
information from the company.


ALANG METAL: ICRA Lowers Rating on INR19.50cr FB Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR19.50
crore fund based bank facilities of Alang Metal Exim Pvt. Ltd.
(AMEPL) to [ICRA]D from [ICRA]BB- assigned to the company. ICRA
has also revised the short-term rating assigned to the INR10.00
crore non-fund based bank facilities of AMEPL to [ICRA]D from
[ICRA]A4 assigned to the company. The ratings of [ICRA]BB-
/[ICRA]A4 assigned to the INR0.50 crore proposed long-term/short-
term bank facilities of AMEPL have also been revised to
[ICRA]D/[ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits       19.50       Revised to [ICRA]D from
                                       [ICRA]BB- (Stable)

   Non-fund based Limits   10.00       Revised to [ICRA]D from
                                       [ICRA]A4

   Proposed Limits          0.50       Revised to [ICRA]D/[ICRA]D
                                       from [ICRA]BB-
                                       (Stable)/[ICRA]A4

The rating revision takes into account irregularities witnessed in
debt servicing by the company in the recent past.

Established in the year 2003, AMEPL is promoted by Mr. Bilal
Lakadia and is engaged in the trading of ferrous and non-ferrous
metal scrap. The company procures scrap from local suppliers,
mainly by participating in auctions and tenders by ship-breaking
companies or by direct purchases. AMEPL's warehouses are located
in Mumbai, Maharashtra and in Bhavnagar, Gujarat and its customers
include metal foundries as well as metal traders located in
Maharashtra and Gujarat.


AMBANI ORGANICS: ICRA Reaffirms 'B' Rating on INR7cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B assigned to
the INR2.70 crore term loans and INR7.00 crore fund based
facilities of Ambani Organics Private Limited (AOPL). ICRA has
also reaffirmed the short term rating of [ICRA]A4 assigned to the
non-fund based facilities of AOPL aggregating to INR5.00 crore
(sub limit of fund based facilities).

The ratings re-affirmation takes into account the company's weak
financial risk profile characterised by high total outside
liabilities to tangible networth, modest debt protection metrics
and stretched liquidity position resulting in frequent over drawls
of the working capital facilities. The ratings continue to remain
constrained by the company's small size of operations and high
working capital intensity. ICRA further notes that the company's
profitability remains vulnerable to any adverse fluctuations in
the foreign exchange market and raw material prices; its ability
to pass on any such fluctuations in a highly competitive market
remains critical to maintain steady profitability levels. However,
the ratings favourably take into account the long track record of
the promoter in the chemical business, the company's established
relationships with its dealers across India, and the diversified
product portfolio which reduces the company's dependence on the
performance of a particular industry.

Incorporated in 1991, Ambani Organics Private Limited (AOPL) is
engaged in manufacturing chemicals. These products find wide
applications in diverse industries such as Lamination, Paint,
Paper, Textile Finishing, and Textile Printing. The company also
manufactures compounds used as adhesives in cello tapes and
various paper & textile related products. The company has its
manufacturing unit at Tarapur, Maharashtra and the current
production capacity is ~10,800 MTPA.

Recent Results
During FY 2013-14, the company reported Profit after Tax (PAT) of
INR0.33 crore on an operating income of INR34.1 crore. In FY 2013,
AOPL reported a PAT of INR0.52 crore on an operating income of
INR27.4 crore.


ANIRUDH TEXCHEM: ICRA Suspends B+ Rating on INR9.45cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ ratings assigned to the INR9.45
crore bank limits of Anirudh Texchem Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Anirudh Texchem Private Limited is engaged into manufacturing and
trading of fabrics. The fabrics are manufactured in various blends
like Polyester Viscose, 100% polyester, Poly cotton, Polywool etc.
Incorporated in 2005, ATPL is managed by Mr. Manoj Kamalia, a
third generation entrepreneur and became operational in January
2007. The company's facilities are located at RIICO Growth Center
at Bhilwara (Rajasthan) with a monthly installed capacity to
manufacture 237,000 metres of grey fabric.

The company reported net profit of INR0.13 crore on an operating
income of INR25.76 crore in FY2013 as against net profit of
INR0.18 crore on an operating income of INR18.56 crore in FY2012.


ARMSTRONG KNITTING: CRISIL Ups Rating on INR100MM Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Armstrong Knitting Mills (AKM) to 'CRISIL B-/Stable' from 'CRISIL
C', and has reaffirmed its rating on the firm's short-term bank
facilities at 'CRISIL A4'.

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

   Foreign Bill           26.5      CRISIL B-/Stable (Upgraded
   Purchase                         from 'CRISIL C')

   Long Term Loan         17.9      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Packing Credit        160.0      CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that AKM will maintain
its improved liquidity over the medium term marked by stable
operating performance. AKM is likely to post adequate accruals,
ranging from INR29 million to INR32 million over the medium term
against repayment obligations of INR15.1 million for the same
period. The upgrade also factors in CRISIL's belief that promoters
would provide funding support to meet the contingent liability in
case the same cystallizes.

The ratings reflect AKM's modest scale of operations in an
intensely competitive industry and susceptible to volatility in
raw material prices and to forex fluctuations and its below-
average financial risk profile constrained by high contingent
liability. These rating weaknesses are partially offset by
extensive experience of AKM's promoters in the cotton textile
industry.
Outlook: Stable

CRISIL believes that AKM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
substantial cash accruals, resulting in significant improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if AKM's financial risk profile weakens, most likely
because of sharp decline in its revenue and profitability, or if
its cash accruals and working capital management come under
pressure, or if the firm undertakes a large debt-funded capital
expenditure programme. Also, CRISIL will continue to monitor the
contingent liability of INR119.1 million and will remain a key
rating sensitivity factor. CRISIL has understood that there will
not be any outflow from the firm towards the contingent liability
over the near to medium term.

Set up in 1971 and based in Tiruppur (Tamil Nadu), AKM
manufactures knitted garments, predominantly for the export
market.


ASTRA DIAMOND: CRISIL Reaffirms 'D' Rating on INR75MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities Astra Diamond Tools Company
Pvt Ltd (ADTCPL) continues to reflect instances of delays by
ADTCPL in servicing debt, because of weak liquidity.

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit            5          CRISIL D (Reaffirmed)
   Long Term Loan        75          CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    10          CRISIL D (Reaffirmed)

The company's weak liquidity is driven by its working capital
intensive operations.ADTCPL has a small scale of operations, and
is exposed to intense competition from Chinese manufacturers; it
also has a weak financial risk profile. The company, however,
benefits from its promoters' extensive experience in the cutting
tools manufacturing business.

ADTCPL was incorporated in 1981. The company specialises in
manufacturing consumables for the stone cutting tools industry. It
also trades in glass products. The company is promoted by Mr.
Kishore Kamat and Mrs. Chayya Kamat.


ASWIN COLD: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aswin Cold Forge Pvt Ltd (ACFPL).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       14           CRISIL B/Stable

   Cash Credit              60           CRISIL B/Stable

   Long Term Loan           26           CRISIL B/Stable

The rating reflects ACFPL's modest scale of operations in an
intensely competitive automotive components industry and its
below-average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by the extensive experience
of ACFPL's promoters in the industry.
Outlook: Stable

CRISIL believes that ACFPL will continue to benefit from the
established relationship with its customers and its promoters'
extensive experience. The outlook may be revised to 'Positive' if
the company registers large cash accruals and improves its working
capital management leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ACFPL
reports lower-than-expected revenue or profitability or if its
working capital management deteriorates if it undertakes large
debt-funded capital expenditure leading to deterioration of its
financial risk profile.

ACFPL, set up in 1990 manufactures automotive components and is
based out of Chennai, Tamil Nadu. The company's day-to-day
operations are managed by Mr. K Seethapathy and his son Mr. S.
Suseendhar.


BHANSALI DIAMONDS: ICRA Assigns 'B+' Rating to INR11.5cr LT Loan
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR11.50
crore bank lines (enhanced from INR7.50 crore) of Bhansali
Diamonds.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, fund-        11.50      [ICRA]B+; Assigned/
   based facilities                    Outstanding

The rating action continues to factor in promoters' experience and
operating track record of over two decades in the diamond trading
business. The rating, however, continues to be constrained by the
exposure to intense competition from a large number of organized
as well as unorganised players and the relatively small scale of
operations. The rating also factors in the exposure to foreign
exchange risk due to un-hedged import payables and less regulatory
controls and risk of capital withdrawal due to partnership nature
of the firm.

Set up in 1992, Bhansali Diamonds is a partnership firm engaged in
trading of cut and polished diamonds. The firm procures rough
diamonds indigenously as well as from international markets i.e.
Africa, Belgium, Russia and Israel. It outsources the cutting and
polishing work to job workers based in Mumbai, Surat and
Bhavnagar. The major international markets for the firm are USA,
Hong Kong, UAE and Belgium, Thailand and Australia. Apart from
export of diamonds, the firm is also in the business of power
generation. In 2006, it installed a 1.25 MW windmill at Dhule,
Maharashtra. It supplies the generated electricity to MSEB under a
15 year power purchase agreement.

Recent Results
As per its audited results for FY2014, Bhansali Diamonds reported
profit after tax (PAT) of INR1.27 crore on an operating income of
INR62.91 crore.


BRAHMAPUTRA TELE: CRISIL Reaffirms B Rating on INR96MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Brahmaputra
Tele Productions Pvt Ltd (BTPPL) continues to reflect BTPPL's
large working capital requirements and modest scale of operations
in the competitive television broadcasting industry. These rating
weaknesses are partially offset by the extensive experience of
BTPPL's promoters in the television broadcasting industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    96        CRISIL B/Stable (Reaffirmed)

   Term Loan             84        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BTPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in its revenue and accruals or better working capital
management, leading to improvement in its financial risk profile,
especially liquidity. Conversely, the outlook may be revised to
'Negative' in case of a further decline in BTPPL's accruals, a
stretch in its working capital cycle, or a large debt-funded
capital expenditure (capex), weakening its liquidity.

Update
BTPPL's operating income is estimated to have remained muted in
2014-15 (refers to financial year, April 1 to March 31), with
revenue estimated at INR191 million. Muted revenue growth is
because of limited scale up of its newly launched 'Jonak' channel.
However, its operating income is expected to improve over the
medium term on account of expected improvement in performance from
Jonak channel. The company's operating margin is likely to remain
moderate over the medium term. BTPPL's working capital requirement
continues to remain large, with stretched receivables. BTTPL's
liquidity continues to be stretched, marked by high bank limit
utilisation, large term debt obligation
vis-a-vis cash accruals, and sizeable debt-funded capex plans. Its
financial risk profile remains moderate, marked by low gearing
below 1 time and comfortable debt protection metrics.

BTPPL, originally incorporated in 2001 as Jaintia Ispat Pvt Ltd
(JIPL) in Assam, is promoted by the Jaiswal family. JIPL was later
renamed as Tsang-Po Smelter Pvt Ltd in 2003 and as BTPPL in 2006.
BTPPL currently runs a 24-hour free-to-air (FTA) satellite news
channel, DY365, in Assamese. The company also launched an FTA
general entertainment channel, Jonak, in October 2014.


CHEMTROLS SAMIL: CRISIL Reaffirms 'B-' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL ratings continue to reflect Chemtrols Samil India Pvt Ltd
(CSIPL) below-average financial risk profile marked by a small net
worth and below average interest coverage ratio. Furthermore,
CSIPL has weak liquidity because of its highly working-capital-
intensive operations. These weaknesses are partially offset by the
company's established customer profile and the technical and
management support that it receives from its parents.

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

Outlook: Stable

CRISIL believes that CSIPL will maintain its business risk profile
over the medium term, driven by its promoters' extensive
experience in the engineering goods industry and its established
customer profile. The outlook may be revised to 'Positive' if
CSIPL improves its working capital management, leading to an
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company faces slowdown in demand for its products, leading to
a decline in its order book and turnover, or if its operating
margin declines, leading to deterioration in its financial risk
profile.

CSIPL was set up by Mr. K Nandakumar (chairman) and Mr. P
Rajendran Nair (managing director) in 2001. The company is a joint
venture between Chemtrols Group of India and Samil Industry
Company Ltd of Korea. CSIPL manufactures industrial components
such as level gauges, level switches, valves, spray nozzles, gas
conditioning systems, and dust suppression systems. The company
currently has two units in Rabale and Ambernath (both in
Maharashtra); in February 2012, the company moved its entire
operations to its Ambernath facility.


COCHIN STEEL: CRISIL Cuts Rating on INR20MM Bank Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Cochin Steel Industrial Complex (Construction) [CSIC] to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', while reaffirming its rating on
the firm's short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL A4 (Reaffirmed)
   Overdraft Facility       30        CRISIL A4 (Reaffirmed)
   Proposed Long Term       20        CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')


The rating downgrade reflects CRISIL's belief that CSIC's
liquidity will remain weak over the medium term due to a stretch
in its working capital cycle. The firm's operating income declined
during 2014-15 (refers to financial year, April 1 to March 31) to
INR96 million from INR128 million in 2013-14 on account of delays
in sanctioning of bills by Kerala Water Authority. As a result,
the firm's working capital cycle has stretched, with high gross
current assets (GCAs) of 460 days as on March 31, 2015 as against
313 days as on March 31, 2014. The high GCAs primarily reflect
CSIC's high level of work-in-progress inventory and debtors of 280
days and 180 days, respectively, as on March 31, 2015. The firm's
working capital limits, therefore, remain fully utilised, with
requirement of ad hoc limits. CRISIL believes that CSIC's limited
financial flexibility will restrict its ability to execute its
order book, leading to muted scale of operations over the medium
term.

The ratings continue to reflect CSIC's modest scale of operations,
susceptibility to intense competition in the civil construction
segment, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoter in implementing civil construction projects, and
CSIC's moderate financial risk profile marked by comfortable debt
protection metrics.
Outlook: Stable

CRISIL believes that CSIC will continue to benefit over the medium
term from its promoter's extensive industry experience and its
comfortable capital structure. The outlook may be revised to
'Positive' if the firm registers a considerable improvement in its
revenue and profitability, or in case of significant equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of delays in completion of projects, or deterioration in
receivables management, or if a large debt-funded capital
expenditure weakens CSIC's financial risk profile.

Set up in 2000, CSIC is a proprietorship concern undertaking civil
contracts for the Government of Kerala. Its daily operations are
managed by its proprietor, Mr. M M Varghese.


DIAMOND TMT: CRISIL Raises Rating on INR300MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Diamond TMT and Procon Pvt Ltd (Diamond TMT) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed its rating on the short-term
bank facility at 'CRISIL A4'.

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

   Cash Credit         300          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan            80          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects Diamond TMT's improved business risk
profile marked by estimated sales of INR1290 million in its first
full year of operations in 2014-15 (refers to financial year,
April 1 to March 31). CRISIL believes that Diamond will maintain
its business risk profile with moderate increase in revenue and
profitability. The ratings also factor in Diamond TMT's improved
financial risk profile marked by moderate gearing and healthy debt
protection metrics. CRISIL believes that Diamond TMT's gearing
will remain moderate and its debt protection metrics will improve
over the medium term.

The ratings continue to reflect Diamond TMT's limited track record
of operations in an intensely competitive industry environment.
These rating weaknesses are partially offset by the promoters'
established industry experience in steel industry and its moderate
financial risk profile.
Outlook: Stable

CRISIL believes that Diamond TMT will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company's liquidity improves
led by significant ramp-up in scale of operations and net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's debt protection metrics deteriorate because of low
net cash accruals led by low operating margin.

Incorporated in February 2010, Diamond TMT is promoted by Mr. Ajay
Jain and his son Mr. Akshay Jain. The company has set up a
thermos-mechanically treated (TMT) re-rolling mill in Bhavnagar
(Gujarat). The commercial production has begun from April 2014.


EXCEL VINYL: CRISIL Reaffirms B+ Rating on INR28.5MM Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Excel
Vinyl Coatings Pvt Ltd (EVCPL).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             14       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)
   Packing Credit           7.5     CRISIL A4 (Reaffirmed)
   Rupee Term Loan         28.5     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect EVCPL's small scale of operations,
large working capital requirements, and below-average financial
risk profile. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of EVCPL's promoter.

CRISIL had assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of EVCPL vide its rationale dated December 26,
2014.
Outlook: Stable

CRISIL believes that EVCPL will continue to benefit over the
medium term from its promoter's extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company significantly scales up operations while maintaining its
operating profitability, or improves its working capital
management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if EVCPL
records low cash accruals, or undertakes a large debt-funded
capital expenditure programme, or if its working capital
management weakens, resulting in deterioration of its financial
risk profile.

EVCPL, incorporated in 2012 and based in Chennai, manufactures
synthetic leather. It is promoted and managed by Mr. K Natarajan.

EVCPL reported a loss of INR1.45 million on sales of INR75.96
million for 2013-14 (refers to financial year, April 1 to
March 31), against a loss of INR1.27 million on sales of INR2.36
million for 2012-13.


GHANSHYAM GINN: ICRA Assigns 'B' Rating to INR18cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR18.00
crore (enhanced from INR15.00 crore) fund based cash credit
facility of Ghanshyam Ginn Mill Industries.  ICRA also has rating
of [ICRA]B outstanding for INR0.20 crore(reduced from INR0.70
crore) fund based term loan facility of GGMI.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        18.0        [ICRA]B assigned/outstanding
   Term Loan           0.2        [ICRA]B outstanding

The rating continues to be constrained by the firm's weak
financial profile as reflected by adverse capital structure along
with weak debt coverage indicators and stretched liquidity
position. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure leading to thin profit margins.
The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota. Further, GGMI being a
partnership firm, any significant withdrawals from the capital
account would affect its net worth adversely.

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

Ghanshyam Ginn Mill Industries (GGMI) was incorporated in 2011 and
is promoted by Mr. Hirenbhai Sakariya and other family members.
The firm is engaged in cotton ginning, pressing and cotton seed
crushing to produce cotton bales, cotton seed oil and cake.
Initially the firm has installed 24 ginning machines and 20
crushing machines with an installed capacity of 250 cotton bales
per day and crushing 100 MT of cotton seed per day.

Recent Results
For the year ended 31st March 2015, as per provisional results the
firm reported an operating income of INR102.51 crore and profit
before tax of INR0.50 crore.


GILLCO DEVELOPERS: ICRA Suspends B Rating on INR70cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR70.0 crore bank
facilities of Gillco Developers and Builders Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GOKUL GINNING: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Gokul Ginning and Oil Industries (GGOI).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B+/Stable

The rating reflects GGOI's modest scale of operations in the
highly competitive cotton industry and working-capital-intensive
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the cotton industry and
proximity of its manufacturing facilities to raw material and
labour sources.
Outlook: Stable

CRISIL believes that GGOI will maintain its business risk profile
backed by its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations and improves its
working capital cycle. Conversely, the outlook may be revised to
'Negative', if the firm reports low operating margin or undertakes
a large debt-funded expansion programme or its working capital
management deteriorates, significantly constraining its financial
risk profile.

GGOI is an Amreli (Gujarat)-based partnership firm established in
2008. It manufactures cotton bales and kapasia, cotton oil and
deoiled cake.

For 2013-14 (refers to financial year, April 1 to March 31), GGOI
reported a profit after tax (PAT) of INR 0.37 million on net sales
of INR288.86 million, against a PAT of INR0.30 million on net
sales of INR194.59 million for 2012-13.


GOVAAN STEELS: CRISIL Reaffirms 'D' Rating on INR200MM LOC
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Govaan Steels Pvt Ltd
(GSPL) continue to reflect instances of delay by GSPL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------          ---------      -------
   Cash Credit            100         CRISIL D (Reaffirmed)
   Letter of Credit       200         CRISIL D (Reaffirmed)
   Long Term Loan         150         CRISIL D (Reaffirmed)
   Proposed Cash Credit
   Limit                   71.4       CRISIL D (Reaffirmed)

Also, GSPL has a limited track record of operations and is
vulnerable to cyclicality in the steel industry. However, the
company benefits from its promoter's extensive experience in the
secondary steel industry.

Update
GSPL continues to delay servicing its term debt; as of April 2015,
the company had not paid its interest for the past two months. The
delays are on account of weak liquidity because of cash losses it
has been incurring since 2013-14 (refers to financial year, April
1 to March 31). The losses were driven by weak operating
efficiency and low utilisation levels of its manufacturing
facilities. This has led to weak cash accruals insufficient for
its maturing debt obligations, resulting in weak liquidity. The
liquidity is expected to remain weak until GSPL scales up its
operations and generates sufficient accruals over the medium term.

Incorporated in June 2008, GSPL manufactures mild steel billets
and thermo-mechanically treated (TMT) bars. GSPL commenced
commercial operations in September 2010 and is based in
Coimbatore, Tamil Nadu.


K PATEL: CRISIL Cuts Rating on INR195MM Cash Loan to B+
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K Patel Metal Industries Pvt Ltd (KPMIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln       Ratings
   ----------        --------       -------
   Cash Credit           195        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       55        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     20        CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The ratings downgrade reflects the consistent deterioration in
KPMIPL's business risk profile over the past two years, driven by
net losses for the past two years. The company is estimated to
report aggregate net losses in the range INR20-25 million over the
past two years through 2014-15 (refers to financial year, April 1
to March 31). The deterioration has mainly resulted from
volatility in copper prices and increase in forex costs.
Consequently the company's financial risk profile has also
deteriorated during the same period resulting in increase in
gearing of about 7.5 times as compared to 4.5-5 times in the past.
However despite the deterioration of business risk, KPMIPL's
liquidity remains moderate and is supported by unsecured loans of
about INR70 million estimated as on March 31, 2015.

The ratings reflect KPMIPL's low profitability and weak financial
risk profile, marked by a moderately high gearing and weak debt
protection metrics. The above weaknesses are however offset by the
extensive experience of KPMIPL's promoters in the copper winding
wires industry, its established relationships with customers and
suppliers, and the funding support it receives from its promoters
and group entities.
Outlook: Stable

CRISIL believes that KPMIPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
metal industry and its established relationships with customers
and suppliers. The outlook may be revised to 'Positive' in case of
improvement in the company's financial risk profile, most likely
due to significant revenue growth along with improvement in its
operating margin, further equity infusion by the promoters, or
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in
profitability affects the company's financial risk profile.

Incorporated in 1992, KPMIPL manufactures bare, enamelled, paper-
covered, and fibre-glass-covered copper wires and strips, which
are used as conducting materials in electrical motors,
transformers, and electric pumps. The company is a part of the K
Patel group, which has interests in manufacturing dyes, chemicals,
pigments, copper wires, and phytochemical extractions, and in
construction and real estate. KPMIPL's manufacturing unit is in
Daman.


KARNATAKA OEM: ICRA Suspends B+ Rating on INR5.0cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.00 crore unallocated facilities of Karnataka OEM and
Spares Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long term - Unallocated     5.00       [ICRA]B+ suspended
   facilities

Karnataka OEM and Spares Private Limited, was incorporated in the
year 1991, by promoters of "Hiten Fasteners Private Limited". The
company is engaged in job work activity for its group company
HFPL. HFPL remains the only customer for the company. The
company's manufacturing unit is set up in Gadag district of state
Karnataka with total area measuring ~2 acres.


KAVYARC TRADEX: CRISIL Assigns B Rating to INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kavyarc Tradex Pvt Ltd (KTPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           70          CRISIL B/Stable
   Long Term Loan        10          CRISIL B/Stable

The rating reflects the company's modest scale of operations in an
intensely competitive industry and its below-average financial
risk profile, marked by moderate debt protection metrics and small
net worth. The rating also factors in the susceptibility of the
company's operating margin to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
industry experience of KTPL's promoter.
Outlook: Stable

CRISIL believes that KTPL will benefit over the medium term from
its promoter's experience in the agricultural commodities
industry. The outlook may be revised to 'Positive' if the company
improves its profitability and scale of operations, leading to
higher-than-expected cash accruals and, consequently, improved
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected accruals or
deterioration in working capital management, resulting in
deterioration in the financial risk profile.

Formed in 2014, KTPL has been promoted by Mr. Ritesh Kaushikbhai
Patel based in Ahmedabad (Gujarat). The company processes wheat,
rice, millet, and maize with installed capacity of 20 tonnes per
hour. Before February 2015, the company was engaged in trading
activities, wherein it purchased foodgrain from group firm
Amidhara Industries, a partnership firm owned by Mr. Patel, and
sold it in the market. KTPL's manufacturing facility is located at
Bavla, Ahmedabad, where in and around more than 200 commodity-
processing units are located.


KHUSHI ENTERPRISES: CRISIL Reaffirms B Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Khushi
Enterprises - Vapi (KE) continues to reflect KE's exposure to
intense competition in the fragmented polyester yarn waste trading
industry and below-average financial risk profile marked by modest
net worth and high gearing.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit         60         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5         CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by its proprietor's
extensive experience in the polyester yarn waste trading industry.
Outlook: Stable

CRISIL believes that KE will maintain its business risk profile
over the medium term, backed by its proprietor's extensive
business experience and established supplier relationship. The
outlook may be revised to 'Positive' in case of substantial
improvement in KE's scale of operations, resulting to better-than-
expected cash accruals, or any large equity infusion leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the firm's
financial risk profile due to lengthening of working capital cycle
or decline in revenue and profitability.

Update
The firm's topline has remained flat in 2014-15 (refers to
financial year, April 1 to March 31) with a topline of around
INR253 million for the 11 months through February 2015; it had net
sales of INR244 million in 2013-14 (refers to financial year,
April 1 to March 31). The firm is expected to register sales of
INR260 million to INR270 million for 2014-15 mainly due to adverse
economic conditions. However, KE has sustained its operating
profitability at 4.5 to 5.0 per cent in 2014-15, which is above
CRISIL's expectations due to stabilisation of operations and
reduction in raw material prices.

KE has moderately high working capital requirements, as indicated
by its estimated gross current assets of 90 to 95 days as on March
31, 2015, marginally better than CRISIL's expectations. However,
the firm prudently manages its working capital requirements, as
indicated by its moderate bank limit utilisation at an average 80
per cent over the 11 months through February 2015. KE's interest
coverage ratio is estimated to be comfortable at around 2.1 times
for 2014-15. The firm also has adequate liquidity on account of
moderate net cash accruals of INR3 million to INR4 million per
annum, against which it does not have any term debt repayment
obligations. Despite absence of any debt-funded capital
expenditure, the firm's gearing is expected to remain high at
around 2.5 times due to moderate bank limit utilisation, coupled
with an estimated modest net worth of INR22-25 million, as on
March 31, 2015.

For 2013-14, KE reported a net profit of INR2.6 million on net
sales of INR243 million, against a net profit of INR5.8 million on
net sales of INR273 million for 2012-13.

KE is a proprietorship concern of Mr. Gautam Jain formed in 2010.
It trades in polyester yarn waste which is mainly used as a raw
material for making polyester fibre. KE is based in Vapi
(Gujarat).


MASS CASHEWS: ICRA Assigns 'B+' Rating to INR7.50cr LT Loan
-----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR7.50
crore fund based facilities and INR1.50 crore proposed fund based
facilities of Mass Cashews.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund
   based facilities        7.50       [ICRA]B+/Assigned

   Long-term proposed
   fund based facilities   1.50       [ICRA]B+/Assigned

The assigned rating considers the small scale of operations of the
firm, which coupled with the low value added nature of operations
and the highly competitive environment limits pricing flexibility,
resulting in thin profit margins. The rating also takes into
account the firm's highly geared capital structure, moderate
coverage indicators; and the susceptibility of its margins to
volatility in raw material prices and exchange rate movements. The
assigned rating also factors in the vulnerability of the company's
operations to changes in government policies related to duty
drawback and export incentive structure; and to political risks in
importing countries, apart from its high customer concentration of
revenues. ICRA also takes note of the risks inherent to
partnership firms in the form of limited disclosures and issues of
capital continuity.

The firm commenced operations in 2009 as a proprietorship concern
founded by Mr. Salim A; the proprietorship was later converted
into partnership firm in 2010. The firm is primarily engaged in
sale of cashew kernels and raw cashew nuts in the domestic market.
MC has five manufacturing facilities (four in Tamilnadu and one in
Kerala) with an aggregate capacity to process 18.4 metric tons
(MT) of raw cashew nuts per day.

Recent Results
As per provisional and unaudited results for the year 2014-15, the
firm reported a net profit of INR0.3 crore on an operating income
of INR39.1 crore as against a net profit of INR0.3 crore on an
operating income of INR39.0 crore in the previous fiscal.


MAYUR SEEDS: CRISIL Ups Rating on INR40MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Mayur Seeds and Agritech (MSA) to CRISIL B/Stable from CRISIL B-
/Stable and has reaffirmed its rating on the short term bank
facilities at CRISIL A4.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        90        CRISIL A4 (Reaffirmed)

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

The rating upgrade reflects improvement in liquidity of the firm
marked by stable accruals and deferment of its large capex plans
of about INR60 million. The revenues of the firm remained stable
at around INR320-380 million over the past 3-4 years. It stood at
around INR380 million in 2014-15 along with stable operating
margins of around 3-3.5% because of which the company was able to
generate cash accruals of around INR3 million. The firm does not
have any term debt obligations. The rating was earlier constrained
as the firm had huge capex plans of INR60 million to be funded in
a DER of 3:1, which could stretch the liquidity of the company.
However, these plans have been shelved as of now. The bank limits
of the firm remained moderately utilized at around 75% over the
last 12 months through December 2014 and there is also fund
support from the promoters in the form of unsecured loans to the
tune of around INR12 million as on March 31, 2015. CRISIL believes
that the liquidity of the firm will remain improved over the
medium term on the back of stable accruals and absence of any debt
funded capex plans.

The ratings also reflect MSA's modest scale of operations in a
competitive environment, weak financial risk profile driven by
large working capital requirements and aggressive capital
structure. These rating weaknesses are partially offset by
partners' extensive experience in the seed processing segment.
Outlook: Stable

CRISIL believes that MSA will maintain its business risk profile
driven by its extensive tenure in the seed processing segment. The
outlook may be revised to 'Positive' if the firm significantly
increases its cash accruals, and improves its financial risk
profile, supported by a large capital infusion. Conversely, the
outlook may be revised to 'Negative' if MSA's financial risk
profile deteriorates, because of debt-funded capex, or its
liquidity declines with increasing working capital requirements.

MSA was set up as a proprietorship firm by Mr. Jagdish Chandra
Khandelwal in Indore (Madhya Pradesh) in 2002. The firm was
reconstituted as a partnership in 2004 with the appointment of the
promoter's nephew, Mr. Rajesh Khandelwal, as a partner. MSA
processes breeder seeds in to certified seeds, mainly of wheat and
soybean seeds.


METAL CLOSURES: ICRA Suspends B- Rating on INR71.70cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B-/[ICRA]A4 rating assigned to the
INR149.23 crore bank lines of Metal Closures Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               42.23       [ICRA]B- Suspended
   Cash Credit             71.70       [ICRA]B- Suspended
   Letter of credit        34.30       [ICRA]A4 Suspended
   Bank Guarantee           1.00       [ICRA]B- Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MILLENIUM STEEL: CRISIL Assigns 'B' Rating to INR42.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Millenium Steel India Pvt Ltd (MSIPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            42.5        CRISIL B/Stable
   Letter of Credit       82.5        CRISIL A4

The ratings reflect the extensive experience of MSIPL's promoters
in trading in coal and steel products. This ratings strength is
partially offset by the company's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio, and its working-capital-intensive
operations.
Outlook: Stable

CRISIL believes that MSIPL will continue to benefit over the
medium term from its established track record in the coal and
steel trading business. The outlook may be revised to 'Positive'
if the company records considerable increase in its cash accruals
or improves its working capital management, resulting in
improvement in its TOLTNW ratio. Conversely, the outlook may be
revised to 'Negative' if MSIPL's revenue or operating
profitability declines or if its working capital management
deteriorates, resulting in a stretch in its liquidity.

MSIPL, set up in 2005, trades in various steel products and coal.
The company's day-to-day operations are managed by Mr. Hariprasad
Reddy Duvurru.

For 2013-14 (refers to financial year, April 1 to March 31), MSIPL
reported profit after tax (PAT) of INR4.4 million on total revenue
of INR1.71 billion against PAT of INR2.12 million on total revenue
of INR1.05 billion for 2012-13.


MUTHU PIPES: CRISIL Reaffirms B Rating on INR88MM LT Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Muthu Pipes Pvt Ltd
(MPPL) continue to reflect MPPL's modest scale of operations in
the intensely competitive pipes and fittings industry and its
below-average financial risk profile, marked by a small net worth
and high gearing. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
its established customer relationships.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)

   Cash Credit           30         CRISIL B/Stable (Reaffirmed)

   Letter of Credit      20         CRISIL A4 (Reaffirmed)

   Proposed Long Term    88         CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Standby Line of
   Credit                 5         CRISIL B/Stable (Reaffirmed)

   Term Loan              2         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if MPPL registers substantial cash accruals driven by
significant growth in revenue, while it improves its working
capital cycle, resulting in improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' MPPL's
revenues or profitability decline ir it undertakes any sizeable
debt-funded capex programme or its working capital requirements
increase, resulting in weakening in its credit risk profile.

MPPL, incorporated in 1999, is promoted by Mr. M Palanivelu and
his family. The company manufactures polyvinyl chloride pipes
under the Muthu brand. MPPL's manufacturing facility is at
Tanjavur (Tamil Nadu) and its registered office is in Chennai.


NEOTECH EDUCATION: ICRA Revises Rating on INR18.22cr Loan to 'C'
----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR18.22
crore fund based facilities of Neotech Education Foundation (NEF)
to [ICRA]C from [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              18.22        Revised to [ICRA]C from
                                        [ICRA]D

Rating Rationale
The revision in rating takes into account the regularization of
the debt servicing since January 2015 on account of infusion of
funds in the form of equity capital as well as unsecured loans by
directors and others. The rating also takes comfort from the long
experience of the promoters in the education business through
other colleges and positive outlook for the higher education
sector in India.

The rating, however, continues to remain constrained by the weak
financial profile of the company as characterized by stretched
liquidity position, adverse capital structure and weak coverage
indicators on account of high debt funded capital expenditure
(capex) outlay. The rating also takes into consideration the start
up nature of the college which makes it difficult to recruit
competent academic staff and secure adequate enrolments; exposure
to execution risks as the project has already had a significant
cost and time overruns. Further the rating is constrained by the
high competitive intensity due to the presence of other
educational institutions in the nearby regions; however Vadodara,
where the institute is located, has limited number of reputed
engineering colleges thereby mitigating this risk to a certain
extent.

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. At
present, the college offers civil, electrical and mechanical
engineering courses at undergraduate level to a total of 300
students per batch and Diploma to Degree courses to a total of 100
students per batch. From the academic year 2014-15, the college
has also started offering Diploma courses in civil, computer,
electrical and mechanical streams with the total intake of 300
students per batch.

Recent Results
For year ended on March 31, 2014, NEF has reported an operating
income of INR1.38 crore and a net loss of INR2.00 crore. For the
year ended March 31, 2015, the company has reported an operating
income of INR4.25 crore and a net loss of INR1.05 crore. (As per
provisional financials).


NAGARWALA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR100M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagarwala
Enterprises (NE; part of Nagarwala group) continues to reflect the
Nagarwala group's average financial risk profile, marked by high
gearing and average debt protection metrics. The ratings also
reflect susceptibility of the Nagarwala group's operating
profitability to volatility in raw materials. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the cotton ginning industry.

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

   Proposed Long Term
   Bank Loan Facility     60       CRISIL B+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has consolidated the business
and financial risk profile of NE and its group entities Nagarwala
Cottex (NC) and Nagarwala Cotton Processors Pvt Ltd (NCPPL),
together referred as Nagarwala group. This is because all the
group entities are in the same line of business, with common
management and have operational and financial fungibility.
Outlook: Stable

CRISIL believes that the Nagarwala group will continue to benefit
over the medium term from its promoters extensive industry
experience. The outlook may be revised to 'Positive' in case of
significant increase in the group's scale of operations, while
maintaining its profitability and working capital cycle, leading
to improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in Nagarwala
group's financial risk profile, most-likely because of decline in
scale of operations or profitability, or elongation in working
capital cycle, or higher than expected debt-funded capex plans, or
any significant withdrawal by the partners, impinging pressure on
its liquidity.

NE was established in 1980 as a partnership firm by Mr. Narendra
Nagarwala and his mother. Currently, Mr. Nagarwala and his wife,
Mrs. Jyoti Nagarwala, are the partners. The firm is engaged in
ginning and pressing of raw cotton. NCPPL and NC also have the
Nagarwala family as promoters and are in the same line of business
as NE.


NAINANI MEDICO: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nainani Medico
(NMD) continues to reflect NMD's weak financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio, and its small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
NMD's proprietor in the pharmaceutical products trading business
and the firm's established distribution network.

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

   Overdraft Facility       4        CRISIL B+/Stable
                                     (Reaffirmed)

Outlook: Stable

CRISIL believes that NMD will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if NMD improves its financial
risk profile with increase in scale of operations leading to
higher cash accruals or through fresh capital infusion.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly its liquidity, deteriorates
because of increase in its working capital requirements or capital
withdrawals by its proprietor.

Update
NMD's turnover is estimated at INR720 million for 2014-15 (refers
to financial year, April 1 to March 31), compared with around
INR630 million for 2013-14. Its book profit is estimated at
INR11.9 million for 2014-15, as against INR11 million for 2013-14.
The firm registered compound annual growth rate of 9 per cent in
its revenue over the five years ended March 31, 2015. Its
operating margin remained stable, at around 4 per cent in 2014-15.
CRISIL believes that NMD will maintain operating margin at around
4 per cent over the medium term on account of its healthy
bargaining power with customers because of exclusive
distributorship of certain product categories.

NMD's financial risk profile remains weak, with TOLTNW ratio
estimated at 4.30 times as on March 31, 2015, against 5.18 times a
year earlier. The firm's interest coverage ratio improved to 3.8
times for 2014-15. CRISIL believes that NMD's financial risk
profile will remain weak over the medium term, marked by a
leveraged capital structure on account of small net worth and low
cash accruals.

NMD's liquidity is weak, marked by extensive bank limit
utilisation, averaging 75 per cent over the 12 months through
March 2015. The firm's bank lines were increased to INR62.5
million from INR55.0 million in October 2014 to support
incremental working capital requirements over the medium term.
CRISIL believes that NMD's liquidity will improve over the medium
term, with moderate working capital requirements and cushion in
bank line.

NMD was set up in 1988 by Mr. Laxman Nainani. It is a sole
proprietorship firm based in Kota (Rajasthan). The firm is a
distributor of pharmaceutical products in Kota.


PIONEER FABRICATORS: CRISIL Ups Rating on INR101.6MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pioneer Fabricators Pvt Ltd (PFPL) to 'CRISIL B/Stable' from
'CRISIL C', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       110         CRISIL A4 (Reaffirmed)

   Cash Credit          101.6       CRISIL B/Stable (Upgraded
                                    from 'CRISIL C')

   Letter of Credit      30.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term    20.0       CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

The rating upgrade reflects the repayment by PFPL of its entire
term debt obligations (not rated by CRISIL). CRISIL believes that
PFPL will sustain its improved liquidity over the medium term,
supported by its improved cash accruals and the absence of any
debt-funded capital expenditure (capex) plans. Furthermore, low
incremental working capital requirements are also expected to
provide cushion to PFPL's liquidity over the medium term.

The ratings reflect PFPL's average scale of operations in the
fabrication industry and its large working capital requirements.
These rating weaknesses are partially offset by the company's
moderate financial risk profile, marked by its low gearing and
moderate debt protection metrics, and extensive industry
experience of its promoters.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
its scale of operations, while maintaining its profitability, or
improvement in PFPL's working capital management. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's financial risk profile, most-likely because of
lower-than-expected cash accruals, driven by decline in revenues
and profitability, or further elongation in the working capital
cycle, or any significant debt-funded capex plans.

PFPL was set up in 1988 by Mr. Ramesh Chandra Agarwal in Uttar
Pradesh. It offers engineering services and is involved in
designing and fabrication of iron and steel structures, such as
steel bridge girders, metal crash barriers, railway-track girders,
building structures, guard rails, chain-link fencing, and road
infrastructure. The company also trades in mild steel and
stainless steel in the domestic market.


PRESIDENCY BUILDERS: ICRA Withdraws 'D' Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR10 crore
term loan facility of Presidency Builders and Developers as the
term loan has been repaid in full. There is no amount outstanding
against the rated instrument.


RADIANT PLASTRUDERS: ICRA Reaffirms B Rating on INR5.44cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned of [ICRA]B to
the fund based limits aggregating to INR5.44 crore of Radiant
Plastruders (I) Private Limited (RPIPL). ICRA has also re-affirmed
short term rating of [ICRA]A4 to the fund based facilities
aggregating to INR1.00 crore of RPIPL.

The re-affirmation of ratings takes into account RPIPL's small
scale of operations and its weak financial profile characterized
by loss making operations, leveraged capital structure and weak
debt coverage indicators. The ratings also factor in the highly
competitive business environment the company operates in on
account of the fragmented industry structure, with limited entry
barriers. The rating also takes into consideration RPIPL's low
bargaining power with suppliers, high customer concentration risks
and vulnerability of profitability margins to adverse fluctuations
in raw material costs. The ratings, however, favourably take into
account the experienced management in manufacturing of flexible
packaging material and favorable demand indicators in the domestic
market. Company Profile Radiant Plastruders (I) Private Limited
(RPIPL) was incorporated in the year 1994 by Mr. Hasmukh Anandpara
and is currently engaged in the manufacturing of flexible
packaging material. The promoters initially started the operations
with manufacturing of plastic bags, which was discontinued in year
2014. The company is a subsidiary of Radiant Organics Private
Limited, which is engaged in the trading of chemicals, inks and
adhesives. RPIPL has a manufacturing facility based in Daman and
is currently operating the facility at around 50% utilisation
level.

Recent Results

For FY 2015, the company reported loss of INR0.44 crore on an
operating income of INR28.9 crore. For FY 2014, RPIPL reported
loss of INR1.56 crore on an operating income of INR25.1 crore.


RC AUTOMOTIVE: CRISIL Lowers Rating on INR180MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of RC Automotive Pvt Ltd (RCAPL) to 'CRISIL B-/Stable from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           180       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     20       CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')


The rating downgrade reflects deterioration in RCAPL's business
and financial risk profiles. The company's revenue declined to
INR420 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR460 million in 2012-13, but has increased from
INR370 million in 2013-14. The decline in turnover over the past
two years was mainly because of slowdown in the passenger cars
segment and the declining market position of Nissan Motors India
Pvt Ltd (Nissan India) in the segment. Consequently, RACPL
generated losses over the three years through 2014-15, which
resulted in complete erosion of its net worth and a weak financial
risk profile. RCAPL's operating income and profitability are
expected to gradually improve on account of expected growth in the
automotive industry and cost cutting measures by the company's
management, but will remain modest over the medium term. CRISIL
believes that RCAPL's business and financial risk profiles will
remain weak over the medium term on account of modest revenue and
profitability.

The rating reflects RCAPL's weak financial risk profile marked by
weak capital structure and debt protection metrics, and exposure
to intense competition in the automobile dealership market. These
rating weaknesses are partially offset by the timely financial
support extended by its promoters.
Outlook: Stable

CRISIL believes RCAPL's financial risk profile will remain weak
over the medium term because of its modest scale of operations and
weak profitability. The outlook may be revised to 'Positive' in
case of a significant and sustained improvement in the company's
scale of operations and profitability and in its working capital
management, or if its capital structure improves considerably
either through capital infusion or substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' if low
revenue or a significant increase in working capital requirements
leads to deterioration in RCAPL's financial risk profile.

Incorporated in 2011, RCAPL is an authorised dealer of Nissan
India in north-west Delhi. RCAPL commenced operations in November
2011. It has one showroom operating on the sales, service, and
spares (3S) format at Shalimar Bagh in Delhi. The company is
promoted by Mr. Himanshu Chawla and Mr. Parth Chawla.


SAMRAKSHANA ELECT: CRISIL Reaffirms B- Rating on INR258.7MM Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Samrakshana Electricals
Ltd (SEL) continues to reflect SEL's below-average financial risk
profile marked by weak debt protection metrics, its working-
capital-intensive operations, and limited pricing flexibility and
susceptibility of SEL's margins to volatility in raw material
prices. These rating weaknesses are partially offset by its
promoters' extensive industry experience.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)
   Cash Credit            100       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        40       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     258.7     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEL's overall credit risk profile will remain
constrained over the medium term because of its subdued debt
protection metrics. The outlook may be revised to 'Positive' if
SEL reports higher-than-expected cash accruals, driven by
substantial increase in its scale of operations and profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of decline in
SEL's profitability, or elongation in its working capital cycle,
leading to pressure on its liquidity.

SEL, a group company of Vijai Electricals Ltd (VEL; rated CRISIL
BB/Stable/ CRISIL A4+), was set up in 1987 by Mr. D J Ramesh and
commenced operations in 1990-91 (refers to financial year, April 1
to March 31). SEL manufactures oil-immersed circuit breakers,
porcelain insulators, press boards, and powder paint used in
transformers.

For 2013-14(refers to financial year, April 1 to March 31), SEL
reported a Loss of INR26.68 million on total sales of INR381.96
million against a loss of INR81.81 million on total revenue of
INR483.02 million for 2012-13.


SANYA MOTORS: CRISIL Cuts Rating on INR190MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sanya Motors Pvt Ltd (SMPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           190        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Inventory Funding     150        CRISIL A4 (Downgraded from
   Facility                         'CRISIL A4+')

   Proposed Long Term     28        CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan               7        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The ratings downgrade reflect deterioration in SMPL's business
risk profile, marked by a year-on-year decline of 12 per cent in
its revenues, estimated at INR923 million for 2014-15 (refers to
financial year, April 1 to March 31. SMPL's operating performance
is expected to remain muted over the medium term, given the
intense competition in the passenger car segment and weak demand
for Tata Motor Ltd (TML's) passenger vehicles. The rating
downgrade also factors in SMPL's stretched liquidity, marked by
its modest cash accruals and fully utilised bank lines. This
coupled with a modest net worth has led to a SMPL's below-average
financial risk profile, marked by weak capital structure and
subdued debt protection metrics.

The ratings reflect SMPL's below-average financial risk profile,
marked by weak capital structure and below-average debt protection
metrics. The ratings also reflect company's exposure to intense
competition in the automobile dealership business and its average
scale of operations. These rating weaknesses are partially offset
by its promoters' extensive experience in the automobile
dealership segment and its established association with TML.
Outlook: Stable

CRISIL believes that SMPL will benefit from its association with
TML, supported by its promoters' extensive industry experience,
over the medium term. The outlook may be revised to 'Positive' in
case of significant improvement in the company's cash accruals,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SMPL's accruals are lower
than expected, or it undertakes a debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

SMPL, incorporated in 2004, is promoted by Mr. Sacheen Mulay. The
company, based in Aurangabad (Maharashtra), is an authorised
dealer of TML in Maharashtra. SMPL showroom, spares, and service
centre (3S) facilities based across different districts in
Maharashtra, including Aurangabad, Jalna, Waluj, Buldhana,
Parbani, Hingoli, and Beed.


SHREE LAXMI: ICRA Assigns 'B' Rating to INR4.5cr Cash Credit
------------------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR1.44
crore term loan facility and INR4.50 crore cash credit facility of
Shree Laxmi Guar Gum Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             4.50       [ICRA]B assigned
   Term Loan               1.44       [ICRA]B assigned

The assigned rating is constrained by the start up nature of the
firm, small envisaged scale of operations and vulnerability of
profitability post commissioning to the adverse movements in guar
gum prices, which are subject to seasonality, crop harvest as well
as cyclicality of oil & gas industry. The rating also takes into
consideration the highly fragmented and competitive industry
structure which is expected to keep margins under pressure. The
rating further factors in the possible stress on the financial
profile given the debt funded nature of the project and high debt
repayments scheduled in the near term. Further, ICRA also notes
the risks of capital withdrawals that are inherent in partnership
firms.

The rating, however, favourably considers the past experience of
partners in guar seed trading, which is expected to support guar
seed procurement for the firm in future as well as proximity of
the firm's manufacturing plant to guar seed producing belt in
Gujarat enabling ease of access to quality raw material sources.

Established in October 2014, Shree Laxmi Guar Gum Industries
(SLGGI) is in process of setting up a unit for processing guar gum
seeds to manufacture guar gum refined splits as main product and
churi and korma as by product. The proposed plant is located at
Halvad in Surendranagar district of Gujarat with envisaged
capacity of processing 10,800 MT of raw guar seeds per annum. The
firm is promoted by Mr. Rajanikumar Gopani and five other
partners, with three of the partners having long standing
experience in trading of agricultural commodities at the
agriculture produce market committee (APMC), Halvad.


SHREE MOMAI: ICRA Suspends B+ Rating on INR5.50cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR5.50 crore bank facilities of Shree Momai Engineering
Works. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 1974 as a proprietorship firm, Shree Momai
Engineering Works was earlier involved in casting and moulding of
iron products. The firm was converted to a partnership firm in
1988 and is currently engaged in manufacturing brass extrusion
rods and brass based products including cooker weight sets,
sanitary fittings and water purifier pipes among others. The
firm's manufacturing facility is located in Jamnagar, Gujarat and
has an installed capacity of 500 MTPA.


SHREE UMIYAJI: ICRA Suspends 'D' Rating on INR6.69cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR6.69
crore bank facilities of Shree Umiyaji Cold Storage. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2012, Shree Umiyaji Cold Storage is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis and has commenced commercial operations from February
2013. The facility of the firm is located at Deesa; Gujarat having
storage capacity of 159000 bags each weighing 50 Kg (around 7950
MT of potatoes). The firm has been promoted by Mr. Vinod Patel
along with his relatives who have long experience in potato
farming and trading business.


SHRISHTI ELECTROMECH: CRISIL Reaffirms B Rating on INR122.3M Loan
-----------------------------------------------------------------
CRISIL ratings to bank facilities of Shrishti Electromech Private
Limited (SEPL) continues to reflect SEPL's below-average financial
risk profile marked by small net worth, weak debt protection
metrics and modest scale of operations in the fragmented fan
manufacturing industry. These rating weaknesses are partially
offset by SEPL's established relationship with key customers
supported by its promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bill Discounting       10         CRISIL A4 (Reaffirmed)

   Foreign Letter of      10         CRISIL A4 (Reaffirmed)
   Credit

   Long Term Loan          7.7       CRISIL B/Stable (Reaffirmed)

   Open Cash Credit       50         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    122.3       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
promoters' extensive experience in the fan manufacturing industry.
The outlook may be revised to 'Positive' if the company
diversifies its product and customer portfolio leading to a
significant and sustained improvement in its scale of operations
or the promoters infuse substantial equity, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SEPL's revenues and operating profitability decline
or it faces delays in receipt of payments from its clients or the
company extends significant funding support to its associate
entities or undertakes any significant debt-funded capital
expenditure programme thereby weakening its financial risk
profile.

Set up in 2002 as a private limited company by Mr. Suresh
Tibrewala and his family at Hyderabad, SEPL manufactures various
types of fans.

For 2013-14(refers to financial year, April 1 to March 31), SEPL
reported a profit after tax (PAT) of INR0.45 million on total
revenue of INR380.94 million against a loss of INR0.79 million on
net sales of INR325.82 million for 2012-13.


SHUBHLAXMI GUM: ICRA Assigns 'B+' Rating to INR7cr Cash Credit
--------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR7.00
crore cash credit facility and INR1.48 crore term loan facility of
Shubhlaxmi Gum Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.00        [ICRA]B+ assigned
   Term Loan               1.48        [ICRA]B+ assigned

The assigned rating is constrained by the firm's modest scale of
operations, weak financial risk profile of the firm characterized
by thin profitability, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by high
commodity price volatility in guar gum which could result in
pressure on margins in the event of significant correction in
prices; high fragmentation and high competitive intensity in the
guar split manufacturing business and high agro-climatic risks
related to guar seed production. Further, ICRA also notes the
risks of capital withdrawals that are inherent in partnership
firms.

The rating, however, favourably factors in past experience of
partners in guar seed trading which is expected to support guar
seed procurement for the firm as well as proximity of the firm's
manufacturing plant to guar seed producing belt in Gujarat
enabling ease of access to quality raw material sources.

Shubhlaxmi Gum Industries (SGI) is a partnership firm established
in August 2013 by Mr. Hasmukhbhai Varmora and Mr. Jayeshbhai
Rupala. The firm commenced its commercial operations in March 2014
and is engaged in processing of guar seeds to produce guar gum
refine splits and its by-products like churi and korma. The firm
carries its operations from its processing facility set up at
Halvad in Surendranagar district of Gujarat having annual
installed capacity of 18,000 MT of raw guar seeds.

Recent Results
For the year ended 31st March 2014, SGI has reported an operating
income of INR2.12 crore and net loss of INR0.14 crore. For the
year ended 31st March 2015 (provisional unaudited financials), SGI
has reported an operating Income of INR59.39 crore and profit
before tax of INR0.21 crore.


SONAL ADHESIVES: ICRA Assigns 'D' Rating to INR12.20cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR11.00
crore cash credit and INR4.30 crore term loan facility of Sonal
Adhesives Limited. ICRA has also assigned a rating of [ICRA]D to
the INR12.20 crore short term non fund based facility of SAL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund Based
   Limit-Cash Credit       11.00        [ICRA]D; assigned

   Long Term Fund Based
   Limit-Term Loan          4.30        [ICRA]D; assigned

   Short Term Non Fund
   Based-LC/BG/Forward
   Contract                12.20        [ICRA]D; assigned

The rating assigned primarily reflects the stretched liquidity
profile of the company as reflected by multiple instances of
devolvement of letter of credit (LC) resulting in consistent over-
utilization of bank limits in the recent months. The rating also
takes into account the stretched capital structure and depressed
coverage indicators and susceptibility of company's profits to the
risks of foreign exchange fluctuations as a result of a mismatch
between its imports and exports. The rating is further constrained
by SAL's moderate scale of operations and high competitive
intensity from organized as well as unorganized sectors.
Nevertheless, ICRA takes note of the significant experience of the
promoters in emulsion and tapes business; diversified product
portfolio and established relations with customers.

Going forward, SAL's ability to timely service its debt
obligations and improve its liquidity position will be amongst the
key rating sensitivity factors.

Sonal Adhesive Limited was incorporated as a private limited
company on November 1991 and was converted into Public Company on
February 1994. The commercial production started in 1993. SAL has
its manufacturing unit located in Khopoli (Maharashtra) and
registered office in Mumbai. It is into manufacturing of complete
range of adhesives and emulsions for various applications.

Recent Results
SAL recorded a net profit of INR0.59 crore on an operating income
of INR56.88 crore for the year ending March 31, 2014 and a net
profit of INR0.23 crore on an operating income of INR21.25 crore
for the period ending December 31, 2014 as per provisional
figures.


SRI MANJUNATHA: CRISIL Reaffirms B Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Manjunatha
Traders (SMT) continues to reflect the firm's modest scale of
operations in the intensely competitive rice milling industry, and
the susceptibility of its profitability margins to changes in
government regulations and paddy prices. The rating also factors
in SMT's below-average financial risk profile marked by small net
worth, high gearing, and below-average debt protection metrics.
These rating weaknesses are partially offset by its partners'
extensive industry experience.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

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

Set up in 2007 as a partnership firm, SMT is engaged in milling
and processing of paddy into rice, rice bran, broken rice and
husk. Its rice mill is located in Nizamabad (Telangana).
Presently, there are two partners in the firm: Mr.Lakshmi Kanth
and Mr.Satya Prakash.


SURAJ PULSES: CRISIL Reaffirms 'B' Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Suraj Pulses continue to
reflect the firm's weak financial risk profile marked by high
gearing and weak debt protection metrics, and its exposure to
intense competition in the agricultural commodities industry.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       30          CRISIL A4 (Reaffirmed)

   Cash Credit         120          CRISIL B/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that Suraj Pulses will continue to benefit over
the medium term from its promoters' experience in the agricultural
commodities industry. The outlook may be revised to 'Positive' if
Suraj Pulses reports significant cash accruals, driven by
improvement in profitability and scale of operations, or if its
promoters infuse significant capital leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the firm's financial risk
profile, particularly its liquidity, driven by low cash accruals,
or lengthening in working capital cycle, or capital withdrawal by
promoters.

Formed in 2002 as a partnership concern, Suraj Pulses is promoted
by Raipur (Chhattisgarh)-based Mr. Rohit Goyal and six other
partners. It processes various agricultural commodities such as
moong dal, chana dal, rahar dal, urad dal, mutter dal, and masoor
dal.

For 2013-14, the firm reported a book profit of INR1.8 million on
net sales of INR1.83 billion, against a book profit of INR2.3
million on net sales of INR1.3 billion for 2012-13. The firm, on a
provisional basis, registered turnover of INR 720 million for
2014-15.


T.ABDUL WAHID: CRISIL Reaffirms B+ Rating on INR206.4MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of T.Abdul Wahid and Co
(TAWC, part of the TAW group) continue to reflect the TAW group's
below-average financial risk profile, marked by high gearing and
weak debt protection metrics, modest scale of operations, and
susceptibility to intense competition in the leather industry.
These rating weaknesses are partially offset by the promoters'
extensive experience in the leather industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit   240      CRISIL A4 (Reaffirmed)

   Inland/Import Letter
   of Credit                70      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      206.4    CRISIL B+/Stable (Reaffirmed)

   Standby Letter of
   Credit                   40.0    CRISIL A4 (Reaffirmed)

   Term Loan                23.6    CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TAWC and Thadey Leather Company (TLC).
This is because the two entities, collectively referred to as the
TAW group, are in the same line of business, under a common
management, and have significant operational linkages and fungible
cash flows.
Outlook: Stable

CRISIL believes that the TAW group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of substantial
improvement in the TAW group's financial risk profile, most likely
because of healthy cash accruals leading to improvement in capital
structure, and efficient working capital management. Conversely,
the outlook may be revised to 'Negative' in case the TAW group's
liquidity weakens, most likely because of low cash accruals,
significant working capital requirements, or large debt-funded
capital expenditure.

Incorporated in 1949, TAWC is an integrated player, with an in-
house tannery and shoes and shoe-upper manufacturing unit.
Incorporated in 2011, TLC exports finished leather.


VHB LIFE: CRISIL Ups Rating on INR525MM Bank Loan to 'B'
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
VHB Life Sciences Ltd (VLL; part of the VHB group) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable',  while reaffirming the rating
on the company's short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         5       CRISIL A4 (Reaffirmed)

   Cash Credit          320       CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

   Inland/Import
   Letter of Credit     150       CRISIL A4 (Reaffirmed)

   Proposed Long Term   525       CRISIL B/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that the VHB group
will sustain its improved business risk profile over the medium
term, supported by an increase in scale of operations and
profitability following increasing contribution from export sales,
stabilisation in manufacturing operations, and benefits from cost-
rationalisation measures. Having achieved revenue of INR1.2
billion for the nine months ended December 31, 2014, the group's
revenue is expected to increase by over 20 per cent year-on-year
to between INR1.8 billion and INR1.9 billion in 2014-15 (refers to
financial year, April 1 to March 31). Furthermore, the VHB group
is expected to register an operating profitability of 16 to 18 per
cent for 2014-15 as against an operating loss for 2012-13. CRISIL
believes that the stabilisation in manufacturing operations and
healthy demand for therapeutic and pharmaceutical formulations
will sustain the turnaround in the VHB group's business risk
profile over the medium term.

Although the VHB group's operations have improved and it is
expected to post cash profits in 2014-15, CRISIL believes that the
improvement in the group's financial risk profile will be gradual,
primarily because of a large negative net worth following the
accumulation of past losses and high debt. CRISIL, however, also
believes that continued financial support extended by the group's
parent, Neon Laboratories Ltd (Neon; rated 'CRISIL BBB-
/Positive/CRISIL A3'), primarily for meeting its debt repayment
obligations, will strengthen the VHB group's credit risk profile
over the medium term.

The ratings continue to reflect the VHB group's weak financial
risk profile, marked by high debt and weak debt protection
metrics. This rating weakness is partially offset by the group's
long track record in the pharmaceutical industry and its synergies
with its parent, Neon.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of VLL and VHB Medi Sciences Ltd (VML).
This is because the two companies, together referred to as the VHB
group, have significant business and financial linkages.
Outlook: Stable

CRISIL believes that the VHB group will sustain the turnaround in
its business risk profile over the medium term, supported by
stabilisation in its manufacturing operations and healthy demand
for therapeutic and pharmaceutical formulations. The outlook may
be revised to 'Positive' if the group's profitability increases
significantly, leading to sustainable improvement in the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the group incurs losses and if its liquidity weakens further.
The sustenance of financial support received from Neon will remain
a key rating sensitivity factor over the medium term.

The VHB group manufactures and markets therapeutic formulations.
VLL primarily distributes pharmaceutical formulations, while VML
manufactures formulations and parenterals/injectables. Both the
companies were acquired by Neon in 2010-11.

VLL registered a net profit of INR2.4 million on net sales of
INR1.1 billion for 2013-14, as against a net loss of INR200.5
million on net sales of INR676.2 million for 2012-13.

VML registered a net loss of INR63.5 million on net sales of
INR610.4 million for 2013-14, as against a net loss of INR14.1
million on net sales of INR387.5 million for 2012-13.


VHB MEDISCIENCES: CRISIL Ups Rating on INR475.2MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
VHB Medisciences Ltd (VML), part of VHB group, to 'CRISIL
B/Stable/CRISIL A4'  from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       45.6       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit         138.4       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Inland/Import        60.0       CRISIL A4 (Upgraded from
   Letter of Credit                'CRISIL D')

   Proposed Long Term   49.2       CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan           475.2       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital     161.6       CRISIL B/Stable (Upgraded
   Demand Loan                     from 'CRISIL D')

   Working Capital     370.0       CRISIL B/Stable (Upgraded
   Term Loan                       from 'CRISIL D')

The rating upgrade reflects regularization of VML's term debt
repayments. Moreover, CRISIL believes that the VHB group will
sustain its improved business risk profile over the medium term,
supported by an increase in scale of operations and profitability
following increasing contribution from export sales, stabilisation
in manufacturing operations, and benefits from cost-
rationalisation measures. Having achieved revenue of INR1.2
billion for the nine months ended December 31, 2014, the group's
revenue is expected to increase by over 20 per cent year-on-year
to between INR1.8 billion and INR1.9 billion in 2014-15 (refers to
financial year, April 1 to March 31). Furthermore, the VHB group
is expected to register an operating profitability of 16 to 18 per
cent for 2014-15 as against an operating loss for 2012-13. CRISIL
believes that the stabilisation in manufacturing operations and
healthy demand for therapeutic and pharmaceutical formulations
will sustain the turnaround in the VHB group's business risk
profile over the medium term.

Although the VHB group's operations have improved and it is
expected to post cash profits in 2014-15, CRISIL believes that the
improvement in the group's financial risk profile will be gradual,
primarily because of a large negative net worth following the
accumulation of past losses and high debt. CRISIL, however, also
believes that continued financial support extended by the group's
parent, Neon Laboratories Ltd (Neon; rated 'CRISIL BBB-
/Positive/CRISIL A3'), primarily for meeting its debt repayment
obligations, will strengthen the VHB group's credit risk profile
over the medium term.

The ratings continue to reflect the VHB group's weak financial
risk profile, marked by high debt and weak debt protection
metrics. This rating weakness is partially offset by the group's
long track record in the pharmaceutical industry and its synergies
with its parent, Neon.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of VML and VHB Life Sciences Ltd (VLL).
This is because the two companies, together referred to as the VHB
group, have significant business and financial linkages.
Outlook: Stable

CRISIL believes that the VHB group will sustain the turnaround in
its business risk profile over the medium term, supported by
stabilisation in its manufacturing operations and healthy demand
for therapeutic and pharmaceutical formulations. The outlook may
be revised to 'Positive' if the group's profitability increases
significantly, leading to sustainable improvement in the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the group incurs losses and if its liquidity weakens further.
The sustenance of financial support received from Neon will remain
a key rating sensitivity factor over the medium term.
The VHB group manufactures and markets therapeutic formulations.
VLL primarily distributes pharmaceutical formulations, while VML
manufactures formulations and parenterals/injectables. Both the
companies were acquired by Neon in 2010-11.

VLL registered a net profit of INR2.4 million on net sales of
INR1.1 billion for 2013-14, as against a net loss of INR200.5
million on net sales of INR676.2 million for 2012-13.

VML registered a net loss of INR63.5 million on net sales of
INR610.4 million for 2013-14, as against a net loss of INR14.1
million on net sales of INR387.5 million for 2012-13.


WAINGANGA SUGAR: CRISIL Assigns 'D' Rating to INR400MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Wainganga Sugar & Power Limited (WSPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             250        CRISIL D

   Funded Interest
   Term Loan              65        CRISIL D
   Bank Guarantee          5        CRISIL D
   Cash Credit           400        CRISIL D

The ratings reflect WSPL's delays in meeting its debt obligations;
the delays have been caused by the company's weak liquidity,
driven by cash losses incurred over the past two years, with
subdued sugar cane crushing and lower sugar realisations.

WSPL also has a weak financial risk profile, marked by weak
capital structure and debt protection metrics; moreover, it is
susceptible to regulatory risks in the sugar industry. However,
the company benefits from its promoters' extensive experience in
the sugar industry.

Set up in 2009, WSPL manufactures sugar. It is based at Tumsar in
Bhandara (Maharashtra). The company has installed sugar cane
crushing capacity of 1800 tonnes per day. WSPL is a part of Nagpur
(Maharashtra) based Purti group.



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


SKYMARK AIRLINES: To Set Debt Repayment Ratio at 5% Under Plan
--------------------------------------------------------------
Mainichi Japan reports that Skymark Airlines Inc. is aiming to set
its debt repayment ratio at around 5 percent, a plan it will
include in a rehabilitation package to be submitted to the Tokyo
District Court later this month.

The report relates that the airline, which is under civil
rehabilitation proceedings, plans to file the debt relief request
with the court by May 29, asking that 95 percent of its debts
claimed by Airbus S.A.S. and other creditors be written off. Nobuo
Sayama, representative director of Integral Corp., is expected to
be appointed as Skymark chairman, Mainichi Japan says.  The
investment fund has been assisting the reconstruction of the
flagging carrier, the report notes.

According to the report, Skymark's creditors have claimed debts
totaling JPY320 billion.  Mainichi Japan notes that the airline
will count on investments from sponsors including Integral Corp.,
ANA Holdings Inc., the Development Bank of Japan Inc. and Sumitomo
Mitsui Banking Corp. as resources for debt repayments.
Specifically, the carrier will spend JPY15 billion to
JPY16 billion on repayments -- amounts after deducting taxes and
attorneys' fees, the report says citing sources familiar with the
matter.

Skymark, however, has not recognized the entire JPY320 billion as
debts it has incurred, the report states. While Airbus claims
JPY80 billion in penalty charges over Skymark's cancellation of
the purchase of its large aircraft, Skymark argues that the claim
constitutes overcharging, says Mainichi Japan.  The report says
Skymark is also in dispute with U.S. aircraft leasing firm
Intrepid, which claims some JPY100 billion in debts from the
airline. Skymark is also in talks with other major creditors over
the debt amounts, Mainichi Japan notes.

As those negotiations are unlikely to be settled by May 29 -- the
deadline for submission of the carrier's rehabilitation plan to
the Tokyo District Court -- Skymark will for now include the debt
amounts claimed by the creditors and set the debt repayment ratio
at around 5 percent, Mainichi Japan reports.

The report relates that the company is planning to hold creditors'
meetings in June and July to obtain consent for the rehabilitation
plan. If the firm manages to shrink the debt amounts by that time
through negotiations with Airbus and other creditors, the debt
repayment ratio will turn out to be relatively higher, Mainichi
Japan adds.

                      About Skymark Airlines

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

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.


SKYMARK AIRLINES: Intrepid Aviation to Block ANA Stake Buy
----------------------------------------------------------
The Japan Times reports that Skymark Airlines Inc.'s biggest
creditor plans to reject the failed carrier's plan to have ANA
Holdings Inc. take part in its restructuring, according to a
source familiar with the matter.

Intrepid Aviation has told those engaged in drawing up the plan of
its intention to reject the participation by ANA Holdings, the
parent of Japan's biggest airline, All Nippon Airways Co., the
source said on May 26, the report relates.

Skymark said last month that ANA Holdings will take up to a
19.9 percent stake and pick its new president as part of its
restructuring, the report recalls.

In outlining the plan that Skymark plans to present to the court
by May 29, Chairman Takashi Ide also said ANA's involvement would
not hamper Skymark's key policy to operate as an independent
carrier, the report relays.

Intrepid Aviation, an U.S. aircraft leasing company, is owed about
JPY100 billion, about a third of the airline's total debt of
JPY320 billion, the Japan Times notes.

According to the report, the opposition by the major creditor
could affect the reform plan which needs to be approved by
creditors owed more than half the overall debt.

The report says Skymark had operated Airbus A330 jets leased from
Intrepid. The third-largest Japanese carrier has said it plans to
reduce use of that midsize aircraft model and make more use of
smaller Boeing 737 planes to improve fleet efficiency, the report
states.

ANA has said it will support Skymark by providing its know-how in
maintaining safe flight operations and starting code-sharing
flights. The major airline has a track record of restoring
struggling regional airlines, such as Hokkaido International
Airlines Co., adds the Japan Times.

                      About Skymark Airlines

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

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.


SKYMARK AIRLINES: Airbus Opposes ANA's Part in Restructuring
------------------------------------------------------------
Reuters reports that Airbus Group NV, a top creditor to Japan's
failed Skymark Airlines Inc, has expressed its opposition to ANA
Holdings Inc's participation in Skymark's restructuring, two
people with knowledge of the matter said on May 27.

Airbus has asked for a delay in Skymark's submission of its
restructuring plan, which includes ANA's support, to the Tokyo
District Court beyond the May 29 deadline, the people said,
declining to be identified because the discussions are not public,
Reuters relates.

Airbus said it could not comment, says Reuters.

The news agency says the European aircraft maker's opposition
threatens ANA's plan to become a major shareholder in Skymark
after revelations that the budget carrier's biggest creditor,
Intrepid Aviation Ltd, was also planning to try to block the plan.

Airbus and Intrepid together account for more than half of
Skymark's debt -- enough to block its proposed restructuring plan,
Reuters notes.

                      About Skymark Airlines

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

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.



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


STARPLUS HOMES: Liquidators May File Case Against Inland Revenue
----------------------------------------------------------------
Narelle Henson at Stuff.co.nz reports that more than 100 tradies
could be at the mercy of the courts as the battle heats up over
the failure of one of Waikato's biggest building companies,
Starplus Homes Limited.

Starplus Homes, directed by Richard Zongyan Lee, went into
voluntary liquidation in April 2013, just two days before creditor
Mitre 10 Hamilton was due to have its application for liquidation
heard at the High Court in Hamilton, Stuff.co.nz says.

The report relates that the building company was also placed into
receivership, and Lee bankrupted the next year, while NZ$35
million was left owing to more than 200 creditors. At least NZ$18
million of that was to unsecured creditors, many of them
understood to be small trades businesses, the report notes.

Two years on, liquidators are still untangling the mess left by
the company's failure, and may now face a precedent-setting court
battle with the government's tax man, says Stuff.co.nz.

According to the report, KPMG Liquidator Shaun Adams said the
fight hinges on the fact that Inland Revenue owes Starplus Homes a
significant amount of money, which, if paid back, would go to
creditors. However, Starplus Homes had paid taxes on behalf of
"related parties" -- two of them also in liquidation -- meaning
they still owe tax to Inland Revenue. The report says the
government body has asked to have all related parties pooled
together so that it can claim the outstanding tax from the
Starplus Homes liquidation.

"If there was a pooling, then that preferential [Inland Revenue]
claim is significantly higher," the report quotes Mr. Adams as
saying.  "The cash that we're currently holding and anything else
that we recover would go to Inland Revenue, it wouldn't go to the
unsecured creditors."  Mr. Adams said that would be a "double
whammy" against those waiting for their money back, the report
relays.

He was unwilling to say how much money was involved, but said it's
"worth litigating over," Stuff.co.nz reports. Even if Inland
Revenue wanted to pay up, it may have to fight the court battle as
it was precedent-setting and "there could be knock-on effects if
they allow it [a payout to Starplus Homes]," Mr. Adams, as cited
by Stuff.co.nz, said.

"Retaining integrity of the tax system is pretty important for all
of us. They're looking at it not just in terms of Starplus, but
what are the knock-on effects of other companies going into
liquidation at a future date."

Stuff.co.nz adds that Mr. Adams said liquidators are waiting on
Inland Revenue's response to its claim on behalf of Starplus Homes
creditors, and if it didn't receive one "within a reasonable
timeframe" it might head down the legal route itself.

Should a court battle get underway soon, it would likely still
leave the long line of tradies and other creditors wanting their
money back waiting until late next year to hear their fate,
Stuff.co.nz notes.

According to Stuff.co.nz, the fifth liquidators' report, out on
May 27, also said that management have been "referred to the
relevant authorities" over some of the actions taken while the
business was running.  Mr. Adams was unwilling to go into detail
on what that meant, Stuff.co.nz says.

The report also stated liquidators had reached settlements with 20
parties for voidable and undervalue transactions totalling NZ$1.38
million since the last report, Stuff.co.nz adds.

                       About Starplus Homes

Starplus Homes Ltd is a Hamilton-based home building company.

The company was put into voluntary liquidation on April 22 -- two
days ahead of a major creditor applying to the High Court to have
the business wound up.  John Buchanan, of Northside Insolvency in
Auckland, was named as liquidator.

Westpac Bank also appointed Corporate Finance's Andrew McKay and
John Cregten as receivers, further confusing the situation around
a property company failure thought to be the biggest in the
Waikato since the start of the global financial crisis in 2008,
according to Waikato Times.

On May 2, the High Court approved KPMG insolvency practitioner
Shaun Adams' application to be appointed joint and several
liquidator alongside Mr. Buchanan, stuff.co.nz said.  On May 6,
creditors voted almost unanimously to approve the appointment of
both men.


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


STATS CHIPPAC: S&P Keeps 'BB+' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' long-term
corporate credit rating and 'axBBB+' long-term ASEAN regional
scale rating on STATS ChipPAC Ltd. on CreditWatch with negative
implications.  S&P also kept its 'BB+' long-term issue rating on
the company's senior unsecured notes on CreditWatch with negative
implications.

STATS ChipPAC is a Singapore-based provider of semiconductor
assembly and test services.

"We maintain our CreditWatch status on the ratings on STATS
ChipPAC because Jiangsu Changjiang Electronics Technology (JCET)'s
proposed acquisition of the company for US$780 million hinges on
some conditions that are still outstanding," said Standard &
Poor's credit analyst Katsuyuki Nakai.

If the conditions were not met at the current target date of
June 30, 2015, and if the involved parties do not agree on a new
target date, S&P believes STATS ChipPAC would continue to have
government-related entity support through its current major
shareholder Temasek Holdings (Private) Limited.

If the conditions are met, the potential downside for the ratings
hinges on two factors: (1) how far STATS ChipPAC's new status as a
JCET subsidiary would mitigate the loss of support triggered by
the change of ownership; and (2) how far the ownership change
could put the current financing of STATS ChipPAC at risk, given
that bondholders benefit from a change of control put option.

The conditions include shareholder and regulatory clearances, and
antitrust approvals from China, Korea, and the U.S.  Some
conditions are still unmet.  However, S&P currently do not see any
sign of significant delay in meeting the June 30, 2015, deadline.

"If the transaction proceeds, JCET's acquisition of STATS ChipPAC
will more than double its original size and increase its exposure
to international markets to about 60%, in our view.  We believe
that, on a stand-alone basis, both entities' business and
financial risk profiles are comparable," Mr. Nakai said.

In S&P's final evaluation of the potential transaction, it will
focus on potential rating downside from integration and
refinancing risk.  S&P believes STATS ChipPAC has minimized its
short-term refinancing risk for its outstanding bonds through a
bridge refinancing facility.

S&P currently sees limited downside for the ratings from a stand-
alone perspective.  S&P expects STATS ChipPAC's financial
performance to show steady recovery going forward.  After
completing the construction of its Korean factory, S&P believes
STATS ChipPAC's capital expenditure will decline to about
U$250 million in 2015 and 2016.  In addition, S&P expects the
company's revenue will gradually increase during the period,
backed by firm demand in the advance packaging segment and a
favorable industry growth trend for outsourcing semiconductor
assembly and testing.

S&P expects to resolve the CreditWatch status once it has
sufficient clarity on the transaction.

S&P could lower the ratings if the proposed acquisition is
completed, eliminating the support STATS ChipPAC currently has
through its current ownership.  S&P currently believes the
downgrade potential would most likely be limited to one notch,
unless S&P concludes that JCET's integration plan and refinancing
process increase STATS ChipPAC's overall credit risk position.

S&P could affirm the ratings if the proposed acquisition does not
happen.  Although S&P do not see any particular downside for the
company's credit profile on a stand-alone basis, the likelihood of
continued government support would be a critical factor for such
an affirmation.



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


POSCO PLANTEC: To Submit Debt Workout Plans
-------------------------------------------
The Korea Herald reports that POSCO Plantec on May 26 decided to
submit workout plans to its creditors.

The main creditor, the Korea Development Bank, will decide whether
to approve the plans early June, the report says.

If the plans are rejected, and the parent company declines to
inject more funds into the unit, POSCO Plantec will become POSCO's
second subsidiary in its 47-year history to be put under court
supervision, according to the Korea Herald.

The report says the plant parts unit also confirmed that about
KRW89.2 billion ($81.2 million) of its loans is currently in
arrears.

According to the report, POSCO Plantec has suffered from continued
losses since acquiring Sungjin Geotec in 2010 -- which it merged
with two years ago.

The company posted a KRW72.1 billion net loss in the first
quarter, following a KRW279.7 billion loss last year, the report
discloses.

The Korea Herald notes that POSCO is reviewing plans to shut down
Plantec's manufacturing facility in Ulsan, which will leave the
steelmaker with a total of KRW520 billion in losses from
investment in the parts unit over the past five years.

POS-HiAL, an alumina supplier which filed for court receivership
last month, was the first POSCO affiliate to do so, the report
notes.

As reported in Troubled Company Reporter-Asia Pacific on May 27,
2015, Yonhap News Agency said 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 related.

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.



=============
V I E T N A M
=============


OCEAN BANK: Vietnam's Central Bank Takes Over Troubled Lender
-------------------------------------------------------------
Nguyen Thi Bich Ngoc at Deal Street Asia reports that the State
Bank of Vietnam on May 8 announced that it will transform the
troubled Ocean Bank from a joint stock commercial lender into a
state-owned one-member limited liability bank.

In addition, the central bank has also appointed Vietinbank
officials to manage Ocean Bank, the report says.

Specifically, Do Thanh Son, director of a Vietinbank's Ho Chi Minh
City branch will act as the new state-owned bank's chairman, while
his colleague Ngo Anh Tuan, who is Vietinbank's deputy head of
credit and investment, will join Ocean Bank as chief executive,
according to the report.

Deal Street Asia relates that after the takeover, Ocean Bank's
charter capital will be VND4 trillion ($185.18 million).
"Acquiring at no costs, all the rights, interests and shareholder
status of Ocean Bank's existing shareholders will be terminated,"
the Vietnamese central bank said, the report relays.

Meanwhile, it also announced that Vietinbank is allowed to
contribute capital and participate in the governance of Ocean
Bank, Deal Street Asia reports.

Deal Street Asia notes that Ocean Bank, which is part of the Ocean
Group, was permitted to increase its charter capital from VND4
trillion to VND5 trillion in 2013, but has not done so.

The report says the lender's troubles were exposed when the state
investigation agency found several financial frauds in which, the
former chairman Ha Van Tham, was allegedly involved.

With a serious financial loss, the bank's real capital has come
lower than the registered capital, the central bank deputy
governor Nguyen Thi Hong, the report relays.

Deal Street Asia adds that the State Bank of Vietnam's takeover of
Ocean Bank follows the precedent of the Vietnam Construction Bank,
which was acquired in February.



                             *********

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

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

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


                            *********


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

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

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

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

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



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