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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

           Wednesday, July 15, 2015, Vol. 18, No. 138


                            Headlines


A U S T R A L I A

BRODERICK MOTORS: First Creditors' Meeting Set For July 21
FEDERATION OF AUTOMOTIVE: Placed Into Liquidation
PARKES AUTO: First Creditors' Meeting Set For July 21
SEG TRANSPORT: First Creditors' Meeting Set For July 21
TAGARA BUILDERS: Director Apologises For Collapse

WESTERN DESERT: In Administration Over Governance Deficiencies


C H I N A

NANTONG MINGDE: Sainty Marine Loses Qualification For Takeover


I N D I A

ABW INFRASTRUCTURE: ICRA Reaffirms 'D' Rating on INR162.28cr Loan
ADITYA AGRO: ICRA Reaffirms B Rating on INR13.60cr Loan
AIKYA CHEMICALS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
BAVA MINES: ICRA Assigns 'D' Rating to INR8.0cr Cash Loan
BINJUSARIA METAL: CRISIL Reaffirms 'B+' Rating on INR90MM Loan

CHAMPA DEVI: CRISIL Assigns B+ Rating to INR95MM Cash Loan
CHETAN OVERSEAS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
CORROSION ENGINEERS: CRISIL Reaffirms B- Rating on INR30MM Loan
DERBY PLANTATIONS: CRISIL Reaffirms 'D' Rating on INR44MM Loan
ECO RRB: ICRA Reaffirms 'B+' Rating on INR21cr Term Loan

EURO PANEL: ICRA Assigns 'B' Rating to INR10cr Cash Credit
EVERSHINE APPLIANCES: ICRA Assigns B+ Rating to INR15cr Cash Loan
GAURAV EXPORTRADES: ICRA Assigns B+ Rating to INR1cr Cash Credit
GODWIN AGRO: CRISIL Assigns B- Rating to INR131MM Term Loan
H.R. EDUCATIONAL: ICRA Assigns B+ Rating to INR10.0cr Term Loan

HEMANTH HOMES: CRISIL Assigns B+ Rating to INR59.5MM LT Loan
HYBRO FOODS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
INDRAYANI SALES: CRISIL Reaffirms 'B+' Rating on INR137MM Loan
ISHWAR METAL: ICRA Lowers Rating on INR10cr Cash Credit to B+
KINJAL COTTON: CRISIL Assigns B+ Rating to INR75MM Cash Loan

KSA EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR71MM LT Loan
MAA BHUASUNI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
MANGALAM EDU: CRISIL Ups Rating on INR800MM Term Loan to B+
MATHIYAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR10cr Loan
MEGHA PLAST: CRISIL Reaffirms 'B+' Rating on INR70MM Cash Loan

MIL STEEL: ICRA Reaffirms B+ Rating on INR8.73cr LT Loan
MUSLIM EDUCATIONAL: CRISIL Cuts Rating on INR156.7MM Loan to D
NATIONAL CONSTRUCTION: ICRA Suspends 'D' Rating on INR109cr Loan
PLATINUM CERAMIC: CRISIL Reaffirms 'B' Rating on INR71.5MM Loan
POWER WELFARE: CRISIL Raises Rating on INR300MM LT Loan to 'B-'

PRRAGATHI STEEL: CRISIL Reaffirms 'B-' Rating on INR27.7MM Loan
RUTTONPORE PLANTATIONS: CRISIL Reaffirms D Rating on INR65MM Loan
SAI CHHAYA: ICRA Assigns 'B+' Rating to INR3.6cr Cash Credit
SANGINI COMMERCE: CRISIL Reaffirms B- Rating on INR350MM Loan
SANTUKA VYAPAAR: CRISIL Reaffirms 'B Rating on INR80MM Cash Loan

SHIEL AUTOS: CRISIL Cuts Rating on INR75MM Cash Loan to 'B+'
SHREE KRISHAN: CRISIL Reaffirms 'B' Rating on INR107MM Term Loan
SHREE NATH: CRISIL Assigns 'B' Rating to INR37.5MM LT Loan
SINGHANIA AND SONS: CRISIL Reaffirms B+ Rating on INR121.4MM Loan
SINGHI CABLES: ICRA Withdraws B+/A4 Rating on INR28.5cr Loan

TORONTO CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
U G CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
VIHAAN BOARDS: ICRA Assigns B- Rating to INR9.99cr Term Loan


J A P A N

SKYMARK AIRLINES: Delta Offers to Invest in Bankrupt Carrier


N E W  Z E A L A N D

ARENA CAPITAL: Receivers Seek to Put the Company Into Liquidation
RELATIONSHIPS AOTEAROA: Goes Into Liquidation
ROSS ASSET: Investor Appeals Clawback Decision


S O U T H  K O R E A

SAMSUN LOGIX: Files For Bankruptcy Protection Again


                            - - - - -


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


BRODERICK MOTORS: First Creditors' Meeting Set For July 21
----------------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Broderick Motors Pty Limited on July 10, 2015.

A first meeting of the creditors of the Company will be held at
Parkes Services Club, 9-17 Short Street, in Parkes, on July 21,
2015, at 11:00 a.m.


FEDERATION OF AUTOMOTIVE: Placed Into Liquidation
-------------------------------------------------
Cliff Sanderson of Dissolve.com.au reports that the Federation of
Automotive Products Manufacturers Limited has been placed into
liquidation. The organisation has merged with Victorian Automobile
Chamber of Commerce (VACC). Deloitte's Timothy Norman and Simon
Wallace-Smith have been appointed liquidators of the organisation
on June 23, 2015, the report says.

According to the report, the membership of FAPM has nearly halved
in the past ten years as sales of production volumes and locally-
made cars have plummeted. It has been stressed that the
liquidation was voluntary and the organisation was still solvent
until it stopped operating last week, the report notes.

Dissolve.com.au discloses that the assets of FAPM are reportedly
worth around AUD339,000.


PARKES AUTO: First Creditors' Meeting Set For July 21
-----------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Parkes Auto Pty limited on July 10, 2015.

A first meeting of the creditors of the Company will be held at
Parkes Services Club, 9-17 Short Street, in Parkes, on July 21,
2015, at 11:30 a.m.


SEG TRANSPORT: First Creditors' Meeting Set For July 21
-------------------------------------------------------
Geoffrey Trent Hancock of Moore Stephens Sydney was appointed as
administrator of Seg Transport (Australia) Pty Limited on July 9,
2015.

A first meeting of the creditors of the Company will be held at
Moore Stephens Sydney, Level 15, 135 King Street, in Sydney, on
July 21, 2015, at 10:30 a.m.


TAGARA BUILDERS: Director Apologises For Collapse
-------------------------------------------------
ABC News reports that the director of Tagara Builders, Tullio
Tagliaferri, has apologised to creditors and expressed regret
about the business' failure.

Tagara had about AUD70 million in projects across South Australia
before it went into liquidation in June owing more than AUD20
million, ABC News says.

Creditors met with liquidators Clifton Hall on July 14 for the
first time to hear about the business' position, according to ABC
News.

ABC says Mr. Tagliaferri addressed about 150 people at the
meeting, which ran for almost three hours.

One creditor commented he would be lucky to see "10 cents on the
dollar" for the debt that he is owed, the report relays.

According to the report, the Construction, Forestry, Mining and
Energy Union (CFMEU) called for the Senate Economics References
Committee, which is holding an inquiry into insolvency in the
construction industry, to visit Adelaide after not listing a
hearing in the capital city.

ABC News relates that Union secretary Aaron Cartledge said many
within the industry were have trouble getting bills paid.

"There's an insolvency inquiry running federally at the moment
that didn't have plans to come to Adelaide to listen to the
stories of some of the sub-contractors, and even builders who are
having problems with developers," ABC News quotes Mr. Cartledge as
saying.

"Right at the moment with the unemployment level the way it is in
South Australia, the industry is very slow, it is probably a
harder place to do business here than anywhere else in the country
. . . so it is imperative that they hear those stories.

"We are very concerned about some of the sub-contractors that are
owed hundreds of thousands of dollars and their financial ability
to keep trading."

He said the hearing could shape legislation to ensure a collapse
like Tagara did not happen again, ABC News relays.

He said more than 700 businesses were on Tagara's creditors list
and the meeting would give an indication if they would receive any
money, according to ABC News.

"The corporate collapse of Tagara is somewhere in the vicinity of
AUD21.5 million," the report quotes Mr Cartledge as saying.

"Those creditors which are made up of sub-contractors and
suppliers will start to get an idea if there is any likelihood of
them being able to recover any of the money that is owed to them.

"They're looking to see if there's any ray of hope of getting
their money but the reality is this company was in a dire
financial position and the likelihood of any [sub-contractors]
getting any money is going to be quite remote."


WESTERN DESERT: In Administration Over Governance Deficiencies
--------------------------------------------------------------
Erin Parke at ABC News reports that a major Aboriginal corporation
in WA's north has been put into administration for at least six
months over concerns about "wide-ranging" deficiencies.

But the Western Desert Lands Aboriginal Corporation (WDLAC) has
not been referred to police as some Elders were demanding,
according to ABC News.

The report notes that the organization represents Martu families
from across central Western Australia, and in recent years has
signed mining deals worth tens of millions of dollars.

But many Martu communities remain poverty stricken and some
residents claim the money has been mismanaged, the report relates.

They have long campaigned for the Registrar of Indigenous
Corporations to take action, the report says.

The report discloses that registrar Anthony Beven confirmed the
WDLAC would be put into administration for at least six months.

The report notes that Mr. Beven said the decision was the result
of an eight-month investigation which found deficiencies in
governance and financial performance at the corporation.

"Our concerns had arisen over a number of years. They were wide-
ranging," the report quoted Mr. Beven as saying.

The report notes that Mr. Beven said none of those concerns were
referred to police, but that could still happen depending on what
the administrators uncover.

Mr. Beven said the Perth-based administrators were expected to
brief the membership next month, the report relays.

"We've got an external, independent person who's going to come in,
have a look at all the issues, have a look at the complaints which
were raised . . . . and hopefully get those sorted out and get the
corporation back on track as soon as possible," the report quoted
Mr. Beven as saying.

Mining and Pastoral MP Robin Chapple said investigations by the
Registrar of Indigenous Corporations were too often shrouded in
secrecy, the report notes.

Mr. Chapple said the Martu people deserved to know what has been
uncovered, the report relays.  "The administrators are in but will
the Aboriginal people at those communities actually know why?
Because I'm sure the Aboriginal people would like to know why the
administrators are in," Mr. Chapple added.



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


NANTONG MINGDE: Sainty Marine Loses Qualification For Takeover
--------------------------------------------------------------
Dexter Yan at IHS Maritime reports that Shenzhen-listed Sainty
Marine has been stripped of the qualification for the takeover of
insolvent Nantong Mingde Heavy Industry (NMHI) on financial
grounds.

The report relates that the receiver of NMHI has also revoked the
right of Sainty Marine to manage NMHI during its restructuring, a
stock filing of Sainty Marine said on July 9.

Sainty Marine lacks the ability to fund the restructuring of NMHI,
as the company currently faces financial hardships, the receiver
added, the report relays.

IHS Maritime says Sainty Marine, the single largest creditor of
NMHI, is seeking to take over the insolvent yard.

NMHI has entered into court receivership since Sainty Marine
applied for the bankruptcy restructuring of NMHI in
December 2014.

According to the report, Sainty Marine has been in co-operation
with NMHI to sell newbuilds built by NMHI since 2013. As of end of
2014, Sainty Marine provided NMHI with a total of net CNY2.5
billion (USD403.2 million) to finance the newbuildings under
construction at NMHI, making Sainty Marine the single largest
creditor of the Nantong yard.

Sainty Marine discovered by the end of 2014 that NMHI was unable
to repay the funds as the company had predicted, the report
recalls.

Sainty Marine will also try to expand its channels of financings
to resolve the loan defaults, the report adds.

Nantong Mingde Heavy Industry Company, Ltd. manufactures ships,
barges, and lighters. The Company offers building and repairing
ships, oil product tank and chemical tankers, car and truck
carriers, ferries, and platform supplier vessel.


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


ABW INFRASTRUCTURE: ICRA Reaffirms 'D' Rating on INR162.28cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating for the INR162.28 crore
(earlier INR116.94 crore) term loans, INR13.0 crore (earlier
INR60.0 crore) overdraft facilities, and INR34.72 crore (earlier
INR33.06 crore) non-fund based limits of ABW Infrastructure
Limited.

The rating reaffirmation factors in continued delays in debt
servicing by the company due to low cash accruals from operations
resulting in weak liquidity position. ABW's liquidity position had
deteriorated as substantial funds remain blocked in land bank, and
operational cash flows were adversely impacted due to litigations
in some of its projects, and overall slowdown in the real estate.
The company is looking to sell some land parcel to realize funds
which could help in improving its liquidity position.

Going forward, ABW's ability to timely service its debt
obligation, improve its liquidity position and expedite progress
in its projects will be amongst the key rating sensitivity
factors.

Incorporated in 1988, ABW was promoted by Mr. Atul Bansal in 1988.
The Company started with the development of luxury apartments in
Delhi and NCR region. The Group has constructed over 250 high end
luxury apartments covering one million sq ft area in South Delhi
areas like Shanti Niketan, Golf Links, Jor Bagh, Anand Lok, Anand
Niketan, Greater Kailash, West End, Malcha Marg etc. Over the
years, ABW diversified into the development of commercial projects
and shopping malls. Some of the completed projects of the ABW
include two commercial centres-cum shopping malls in Saket
District Centre and Jasola, ABW Tower at IFFCO Chowk, Rectangle-1
in Saket and Elegance Tower in Jasola. ABW (including its
subsidiaries) is currently developing four commercial and four
residential projects with majority of the projects located in
Gurgaon (Haryana).

Recent Results
In FY2014, ABW had operating income of INR17.2 crore (previous
financial year INR27.4 crore) and net profit of INR2.45 crore
(previous financial year INR0.14 crore).


ADITYA AGRO: ICRA Reaffirms B Rating on INR13.60cr Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the INR27.00 crore (enhanced from INR15.00 crore) bank facilities
of Aditya Agro Foods.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limits      13.00      [ICRA]B/Re-affirmed
   Term Loan Limits         0.40      [ICRA]B/Re-affirmed
   Unallocated Limits      13.60      [ICRA]B/Re-affirmed

The rating re-affirmation factors in the intensely competitive
nature of the rice industry with presence of several small-scale
players which increases pressure on operating margins; and the
weak financial risk profile of the firm characterized by high
gearing levels at 2.88 times as at March 31, 2015. The rating also
factors in consistent decline in profitability levels because of
higher raw material costs and fluctuation in export sales; weak
coverage indicators with interest coverage ratio at 1.32 times and
NCA/Debt at 4.03% for FY2015 and risks inherent in the partnership
nature of the firm are a credit concern too.

The rating, however, takes comfort from the long track record of
the promoters in the rice milling business, along with the
presence of the rice mill in a major rice growing area of the
country, resulting in easy availability of paddy. The favorable
demand prospects of rice -- a staple food grain -- with India
being the second largest producer and consumer of rice
internationally augurs well for the firm.

Going forward, the firm's ability to improve its profitability
levels while managing its working capital requirements, will
remain the key rating sensitivity.

Founded in 2009 as a partnership firm, Aditya Agro Foods is
engaged in milling paddy. AAF produces raw rice as well as boiled
rice. The firm is promoted by Mr. T. Rajendra Reddy and his
family, who have a long track record in the rice milling industry.
The rice mill is located near Mutchumilli village in the East
Godavari district of Andhra Pradesh. The installed production
capacity of the rice mill is 72,000 Metric Tons Per Annum (MTPA).

Recent Results
For FY 2015 (unaudited), the firm reported a profit after tax of
INR0.15 crore on an operating income of INR91.65 crore, as against
a profit after tax of INR0.12 crore on an operating income of
INR66.40 crore in FY 2014 (audited).


AIKYA CHEMICALS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aikya Chemicals
Pvt Ltd (ACPL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable. The agency has also assigned ACPL's bank loans
the following ratings:

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Term loans               194.8         IND BB-/Stable

   Fund-based working        45           IND BB-/Stable
   capital limits

   Non-fund-based limits     10           IND A4+

KEY RATING DRIVERS

The ratings reflect the under-construction state of ACPL's
manufacturing unit at Vadodara and the two-year delay in
completion so far. Commercial production is now likely to start
from October 2015.

The ratings benefit from ACPL's tie-up with Gujarat Minerals
Development Corporation Ltd (GMDC) through its parent entity Cube
Mines and Minerals Pvt Ltd for the supply of raw material. GMDC
also owns 12.99% of ACPL. Low execution risks due to the receipt
of mining clearance at GMDC's Shivrajpur mine which was the
primary reason for the delay, also supports the ratings.

RATING SENSITIVITIES

Positive: Timely completion of the project without any further
cost will be positive for the ratings.

Negative: Any further delay in the completion of the project
beyond October 2015 resulting in cost overruns will be negative
for the ratings.

COMPANY PROFILE

ACPL was incorporated in 2011 by Sanjay Shah. It is setting up a
manufacturing unit at Vadodara for manganese sulphate and ferric
chloride with a capacity of 18,000mtpa and 21,600mtpa,
respectively.


BAVA MINES: ICRA Assigns 'D' Rating to INR8.0cr Cash Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR8.0 crore long term
fund-based and INR2.0 crore short term non fund based facilities
bank facilities of Bava Mines and Minerals.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based-Cash Credit        8.00        [ICRA]D assigned

   Short Term-Non
   Fund Based-LC            2.00        [ICRA]D assigned

Rating Rationale
The assigned rating takes into account irregularities in debt
servicing by Bava Mines and Minerals on account of stretched
liquidity position. The company has witnessed continuous
overutilization of fund based limits and devolvement of non fund
based limits (Letter of credit) for a sizeable duration on account
of elongated payment realization resulting in high debtor days.
The rating is also constrained by its low net profit margins, high
gearing, weak debt protection metrics and high buildup of debtors
leading to working capital intensive operations. ICRA also notes
modest scale and limited track record of operation of the firm.
Ratings also factors in limited value addition owing to the
trading nature of the operations resulting in thin margins. The
rating also incorporates highly competitive nature of the business
with fragmented nature of Industry which limits pricing
flexibility and susceptibility of the company's business to
commodity price risk.

ICRA However takes note of long track record of partners with more
than 40 years of cumulative experience in similar lines of
business. The firm is located close to Mangalore port which is a
convenient location due to its proximity to Hospet, Sandur,
Bellary, Chitradurga and Goa. The firm also has a moderately
diversified product/revenue mix with products like steel, coal and
fish meal.

The firm M/s Bava Mines and Minerals is a partnership firm engaged
in trading of steel, coal and fish meal. Located in central
Mangalore, the firm has stock yard at NMPT Mangalore measuring
4000 Square Meters and also owns 2 warehouses measuring 9000 Sq.
Ft. and 4000 Sq. Ft. located at Baikampady and Mulki. The company
is managed by partners Mr. B.A Mohiuddin Bava and Mrs. Nageena M
Bava who have diversified experience and knowledge in similar
lines of business. The firm is strategically located near
Mangalore Port which is a convenient location due to its proximity
to Hospet, Sandur, Bellary, Chitradurga and Goa. The company
purchases iron ore from mine owners/suppliers and resell the same
to the buyers at a margin. The products are sold in bulk to
various customers scattered in the state of Karnataka, Kerala,
Tamil Nadu, Maharashtra, Goa, Chhattisgarh and Rajasthan etc.
directly by the company.

Recent Results
For FY2015 (unaudited & provisional), the firm reported an
operating income of INR29.90 crore and profit after tax of INR0.10
crore as compared to operating income of INR27.45 crore and profit
after tax of INR0.05 crore for FY2014.


BINJUSARIA METAL: CRISIL Reaffirms 'B+' Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Binjusaria Metal Box
Company Pvt Ltd (Binjusaria) continue to reflect Binjusaria's
average financial risk profile, marked by a modest net worth, low
gearing and average debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       60        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's relatively modest scale
of operations in the intensely competitive steel industry and its
large working capital requirement. These rating weaknesses are
mitigated by its promoters' extensive experience in the steel
industry.
Outlook: Stable

CRISIL believes that Binjusaria would continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins, 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 company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

Incorporated in 1985 by Mr. Anil Kumar Kedia, Binjusaria
manufactures mild steel billets, ingots and thermomechanically
treated (TMT) steel bars. The company is located in Hyderabad,
Telangana.


CHAMPA DEVI: CRISIL Assigns B+ Rating to INR95MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Champa Devi Foods Pvt Ltd (CDF; part of the
Markandeshwar group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           95        CRISIL B+/Stable

The ratings reflect the Markandeshwar group's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the Markandeshwar group's promoters in the dairy
industry and the group's established marketing network.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CDF, Markandeshwar Foods & Allied
Products Ltd (MFA), and DSPI Milk Foods Ltd (DSPI). This is
because all these companies, together referred to as the
Markandeshwar group, have a common management and are engaged in a
similar line of business.
Outlook: Stable

CRISIL believes that the Markandeshwar group will continue to
benefit over the medium term from the extensive industry
experience of its promoters and its established marketing network.
The outlook may be revised to 'Positive' if the group
significantly increases its revenue while improving its
profitability, leading to substantial cash accruals, or in case of
improvement in its working capital cycle. Conversely the outlook
may be revised to 'Negative' if the Markandeshwar group's
profitability or revenue declines, or its working capital cycle is
stretched, resulting in low cash accruals, thereby weakening its
financial risk profile.

All the group companies are promoted by Mr. Devraj Garg and Mr.
Satish Garg, and manufacture dairy products such as pure ghee and
skimmed milk powder, among others. They sell their products under
the group's own brand names such as Madhusagar, Lord Krishna,
Murli, and Himalaya, among others.

CDF, incorporated in 2002, has its manufacturing plant at Sangroor
(Punjab) with a capacity of 40,000 litres per day (lpd).

MFA, incorporated in 1993, has its manufacturing plant at
Kurukshetra (Haryana) with a capacity of 40,000 lpd.

DSPI, incorporated in 2003, has its manufacturing plant at Palwal
(Faridabad) with a capacity of 30,000 lpd.

For 2013-14 (refers to financial year, April 1 to March 31), CDF,
on a standalone basis, reported a profit after tax (PAT) of INR0.8
million on net sales of INR354.7 million, against a PAT of INR0.5
million on net sales INR222.4 million for 2012-13.


CHETAN OVERSEAS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chetan Overseas
(Delhi) Private Limited (CODPL) a Long-Term Issuer Rating of 'IND
BB-'.  The Outlook is Stable. Ind-Ra has also assigned CODPL's
bank facilities following ratings:

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund-based facilities      180       IND BB-/Stable/IND A4+
   Non-fund-based limits      120       IND A4+

KEY RATING DRIVERS

The ratings factor in CODPL's weak credit metrics and moderate
scale of operations and low entry barriers on presence in a highly
fragmented and intensely competitive metal trading business.
According to the provisional financials for FY15 (year end March),
net fixed charge coverage (operating EBITDAR/net interest expense
+ rents) stood at 1.47x, net leverage (total adjusted net
debt/operating EBITDAR) was 4.36x,  EBITDA margins were 2.90% and
revenue was INR1,191m.

The ratings also factor in the company's tight liquidity position
as evident from over 95% average maximum fund-based limits
utilisation over the 12 months ended June 2015.

The ratings, however, derive strength from the over two decade-
long experience of CODPL's directors in the metals industry.

RATING SENSITIVITIES

Negative: A fall in the operating profitability leading to
deterioration in the interest coverage will be negative for the
ratings.

Positive: A significant improvement in the scale of operations and
a rise in the interest coverage will be positive for the ratings.

COMPANY PROFILE

Chetan Overseas was acquired by Krish Vinimay Pvt. Ltd. in June
2011. Before the acquisition, Krish Vinimay was not engaged in any
major business operations. The company was renamed CODPL to tap
the brand - Chetan Overseas. CODPL trades non-ferrous metals.


CORROSION ENGINEERS: CRISIL Reaffirms B- Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Corrosion Engineers
Private Limited (CEPL) continue to reflect CEPL's stretched
financial flexibility because of large working capital
requirements and its small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
CEPL's promoters in trading in rubber related products.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      80        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CEPL's business risk profile will be
supported by promoter's extensive experience over the medium term.
The outlook may be revised to 'Positive' if CEPL improves its
working capital cycle and reports large cash accruals, leading to
improvement in its liquidity. On the other hand, the outlook may
be revised to 'Negative' in case of lengthening of the company's
working capital cycle or any debt-funded capital expenditure
(capex).

Update
CEPL, on a provisional basis, reported profit after tax (PAT) of
INR2.3 million on net sales of INR197.9 million for 2014-15
(refers to financial year, April 1 to March 31), against PAT of
INR1.7 million on net sales of INR198.2 million for the previous
year. The stagnant scale of operations was mainly on account of
downturn in the company's end-user industry. Its revenue is
expected to grow by around 8 per cent annually over the medium
term. The company's operating profitability is expected to remain
average, at 4.0 to 4.5 per cent, over the medium term with limited
value addition because of the trading nature of its operations.
The operating margin is susceptible to price volatility (as the
company is unable to pass on any price increase to customers) and
fluctuation in foreign exchange (forex) rates (as procurement is
entirely through imports with only partial hedging of the forex
exposure).

CEPL's liquidity is expected to remain weak over the medium term
due to large incremental working capital requirements and low cash
accruals. The cash accruals are expected to remain around INR4
million over the medium term, against no debt obligations. The
company's inventory and receivables are expected to remain around
200 days and 120 days, respectively. Its liquidity is supported by
unsecured loans from promoters (estimated at INR134 million as on
March 31, 2015) and absence of any significant capex plan over the
medium term. With reliance on bank borrowings and creditors to
fund incremental working capital requirements, CEPL's total
outside liabilities to tangible net worth ratio is expected to
remain around 2.5 times and interest coverage ratings is expected
at 1.4 times over the medium term.

Incorporated in 1974, CEPL is owned and managed by Mr. Sanjay
Kumar and Mr. Narender Kumar. CEPL trades in PVC resin,
plasticizer, EVA, PVC heat stabilizers, waxes, rubber additives,
and other chemicals, primarily used in the manufacturing of
plastics and automotive components.


DERBY PLANTATIONS: CRISIL Reaffirms 'D' Rating on INR44MM Loan
--------------------------------------------------------------
CRISIL's rating to the bank facilities of Derby Plantations
Private Limited (DPPL; part of the Mantri group) continues to
reflect instances of overdraws  in its cash credit limit for more
than 30 days; the overdraws have been caused by the group's weak
liquidity owing to the working capital intensity of operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           44        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     8        CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DPPL, Mantri Tea Company Pvt Ltd
(MTCPL), Ruttonpore Plantations Pvt Ltd (RPPL) and Manipur Tea
Company Pvt Ltd (Manipur Tea), together referred to as the Mantri
group. This is because the entities have common management, are in
the same line of business and have cross guarantees with each
other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

DPPL reported a net loss of INR5.2 million on net sales of INR99.9
million for 2013-14 (refers to financial year, April 1 to March
31), as against a profit after tax (PAT) of INR 5.1 million on net
sales of INR 120.7 million for 2012-13. It is estimated to report
net sales of INR 110 million in 2014-15.


ECO RRB: ICRA Reaffirms 'B+' Rating on INR21cr Term Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR21.0 crore fund
based bank facilities of Eco RRB Infra Private Limited at
[ICRA]B+.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Fund Based
   Facilities-Term Loan      21.0       [ICRA]B+ ; Reaffirmed

The rating reaffirmation takes into account the insufficient cover
of the monthly lease rentals for the debt repayments which would
continue to result in dependence on funding support. While the
lease rental loan had been refinanced in May 2014 and the mortgage
loan was refinanced in March 2015, the monthly lease rentals will
still continue to remain insufficient. Hence, funding support will
be required for servicing of debt obligations (lease rental loan
and mortgage loan), as the income from the company's wind power
business remains modest. The rating continues to remain
constrained by the concentration risk as the entire leasable area
has been leased to a single tenant, which could adversely impact
the debt servicing capacity of the company in case of any
disruption in the rental payments as witnessed in past (2013). The
rating is also constrained by the sizeable contingent liabilities
of the company arising out of the corporate guarantee extended by
ERIPL to its associate company, RRB Energy Limited (RRBEL), whose
financial profile is modest and is under the CDR.

The rating, however, continues to favourably factor in the
attractive location of the leased property in Jasola District
Center (New Delhi), which is a developed commercial area with
presence of a number of leading companies in the vicinity,
satisfactory tenant profile (Samsung Data Services) which provides
comfort on timely rent payments, long term lease agreement with
the tenant with lock in period till 2015-16 and the demonstrated
track record of the promoters of extending timely funding support
to meet the shortfall.

Going forward, improvement in the debt service cover and continued
timely funding support from the promoters would be the key rating
sensitivities.

ERIPL was incorporated in 1984, initially as RRB Consultants and
Engineers Pvt. Ltd. and was primarily engaged in providing
consultancy services in the field of wind energy. With a change in
the focus from providing consultancy services to undertaking
infrastructure projects such as setting up of wind power plants
and undertaking EPC projects in the field of wind energy, the name
of the company was changed in May 2010 to ERIPL. The company is
presently primarily an Independent Power Producer with operating
units in Tamil Nadu and Rajasthan. In addition, the company has
also leased out a commercial office space and the lease rentals
from this property have been securitized to avail the lease rental
loan.

Recent results
ERIPL reported, on a provisional basis, an operating income of
INR4.08 crore and a profit after tax of INR3.52 crore in 9M 2014-
15, as against an operating income of INR4.79 crore and a profit
after tax of INR2.29 crore in 2013-14.


EURO PANEL: ICRA Assigns 'B' Rating to INR10cr Cash Credit
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR10.00
crores fund based limits and INR8.65 crores term loans of Euro
Panel Products Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               8.65        [ICRA]B; assigned
   Cash Credit            10.00        [ICRA]B; assigned

The assigned rating takes into account the long experience of the
promoters in the building materials (plywood) industry and EPPPL's
established distribution network by virtue of purchasing the brand
'Eurobond'. The rating is however, constrained by the nascent
stage of operations as the company commenced commercial operations
in April 2015, the high competitive intensity of the aluminium
composite panels industry and exposure of EPPPL's profitability to
foreign exchange fluctuations, on account of raw materials
imports.  While assigning the rating, ICRA also notes that the
capital structure of the company is expected to remain leveraged
in the near term due to debt funded nature of capex.

Euro Panel Products Private Limited (EPPPL) is engaged in the
business of manufacturing Aluminium Composite Panels (ACP) under
the brand name of 'Eurobond'. The company is promoted by Mr.
Rajesh Shah who has an experience of more than 20 years in the
building materials industry (plywood). EPPPL had purchased the
brand 'Eurobond' from Eurobond Industries Pvt. Ltd. of the 4mann
Group at a cost of INR30 Lakhs in April 2014. Post the acquisition
of the brand, the company set up its manufacturing facility at
Umbergaon, Gujarat (150 kms away from Mumbai). The company has
proposed to set up two manufacturing lines with installed capacity
of 37 lakh square metre per year. One line has already become
operational in April 2015 and the second is expected to be
operational in October 2015.


EVERSHINE APPLIANCES: ICRA Assigns B+ Rating to INR15cr Cash Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR15.60
crore fund-based bank facilities of Evershine Appliances Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Fund Based
   Limit-Cash Credit       15.00       [ICRA]B+ Assigned

   Long-term Fund Based
   Limits-Term Loan         0.60       [ICRA]B+ Assigned

The assigned rating is constrained by the modest scale and
primarily trading nature of the company's operations and the high
level of competition due to the presence of large number of
players in the organized and unorganized segments in the industry.
ICRA also takes note of the financial profile of the company
characterized by reducing profit margins over the years due to
rise in operating costs, and high gearing levels; although
unsecured loans comprising a major portion of total debt provides
some comfort. The rating is further constrained by the weak
liquidity position as reflected from high limit utilization and
working capital intensive operations due to high receivables and
inventory holding period.

However, the rating draws comfort from the long track record of
the company's promoters in the equipment and hardware industry,
the presence of the well-known brand 'Olive' in the hardware
segment and its geographically diversified client base. Further,
the favourable outlook of the company's products, given the
consumer's increasing preferences towards modular kitchens and
interiors was also taken into account while assigning the rating.

Evershine Appliances Private Limited (EAPL) was incorporated in
July 2004 and is involved in the trading of imported kitchen
hardware and architectural hardware products. The company is also
involved in the manufacturing of aluminium kitchen baskets and
accessories. All the products are sold under the brand name
'Olive'. EAPL has its registered office and manufacturing facility
cum warehouse in Surat (Gujarat).

Recent results
EAPL recorded a profit before tax of INR1.79 crore on an operating
income of INR43.64 crore for the year ending March 31,
2015(Provisional Numbers).


GAURAV EXPORTRADES: ICRA Assigns B+ Rating to INR1cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.00
crore fund based facilities of Gaurav Exportrades Private Limited.
ICRA has also assigned a short-term rating of [ICRA]A4 to the
INR7.00 fund based facilities and INR3.50 crore non-fund based
facilities of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term- Cash
   Credit                   1.00       [ICRA]B+/Assigned

   Short-term- Fund
   based facilities         7.00       [ICRA]A4/Assigned


   Short-term Non Fund
   Based facilities         3.50       [ICRA]A4/Assigned

The ratings take into consideration the experience of the
promoters in the business for more than a decade, the established
relationship with its customers, which has supported the order
flows over the years and the favorable outlook for the domestic
readymade garments industry over the medium term. The ratings also
take into account the company's financial profile characterized by
moderate capital structure (with gearing at 0.9 times) and
coverage indicators. The ratings are constrained by the high
working capital intensity driven by high inventory holdings.
Further, the company's small scale of operations limits the
benefits from economies of scale and financial flexibility.
Coupled with intense competition arising from a highly fragmented
nature of the industry, this limits its pricing flexibility to an
extent. The ratings also factor in the high customer concentration
with top five customers accounting for ~88% of revenues and the
exposure of the earnings to volatility in raw material prices and
forex rates. Going forward, the management's ability to improve
its revenues and profit margins while efficiently managing its
working capital cycle will be critical to generate strong cash
flows.

Gaurav Exportrades Private Limited (GEPL) was incorporated in 1991
by Mr. Mahesh Kumar Gupta and the company is closely held by his
family members. GEPL is engaged in the manufacture and export of
knitted garments men, women and children wear. The company's
manufacturing facility is located in Tirupur with a production
capacity of 7.5 lakh pieces per annum.

Recent Resutls
The company reported a net profit of INR0.4 crore on an operating
income of INR25.4 crore during 2013-14, as against a net profit of
INR0.3 crore on an operating income of INR20.9 crore during 2012-
13.  According to the unaudited financials for 8M2014-15, the
company reported a PBT of INR0.3 crore on operating income of
INR13.7 crore.


GODWIN AGRO: CRISIL Assigns B- Rating to INR131MM Term Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Godwin Agro Products Limited (GAPL) and has assigned
its 'CRISIL B-/Stable' rating to these long-term bank facilities
bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            59       CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

   Term Loan             131      CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

CRISIL had earlier, through its rating rationale dated July 28,
2014, suspended the rating as GAPL did not provide the information
required to undertake a rating review. The company has now shared
the requisite information, enabling CRISIL to assign ratings to
the company's bank facilities.

The rating reflects GAPL's weak financial risk profile marked by
high gearing & weak debt protection metrics and its working-
capital-intensive operations. The rating also factors in company's
small scale of operations in the highly fragmented cold chain
industry. These rating weaknesses are partially offset by the
extensive industry experience of GAPL's promoters.
Outlook: Stable

CRISIL believes that GAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if GAPL improves its scale of
operations and profitability leading to higher net cash accruals,
or if its promoters infuse capital into the company, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if GAPL's financial risk profile
deteriorates, most likely due to pressure on its profitability or
substantial debt-funded capital expenditure.

GAPL was set up in 1995 by Mr. Ajit Jain and his son, Mr. Akaash
Jain. The operations of the company started in 2011. The company
operates an integrated cold chain providing a controlled-
atmosphere storage facility for fruits and vegetables; it has a
capacity of 3000 tonnes at Lalru, Dera Bassi (Punjab).

For 2013-14 (refers to financial year, April 1 to March 31), GAPL
reported a net loss of INR3.1 million on net sales of INR70.5
million, against a net loss of INR20.3 million on net sales of
INR70.8 million for 2012-13.


H.R. EDUCATIONAL: ICRA Assigns B+ Rating to INR10.0cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.0
crore fund based facilities of H.R. Educational Foundation Trust.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term- Term Loans     10.0       [ICRA]B+ assigned

The assigned rating is constrained due to the trust's modest scale
of operations. HREFT has recently incurred a debt funded capital
expenditure for the construction of a new school building, which
has resulted in a stretched capital structure and sizable
repayment obligations falling due in the short to medium term,
vis-a-vis cash accruals from the trust's operations. To
comfortably meet its financial commitments, the school may have to
increase its student strength significantly in the near term. The
rating also factors in the highly regulated environment in the
education industry, and competition in the region with a number of
upcoming schools offering good quality education at affordable
fees; although this risk is mitigated to an extent because of
premium amenities, modern infrastructure and a plethora of extra-
curricular activities at an affordable fee structure offered by
the trust.

The rating assigned takes comfort from the strong operational
track record and established brand of the school, Prestige
International School (PIS), in Mangalore for the last seven years.
The promoter has a long standing presence and reputation in the
Mangalore real estate market under the Presidency Group brand. The
rating also positively factors in the healthy growth in revenues,
driven by an increase in fees and occupancy levels, comfortable
operating margins and favorable working capital intensity. The
trust management has successfully executed the new school building
project at Jeppinamogaru, Mangalore, in the current academic year,
mitigating the project execution risk to a large extent.

Established in 2006, the H.R. Education Foundation Trust is a
single school entity operating the Prestige International School
at Jeppinamogaru, Mangalore. The trust is a part of Presidency
Group promoted by Mr. Hyder Ali, the chairman of the school. The
school is affiliated to CBSE, and follows the CBSE curriculum
based on the Continuous and Comprehensive Evaluation assessment.
The school offers education from pre-primary to secondary
education levels, and is currently in the process of beginning the
higher secondary level.

Recent Results
For FY 2014, the trust reported a net surplus of INR0.53 crore on
revenue receipts of INR2.89 crore, as against a net surplus of
INR0.65 crore on revenue receipts of INR2.15 crore in FY 2013.


HEMANTH HOMES: CRISIL Assigns B+ Rating to INR59.5MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Hemanth Homes Pvt Ltd (HHPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        59.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    40.5      CRISIL B+/Stable

The rating reflects HHPL's exposure to risks related to completion
and saleability of its ongoing project and its susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by the extensive experience of
HHPL's promoter in the residential real estate development
business and his proven project-execution capabilities.
Outlook: Stable

CRISIL believes that HHPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company completes its projects
earlier than expected or in case of substantial sales realisations
from its ongoing project, leading to large cash flows. Conversely,
the outlook may be revised to 'Negative' in case of delays in the
project or in receipt of advances from customers, or if the
company undertakes a large debt-funded project, thereby adversely
impacting its financial risk profile.

Incorporated in 1998, HHPL is a Bengaluru-based residential real
estate development company. Its operations are managed by its
managing director, Mr. Hemanth Kumar.


HYBRO FOODS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B/Stable' rating to the bank
facilities of Hybro Foods Private Limited (HFPL).

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

   Proposed Long Term
   Bank Loan Facility     10.5     CRISIL B/Stable (Reaffirmed)

   Term Loan               9.5     CRISIL B/Stable (Reaffirmed)

The rating on the bank facilities of HFPL's continue to reflect
company's vulnerability to risks inherent in the poultry industry,
exposure to intense competition, and small scale of operations.
These rating weaknesses are partially offset by the benefits that
HFPL derives from its promoter's extensive experience in the
poultry industry and moderate financial risk profile driven by
moderate net worth and low gearing.
Outlook: Stable

CRISIL believes that HFPL will continue to benefit over the medium
term from its promoter's extensive experience in the poultry
industry. The outlook may be revised to 'Positive' in case the
company achieves significant and sustained improvement in its
revenues and margins. Conversely, the outlook may be revised to
'Negative' in case HFPL registers significant decline in its
revenues or margins, or undertakes a large debt-funded capital
expenditure programme, resulting in weakening in its financial
risk profile.

HFPL was set up in 1997 by Mr. Shaikh Shawkat. HFPL is engaged in
processing of poultry products. The company's manufacturing
facility is at Shahapur, Dist. Thane (Maharashtra).


INDRAYANI SALES: CRISIL Reaffirms 'B+' Rating on INR137MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Indrayani
Sales Pvt Ltd (ISPL) continues to reflect the company's below-
average financial risk profile, marked by modest net worth, high
gearing, and weak debt protection metrics, and small scale of
operations. These rating weaknesses are partially offset by the
extensive experience of ISPL's promoters in the printer cartridge
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           137       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50.1     CRISIL B+/Stable (Reaffirmed)

   Term Loan              12.9     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ISPL will continue to benefit from the price
advantage it offers vis-a-vis large established players over the
medium term. The outlook may be revised to 'Positive' if the
company's capital structure improves, backed by equity infusion or
larger-than-expected accretion to reserves. Conversely, the
outlook may be revised to 'Negative' if ISPL's financial risk
profile, or liquidity, deteriorates, owing to any large debt-
funded capital expenditure (capex), a decline in net cash
accruals, or deterioration in its working capital cycle.

Set up in 2005 as a private limited company by Mr. Rahul Zine
Patil, ISPL manufactures printer cartridges, and supplies printer
spares. The company sells its products under the Print it brand.
Its manufacturing facility is in Patalganga (Maharashtra) and its
registered office is in Mumbai.

ISPL reported profit after tax (PAT) of INR4.4 million on net
sales of INR366.4 million for 2013-14 as against PAT of INR2.4
million on net sales of INR312.4 million for 2012-13


ISHWAR METAL: ICRA Lowers Rating on INR10cr Cash Credit to B+
-------------------------------------------------------------
ICRA has revised its rating on the INR11.25 crore fund based bank
facility of Ishwar Metal Industries to [ICRA]B+ from [ICRA]BB-.
ICRA has reaffirmed its [ICRA]A4 rating on the INR17.50 crore non
fund based limits of IMI.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      10.00       [ICRA]B+;revised from
   Cash Credit                         [ICRA]BB-(Stable)

   Fund Based Limits-       1.25       [ICRA]B+; revised from
   Term Loan                           [ICRA]BB-(Stable)

   Non Fund Based Limits-
   Bank Guarantee           17.50      [ICRA]A4; reaffirmed

The revision in rating is centrally driven by the steep decline in
the firm's operating income, on account of a large order from
Dakshin Haryana Bijli Vitran Nigam (DHBVN) being put on hold. A
large inventory build-up combined with high receivables has
resulted in increased working capital intensity, which has
necessitated increased bank borrowings, resulting in deterioration
in the coverage indicators. In addition, ICRA takes into account
the concentration risk arising from the fact that more than 50% of
the firm's revenues are derived from State Power Utilities (SPUs)
of Haryana, Punjab and Rajasthan. Further, the ratings factor in
the vulnerability of the firm's profitability to any adverse
movement in raw material prices and the intensely competitive
nature of the industry. The ratings also take into account the
risks inherent in a partnership firm like limited ability to raise
equity capital, risk of dissolution, risk of withdrawal etc.
However, ICRA draws comfort from the established track record of
promoters in the electronics industry and the strong order book
position of the firm.

Going forward, IMI's ability to attain an optimal working capital
cycle and a healthy capital structure will be the key rating
sensitivity.

IMI was established in 1985 as a partnership firm by Mr. Rahul
Chaudhary and his family. The firm is engaged in the manufacturing
and installation of substation structures, transformer tanks, core
clamps, meter pillar boxes, cables and conductors, electronic
meters and electric lamination. The manufacturing unit of the firm
is located in Jaipur Industrial Area, in Rajasthan.

Recent Results:
IMI reported an Operating Income (OI) of INR186.0 crore and a net
profit of INR6.8 crore for 2013-14, as compared to an OI of
INR83.9 crore and a net profit of INR1.6 crore for the previous
year. For 2014-15, on a provisional basis, the firm reported an OI
of INR57.58 crore.


KINJAL COTTON: CRISIL Assigns B+ Rating to INR75MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kinjal Cotton Pvt Ltd (KCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B+/Stable
   Term Loan             20        CRISIL B+/Stable

The rating reflects KCPL's modest scale of operations in the
fragmented cotton ginning and pressing industry and its below-
average financial risk profile, marked by aggressive capital
structure and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of KCPL's promoters and their funding support to the
company.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in the company's revenue and profitability,
leading to higher cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of weakening of KCPL's financial
risk profile, particularly its liquidity, because of low cash
accruals or stretched working capital cycle or any large,
unanticipated capital expenditure.

Incorporated in 2008, KCPL gins and presses raw cotton and
extracts oil from cotton seeds. The company is promoted by Mr.
Vishnubhai Patel and his family members and its manufacturing unit
is at Sillod in Aurangabad (Maharashtra).


KSA EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR71MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of KSA
Educational and Charitable Trust (KSA) continues to reflect
instances of delay by KSA in servicing its term debt; the delays
have been caused by the trust's weak liquidity.

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

CRISIL had assigned its 'CRISIL D' rating to the trust's bank
facilities in May 2015 (refer to the rating rationale, dated
May 18, 2015).

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

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


MAA BHUASUNI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Maa Bhuasuni
Roller Flour Mills (MBRFM) continues to reflect MBRFM's weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics, and its modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of MBRFM's promoters in the agro industry and
the healthy demand for the firm's products.

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

Outlook: Stable

CRISIL believes that MBRFM 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
increase in the firm's scale of operations, resulting in higher-
than-expected cash accruals, or infusion of equity by promoters,
leading to improvement in its capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if any
unanticipated increase in inventory levels or delay in realisation
of debtors leads to pressure on MBRFM's liquidity, or if a major
debt-funded capital expenditure or large capital withdrawal by the
partners results in deterioration in its capital structure.

Update
Driven by stable demand for its 56 Bhog brand of products, coupled
with availability of sufficient funds for ramp-up of operations,
MBRFM registered an a year-on-year revenue growth of around 15 per
cent to INR356 million in 2014-15 (refers to financial year, April
1 to March 31) from INR310 million in 2013-14. The management has
budgeted an annual revenue growth of 8 to 10 per cent over the
medium term, supported by its established relationships with
channel partners and recognised brand among customers. The firm's
operating margin is, however, expected to remain modest at around
3.5 per cent over this period, in line with past trends.

MBRFM's financial risk profile remains weak, marked by a small net
worth of around INR36.8 million and moderate gearing of about 1.5
times, as on March 31, 2015. Its debt protection metrics are also
weak, with interest coverage and net cash accruals to total debt
ratios at around 1.90 times and 0.09 times, respectively, in 2014-
15. Its financial risk profile is expected to remain weak over the
medium term driven by limited accretion to reserves due to low
profitability.

MBRFM's liquidity is also weak due to large working capital
requirements, low accruals, and limited cushion in bank limits.
The large working capital requirements were driven by growth in
turnover as well as the seasonal nature of wheat availability. Its
cash accruals were limited at about INR5 million in 2014-15 due to
low profitability. Consequently, the firm continues to rely mainly
on fund-based bank lines to meet these requirements; the limits
were utilised at an average of 95 per cent during the 12 months
through March 2015. Absence of any fixed repayment obligations,
coupled with need-based fund support from promoters, will continue
to ensure that MBRFM does not experience cash flow mismatches over
the medium term.

MBRFM, on a provisional basis, reported a profit after tax (PAT)
of INR3.3 million on net sales of INR356 million for 2014-15; it
had reported a PAT of INR3.6 million on net sales of INR349
million for 2013-14.

MBRFM, based in Bhubaneswar (Odisha), processes wheat products,
such as, maida, suji, atta, and bran. It has a flour milling
capacity of 65 tonnes per day.


MANGALAM EDU: CRISIL Ups Rating on INR800MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facility of
Mangalam Edu Gate (MEG) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            800       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that steady inflow of
donations (INR97.7 million in 2014-15 -- refers to financial year,
April 1 to March 31) will enhance MEG's liquidity over medium
term. Additionally, MEG's operating profit alone should suffice to
service interest in 2015-16, while the cash accruals (inclusive of
donations) in 2016-17 should be sufficient for repayments starting
from June 2016. Increase in occupancy levels at K R Mangalam
University (KRMU) run by MEG, is expected to result in stronger
accruals and operating income, and improved coverage for fixed
overheads. However, the expected improvement in liquidity will
remain contingent on the quantum and timeliness in donations
received over the near to medium term. The rating upgrade also
underscores successful completion of MEG's capital expenditure
plan to set up KRMU.

CRISIL's rating on the bank facilities of MEG continue to reflect
the KRMU's exposure to intense competition in the under- and post-
graduate education segment in Delhi and the National Capital
Region; and its weak financial profile, especially interest
coverage ratio, and high gearing. These rating weaknesses are
partially offset by the promoters' extensive experience in the
education sector (through other educational institutes) and KRMU's
broad course portfolio.
Outlook: Stable

CRISIL believes that MEG's financial risk profile will remain
constrained by its initial phase of operations in the near term.
The outlook may be revised to 'Positive' if KRMU's occupancy
improves significantly, resulting in an increase in fee income and
consequently in sizeable cash accruals and enhanced liquidity.
Conversely, the outlook may be revised to 'Negative' if MEG's
liquidity and financial risk profile deteriorate because of delay
in receipt of donations to service debt; or substantially low cash
accruals driven by low student intake, or significant debt-funded
capital expenditure.

MEG, a non-profit organisation, was established in 2004 to provide
under- and post-graduate education. MEG is controlled by Mr. Yash
Dev Gupta and his brothers, Mr. Jai Dev Gupta, Mr. Kapil Dev Gupta
and Mr. Inder Dev Gupta. MEG has established KRMU, which offers
technical and management courses in Gurgaon (Haryana).


MATHIYAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR10.0 crore fund based facilities of Mathiyan Construction Pvt
Ltd. ICRA has also reaffirmed its short term rating of [ICRA]A4 on
the INR24.0 crore non fund based facilities of MCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       10.0        [ICRA]B+; reaffirmed
   Non Fund Based Limits   24.0        [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account MCPL's pending order
book of INR84.8 crore which provides revenue visibility over the
medium term, with order backlog/Operating Income (OI) of 1.60x.
The ratings continue to favorably factor in the experience of the
promoters in the field of road construction and the company's
status as a 'Class A' contractor under the Public Works
Departments (PWD) of Uttar Pradesh (U.P.) and Uttarakhand state
governments, which enables it to get repeat orders.

However, the ratings are constrained by the slow pace of execution
owing to approval and site availability related delays which has
resulted in muted revenue growth in 2014-15. The rating also takes
into account MCPL's high working capital intensity on account of
high inventory and receivable days which results in full
utilization of working capital limits. The ratings also factor in
MCPL's exposure to geographical risk since the company's
operations are confined to the states of U.P. and Uttarakhand and
also the vulnerability of its margins to fluctuations in raw
material prices.

Going forward, the ability of the company to execute the current
order book in a timely manner, improve its working capital
intensity and liquidity position will be the key rating
sensitivities.

Based in Muzaffarnagar, U.P, MCPL was incorporated in 2007 by Mr.
Rajeev Kumar and his brother, Mr. Subhash Chand. The promoters
have experience of more than a decade in the field of
construction. The company mainly undertakes work related to road
construction and maintenance mainly for the PWD.

Recent Results
The company reported an OI of INR53.07 crore and a profit after
tax (PAT) of INR1.51 crore in 2013-14, as compared to an OI of
INR39.42 crore and a PAT of INR1.56 crore in the previous year.
The company, on a provisional basis, reported an OI of INR54.88
crore and a PAT of INR1.38 crore for 2014-15.


MEGHA PLAST: CRISIL Reaffirms 'B+' Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Megha Plast Pvt
Ltd (MPPL) continue to reflect MPPL's small scale of operations,
large working capital requirements, and susceptibility of its
profitability to volatility in raw material prices.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of MPPL's promoters in the packaging industry, the
company's established customer relationships, and moderate
financial risk profile.
Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
revenue growth and profitability, along with efficient working
capital management, leading to healthy debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case of
steep decline in profitability or lengthening of working capital
cycle or large debt-funded capital expenditure, weakening the
company's financial risk profile.

MPPL was established in 2002 and commenced operations in 2005. It
is promoted by Mr. Trilokchand Agrawal and his brother Mr. Suresh
Agrawal; its plant is managed by Mr. Sohan Gupta (director). MPPL
manufactures polypropylene (PP)/high-density polyethylene (HDPE)
bags for cement companies.


MIL STEEL: ICRA Reaffirms B+ Rating on INR8.73cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR6.00 crore long-term fund based facilities (rated amount
enhanced from INR1.45 crore) and INR8.73 crore long term loans
(rated amount revised from INR11.05 crore) of MIL Steel and Power
Limited. ICRA has also assigned a short term rating of [ICRA]A4 to
INR2.00 crore short term non-fund based facilities of MSPL. These
apart, ICRA also has assigned [ICRA]B+/[ICRA]A4 to the INR2.00
crore1 proposed facilities of MSPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund based
   Facilities               6.00      [ICRA]B+; Reaffirmed

   Long term loans          8.73      [ICRA]B+; Reaffirmed

   Short term non fund
   based facilities         2.00      [ICRA]A4; Assigned

   Long term/short term
   proposed facilities      2.00      [ICRA]B+/[ICRA]A4; Assigned

The ratings take into consideration the significant competitive
intensity in the highly fragmented ferrous metals industry; as a
result, MSPL is exposed to restricted pricing flexibility and thin
profitability margins. As such, MSPL is exposed to the volatility
in steel demand & prices which is inherent due to cyclical nature
of the industry. These apart, the ratings are also constrained
given MSPL's stretched capital structure & debt protection
indicators. Nevertheless, the ratings favorably factor in the
positive long term demand outlook for steel products which is
expected to drive MSPL's business growth. This apart, the
corporate guarantee extended by Meenakshi (India) Limited, which
has an established presence in manufacture of garments, has been
factored in while arriving at the ratings.

MIL Steel and Power Limited, the erstwhile Kanishk Ferrous and
Energy Limited, is engaged in the manufacture of MS Billets,
largely catering to localised demand from TMT and structural
products players in the region. MSPL was a part of OPG Group
before its acquisition by Meenakshi (India) Limited (MIL) Group on
April 01, 2013, for a total consideration of INR7.02 crore. MSPL's
operations remained suspended for most part of FY2014 due to power
supply constraints, but have since re-commenced following
commissioning of its continuous casting machine in its facility in
place. The company has an installed capacity of 36,000 MT per
annum.

Recent results
MSPL reported an operating income of INR87.30 crore during 2014-15
as per the provisional financial statements. As against this, MSPL
reported a net loss of INR2.90 crore on an operating income of
INR8.00 crore during 2013-14.


MUSLIM EDUCATIONAL: CRISIL Cuts Rating on INR156.7MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Muslim Educational Society (Regd.) Calicut (MES) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        53.5      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Overdraft Facility    50.0      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Term Loan            156.7      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects MES's delays in servicing its term
loans on account of its weak liquidity driven by inherent cash
flow mismatches in the education sector.

MES is also exposed to intense competition and to risks related to
the regulated nature of the education sector. However, the society
benefits from its established position in the education sector and
its wide and expanding range of course offerings.

MES was established in 1964 by the late Dr. P K Abdul Gafoor in
Kozhikode (Kerala). MES operates 150 institutions, including
professional colleges, colleges, schools, hostels, hospitals,
orphanages, and technical institutes, mostly in Kerala.


NATIONAL CONSTRUCTION: ICRA Suspends 'D' Rating on INR109cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR109.00
crore long term fund based facilities and [ICRA]D rating assigned
to the INR26.00 crore non fund based facilities of National
Construction Company. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

National Construction Company (NCC) is a partnership concern and
was established in the year 1984 and is engaged in overburden
removal and excavation contract works for mining companies in
India. The firm was established by Mr. Khimji Patel and Mr. Bhikha
Patel. It is an 'AA' class government registered contractor and
'A' class contractor registered with the Western Railways.


PLATINUM CERAMIC: CRISIL Reaffirms 'B' Rating on INR71.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Platinum Ceramic
Pvt Ltd (PCPL) continue to reflect its PCPL's susceptibility to
risks associated with its ongoing project and its expected weak
capital structure during the initial stage of operations. These
rating weaknesses are partially offset by its promoters' extensive
experience in the ceramic tiles industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        14        CRISIL A4 (Reaffirmed)
   Cash Credit           40        CRISIL B/Stable (Reaffirmed)
   Term Loan             71.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if PCPL stabilises operations at its
proposed plant on time and reports significant revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if the company faces significant delay in commencement
of operations, generates lower-than-expected cash accruals during
the initial phase of operations, or witnesses substantial increase
in working capital requirements resulting in weak liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), PCPL
sales are estimated to be lower at around INR113 million marked by
first year of operations. Over the medium term, the sales are
expected to grow at healthy pace of around 25 to 30 per cent
supported by full year of operations. The operating margins are
estimated to be around 15 per cent in 2014-15 supported by
benefits that the company derives from location proximity,
resulting in better operating efficiencies. CRISIL believes
operating profitability to remain at moderate level in the range
of 14 to 15 per cent over the medium term. The working capital
requirements in 2014-15 were moderate with gross current assets
(GCA) at around 51 days due to better receivable management and
lower inventory holdings. The GCA are expected to be in range of
75 to 85 days with full year of operations and overall working
capital to rise with scale of operations over the medium
term.reported an operating income of INR335 million against
INR329.5 million during a year earlier. CRISIL believes that the
PCPL's financial risk profile will be marked by high gearing and
average debt protection metrics. The liquidity profile is marked
by tightly matched cushion between expected net cash accruals
against term debt repayment obligation, limited financial
flexibility and working capital intensive nature of operations.
Incorporated in July 2013, PCPL has set up a 31,500-tonnes-per-
annum ceramic wall glazed tiles plant at Morbi in Rajkot
(Gujarat). The company is promoted by Rajkot-based Kundaria and
Ransaria families.


POWER WELFARE: CRISIL Raises Rating on INR300MM LT Loan to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Power
Welfare Society (PWS) to 'CRISIL B-/Stable' from 'CRISIL D'

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Long Term Loan        300      CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The upgrade reflects regularisation in PWS's debt servicing over
the six months through June 2015. The upgrade also factors in
CRISIL's belief that PWS will continue to service its debt on time
over the medium term, backed by adequate cash accruals.

The rating continues to reflect the lack of experience of PWS's
board members in the real estate business, and the society's
vulnerability to cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by the advance stage
of completion of the society's project, and the healthy bookings
for the same.
Outlook: Stable

CRISIL believes that PWS will continue to benefit from the
advanced stage of completion of its project, and its healthy
bookings. The outlook may be revised to 'Positive' if steady
bookings of units and receipt of customer advances on the ongoing
project leading to stronger cash inflows and improved liquidity
for PWS. Conversely, the outlook may be revised to 'Negative' if
low customer advances or sizeable cost overruns on the project
result in decline in the society's liquidity.

PWS was set up in 2005 as a non'profit organisation under the
Andhra Pradesh Societies Act, 2001, with the sole objective of
building a residential complex for its members.

The society is developing a residential project - De-Lite-Power
Welfare Society-for its members. The residential complex is
situated in Gachibowli (Hyderabad, Telangana) and the project
envisages construction of 853 flats.

The board members in the society are ex-employees and working
employees from the power sector. The construction project is
undertaken by Tempus Infra Projects Pvt Ltd (rated 'CRISIL
D/CRISIL D').


PRRAGATHI STEEL: CRISIL Reaffirms 'B-' Rating on INR27.7MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Prragathi Steel Castings
Pvt Ltd (PSC) continues to reflect the company's modest scale of
operations and below-average financial risk profile, marked by
high gearing, a modest net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the promoters'
extensive experience in the industry and their financial support.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              26      CRISIL B-/Stable (Reaffirmed)

   Cash Credit-Book Debt    24      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       27.7    CRISIL B-/Stable (Reaffirmed)

   Term Loan                 0.3    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PSC will continue to benefit from the
promoters' funding support over the medium term. The outlook may
be revised to 'Positive' if the company generates sizeable cash
accruals, backed by an improvement in its revenue and
profitability, and consequently in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if PSC
reports low cash accruals or deterioration in its working capital
management, leading to deterioration in its financial risk
profile, especially liquidity.

Set up in 1987 in Shimoga (Karnataka), the company manufactures
carbon, stainless steel and alloy-based castings. The company's
operations are managed by Mr. N Surendra.


RUTTONPORE PLANTATIONS: CRISIL Reaffirms D Rating on INR65MM Loan
-----------------------------------------------------------------
CRISIL's rating to the bank facilities of Ruttonpore Plantations
Pvt Ltd (RPPL; part of the Mantri group) continues to reflect
instances of overdraws  in its cash credit limit for more than 30
days; the overdraws have been caused by the group's weak liquidity
owing to the working capital intensity of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL D (Reaffirmed)

   Proposed Long Term      8.7     CRISIL D (Reaffirmed)
   Bank Loan Facility

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RPPL, Mantri Tea Company Pvt Ltd
(MTCPL), Derby Plantations Pvt Ltd (DPPL), and Manipur Tea Company
Pvt Ltd (Manipur Tea), together referred to as the Mantri group.
This is because the entities have common management, are in the
same line of business and have cross guarantees with each other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

RPPL reported a profit after tax (PAT) of INR 5.1 million on net
sales of INR 1122 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR 5.3 million on net
sales of INR 1116 million for 2012-13. It is estimated to report
net sales of INR1067 million in 2014-15.


SAI CHHAYA: ICRA Assigns 'B+' Rating to INR3.6cr Cash Credit
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the
company's additional limit of INR1.60 crore. ICRA also has an
outstanding long term rating of [ICRA]B+ on the INR10.0 crore fund
based limits of Sai Chhaya Autolink Private Limited (SCAPL).

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based-Cash       3.60      [ICRA]B+; assigned/outstanding
   Credit

   Fund Based-Inventory
   Funding               8.00      [ICRA]B+; outstanding

ICRA's ratings continue to take into account the long standing
experience of SCAPL's promoters in the dealership business for
Ford India Private Limited (FIPL), the company's favourable market
position in Bhopal, Madhya Pradesh (M.P.) by virtue of being the
sole dealer for Ford as well as its increasing reach, due to new
outlets being opened by SCAPL resulting in steady revenue growth.
This apart, new launches by Ford in 2015-16 are also expected to
support SCAPL's revenue growth over the near to medium term.
However, the ratings continue to be constrained by the company's
weak profitability, due to substantial interest expense as it
remains highly dependent on bank limits for working capital
funding. Consequently, SCAPL's capital structure and debt coverage
indicators continue to remain modest. (Gearing of 4.2 times as on
March 31, 2015, Debt/OPBDITA of 6.9 times and Interest coverage of
1.3 times in FY2014). Further, SCAPL's performance remains linked
to the growth prospects of the domestic passenger vehicles
industry and Ford's performance.

Going forward SCAPL's ability to ramp up its operating scale by
capitalizing on the new models being launched by FIPL, and improve
its debt coverage indicators while attaining an optimal working
capital cycle, will be the key rating sensitivities.

SCAPL was incorporated in 2003, and is an authorized dealer for
FIPL in Bhopal, M.P. The company operates one sales cum service
outlet at Bhopal (Govindpura) and has also set up another sales-
cum-service outlet at Hoshangabad, M.P. in February, 2014. It is
the only Ford dealer in Bhopal and one of the five Ford dealers in
M.P.

The company is managed by Mr. Jai Moolchandani and his wife, both
of whom are directors in SCAPL. The Moolchandani family also holds
a stake in 'Sri Sai Vehicle Pvt. Ltd.', another Ford dealership
based in Jabalpur, M.P., which commenced operations from October
2011.

Recent Results
SCAPL reported an operating income of INR49.0 crore in FY2014 with
a net profit of INR0.2 crore, as compared to an operating income
of INR39.7 crore and a net profit of INR0.2 crore for the previous
year. SCAPL, on a provisional basis, reported an operating income
of INR52.0 crore for FY 15.


SANGINI COMMERCE: CRISIL Reaffirms B- Rating on INR350MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sangini
Commerce Pvt Ltd (SCPL) continues to reflect SCPL's exposure to
risks related to timely completion and funding of its ongoing
hotel project; SCPL faces high funding risk as additional funding
for the revised project cost has not yet been tied up.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             350       CRISIL B-/Stable (Reaffirmed)
   Working Capital
   Demand Loan            30       CRISIL B-/Stable (Reaffirmed)

This rating weakness is partially offset by the extensive
experience of SCPL's promoters in the hotel industry and the
company's tie-up with the Hyatt group for managing the upcoming
hotel.
Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
association with the Hyatt group. The outlook may be revised to
'Positive' in case of more than expected average room rent (ARR)
and occupancy level for the hotel, resulting in substantial
accruals and a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any further time
or cost overrun in the project, which will adversely impact the
company's financial risk profile, and thus, its debt-servicing
ability.

Update
SCPL's project is in a pre-operative stage. The company had spent
nearly INR250 million (about 20-25 per cent of the total budgeted
cost) until June 2015 on building structure funded through a term
loan of INR70 million and remaining INR180 million through equity
from promoters. The company is in process of incremental term loan
of around INR200 million which will be sanctioned by the bank by
the end of July 2015. As per the original timeline, the project
was expected to be completed by in the latter half of 2016, but
due to operational and financial restructuring the work was
delayed and the project is now expected to be completed by March
2017, without any significant cost overrun.

The interest on term loans during the construction phase is being
capitalised as part of the project cost and the repayment of the
term loan will start in September 2017. CRISIL believes that SCPL
will continue to face implementation and offtake risks and the
company's debt-servicing ability will be weak during its initial
stage of operations.

SCPL was incorporated in March 2007 by Mr. Pun Pun Agrawal and Mr.
Pawan Agrawal to undertake trading operations. In September 2009,
SCPL was acquired by Ms. Rani Maurya and Mr. Madhukar Maurya to
enter the hotel business. The company is constructing a 150-room
premium (five-star category) hotel at Sarnath in Varanasi (Uttar
Pradesh), and recently entered into an agreement with the Hyatt
group for management of the hotel.


SANTUKA VYAPAAR: CRISIL Reaffirms 'B Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Santuka Vyapaar
Private Limited (SVPL) continues to reflect SVPL's limited track
record of operations in the intensely competitive gold and diamond
jewellery retailing segment.

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

The rating also factors in SVPL's below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of SVPL's promoter and the
benefits the company derives from its association with the brand
Maya (Gitanjali Group).
Outlook: Stable

CRISIL believes that SVPL will benefit from the strong brand
presence of its franchisor Maya (Gitanjali Group) in the gold and
diamond jewelry business over the medium term. The outlook may be
revised to 'Positive' if SVPL records a significant and sustained
improvement in its revenue and operating margin resulting in
better capital structure and debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case of low growth in
revenue and margins, or lengthening of working capital cycle, or
large debt-funded capital expenditure, weakening the company's
financial risk profile.

Update
SVPL's operating income increased to INR56.7 million in 2014-15
(refers to financial year, April 1 to March 31) from INR44.2
million in 2013-14 on account of better realisations. Its
operating margin improved to 18 per cent in 2014-15 from 1.8 per
cent in 2013-14 because of stabilisation of operations and decent
brand recall of Maya in its catchment area.

SVPL's liquidity remains moderate, with cash accruals of INR3.1
million against nil debt obligation. Its bank lines were utilised
at an average of 89 per cent over the 12 months through May 2015.

SVPL's financial risk profile remains below average, marked by
modest net worth, moderate gearing, and average debt protection
metrics. The company's gearing remained around 1.35 times as on
March 31, 2015; its debt protection metrics remain average, with
interest coverage and net cash accruals to total debt ratios of
1.42 times and 0.04 times, respectively, for 2014-15.

SVPL, based in Jagatpur (Odisha) was incorporated in 2012 by Mr.
Avinash Santuka and Mr. Sushil Kumar Santuka. The company retails
gold and diamond studded jewelry, including necklaces, earrings,
rings, bracelets, and pendants through its outlets at Cuttack and
Bhubaneshwar under a franchise agreement with Maya (Gitanjali
Group).


SHIEL AUTOS: CRISIL Cuts Rating on INR75MM Cash Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shiel
Autos (Shiel) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          75.0       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Shiel's business
risk profile. The firm's operating income has declined to around
INR500 million in 2014-15 (refers to financial year, April 1 to
March 31) from around INR643 million in 2013-14; the decline was
partly due to the weakening of demand for Bajaj two-wheelers in
2014-15, especially in the urban market. This has also led to a
reduction in Shiel's return on capital employed to below 14 per
cent in 2014-15 from over 19 per cent in 2013-14.

Moreover, the firm started offering larger credit period to semi-
urban and rural consumers in 2014-15, leading to an increase in
debtors to around 56 days as on March 31, 2015, from 20 days as on
March 31, 2014. This has led to a significant increase in working
capital requirements, resulting in higher reliance on external
debt. Over the same period, Shiel's debt has almost doubled to
over INR130.0 million from INR74.6 million, leading to a
substantial increase in its total outside liabilities to tangible
net worth (TOLTNW) ratio to over 2.5 times from 1.67 times. CRISIL
believes that the firm's change in credit policy for its rural
consumers would keep its working capital requirements and its debt
high over the medium term.

The ratings reflect Shiel's limited bargaining power with its
principal, Bajaj Auto Ltd (BAL; rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+'), resulting in low operating
profitability. The ratings also factor in the firm's below-average
financial risk profile, marked by a small net worth, high TOLTNW
ratio, and weak debt-protection metrics. These rating weaknesses
are partially offset by the extensive experience of Shiel's
promoters in the automobile dealership business and its long
association with the reputed Bajaj brand.
Outlook: Stable

CRISIL believes that Shiel 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 financial risk
profile improves, most likely through equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
Shiel's financial risk profile deteriorates, most likely because
of a significant decline in its sales volumes and net cash
accruals.

Based in Agra (Uttar Pradesh), Shiel has been a dealer for BAL's
two-wheelers for 25 years. The firm has seven showrooms, all in
and around Agra. Its day-to-day operations are managed by Mr.
Rajiv Rattan and his brother Mr. Sanjeev Rattan.


SHREE KRISHAN: CRISIL Reaffirms 'B' Rating on INR107MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Shree Krishan
Co (Manufacturers) Private Limited (SKCMPL) continue to reflect
SKCMPL's exposure to intense competition from large established
players in the Indian potato chips and extruded snacks
manufacturing industry, and its below-average financial risk
profile, marked by a modest net worth, high gearing and subdued
debt-protection metrics.

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

   Cash Credit           23.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.5       CRISIL B/Stable (Reaffirmed)

   Term Loan            107.0       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SKCMPL is expected to derive from its brand name and distribution
network development initiatives.
Outlook: Stable

CRISIL believes that SKCMPL will benefit over the medium term from
its brand name and distribution network development initiatives.
The outlook may be revised to 'Positive' if the increase in the
company's scale of operations is more than expected, and if its
liquidity improves, driven by prudent working capital management,
infusion of equity by promoters, and generation of better-than-
anticipated accruals. Conversely, the outlook may be revised to
'Negative' if SKCMPL's financial risk profile, particularly its
liquidity, deteriorates, most likely because of large, debt-funded
capex, lower-than-expected accruals, or significant increase in
working capital requirements.

SKCMPL, promoted by the Kolkata (West Bengal)-based Agarwal
family, has set up a unit for production of potatoes chips and
starch in Howrah. The plant has commenced commercial operations
from January 2013.  The company is marketing its product under the
brand name NJOY.


SHREE NATH: CRISIL Assigns 'B' Rating to INR37.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shree Nath Ji Dye Stuffs (SNJD).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      37.5      CRISIL B/Stable

   Bank Loan Facility
   Proposed Cash Credit
   Limit                   25.0      CRISIL B/Stable

   Overdraft Facility       7.5      CRISIL A4
   Proposed Buyer Credit
   Limit                   30.0      CRISIL A4

The ratings reflect SNJD's small scale of operations in highly
competitive and fragmented dyes and pigments industry and its weak
financial risk profile marked by an aggressive capital structure
and weak debt protection measures. These rating weaknesses are
partially offset by the proprietor's extensive industry experience
leading to established customer relations.
Outlook: Stable

CRISIL believes that SNJD will maintain its business risk profile
over the medium term supported by its proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
the firm registers considerable increase in its scale of
operations and profitability resulting in sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if SNJD
reports low cash accruals due to a decline in revenue or
profitability level, or if firm undertakes large debt-funded
capital expenditure leading to deterioration in its financial risk
profile.

SNJD was set up as a partnership firm in 1991 by New Delhi-based
Behl family. The firm was converted into a proprietorship firm in
2006. The firm is engaged in trading of dyes, pigments, and
chemicals.

On a provisional basis, for 2014-15 (refers to financial year,
April 1 to March 31), SNJD reported book profit of INR1.0 million
on net revenue of INR49.5 million, against book profit of INR0.9
million on net revenue of INR46.6 million for 2013-14.


SINGHANIA AND SONS: CRISIL Reaffirms B+ Rating on INR121.4MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Singhania and Sons Pvt
Ltd (SSPL) continue to reflect SSPL's susceptibility to
cyclicality in its end-user industry and to regulatory changes.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Purchase          25       CRISIL A4 (Reaffirmed)

   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)

   Foreign Documentary
   Bills Purchase         50       CRISIL A4 (Reaffirmed)

   Foreign Exchange
   Forward                 3.6     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     121.4    CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee          22.5    CRISIL A4 (Reaffirmed)

The ratings also factor in the company's average financial risk
profile, marked by a modest net worth and a weak interest coverage
ratio. These rating weaknesses are partially offset by the
extensive experience of SSPL's promoters in the iron ore and
chemicals trading business.
Outlook: Stable

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

SSPL, based in Kolkata and promoted by Mr. Purushottam Lal
Singhania in 1947, is a trader engaged in export of iron fines and
in local sales of imported chemicals used largely in the paints
industry. The company's operations are managed by Mr. Pradeep
Kumar Singhania.


SINGHI CABLES: ICRA Withdraws B+/A4 Rating on INR28.5cr Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]B+ and [ICRA]A4
assigned to the INR3.45 crore fund based and INR28.50 crore
(including INR27 crore interchangeable between long term and short
term) non-fund based bank facilities of Singhi Cables & Conductors
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the ratings in case the ratings remain suspended for more
than three years.


TORONTO CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.95 crore term loan and INR4.00 crore cash credit facility of
Toronto Ceramic Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR1.25 crore non fund based
bank guarantee facility of TCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based- Cash
   Credit                  4.00        [ICRA]B+ reaffirmed

   Fund Based- Term Loan   0.95        [ICRA]B+ reaffirmed

   Non Fund Based- Bank
   Guarantee               1.25        [ICRA]A4 reaffirmed

The ratings remain constrained by Toronto Ceramic Private
Limited's (TCPL) modest scale of operations with the intense
competition from the presence of established organized tile
manufacturers and unorganized players. The ratings also take into
consideration the low profitability and tight liquidity position
as evidenced by high working capital utilization. While assigning
the ratings, ICRA also takes note of the dependence of operations
and cash flows on the performance of the real estate industry
(which is the main consuming sector for the company's products),
the vulnerability to volatility in raw material prices and
availability of gas.

The ratings, however, favorably take note of the experience of the
key promoters in the ceramic industry and the location advantage
enjoyed by TCPL, giving it easy access to raw material. The
ratings also favourably consider the geographically diversified
clientele with the increased demand of ceramic wall tiles in the
overseas market.

Toronto Ceramic Private Limited is a digitally printed porcelain
floor tiles manufacturer with its plant situated at Morbi,
Gujarat. The company was incorporated in 2007 with the
commencement of commercial operations in 2008. Five directors
namely Mr. Govindbhai J. Desai, Mr. Gordhanbhai J. Rupala, Mr.
Samjibhai M. Barasara, Mr. Dhanjbhai C. Detroja and Mr.
Shaileshbhai A. Bhatasana manage the company. The plant has an
installed capacity to produce 34000 MT per annum of porcelain
floor tiles in single size 605X605 mm. In FY14, the company has
installed a digital printing machine and commenced the production
on the same. In the current fiscal, the installed capacity has
increased from 34000 MT to 37230 MT due to kiln maintenance work
in the plant.

Recent Results
During FY15 (unaudited provisional financials), TCPL reported an
operating income of INR29.07 crore (as against INR19.87 crore
during FY14) and net profit of INR1.07 crore (as against net loss
of INR0.35 crore during FY14).


U G CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of U G Constructions
Limited (UG) continues to reflect its exposure to implementation
and saleability risks on its ongoing projects.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable (Reaffirmed)
   Term Loan             20        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile and geographic concentration risks in its revenue
profile. These rating weaknesses are partially offset by the
experience of UG's promoters in the construction business.
Outlook: Stable

CRISIL believes that UG will benefit over the medium term from its
promoters' extensive experience in the construction industry. The
outlook may be revised to 'Positive' if early completion of
projects, or healthy sales realisations from ongoing projects lead
to sizeable cash flows. Conversely, the outlook may be revised to
'Negative' if delays in project execution or in receipt of
advances from customers, or large debt-funded future projects
considerably weaken the financial risk profile.

UG, set up in 2010, is engaged in residential real estate
development and civil construction. The company is based in
Chennai (Tamil Nadu); its operations are managed by Mr. P Ramesh
and Mr. P S Ganesan.


VIHAAN BOARDS: ICRA Assigns B- Rating to INR9.99cr Term Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR15.0
crore fund based bank facilities of Vihaan Boards Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Fund Based
   Facility - Term Loan     9.99       [ICRA]B-; Assigned

   Long-term Fund Based
   Facility - Cash Credit   5.01       [ICRA]B-; Assigned

ICRA's rating takes into account VBPL's high working capital
intensity, with NWC/OI of 36% for FY15, on account of high
inventory days. This has resulted in a stretched liquidity
position, as reflected in the near full utilisation of its bank
limits. The rating also factors in the vulnerability of the
company's profitability to the cyclicality of the real estate
industry, as well as to adverse fluctuations in raw material
prices. ICRA also notes that the availability of VBPL's key raw
material, bagasse, is subject to cyclicality in the sugar
industry. However, the rating favourably factors in the long
experience of the promoters in the wood processing industry
through associate concern Pine Plywood Pvt Ltd and the
satisfactory growth in the scale of operations achieved in the
past two years, since commencement of operations. The company is
also expected to benefit from the growing popularity of pre-
laminated particle boards as an economical substitute for
laminated plywood.

Going forward the ability of the company to attain an optimal
working capital cycle and achieve a sustained improvement in its
liquidity, will be the key rating sensitivities.

VBPL, incorporated in 2011, is promoted by Mr. Bharat Surana, Mr.
Chattar Surana, and Mr. Gaurav Dewan. The company is engaged in
manufacturing particle boards at its facility in Moradabad, Uttar
Pradesh, with an installed capacity of 2,500 particle boards per
day (dimensions of 8'x4'x17mm). The facility commenced operations
from May 2013.

Recent Results
VBPL reported, on a provisional basis, an operating income of
INR26.31 crore and a profit after tax of INR2.51 crore in 2014-15,
as against an operating income of INR20.41 crore and a net loss of
INR1.67 crore in the previous year.



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


SKYMARK AIRLINES: Delta Offers to Invest in Bankrupt Carrier
------------------------------------------------------------
Jeffrey Dastin at Reuters reports that Delta Air Lines Inc has
offered to invest in Skymark Airlines Inc as part of a
restructuring plan for the budget carrier, according to a Japanese
media report.

Reuters relates that the move has the potential to increase
competition in Japan by allowing Delta to funnel international
travelers via Tokyo to more Japanese cities that Skymark serves. A
deal would give Delta a roughly 20-percent stake, although terms
must still be concluded and approved by Skymark's creditors,
Reuter reports citing a report by Nikkei Asian Review.

A Delta spokeswoman said, "It would be premature for us to comment
on the matter," Reuters adds. Delta's President Ed Bastian said
last month that the Atlanta-based airline had been approached
about making the investment, Reuters recalls.

Reuters says Skymark holds many landing slots at Tokyo's Haneda
Airport, which connects to cities throughout Japan and which many
travelers prefer Narita International Airport because it is closer
to Tokyo's downtown. Skymark's slots are for domestic routes only.

If the deal succeeds, Delta could attempt to build Haneda as a
transit hub for passengers coming off its flights from Los
Angeles, according to Reuters. Currently, Delta's connecting
opportunities are limited because it has no alliance partner in
Japan, the news agency notes.

Rival U.S. carrier United Continental Holdings Inc has an alliance
with Japan's ANA Holdings Inc , and rival American Airlines Group
Inc has an alliance with Japan Airlines Co Ltd, Reuters discloses.

According to Reuters, planemaker Airbus Group SE and aircraft
lessor Intrepid Aviation Ltd are the biggest creditors to Skymark,
which ran into financial trouble after embarking on an ambitious
expansion that included buying Airbus A380 jumbo jets.

There are two restructuring plans for Skymark currently on the
table, one involving ANA Holdings investing in Skymark, and one
proposed by Intrepid, Reuters states.

Creditor approval is key for either Skymark restructuring plan to
go ahead, adds Reuters.

                      About Skymark Airlines

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.



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


ARENA CAPITAL: Receivers Seek to Put the Company Into Liquidation
-----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that KordaMentha, the
administrators of Arena Capital Limited, trading as Blackfort FX,
stated in an update that the company is insolvent and should be
placed into liquidation. This would allow the administrators to
free a number of assets and proceed to return clients funds, the
report says.

According to the report, KordaMentha has currently filed a court
application to be appointed liquidators of the New Zealand Forex
broker.

BlackfortFX was put into receivership in May this year amid issues
that it was trading in violation of the countrys' investment laws,
Dissolve.com.au recalls.

Arena Capital Limited, trading as Blackfort FX, is a Christchurch-
based investment company.  Grant Robert Graham and Neale Jackson
were appointed Joint and Several Receivers and Managers of the
assets and undertaking of Arena Capital Limited, trading as
Blackfort FX, on May 27, 2015.


RELATIONSHIPS AOTEAROA: Goes Into Liquidation
---------------------------------------------
stuff.co.nz reports that Relationships Aotearoa has been formally
placed in liquidation.

The service controversially shut down on June 9, after funding
negotiations with the Government failed and was placed in interim
liquidation, according to stuff.co.nz.

The report notes that associate Judge Warwick Smith made the order
of liquidation for the company in the High Court at Wellington.

Liquidator John Fisk of PricewaterhouseCoopers said the urgency of
the situation meant Relationships Aotearoa had to be put into
interim liquidation to start the process of pursuing assets and
dealing with creditors, the report relates.

Liquidators would continue with the full liquidation of the
company, Mr. Fisk said, the report relays.

Employees were paid before the liquidator took over.

The report notes that Mr. Fisk said unpaid creditors could be owed
NZ$1.7 million, with the company's assets preliminary valued at
NZ$970,000.

Mr. Fisk expected to hear from all creditors within the next few
weeks, the report adds.


ROSS ASSET: Investor Appeals Clawback Decision
----------------------------------------------
Stuff.co.nz reports that a lawyer who was ordered to repay
NZ$454,000 in "fictitious" profits withdrawn before Ross Asset
Management failed is appealing the decision.

At least 700 investors were fleeced by the biggest Ponzi scheme in
New Zealand history, but some walked away with large profits
before it collapsed, the report says.

One of those was Wellington lawyer Hamish McIntosh, who invested
NZ$500,000 in 2007 and withdrew NZ$954,000 in 2011, according to
Stuff.co.nz.

Stuff.co.nz relates that in a landmark High Court decision,
McIntosh was ordered to repay the "fictitious" profits, while
keeping his original capital.

He is now appealing that ruling, with a notice of appeal lodged on
July 13, the report notes.

According to the report, RAM Investors Group spokesman Bruce
Tichbon said the appeal decision was "obscene" because it would
draw out the recovery process.

He had recently been in contact with hundreds of elderly investors
who were at the point of giving up because of the duration of the
process to get their money back, the report relays.

"There is a huge psychological element in this and the investors
who lost out have already gone through more than two years," the
report quotes Mr. Tichbon as saying.  "It's in the best interest
of investors such as McIntosh to go back to court again and again,
until the issues is exhausted by the courts."

Stuff.co.nz relates that Mr. Tichbon said a major concern for
investors was that the liquidators would now appeal.

A date for Mr. McIntosh's appeal has not yet been set, the report
notes.

Stuff.co.nz notes that the test case is of significance, with
liquidators eyeing up as much as $30 million that they may be able
to claw back from 193 other investors.

John Fisk, the liquidator for Ross Asset Management, said he had
received notice of McIntosh's appeal on July 13 and still had to
discuss it with lawyers.

He was still considering a cross-appeal of the decision, which
would seek the full $954,000 from Mr. McIntosh, the report says.

The liquidator is already involved in two further cases which will
be heard in the High Court in September, adds Stuff.co.nz.

                         About Ross Asset

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

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

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

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

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

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



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


SAMSUN LOGIX: Files For Bankruptcy Protection Again
---------------------------------------------------
Marcus Hand at Seatrade Maritime News reports that Samsun Logix
Corporation has filed for bankruptcy protection for the second
time in six years.

The report relates that the West of England P&I club in notice to
members quoted law firm Kwon & Moon as saying that Samsun Logix
Corp had filed for debt rehabilitation proceedings in the Seoul
Central District Court on July 3.

"The court will shortly issue an interim preservation order which
prohibits Samsun from disposing of its assets, making payments for
existing debts or borrowing money without court approval.  This
means that Samsun cannot pay future hire without court approval,"
the notice, as cited by Seatrade Maritime, said.
"Further, the court will also issue a comprehensive stay order on
judicial proceedings against Samsun.  This means that creditors
cannot enforce their claim against Samsun's assets in Korea.  In
case where a foreign court recognizes the order of the Korean
court, enforcement against any assets of Samsun in the foreign
country will be also prohibited."

It is the second time that Samsun Logix has filed for bankruptcy
protection, the previous time being March 2009 after the dry bulk
shipping market crashed following the onset of the global
financial crisis, according to the report.

Seatrade Maritime says the court is expected to decide if
rehabilitation will commence with the next two weeks, and the law
firm noted it was not certain the court would grant rehabilitation
proceedings given it is the second time the company has filed for
bankruptcy protection.

Seatrade Maritime, citing VesselsValue.com, discloses that South
Korean bulker owner Samsun Logix Corporation --
http://www.samsunlogix.com/eng/index.php-- has a fleet of seven
dry bulk carriers with a combined value of $47.64 million. The
fleet comprise three capesizes, two panamaxes and two handy
bulkers.


                             *********

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.


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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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