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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 15, 2015, Vol. 18, No. 116


                            Headlines


A U S T R A L I A

ASIA PACIFIC: First Creditors' Meeting Set For June 19
BBY LIMITED: May Have Been Trading While Insolvent
BLINKBOX MUSIC: Goes Into Administration
DISCOVERY METALS: Placed in Liquidation
GRITSHED PTY: First Creditors' Meeting Set For June 23

GROW ACCOUNTING: First Creditors' Meeting Set For June 22
NEWSAT LIMITED: Administrators Oust CEO, CFO
ONECASH LIMITED: ATM Business Put Up For Sale


B A N G L A D E S H

BANGLALINK DIGITAL: S&P Raises CCR to 'BB-'; Outlook Stable


C H I N A

CHINA SHANSHUI: Fitch Lowers IDR to B+ & Removes from Watch Neg.
* CHINA: Insolvency Rate to Rise 5% This Year on Slow Payments


I N D I A

BHAGATJEE STEELS: CRISIL Cuts Rating on INR161.5MM Loan to 'B'
CVT TECHNOLOGY: CRISIL Ups Rating on INR50MM Term Loan to 'B'
HANUMAN FOODS: ICRA Reaffirms 'B' Rating on INR8cr LT Loan
IMPEX METAL: ICRA Assigns 'D' Rating to INR249cr Fund Based Loan
J.M.D. CORPORATION: CRISIL Reaffirms B Rating on INR185MM Loan

J.M.D. LAXMI: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
JAIHIND AUTOMATION: ICRA Suspends 'D' Rating on INR17.50cr Loan
KGA INVESTMENTS: CRISIL Reaffirms B- Rating on INR960MM Loan
KNR CONTRACTORS: ICRA Revises Rating on INR8.0cr Loan to 'B'
LODHA DEVELOPERS: Moody's Affirms Ba3 Corporate Family Rating

MADHUVAN COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
MADRAS HARDTOOLS: CRISIL Suspends B Rating on INR270MM Cash Loan
MAKHWAN METAL: CRISIL Reaffirms B- Rating on INR200MM Cash Loan
MANCHANDA MEDICOS: CRISIL Suspends B+ Rating on INR60MM Loan
MECWEL CONSTRUCTIONS: CRISIL Ups Rating on INR50MM Loan to B+

MOHAN CHARITABLE: ICRA Assigns B- Rating to INR55cr Term Loan
NIRBAN REALTORS: CRISIL Assigns B+ Rating to INR100MM LT Loan
OTIRA PHARMACEUTICALS: CRISIL Suspends D Rating on INR50MM Loan
PAL PRATEEK: CRISIL Ups Rating on INR50MM Loan to 'B+'
PHOTON ENERGY: CRISIL Ups Rating on INR60MM Cash Loan to B-

POCHIRAJU INDUSTRIES: CARE Cuts Rating on INR44.73cr Loan to 'D'
PRAYAS STEELS: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
R.D. GOEL: CRISIL Cuts Rating on INR54.4MM LT Loan to 'B'
RADIANT INFO: CRISIL Cuts Rating on INR40MM Term Loan to 'B'
S C R NIRMAN: CRISIL Cuts Rating on INR60MM Cash Loan to B+

SAHAKAR MAHARSHI: CARE Assigns B- Rating to INR35cr LT Bank Loan
SHREE DATTA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
SHREE JALARAM: CRISIL Reaffirms B+ Rating on INR49.5MM Term Loan
SHREE JAYSUNDAR: CRISIL Suspends 'D' Rating on INR67MM LT Loan
SHRIRAM WAREHOUSING: CRISIL Reaffirms B- Rating on INR112.4M Loan

SUN PARTICLE: CRISIL Assigns B- Rating to INR73.5MM Term Loan
TATA CHEMICALS: Moody's Says FY2015 Results Below Expectation
V. M. STAR: CRISIL Reassigns B+ Rating to INR150MM Bill Loan
VAIDHATRU PHARMA: CRISIL Reaffirms 'D' Rating on INR95MM Loan
YASH AUTOMOTIVE: CARE Assigns 'B' Rating to INR14.98cr LT Loan


I N D O N E S I A

BANK DANAMON: S&P Affirms 'BB' Counterparty Credit Rating
SOECHI LINES: Moody's Assigns (P)B1 CFR, Outlook Stable


S O U T H  K O R E A

PAN OCEAN: Harim to Acquire 58% Shares in Shipping Firm


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A U S T R A L I A
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ASIA PACIFIC: First Creditors' Meeting Set For June 19
------------------------------------------------------
Christopher Darin & Aaron Lucan of Worrells Solvency were
appointed as administrator of Asia Pacific Production Solutions
(International) Pty. Limited on June 10, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 3, Level 3, 350
George Street, in Sydney, New South Wales, on June 19, 2015, at
10:30 a.m.


BBY LIMITED: May Have Been Trading While Insolvent
--------------------------------------------------
Jeff Whalley at Herald Sun reports that BBY Ltd may have been
trading while insolvent for almost a year, its administrators have
found.

KPMG Australia is poised to report the company, BBY, to the
corporate watchdog, claiming that from as early as June last year
there were "indications of possible misuse of client trust funds,"
according to the report.

Herald Sun relates that the administrator also said there was
likely to be a shortfall in BBY's client accounts in the order of
AUD10 million and unsecured creditors were likely to receive
between zero and 24 cents in the dollar.

According to Herald Sun, KPMG administrators Stephen Vaughan and
Ian Hall released their report to creditors revealing they are
preparing a report for the Australian Securities and Investments
Commission that will raise serious questions about BBY's operating
practices.

They also claim that from mid last year, "misleading information
was being provided to BBY's lender to support additional funding"
and "financial records may not have been maintained in compliance
with the requirements of the Corporations Act," Herald Sun relays.

"A number of related party transactions require further
investigation," the administrators said in the report cited by
Herald Sun. "The above and other findings lead us to conclude that
the BBY Companies may have been insolvent since June 2014."

The report relates that one incident referenced appears to show
that after a disastrous trade in iron ore miner Aquila Resources
in June last year, BBY was unable to cover tens of millions of
dollars in margin calls.

Herald Sun notes that KPMG's review of BBY's bank statements
reveals "transactions which appear to have occurred on or around
the dates of the Aquila transaction" to assist meeting the margin
call. In one case on June 16 last year, an entity named Ficema
made a AUD3 million loan to a BBY entity "to assist in meeting"
the margin call, the report says.

Later that month a series of transactions from the BBY Ltd Trust
were moved to a variety of accounts, Herald Sun relates.

The report said poor governance and an inadequate risk management
framework contributed to the firm's failure, adds Herald Sun.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.


BLINKBOX MUSIC: Goes Into Administration
----------------------------------------
Lynsey Barber at cityam.com reports that Blinkbox Music, the music
streaming service sold off by Tesco in its asset fire sale, has
gone into administration less than six months into its new
ownership.

Australian firm Guvera, which bought the company in January for
significantly less than the GBP10 million the supermarket paid to
acquire it back in 2012, attempted to sell Blinkbox Music but
could not find a buyer after struggling to make it work
financially, according to cityam.com.

It's understood that more than 100 staff have been made redundant
over the course of the last four months and as recently as the end
of May, the report notes.

"The company has faced significant financial pressure in recent
months, since its acquisition by the Guvera group.  This is a
highly competitive industry and despite an active user base the
business has continued to struggle financially.  It has sought to
undertake a financial restructuring, and has reduced staff
numbers.  However, these financial pressures have continued to
grow, and the company's director, after trying to achieve a quick
sale of the company/business, was faced with little choice but to
place the company into administration," said Finbarr O'Connell of
Smith & Williamson administrators, the report discloses.

Those based in Oxford will remain with the company while it
searches for a buyer, the report relays.  "We expect to undertake
an accelerated sales process and are trying to work with all
stakeholders to preserve value in the business," said joint
administrator Adam Stephens, the report notes.

The service counts 2.8 million members and more than 200,000
monthly active users, largely in the UK and Ireland. It's unclear
how customers will be affected, says the report.

Tesco waved goodbye to its entire digital entertainment business
at the start of the year, the report discloses.  The three
services -- movie streaming, music streaming and ebooks -- had
been collected by ex-chief Philip Clarke in an effort to broaden
Tesco's business and capitalise on the growth of digital, the
report says.  Those were unceremoniously broken up, with the movie
part going to Talk Talk, music to Australian company Guvera, the
report recalls.

The books business was shuttered completely after failing to find
a buyer and the other two going for significantly less than they
were originally acquired for, the report adds.


DISCOVERY METALS: Placed in Liquidation
---------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Discovery Metals
is set to enter liquidation just a few months after it entered
voluntary administration. Administrators Michael Joseph Ryan and
Stefan Dopking of FTI Consulting were appointed liquidators of the
company on June 10.

According to the report, the junior mineral explorer previously
had difficulty finding funds for developing its projects as
possible deals fell through. The company knocked a share of $1.70
per share bid in 2012 form Cathay Fortune, the report says. By
February, the shares of Discovery had gone below 2 cents,
Dissolve.com.au notes.

Australia-based Discovery Metals Limited (ASX:DML) --
http://www.discoverymetals.com/-- is a copper and silver
concentrate producer from its 100% owned major asset, the Boseto
Copper Project in north-west Botswana.


GRITSHED PTY: First Creditors' Meeting Set For June 23
------------------------------------------------------
Daniel Jon Quinn -- daniel.quinn@svp.com.au -- of SV Partners
was appointed as administrator of Gritshed Pty Limited, trading as
Gritshed Fitness Studio, on June 11, 2015.

A first meeting of the creditors of the Company will be held on
June 23, 2015, at 2:00 p.m.


GROW ACCOUNTING: First Creditors' Meeting Set For June 22
---------------------------------------------------------
Blair Pleash, David Ingram & Anne-Marie Barley of Hall Chadwick
were appointed as administrators of Grow Accounting Pty Ltd on
June 10, 2015.

A first meeting of the creditors of the Company will be held at
the Offices of Hall Chadwick, Level 12, 144 Edward Street, in
Brisbane, Queensland, on June 22, 2015, at 11:00 a.m.


NEWSAT LIMITED: Administrators Oust CEO, CFO
--------------------------------------------
Chris Forrester at Advanced Television reports that the CEO and
CFO at NewSat Ltd have been let go from the company which is in
bankruptcy administration.  CEO Adrian Ballintine was made
redundant on May 29 and CFO Mark Spragg let go on June 3rd. The
report relates that the company's administrators said the two were
"surplus to NewSat's needs".

The report notes that Mr. Ballintine founded NewSat back in 1987
and had been CEO since 1999.  Mr. Spragg had only been in post for
a few weeks, and replaced former CFO Linda Dillon who let in an
"agreed termination" in April.

According to the report, the company's liquidators are now selling
off the firm's assets, but not the half-built Jabiru-1 satellite
which builders Lockheed Martin might end up taking back into full
ownership. However, the financing banks for the deal (include the
US-French Ex-Im Bank) said it hopes that it will not lose its
investment on the deal, the report states.

One 'asset' up for grabs in the original Jabiru launch contract
with Arianespace, the report says. Originally targeted for launch
in 1H/2016 although subsequently slipped to as late as
December 2016 to February 2017, the launch slot will have a value
in today's crowded list of satellites waiting in line, and not
helped by the hold-ups at Russia's Proton launch system, the
report adds.

                           About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company. NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors. NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016. Jabiru-1 will be Australia's first commercial
"Kaband" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat. Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat into administration in Australia.
It appointed Stephen James Parbery and Marcus William Ayres, of
PPB Advisory in Sydney, Australia, as administrators. Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S. The U.S. cases are assigned to
Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.


ONECASH LIMITED: ATM Business Put Up For Sale
---------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the purchase of
OneCash Limited and DSM Connect Pty Ltd.

The report relates that the company's network of ATMs are located
in 400 locations in Australia. It also has prime ATM sites in
various merchant locations that have attractive lease terms, the
report says. The sale provides the opportunity to expand its
network and market entry, says Dissolve.com.au.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2015, 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.



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B A N G L A D E S H
===================


BANGLALINK DIGITAL: S&P Raises CCR to 'BB-'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Banglalink Digital
Communications Ltd. to 'BB-' from 'B+'.  The outlook is stable.
S&P also revised its long-term issue ratings on the company's
senior unsecured notes to 'BB-' from 'B+'.  Banglalink is a
Bangladesh-based wireless telecom service provider.

"We raised the rating to reflect Banglalink's reduced country risk
and our expectation that the company's financial performance will
improve over the next 12-24 months because of higher profitability
and moderate capital expenditure," said Standard & Poor's credit
analyst Ashutosh Sharma.  On May 29, 2015, S&P revised upwards its
country risk assessment on Bangladesh to '5' (high risk) from '6'
(very high risk) to reflect the country's improved economic
stability and healthy per capita GDP growth.

S&P revised Banglalink's business risk profile to "fair" from
"vulnerable" following the upward revision in Bangladesh's country
risk score.  The company's business risk profile reflects its
operations in a single country, improving subscriber market share,
and fast growing 3G services.

Banglalink will continue to face intense competition in
Bangladesh's cellular market.  Nevertheless, S&P expects the
company to maintain its satisfactory market share and fair
competitive position over the next couple of years.  The company
is the second-largest telecom operator in the country, with a
subscriber market share of about 26%. Banglalink's good operating
efficiency has enabled the company to consistently improve its
EBITDA margins over the past few years to 40% in 2014.  S&P
expects Banglalink to continue to benefit from Bangladesh's
growing wireless market, provided the political and regulatory
regimes are stable.

In S&P's opinion, Banglalink's improving cash flows stemming from
higher profitability and moderate capital expenditure on its
network over the next 24 months will continue to underpin its
"intermediate" financial risk profile.  S&P anticipates that the
company's subscribers and 3G-data revenues will increase.  Post
the completion of countrywide 3G rollout, S&P expects Banglalink's
capital expenditure to be moderate even though the company could
bid for additional spectrum and settle its pending litigations.

S&P assess Banglalink as "moderately strategic" to its ultimate
parent VimpelComLtd. (BB/Stable/ -- ) and the parent's overall
strategy for emerging Asian markets.  S&P expects VimpelCom to
continue to provide management, technical, and financial support
to Banglalink.

Banglalink continues to face potential currency risk through its
foreign currency bonds.  The company's improving financial
performance and the resulting low leverage partly mitigate the
risk.

Bangladesh's volatile political environment and history of high-
impact regulatory changes could expose Banglalink to one-off event
risks.  S&P uses its "negative" comparable ratings analysis
modifier to reflect some of these risks in Banglalink's 'bb-'
stand-alone credit profile.

S&P assess Banglalink's liquidity as "less than adequate" because
S&P expects the company's liquidity sources to be less than 1.2x
its uses over the next 12 months.  At the same time, S&P do not
expect Banglalink's liquidity position to cause any covenant
breaches because the company has sufficient headroom in its
covenants.

"The stable outlook reflects our expectation that Banglalink will
maintain stable operating and financial performances over the next
12-24 months," said Mr. Sharma.  It also reflects the stable
outlook on the sovereign rating on Bangladesh.  S&P expects
VimpelCom to continue to extend necessary support to Banglalink.

In an unlikely scenario, S&P may downgrade Banglalink if the
company's operating and financial performances deteriorate
significantly, such that the ratio of funds from operations to
debt falls below 20%, and S&P lowers the rating on VimpelCom.  S&P
could also downgrade Banglalink if S&P lowers the sovereign rating
on Bangladesh.

S&P could raise the rating on Banglalink if: (1) the company's
'bb-' stand-alone credit profile improves, most likely because of
enhanced liquidity, such that its liquidity sources are more than
1.2x its uses; and (2) S&P upgrades Bangladesh.


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CHINA SHANSHUI: Fitch Lowers IDR to B+ & Removes from Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded China Shanshui Cement Group Limited's
Long-Term Issuer Default Rating and senior unsecured ratings to
'B+' from 'BB-'.  The ratings have been removed from Rating Watch
Negative, where they were placed on April 19, 2015, due to
pressure on the company's liquidity after a change in controlling
shareholders triggered an obligation to make an offer to
repurchase USD400 mil. (CNY2.5 bil.) of offshore notes.  The
Outlook has been revised to Negative because the average selling
prices for cement in Shanshui's core markets remain weak, and
Fitch do not expect the company's financial metrics to improve in
the near term.

The downgrade is driven by Fitch's view that a recent employee
dispute and change in shareholders have negatively affected the
company's operations and that its liquidity will continue to be
under pressure beyond 2015, even though Fitch believes Shanshui
has adequate liquidity to meet its current debt obligations.

In April 2015, parties related to China Tianrui Group Cement
Company Ltd (Tianrui) increased their stake in Shanshui to 28.16%.
This triggered the "change-of-control" clause in Shanshui's
outstanding 8.5% USD400 mil. notes due 2016 (2016 notes). Shanshui
offered to repurchase such notes on May 8, 2015 and it expects to
announce the tender offer results on July 2, 2015.

Separately, on 20 May 2015, the High Court of Hong Kong allowed
the application for the appointment of receivers over a total of
approximately 43.29% shareholding of China Shanshui Investment,
which holds approximately 25.09% of the issued share capital of
Shanshui.  The court's decision followed lawsuits by some
employees of Shanshui disputing the ownership of certain shares in
China Shanshui Investment.  According to the company's
announcement on June 9, 2015, the employee dispute has resulted
in: 1) suspension of new loans and certain outstanding unutilised
credit facilities from some financial institutions; 2) tighter
credit policy by certain suppliers and contractors; and 3) the
intention of certain joint-venture partners to review their
relationships with the company.

KEY RATING DRIVERS

Liquidity Under Pressure: Shanshui's liquidity will be under
pressure after it uses its cash reserves in repurchasing the 2016
notes, if the notes are all tendered, and due to uncertainty over
its access to credit facilities from banks.  Shanshui will be able
to fund the repurchase of the 2016 notes with CNY1.15bn cash at
end-2014, the net USD100m it obtained from issuing 2020 notes and
redeeming its 2017 notes, and the CNY1.4bn-2bn cash flow from
operations Fitch expects Shanshui to generate.  However, the
company has CNY1.75bn short-term bank borrowings due this year,
and part of that will have to be refinanced.

Operations Hurt By Uncertainty: Uncertainty about the position of
Shanshui's executive director, Mr. Zhang Caikui, who is a
defendant in the lawsuits filed by some employees, may create
concerns about Shanshui's management changes.  This has impacted
Shanshui's operations negatively as some suppliers have tightened
trade finance terms; and some joint venture partners have said
they would review their ties with the company.  The company is
entering its peak season in the third quarter, which may alleviate
short-term operational concerns, but its current management has
little time to work with all its stakeholders to address their
respective concerns.

Major Shareholders' Support Likely: Shanshui's ratings are
supported by its business, which continues to operate and generate
cash.  Its business, which generates a 19.9% EBITDA margin and
holds a leading market position in Shandong province, remains
attractive to major shareholders not involved in the dispute.
These include parties related to Tianrui (28.16% ownership),
Taiwan's Asia Cement Corporation (20.9%) and CNBM (16.67%) who are
all key industry participants.  Although these three shareholders
may have different objectives, together they owned over 65% of
Shanshui, and are in a position to protect their investments in
the company given their influence in the industry.

KEY ASSUMPTIONS

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

   -- Average selling prices of cement in Shanshui's main markets
      do not improve;
   -- Total capex (including acquisitions) between 2015-2017 no
      higher than CNY3bn;
   -- The company is able to roll over short-term debt

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

   -- Increase in working capital funding or banks not willing to
      continue extending debt, resulting in liquidity pressure
   -- The employee dispute with Mr. Zhang resulting in material
      deterioration in its operation
   -- The employee dispute creating concerns over the composition
      of the company's top management that will remain unresolved
      for a prolonged period.

Positive: The current rating is on Negative Outlook.  Fitch does
not anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
However, if the above factors do not materialise, then the Outlook
may revert to Stable.


* CHINA: Insolvency Rate to Rise 5% This Year on Slow Payments
--------------------------------------------------------------
Jing Yang at The South China Morning Post reports that corporate
insolvency is expected to rise this year in China, with an
increasing number of companies struggling to protect margins from
late payments by customers.

Even as the economy continues to grow at a relatively good pace,
Chinese firms are grappling with a state-driven shift in economic
structure, the report says. This would inevitably lead to
shrinking business opportunities in sectors such as construction,
cement and steel, pushing up defaults in these areas, said Dutch
trade credit insurer Atradius, SCMP relays.

In a recent report, it forecast a "moderate increase" in China's
insolvency rate this year, according to the report.

SCMP notes that Atradius' warning follows similar projections by
competitors Euler Hermes and Coface, whose research shows a high
level of receivables in arrears and rising bankruptcies.

The report says the three companies command more than 80 per cent
of the trade credit insurance market. Trade credit insurers
protect sellers from payment defaults and other risks.

According to the report, Euler Hermes, part of Allianz, Europe's
biggest insurer, said it expected the official insolvency numbers
to rise 5 per cent this year after four years of steady decline.
The causes range from the clampdown on shadow banking and an
oversupplied property market to tighter fiscal discipline among
local governments, the report relates.

The official bankruptcy figure of 2,630 last year masks the true
picture of corporate health in China, Euler Hermes said.
"Insolvency procedures in PRC jurisdiction are complicated and
expensive, so a significant number of Chinese enterprises find
alternative solutions to avoid filing for bankruptcy. The
[insolvency] trend may be worse in reality," Euler Hermes, as
cited by SCMP, said.

"Many people just close the business and go. Numerous bankruptcies
went unnoticed. So the official number shouldn't be used as an
indicator at all," Rocky Tung, Asia-Pacific economist at Coface
agreed, SCMP relays.

According to the report, Euler Hermes estimated that the
lengthening of "days sales outstanding" (DSO) and overdue
receivables also paint a dire picture. DSO measures the time it
takes for a company to collect payments after a sale is
transacted, the report notes. In 2011, DSO in China was similar to
the global average of 69 days, the report says. Last year, the
figure jumped to 90 days and is expected to rise again this year.

SCMP relates that eight out of 10 companies surveyed by Coface
last year reported payments delinquency by customers, higher than
the Asia-Pacific average of 70 per cent. A more worrying sign,
according to Mr. Tung, is overdue payments longer than 180 days,
or "ultra-long", exceeding 2 per cent of a company's annual sales.

"Chinese manufacturers have a profit margin of 2 to 5 per cent.
Generally, when a payment is late for more than three months, it's
considered almost unlikely that it will ever be paid. So when
ultra-long overdue payments are over 2 per cent of a company's
annual sales, it eats up all the profits," the report quotes Mr.
Tung as saying.

Increasing payment defaults also hurt some insurers'
profitability, the report notes. Atradius last year recorded a
loss from its Asian operations, with a 155.3 per cent claims ratio
in the region, due mainly to the "deteriorating environment in
China", its annual report said, the report recalls.

Claims ratio is the total claims an insurer pays as percentage of
total premiums it receives, SCMP notes.

Hong Kong, in the midst of soaring property prices and a
slackening retail sector, has had its own share of woes, says
SCMP. Last year, the city recorded 9,945 cases of bankruptcy and
compulsory winding-up, the highest since 2010, when the economy
was stabilising in the aftermath of the 2008 financial crisis,
SCMP discloses.

In the first quarter of this year, bankruptcies filed with the
Receiver's Office rose 21 per cent to 2,567. "There are strong
reasons to believe that the bankruptcy trend will continue," Mr.
Tung, as cited by SCMP, said.

"The economy is showing flu-like symptoms. Property prices have
been soaring to record levels, like fever, while the retail market
is showing lacklustre momentum, like fatigue," he said.



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BHAGATJEE STEELS: CRISIL Cuts Rating on INR161.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bhagatjee Steels Private Limited (BJEE) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and has reaffirmed its rating on the company's
short-term bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         161.5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit      5.0       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in BJEE's financial
risk in 2013-14 (refers to financial year, April 1 to March 31).
The company had a small net worth of INR78.9 million as on March
31, 2014, down from INR101.2 million a year earlier on account of
loss of INR22.7 million during 2013-14. The company had a high
gearing of 3.14 times as on March 31, 2014, against 2.79 times a
year earlier.

The ratings reflect the susceptibility of BJEE's margins to
downturns in its end-user industry and to volatility in steel
prices, and the company's marginal market share in the fragmented
mild steel (MS) ingots industry. These rating weaknesses are
partially offset by the extensive experience of BJEE's promoters
in the steel industry.
Outlook: Stable

CRISIL believes that BJEE 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 scale of
operations increases significantly while it improves its
profitability. Conversely, the outlook may be revised to
'Negative' if BJEE's financial risk profile deteriorates, most
likely because of low profitability, substantial working capital
requirements, or large debt-funded capital expenditure.

BJEE was incorporated in 2010, promoted by Mr. Rakesh Kumar
Agarwal and his family members. It commenced operations in 2012.
The company manufactures MS ingots and MS sections, for which it
has installed capacity of 24,000 and 50,000 tonnes per annum,
respectively.


CVT TECHNOLOGY: CRISIL Ups Rating on INR50MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
CVT Technology Solutions Pvt Ltd (CVT) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                      Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     2.5      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    17.5      CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             50.0      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that CVT will sustain
its improved liquidity over the medium term, marked by steady cash
accruals. The company is likely to post cash accruals of around
INR9 million per annum as against annual debt obligations of INR5
million over the medium term. The upgrade also factors in CRISIL's
belief that CVT will report stable operating performance over the
medium term leading to better gearing and debt protection metrics.

The rating reflects CVT's small scale of operations in the
intensely competitive information technology (IT) industry and its
modest financial risk profile marked by small net worth and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of CVT's promoters in
the IT industry.
Outlook: Stable

CRISIL believes that CVT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up
operations significantly while maintaining healthy profitability,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if CVT records low cash
accruals or undertakes a large debt-funded capital expenditure
programme, or if its working capital cycle lengthens, weakening
its financial risk profile.

CVT was incorporated in 1995 as Kaveri Infosys Pvt Ltd by Mr.
Thangamuthu and his friend Mr. Pasupathy and got its current name
in 2012. The company provides software solutions and services
mainly to the healthcare industry. Mr. Thangamuthu has experience
of around two decades in the application development industry. Mr.
Pasupathy is the founder promoter of CareVoyant Inc, which is a
US-based company that provides integrated healthcare solutions in
clinical, financial, and business intelligence.


HANUMAN FOODS: ICRA Reaffirms 'B' Rating on INR8cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR8.00
crore long term fund based limits and short term rating of [ICRA]
A4 to the INR1.00 crore of short term fund based limits of Hanuman
Foods.

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

   Short Term Fund
   Based Limits            1.00        [ICRA]A4 (reaffirmed)

The rating reaffirmation take into account the low value add
nature of operations and intensely competitive nature of the rice
milling industry which has led to low profitability margins. In
addition the company has high gearing arising out of large working
capital requirements which have primarily been funded by working
capital borrowings. Low profitability margins coupled with high
gearing has led to weak coverage indictors as reflected by low
interest coverage of 1.19 times during March 2015 (Provisional).
Nevertheless the ratings favourably take into account the long
standing experience of promoters with strong relationships with
several customers and suppliers coupled with proximity of the mill
to major rice growing area which results in easy availability of
paddy.

Hanuman Foods was established in the year 1998 as a partnership
firm with Mr. Sanjeev Kumar & Mr. Surender Kumar as partners.
Hanuman Foods is engaged in the business of processing and trading
of rice in domestic as well as overseas market to countries in
Middle East, Saudi Arabia, Dubai, Europe and Kuwait. The firm has
a milling capacity of 6 tonnes/hr for paddy at its manufacturing
unit at Nadana Road, Taraori, Karnal. HF sells its product under
the brand name of "Good luck".

Recent Results
HF on a provisional basis, reported a net profit (PAT) of INR0.13
crore on an operating income of INR56.26 crore in FY 2014-15 as
compared to net profit (PAT) of INR0.07 crore on an operating
income of INR37.96 crore in the previous year.


IMPEX METAL: ICRA Assigns 'D' Rating to INR249cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR78.65
crore term loans and INR249.00 crore fund based limits of Impex
Metal and Ferro Alloys Limited. Out of the INR249.00 crore fund
based limits, INR10.00 crore is interchangeable with Letter of
Credit limits, and the same has been rated at [ICRA]D on both the
long term and short term scales.  INR53.95 crore unallocated
limits of IMFAL have also been rated at [ICRA]D on both the long
term and short term scales. ICRA has also assigned a short term
rating of [ICRA]D to the INR118.40 crore letter of credit facility
of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans              78.65        [ICRA]D assigned
   Fund Based Limits      249.00        [ICRA]D assigned
   Letter of Credit       118.40        [ICRA]D assigned
   Unallocated             53.95        [ICRA]D assigned

The rating action reflects the current irregularities in IMFAL's
payments to its banks, as indicated by continued over-utilization
in some of its cash credit limits and regular devolvement of bills
under letter of credit. ICRA notes that although the company has
recently come under the purview of a debt restructuring programme
for its term loan limits, no restructuring is being undertaken for
the working capital limits as yet. The rating also takes into
account the adverse financial metrics of the company as reflected
by its loss making nature of operations, highly aggressive capital
structure and stretched liquidity position. Trading margins, which
contributed considerably to profits in past years, have witnessed
deterioration in recent quarters due to the prevailing weakness in
the ferro alloy and steel sectors. Additionally, ICRA notes that
IMFAL's non-integrated nature of operations exposes its margins
and cashflows to variability in raw material and power prices.
Moreover, the capacity utilization of the ferro alloy
manufacturing division has remained low since its establishment in
financial year 2012-13 (FY13) due to limited power linkage and
weak demand, notwithstanding the improvement recorded in FY15.
While assigning the ratings, ICRA has however taken note of the
experience of the promoters of the company in the steel and ferro
alloys industries, as well as the company's favourable debt
repayment schedule over the near term, in line with the debt
restructuring programme, which is likely to support the liquidity
position of the company going forward. However sizeable debt is
required to be serviced over the medium term.

IMFAL, promoted by the SKP group based out of Kolkata, West
Bengal, is enaged in the trading of ferro alloys and metals, as
well as the manufacturing of ferro silicon and silico manganese.
The company trades in all types of ferro alloys, including ferro
silicon, ferro manganese, ferro tungsten etc. It also acts as a
dealer of ferro silicon for Bhutan Ferro Alloys Limited and Bhutan
Carbide and Chemicals Limited in India. In the metal trading
segment, the company trades in all kinds of mild steel products,
including MS rounds, MS billets, etc. IMFAL's ferro alloy
manufacturing facility was established in FY13 and is located in
Andhra Pradesh. It comprises two 18 mega-volt ampere (MVA)
submerged arc furnaces.

Recent results
IMFAL registed a net loss of INR60.37 crore on an operating income
of INR792.46 crore in FY14. During FY13, the company had
registered a net loss of INR20.70 crore on an operating income of
INR963.45 crore.


J.M.D. CORPORATION: CRISIL Reaffirms B Rating on INR185MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
J.M.D. Corporation of India Ltd (JMD) continues to reflect JMD's
small scale of operations in the competitive and fragmented steel
trading industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           185       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    115       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's average financial risk
profile, marked by stretched liquidity and constrained by low
profitability. These rating weaknesses are partially offset by the
extensive industry experience of JMD's promoters.
Outlook: Stable

CRISIL believes that JMD will continue to benefit over the medium
term from its promoters' extensive industry experience in the
steel industry. The outlook may be revised to 'Positive' if the
company reports a substantial growth in revenue and improvement in
profitability, leading to better cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' if JMD's
financial risk profile, especially its liquidity, deteriorates
because of pressure on its cash accruals or a stretch in its
working capital cycle.

Update
In 2014-15 (refers to financial year, April 1 to March 31), JMD's
sales have increased to around INR1.16 billion from INR746 million
in the previous year due to higher volumes of steel products
traded. Extension of credit to customers helped the company to
achieve an operating margin of 2 per cent in 2014-15 against 1.4
per cent in 2013-14. CRISIL believes that JMD will be able to
maintain its scale of operations and profitability over the medium
term, supported by its promoters' extensive experience in the
steel industry.

JMD's financial risk profile remains average, with a modest net
worth of around INR41 million and a total outside liabilities to
tangible net worth ratio of around 6.2 times as on March 31, 2015;
its interest coverage ratio was low at around 1.4 times in 2014-
15. The company's liquidity remains stretched with modest expected
net cash accruals and high bank limit utilisation. The company is
expected to generate cash accruals of about INR4 million in 2015-
16 against which it has no term loan obligation. Its bank limits
remained highly utilised at an average of 96 per cent during the
12 months through March 2015 due to highly working-capital-
intensive operations.

JMD has provisionally reported a profit after tax (PAT) of INR4.4
million on net sales of INR1.16 billion for 2014-15; it had
reported a PAT of INR4 million on net sales of INR746 million for
2013-14.

JMD was incorporated in Thane (Maharashtra) in 2009, promoted by
Mr. Ashwini Agrawal and his family members. The company trades in
steel products, including steel scrap, thermo-mechanically treated
bars, hot-rolled and cold-rolled coils, steel sheets, steel beams,
and steel plates.


J.M.D. LAXMI: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of J.M.D. Laxmi
Enterprises (JMD) continues to reflect JMD's modest scale and
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the extensive experience of the
firm's proprietor in the iron and steel products trading industry.

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

   Proposed Long Term     50       CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that JMD will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
significant and sustainable improvement in its revenue and
profitability and a better capital structure. Conversely, the
outlook may be revised to 'Negative' if JMD registers a
considerable decline in its accruals or if its working capital
cycle lengthens, affecting its financial risk profile

Update
In 2014-15 (refers to financial year, April 1 to March 31), JMD
has registered a 13 per cent increase in its sales to around
INR744 million against INR656 million in the previous year. The
increase in sales was due to higher volumes of steel traded. The
firm's operating margin improved to around 2.7 per cent in 2014-15
driven by additional profit earned by providing extended credit to
customers. CRISIL believes that JMD will maintain its scale of
operations and profitability over the medium term, supported by
the extensive experience of its promoters in the steel trading
industry.

JMD's financial risk profile remains weak with a small net worth
estimated at around INR44 million and a high total outside
liabilities to tangible net worth ratio of above 5 times, as on
March 31, 2015; its interest coverage ratio is estimated to have
been low at around 1.4 times in 2014-15. The firm's liquidity
remains stretched with modest expected cash accruals of about INR4
million in 2015-16, against which there is no term loan
obligation. JMD's bank limits have remained fully utilised in the
12 months through March 2015 due to working-capital-intensive
operations.

JMD has provisionally reported a profit after tax (PAT) of INR4
million on net sales of INR744 million for 2014-15; it had
reported a PAT of INR3 million on net sales of INR656 million for
2013-14.

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically-treated bars, ingots, and billets,
among others. Mr. Agarwal oversees the firm's day-to-day business
operations. He has over a decade's experience in the steel trading
industry through his other group entities.


JAIHIND AUTOMATION: ICRA Suspends 'D' Rating on INR17.50cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR17.50 crore,
long term fund based bank facilities of Jaihind Automation Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Jaihind Automation Private Limited (JAPL) is engaged in the
manufacturing of Injection moulded plastic Components for
automobiles. The company was incorporated in 2006 by Mr. V.
Sugathan. The business was started in 1987 and was earlier carried
on under a proprietorship concern, M/s Jaihind Enterprises. The
company has three manufacturing units with Tata Motors Limited
being the key customer.


KGA INVESTMENTS: CRISIL Reaffirms B- Rating on INR960MM Loan
------------------------------------------------------------
CRISIL rating on the long-term bank facility of KGA Investments
(KGA) continues ti reflects KGA's risks associated with the
implementation as well as off take for its ongoing project, and
susceptibility to cyclicality in the commercial real estate
sector.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            960       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's partners and their financial
support.

Outlook: Stable

term by delays in project implementation and commencement of term
loan repayment. The outlook may be revised to 'Positive' if the
firm is able to generate adequate lease rentals from the project
sooner than expected. Conversely, the outlook may be revised to
'Negative' if there is any delay in infusion of funds by
promoters, adversely affecting its debt servicing ability.

Update
Till April 30, 2015 firm has finished 9 and half slabs after
ground floor and now company has to finished basic plumbing work,
electrical work and glass cladding; 90 percent of work on the
building has been completed. As a result implementation risk has
substantially reduced as entire construction is expected to be
completed by end July 2015.

Off take risk of the new commercial building continues to remain
moderate to high. Marketing for the new office space has not
commenced, it will begin only after glass cladding is completed
somewhere in 2nd quarter 2014-15. Project is situated on
Jogeshwari Vikroli Link Road (JVLR) road in Mumbai which is an
important and upcoming commercial area, this partially reduces the
off take risk. But with general slow-down in the real estate
market, ability of the firm to lease out office space in short
span is yet to be seen.

Repayment on the term debt of INR960 Million has commenced from
January 2014. As building is still under construction and no
rentals have started, partners has bought in funds of about
INR300.0 Million in 2013-14 & 2014-15 to pay term debt installment
on timely manner. Though partners have infused funds in to service
debt on timely manner but ability to bring in funds in timely
manner going forward till rental income starts will remain a key
rating sensitivity factor. Also going forward, with ballooning
repayment schedule, ability to refinance existing term debt is yet
to be seen.

KGA was set up as a partnership firm by members of the Kothari,
Gandhi, and Agarwal families in 2006 to construct and develop a
commercial real estate project on the Jogeshwari-Vikhroli Link
Road (JVLR) in Andheri East, Mumbai (Maharashtra).


KNR CONTRACTORS: ICRA Revises Rating on INR8.0cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR4.00
crore fund based limit, INR8.00 crore non fund based limit and
INR0.50 crore unallocated limits of KNR Contractors Private
Limited (KCPL) from [ICRA]B+ to [ICRA]B.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        4.00       revised to [ICRA]B from
                                       [ICRA]B+

   Unallocated Limits       0.50       revised to [ICRA]B from
                                       [ICRA]B+

   Non-Fund Based Limits    8.00       revised to [ICRA]B from
                                       [ICRA]B+

The revision in the rating factors in KCPL's stretched liquidity
position on account of high receivables and significant advances
paid to suppliers & subcontractors resulting in over utilization
of fund based limits. The rating is also constrained by low scale
of operations of the company and the significant decline in
operating income during FY2014 & FY2015 due to absence of new
orders and delay in execution of ongoing projects in the state of
Andhra Pradesh The rating is further constrained by the moderately
high TOL/TNW ratio of 2.11 times as on September 30, 2014 on
account of large payables to the subcontractors. The rating is
however supported by the longstanding experience of promoters in
bridge construction business and the company's healthy order book
(at 3.91 times of FY15 revenue as on April 01, 2015) providing
revenue visibility over the medium term.

Going forward, ability of the company to execute current orders in
a timely manner and manage the rising working capital requirement
would be key sensitivities.

KNR Contractors Private Limited (KNRCPL), incorporated in 2009,
specializes in the road over bridges, high level bridges and river
water intake well systems. Based out of Hyderabad, the company has
executed projects for the various government bodies in Andhra
Pradesh, Tamil Nadu and Karnataka and also sub-contracts from
various National Highways Authority of India concessionaires, and
EPC contractors for thermal power plants. The company has been
promoted by Mr. K Narasimha Reddy (MD). He has experience of over
thirty years in the construction of roads and buildings.

Recent results
According to provisional financials for H1 FY2015, the company
reported operating profit of INR0.80 crore on operating income of
INR7.23 crore as compared to operating profit of INR1.70 crore on
operating income of INR16.51 crore for FY2014.


LODHA DEVELOPERS: Moody's Affirms Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family
ratings of Lodha Developers Private Limited (LDPL).

Moody's has also affirmed the Ba3 rating of the US dollar-
denominated bonds issued by Lodha Developers International Limited
and guaranteed by LDPL.

The outlook on the ratings has been changed to negative from
stable.

'The change in outlook reflects the company's weaker-than-expected
cash collection for fiscal year ended 31 March 2015 (FY2015),
which makes it less likely that LDPL will improve its credit
metrics to a ratings-appropriate level by FY2017,' says Vikas
Halan, Moody's Vice President and Senior Credit Officer.

The company made collections of INR54 billion in FY2015, compared
to Moody's expectation of INR75-INR80 billion. This was lower than
the INR57 billion collected in FY2014.

Although LDPL did achieve sales of INR78 billion in FY2015 against
an expected INR80-INR85 billion, the sales mix did not support
high cash collection levels. The projects sold had fairly low
levels of mature inventory, which usually boosts collection
levels.

Cash collections for the residential real estate development
market in India are made at various pre-determined construction
milestones; slow construction progress hampered LDPL's collections
for certain flagship projects.

Although collections in FY2015 were sufficient to fund
construction costs and interest payments for the year, LDPL used
debt to fund its approximately INR30 billion in land payments.
This increased its borrowings by about INR26 billion, bringing
total debt to INR120 billion as of end-FY2015.

'We understand that the company is targeting INR120 billion in
sales for FY2016 and collections of INR100 billion, which includes
INR48 billion from sales already made for FY2015. This improvement
in sales is due to the sales launch in FY2016 for projects -- such
as World Towers, The Park including the Trump Towers, Pallava City
and the New Cuff Parade -- in advanced stages of construction,
which will result in higher collections,' says Halan, who is also
the lead analyst for LDPL.

In addition, the company will launch new projects on land parcels
acquired in FY2015 including Washington House and the land bought
from Clariant.

The company also intends to put a moratorium on further land
purchases in FY2016 and will use its cash surplus to reduce
borrowings by about INR20 billion.

LDPL's recognized revenue in FY2015 improved to INR63 billion from
INR47 billion in FY2014 as the company started recognizing revenue
from new projects such as the The Park, New Cuff Parade and
Pallava. In addition, EBITDA over the same period improved to
INR19 billion from INR11 billion.

As the company continues to recognize more revenue from both
existing projects and new sales, Moody's expect revenue and EBITDA
to increase over the next 12 months, which will improve its credit
metrics especially if the company reduces its borrowings as
planned.

LDPL's liquidity continues to remain weak with INR19.6 billion in
debt maturing over the next 12 months, compared to cash and cash
equivalents of INR4.3 billion. Most of this are bank loans at the
project level, which Moody's expect to be refinanced or repaid
with proceeds from other project loans.

The outlook on the ratings will move to stable if the company
achieves its sales and collection targets, and thereby reduces its
borrowings and improves its liquidity position.

The downward pressure on the ratings, however, will increase if
the company misses its targets substantially or makes further debt
funded land acquisitions. This pressure will further increase if
the company is unable to improve its liquidity position such that
its cash and cash equivalents exceed the amount of debt maturing
over the next 12 months.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

LDPL is the largest real estate developer in India in terms of
sales of residential apartments. For fiscal year ended March 31,
2015, the Company reported contracted sales of INR77.9 billion.
The company also has the largest land bank in the country,
totaling about 481 million square feet in saleable area as of
September 2014.

LDPL is focused on residential development in the Mumbai
Metropolitan Region with some projects in nearby Pune. More
recently, the company along with its promoters has expanded into
the London market by acquiring two properties, now in the process
of development. LDPL is privately held by the Lodha family.


MADHUVAN COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR5.00 crore cash
credit facility and INR2.50 crore demand loan against warehouse
receipt facility of Madhuvan Cotton Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             5.00         [ICRA]B reaffirmed
   Demand Loan WHR         2.50         [ICRA]B reaffirmed

The reaffirmation of rating factors in MCPL's modest scale of
operation and weak financial profile as reflected by low
profitability and leveraged capital structure leading to weak debt
coverage indicators. The rating is further constrained on account
of the regulatory risks associated with cotton exports as well as
the fragmented nature of the cotton ginning industry resulting in
high competitive intensity. Further, the company is exposed to
adverse movements in raw material (cotton) prices which coupled
with low value additive nature of the work, keeps the
profitability metrics and cash accruals at modest levels.
The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton and
presence in oil expelling providing revenue diversification.

Incorporated in 2003, Madhuvan Cotton Pvt. Ltd (MCPL) is engaged
in cotton ginning and crushing operation and is promoted by Mr.
Shashikant Mehta alongwith other shareholders. The manufacturing
facility of the company is currently equipped with 18 ginning
machines and 4 expellers with its plant located in Mahuva,
Gujarat.

Recent Results
For the year ended 31st March 2014, Madhuvan Cotton Private
Limited has reported an operating income(as per audited financial
statements) of INR26.53 crore and profit after tax of INR0.02
crore.


MADRAS HARDTOOLS: CRISIL Suspends B Rating on INR270MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Madras
Hardtools Pvt Ltd (MHPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4
   Cash Credit          270        CRISIL B/Stable
   Term Loan             10        CRISIL B/Stable

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

MHPL was originally set up as a partnership firm in 1972 by Mr. S
Badruddin and his son, Mr. B Ali Akbar, in Chennai (Tamil Nadu);
the firm was reconstituted as a private limited company in 1985.
MHPL trades in steel wire ropes, wires, and thimbles; trading
contributes about 90 per cent of its total revenues. The company
also manufactures wire ropes and slings, which are basic material-
handling tools used in lifting applications in offshore,
infrastructure, and heavy industries.


MAKHWAN METAL: CRISIL Reaffirms B- Rating on INR200MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Makhwan Metal
Trading Company Private Limited (MMTCPL) continues to reflect
MMTCPL's below-average financial risk profile marked by small net
worth and weak capital structure.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           200       CRISIL B-/Stable (Reaffirmed)

The rating also factors in MMTCPL's small scale of operations and
low profitability in the competitive and fragmented steel trading
business. These rating weaknesses are partially offset by the
extensive experience of MMTCPL's promoters in the steel trading
business.
Outlook: Stable

CRISIL believes that MMTCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company scales up its operations
significantly while improving its profitability, leading to
improved cash accruals and liquidity. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile,
especially liquidity, deteriorates because of pressure on cash
accruals or stretch in working capital cycle.

Update
In 2014-15 (refers to financial year, April 1 to March 31), MMTCPL
registered sales of INR1.2 billion, up significantly from INR657
million in the previous year due to consolidation of business in
the second year of business and higher volumes of steel traded.
Its operating margin improved to 1 per cent in 2014-15 from 0.4
percent in previous year, on account of credit extended to
customers. CRISIL believes that the extensive experience of
MMTCPL's promoters in the steel industry will help the company
maintain moderate scale of operations and profitability over the
medium term.

MMTCPL's financial risk profile remains weak, marked by modest net
worth of around INR54 million and high total outside liabilities
to tangible net worth ratio of 4 times as on March 31, 2015, and
low interest coverage ratio of 1.8 times for 2014-15. The
company's liquidity remains stretched, with modest expected net
cash accruals of close to INR6 million in 2015-16 against nil term
loan obligations. Its bank limits were utilised moderately, at an
average of 73 per cent over the four months through March 2015.

MMTCPL has reported profit after tax (PAT) and net sales of INR2
million and INR657 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31).

MMTCPL was incorporated in Thane (Maharashtra) in 2012 for trading
in steel products such as steel scraps, thermo-mechanically
treated bars, hot-rolled and cold-rolled coils, steel sheets,
steel beams, and steel plates. The company's promoters are Mr.
Nipun Agarwal and Mr. Punit Agarwal.


MANCHANDA MEDICOS: CRISIL Suspends B+ Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manchanda Medicos (MMD).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         20       CRISIL A4
   Letter of Credit       60       CRISIL A4
   Overdraft Facility     60       CRISIL B+/Stable

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

MMD was set up in 1988 as a partnership firm by Mr. Susheel
Manchanda and his family members. It trades in health sector
goods, such as medicines and surgical equipment.


MECWEL CONSTRUCTIONS: CRISIL Ups Rating on INR50MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mecwel Constructions (Mecwel) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'. The rating on the firm's short-term bank facilities
have been reaffirmed at 'CRISIL A4'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       15        CRISIL A4 (Reaffirmed)

   Long Term Loan       50        CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Overdraft Facility   35        CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in Mecwel's business
risk profile driven by a substantial and sustained increase in
scale of operations, while maintaining its profitability margins.
The upgrade also reflects the increase in Mecwel's net-worth,
which has enhanced its financial flexibility, and the subsequent
improvement in its capital structure. CRISIL believes that Mecwel
will sustain the improvement in its financial risk profile over
the medium term on the back of consistent growth in its net-worth
and absence of any large debt-funded capital expenditure (capex)
plan.

Mecwel's revenue is estimated to have registered a compounded
annual growth rate of around 23.0 per cent from 2012-13 (refers to
financial year, April 1 to March 31) to 2014-15, and its operating
profit margin is estimated to have remained stable at around 14.5
per cent over this period. CRISIL believes that the firm will
continue to register an annual revenue growth of around 15.0 per
cent over the medium term, given its order-book of INR450 million
(1.1 times its 2014-15 estimated revenues) as on March 31, 2015.
The operating profit margin of the firm is also expected to remain
at around 14.0 per cent over the medium term, as it will continue
to prudently bid for building its order book.

Mecwel's net-worth is estimated to have increased to INR80 million
as on March 31, 2015 from INR39 million as on March 31, 2013 on
the back of moderate accretion to reserves. Consequently, its
total outside liabilities to tangible net-worth (TOL/TNW) ratio is
estimated to have declined to 2.1 times as on March 31, 2015 from
2.6 times as on March 31, 2013. The TOL/TNW ratio of the firm is
expected to further decline to 1.8 times as on March 31, 2016
supported by consistent growth in its net-worth and absence of any
large debt-funded capex plan.

The rating reflects Mecwel's modest scale of operations in the
competitive engineering-procurement-construction industry, and its
large working capital requirements. The ratings of the firm are
also constrained on account of its average financial risk profile
marked by its small net-worth, modest TOL/TNW ratio, and moderate
debt protection metrics. These rating weaknesses of the firm are
partially offset by its promoters' extensive industry experience,
and its moderate order-book providing medium-term revenue
visibility.
Outlook: Stable

CRISIL believes that Mecwel will continue to benefit over the
medium term from its promoters' extensive industry experience and
its moderate order-book. The outlook may be revised to 'Positive'
if there is a sustained increase in the firm's profitability
margins, while it registers a healthy revenue growth, or there is
a sustained improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Mecwel, established in 1985, undertakes mechanical engineering
contracts for erection, commissioning, testing and maintenance of
structural works and electrical equipment. The firm primarily
caters to the power and sugar industries, and is based in
Hyderabad (Telangana). It currently has five partners - Mr. A.V.V.
Narayana, Mrs. A.Vijayalakshmi, Mr. P. Prasada Rao, Mr.
P.Shivaram, and Mr. P.Vijayaratnam.


MOHAN CHARITABLE: ICRA Assigns B- Rating to INR55cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR55.0
crore term loan of Mohan Charitable Educational Trust.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               55.00        [ICRA]B-; assigned

ICRA's rating is constrained by the low enrolments in the Trust's
school, with occupancy of 9% in AY* 2014-15, which has resulted in
cash losses. In the absence of adequate cash accruals and funding
support from promoters, the Trust has received additional funding
from the bank (Funded interest term loan of INR15.28 crore, over
and above the term loan of INR55 crore), which has also resulted
in increased repayment obligations. Thus, pending the ramp up of
occupancy and the associated revenue receipts, the Trust will
remain dependent on timely funding support from the promoters to
service the debt. The ratings, however, benefit from the
experience of the advisory board in the education sector, latest
CBSE affiliation received by the school, as well as its adequate
infrastructure, which may aid growth in enrolments.

Going forward MCET's ability to ramp up its revenue receipts,
generate adequate cash accruals, and alternatively receive timely
promoter support will be the key rating sensitivities.

MCET was formed in December 2009 to set up and carry out
operations of the 'Fortune World School' in Noida, Uttar Pradesh.
The school is spread across four acres and commenced admissions in
2012-13 for operations up to Class VII. The school has a CBSE
affiliation and has a capacity of 1200 students, with the present
student strength being 107.

Recent Results
MCET reported revenue receipts of INR0.37 crore with a net loss of
INR0.21 crore for FY14. The trust is estimated to report revenue
receipts of INR1.2crore for FY15.


NIRBAN REALTORS: CRISIL Assigns B+ Rating to INR100MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nirban Realtors and Developers (NRD). The
rating reflects NRD's exposure to risks related to implementation
of its ongoing project. This weakness is partially offset by the
prime location of NRD's project and the funding support the firm
receives from its promoter.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that NRD will continue to benefit from the prime
location of its project. The outlook may be revised to 'Positive'
in case of better-than-expected booking of units and receipt of
customer advances, leading to substantial cash inflows along with
timely execution of its ongoing projects. Conversely, the outlook
may be revised to 'Negative' in case of significant deterioration
in the firm's liquidity due to delays in project completion or in
receipt of customer advances.

Established in 2008, NRD is a proprietorship firm of Mr. Mohammed
Husain Jalaluddin Nirban. The firm undertakes residential real
estate development and is implementing a redevelopment project at
Byculla in Mumbai.


OTIRA PHARMACEUTICALS: CRISIL Suspends D Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Otira Pharmaceuticals Pvt Ltd (OPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL D
   Letter of Credit      50        CRISIL D

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

Incorporated in 1987, OPPL trades in pharmaceutical chemicals. The
company is managed by Mr. Vamsi Krishna.


PAL PRATEEK: CRISIL Ups Rating on INR50MM Loan to 'B+'
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pal Prateek Auto Sales Pvt Ltd (PASL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          10        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Electronic Dealer    50        CRISIL B+/Stable (Upgraded from
   Financing Scheme               'CRISIL B/Stable')
   (e-DFS)

The rating upgrade reflects CRISIL's belief that PASL will
generate sufficient accruals to meet its debt obligations and
sustain its liquidity over the medium term, driven by ramp-up in
operations with substantial growth in operating revenue. PASL
revenues has more than doubled since 2012-13, its first year of
operations, recording a turnover of more than INR230 million in
2014-15 (refers to financial year, April 1 to March 31), albeit on
a small base, sustaining its profitability.

The rating continues to reflect PASL's weak financial risk profile
marked by high TOL/TNW and weak debt protection metrics and its
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of PASL's promoters in the
automobile dealership business and their funding support to the
company if needed.
Outlook: Stable

CRISIL believes that PASL will continue to benefit over the medium
term from its promoters' extensive experience and their funding
support. The outlook may be revised to 'Positive' if the company
improves its financial risk profile, most likely because of ramp-
up in operations and improvement in operating margin, or witnesses
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if PASL's financial risk profile
deteriorates, most likely because of low cash accruals, large
working capital requirements, or debt-funded capital expenditure.

PASL, established in 2012, is an authorised dealer for NMPL's
passenger cars in the Kumaon region (Uttarakhand). It has one
showroom and authorised service station at Haldwani in Nainital
(Uttarakhand). The company is promoted by Mr. Suresh Pal and his
wife, Mrs. Meera Pal. PASL commenced operations in August 2012.


PHOTON ENERGY: CRISIL Ups Rating on INR60MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Photon Energy Systems Ltd (Photon) to 'CRISIL B-/Stable' from
'CRISIL C'. The rating on the company's short-term bank facilities
has been reaffirmed at 'CRISIL A4'

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       160       CRISIL A4 (Reaffirmed)

   Cash Credit           60       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Letter of Credit     300       CRISIL A4 (Reaffirmed)

   Proposed Long Term    57.7     CRISIL B-/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL C')

   Working Capital       20.0     CRISIL B-/Stable (Upgraded
   Demand Loan                    from 'CRISIL C')

The rating upgrade reflects the timely servicing of debt by Photon
over the last six months ended May 2015. The upgrade also reflects
CRISIL's belief that Photon will continue to service its debt in a
timely manner, with its cash accruals expected to be sufficient to
meet its maturing debt obligations.

The ratings continue to reflect Photon's large working capital
requirements and the susceptibility of its profitability margins
to volatility in raw material prices and fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
Photon's established presence in the solar energy systems market.
Outlook: Stable

CRISIL believes that Photon will continue to benefit over the
medium term from its promoters extensive industry experience, and
its longstanding relations with customers. The outlook may be
revised to 'Positive' if the company registers a substantial and
sustained increase in its scale of operations, while maintaining
its profitability margins, or there is a sustained improvement in
its working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

Photon was set up in 1995 by Mr. N Purushottam Reddy and his
family members. The company manufactures and assembles solar
energy systems at its facility in Hyderabad (Telangana). The
company also operates a 1-megawatt solar power plant in the Ranga
Reddy district in Telangana.


POCHIRAJU INDUSTRIES: CARE Cuts Rating on INR44.73cr Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pochiraju Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     44.73      CARE D Revised from
                                            CARE BB

Rating Rationale
The revision in the ratings of Pochiraju Industries Limited (PIL)
takes into account delays in servicing of debt obligations owing
to the stretched liquidity position of the company.

PIL, promoted by Mr P. Sudhakar of Hyderabad, was incorporated on
May 4, 1995, as Pochiraju Flori-Tech Limited and was renamed to
the current nomenclature on September 10, 2003. PIL started
operations from 1998 with cultivation and processing of cut
flowers (mainly roses) and trading of fruits and vegetables (F&V)
at its facilities located at Sathyamangalam Village, Karnataka.
The said business activity is operated under the name of Agropil
division.

Subsequently, in August 2012, the company added Bio-Pharma segment
to its business activities by setting up manufacturing facilities
(with a capacity of 1.2 million doses) for bio-pharma products in
anti-coagulants and probiotics segment.

During FY15 (refers to the period April 1 to March 31), PIL
achieved a total income of INR139.12 crore (FY14: INR119.74
crore) and PAT of INR1.14 crore (FY14: INR10.36 crore).


PRAYAS STEELS: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Prayas Steels
Pvt Ltd (PSPL) continues to reflect PSPL's average financial risk
profile marked by leveraged capital structure and weak debt
protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations in the intensely competitive steel trading business
leading to low profitability. These rating weaknesses are
partially offset by the extensive experience of PSPL's promoters
in the steel trading business and the company's efficient working
capital management.
Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant growth in revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if PSPL's financial risk profile
weakens because of lengthening of its working capital cycle or if
the company registers low revenue and profitability margins.

Set up in 2005, PSPL is promoted by Mr. Dev Dutt and his family
members. The company trades in iron and steel products. It sells
its products mainly to clients manufacturing automotive
components.


R.D. GOEL: CRISIL Cuts Rating on INR54.4MM LT Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R.D. Goel and Company Private Limited (RDG) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'. The rating on the company's
short-term bank facilities has been reaffirmed at 'CRISIL A4'.

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

   Cash Credit          40        CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Proposed Long Term   54.4      CRISIL B/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL B+/Stable')

   Term Loan            45.0      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The rating downgrade reflects the weakening in RDG' liquidity with
its cash accruals expected to tightly match its maturing term debt
repayment obligations. CRISIL believes that the company will need
fresh capital from its promoters, or will have to register a
sustained improvement in its cash accruals, to alleviate the
pressure on its liquidity.

The company is estimated to have registered cash accruals of INR12
million in 2014-15 (refers to financial year, April 1 to March
31). Though the cash accruals of the company are expected to
increase in 2015-16 supported by modest improvement in operating
profit margins, the same are expected to tightly match its
maturing term debt repayment obligations of INR11 million.

The ratings continue to reflect the company's modest scale of
operations in a fragmented industry, large working capital
requirements, and the susceptibility of its operations to
cyclicality in the economy. The rating of the company is also
constrained on account of its average financial risk profile
marked by its small net-worth, modest gearing, and average debt
protection measures. However, the company benefits from the
extensive experience of its promoters in the road transport
industry.
Outlook: Stable

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

RDG was set up in 1988 by Mr. Ashok Goel and family members. The
company provides road transport services, and operates a fleet of
trucks and trailers. It is based in New Delhi.


RADIANT INFO: CRISIL Cuts Rating on INR40MM Term Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Radiant Info Systems Ltd (Radiant) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed its rating on the company's
short-term bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4 (Reaffirmed)

   Cash Credit           25        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Term Loan     40       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan              20       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in Radiant's financial
risk profile owing to continued pressure on its profitability.
Radiant's losses were estimated at INR0.7 million in 2014-15
(refers to financial year, April 1 to March 31) due to losses at
the operating level. Despite moderate operating profitability
expected over the medium term, the financial risk profile will
likely remain constrained by the modest scale of operations and
accretions to reserves.

The ratings reflect the company's modest scale of operations and
below-average financial risk profile marked by declining net
worth. These rating weaknesses are partially offset by Radiant's
established market position, backed by long-term contracts with
state transport corporations for providing online reservation
systems (ORS), the launch of an integrated bus-ticketing portal,
and the promoters' experience in the information technology (IT)
industry.
Outlook: Stable

CRISIL believes that Radiant will continue to benefit from its
promoters' extensive experience in the IT industry. The outlook
may be revised to 'Positive' if sustained improvement in scale of
operations and profitability leads to stronger cash accruals and
therefore, liquidity. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens as a result of low cash accruals, or large debt-funded
capital expenditure or working capital requirements.

Incorporated in 1997 as Radiant Info Systems Ltd, Radiant was
reconstituted as a closely held public limited company in 2008.
The company, promoted by Mr. Venu Myneni, Mr. Vinod Koduru and Mr.
C. Narayanacharyulu, has its headquarters in Bengaluru. Radiant
provides IT solutions with focus on transportation and logistics,
e-governance and smart cards. The company provides ORS to state
road corporations including those of Karnataka, Tamil Nadu and
Gujarat.


S C R NIRMAN: CRISIL Cuts Rating on INR60MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S C R Nirman Pvt Ltd (SCRN) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      125        CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit          60        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Long Term Loan       10        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Proposed Cash        25        CRISIL B+/Stable (Downgraded
   Credit Limit                   from 'CRISIL BB-/Stable')

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

There has been a stretch in the company's working capital cycle as
reflected in an increase in its gross current assets (GCAs) to an
estimated 222 days as on March 31, 2015, from 140 days as on March
31, 2014. The GCAs increased on account of delays in realisation
of payments from its clients. The stretch in the working capital
cycle resulted in almost full utilisation of the company's bank
limits over the nine months ended May 2015.

The ratings reflect SCRN's large working capital requirements, its
modest scale of operations, high degree of customer concentration
in its order book, and its exposure to intense competition in the
construction industry. These rating weaknesses are partially
offset by the extensive experience of SCRN's promoters in the
construction industry, and its healthy order book providing
medium-term revenue visibility.
Outlook: Stable

CRISIL believes that SCRN will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if there is sustained
improvement in the company's working capital cycle, or sustained
increase in its scale of operations and profitability margins.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in SCRN's profitability margins or significant
deterioration in its liquidity, caused most likely by a further
stretch in its working capital cycle.

SCRN was set up in 2009 by Mr. S Chenna Reddy. The company lays
railways tracks, and mainly caters to South Central Railways,
South West Railways, and Eastern Railways. It is based in
Secunderabad (Telangana).


SAHAKAR MAHARSHI: CARE Assigns B- Rating to INR35cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Sahakar
Maharshi Shankarrao Mohite Patil Ssk Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   (Fund-based)                  35.00      CARE B- Assigned

Rating Rationale
The rating assigned to the bank facilities of Sahakar Maharshi
Shankarrao Mohite Patil SSK Limited (SMSSKL) is constrained by its
financial risk profile marked by decline in revenue and net loss
during FY14 (refers to the period April 1 to Match 31) and FY15
(Estimated), highly leveraged capital structure, working capital
intensive nature of operations and seasonal and cyclical nature of
the sugar industry.

The rating, however, derives strength from the long and
established track record of the promoters in the sugar industry,
fully-integrated business model of sugar mill resulting in de-
risking of the core sugar business to a certain extent and
strategic location of the sugar factory in the area of high
recovery sugar cane.

The ability of SMSSKL to procure the envisaged volume of sugar
cane at the envisaged price, improve its profitability margins,
debt protection matrices and effectively manage working capital
cycle are the key rating sensitivities.

Sahakar Maharashi Shankarrao Mohite Patil SSK Limited (SMSSKL) was
incorporated in the year 1960 by Mr Shankarrao Mohite Patil to
undertake the manufacturing of sugar and related products at
Village Yashwantnagar, Taluka Malshiras, Solapur, Maharashtra. The
first crushing season of the factory was conducted in the year
1963 with an installed capacity of 1000 tonnes of cane crushed per
day (TCD). The crushing capacity was subsequently enhanced in
stages, with the capacity as on March 31, 2015 at 7,500 TCD. In
year 2009, SMSSKL also commissioned a 60 kilo-litre per day (KLPD)
distillery unit and installed a baggase fired co-generation unit
with an installed capacity of 33 Mega-watts (MW).
Presently SMSSKL is spearheaded by Mr Jaysingh Mohite Patil
(Chairman), Mr. Rajendra Nanasaheb Yadav (Managing Director) and
Mr. Vijaysingh S. Mohite Patil (Director). The fully integrated
sugar plant of SMSSKL is located in Village Yashwantnagar, Taluka
Malshiras, Solapur, Maharashtra.

In the sugar season (SS) 2014-15, SMSSKL crushed sugarcane to the
tune of 14.06 lakh Metric Tonnes (MT) with an average recovery
rate of 11.15% with sugar production to the tune of 1.57 lakh MT
as per the crushing report dated March 31, 2015. During FY14,
SMSSKL reported a loss of INR6.28 crore on a total operating
income of INR452.11 crore.


SHREE DATTA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Datta
Fertilizers and Chemical Pvt Ltd (SDFCPL) continues to reflect
SDFCPL's modest scale of operations, large working capital
requirements, and the susceptibility of its operating performance
to the level of agricultural activity in and around Vidarbha
(Maharashtra).

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

The rating also factors in SDFCPL's susceptibility to regulatory
changes affecting raw material procurement and its weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SDFCPL's promoter in the fertiliser
and chemical business and the healthy demand for granular
fertilisers.
Outlook: Stable

CRISIL believes that SDFCPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
the healthy demand for granular fertilisers. The outlook may be
revised to 'Positive' if the company significantly improves its
revenue and net cash accruals, while maintaining its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SDFCPL's scale of operations declines,
or its working capital cycle lengthens, or it contracts
considerable debt.

Update
SDFCPL's revenue increased to about INR130 million in 2014-15
(refers to financial year, April 1 to March 31) from INR110
million in 2013-14. The modest revenue was mainly on account of
increase in prices of key raw materials. However, the company's
operating margin is estimated to have remained healthy, at about
13 per cent, for 2014-15.

SDFCPL's financial profile remains moderate, marked by estimated
moderate net worth of INR111 million and low gearing of 0.6 times
as on March 31, 2015. However, due to higher finance costs and
large working capital requirements resulting in moderate debt, the
company's interest coverage and net cash accruals to total debt
ratios remained average, at 1.7 times and 8 per cent,
respectively, in 2014-15

As on March 31, 2015, SDFCPL had estimated large inventory of
around 400 days on account of shortage of raw material as well as
the seasonal nature of fertiliser sales. Due to modest net cash
accruals vis-a-vis large working capital requirements, the
company's bank limits were utilised extensively during the peak
season from November to June, at around 90 per cent; the overall
utilisation was 77 per cent during the 12 months through October
2014. However, SDFCPL's liquidity is adequate, marked by nil debt
obligations and no capital expenditure plans.

SDFCPL was set up by Mr. Ashok Ratanlal Soni in 1999. It
manufactures nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilisers. The company sells these fertilisers primarily
through a network of dealers in and around Vidarbha.


SHREE JALARAM: CRISIL Reaffirms B+ Rating on INR49.5MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Jalaram
Knitting (SJK) continues to reflect SJK's small scale of
operations, susceptibility to intense industry competition, and
weak financial risk profile marked by high gearing and muted debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SJK's promoters in the textiles
industry.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         30         CRISIL B+/Stable (Reaffirmed)
   Term Loan           49.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SJK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's capital
structure improves significantly, backed by equity infusion or
large accretion to reserves, or if its revenue improves
substantially while improving its operating margin. Conversely,
the outlook may be revised to 'Negative' if SJK's profitability
declines or capital structure deteriorates because of large
working capital requirements or considerable debt-funded capital
expenditure (capex).

Update
SJK, on a provisional basis, till February 28, 2015, reported net
sales of INR168 million as against INR227.7 million for 2013-14
(refers to financial year, April 1 to March 31). The revenue
growth over the medium term is expected to remain moderate as the
firm is operating at 100 per cent capacity and there are no plans
for an increase in capacity. The firm reported an operating margin
of 7.1 per cent for 2013-14 and is expected to report a margin of
around 7.5 per cent over the medium term.

SJK's gross current assets (GCAs) were at 116 days as on March 31,
2014 led by better debtors. The firm's liquidity remains
comfortable owing to bank limit utilisation at 59 per cent, on
average, for the 11 months through February 2015, and sufficient
cash accruals to repay the maturing term debt obligations of
INR9.3 million. SJK's financial risk profile remains weak because
of high gearing, which as on March 31, 2014 was at 2.67 times on
account of debt-funded capex the firm undertook over the past two
years. CRISIL expects SJK's gearing to improve over the medium
term with no large debt-funded capex, and moderate accretion to
reserves. The firm's debt protection metrics remain moderate, with
a net cash accruals to total debt ratio of around 0.16 times and
an interest coverage ratio of around 6.5 times in 2013-14. CRISIL
expects SJK's debt protection metrics to moderate over medium term
with moderate operating profitability.

SJK reported a profit after tax (PAT) of INR3 million on net sales
of INR227.7 million for 2013-14 as against a PAT of INR0.7 million
on net sales of INR57.3 million for 2012-13.

SJK is a partnership firm set up in November 2011 by Mr. Samir
Patel, Mr. Ketan Patel, and others. The firm manufactures grey
fabrics for sarees and other women's wear. SJK has a knitting unit
in Surat (Gujarat).


SHREE JAYSUNDAR: CRISIL Suspends 'D' Rating on INR67MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Jaysundar Mills Private Limited (SJMPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                20        CRISIL D
   Long Term Loan             67        CRISIL D
   Standby Line of Credit      3        CRISIL D

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

Set up in 2007, SJMPL manufactures cotton yarn in counts ranging
from 40s to 100s. The day-to-day operations of the company are
managed by the managing director, Mr. S Sundaramoorthy.


SHRIRAM WAREHOUSING: CRISIL Reaffirms B- Rating on INR112.4M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shriram
Warehousing Pvt Ltd (SWPL) continues to reflect the limited
cushion between SWPL's rental income and its debt obligations, its
dependence on continued association with reputed clients for its
revenue, and its exposure to risks related to the demand-supply
dynamics of warehousing space in its region of operations.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           112.4      CRISIL B-/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile, marked by a modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of SWPL's promoters in the
logistics industry.
Outlook: Stable

CRISIL believes that SWPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in the company's margins and accruals, leading
to improvement in its debt servicing ability. Conversely, the
outlook may be revised to 'Negative' if there are delays in
receipt of rentals from clients or termination of lease
agreements, impairing SWPL's ability to service its debt in a
timely manner.

SWPL, set up in 1983 by the Kolkata (West Bengal)-based Agarwal
family, is engaged in the warehousing business. The company
currently has one warehouse which has been leased to Whirpool
India Ltd, Berger Paints India Ltd, and J M Warehousing Pvt Ltd.
Its day-to-day operations are managed by Mr. Saurabh Agarwal and
his wife, Mrs. Gaurangi Agarwal.


SUN PARTICLE: CRISIL Assigns B- Rating to INR73.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Sun Particle Board Pvt Ltd (SPBPL).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           73.5       CRISIL B-/Stable
   Bank Guarantee       5.5       CRISIL A4
   Cash Credit         20.0       CRISIL B-/Stable

The ratings reflect the implementation and offtake risks
associated with SPBPL's project in the competitive particle board
industry. The ratings also factor in the company's expected weak
financial risk profile, marked by high gearing and small net
worth. These rating weaknesses are partially offset by SPBPL's
promoters established relationship with the customers, and its
locational advantage.
Outlook: Stable

CRISIL believes that SPBPL will continue to benefit over the
medium term from SPBPL's promoters established relationship with
the customers, and its locational advantage. The outlook may be
revised to 'Positive' if the company successfully stabilises with
improvement in its revenue and profitability leading to higher-
than-expected net cash accruals, while prudently managing its
working capital, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overrun of its ongoing project, or if SPBPL
generates low cash accruals or if there is a substantial increase
in its working capital requirements, resulting in weakening of its
liquidity.

SPBPL was incorporated in 2012 by Mr. Dayalal Maganlal Jakasaniya
and Mr. Amitbhai Dineshbhai Bhanvadiya of Gujarat. The company is
setting up a project for manufacturing wooden particle board and
plywood sheets. The project is expected to be completed by
September 2015 and commercial operations would begin from October
2015.


TATA CHEMICALS: Moody's Says FY2015 Results Below Expectation
-------------------------------------------------------------
Moody's Investors Service said that Tata Chemicals Limited's (Ba1
stable) results for the fiscal year ended March 31, 2015 (FY2015),
although improved from FY2014, were slightly below expectation.

"Tata Chemicals' EBITDA margin improved at a slower rate than we
had expected in FY2015, while delayed payments of fertilizer
subsidies led to an increase in net debt," says Kaustubh Chaubal,
a Moody's Vice President and Senior Analyst.

"However, more timely subsidy payments and improving conditions at
its North American, European and African operations should further
improve Tata Chemicals' operations in FY2016," adds Chaubal.

Chaubal was speaking on the release of a new report on Tata
Chemicals, entitled "India - Tata Chemicals Limited: Profitability
Strengthens in FY2015, but Slightly Lags Expectations". The report
was authored by Chaubal and Vincent Tordo, a Moody's Associate
Analyst.

Tata Chemical's consolidated results showed revenue up 8% year-on-
year to INR172 billion, and reported EBITDA up 19% to INR21.6
billion.

Although the company's EBITDA margin improved to 12.5% in FY2015
from 11.4% last year, the margin was slightly below Moody's
expectations and the 15%-16% achieved in FY2013 and FY2012.

By region, Tata Chemicals North America, Inc.'s (TCNA, Ba3 stable)
US sales volumes were flat, mainly because extreme weather
conditions interrupted operations at its boiler plant in Wyoming.

But with production issuers sorted, FY2016 sales volumes already
tied up, and a shrinking capacity in the overall soda ash market,
Moody's expects TCNA's EBITDA margins to improve from the current
23%.

The company's African sales volumes were down 22%, but Moody's
expects the restructuring of its Kenya operations should improve
its operations in the region. Similarly, sales volumes for the
company's European business were down 26%, but the installation of
a power generating turbine in the UK by September 2015 should
support its operations there.

Finally, while subsidy receivables for its Indian fertilizer
business increased to INR19.7 billion from INR18 billion, and net
debt increased to INR69 billion from INR66 billion, quicker
subsidy payments going forward and the government's new gas
pooling policy for the urea sector should reduce working capital
needs, improve liquidity, and support EBIT margins.

The new gas pooling policy, in effect since 1 June, will enable
Tata Chemicals to run its plants at full capacity, making it
economic to produce beyond cut-off capacity. As a result, Moody's
expects the fertilizer business could return to the 7%-9% EBIT
margins achieved in FY2012 and FY2013, from 5% in FY2015.


V. M. STAR: CRISIL Reassigns B+ Rating to INR150MM Bill Loan
------------------------------------------------------------
CRISIL has reassigned its rating on the bank facilities to
V. M. Star (VMS) to 'CRISIL B+/Stable'; the facilities had earlier
been rated at 'CRISIL A4'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bill Purchase-       150       CRISIL B+/Stable (Reassigned)
   Discounting
   Facility

CRISIL's rating on the long-term bank facilities of VMS continues
to reflect VMS's below-average financial risk profile marked by
its small net worth, high total outside liabilities to tangible
net worth ratio, and average debt protection metrics. The rating
is also constrained by the firm's modest scale of operations, its
large working capital requirements, and its exposure to intense
competition in the diamond trading segment resulting in its modest
profitability margins. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
diamond industry, and its established relations with customers.
Outlook: Stable

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

VMS, set up as a partnership firm in 1993, trades in diamonds. The
firm currently has two partners -- Mr. Mahesh Adani and Mr. Vasant
Doshi. The firm is based in Mumbai, Maharashtra.


VAIDHATRU PHARMA: CRISIL Reaffirms 'D' Rating on INR95MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vaidhatru
Pharma Private Limited (VPPL) continues to reflect instances of
delay by VPPL in repayment of its term debt. The delays were
caused by the company's weak liquidity, driven by its large
working capital requirements and low capacity utilisation.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL D (Reaffirmed)
   Cash Credit          30         CRISIL D (Reaffirmed)
   Long Term Loan       95         CRISIL D (Reaffirmed)

VPPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the fragmented pharmaceutical industry.
However, the company benefits from the extensive industry
experience of its promoters.

Incorporated in 2007, VPPL is promoted and managed by Mr. T
Sudhakar Babu. The company has it registered office in Hyderabad
(Telangana) and has recently set up a bulk drugs manufacturing
facility in Raichur (Karnataka). The facility started operations
in March 2013.


YASH AUTOMOTIVE: CARE Assigns 'B' Rating to INR14.98cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Yash
Automotive Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.98      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Yash Automotive
Private Limited (YAPL) is constrained by weak financial profile
marked by low profitability margins and leveraged capital
structure. Furthermore, the rating is constrained by working
capital intensive nature of operation and intense competition in
the industry.

However, the rating derives strength from the promoters'
experience, established track record of operations and long
standing relationship with Tata Motors Limited (TML).

The ability to consistently scale-up the operations with
improvement in the profitability margins and effective working
capital management will be the key rating sensitivities.

YAPL was promoted by Mr Sanjay Kumar in 2002 as an authorized
dealer of TML. YAPL is engaged in the sale of passenger
and commercial vehicles, sale of spare parts and servicing of
vehicles.

YAPL operates four showrooms in Uttar Pradesh viz. one each at
Mirzapur, Bhadohi and two at Sonebhadra. Each showroom has
attached workshop and stockyard. Apart from the above, the company
operates one workshop, five sales outlets and two mobile service
vehicles.

YAPL was promoted by Mr Sanjay Kumar in 2002 as an authorized
dealer of TML. YAPL is engaged in the sale of passenger
and commercial vehicles, sale of spare parts and servicing of
vehicles.

YAPL operates four showrooms in Uttar Pradesh viz. one each at
Mirzapur, Bhadohi and two at Sonebhadra. Each showroom has
attached workshop and stockyard. Apart from the above, the company
operates one workshop, five sales outlets and two mobile service
vehicles.

During FY14 (refers to the period April 01 to March 31), the
company reported PAT of INR0.1 crore (PY: loss of INR0.6
crore) on the total operating income of INR131.3 crore (PY:
INR206.6 crore). During 9MFY15 (provisional), the company has
reported total operating income of INR83.9 crore with a PAT of
INR0.8 crore.



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


BANK DANAMON: S&P Affirms 'BB' Counterparty Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term and 'B' short-term counterparty credit ratings on
PT Bank Danamon Indonesia Tbk. (Danamon).  S&P also affirmed its
'axBBB-' long-term and 'axA-3' short-term ASEAN regional scale
ratings on the bank.  S&P then withdrew the ratings at the bank's
request.  The outlook on the long-term counterparty credit rating
was stable at the time of the withdrawal.

At the time of the withdrawal, the ratings reflected the 'bb'
anchor S&P applies to financial institutions operating in
Indonesia and the bank's "strong" business position, "adequate"
capital and earnings, "moderate" risk position, "average" funding,
and "adequate" liquidity, as S&P's criteria define these terms.

The stable outlook reflected S&P's opinion that Danamon's business
and financial position will remain consistent with the rating
level over the next 12 months despite difficult domestic operating
conditions.


SOECHI LINES: Moody's Assigns (P)B1 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a first time (P)B1 provisional
corporate family rating to PT Soechi Lines Tbk. (Soechi) and a
provisional (P)B1 rating to the proposed $200 million senior
unsecured notes of Soechi Capital B.V., a wholly owned subsidiary
of Soechi. The rating outlook is stable.

Proceeds from the issuance of the notes will be used to repay
outstanding secured debt, acquire vessels, fund the interest
service account and pay transaction fees. The notes will be
guaranteed by Soechi and substantially all its subsidiaries on a
senior unsecured basis.

Moody's will remove the provisional rating status upon completion
of the issuance and satisfactory review of the final
documentation.

"The (P)B1 CFR reflects the predictability of Soechi's revenues
over the next 18-24 months, underpinned by long term time charter
contracts on its existing fleet of 35 vessels at March 31, 2015,
strong profitability margins and high barriers to competition due
to favorable industry regulations, particularly the cabotage laws,
which mandate the use of Indonesia-flagged vessels for domestic
sea freight transportation" says Brian Grieser, a Vice President -
- Senior Analyst at Moody's.

For 2014, time charter contracts accounted for 61% of shipping
revenues, but 51.2% of total revenue and 87% of vessels on a dead
weight tonnage (DWT) basis. As of April 30, 2015, Soechi's time
charter contracts had a weighted average remaining life of 5.6
years weighted by contract value, including any optional extension
periods. While certain time charter contracts begin to mature in
2015, Moody's expect growing consumption of oil and gas in
Indonesia to support increased demand for Soechi's vessels.
Accordingly, Moody's expect renewal and utilization rates to
remain high and revenue to be predictable over the near term.

"Nonetheless, ratings are constrained at (P)B1 due to Soechi's
small scale relative to global rating peers and high proforma
leverage, of roughly 4.3x debt-to-EBITDA, which has been incurred
to fund fleet expansion and the recent startup of shipbuilding
operations" adds Grieser, also Moody's Lead Analyst for Soechi.
"We expect Soechi to grow its fleet over the next few years but do
not expect the vessel purchases to require incremental debt or to
be acquired without underlying time charters in place."

Furthermore, the ratings also take into account Soechi's high
customer and vessel concentration, with Pertamina (Persero) (P.T.)
(Baa3 stable) accounting for over 50% of revenues in 2014 and the
two Very Large Crude Carriers (VLCC) for an estimated 25% of
shipping revenue in 2015.

Pertamina is the state owned oil and gas company in Indonesia
responsible for processing all the oil and gas within the country.
Soechi benefits from its longstanding relationship with Pertamina
with its established track record of time charter contract
renewal. This relationship is now being expanded into Soechi's new
shipyard business as Pertamina has placed 3 of the 5 initial
vessel orders currently being worked on by Soechi.

While most of the capital spending with regard to the shipyard
business has been completed, Soechi's entrance into shipbuilding
entails execution risk given the competitiveness of the bidding
process for new vessels, the complexity and duration of the new
vessel construction projects and the company's lack of a track
record in executing its order book.

"The stable outlook is supported by the expectation that Soechi
will continue to develop its relationship with Pertamina and will
have adequate revenue visibility from its time charter contracts,"
says Grieser. "The outlook also takes into account the risk
factors arising out of the formative stage of the capital
intensive shipbuilding business and its relatively small
contribution to the overall earnings."

The (P)B1 rating on the $200 million senior unsecured notes due
2020 reflects Moody's expectation that secured debt will benefit
from encumbrances on 15% to 20% of total assets following the
proposed notes issuance. As such, Moody's expect unencumbered
assets to provide sufficient coverage of unsecured notes and
therefore have rated the notes at the same level as the CFR. Any
significant increase in the amount of secured debt could result in
the lowering of bond ratings.

The rating could be upgraded if management continues to
successfully grow its shipping business while lowering leverage.
Given Soechi's small scale and customer and vessel concentration,
Moody's would expect debt-to-EBITDA leverage to be around 3.0x on
a sustainable basis and interest coverage measured as (FFO +
Interest)-to-Interest Expense over 4.0x before considering an
upgrade. Furthermore, an upgrade is unlikely before its shipyard
business can demonstrate its ability to execute its orders in a
timely and profitable manner as well as sustain a modest backlog.

The rating could be downgraded if the company raises debt levels
to fund new tanker acquisitions over the next 12-18 months or its
shipbuilding business fails to meet its new build terms and is
required to reimburse any installment payments to customers.
Furthermore, downward pressure on the ratings could build should:
1) any legislative development arise that loosens cabotage laws;
2) Pertamina shifts management of its fleet such that it reduces
its exposure to Soechi; or 3) either of Soechi's two VLCC's are
out of service for an extended period.

In terms of credit metrics, debt-to-EBITDA leverage exceeding 5.0x
or interest coverage below 2.25x could lead to a downgrade.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Soechi, headquartered in Jakarta, Indonesia, provides
transportation services across the entire value chain in the oil
and gas industry including transportation of crude oil from the
producing fields to the refineries, petroleum products from the
refineries to the end customers, petrochemicals and LPG
distribution. As of march 31, 2015, the company operates a fleet
of 35 vessels comprising 18 oil tankers, 12 chemical tankers, 3
gas tankers and 2 Floating Storage and offloading units having a
total capacity of 1.34 million DWT. Soechi also operates a
shipbuilding and maintenance business through its 99.99%
subsidiary PT Multi Ocean Shipyard and has its shipyard in
Karimun, in Malacca strait in close proximity to Singapore.



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


PAN OCEAN: Harim to Acquire 58% Shares in Shipping Firm
-------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that Harim, South Korea's
largest poultry breeder and animal feed maker, said June 12 that
it will acquire a 58 percent stake in Pan Ocean for KRW1 trillion
($910 million). Shareholders and creditors of the shipping company
agreed to a capital write-down and other restructuring programs,
the report says.

In April, Harim submitted a rehabilitation plan for Pan Ocean to
the Seoul Central District Court, saying it will buy the troubled
shipping firm only if the latter's shareholders and creditors
accept financial losses, the report recalls.

The report says the plan calls for the 1.25-to-1 stock reduction,
while requiring Korean Development Bank and other creditors to
recoup only 82 percent of their loans extended to Pan Ocean.

For instance, a shareholder who currently has 250 Pan Ocean shares
will see his stakes drop to 200 after the capital reduction, the
Korea Times states.

According to the report, Harim held a meeting of Pan Ocean
shareholders and creditors at the court on June 12 and put its
rehabilitation scheme to a vote. The company has to gain consent
from more than half of Pan Ocean stakeholders and two-thirds of
creditors.

At the meeting, 61.6 percent of company shareholders and
87 percent of creditors approved the revival plan, giving a green
light to Harim's takeover of Pan Ocean, the report notes.

"We were to reconsider acquiring Pan Ocean if the rehabilitation
scheme was voted down," the report quotes a Harim official as
saying. "We are glad that shareholders and creditors supported our
plan, which will facilitate the acquisition process. We would like
to complete it in August."

Harim was not able to seal the deal as a group of minority
shareholders opposed its plan to reduce the shipbuilding firm's
capital, the report says.

Pan Ocean, the former maritime logistics unit of the now-defunct
STX Group, operates about 90 vessels, mostly modest-sized bulk
carriers.  After the collapse of STX, Pan Ocean filed for court
receivership in June 2013 and was up for sale, the report notes.

                       About Pan Ocean

Pan Ocean Co. Ltd., formerly STX Pan Ocean Co. Ltd., the largest
commodities carrier in South Korea, filed a petition in New York
on June 20, 2013, for protection from creditors under Chapter 15
(Bankr. S.D.N.Y. Case No. 13-12046).

The Debtor sought recognition of the company's bankruptcy
rehabilitation begun on June 7 in a court in Seoul.  The petition
was signed by You Sik Kim and Chun Il Yu, as the Seoul court
appointed administrators of STX.  Blank Rome LLP serves as U.S.
counsel for the administrators.  The bankruptcy was the result of
a decision by Korea Development Bank, the largest creditor and
second-biggest shareholder, not to buy the company.

The company disclosed assets of KRW6.88 trillion ($5.59 billion)
and debt totalling KRW5.01 trillion.



                             *********

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

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

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


                            *********


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

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

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

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

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



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