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        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

             Monday, June 8, 2015, Vol. 18, No. 111


                            Headlines


A U S T R A L I A

AMAZING RENTALS: ASIC Accepts Enforceable Undertaking
ART AND PRINT: Placed in Liquidation
ATLAS IRON: Moody's Confirms 'Caa3' CFR, Outlook Stable
CASEY REMOVALS: First Creditors' Meeting on June 12
FRESH TRAINING: Goes Into Liquidation

MINING MANAGEMENT: First Creditors' Meeting Set For June 12
ONECASH LIMITED: First Creditors' Meeting Slated For June 16
WOLLONGONG HAWKS: Rescued Out of Administration


C H I N A

WUZHOU INT'L: Prop. Shared Placement No Impact on Moody's B2 CFR


I N D I A

A G DERCO: CRISIL Suspends 'D' Rating on INR110MM Term Loan
AKAL INFORMATION: ICRA Assigns B+ Rating to INR2.50cr LT Loan
ALBUS INDIA: CRISIL Cuts Rating on INR110MM Term Loan to 'D'
AMAR BIO: Ind-Ra Raises Issuer Rating to 'IND BB'; Outlook Stable
AMBUJ HOTEL: CRISIL Reaffirms B+ Rating on INR530MM Loan

ANONDITA HEALTHCARE: ICRA Assigns B+ Rating to INR8.50cr LT Loan
BANSAL REALTECH: Ind-Ra Assigns 'IND BB' LT Issuer Rating
BHARATI ENERGY: ICRA Assigns B+ Rating to INR12cr Cash Credit
BHAWNA HOUSING: CRISIL Reaffirms 'B' Rating on INR125MM Term Loan
BOSS TECH: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR40MM Loan
CERES IFMR: Ind-Ra Rates INR25.1MM Series A2 PTCs 'INR BB- (SO)'
COMET HANDICRAFTS: CRISIL Reaffirms B+ Rating on INR100MM Loan
DEBJYOTI PULP: CRISIL Reaffirms B- Rating on INR65.8MM Loan
EXULT AGENCY: ICRA Assigns B+ Rating to INR5.0cr Cash Credit

FAITH LUMBER: ICRA Reaffirms 'B' Rating on INR14.50cr LOC
G D OVERSEAS: CARE Assigns B+ Rating to INR5cr LT Loan
GARDEN PALACE: ICRA Suspends 'D' Rating on INR8cr FB Loan
GAUTAM BUDDHA: CRISIL Suspends 'D' Rating on INR143.1MM Term Loan
GRAND AUTO: CARE Reaffirms B+ Rating on INR17cr LT Bank Loan

HANUMAN RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
HERITAGE LIFESTYLES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
JAGDAMBAA AGRO: CARE Reaffirms 'B' Rating on INR21.92cr LT Loan
JIBIKA RICE: CARE Assigns 'B+' Rating to INR8.28cr LT Loan
JOSHI COTEX: CRISIL Suspends B+ Rating on INR50MM Cash Credit

KAYCEE POLYMERS: ICRA Assigns B+ Rating to INR3.0cr Cash Credit
KTC AUTOMOTIVE: CRISIL Assigns B+ Rating to INR65.0MM Cash Loan
LATALA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR60MM Loan
LOKENATH OIL: CRISIL Suspends 'B' Rating on INR71.5MM Bank Loan
MACGUIRE CERAMICS: ICRA Assigns B+ Rating to INR8.0cr Cash Loan

MANJEERA HOTELS: ICRA Suspends 'D' Rating on INR107cr Bank Loan
MOLEKULE (INDIA): ICRA Suspends 'C' Rating on INR11.5cr LT Loan
MRJ INFRATECH: ICRA Suspends B+ Rating on INR15cr Bank Loan
MULTAN COLLOIDS: ICRA Assigns 'B' Rating to INR4.65cr Cash Loan
MY CAR: CRISIL Reaffirms B+ Rating on INR350MM Cash Credit

NIKITA JEWELLERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
NIRVANA FASHION: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
ORIILON INDIA: CARE Reaffirms B Rating on INR14.83cr LT Loan
PADMANABH HEALTHCARE: CRISIL Suspends B- Rating on INR68MM Loan
PALLAVI ENTERPRISES: CRISIL Ups Rating on INR266.2MM Loan to B+

PRATHAMESH LAND: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
PRIME NEWLINE: Ind-Ra Affirms 'IND BB' LT Issuer Rating
R. R. INDUSTRIAL: CRISIL Suspends B+ Rating on INR74MM Cash Loan
RAM AABHOSHAN: Ind-Ra Assigns 'IND BB-' Issuer Rating
RATNA COT: CRISIL Assigns B+ Rating to INR40MM Cash Credit

RICHA PETRO: CARE Assigns 'D' Rating to INR12.58cr LT Loan
SHANKAR SOYA: CARE Reaffirms 'B' Rating on INR7.34cr LT Loan
SHETKARI MAHILA: CRISIL Reaffirms B+ Rating on INR265.2MM Loan
SONA AUTOMOTIVES: CRISIL Assigns B+ Rating to INR68.4MM Loan
SPENTIKA CERAMIC: CRISIL Suspends B Rating on INR29.6MM Loan

SREE NARAYANA: CRISIL Ups Rating on INR100MM Term Loan to 'B'
SRI TOORSA: ICRA Assigns 'B' Rating to INR7.12cr Term Loan
ST. MARY'S: CRISIL Assigns 'C' Rating to INR70MM Term Loan
SUCCESS EXIM: CARE Assigns B+ Rating to INR4cr LT Bank Loan
SUD PINES: CARE Assigns B+ Rating to INR4.50cr LT Bank Loan

SUDAMA COTTON: CRISIL Assigns B Rating to INR50MM Cash Credit
SUN ENTERPRISE: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
SUN PSYLLIUM: ICRA Reaffirms B+ Rating on INR5.0cr Cash Credit
SVVR EDUCATIONAL: CRISIL Suspends B- Rating on INR130MM Loan
SWARUP POWER: CRISIL Suspends 'D' Rating on INR280MM Term Loan

TRIDENT METAL: CRISIL Assigns B- Rating to INR67.7MM Term Loan
UMBERTO CERAMICS: CRISIL Cuts Rating on INR745MM Loan to B+
VADERA TRADELINK: ICRA Assigns B+ Rating to INR5.75cr LT Loan
VARDHMAN ELECTRO-MECH: CRISIL Assigns B+ Rating to INR40MM Loan
VELOX CERAMIC: CARE Assigns 'B' Rating to INR8.97cr LT Bank Loan

VISHNU CHEMICALS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
ZIGMA TECHNOLOGIES: CRISIL Suspends B- Rating on INR94MM Loan


I N D O N E S I A

BAKRIE TELECOM: S&P Affirms Then Withdraws 'D' LT CCR
STAR ENERGY: Fitch's B+ Rating Unaffected by Restarting Ops Delay


J A P A N

SKYMARK AIRLINES: Intrepid Approaches Delta Over Rehabilitation
TOSHIBA CORP: May Skip Summer Bonuses For Execs This Year


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Cuts CFR to Caa2, Outlook Neg


                            - - - - -


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


AMAZING RENTALS: ASIC Accepts Enforceable Undertaking
-----------------------------------------------------
Australian Securities and Investment Commission has accepted an
enforceable undertaking (EU) from consumer lease provider Amazing
Rentals Pty Ltd, following an ASIC investigation into concerns
about compliance with the credit legislation.

ASIC's investigation raised concerns that Amazing Rentals, which
holds an Australian credit licence, had failed to comply with its
responsible lending obligations, and that it potentially engaged
in unconscionable conduct. ASIC also had concerns about Amazing
Rentals compliance with general conduct and record keeping
obligations in the National Credit Act.

Amazing Rentals offers consumer leases for household goods through
three stores in Darwin, Toowoomba and Caboolture. ASIC found that,
of the customers of the Darwin Store:

  -- the majority received Government benefits as their only
     source of income

  -- they included Indigenous Australians, living in regional or
     remote locations, who had limited access or exposure to
     retail and/or credit services

  -- for some consumers, English was not their first language,
     they could not read or understand the contracts they were
     entered into, and they did not understand that they were
     signing up to a rental contract rather than a contract to
     purchase the goods.

ASIC has accepted an EU which requires Amazing Rentals to:

  -- cease operations from the Darwin Store for a minimum of
     12 months

  -- terminate all consumer leases entered into at the Darwin
     store during the period 8 October 2011 to 26 May 2015

  -- cancel any payment arrangements in relation to those
     consumer leases and transfer ownership of the goods to the
     consumers

  -- refund to 34 consumers all credit charges (the difference
     between retail and lease cost)

  -- pay a total of AUD10,000; consisting of a payment of
     AUD5,000 to the North Australian Aboriginal Justice Agency
     and a further AUD5,000 to Top End Women's Legal Service for
     the purpose of funding ongoing civil legal advice and
     services to Aboriginal consumers in the Northern Territory

  -- engage an independent external compliance expert to conduct
     an assessment of, and report to ASIC on Amazing Rentals'
     policies and procedures to ensure compliance with the credit
     legislation in relation to its responsible lending and
     documentation obligations, and make any recommendations
     about required changes.

Deputy Chairman Peter Kell said "Consumer lessors, large or small,
are on notice that they must lift their game to comply with their
responsible lending obligations. This instance with Amazing
Rentals shows ASIC will not hesitate to take action against
lessors that ignore their obligations."

This work continues ASIC's crack down on consumer lessors who do
not comply with their obligations under the law. ASIC has
previously achieved the following outcomes:

    Make it Mine Pty Ltd
    Rent the Roo Pty Ltd
    Mr Rental Australia Pty Ltd
    Zaam Rentals Pty Ltd
    Ray Rentals
    Mobile Rentals Pty Ltd

"ASIC will continue to take action in relation to breaches of the
law by consumer lessors, particularly where we have concerns about
breaches of the responsible lending requirements, and conduct in
breach of the consumer protection provisions," the regulator said.


ART AND PRINT: Placed in Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Art and Print
Management Pty Ltd, which traded as AP and Prior Print, has been
placed into liquidation with over AUD200,000 debts. Geoffrey Davis
-- geoff.davis@bcradvisory.com.au -- and John Morgan --
john.morgan@bcradvisory.com.au -- of BCR Advisory were appointed
as liquidators of the company on May 11, 2015, the report says.

According to the report, the liquidator said less than fifty trade
creditors are left out of pocket. KW Doggett, a paper merchant, is
one of the creditors, the report says.

All of the company's three employees were terminated as the
liquidation started, Dissolve.com.au reports.

AP and Prior printed offset brochures, presentation folders,
magazines, labels, stationery and flyers on Komori Lithrone press.


ATLAS IRON: Moody's Confirms 'Caa3' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service confirmed Atlas Iron's Caa3 Corporate
Family Rating and Caa3 senior secured rating. The outlook on all
ratings is stable.

The rating actions on the CFR and the senior secured ratings
conclude the review for downgrade that was initiated on April 7,
2015.

"The confirmation of Atlas' ratings with a stable outlook reflect
the savings the company has been able to achieve under the new
collaborative agreement with the contractors, and which has
allowed it to resume mining at two of its three mines, Abydos and
Wodgina, with production at the third mine, Webber, to resume in
the September 2015 quarter." says Saranga Ranasinghe -- a Moody's
Analyst.

"The resumption of mining at a materially lower cost will support
Atlas' ability to generate positive cashflow." adds Ranasinghe.

The collaboration agreement reached with the contractors has
reduced Atlas' breakeven price to below USD50/tonne on a full cash
cost basis, inclusive of interest and sustaining capital
expenditure. This is in contrast to Atlas' breakeven price of
around USD60/tonne in April, when it suspended operations. The new
breakeven price is below the current spot price of around
USD60/tonne. As such, Atlas will be able to minimize the cash
drain on the company. However, a fall in iron ore prices below the
breakeven price will lead to negative cash flow and further
pressure Atlas' already weak credit profile.

Atlas intends to strengthen its balance sheet by raising capital,
pending shareholder approval at a 19 June meeting. The amount of
capital to be raised, its price and the use of proceeds have not
been disclosed.

Atlas' outlook and/or rating could face positive momentum if the
company is able to establish a track record of producing at the
now lower cost levels and is able to generate positive cashflow.
The rating could also face positive momentum if the company is
able to successfully execute on its plans to raise capital.

The rating and/or outlook could face further negative pressure if
fundamentals for iron ore deteriorate beyond our expectations. The
rating and/or outlook could also face negative pressure if the
liquidity buffer diminishes at a pace that is not consistent with
our expectations, hindering the company's ability to cover debt
service obligations.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Atlas Iron Limited (Atlas), headquartered in Perth, Australia, is
an iron ore producer and developer focused on the North Pilbara
region of Western Australia. In FY14, Atlas shipped 10.9Mt of iron
ore and generated revenues of around $1.1 billion.


CASEY REMOVALS: First Creditors' Meeting on June 12
---------------------------------------------------
Stephen Robert Dixon and Laurence Andrew Fitzgerald of Grant
Thornton were appointed as administrators of Casey Removals Pty
Ltd on June 2, 2015.

A first meeting of the creditors of the Company will be held at
Grant Thornton, The Rialto, Level 30, 525 Collins Street, in
Melbourne, Victoria, on June 12, 2015, at 10:30 a.m.


FRESH TRAINING: Goes Into Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Fresh Training
Aust Pty Ltd has gone into liquidation. Andrew Reginald Yeo and
Gess Michael Rambaldi of Pitcher Partners have been appointed
liquidators of the company on May 19, 2015.

The company has debts of over AUD2 million most of which were owed
to Warranambook companies, the report says.

Fresh Training Aust Pty Ltd was established in around 2008. Fresh
Servicing and Fresh Training, a related company, is also in
liquidation.


MINING MANAGEMENT: First Creditors' Meeting Set For June 12
-----------------------------------------------------------
Jason Preston and Robert Kirman of McGrathNicol were appointed as
administrators of Mining Management Group Pty Limited and MMG
Drill & Blast Pty Limited on June 1, 2015.

A first meeting of the creditors of the Company will be held at
Francis Philip Motor Inn, 18 Maitland Road, Singleton, NSW, on
June 12, 2015, at 12:00 p.m.


ONECASH LIMITED: First Creditors' Meeting Slated For June 16
------------------------------------------------------------
Scott Langdon and Jarrod Villani of KordaMentha were appointed as
administrators of OneCash Limited, trading as OneCash Limited, and
DSM Connect Pty Ltd on June 4, 2015.

A first meeting of the creditors of the Company will be held at
Christie Conference Centre Brisbane, 320 Adelaide Street, in
Brisbane, Queensland, on June 16, 2015, at 11:30 a.m.


WOLLONGONG HAWKS: Rescued Out of Administration
-----------------------------------------------
Justin Huntsdale at ABC News reports that the Wollongong Hawks
will return to the NBL after creditors on June 2 voted in support
of a plan to pay back money owed, bring the club out of voluntary
administration and secure its place in the coming 2015/16 season.

It was a vote that was always expected to go the way of the
Wollongong Hawks, but fans, players and staff of the NBL's only
remaining foundation club could breathe an official sigh of
relief, ABC News says.

According to the report, stakeholders owed money by the club voted
to accept a plan that will see outstanding superannuation, leave
and service entitlements paid.

Staff who continue with the club will have their entitlements
rolled over into a new contract, while those who have left will be
paid out, the report says.

"It's a great result for the club, the deed of company arrangement
has passed and the club will officially compete in the 2015/16
season," the report quotes Wollongong Hawks general manager Kim
Welch said.  "From the proposal put forward to creditors, they've
agreed to accept it and that means it ends that chapter of the
Hawks, and we can start fresh as a new entity, which is a great
result."

It may be a new entity, and the club may be guaranteed a place in
the coming NBL season, but the club still needs to re-employ front
office staff and a coaching team before they can look at who
they'll put on the court, ABC states.

The report notes that Gordie McLeod is likely to be reinstated as
coach, but he said no one is guaranteed their job.

National Basketball League team, Wollongong Hawks, entered into
administration on March 2.



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C H I N A
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WUZHOU INT'L: Prop. Shared Placement No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service said that Wuzhou International Holdings
Limited's proposed share placement -- if it goes ahead -- is
credit positive, but will not immediately impact the company's B2
corporate family or B3 senior unsecured ratings.

The ratings outlook is negative.

On June 2, 2015, Wuzhou announced that it had entered into a share
placing agreement to place 327 million shares - or around 7.02% of
its existing issued share capital - with no less than six
independent investors.

The placing price is at HKD1.42 per share, and the net proceeds
totaling approximately HKD460 million.

The share placement is expected to be completed on or before 4
June 2015.

"The share placement, if completed successfully, will be credit
positive, because it will enhance Wuzhou's equity base, reduce its
leverage ratio, and modestly boost its liquidity profile," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.

Wuzhou has grown rapidly over the past few years. It reported 28%
year-over-year growth in contracted sales to RMB6.6 billion in
2014, though revenue recognition remained slow.

The expansion was mainly funded by debt. At end-2015, Wuzhou's
reported debt grew by 43% year-on-year to RMB5.4 billion, much
faster than its 6% year-on-year revenue growth.

Moody's expects the share placement will moderately improve
Wuzhou's leverage and liquidity. After the share placement,
Wuzhou's adjusted debt/capitalization - without mortgage
guarantees - will fall modestly from around 60% to 58% at end-
2015. The share placement will mildly lift its cash-to-short-term
debt ratio to around 1.2x-1.3x at end-2015, from 1.1x at end-2014.

The negative outlook reflects Wuzhou's weak profitability, sales
sustainability and revenue recognition. Moody's expects Wuzhou's
gross margins to modestly improve, although the recovery will be
gradual, given the slow recovery expected in third and fourth-tier
cities where Wuzhou operates.

In the first fourth months of 2015, Wuzhou achieved contracted
sales of RMB1.3 billion. Although up 14.8% year-on-year, this
amount represents only 18% of the company's RMB7.0 billion full-
year target. Moody's expects that sales momentum will improve in
2H 2015, and will closely monitor the company's progress.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou
International Holdings Ltd specializes in the development and
operation of wholesale markets and multi-functional commercial
complexes in China.

At Dec. 31,  2014, it had a total planned gross floor area (GFA)
for its land bank of approximately 8.008 million square meters,
distributed across Jiangsu, Yunnan, Henan, Shandong, and seven
other provinces.


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I N D I A
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A G DERCO: CRISIL Suspends 'D' Rating on INR110MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A G Derco Belting India Pvt Ltd (AGDB).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee          28          CRISIL D
   Cash Credit             40          CRISIL D
   Letter of Credit        18          CRISIL D
   Term Loan              110          CRISIL D

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

AGDB, part of the AG Engineers group, was incorporated in 2010 and
promoted by Mr. Aditya Gupta, Mr. P D Gupta, and Mr. P K Gupta. In
2011-12 (refers to financial year, April 1 to
March 31), AGDB set up a manufacturing unit for
polyvinylchloride/polyurethane/silicon-coated conveyer belts used
in various industries in Greater Noida (Uttar Pradesh). The unit
has been set up under technical collaboration with Derco B V,
Nederland.


AKAL INFORMATION: ICRA Assigns B+ Rating to INR2.50cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR6.50
crore fund based bank facilities of Akal Information Systems
Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Fund Based
   Facility-Cash Credit       2.50       [ICRA]B+; Assigned

   Long-term Fund Based
   Facility-Over Draft        2.50       [ICRA]B+; Assigned

   Long-term Non-Fund
   Based Facility-
   Bank Guarantee             1.50        [ICRA]B+; Assigned

ICRA's rating takes into account the modest scale of operations of
the company despite extensive track record of more than a decade.
The customer concentration for the company is also high with top 5
customers accounting for 65% of total sales in 2014-15. The
profitability of the company is range bound given that majority of
the revenues are contributed by hardware sales. ICRA also takes
note of the stretched liquidity position of the company as evident
from the high utilization of working capital limits. However, the
rating favourably factors in healthy growth of 23% in revenues in
2014-15, highly reputed client profile viz. DLF, BSNL, DT cinemas,
Radisson, Carson, Ministry of defence, Rajasthan government, etc.
and experienced promoter having more than a decade of experience
in the IT industry. Company also has comfortable order book
position as on March 2015 with orders worth ~Rs. 3.8 crore. Going
forward, the ability of the company to scale up its operations,
improve the liquidity position while maintaining the profitability
and working capital intensity of operations will be key rating
sensitivities.

AISL was incorporated in January 2000 by Mr. Sarabjit Singh, Mr.
Sukhneet Kaur and Mr. Ajeet Singh. The company provides IT
software, hardware, infrastructure and tech support solutions to
reputed clients. Majority of the revenues (~70%) is contributed by
hardware solutions to the domestic clientele. Company also
provides software solutions and tech support to a few USA based
clients. Prior to 2011-12, the company was also engaged in
marketing of Canola Oil but due to weaker prospects promoter
ventured out of the business. AISL also has a wholly owned
subsidiary - Akal Information System Inc in USA which was setup in
2003 and whose operations are carried out independently.

Recent Results
As per its unaudited financials for 2014-15, AISL reported an
operating income of INR18.5 crore and a profit after tax of
INR0.40 crore as against an operating income of INR15.09 crore and
a profit after tax of INR0.29 crore in 2013-14.


ALBUS INDIA: CRISIL Cuts Rating on INR110MM Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Albus India Limited (AIL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

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

   Foreign Bill Purchase   30        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Packing Credit          50        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan               110       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by AIL in
servicing its debt. The delays have been caused by the weakening
in the company's weak liquidity on account of delay in
commencement of its manufacturing unit.

AIL is exposed to risks relating to implementation and
stabilization of its ongoing project. The company would also be
exposed to intense competition in the ferro alloys industry.
However, it benefits from its promoters extensive industry
experience.

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers
- Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company is setting
up a low carbon ferro manganese manufacturing plant in
Vishakhapatnam (Andhra Pradesh). The unit is expected to commence
operations in September 2015.


AMAR BIO: Ind-Ra Raises Issuer Rating to 'IND BB'; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research has upgraded Amar Bio Tech Limited's
Long-Term Issuer Rating to 'IND BB' from 'IND B+'.  The Outlook is
Stable.  The agency has also upgraded ABL's INR75MM fund-based
working capital limits to long-term 'IND BB'/Stable from 'IND B+'
and to short-term 'IND A4+' from 'IND A4'.

KEY RATING DRIVERS

The upgrade reflects an improvement in ABL's liquidity due to an
efficient collection of overdue receivables.  Net working capital
cycle shortened to 343 days at FYE14 (year ending September) from
713 days at FYE13.  However, the average peak utilization of the
cash credit facility was 100% during the 12 months ended April
2015.

Also, the company's revenue grew 50.4% yoy to INR254.6m in FY14.
However, the scale of operations remains small.

The ratings also factor in ABL's continued moderate credit profile
with leverage of 2.6x at FYE14 (FYE13: 1.9x) and EBITDA interest
cover of 1.9x (1.8x).

The ratings remain constrained by the company's volatile EBITDA
margins on fluctuating raw material prices.  EBITDA margins
fluctuated between 7.9% and 36.8% over FY11-FY14.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the credit metrics will lead to a positive rating
action.

Negative: A fall in the profitability leading to a sustained
deterioration in the credit metrics and liquidity profile could
result in a negative rating action.

Incorporated in April 2000, ABL is engaged in the production,
processing and marketing of hybrid seeds, mainly cotton.  It has
about 22 varieties of hybrid commercial cotton seeds, approved by
the Genetic Engineering Approval Committee under the Ministry of
Environment & Forests, the government of India.  The production
facility of the company is located in Mehboob Nagar and Medchal
district of Andhra Pradesh.


AMBUJ HOTEL: CRISIL Reaffirms B+ Rating on INR530MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Ambuj Hotel and Real
Estate Pvt Ltd (Ambuj) continue to reflect Ambuj's susceptibility
to regulatory changes and to risks related to its tender-based
operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      49.5     CRISIL B+/Stable (Reaffirmed)
   Proposed Bank Guarantee 165      CRISIL A4 (Reaffirmed)
   Proposed Overdraft
   Facility                 530     CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan         8.5   CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
moderate business risk profile, supported by its promoters'
extensive experience in the railway catering segment and its long-
term customer contracts.
Outlook: Stable

CRISIL believes that Ambuj's liquidity will remain stretched over
the medium term because of high license fee payment per annum. The
outlook may be revised to 'Positive' if the company's liquidity
improves, most likely through large fund infusion by its promoters
or realisation of its earnest money deposits. Conversely, the
outlook may be revised to 'Negative' if Ambuj's liquidity
deteriorates due to low accruals or if unsuccessful bids for
tenders result in low revenue.

Update
Ambuj reported 100 per cent year-on-year growth in operating
income in 2014-15 (refers to financial year, April 1 to March 31)
as it won new railway catering tenders during the year. The
company's sales are expected to grow at a moderate rate of 10 per
cent per annum over the medium term supported by fixed revenue
from catering for around ten trains over the next three years. The
company's operating profitability is estimated at more than 15 per
cent in 2014-15 because of new tenders. Prices of food items are
decided upfront for the tender's duration; hence, Ambuj's
profitability is higher during the initial life of tenders and is
expected to decline over the years due to increase in raw material
costs.

The company's financial risk profile improved in 2014-15 because
of equity infusion of INR50 million and higher accruals. Its
gearing is estimated below 1.5 times as on March 31, 2015, and is
expected to improve to less than 1.2 times over the medium term
because of higher accretion to reserves. The company's debt
protection metrics have improved and are expected to remain
healthy over the medium term; its interest coverage and net cash
accruals to total debt ratios are estimated around 5 times and
0.28 times, respectively, for 2014-15, and expected around 6 times
and 0.27 times, respectively, in 2015-16.

Ambuj's liquidity remains constrained by payment of license fees
of INR150 million per annum to Indian Railways which is likely to
be met through bank debt or equity infusion. Timely fund infusion
to pay license fees will be a key rating sensitivity factor over
the medium term

Ambuj was incorporated in 1984 in Varanasi (Uttar Pradesh),
promoted by Mr. Niraj Singh and his family. The company provides
catering services to tentrains run by the Indian Railways. It also
operates a three-star hotel, Hotel Siddhartha, in Varanasi.


ANONDITA HEALTHCARE: ICRA Assigns B+ Rating to INR8.50cr LT Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR8.50
crore fund-based bank facilities of Anondita Healthcare. ICRA has
also assigned its short-term rating of [ICRA]A4 to the INR1.50
crore bank facilities of the firm.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund-based
   bank facilities         8.50        [ICRA]B+

   Short-term bank
   facilities              1.50        [ICRA]A4

ICRA's ratings take into account the extensive experience of ANH's
promoter and operating track record of two decades in the
healthcare segment. The ratings also take into consideration ANH's
ability to get regular orders from Directorate General of Supplies
& Disposals (DGS&D) for surgical gloves through tenders floated by
various state governments. The ratings are, however, constrained
by the moderate scale of current operations, vulnerability of
profitability to raw material prices which has resulted in
volatile margins in the past and moderate financial profile on
account of its low net worth base, high gearing and modest
coverage indicators. Further the working capital requirements of
ANH remain high due to long receivable period. ICRA also takes
note of the firm's constitution as a proprietorship, which exposes
it to inherent risks like withdrawal of capital etc.

Going forward, the ANH's ability to optimize its working capital
requirements, improve operating margins and strengthening its
capital structure will be the key rating sensitivities. Any
incremental advances to group companies will be a key monitorable.

Anondita Healthcare is a constituent company of the Anondita
Group. It was set up in 2001 as Healthcare and has emerged as
Anondita Healthcare in the year 2013. The firm in into
manufacturing of surgical gloves and has an installed capacity of
nearly 60 Million capacity/annum. The manufacturing facility of
surgical gloves was established in the year 2007. Prior to that
the group was only into manufacturing of condoms.

Recent Results
As per provisional financials of FY15 the firm recorded an
operating income of INR18.51 crore and net profit of INR0.41
crore. ANH reported an operating income of INR17.37 crore and net
profit of INR0.39 crore in FY2014.


BANSAL REALTECH: Ind-Ra Assigns 'IND BB' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research has assigned Bansal Realtech Limited
Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.
Ind-Ra has also assigned BRL's bank facilities these ratings:

                          Amount
   Facility             (INR Mln)     Ratings
   --------             ---------     -------
   Fund-based facilities   35.0       'IND BB'/Stable/
                                      'IND A4+'

   Non-fund-based          210.0      'IND A4+'
   Facilities

   Forward contract          2.0      'IND A4+'
   Facility

KEY RATING DRIVERS

The ratings reflect BRL's thin operating margins of 1.9%,
according to the provisional financials for FY15 (year end March),
due to the trading nature of its business.  This resulted in
moderate credit metrics with gross interest coverage of 1.51x in
FY15 (FY14: 1.37x) and net financial leverage of negative 0.18x
(2.93x).

The ratings, however, benefit from over three-decade-long
experience of BRL's promoters in the same industry and the
company's long operational history.

RATING SENSITIVITIES

Negative: A fall in the profitability leading to sustained
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue along with an
improvement in the interest coverage will be positive for the
ratings.

Set up as Bansal Enterprises in 1997 and taken over by Virender
Bansal and incorporated in 2007, BRL is engaged in the business of
trading and processing timber (Hardwood) logs.  BRL mainly imports
from Malaysia, New Zealand, Vietnam, Myanmar, the US and Canada
and essentially caters to the Northern Indian market.  The company
has its registered office in Karnal and has two branch offices at
Delhi and Gandhidham.  The company generated revenue of
INR1,013.61 million in FY15.


BHARATI ENERGY: ICRA Assigns B+ Rating to INR12cr Cash Credit
-------------------------------------------------------------
ICRA has assigned the ratings of [ICRA]B+ to the INR12.00 crore
fund based cash credit facility of Bharati Energy & Natural
Resources Private Limited. ICRA has also assigned the short term
rating of [ICRA]A4 to the INR11.34 crore non-fund based (sublimit
of cash credit) facilities of BENRPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit Limits      12.00        [ICRA]B+ assigned
   Letter of Credit        10.50        [ICRA]A4 assigned
   FC/CEL                   0.84        [ICRA]A4 assigned

The assigned ratings are constrained by BENRPL's modest networth
base and low profitability margins due to intense competition and
trading nature of operations. The ratings are also constrained by
the modest clientele base of the company which mainly includes
small to medium sized industrial consumers and exposes the firm to
their credit profiles and growth prospects.

The ratings are further constrained by vulnerability of firm's
profitability to commodity price variations although the same is
mitigated to a significant extent by fast inventory turnaround and
low stockholdings. The ratings, however, favourably considers the
experience of the promoters in the commodity trading business;
established relationships with clients by virtue of group concern
Mukesh Industries Limited and favourable outlook for coal trading
driven by increasing demand in the domestic market.

Ahmedabad based, Bharati Energy & Natural Resources Pvt. Ltd.
(BENRPL) is engaged in trading of imported Indonesian coal and
firewood. BENRPL procures coal from import agents and other
companies from Mundra and Kandla Port and supplies coal to various
industries based in Gujarat. BENRPL is a sister concern of Mukesh
Industries Limited (MIL), which is engaged in the business of
fabric processing, viz. bleaching, dyeing, printing and finishing
of fabrics.

Recent Results
For FY15, the company reported an operating income of INR5.71
crore and profit before depreciation & tax of INR0.17 crore as per
provisional & unaudited financials.


BHAWNA HOUSING: CRISIL Reaffirms 'B' Rating on INR125MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhawna Housing
Private Limited (BHPL) continues to reflect the geographical
concentration in BHPL's operations and the company's exposure to
risks and cyclicality inherent in the real estate sector in India.
These rating weaknesses are partially offset by the benefits that
BHPL derives from its promoters' industry experience.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               125       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BHPL will continue to benefit over the medium
term from its promoters' extensive experience in the residential
real estate industry. The outlook may be revised to 'Positive' in
case of significant improvement in the company's business and
financial risk profiles, backed by substantial net cash accruals,
most likely because of significantly high sales realisations. The
outlook may be revised to 'Negative' in case of low demand or
profitability for the unsold inventory leading to low net cash
accruals.

BHPL was set up by Mr. Bhagat Singh Baghel and his brother Mr.
Hirday Singh Baghel in 2002. The company undertakes construction
and development activity in and around Agra (Uttar Pradesh).


BOSS TECH: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Boss Tech Rice and
Agro Private Limited(BAPL) reflects its's modest scale of
operations in the intensely competitive rice processing industry
and its below-average financial risk profile marked by high
gearing.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         16        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     34        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of BAPL's promoters in the rice milling industry.
Outlook: Stable

CRISIL believes that BAPL 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 the
company's revenue and profitability increase substantially,
leading to improvement in its financial risk profile, particularly
gearing. Conversely, the outlook may be revised to 'Negative' if
the company undertakes aggressive debt-funded expansions, or if
its revenue and profitability decline substantially, weakening its
financial risk profile.

Update
BAPL's business risk profile continues to remain moderate by
sustaining the revenue levels of 2013-14 and is estimated to have
reported revenues of Rs 399 million, aided by repeat orders from
their existing customers during 2014-15. The company's operating
margin is estimated to be moderate 5.1 per cent for 2014-15.
CRISIL believes that RSPL's revenue level will be sustained over
the medium term, aided by repeat orders by customers.

BAPL's financial risk profile is below average marked by high
gearing and average debt protection metrics. In the absence of any
major capital expenditure (capex), RSPL's debt has remained
improved to an estimated 3.2 times as on March 31, 2015, from 3.9
times a year ago. The debt protection metrics are estimated to be
average, with net cash accrual to total debt (NCATD) and interest
coverage of 0.10 and 2.9 times, respectively, for 2014-15.  CRISIL
believes that RSPL's financial risk profile will continue to
improve over the medium term, in the absence of fresh capex plans.

RSPL's liquidity has also improved, backed by adequate cash
accruals and moderate bank limits utilization. The accruals are
expected to remain adequate at INR12.0 million to INR13.0 million
annually over the medium term, against maturing annual debt of
INR6.5 million. Backed by a prudent inventory management, RSPL's
working capital cycle is moderate, with its gross current assets
at around 99 days. Consequently, RSPL's bank limit utilisation
also remains moderate, at 60 to 65 per cent.

Incorporated in 2009, BAPL is engaged in milling and processing of
paddy into rice, rice bran, broken rice, and husk. The company's
operations are managed by Mr. C R Shanmukhum.


BRIGHTWAY CONTRACTORS: CRISIL Reaffirms B Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brightway Contractors &
Developers (BCD) continue to reflect the firm's average financial
risk profile, marked by a high gearing, moderate debt protection
metrics and small net worth; its small scale of operations; and
geographical concentration in revenue profile. These rating
weaknesses are partially offset by its promoters' extensive
experience in the construction industry, and its healthy order
book, ensuring revenue visibility.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)
   Term Loan               13        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BCD will continue to benefit over the medium
term from its promoters' extensive experience. The firm's
financial risk profile, however, is expected to be weak because of
its small net worth and large debt. The outlook may be revised to
'Positive' if BCD's scale of operations and capital structure
improve, most likely driven by capital infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates owing to any large, debt-
funded capital expenditure programme or capital withdrawals by its
promoters.

BCD was set up in 2007 by three partners, namely Mr. Ankur Sarin,
Mr. Sanjeev Kumar, and Mr. Kawaljit Singh. It is based at Batala
in Gurdaspur (Punjab). Mr. Ankur Sarin disassociated himself from
BCD in 2008-09 (refers to financial year, April 1 to March 31).
The firm undertakes construction of buildings, roads and bridges
for government undertakings, stone setting, and stone crushing.
BCD's construction activities are majorly concentrated in Batala.


CERES IFMR: Ind-Ra Rates INR25.1MM Series A2 PTCs 'INR BB- (SO)'
----------------------------------------------------------------
India Ratings and Research has assigned Ceres IFMR Capital 2015
(an ABS transaction) final ratings as:

   -- INR251.1 million Series A1 pass through certificates
      (PTCs): 'IND A-(SO)'; Outlook Stable

   -- INR25.1 million Series A2 PTCs: 'IND BB-(SO)'; Outlook
      Stable

The micro finance loan pool assigned to the trust was originated
by Grameen Koota Financial Services Private Limited.

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of GKFSPL, the legal and
financial structure of the transaction and the credit enhancement
provided in the transaction.  The final rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and ultimate payment of principal by the final maturity date on
Sept. 21, 2016, in accordance with the transaction documentation.

The final rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on Sept. 21, 2016, in accordance with the
transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and overcollateralisation.  The
level of overcollateralisation available to Series A1 and A2 PTCs
was 9.99% and 0.99%, respectively, of the initial pool principal
outstanding (POS).  The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs was 17.54% and 6.77%
respectively, of the initial POS.  The transaction also benefits
from the external CE of 7.00% of the initial POS in the form of
fixed deposits in the name of the originator with a lien marked in
favor of the trustee.  The collateral pool assigned to the trust
at par had the initial POS of INR279.0 million, as of the pool
cut-off date of Feb. 22, 2015.

The external CE will be used in case of a shortfall in a) complete
redemption of all Series of PTCs on the final maturity date, b)
monthly interest payment to Series A1 investors and c) monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure.  The agency also
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate and
pool yield were stressed to assess whether the level of CE was
sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of the Series A1 and
Series A2 PTCs will be downgraded by two notches and one notch,
respectively.


COMET HANDICRAFTS: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Comet
Handicrafts (Comet) continues to reflect Comet's large working
requirements and the susceptibility of its profitability margins
to fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by Comet's established presence in the home
decorative items industry and its established relationships with
customers.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Credit Limit Under
   Gold Card                20      CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit   100      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill Purchase    35      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       45      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Comet will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' in case of substantial or sustained increase
in the firm's profitability margins along with healthy revenue
growth, or significant improvement in its capital structure backed
by better working capital management or sizeable capital infusion
by its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the firm's profitability
or significant deterioration in its capital structure, most likely
because of large debt-funded capital expenditure or lengthening of
its working capital cycle.

Comet, a partnership firm established in 1996, manufactures home
decorative articles such as flower vases, lanterns, wall lamps,
candle stands, and trays. The firm is promoted by the Agarwal
family and its manufacturing unit is in Moradabad (Uttar Pradesh).


DEBJYOTI PULP: CRISIL Reaffirms B- Rating on INR65.8MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Debjyoti Pulp and Paper
Pvt Ltd (DPPL) continue to reflect the company's modest scale of
operations, weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics, and below-
average liquidity because of cash losses. These rating weaknesses
are partially offset by the funding support that the company
receives from its promoters through unsecured loans.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)
   Cash Credit           11         CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     9         CRISIL B-/Stable (Reaffirmed)
   Term Loan             65.8       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DPPL's financial risk profile will remain
constrained over the medium term because of its modest scale of
operations. The outlook may be revised to 'Positive' if the
company significantly scales up its operations and improves its
profitability on a sustainable basis, leading to large cash
accruals, thereby easing the pressure on its liquidity.
Conversely, the outlook may be revised to 'Negative' if DPPL's
financial risk profile deteriorates further, most likely because
of continued cash losses, thereby putting pressure on its debt
servicing ability.

Update
DPPL is expected to report revenue of INR70 million for 2014-15
(refers to financial year, April 1 to March 31), a year-on-year
decline of about 5.7 per cent on account of lower demand for its
specialised product.  Consequently, the company reported PAT
losses of around INR1.1 million for the year.

DPPL's financial risk profile is marked by high gearing of 1.3
times and estimated small net worth of INR47.7 million, as on
March 31, 2015. The company's debt protection metrics remain
average with interest coverage and net cash accruals to total debt
ratios of 2.04 times and 0.13 times, respectively, in 2014-15.
Furthermore, DPPL's liquidity is weak, with cash losses and fully
utilised bank lines. However, the company was able to meet its
debt obligations through cash accruals of INR8.3 million supported
by unsecured loans from the promoters expected to remain in the
business over the medium term. CRISIL believes that DPPL's
financial risk profile will remain constrained over the medium
term on account of nominal accruals, and it will need continued
support from its promoters to meet its debt obligations.

DPPL recorded net loss of INR1.1 million on net sales of INR69.5
million in 2014-15, as against net loss of INR5.1 million on net
sales of INR62.7 million in 2013-14.

DPPL was incorporated in 2007-08 by Mr. Joydeb Mondal and his wife
Mrs. Alpana Mondal to set up a kraft paper plant in Asansol (West
Bengal). The plant, which commenced operations during 2010-11, has
capacity of around 50 tonnes per day.


EXULT AGENCY: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR5.00 crore cash
credit and INR0.75 crore standby line of credit facilities of
Exult Agency Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             5.00         [ICRA]B+ assigned

   Fund Based Limits-
   Standby Line of
   Credit                  0.75         [ICRA]B+ assigned

The assigned rating takes into consideration the highly
competitive nature of the industry with presence of a large number
of unorganized players as well as online stores, which restricts
pricing flexibility, the inherently low profit margins of the
company, on account of industry dynamics and commission structure
decided by the principal, and also a fixed territory within which
the company needs to operate, as earmarked by its principal,
limits growth opportunities and geographical diversification in
future.

The rating also takes into account the weak financial profile of
the company characterized by nominal profits and cash accruals, a
leveraged capital structure and depressed coverage indicators.
ICRA notes that the liquidity profile of the company has remained
stretched in view of high utilization of working capital limits,
which in turn restricts its financial flexibility. The rating,
however, derives comfort from the longstanding experience of the
promoters in the product distribution business in Burdwan, EAPL's
established position as an authorized distributor of LG
Electronics India Private Limited in East Burdwan, one of the
leading manufacturers of consumer durables in various categories
in India and steady growth outlook for the consumer durables
industry in India, driven by a widening middle class, which
provides healthy revenue growth potential.

In 1985, Joy Electronics was set up as a partnership firm in
Burdwan. In 2001, it was reconstituted as a corporate body and
renamed as EAPL. The company primarily deals in electronic
consumer durable goods such as television, refrigerator, air
conditioners, etc. The company currently has distribution rights
for LG Electronics India Private Limited in the district of
Burdwan, West Bengal. EAPL also retails in various electronics
consumer goods of leading domestic and multinational brands. The
company is also an authorized distributor for BSNL's SIM cards,
recharge vouchers and broadband services.

Recent Results
In 2014-15, the company reported a profit before tax of INR0.10
crore (provisional) on an operating income of INR47.45 crore
(provisional). The company reported a net profit of INR0.29 crore
on an operating income of INR47.70 crore in 2013-14.


FAITH LUMBER: ICRA Reaffirms 'B' Rating on INR14.50cr LOC
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR17.00 crore (reduced from INR24.00 crore) funds based
facilities of Faith Lumber Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR1.81 crore
(enhanced from INR1.00 crore) short-term non-fund based facility
of FLPL.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Cash Credit                2.50         [ICRA]B reaffirmed

   Buyer's Credit/
   Letter of credit          14.50         [ICRA]B reaffirmed

   Credit Exposure Limits     1.81         [ICRA]A4 reaffirmed

Rating Rationale
The ratings continue to be constrained by the weak financial risk
profile as characterized by moderate profitability margins, high
gearing levels and weak coverage indicators. The ratings further
take into account the vulnerability of margins to foreign exchange
fluctuations owing to high proportion of imports; exposure to
volatility in timber prices and availability of timber being
dependent upon export regulations in the key supplying markets.
Further, the ratings are constrained by the highly fragmented
nature of the industry owing to low entry barriers and
availability of cheaper substitutes which leads to high
competitive intensity.

The ratings, however, take comfort from the extensive experience
of the promoters in the business of trading and processing of
imported timber logs. The ratings are further supported by the
locational advantage by virtue of proximity to Kandla port
resulting in ease of procurement.

Faith Lumber Pvt. Ltd. (FLPL) was incorporated in October 2011 and
commenced its operations from July 2012. The company is involved
in the business of processing and trading of lumber, wood logs and
teak wood products such as wooden frames etc. The processing
facility of the company is located in the Gandhidham region of
Gujarat and has a capacity to process ~25,500 Cubic Meter (CBM) of
timber annually. The company is promoted by Mr. Prashant Goel and
his two brothers who have an extensive experience of more than 15
years in the timber trading business.

Recent Results
For the year ended March 31, 2014, the company reported an
operating income of INR40.92 crore and profit after tax of INR0.27
crore as against an operating income of INR15.00 crore and profit
after tax of INR0.12 crore for the year ended March 31, 2013. For
the year ended March 31, 2015, the company reported an operating
income of INR53.88 crore and profit after tax of INR0.62 crore (as
per provisional numbers).


G D OVERSEAS: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of G D Overseas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned
   Short-term Bank Facilities     37        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of G D Overseas (GDO)
are primarily constrained by low profitability margins, leveraged
capital structure & weak coverage indicators and elongated
inventory holding period. The ratings are further constrained on
account of its susceptibility to the fluctuations in raw material
prices, its presence in a fragmented industry and constitution of
the entity being a partnership concern.

The ratings, however, find support from the experienced partners
with long track record of operations, growing scale of operations,
and close proximity to the raw material sources.

Going forward, the firm's ability to increase the scale of
operations with improvement in its profitability margins,
improvement in its capital structure while managing its working
capital requirements shall be the key rating sensitivities.

Karnal-based (Haryana) GDO was established in 1997 as partnership
firm by Mr Darshan Lal, Mr Tilak Raj and Mr Ajay Kumar who are
family members. As on March 31, 2014, their profit and loss
sharing ratio is 20%, 40% and 40% each respectively. The firm is
engaged in milling, processing and trading of rice. The firm is
procuring the raw material (paddy) from Haryana, Uttar Pradesh and
Punjab. The processing facility of the firm is located at Karnal
with installed capacity for processing of Paddy of 140 tonne per
day as on March 31, 2014. The firm is mainly focusing on the
international market especially to Middle East countries. The
export comprises about 75% of its total operating income for FY14
(refers to the period April 1 to March 31) and the rest is in
domestic market.

Gopal Das Darshan Lal, Darshan Lal & Sons and Tilak Raj Ajay Kumar
are the group associates of GDO which are engaged in trading of
paddy (commission agent).

For FY14, GDO achieved a total operating income of INR87.98 crore
with PAT of INR0.50 crore as compared with a total operating
income of INR64.60 crore and PAT of INR0.36 crore for FY13.
Furthermore in 11M of FY15, the firm has achieved a total
operating income of around INR100 crore.


GARDEN PALACE: ICRA Suspends 'D' Rating on INR8cr FB Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR8.00
crore fund based limits of Garden Palace Hotels & Resorts Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


GAUTAM BUDDHA: CRISIL Suspends 'D' Rating on INR143.1MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gautam Buddha Health Care Foundation (GBHF).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      4         CRISIL D
   Term Loan             143.1       CRISIL D

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

GBHF was set up in 2000 by Dr. V.S. Chauhan (managing trustee) and
his wife. The trust operates a college, Prakash Institute of
Physiotherapy, Rehabilitation, and Allied Medical Services
(PIPRAMS) in Greater Noida, Uttar Pradesh. The institute offers
courses of bachelors, masters and diploma in nursing,
physiotherapy, biotechnology, medical lab technology (MLT), BBA
and BCA with a total approved intake of 1000 students. The courses
in nursing and MLT are affiliated to Indian Nursing Council, State
Medical Facility, Lukhnow(Uttar Pradesh) and BBA and BCA are
affiliated to Chaudhary Charan Singh University, Meerut.


GRAND AUTO: CARE Reaffirms B+ Rating on INR17cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Grand Auto Udyog
Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.70      CARE A4 Reaffirmed

Rating Rationale

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

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

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

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


HANUMAN RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR10.00 crore fund based bank facilities of Hanuman Rice Mills.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
INR5.00 crore short term, fund based bank facilities of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            10.00        [ICRA]B; reaffirmed

   Short Term Fund
   Based Limits             5.00        [ICRA]A4; reaffirmed

ICRA's ratings take into account HRM's low capacity utilization
levels, along with declining operating profitability in the past
two years. The ratings also take into account the firm's weak
credit profile as reflected in high gearing arising out of
substantial debt funding of large working capital requirements and
poor coverage indicators due to high interest expense. The rating
is also constrained by the high intensity of competition in the
rice milling industry and agro climatic risks, which can affect
the availability of paddy in adverse weather conditions. However,
the ratings continue to derive comfort from the long standing
experience of the promoters and their strong relationships with
various customers and suppliers. The ratings also factor in the
proximity of the mill to major rice growing areas, which results
in easy availability of paddy.

Going forward, a sustained improvement in the firm's
profitability, translating into an improvement in its coverage
indicators will be the key rating sensitivities.

HRM was established in 1990 as a partnership firm with Mr. Shiv
Parshad, Mr. Sushil Garg, Mr.Rajesh Garg and Mr. Subhash Garg as
partners in equal ratio. After the demise of Mr. Subhash Garg in
2009, the partnership firm was reconstituted and Mr. Vipin Garg
was admitted as a partner with equal share in the firm. HRM
carries out processing and trading of rice in the domestic market
and also exports to the Middle East and Europe. HRM has two plants
with an overall capacity of 7 tonnes per hour at Nadana Road,
Taraori, Karnal.

Recent Results
HRM reported a net profit of INR0.13 crore on an operating income
of INR49.05 crore for 2013-14 and a net profit of INR0.05 crore on
an operating income of INR30.25 crore for the previous year. The
firm reported, on a provisional basis, an operating income of
INR68.37 crore for the year ended March 31, 2015.


HERITAGE LIFESTYLES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research has assigned Heritage Lifestyles &
Developers Pvt Ltd a Long-Term Issuer Rating 'IND BB'.  The
Outlook is Stable.  The agency has also assigned HLDPL's
INR203.7 million term loans an 'IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings are constrained by HLDPL's slow bookings in the two of
its almost completed projects.  However, the company would offer
unsold units only once the projects are fully complete to command
better pricing given their prominent location.

The ratings are also constrained by the company's small scale of
operations and project concentration.  It reported revenue of
INR185.64 million in FY14, and eight out of 20 projects (50% value
wise) are being implemented or to be implemented in Chembur.

The ratings factor in the inherent risks associated with the
execution of re-development projects.  Delays in obtaining
approvals, disapproval among existing society members and/or any
construction delay will impact the construction timelines and
overall construction cost of the project.

The ratings factor in the cyclical nature of the real estate
industry and the cash flow volatility faced by industry players.
Irrespective of the high supply in the market, the company is
seeing healthy demand for its projects as Chembur has become a
preferred location due to improved connectivity with other
locations.

The ratings are supported by the medium to long term revenue
visibility provided by HLDPL's 16 upcoming re-development projects
with total expected revenue of INR7,300 million.  The projects are
in the initial phases of obtaining approvals from concerned
authorities.

The ratings are also supported by HLDPL's 20-year-long operating
track record and experience of its promoter in real estate
redevelopment projects.

RATING SENSITIVITIES

Positive: Fast bookings in the on-going and upcoming projects
resulting in higher customer advances and timely execution of
upcoming projects without additional debt could result in a
positive rating action.

Negative: Lower-than-expected sales volume or lower realization of
the projects or significant time or cost overrun in the projects
could result in a negative rating action.

Incorporated in 1994, HLDPL is primarily in real estate
redevelopment projects.  The company has completed 15
redevelopment projects with a total saleable area of 224,825 sqft
mainly in the Chembur area.

HLDPL is executing four redevelopment projects, of which three
projects are in Chembur and one is in Bhandup.  The company is in
the completion phase for two of its four on-going projects namely
Mahalaxmi Heritage and Amar Villa Heritage.


JAGDAMBAA AGRO: CARE Reaffirms 'B' Rating on INR21.92cr LT Loan
---------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Jagdambaa Agro
Mill Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     21.92      CARE B Reaffirmed

Rating Rationale

The rating to the bank facilities of Jagdambaa Agro Mill Pvt. Ltd.
(JAMPL) continues to remain constrained by its project
implementation and stabilisation risk, volatile agro-commodity
(paddy) prices with linkages to vagaries of the monsoon, presence
in regulated and intensely competitive industry marked by presence
of many unorganised players and high near term debt repayment
obligation. The rating, however, derives strength from its
experienced promoters although relatively new in rice milling,
proximity to raw material sources and entitlement to receive
government subsidy.

Going forward, the ability of the company to implement the project
without time and cost overrun and ability to achieve the envisaged
scale of operations and profit levels would be the key rating
sensitivities.

JAMPL incorporated in March 2014, was promoted by Mr Raj Kumar
Patwari and Mr Bijay Kumar Kishorepuria of Patna, Bihar, to set up
a non-basmati rice milling & processing unit and sale of its by-
products like husk, bran, etc, in the domestic market. The company
has initiated a green-field project to commission a rice milling
unit at Purnea district of Bihar with a proposed capacity of about
41,000 MTPA. Total cost of the project is estimated at INR28.92
crore which will be financed by promoter's contribution of INR5.0
crore, unsecured loan from the promoters and associates of INR7.0
crore and term loan of INR16.92 crore. The financial closure has
been achieved. Till April 30, 2015, the company has incurred about
INR12.75 crore (over 47% of the total capital expenditure)
financed through promoter's contribution of INR 5.0 crore,
unsecured loan of INR 3.13 crore and bank financing of INR 4.62
crore.


JIBIKA RICE: CARE Assigns 'B+' Rating to INR8.28cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' Ratings To The Bank
Facilities Of Jibika Rice Mill Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.28      CARE B+ Assigned
   Short-term Bank Facilities     0.65      CARE A4 Assigned

The rating assigned to the bank facilities of Jibika Rice Mill
Pvt. Ltd. (JRMPL) are constrained by its small scale of operation
in the highly fragmented and competitive agro industry, volatility
in profit margins subject to government regulations, seasonal
nature of availability of paddy resulting in high working capital
intensity, moderately leveraged capital structure and exposure to
vagaries of nature.

The aforesaid constraints are partially offset by the experience
of the promoters in the rice milling business and advantages
arising out of proximity to raw material sources.

The ability of the company to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.

Jibika Rice Mill Pvt. Ltd. (JRMPL) was incorporated in March 2009
by Mr SK Kamal Hossain, Mr Ahammad Sheikh, Mrs Rakia Bibi and Mrs
Sufiya Begom of Burdwan, West Bengal. The company is engaged in
the processing and milling of rice. The milling unit of the
company is located at Burdwan, West Bengal with processing
capacity of 28,800 Metric Tonne Per Annum (MTPA). JRMPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors in the state of West Bengal.
During FY14 (refers to the period April 1 to March 31), JRMPL
reported a total operating income of INR18.06 crore and a profit
of INR0.10 crore. Furthermore, the company has maintained to
achieve sales of around INR20 crore in FY15 (provisional).


JOSHI COTEX: CRISIL Suspends B+ Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Joshi Cotex (JC).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Term Loan                6        CRISIL B+/Stable

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

JC was set up in 2007 by Mr. Vikas Joshi and his family. The firm
is engaged in ginning and pressing of raw cotton (kapas) to make
cotton bales.


KAYCEE POLYMERS: ICRA Assigns B+ Rating to INR3.0cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 to the INR9 crore bank limits of Kaycee
Polymers Pvt. Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              3.00        [ICRA]B+ (Assigned)
   Letter of Credit         6.00        [ICRA]A4 (Assigned)

The assigned ratings are constrained by KPPL's weak financial
profile characterised by thin profitability margins, low cash
accruals and leveraged capital structure along with the intensely
competitive, limited value addition and fragmented nature of
trading business. The ratings are further constrained by the
vulnerability of company's profitability to fluctuations in raw
material prices and variations in foreign exchange rates.
The ratings, however, take comfort from extensive experience of
promoters in trading of polymers; company's long standing
association with its customers and suppliers and low working
capital intensity of KPPL's operations.

KPPL was incorporated in 2005 by Mr Ajay Aggarwal and Mr Sumit
Gupta for carrying on the business of trading of polymers. It is
an established importer and trader of commodity polymers like PVC
(poly vinyl chloride), Low-density polyethylene (LDPE), High-
density polyethylene (HDPE), Linear Low-density polyethylene
(LLDPE) fillers, master batches, PET (poly ethylene terephthalate)
and plasticizers etc. having its network within the area of Delhi,
NCR and U.P.

Recent Results
In 2013-14, Swastik reported a net profit of INR0.16 crore on an
operating income of INR62.25 crore as against a net profit of
INR0.09 crore on an operating income of INR54.83 crore in the
previous year.


KTC AUTOMOTIVE: CRISIL Assigns B+ Rating to INR65.0MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of KTC Automotive Company (KTC).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              6.8        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     8.2        CRISIL B+/Stable
   Bank Guarantee        10          CRISIL A4
   Cash Credit           65.0        CRISIL B+/Stable

The ratings reflect KTC`s modest scale of operations in the
intensely competitive automobile dealership industry, and weak
financial risk profile, marked by below-average capital structure
and debt protection metrics, and stretched liquidity. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the automotive dealership industry, and by KTC's
diversified revenue profile.
Outlook: Stable

CRISIL believes that KTC will continue to benefit over the medium
term from its diversified revenue profile and the extensive
experience of the promoters in the automotive dealership industry.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves on account of increase in accruals
and a stronger capital structure. Conversely, the outlook may be
revised to 'Negative' if a stretch in working capital cycle or any
large debt-funded capital expenditure weakens its financial risk
profile.

Set up in 2002, KTC is a Kerala-based partnership firm and
authorised dealer for the passenger cars and light commercial
vehicles of Mahindra & Mahindra Ltd (rated CRISIL
AAA/Stable/CRISIL A1+) in Kerala.


LATALA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Latala Construction Co
(LCC) continue to reflect the modest scale of operations of the
firm and its exposure to inherent risk relating to tender based
nature of operations, which leads to volatility in its revenue.
The ratings also factor in LCC's modest net worth. These rating
weaknesses are partially offset by the extensive experience of
LCC's partners.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        100        CRISIL A4 (Reaffirmed)
   Cash Credit            35        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     60        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LCC will benefit over the medium term from
its partners' extensive experience in executing road projects for
government authorities. The outlook may be revised to 'Positive'
if the firm scales up its operations significantly with
improvement in its working capital management leading to a better
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' if there are delays in
projects execution, leading to stretch in LCC's working capital
cycle or large debt-funded capital expenditure plans undertaken by
the firm weakens its financial risk profile, especially liquidity.

LCC was set up as a partnership firm by Mr. Satyanarayan Latala
and his cousin brother Mr. Padam Chand in 1998. The firm is
engaged in civil construction work such as construction of
buildings and roads in Jaipur. LCC generates majority of revenue
through construction of roads for government authorities, such as
National Highway Authority, Jaipur Development Authority, and
Rajasthan Industrial Corporation, and remaining through
construction of buildings.


LOKENATH OIL: CRISIL Suspends 'B' Rating on INR71.5MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jai
Lokenath Oil Extraction Pvt Ltd (JLOEPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Cash Credit             8.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     71.5       CRISIL B/Stable

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

JLOEPL, established in 2002, processes wheat. The company is
managed by Mr. Ranjan Paul. The company derives 50 to 60 per cent
of its revenues from sale of its products to food supply
distributors authorised by the West Bengal government and the rest
from sales to private wholesalers.


MACGUIRE CERAMICS: ICRA Assigns B+ Rating to INR8.0cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.00
crore fund based bank facilities of Macguire Ceramics LLP.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   LT Scale-Fund Based
   Limits - Cash Credit    8.00         [ICRA]B+ Assigned

   ST Scale - Non Fund
   Based Limits - Letter
   of Credit               2.50         [ICRA]A4 Assigned

ICRA has also assigned a short term rating of [ICRA]A4 (pronounced
ICRA A four) to the INR2.50 crore non fund based bank limits which
is a sublimit of fund based bank limits.

The ratings consider MCP's stretched liquidity on account of
working capital intensive nature of operations resulting in almost
full utilization of fund based limits and a leveraged capital
structure and inherently low profit margins due to limited value
addition and intense competition prevailing in the industry. ICRA
also takes note of the vulnerability of profitability and cash
flows to cyclicality inherent in the real estate industry which is
the main consuming sector.

The ratings, however, favorably takes into account the established
experience of the promoters in the ceramics industry; sustained
growth in operating income over the years and benefits derived
from its group company engaged in similar line of business.

Macguire Ceramics LLP (MCP) was incorporated in the February 2012
and has started its operations in April 2012. The firm is engaged
in the business of trading of high end flooring tiles namely
Ceramic, Porcelain and Vitrified tiles of size 800x800mm in the
price range of INR80/Sq.ft to INR140/Sq.ft. The firm has its
registered office in Vile Parle (Mumbai) and warehouse at Bhiwandi
and Dadar.
The group entity, Monalisa Ceramics India Private Limited is
engaged trading of flooring tile along with wall tiles namely
ceramic, vitrified and porcelain tiles. The company has an
outstanding rating of [ICRA]BB-(Stable)/[ICRA]A4 assigned in
September 2014.

Recent results:
MCP recorded a profit before tax of INR0.20 crore on an operating
income of INR47.65 crore for the year ending March 31, 2014 and a
profit before tax of INR0.97 crore on an operating income of
INR69.84 crore for the year ending March 15, 2015 (Provisional
numbers).


MANJEERA HOTELS: ICRA Suspends 'D' Rating on INR107cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR107.00 crore* bank facilities of Manjeera Hotels and Resorts
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MOLEKULE (INDIA): ICRA Suspends 'C' Rating on INR11.5cr LT Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR11.5 crore
long term fund based facilities & [ICRA]A4 rating to the INR1.0
crore short term non fund based facilities of Molekule (India)
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Molekule (India) Private Limited (MIPL) was initially set up by
Molekule GmbH Switzerland but the company was taken over by Myon
Pharma (the current holding company of MIPL) from Molekule GmbH)
around 3 years back. Currently, Myon holds 99% stake in MIPL.
Despite being taken over by Myon, MIPL continues to use the
"Molekule" name without any royalty payments. The company
continues to sell certain products under technical collaboration
with Molekule GmbH, Switzerland.


MRJ INFRATECH: ICRA Suspends B+ Rating on INR15cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore bank facilities of MRJ Infratech Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MULTAN COLLOIDS: ICRA Assigns 'B' Rating to INR4.65cr Cash Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.65
crore fund based bank facilities of Multan Colloids Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund Based
   Facility-Term Loan        1.00       [ICRA]B; Assigned

   Long-term Fund Based
   Facility- Cash Credit     4.65       [ICRA]B; Assigned

ICRA's rating takes into account the nascent stage of operations
wherein the scaling up of operations remains to be seen. Rating
also factors in the high fragmentation and competitive intensity
in the business leading to thin margins, presence of MCPL in the
lowest value added segment of the business, exposure to agro
climatic risks which may impact guar seed production and
vulnerability of profitability to fluctuations in the prices of
guar gum due to seasonality and crop harvest as well as
cyclicality in oil & gas industry. ICRA also takes a note of
unfavourable demand outlook of guar gum powder exports which may
impact the topline of the group concern Manidhari Gums and
Chemicals (MGAC) given the decline in demand from oil drillers
which in turn may limit the scaling up of MCPL. However, the
rating positively reflects support from a diversified group which
is into Guar gum powder export along with fabric trading business
and proximity of plant to guar seed producing belt enabling ease
of access to raw material sources. Going forward the ability of
the company to scale up its operations while achieving adequate
profitability levels will be the key rating sensitivity.

MCPL was incorporated in April 2005 and is engaged in
manufacturing of Guar Gum Splits, Guar Korma and Guar Churi from
guar seeds. The manufacturing facility is located at Jodhpur
(Rajasthan) with an installed capacity to process 100 metric
tonnes (MT) of guar seeds per day (30 MT of splits, 50 MT churi
and 20 MT Korma). The plant was setup with a cost of INR2.54 crore
which was funded through INR1 crore term loan and remaining
INR1.54 crore from promoter funds. The production started from
January 2015. The company procures guar seeds from local mandis in
Jodhpur. MCPL sells its entire produce to the group concern
Manidhari Gums and Chemicals, which is into guar gum powder
export, and in the local mandis. Promoters are also involved in
fabric trading through other concerns viz. Manidhari Enterprises
and P.R. & Co. along with handicraft exports through another group
concern - Heritage.


MY CAR: CRISIL Reaffirms B+ Rating on INR350MM Cash Credit
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of My Car
(Bhopal) Pvt Ltd (MCBPL) continues to reflect the company's below-
average financial risk profile, marked by modest net worth, high
external indebtedness, and subdued debt protection metrics, and
exposure to intense competition in the automobile dealership
business.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             350      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      100      CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility                250      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MCBPL derives from its established market position in the
automobile dealership segment in Madhya Pradesh (MP) and its
promoters' established relationship with its principal Maruti
Suzuki India Ltd (MSIL).
Outlook: Stable

CRISIL believes that MCBPL will continue to benefit over the
medium term from its established market position in the automobile
dealership segment in MP. The outlook may be revised to 'Positive'
if the company records high accretion to reserves, reduction in
working capital requirements, or substantial capital infusion
leading to improvement in its capital structure and liquidity. The
outlook may be revised to 'Negative' if MCBPL registers a sharp
decline in its revenue growth and profitability, or if there is
further weakening of its capital structure.

Update
In 2014-15 (refers to financial year, April 1 to March 31), the
company registered growth of around 10 per cent in revenue to
around INR2250 million. This was on account of revival of demand
for passenger cars (PC) due to lower vehicle cost following excise
duty cuts, decline in input cost, and launch of new models,
coupled with opening of a new showroom during the year. Operating
margin of the company remained stable around 3 per cent.

Due to working-capital-intensive operations, the company has to
avail of a high amount of short-term debt because of which the
total Outside Liabilities to tangible networth ratio of the
company remained high at over 5 times as on March 31, 2015. In the
absence of any equity infusion and low accretion to reserves, net
worth of the company remained low around INR125 million as on
March 31, 2015. The debt protection measures of the company
remained weak as reflected by interest coverage and net cash
accrual to total debt ratios of 1.3 times and 3 per cent,
respectively, in 2014-15 due to low profitability of the business
and high gearing. The financial risk profile of the company is
expected to remain below average over the medium term.

Liquidity of the company remained stretched as reflected by almost
full utilisation of its bank limits. The operations of the company
remain working capital intensive with high goss current asset days
of more than 150 days as on March 31, 2015. However, there is
constant funding support from the promoters in the form of
unsecured loans, which stood at INR304 million as on March 31,
2015. The company is expected to post cash accruals of around
INR20 million and does not have any term debt obligation.
Liquidity of the company is expected to remain stretched over the
medium term due to working-capital-intensive operations.

MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorised dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.


NIKITA JEWELLERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research has assigned Nikita Jewellers Pvt Ltd a
Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.  The
agency has also assigned the company's INR198 million fund-based
working capital limits an 'IND BB' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect Nikita's moderate scale of operations along
with moderate credit profile. In FY14, revenue was INR891 million
(FY13: INR248 million), interest coverage was 1.8x(1.4x) and net
financial leverage was 7x (6.4x).  The ratings also factor in
Nikita's operating margins which dipped to 3.1% in FY14 (FY13:
10.5%) due to volatility in gold prices.

The ratings benefit from over a decade-long experience of Nikita's
promoter in the jewellery business.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the overall credit metrics will be
positive for the ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

NJPL was incorporated in 1998 and is engaged in jewellery
retailing.  The company has two showrooms in Mumbai which are
managed by Suresh D Bagrecha.

The company incurred capex of INR10 million in FY14 in a debt
equity ratio of 1.2x.


NIRVANA FASHION: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings & Research has assigned Nirvana Fashion Clothing a
Long-Term Issuer Rating of 'IND BB-'.  The Outlook is Stable.  The
agency has also assigned Nirvana's bank loans these ratings:

                          Amount
   Facility             (INR Mln)     Ratings
   --------             ---------     -------
   Fund-based working        90       'IND BB-'/Stable
   capital limits

   Non-fund-based            30       'IND A4+'
   working capital limits

KEY RATING DRIVERS

The ratings reflect Nirvana's small scale of operations along with
its moderate credit profile.   Provisional financials for FY15
indicate revenue of INR377 million, interest coverage of 1.9x
(1.4x) and net financial leverage of 5.1x (4.5x).  The ratings are
constrained by the partnership structure of the firm.

The ratings benefit from around five decades of experience of
Nirvana's founders in the garments industry.  The ratings are also
supported by the firm's comfortable liquidity position as
reflected in its 91% average utilization of the working capital
limits in the 12 months ended April 2015.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue along with an
improvement in the overall credit metrics will be positive for the
ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

Nirvana was established by Biyani family in 1996 as a partnership
firm.  The firm manufactures readymade garments, such as shirts
and trousers for men, shirts, trousers, dresses and tops for women
and kidswear, on a contract basis and supplies to reputed retail
chains such as Future Group, Pantaloons, etc.

The company also has its own brand, named Going 3 for menswear.
The founder and key partner of the firm is Bajrang Biyani.  The
firm's office is located in Mumbai.

Nirvana booked total revenue of INR98.7 million till May 24, 2015.


ORIILON INDIA: CARE Reaffirms B Rating on INR14.83cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Oriilon
India Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.83      CARE B Reaffirmed

   Long-term/Short-term Bank      3.00      CARE B/CARE A4
   Facilities                               Reaffirmed

   Short-term Bank Facilities     0.85      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Oriilon India
Private Limited (OIPL) continues to be constrained on account of
nascent stage of operations coupled with project implementation
and stabilization risk. The ratings are further constrained due to
the company's presence in highly competitive and fragmented
textile industry and susceptibility of operating margins to
fluctuation in raw material prices and foreign exchange rate.
The ratings, however, take into consideration the promoters'
extensive experience into textiles industry and location advantage
with presence in Surat - the largest manmade fibre cluster in
India - with proximity to a large customer base resulting in
reduced transportation costs.

Going forward, OIPL's ability to increase its scale of operations
by successfully completing envisaged project within estimated
timeline and cost parameters will be crucial. Furthermore,
improvement in the profit margins, capital structure and efficient
management of working capital is the key rating sensitivity.

Incorporated in 2008, OIPL (erstwhile formally known as "Vandana
Suppliers Pvt. Ltd.") is engaged in the manufacturing of Nylon
Filament Yarn (NFY), which is mainly used in the textile industry,
with an installed capacity of 18,000 metric tonnes per annum
(MTPA) as on March 31, 2014. The entity is a part of "Rangoli
Group of companies" located in Gujarat. The group has been into
the textile industry for about two decades. The manufacturing
facility is located at Surat in Gujarat.

During FY14 (refers to the period April 1 to March 31), OIPL
reported a total operating income (TOI) of INR16.31 crore and PAT
of INR0.32 crore as against TOI of INR0.09 crore and PAT of
INR0.06 crore during FY13. During FY15 (provisional), OIPL has
achieved a TOI of INR50 crore.


PADMANABH HEALTHCARE: CRISIL Suspends B- Rating on INR68MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Padmanabh Healthcare Pvt Ltd (PHPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                68       CRISIL B-/Stable

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

PHPL, incorporated in June 2009, was promoted by Dr. Krishan
Avtar, his wife, Dr. Seema Avtar, and Mr. Kamal Kant Garg. It has
recently set up a 120-bed super-specialty (tertiary) hospital at
Ashirwad Enclave, Dehradun (Uttarakhand). The hospital commenced
operations in August 2012.


PALLAVI ENTERPRISES: CRISIL Ups Rating on INR266.2MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pallavi Enterprises (part of the Pallavi group) to 'CRISIL
B+/Stable' from 'CRISIL D'.


                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     266.2      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan              133.8      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by
Pallavi Enterprises over the last five months ended April 2015.
The upgrade also factors in CRISIL's belief that the firm will
continue to service its debt in a timely manner over the medium
term with its cash accruals expected to be sufficient to meet its
debt repayment obligations.

The rating reflects the Pallavi group's modest scale of operations
in the intensely competitive rice milling industry, and the
susceptibility of its profitability margins to changes in
government regulations and paddy prices. These rating weaknesses
are partially offset by the benefits that Pallavi group derives
from its promoters' extensive experience in the rice milling
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises, and Girija Modern
Rice Mill (Girija Mill). This is because these two entities,
together referred to as the Pallavi group, have common promoters,
are in the same line of business, and have operational linkages
and fungible cash flows.
Outlook: Stable

CRISIL believes that the Pallavi group 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
group's scale of operations, while it maintains its profitability
margins, or there is a substantial improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the group's profitability
margins, or significant deterioration in its capital structure
caused most likely by a large debt-funded capital expenditure or a
stretch in its working capital cycle.
About the Group

Pallavi Enterprises was set up in 1983 by Mr. Tatikonda
Viswanadham and his wife - Mrs. Tatikonda Savitri. Girija Mill was
set up in 2007 by Mr. Viswanadham and his daughter - Ms. Athuluri
Girija.

The group mills and process paddy into rice; they also generate
by-products such as broken rice, bran, and husk. The rice milling
units of both the entities are located in Vijayawada (Andhra
Pradesh).


PRATHAMESH LAND: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research has assigned Prathamesh Land Developers
a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is Stable.
The agency has also assigned PLD's INR600.00MM long-term loan an
'IND BB+' rating with Stable Outlook.

KEY RATING DRIVERS
The ratings reflect PLD's risk of time and cost overrun in its two
on-going residential projects, Sethia Sea View and Sethia Green
View, as only 64.50% of the total construction has been completed.
Sethia Green View is likely to be completed in December 2015 and
Sethia Sea View is in September 2016.  The ratings are also
constrained by the partnership structure of the organization.

The ratings benefit from over-a-decade-long experience of the
promoter in the real estate sector and the project's strategic
location in Goregaon West, a suburb in Mumbai, close to schools,
colleges, markets, etc.  The ratings also benefit from the fact
that 298 flats (76.8%) of both the projects have been already sold
out of 388 flats.

RATING SENSITIVITIES

Positive: The timely completion of the projects within the
projected cost outlay will be positive for the ratings.

Negative: Any slowing down in bookings leading to a cash flow
shortfall will be negative for the ratings.

PLD is a registered partnership firm constituted in 2004.  The
firm is promoted by Basantraj Meghraj Sethia.  Sethia has
completed several residential and commercial projects in the past
under the Sethia Group.

The construction of both the firm's residential projects started
in 2014.  The total area of the projects is 268,580 sq. ft.  The
project land belongs to Adivasi Sahakari Ghar Bandhakam Sanstha
Maryadit.


PRIME NEWLINE: Ind-Ra Affirms 'IND BB' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research has affirmed Prime Newline AOP's Long-
Term Issuer Rating at 'IND BB'.  The Outlook is Stable.  The
agency has also affirmed Prime's INR100 million fund-based limits
at 'IND BB/Stable/'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects the execution risks associated with
Prime's on-going villa project, which was commenced in FY12.
Also, the company faces tight liquidity as evident from its almost
full use of the fund-based facilities over the 12 months ended
April 2015.  The ratings also factor in the risk of a cash flow
mismatch for debt service as customer advances is the only source
of funds.  The ratings continue to be constrained by the
association of persons structure of the issuer.

The ratings are supported by Prime's sale of 14 villas till FYE15,
as planned.  Also, the promoters infused funds to the extent of
INR57.7 million during FY15, which Ind-Ra believes are sufficient
to complete the construction for the sold portion.

The ratings are also supported by the promoters' over a decade-
long experience in residential real estate and the company's
flexibility to defer construction based on sales visibility.

RATING SENSITIVITIES

Positive: Sale of villas as planned, leading to strong visibility
of cash flow, could lead to a positive rating action.

Negative: Leveraging of the existing business for new projects
and/or time and cost overruns stressing cash flow for debt service
could lead to a negative rating action.

Prime was formed in July 2008.  It is developing 34 luxury villas
in Tirupur on a 4.86 acres land parcel.  The project has four
phases.  The company is jointly owned by Prime Urban Development
India Limited (75% share) and Newline Buildtech Private Limited
(25% share).


R. R. INDUSTRIAL: CRISIL Suspends B+ Rating on INR74MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. R. Industrial Corporation India Private Limited (RRICPL; part
of the RR group).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             74        CRISIL B+/Stable
   Letter of Credit        40        CRISIL A4

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RRICPL and RR Industrial Corporation
(RRIC), a proprietorship concern. This is because the two
entities, together referred to as the RR group, are in the same
line of business, have a common management, and have significant
operational and financial linkages.

RRICPL was set up in 2009 by the Raipur (Chhattisgarh)-based Jain
family. It trades in structural steel products such as thermo-
mechanically-treated (TMT) bars, angles, channels, beams, sheets,
and plates. RRICPL sells these products to established players
such as Gayatri Projects, KJ Infrastructure Projects (I) Pvt Ltd,
and Precision Infratech Ltd. The company's overall operations are
managed by Mr. Sanjay Jain, a second-generation entrepreneur.


RAM AABHOSHAN: Ind-Ra Assigns 'IND BB-' Issuer Rating
-----------------------------------------------------
India Ratings and Research has assigned Ram Aabhoshan a Long-Term
Issuer Rating of 'IND BB-'.  The Outlook is Stable.  The agency
has also assigned RA's INR150 million fund-based limits
'IND BB-'/Stable/'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect RA's weak credit profile on low profitability.
In FY14 (year end March), EBITDA margins were 0.30%, interest
coverage (operating EBITDA/gross interest expense) was 1.34x and
net financial leverage (adjusted net debt/operating EBITDA) was
15.94x.  The ratings also factor in the commodity nature of the
business which exposes the firm to price fluctuations.

The ratings are supported by RA's comfortable liquidity position
as reflected in its 76.42% average use of the working capital
limits during the 12 months ended April 2015.  The ratings are
further supported by the founders' over 30 years of experience in
the gold and silver business.

RATING SENSITIVITIES

Positive: Improvements in the interest coverage, driven by
improved profitability because of increased contribution from the
manufacturing vertical, will be positive for the ratings.

Negative: Any deterioration in the profitability leading to a
decline in the credit metrics will be negative for the ratings.
Established in 2009, RA is engaged in the trading of gold and
silver bullion.  It is also a wholesaler of gold and silver
jewellery.  The firm operates from three different branches
situated at Agra, Bharatpur and Delhi.  The firm's business of
manufacturing gold and silver jewellery contributed around 28% to
its total revenue in FY14.  Management indicates FY15 revenue to
be INR4,733 million.


RATNA COT: CRISIL Assigns B+ Rating to INR40MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Ratna Cot Fibers (RCF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Long Term Loan          18        CRISIL B+/Stable

The rating reflects the start-up nature and small scale of RCF's
operations in the highly fragmented cotton ginning industry, and
susceptibility to adverse regulatory changes. These rating
weaknesses are partially offset by the extensive experience of
RCF's partners in the cotton industry, and its moderate financial
risk profile driven by comfortable gearing and debt protection
indicators.
Outlook: Stable

CRISIL believes that RCF will continue to benefit over the medium
term from its partners' industry experience in the ginning
business. The outlook may be revised to 'Positive' if the firm
ramps up its scale of operations while maintaining a comfortable
operating margin and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile weakens because of large working capital requirements or
capital expenditure, or low profitability.

RCF was set up as a partnership firm in June 2014 by Mr. Om
Prakash Agarwal, Mr. Shivam Shyam Sunder Agarwal, and Mr. Ajay
Agarwal. RCF gins cotton into bales. The firm commenced operations
from February 2015 onwards. RCF's facility is located at Sendhwa
(Madhya Pradesh).

RCF's net profit is estimated at INR0.6 million on net sales of
INR67.1 million for the two months of operations in 2014-15
(refers to financial year, April 1 to March 31).


RICHA PETRO: CARE Assigns 'D' Rating to INR12.58cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Richa Petro
Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.58      CARE D Assigned

Rating Rationale
The rating of Richa Petro Products Private Limited (RPPPL) factors
in the ongoing delays in debt servicing on account of the stressed
liquidity position of the company.

Richa Petro Products Private Limited (RPPPL) (erstwhile, Richa
Pipes & Fittings Private Limited, name change in 2011) was
incorporated in the year 2010 by Mr Ramesh Chandra Parida of
Bhubaneswar, Odisha. The company has been engaged in manufacturing
of pipes, pipe fittings, furniture, and water tanks of PVC
(Polyvinyl Chloride). The main raw materials used in the
production activity are Linear low-density polyethylene (LDPE),
High-density polyethylene (HDPE), Polypropylene (PP) and PVC
resin. The raw materials are procured mainly from Haldia
Petrochemicals Limited and Reliance Industries Limited. The
manufacturing plant of the company is located at Bhubaneshwar,
Odisha and it is well equipped with modern amenities along with
enjoys ISO 9001:2008 certification. RPPPL sells its products under
the brand name of "Richa" (unregistered) through its established
dealer network covering the state of Odisha only.

During FY14 (refers to the period April 1 to March 31), the
company reported a PBILDT (profit before interest lease
depreciation) of INR - 0.25 crore (Rs.-1.01 crore in FY13) and a
PAT (profit after tax) of INR-4.10 crore (Rs.-5.13 crore in FY13)
on the total income from operations of INR3.05 crore (Rs.7.33
crore in FY13).


SHANKAR SOYA: CARE Reaffirms 'B' Rating on INR7.34cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shankar Soya Concepts.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.34      CARE B Reaffirmed
   Short term Bank Facilities     2.81      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Shankar Soya
Concepts (SSC) continue to remain constrained on account of its
small scale of operations in highly fragmented and competitive
agro commodity industry, susceptibility of operating margins to
the raw material price fluctuation. The ratings further continue
to remain constrained due to its financial risk profile marked by
net loss reported during FY14 [refers to the period April 1 to
March 31]), leveraged capital structure, weak debt coverage
indicators and weak liquidity position.

The ratings, however, continue to derive benefits from wide
experience of the partners for more than three decades through
group concerns having presence into soya-related products, receipt
of various government benefits owing to SSC's unit located in
Special Economic Zone and proximity to the raw material source.

The ability of SSC to increase its scale of operations with
improvement in profit margins in light of volatile raw material
prices and improvement in the capital structure along with better
working capital management remain the key rating sensitivities.

Indore-based (Madhya Pradesh) SSC is a partnership firm
established by Mr Manish Mangharamani, Mr Ashok Mangharamani and
Mrs Kavita Mangharamani in January 2011 with an objective to carry
out the business of manufacturing of Soya Lecithin and other soya
products. SSC completed a Greenfield project during September 2013
with an installed capacity of 4,110 metric tonnes per annum (MTPA)
for soya products at Indore (Madhya Pradesh). The finished
products of SSC are applied in varied industries such as
cosmetics, pharmaceuticals, food and paint. SSC caters demand of
Europe, Middle East and South East Asian markets to sell its
products.

SSC is a part of 'Shankar Group of Companies', which includes
group entities, viz, Satyam Oil & Proteins Industries, Shankar
Chemical Products, Shankar Soya Products, Sai Shakti Constructions
Private Limited, Sunshine Spaces Private Limited and Sai Shakti
Agrotech Private Limited. These entities are also in the business
of manufacturing and trading of soya-related products.

During FY14, SSC reported TOI of INR5.36 crore and loss of INR1.72
crore. As per FY15 (Provisional), SSC reported TOI of INR36.20
crore with PBT of Rs 1.59 crore.


SHETKARI MAHILA: CRISIL Reaffirms B+ Rating on INR265.2MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shetkari Mahila
Sahakari Vastranirman Soot Girni Maryadit (SMSV) continues to
reflect SMSV's low bargaining power, driven by its small scale of
operations in the fragmented cotton industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            265.2      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the society's susceptibility to changes
in government policies and to volatility in kapas (raw cotton)
prices, leading to fluctuation in its operating surplus margin.
These rating weakness are partially offset by the benefits that
SMSV derives from fiscal incentives given by the Government of
Maharashtra (GoM), leading to a moderate financial risk profile.

Outlook: Stable

CRISIL believes that SMSV will continue to benefit over the medium
term from its association with GoM and the government incentives
to the cotton industry. The outlook may be revised to 'Positive'
in case of significant and sustained improvement in SMSV's cash
accruals, most likely because of an increase in its scale of
operations. Conversely, the outlook may be revised to 'Negative'
if the society's working capital cycle lengthens, or if it
undertakes a large capital expenditure programme.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SMSV
is estimated to have registered a turnover of around INR450
million, a negligible growth over the previous year due to adverse
cotton market conditions. The society's operating margin is
estimated at around 8 per cent for the year. The margin has
fluctuated over the years due to volatility in prices of cotton.
The society continues to have large working capital requirements
with gross current assets estimated at around 3 months as on March
31, 2015; however, extended credit availed from suppliers has
meant moderate reliance on bank borrowings for working capital.

SMSV has a moderate financial risk profile, with its net worth
estimated at around INR197 million, and its gearing at less than
0.5 times, as on March 31, 2015. Its debt protection metrics were
moderate, with interest coverage and net cash accruals to debt
ratios estimated at around 2.6 times and 0.26 times, respectively,
for 2014-15, supported by interest subsidy received from the
government and a moderate operating surplus margin. The society's
liquidity, however, remains stretched, with cash accruals tightly
matched against debt repayment obligations.

SMSV, a women-focused society, spins cotton yarn. The society,
based in Solapur (Maharashtra), commenced operations in 2006. It
was set up under the guidance of Mr. Ganpatrao Deshmukh, former
minister in GoM.


SONA AUTOMOTIVES: CRISIL Assigns B+ Rating to INR68.4MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sona Automotives Private Limited (SAPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B+/Stable
   Term Loan               68.4      CRISIL B+/Stable

The rating reflects SAPL's large working capital requirements,
average financial risk profile, modest scale of operations in a
fragmented industry, and customer concentration risks. These
rating weaknesses are partially offset by its promoters' extensive
experience in the automotive products manufacturing business and
its established relationship with customers.
Outlook: Stable

CRISIL believes that SAPL will benefit from its promoters'
extensive experience over the medium term. The outlook may be
revised to 'Positive' if SAPL's financial risk profile improves
driven by a significant improvement in its scale of operations
while maintaining its operating margin, along with equity infusion
by the promoters. Conversely, the outlook may be revised to
'Negative' if its financial risk profile deteriorates on account
of lower-than-expected profitability or large working capital
requirements.

Incorporated in 2012, SAPL is a private limited company set up and
managed by Mr. Bal Kishan Saini and his brother, Mr. Suber Singh
Saini. The company manufactures shafts, rotors, and compressed
natural gas (CNG) kits for the automotive sector. SAPL's
manufacturing plant is in Rohtak (Haryana).

SAPL is estimated to report a net profit of INR2.3 million on net
sales of INR80 million for 2014-15 (refers to financial year,
April 1 to March 31), against a net loss of INR0.95 million on net
sales of INR31.3 million for 2012-13.


SPENTIKA CERAMIC: CRISIL Suspends B Rating on INR29.6MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Spentika Ceramic Private Limited (SCPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5.6       CRISIL A4
   Cash Credit            20         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      0.4       CRISIL B/Stable
   Term Loan              29.6       CRISIL B/Stable

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

SCPL is a private limited company set up in February 2011 at
Lakaddhar, Gujarat. SCPL is promoted by Mr. Pareshbhai Detroja,
Mr. Harshadbhai Raiyani, Mr. Jagjeevanbhai Rangpariya and Mr.
Dharmendrabhai Detroja. The promoters have experience in ceramic
industry through their other group companies, Bell Sanitrywares.


SREE NARAYANA: CRISIL Ups Rating on INR100MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Sree Narayana Gurukulam Charitable Trust (SNGCT) to 'CRISIL
B/Stable' from 'CRISIL D'.

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

   Term Loan              100        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the timely servicing by SNGCT of its
term debt obligations for the last eight months ended March 31,
2015, and fund infusion by members leading to improvement in
financial risk profile marked by moderate net worth, healthy
gearing and moderate debt protection metrics.  CRISIL believes
that SNGCT's liquidity will remain adequate over the medium term,
marked by moderate cash accruals, which are expected to remain
adequate to service its debt over the same period. However, the
rating is constrained by risks associated with its large capex
plans for setting up hospital cum medical college.

The rating reflects susceptibility to risks associated with its
large capex plans and its exposure to regulatory risks and intense
competition in the educational segment. These rating weaknesses
are partially offset by SNGCT's above-average financial risk
profile, and the benefits it derives from the favourable demand
prospects for the education industry.
Outlook: Stable

CRISIL believes that SNGCT will benefit over the medium term from
industry experience of its trustees and its above-average
financial risk profile. The outlook may be revised to 'Positive'
if the trust completes its ongoing capital expenditure without any
significant time and cost overruns and reports significantly
higher-than-expected cash accruals while maintaining its healthy
capital structure. Conversely, the outlook may be revised to
'Negative' in case of delays in commissioning of the project or
any significant cost over runs, thereby impacting its debt
servicing ability.

SNGCT was established in 2001 as a charitable trust by
Kunnathunadu Sree Narayana Dharma Paripalana Union. The trust
currently manages two institutes, Sree Narayana Gurukulam College
of Engineering (SNGCE) and Sree Narayana Gurukulam Institute of
Management (SNGIM) in Ernakulum District (Kerala).

For 2013-14 (refers to financial year April 1 to March 31), SNGCT
reported surplus of INR8.2 million on an operating income of
INR250.9 million; SNGCT reported a surplus of INR13.9 million on
operating income of INR220.4 million for 2012-13.


SRI TOORSA: ICRA Assigns 'B' Rating to INR7.12cr Term Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR7.12
crore term loans and INR1.50 crore cash credit facilities of Sri
Toorsa Plantations Private Limited. ICRA has also assigned a short
term rating of [ICRA]A4 to the INR0.15 crore short term non fund
based limits of STPPL (which is a sub limit of the cash credit
facility). ICRA has further assigned the ratings of
[ICRA]B/[ICRA]A4 to the INR0.52 crore LC/Buyer's Credit facilities
of STPPL (which is a sub limit of the term loans).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loans              7.12         [ICRA]B Assigned

   Fund Based Limits-
   Cash Credit             1.50         [ICRA]B Assigned

   Non Fund Based Limits   0.15         [ICRA]A4 Assigned

   LC/Buyer's Credit       0.52         [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into account STPPL's low productivity of
the tea gardens with an average yield of around 970 Kg/HA during
the year 2014, which aggravate the risk associated with the fixed
cost intensive nature of the bulk tea industry. However, the
management is planning to take various measures to increase the
productivity of the gardens. The ratings also take into account
the sharp increase in wage rates, effective from April 2014 for
the Dooars region, which along with other input cost increases is
likely to exert pressure on profitability of all tea manufacturers
in the region, including STPPL in the near term.

The ratings also take into consideration the risks associated with
tea being an agricultural commodity, which is dependent on
favorable agro-climatic conditions; STPPL's small scale of
operations and its geographical concentration in Dooars region
increase such risks for the company, Moreover, the domestic tea
prices are influenced, to an extent, by international prices and
hence the demand supply situation in the global tea market, in
ICRA's opinion, would continue to have a bearing on the
profitability of Indian players including STPPL. The assigned
ratings also take into account the long experience of the
promoters in the tea industry, with group companies having
presence in tea business for more than a decade and the favorable
long term outlook for the domestic bulk tea industry. Going
forward, STPPL's ability to increase the productivity of the
estates, manufacture quality green tea, which would command
favorable realizations, would be critical determinants of its
credit risk profile.

STPPL is a special purpose vehicle incorporated in February, 2015,
by Malnady Tea Estate Pvt. Ltd. (owning ~51% of the shares) and
Tirupati Assets Pvt. Ltd. (owning ~49% of the shares) for
procuring two of the tea estates auctioned by West Bengal Tea
Development Corporation Limited (WBTDCL) under the policy to
rejuvenate the tea gardens and protect the interest of the
workers. The company currently has two tea estates Mohua Tea
Estate and Hilla Tea Estate, located in Dooars region of West
Bengal, with total cultivable area of 413 hectares. The company is
proposed to have a capacity to manufacture around 4-5 lakh kgs of
green tea per annum.


ST. MARY'S: CRISIL Assigns 'C' Rating to INR70MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facility of St. Mary's Orthodox Syrian Church Society (SMOSCS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               70        CRISIL C

The rating reflects the society's weak financial risk profile,
marked by high gearing, and weak debt protection metrics and
liquidity. The rating also factors in the society's exposure to
start-up risks on its second school, which is still in the early
stage of operations. These rating weaknesses are partially offset
by the management's extensive experience in the education industry
and its established brand name.

Set up in 1979, SMOSCS runs two schools in Kanpur, Uttar Pradesh
by the name of St. Mary's Orthodox School. The first is ICSE
affiliated, and began operations in 1979-80, while the second
commenced operations in 2014-15. SMOSCS is currently headed by
Father Shaji George.


SUCCESS EXIM: CARE Assigns B+ Rating to INR4cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Success Exim Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B+ Assigned
   Short-term Bank Facilities     11        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Success Exim
Private Limited (SEP) are primarily constrained by its small scale
of operations coupled with low profit margins, leveraged capital
structure and weak debt service coverage indicators. The ratings
are further constrained by customer concentration risk, foreign
exchange rate fluctuation risk and highly competitive industry.
These rating constraints are partially offset due to experience of
the promoters, growing scale of operations and comfortable
operating cycle.

Going forward, the ability of company to scale up its operations
with improvement in the profitability margins and capital
structure shall be the key rating sensitivities. The ability of
the company to diversify its customer base shall also be a key
rating sensitivity.

Delhi-based SEP was originally incorporated as 'Sivinex Mechanical
Works Private Limited' in 1991 by Mr Sita Ram Bhuwalka and his
family members. The company commenced its commercial operations in
June 2003. Subsequently, the entity resumed its current name in
2006.

SEP is engaged in the trading of lead ingot, lead concentrate,
aluminum ingot, lead ore which are used in manufacturing of
batteries. The company imports products primarily from African
countries such as Ghana and Nigeria and also from United Arab
Emirates and Taiwan mainly on cash basis. The company sells on
high sea sales basis in the domestic markets as well as exports to
Indonesia, Ireland and Spain. The company has also started dealing
in merchant trading since past 2 years.

In FY14 (refers to the period April 1 to March 31), SEP has
achieved a total operating income (TOI) of INR52.20 crore with a
profit after tax (PAT) of INR0.20 crore as against TOI INR42.25
crore and PAT of INR0.07 crore in FY13. Furthermore, during FY15,
the company achieved TOI of INR38.79 crore till December 31, 2014.


SUD PINES: CARE Assigns B+ Rating to INR4.50cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sud Pines Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.50      CARE B+ Assigned
   Short-term Bank Facilities     1.38      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sud Pines Private
Limited (SPP) are primarily constrained by its small scale of
operations with low net worth base and weak financial risk profile
characterised by low profitability margins, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by susceptibility of margins to fluctuations in raw
material prices, SPP's presence in a highly fragmented industry
characterized by intense competition as well as the company's
exposure to foreign exchange fluctuation risk.

The ratings, however, derive comfort from experienced promoters,
growing scale of operations and association with reputed customer
base.

Going forward, the ability of the company to increase its scale of
operations along with improvement in the profitability margins and
capital structure and management of its foreign exchange
fluctuation risk would be the key rating sensitivities.

Sud Pines Private Limited (SPP) was incorporated in June, 1988 and
is currently being managed by Mr Satish Chandra Sood and Mrs Neena
Sood. SPP is engaged in the manufacturing of oil and chemicals
like Pine oil, Terpineol, and Terpinolene. The company has its
manufacturing facility located at Jammu, Jammu & Kashmir with
total installed capacity of manufacturing 20 lakh litre of
chemicals and oils per annum as on March 31, 2015. The company
sells its products to numerous manufacturers in industries like
perfumes, disinfectants, soaps and paints and also to various
wholesalers located in Maharashtra, Gujarat, Uttaranchal, Tamil
Nadu and Karnataka. The main raw materials for SPP are Alpha
Pinene and Turpentine oil which are imported from China and
Indonesia (constituted around 80% of the total purchases in FY14
(refers to the period April 01 to March 31)) and the rest are
procured directly from manufacturers based in Jammu & Kashmir and
Himachal Pradesh.

For FY14 (refers to the period April 01 to March 31), SPP achieved
a total operating income of INR25.18 crore with PBILDT and PAT of
INR0.77 crore and INR0.05 crore, respectively as against the total
operating income of INR18.44 crore with PBILDT and PAT of INR0.73
crore and INR0.04 crore, respectively, for FY13. Furthermore, in
FY15 (as per the unaudited results), SPP achieved a total
operating income of around INR30 crore.


SUDAMA COTTON: CRISIL Assigns B Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to Sudama Cotton
Ginning and Processing Factory (SCG) bank facility.

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

The rating reflect SCG's small scale of its operations in the
intensely competitive cotton ginning industry and below-average
financial risk profile, marked by high gearing and weak debt
protection measures. These rating weaknesses are partially offset
by Partner's extensive experience in cotton-ginning business.
Outlook: Stable

CRISIL believes that SCG's scale of operations will remain small
and financial risk profile will remain below average over the
medium term. The outlook may be revised to 'Positive' if the firm
scales up operations while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
reliance on debt to fund its working capital requirements
increases, or if it undertakes a large debt-funded capital
expenditure programme, or if its revenue and operating margin
decline.

SCG, a Punjab based firm, was established in 1987 by Mr. Suresh
Kumar and Mr. Ashwini Kumar. It is engaged in manufacturing of
cotton bales, cotton seed oil and cotton oil cakes. Cotton bales
manufactured are sold to spinning mills and local traders based
out of Punjab.


SUN ENTERPRISE: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
--------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR7.00 crore
fund based facility of Sun Enterprise. The rating of [ICRA]A4 has
also been reaffirmed to the INR10.00 crore short-term non-fund
based facilities of SE.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit               5.00       [ICRA]B+ reaffirmed
   Stand by Limit            2.00       [ICRA]B+ reaffirmed
   Export Packing Credit    10.00       [ICRA]A4 reaffirmed

The ratings continue to take into account vulnerability of the
firm's profitability to fluctuations in the raw material prices on
account of agro-climatic risks associated with psyllium seed
production and the weak financial risk profile, as characterized
by low profitability, adverse capital structure and weak coverage
indicators. The ratings also reflect the vulnerability of its
profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SPI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure.

The ratings, however, favourably factor in the established track
record of the firm in the manufacturing and export of psyllium
husk, established relations with international customers and
location advantage arising from proximity to ports and raw
material sources.

Sun Enterprise (SE) was established in 1995 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Praveen Patel,
Mr. Bharat Patel and Mr. Vishnu Patel. The processing plant is
located at Unjha, Gujarat and has a capacity to process 8400
metric tonnes per annum (MTPA) of seeds.

Recent Results
The company has reported operating income of INR49.30 crore and
profit after tax of INR0.81 crore in FY 2015 based on provisional
estimates.


SUN PSYLLIUM: ICRA Reaffirms B+ Rating on INR5.0cr Cash Credit
--------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR7.00 crore
fund based facility of Sun Psyllium Industries.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Cash Credit              5.00         [ICRA]B+ reaffirmed
   Stand by Limit           2.00         [ICRA]B+ reaffirmed
   Export Packing Credit   10.00         [ICRA]A4 reaffirmed

The rating of [ICRA]A4 (pronounced ICRA A four) has also been
reaffirmed to the INR10.00 crore short-term non-fund based
facilities of SPI.

The ratings continue to take into account vulnerability of the
firm's profitability to fluctuations in the raw material prices on
account of agro-climatic risks associated with psyllium seed
production and the weak financial risk profile, as characterized
by low profitability, adverse capital structure and weak coverage
indicators. The ratings also reflect the vulnerability of its
profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SPI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure.

The ratings, however, favourably factor in the established track
record of the firm in the manufacturing and export of psyllium
husk, established relations with international customers and
location advantage arising from proximity to ports and raw
material sources.

Sun Psyllium Industries (SPI) was established in 1989 and the firm
is primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Praveen Patel,
Mr. Bharat Patel and Mr. Vishnu Patel. The processing plant is
located at Unjha, Gujarat and has a capacity to process 8400
metric tonnes per annum (TPA) of seeds.

Recent Results
The company has reported operating income of INR56.58 crore and
profit after tax of INR1.27 crore in FY 2015 based on provisional
estimates.


SVVR EDUCATIONAL: CRISIL Suspends B- Rating on INR130MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of S V V R
Educational Society (SVVR).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               130       CRISIL B-/Stable

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

SVVR was set up in 2008 by the promoters of the SAGAR group of
industries; Mr. Sammidi Veera Reddy is the society's current
president. SVVR currently operates three educational institutes '
Sagar Institute of Technology (SIT), Food and Agri Business School
(FABS), and Sagar Business School (SGBS).


SWARUP POWER: CRISIL Suspends 'D' Rating on INR280MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Swarup
Power Generation Private Limited (Swarup).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               280       CRISIL D

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

Swarup was incorporated to carry out the generation, distribution
and transmission of electricity. Swarup entered into a Memorandum
of Understanding (MOU) to jointly develop its plants with Siddhi,
owned by same promoters. Later on, Swarup leased out its capacity
to Siddhi.


TRIDENT METAL: CRISIL Assigns B- Rating to INR67.7MM Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of Trident Metal Energy Pvt Ltd (TMEPL) and has assigned
its 'CRISIL B-/Stable' rating to the company's bank facility.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            32.3       CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

   Term Loan              67.7       CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated May 24th 2013, since TMEPL had not provided
necessary information required for a rating review. TMEPL has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

The rating reflects TMEPL's large working capital requirements and
small scale of operations in the highly fragmented battery
industry. The rating also factors in the company's below-average
financial risk profile marked by a leveraged capital structure and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of TMEPL's promoters
in the battery industry and the company's strong distribution
network.
Outlook: Stable

CRISIL believes that TMEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase substantially, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if TMEPL undertakes aggressive debt-funded expansion,
or if its revenue and profitability decline substantially, or if
its liquidity weakens because of lengthening of its working
capital cycle.

TMEPL, set up in 2008 and promoted by the Jharkhand-based Agrawal
family, manufactures refined lead cum battery.


UMBERTO CERAMICS: CRISIL Cuts Rating on INR745MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Umberto Ceramics International Pvt Ltd (Umberto) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          57.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            200.0      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Inland/Import Letter    50.0      CRISIL A4 (Downgraded from
   of Credit                         'CRISIL A4+')

   Proposed Long Term       2.4      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Rupee Term Loan         25.0      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan              745.0      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The ratings downgrade reflect CRISIL's belief that Umberto's
business and financial risk profiles will remain under pressure
over the medium term on account of its highly working-capital-
intensive operations, lower-than-expected sales, and weak
liquidity. The company started commercial operations in June 2014,
after a delay of five months. On a provisional basis, it reported
revenue of INR172.1 million and a net loss of INR86.1 million for
2014-15 (refers to financial year, April 1 to
March 31). The promoters have, however, brought in equity of
INR105.8 million during the year.

The company's operations have remained highly working-capital-
intensive, with gross current assets of 612 days as on March 31,
2015, led by high inventory. This, coupled with low cash accruals,
has kept its reliance on external borrowings high; consequently,
Umberto's gearing increased to 4.50 times as on March 31, 2015,
from 3.66 times as on March 31, 2014. The company also has
stretched liquidity and weakened financial flexibility, reflected
in high bank line utilisation at 98 per cent during the six months
ended March 31, 2015. Umberto is in its initial stage of
operations; with a large portion of its capital expenditure
(capex) for setting up its plant having been funded through debt,
repayment obligations are expected to remain high over the medium
term. Umberto had contracted debt of INR660 million to fund the
capex of INR993.1 million. The company's cash accruals are
expected to remain tightly matched with its maturing repayment
obligations of INR88.4 million in 2015-16. CRISIL believes that
Umberto's liquidity will remain under pressure over the medium
term on account of its large repayment obligations and the working
capital intensity of its operations.

The ratings reflect Umberto's modest scale of operations,
aggressive capital structure, weak liquidity, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
ceramic industry and the strong funding support it receives from
them.
Outlook: Stable

CRISIL believes that Umberto will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
significant increase in its revenue while maintaining its healthy
operating profitability, leading to substantial cash accruals, or
if it improves its capital structure, supported by capital
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if the company's capital structure weakens further
due to debt-funded capex, or if its liquidity deteriorates because
of low sales or profitability, or a stretch in its working capital
cycle.

Incorporated in 2011, Umberto is promoted by Dr. Khater Massaad,
Mr. Jainendra Malesha, and Mr. Kapoorchand Malesha. The company,
based in Gujaratis enagaged in manufacturing of porcelain-based
tableware products in various shapes and sizes. Umberto markets
its products under the brand name Ariane.


VADERA TRADELINK: ICRA Assigns B+ Rating to INR5.75cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR5.75
crore bank facilities of Vadera Tradelink Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term- fund
   based limit             5.75         [ICRA]B+; assigned

ICRA's rating is constrained by VTPL's thin profitability as a
result of high dependence on trading activities, which along with
high working capital intensity has suppressed the return
indicators. The company's coverage indicators are also weak with
thin interest coverage, modest DSCR* and elevated Total
Debt/OPBDITA. Further, blockage of funds in working capital has
resulted in negative cash flows. The company is also likely to
participate in bidding for tenders for mining contracts in the
near to medium term, which is likely to exert pressure on its
liquidity position. ICRA, however, positively factors in the
extensive experience of the promoters in the construction and
trading industry, of over three decades, and established relations
with customers and suppliers. The rating also favourably factors
in the diversified business segments of the company, as well as
the robust growth in its operating income, supported by growth in
all the segments. ICRA also takes note of the regular infusion of
equity, which has helped contain the gearing, despite the increase
in debt levels.

Going forward, the ability of the company to improve its margins
and increase its operating scale, while maintaining its liquidity
position will be the key rating sensitivities. Any large debt
funded capital expenditure will also be a key monitorable.

VTPL was incorporated by Mr. Bhoor Chand Jain and family (Vadera
Family) in 2008. The company commenced operations in 2011 in
Barmer, Rajasthan. The company is engaged in diverse business
segments which include plastic packaging, PET bottle/jar, HDPE
pipe fitting and corrugated box manufacturing. The company is also
engaged in the trading activities where it deals in food grains
(Guar gum, Moong Dal, Mot Dal etc.), plastic goods and building
materials (Electric Resistance Welded (ERW) pipes, PVC pipes and
fittings).The company also executes civil construction work for
the state government of Rajasthan.

Recent Results
In 2013-14, VTPL reported an operating income of INR30.26 crore
and net profit of INR0.16 crore, as against an operating income of
INR10.14 crore and a net profit of INR0.03 crore in the previous
year. For the nine months ended December 31, 2015, VTPL registered
an OI of INR41.01 crore and a net profit of INR0.27 crore.


VARDHMAN ELECTRO-MECH: CRISIL Assigns B+ Rating to INR40MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities Vardhman Electro-Mech Private Limited (VEMPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       10         CRISIL A4
   Bank Guarantee         40         CRISIL A4
   Cash Credit            40         CRISIL B+/Stable

The ratings reflect VEMPL's modest scale of operations in a highly
competitive industry, working-capital-intensive operations, and
below-average financial risk profile marked by modest net worth
and subdued debt protection metrics, albeit a comfortable capital
structure. These rating weaknesses are partially offset by the
promoters' extensive experience in power distribution industry and
healthy order book position.
Outlook: Stable

CRISIL believes that VEMPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
healthy order book position. The outlook may be revised to
'Positive' if there is significant and sustained improvement in
its revenue and profitability, while maintaining its healthy
capital structure. Conversely, the outlook may be revised to
'Negative' if VEMPL registers a decline in revenue or
profitability margins or faces a stretch in the working capital
cycle, resulting in further deterioration in its financial risk
profile.

VEMPL was set up in 1997 by Mr. S L Jain along with his sons, Mr.
Rahul Jain and Mr. Anand Jain. The company manufactures power
distribution transformers. It has its manufacturing facility in
Jaipur (Rajasthan).

For 2013-14 (refers to financial year, April 1 to March 31), VEMPL
reported profit after tax (PAT) of INR1.2 million on net sales of
INR231.4 million, against PAT of INR0.4 million on net sales of
INR177.8 million for 2012-13.


VELOX CERAMIC: CARE Assigns 'B' Rating to INR8.97cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Velox Ceramic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.97      CARE B Assigned
   Long-term/Short-term Bank      1.75      CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale
The ratings assigned to the bank facilities of Velox Ceramic
(Velox) are primarily constrained on account of the high project
stabilization risk associated with the recently commissioned
operations of manufacturing ceramic glazed wall tiles.

Furthermore, the ratings are also constrained by the
susceptibility of margin to volatility in prices of natural gas
and key raw material, presence in a highly competitive ceramic
industry linked to the demand from the cyclical real estate sector
and its partnership nature of constitution.

However, the ratings derive strength from the promoters'
experience coupled with support from group entities engaged in the
ceramic industry and locational advantage from being located in
the ceramic hub.

The ability of Velox to quickly stabilize its operations and
achieve the envisaged sales levels and profitability are the key
rating sensitivities.

Morbi-based (Gujarat) Velox is a partnership firm established on
April 25, 2014. It is engaged in the manufacturing of ceramic wall
glazed tiles which have wide usage for commercial as well as
domestic buildings. The unit is promoted by Mr Jayendra Kanjiya
and Mr Satishbhai Gambhava. Velox has set up its green field
project for manufacturing of ceramic wall glazed tiles with an
installed capacity of 22,800 metric tonne per annum (MTPA) at
Morbi in Gujarat. The total cost of the project was INR13.65 crore
which was funded through partners' capital of INR4.55 crore, term
loan of INR5.97 crore and balance of INR3.13 crore through
unsecured loan. The firm has already started its operations from
the first week of May 2015.


VISHNU CHEMICALS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research has suspended Vishnu Chemicals
Limited's 'IND D' Long-Term Issuer Rating.  The rating will now
appear as 'IND D(suspended)' on the agency's website.

The ratings have been suspended due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Vishnu Chemicals.

The ratings will remain suspended for a period of six months and
be withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be reinstated and will be communicated through a
rating action commentary.

Vishnu Chemicals' ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'

   -- INR333.2 million term loans: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'

   -- INR993.5 million fund-based working capital limits:
      migrated to Long-term 'IND D(suspended)' from Long-term
      'IND D'

   -- INR800 million non-fund-based working capital limits:
      migrated to Short-term 'IND D(suspended)' from Short-term
      'IND D'


ZIGMA TECHNOLOGIES: CRISIL Suspends B- Rating on INR94MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Zigma Technologies India Private Limited (Zigma).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         150        CRISIL A4
   Cash Credit             94        CRISIL B-/Stable
   Long Term Loan          54        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      37        CRISIL B-/Stable

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

Established in 1997 by Mr. K P Mutharasu and Mr. Raja Kathiravan,
Zigma supplies IT-related hardware and peripherals to various
government departments in Tamil Nadu.



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


BAKRIE TELECOM: S&P Affirms Then Withdraws 'D' LT CCR
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' long-term
corporate credit rating on Indonesia-based telecom service
provider PT Bakrie Telecom Tbk.  At the same time, S&P also
affirmed its 'D' long-term issue rating on the guaranteed notes
issued by the company's wholly owned subsidiary Bakrie Telecom
Pte. Ltd.  S&P then withdrew the ratings at the issuer's request.

At the time of withdrawal, the 'D' rating reflected BTEL's missed
interest and principal payments on its guaranteed US$380 million
senior unsecured notes due May 7, 2015.  Significant uncertainty
remains around the timing and final terms of the company's
restructuring plan.

RATINGS LIST

                               Ratings
                               To             From
PT Bakrie Telecom Tbk.
Corporate credit rating
  Foreign and Local Currency   D/--/--        D/--/--
  ASEAN Regional Scale         D/--/--        D/--/--

Bakrie Telecom Pte. Ltd.
Senior Unsecured
  Foreign Currency[1]          D              D

Ratings Subsequently Withdrawn

PT Bakrie Telecom Tbk.
Corporate credit rating
  Foreign and Local Currency    NR            D/--/--
  ASEAN Regional Scale          NR            D/--/--

Bakrie Telecom Pte. Ltd.
Senior Unsecured
  Foreign Currency[1]           NR            D

[1] Dependent Participant(s): PT Bakrie Telecom Tbk.


STAR ENERGY: Fitch's B+ Rating Unaffected by Restarting Ops Delay
-----------------------------------------------------------------
Fitch Ratings says that the ratings of Star Energy Geothermal
(Wayang Windu) Ltd (SEG; B+/Stable) are not immediately affected
by SEG's announcement that it would restart its operations in
October 2015 instead of an initial estimate of early June 2015.
The company's operations have been halted since a landslide
damaged one of its steam pipelines on May 5, 2015.

SEG said that the delay was due to an underestimation of the
damage, and the company would now be required to purchase
additional material to rectify the damage, which could take up to
four months to be delivered. SEG previously expected to be able to
repair the damage with the existing inventory of pipes.

As a result of the delay, Fitch now expects SEG's EBITDA to reduce
to about USD30m in 2015 (USD87m in 2014) and its FFO net leverage
in 2015 to exceed 10.0x, higher than the 5x level at which
negative rating action could be considered. Fitch does not include
the expected proceeds from its business interruption insurance in
the computation of its EBITDA or FFO.

SEG's ratings are, however, not impacted due to the one-off nature
of the incident. SEG expects operations to resume at about 80%
capacity by October and fully normalise by December 2015. SEG's
power plants were unaffected. Fitch expects SEG to generate EBITDA
of about USD80m-85m a year after 2015, and its leverage to improve
to below 5x in 2016. SEG also does not have any immediate
refinancing requirements; with its bond maturities commencing only
in 2017.

SEG's liquidity is robust enough to support the loss of cash
generation during the outage; the company had unrestricted cash
balances of USD75m as at December 2014. In addition to this, SEG
said that its insurance would cover the costs of repairs to the
pipeline and cover operating and financing costs up to USD75m over
two years, provided operations are interrupted for more than 45
days.

While the ratings of the company are, not impacted, the landslide
incident highlights the risks associated with its single-site
operations, which together with its small scale, constrains its
ratings.



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


SKYMARK AIRLINES: Intrepid Approaches Delta Over Rehabilitation
---------------------------------------------------------------
The Japan Times reports that Intrepid Aviation, the largest
creditor of Skymark Airlines Inc., has approached Delta Air Lines
Inc. about cooperating on rehabilitating the bankrupt Japanese
carrier, a Delta source said on June 5.

Intrepid has opposed a Skymark rehabilitation plan that would tap
ANA Holdings Inc. as a rehabilitation sponsor, and presented to a
Tokyo court its own plan indicating cooperation with other firms,
according to the report.

The report says Intrepid, a U.S. aircraft leasing firm, is
believed to have also approached other airlines about helping
Skymark.

The company, which accounts for more than one-third of claims to
Skymark, reportedly mounted opposition to ANA Holdings' support
for Skymark after its leasing negotiations with the ANA group
failed to yield a deal, the report 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 was delisted from the Tokyo Stock Exchange in March.


TOSHIBA CORP: May Skip Summer Bonuses For Execs This Year
---------------------------------------------------------
The Japan Times reports that Toshiba Corp., hit by an accounting
scandal, may skip this year's summer bonuses for its executives,
the company informed sources said on June 5.

According to the report, sources said the machinery giant is
mulling the move because the company has been unable to finalize
its earnings report for fiscal 2014, which ended in March, due to
accounting irregularities and can't calculate the amounts of
bonuses as a result.

The report relates that sources said Toshiba will make a formal
decision on the executive bonuses after receiving a report from a
third-party panel on its investigation into the scandal.

It has already decided to cut monthly pay for all executives,
excluding outside board directors, by 10 to 50 percent starting in
May to hold them responsible for the scandal, the report says.

Now that Toshiba has forgone its fiscal 2014 term-end dividends
for shareholders, the firm will be criticized if it pays summer
bonuses to its executives, relates Japan Times. Toshiba is
therefore expected to cut part or all of the bonuses, the sources
said. The monthly pay cuts are to run until dividend payments are
resumed.

For rank-and-file employees, Toshiba has decided to pay a portion
of their summer bonuses. The rest will be paid after its fiscal
2014 earnings are finalized, the report states.

                       About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


MAGNACHIP SEMICONDUCTOR: Moody's Cuts CFR to Caa2, Outlook Neg
--------------------------------------------------------------
Moody's Investors Service downgraded MagnaChip Semiconductor
Corporation's corporate family rating and the senior unsecured
rating on its $225 million, 6.625% notes due 2021, to Caa2 from
Caa1.

The ratings outlook remains negative.

"The rating action reflects increasing stress on MagnaChip's
liquidity position, ongoing operational challenges, and continued
risks from regulatory investigations and shareholder lawsuits,"
says Gloria Tsuen, a Moody's Vice President and Senior Analyst.

On 28 May, MagnaChip filed its financial statements for the fiscal
year ended 31 December 2014 (FY2014) on Form 10K, and reported its
earnings for 1Q 2015. It will file Form 10-Q for 1Q 2015 in the
next two weeks, and will become current in its filings again
starting with its 2Q 2015 results.

The filings, once completed, should also bring the company in
compliance with the reporting requirements under its bond
indenture.

However, the latest financials also show that MagnaChip's business
continues to generate negative operating cash flow. The company's
deteriorating liquidity position could put the company in an
increasingly tight cash position in the next 12-18 months, absent
new financing or a significant turnaround in its operations. The
company has no backup banking facilities in place at this time.

MagnaChip's cash balance declined to $91 million at the end of 1Q
2015, having fallen by $51 million in 2014 and another $11 million
in 1Q 2015. Its operating cash flow turned negative in 2014 to an
outflow of $38 million, and another $9 million in 1Q 2015.

"We do not expect much improvement in operating cash flow over the
next several quarters, as it will take time for MagnaChip to turn
around its foundry business segment, and execute on its cost and
portfolio optimization program," adds Tsuen, also Moody's Lead
Analyst for MagnaChip.

At the same time, MagnaChip will need to continue to make interest
payments ($16 million in 2014) on its outstanding bonds, fund its
capital expenditures ($20 million in 2015, according to
management), and likely pay down some of its accrued expenses
(e.g., outside service fees of $11 million at end-2014).

The company is subject to class action shareholder lawsuits and is
being investigated by the Securities and Exchange Commission based
on the facts uncovered during the company's internal investigation
which was reported to the SEC by the company.

The negative ratings outlook reflects the challenges the company
needs to overcome to restore its operating and financial profile,
including generating positive earnings and cash flows, as well as
the successful remediation of the material weaknesses in its
internal controls.

Given the negative outlook, an upgrade of the company's ratings is
unlikely over the near term.

However, the outlook could revert to stable if the company:

(1) Successfully turns around its operations such that operating
     profit turns positive on a meaningful and sustained basis;

(2) Maintains an adequate liquidity profile;

(3) Demonstrates evidence of improved financial controls and
     practices; and

(4) Resolves the pending litigation with respect to the class
     action lawsuit, and if the SEC's investigation is resolved,
     with limited adverse impact on the company's operating
     performance, including revenue growth, liquidity and cash
     flows.

On the other hand, downward ratings pressure could emerge if the
company:

(1) Encounters any significant delays or hurdles in fully
     remediating the material weaknesses in internal controls by
     the end of this year;

(2) Fails to turn around its operations, such that it continues
     to report operating losses; or

(3) Reports cash on hand below $50 million.

Moreover, any additional findings of material weaknesses related
to internal controls, and/or an adverse outcome of the pending
litigation or the SEC investigation, such that the company incurs
significant cash outflows, will also be negative for the ratings.

The principal methodology used in these ratings was Global
Semiconductor Industry Methodology published in December 2012.

MagnaChip is a Korean-based designer and manufacturer of analog
and mixed-signal semiconductor products, mainly for consumer
applications, such as TVs, PCs, mobile phones, and tablets.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***