TCRAP_Public/160502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, May 2, 2016, Vol. 19, No. 85


                            Headlines


A U S T R A L I A

BRANDED MEDIA: First Creditors' Meeting Set For May 9
CERAMIC FUEL: First Creditors' Meeting Set For May 9
FROG DEVELOPMENT: First Creditors' Meeting Slated For May 6
GAWLER RIVER: In Administration, 38 Jobs at Risk
PEPPER RESIDENTIAL: S&P Raises Rating on Class F Notes to BB

QUICKFLIX LIMITED: CEO Confident of Bounceback
RIVERCITY BRICKLAYING: First Creditors' Meeting Set For May 10


C H I N A

CHINA SHANSHUI: Fitch Withdraws 'RD' Issuer Default Rating


F I J I

FIJI: S&P Affirms 'B+' Sovereign Rating; Outlook Stable


I N D I A

ADWALPALKAR CONSTRUCTIONS: CARE Ups Rating on INR16cr Loan to BB-
AIR INDIA: Losses Expected to Narrow to INR2,636cr in FY2015-16
AISHWARYA PLAST: CRISIL Suspends B+ Rating on INR17.5MM Loan
ASHVI DEVELOPERS: CARE Reaffirms 'D' Rating on INR250cr Loan
BHARATH SALT: CARE Lowers Rating on INR70.15cr LT Loan to 'D'

DEESAN COTEX: CARE Reaffirms B+ Rating on INR25.31cr Loan
DEVANG PAPER: ICRA Ups Rating on INR3.44cr Term Loan to BB-
JAGAT RADHA: CRISIL Assigns B+ Rating to INR62.5MM Loan
JAKHAU SALT: CARE Lowers Rating on INR33cr LT Loan to 'D'
JAVERY INCORPORATION: CARE Reaffirms B+ Rating on INR5.50cr Loan

KRISHNAAM MOBILE: CRISIL Assigns 'C' Rating to INR67MM Cash Loan
KRUPANIDHI CONSTRUCTION: CRISIL Suspends B Rating on INR40MM Loan
KUNVAR NANDAN: CRISIL Suspends B+ Rating on INR75MM Cash Loan
MADHUR MILAN: CRISIL Suspends B Rating on INR80MM Term Loan
MUTHA ENGINEERING: CARE Reaffirms B+ Rating on INR11.63cr Loan

NAMAN MALL: CARE Reaffirms 'D' Rating on INR70.24cr LT Loan
NIRMAN DEVELOPERS: CARE Reaffirms B+ Rating on INR14cr Loan
NIVVASA PROPERTIES: ICRA Assigns B+ Rating to INR10cr Loan
OIL INDIA: Fitch Affirms 'BBB-' IDR; Outlook Stable
OYSTER STEEL: CRISIL Cuts Rating on INR750MM Cash Loan to B+

PASHUPATINATH DISTRIBUTORS: CRISIL Suspends B+ Cash Credit Rating
POLY-MECH COMPONENTS: CARE Reaffirms B Rating on INR10.43cr Loan
PRASAD MULTI: CRISIL Suspends 'D' Rating on INR128.2MM Loan
PRATIROOP MUDRAN: CARE Lowers Rating on INR9.29cr Loan to B+
SAI POULTRY: CARE Assigns B+ Rating to INR6.30cr LT Loan

SANT FOODS: ICRA Reaffirms 'B' Rating on INR15cr Loan
SHINE PETTRO: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
SHREE DATTA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
SHREEYAM POWER: ICRA Reaffirms 'D' Rating on INR721.74cr Loan
SIMHAPURI ENERGY: ICRA Assigns 'D' Rating to INR2173.01cr Loan

SRI DURGA: ICRA Suspends B Rating on INR8.0cr Loan
STATUS SERAMIK: CARE Assigns B+ Rating to INR5.92cr LT Loan
T.J.S. ENGINEERING: CRISIL Assigns D Rating to INR45MM LT Loan
TRIMEX INDUSTRIES: ICRA Cuts Rating on INR30cr LT Loan to D
US GRANITES: ICRA Reaffirms B Rating on INR6.05cr LT Loan

YASH PHARMA: CRISIL Suspends B+ Rating on INR85MM Cash Loan
ZULAIKHA MOTORS: CARE Assigns B+ Rating to INR5.04cr LT Loan


J A P A N

TOSHIBA CORP: S&P Keeps 'B+' CCR on CreditWatch Negative


S I N G A P O R E

CAMBRIDGE INDUSTRIAL: S&P Affirms Then Withdraws 'BBB-' CCR


S R I  L A N K A

SRI LANKA: Secures $1.5 Billion Loan From IMF


                            - - - - -


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


BRANDED MEDIA: First Creditors' Meeting Set For May 9
-----------------------------------------------------
Ronald John Dean-Willcocks and Anthony Wayne Elkerton of Dean-
Willcocks Advisory were appointed as administrators of Branded
Media Holdings Pty Limited on April 27, 2016.

A first meeting of the creditors of the Company will be held at
Fraser and King Rooms, Institute of Chartered Accountants
Australia and New Zealand, Level 1, 33 Erskine Street, in
Sydney, on May 9, 2016, at 10:00 a.m.


CERAMIC FUEL: First Creditors' Meeting Set For May 9
----------------------------------------------------
Adam Nikitins and Justin Walsh of Ernst & Young were appointed as
administrators of Ceramic Fuel Cells Limited on April 27, 2016.

A first meeting of the creditors of the Company will be held at
EY, Level 23, 8 Exhibition Street, in Melbourne, Victoria, on
May 9, 2016, at 10:00 a.m.


FROG DEVELOPMENT: First Creditors' Meeting Slated For May 6
-----------------------------------------------------------
Richard Rohrt of Hamilton Murphy Pty Ltd was appointed as
administrator of Frog Development Pty Ltd on April 26, 2016.

A first meeting of the creditors of the Company will be held at
CPA Australia Canberra, Level 5, 10 Rudd Street, in Canberra
City, on May 6, 2016, at 10:00 a.m.


GAWLER RIVER: In Administration, 38 Jobs at Risk
------------------------------------------------
Yahoo News report that Adelaide meat and livestock company Gawler
River Cattle has gone into administration, putting 38 jobs at
risk.

Administrators Stephen Duncan and Chris Powell have been
appointed to restructure the company's retail and wholesale meat
operations, according to Yahoo News.

The company is based at Royal Park in Adelaide but has retail
outlets at Craigmore, Christies Beach and Kadina.


PEPPER RESIDENTIAL: S&P Raises Rating on Class F Notes to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on five
classes of notes issued by G.T. Australia Nominees Ltd. as
trustee of Pepper Residential Securities Trust No.10.  At the
same time, S&P affirmed its 'AAA (sf)' ratings on the class A1
and class A2 notes.

The rating actions reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, which consists of loans to nonconforming
      borrowers.  The current portfolio consists of 426
      consolidated loans with a weighted-average current loan-to-
      value ratio of 68.9% and weighted-average loan seasoning of
      49.1 months.  The top 10 borrowers make up nearly 9.5% of
      the total portfolio.  S&P expects the pool to become more
      concentrated as it continues to amortize.  The likelihood
      of adverse selection increases as the size of the pool
      decreases.

   -- The amount of credit support provided for each class of
      notes exceeds the minimum amount assessed as commensurate
      with the respective rating level and is thereby sufficient
      to withstand the stresses commensurate with the ratings.

   -- Transaction performance to date.  While arrears have
      consistently tracked above the Standard & Poor's
      Performance Index (SPIN) for nonconforming mortgages (7.8%
      of the pool is in arrears as of Jan. 31, 2016), losses to
      date have been minimal (approximately A$1.5 million, which
      equates to 0.44% of the original pool balance) and have all
      been covered by excess spread.  The bond factor was
      approximately 35% as of Jan. 31, 2016.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to at least 1.9% of the outstanding balance
      of the notes with a floor of A$2.975 million, and principal
      draws, are sufficient under S&P's stress assumptions to
      ensure timely payment of interest.

   -- The availability of an amortization amount built from
      excess spread after the call date, and applied with
      principal collections to reduce the balance of the most
      senior rated note at that time.

   -- The availability of a retention amount built from excess
      spread before the call date.  This has been applied to
      reduce the balance outstanding of the most subordinated
      rated note at that time and serves to create
      overcollateralization in the transaction.

   -- The condition that a minimum margin will be maintained on
      the assets.

RATINGS RAISED
CLASS      Rating To     Rating From
B          AAA (sf)      AA (sf)
C          A+ (sf)       A (sf)
D          A- (sf)       BBB (sf)
E          BBB- (sf)     BB (sf)
F          BB (sf)       B (sf)

RATINGS AFFIRMED
Class      Rating
A1         AAA (sf)
A2         AAA (sf)


QUICKFLIX LIMITED: CEO Confident of Bounceback
----------------------------------------------
Corinne Reichert at ZDNet reports that the founder and CEO of
Quickflix has expressed confidence that the company will
successfully reposition and restructure following its entry into
voluntary administration.

According to ZDNet, the embattled streaming service provider
entered voluntary administration on April 27 after failed
negotiations with competitor Stan over its redeemable preference
shares worth AUD11,730,549.

Stan, a joint venture of Nine Entertainment and Fairfax Media,
took ownership of the Quickflix RPS in July 2014, when Nine
acquired the shares from HBO for an undisclosed amount. HBO had
been issued the RPS by Quickflix in March 2011 during their
AUD10 million commercial deal, the report discloses.

ZDNet relates that Stan told Quickflix that it would only
consider structuring the RPS if Quickflix were to pay it
AUD4 million in cash or AUD1.25 million in cash plus transferring
all of its customers -- worth AUD250,000 -- and signing an
agreement not to compete.

"Whilst Nine indicated that they were treating the acquisition as
a financial investment, their actions -- and inaction -- since
the acquisition tend to indicate otherwise," the report quotes
Mr. Langsford as saying.  "We had discussions regarding
restructuring the RPS in a way that would allow us to raise new
capital and grow the business, but it became clear that Stan had
a different agenda, and was primarily driven by the goal of
gaining our member base and removing us as a competitor."

After losing 7,856 customers over the December quarter, Mr.
Langsford said the streaming service added 2,200 new subscribers
in the last week, partially due to Star Wars: The Force Awakens
being added to its stable of content, the report relays.

ZDNet notes that following its announcement earlier in April that
it would be making 15 percent of its staff redundant and
shuttering its Sydney CBD and Auckland offices among other cost-
saving measures, it last week also reported turning its cash flow
around.

Net operating cash flows for January to March were AU$462,000 --
a AUD551,000 jump from the negative AUD83,000 announced for the
December quarter -- and cash at the end of the period stood at
AUD1.04 million, 57.8 percent higher than last quarter's
AUD659,000, the report discloses.

Although receipts from customers fell by 5.8 percent, from
AUD3.263 million down to AUD3.074 million, Quickflix's total
operating and investing cash flows also turned positive, from
negative AUD180,000 in December back to AUD381,000 in March,
according to ZDNet.

ZDNet relates that this was partially due to a substantial
decrease in staff costs -- from AUD1.141 million down to
AUD930,000 thanks to the redundancies. Its advertising and
marketing costs almost halved, from AUD431,000 in December to
AUD231,000 in the March quarter.

ZDNet adds that Mr. Langsford on April 27 added that the
Quickflix management will be submitting a Deed of Company
Arrangement to allow for new capital to be raised as the company
repositions as an ecommerce, digital consumer, and entertainment
service.

New content and marketing plans are being developed by both the
administrators and Quickflix's staff members, Mr. Langsford, as
cited by ZDNet, said.

Quickflix added that the administration will not affect its
existing and new Australian customers, as it intends to operate
as usual. The company also added that its New Zealand business is
not in voluntary administration, ZDNet adds.

Quickflix Limited is an ASX listed company, headquartered in
Perth, Western Australia. The Company's principal activities
involve the provision of an online movie subscription service and
a DVD & Blu-ray delivery service.


RIVERCITY BRICKLAYING: First Creditors' Meeting Set For May 10
--------------------------------------------------------------
Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Rivercity Bricklaying Pty Ltd on April 28, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103 level 11,
147 Pirie Street, in Adelaide, on May 10, 2016, at 11:30 a.m.


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


CHINA SHANSHUI: Fitch Withdraws 'RD' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has withdrawn China Shanshui Cement Group Limited's
ratings.

Fitch is withdrawing the ratings as Shanshui has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Shanshui.

These ratings have been withdrawn without affirmation:

  Long-Term Foreign-Currency Issuer Default Rating of 'RD', no
   Outlook has been assigned.
  Senior unsecured rating of 'C', with Recovery Rating of 'RR6'.


========
F I J I
========


FIJI: S&P Affirms 'B+' Sovereign Rating; Outlook Stable
-------------------------------------------------------
On April 27, 2016, Standard & Poor's Ratings Services affirmed
its long-term foreign and local currency sovereign ratings on the
Republic of Fiji at 'B+'.  S&P also affirmed the short-term
rating on Fiji at 'B'.  The outlook remains stable.

                              RATIONALE

The rating affirmation on Fiji reflects S&P's view of the
country's weak institutional settings, limited monetary policy
flexibility, income levels, and weakening fiscal metrics that
constrain the government's credit-standing.  Mitigating these
weaknesses are the government's falling interest costs and its
sound external position.

S&P also expects Fiji's credit quality to remain stable as the
impact of Cyclone Winston on the economy is likely to be
temporary.  On Feb. 20, 2016, tropical Cyclone Winston caused
major damage and disruptions to the economy.  Early estimates put
the damage bill at more than 10% of GDP (more than US$500
million) with private property including housing making up a
significant proportion of the damage, rather than public
infrastructure. Roads, agriculture, and the sugar industry also
incurred damage. The central business district in Suva and key
tourism areas around Nadi avoided the brunt of the cyclone and
incurred relatively limited damage to key infrastructure.

"We forecast the economy to temporarily slow in 2016 due to the
impact of Cyclone Winston.  In addition, the government's fiscal
position is likely to weaken, resulting in higher borrowings in
the near-term.  Real economic growth will slow to about 2.5% in
fiscal 2016 before rebounding to 4% in 2017 and 3.8% in 2018.
Reconstruction works, Fiji National Provident Fund's (FNPF)
assistance that allows members to withdraw up to Fiji dollar
(FJ$) 5,000 for home repairs (projected to reach about FJ$250
million-FJ$300 million in total), government assistance, and
donor and multi-lateral agency aid will support economic growth
and offset any potential temporary impacts to tourism,
agriculture, and the sugar industries," S&P said.

Fiji's economy has grown by an average of 4.8% per year since
2013 and has improved income levels, with GDP per capita US$5,200
in 2015.  This level may not fully capture the impact of Cyclone
Winston.

Immediately following Cyclone Winston, the government faces
higher current expenditure requirements and potentially lower
growth in tax receipts.  This scenario will weaken the
government's fiscal position and has led to higher borrowings.
S&P forecasts deficits to average about 4% of GDP over the next
three years compared to previous forecasts of 1.8%.  The annual
change in general government debt will rise to more than 3% of
GDP between 2016 and 2018, up from 2.1%.  As a result, net
general government debt will rise to 46% of GDP in 2016 and 2017,
from 42% in 2015, before returning to its downward trend as
deficits narrow and growth accelerates.

In contrast, interest expenditure is falling and will average
less than 10% of government revenues.  Falling interest costs
reflect improved market pricing on the refinancing of the
government's US$250 million bond (5% of GDP) in September 2015,
and a higher proportion of concessional borrowings from the Asian
Development Bank and World Bank.

Shortcomings in infrastructure and basic services, and the urgent
need for reconstruction following Cyclone Winston constrain the
government's budgetary flexibility, in S&P's view.

Fiji's external metrics are likely to remain supportive of the
sovereign ratings.  External liquidity (measured by gross
external financing needs as a percentage of current account
receipts [CAR] and usable reserves) is likely to average about
100% over 2016-2019.  Meanwhile, external borrowings (measured by
narrow net external debt) are likely to average about 10% of CAR
during the period.  The current account deficit may widen in 2016
and 2017, reflecting higher imports as reconstruction activity
picks up combined with potentially lower growth in services
receipts as tourism earnings may temporarily plateau.

During 2016, S&P expected inward remittances to support affected
relatives and fund a large proportion of the current account
deficit.  Official reserves remain comfortable at between US$800
million and US$900 million (about three months of import
coverage) in 2016, but may come under some pressure from lower
tourist receipts and capital goods imports relating to the repair
and reconstruction activities.  Weighing on its external metrics
is Fiji's high reliance on foreign financing, as indicated by its
much greater level of net external liabilities relative to narrow
net external debt.

S&P regards the Reserve Banks of Fiji's ability to support
sustainable economic growth while attenuating economic or
financial shocks to be constrained.  The pegged currency
arrangements restrict the country's monetary flexibility.  This
policy requires the authorities to focus on exchange rate
stability at the expense of stability in domestic prices and
economic growth.  Further limiting flexibility is the lack of
effective monetary policy transmission to the economy, which is a
result of Fiji's underdeveloped financial system.  Extensive
foreign exchange restrictions are a further hindrance, although
these have been gradually easing in recent years as Fiji rebuilt
its official reserves.

The political state in Fiji appears to have stabilized following
democratic elections in 2014.  This is reflected in improved
relations with the international community including donor
agencies.  The effectiveness of policymaking remains mixed with
limited checks and balances, and deficiencies in producing timely
and reliable data.

                              OUTLOOK

The stable outlook reflects S&P's expectations that the Fiji
government will be able to manage the impact of Cyclone Winston
in line with S&P's financial forecast with any pressure on
official reserves to be temporary.

S&P may lower the ratings within the next 12 months if the impact
of Cyclone Winston was substantially worse than S&P forecasts.  A
downgrade could also occur if the political and policy
environment becomes unpredictable, causing a decline in domestic
and foreign investor confidence, and the withdrawal of donor and
multilateral support.

"We may raise the ratings if Fiji's economic growth substantially
outperforms our forecasts, enabling the government to improve its
fiscal position over a sustained period.  At the same time, we
would need to see the government reducing its foreign exchange
restrictions and maintaining a healthy level of reserves.  In
accordance with our relevant policies and procedures, the Rating
Committee was composed of analysts that are qualified to vote in
the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision," S&P said.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that Fiji's fiscal risk had weakened, and
its debt assessment had improved.  All other key rating factors
were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Republic of Fiji
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        B+

Republic of Fiji
Senior Unsecured                       B+



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


ADWALPALKAR CONSTRUCTIONS: CARE Ups Rating on INR16cr Loan to BB-
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Adwalpalkar Constructions And Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       16       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Adwalpalkar Constructions and Resorts Private Limited (ACRPL)
takes into account timely completion of the two projects;
'Adwalpalkar Horizon-Phase-I' and 'Adwalpalkar Enclaves' along
with comfortable booking status of about 66% of the total
saleable area of the on-going projects as on December 31, 2015.

The rating further derives strength from the experience of the
promoters in the real estate industry, strategic location of the
projects, moderate funding risk as the receivable from the sold
inventory covers almost 92% of residual construction cost as on
December 31, 2016.

The rating continues to remain constrained on account of project
implementation risk associated with its on-going real estate
project, geographical concentration coupled with competition from
other real estate players in the region and inherent cyclicality
associated with the real estate sector.

Completion of the on-going project without any time and cost
overrun and the ability to sell the project space in a highly
competitive scenario at the envisaged prices and in a timely
manner are the key rating sensitivities.

Incorporated in the year 2010 in Goa, ACRPL is promoted by Mr
Mahesh Adwalpalkar (Director). ACRPL was incorporated to
undertake hospitality business through the resort "SinQ" which is
located
near Candolim beach, one of the tourist avenues in Goa. Apart
from hospitality business the company also has exposure in real
estate business. The company ventured into real estate business
in the year 2011 and currently has four on-going residential cum
commercial project in Goa and has completed two projects in the
year 2015.


AIR INDIA: Losses Expected to Narrow to INR2,636cr in FY2015-16
-----------------------------------------------------------
The Times of India reports that Air India is expected to trim
losses by more than half to INR2,636 crore in the 2015-16 fiscal
as compared to a net loss of INR5,859.91 crore in 2014-15, the
government said on April 28.

"With regard to Air India Limited, it is likely to suffer a total
net loss of [INR]2,636 crore in 2015-16," said minister of state
for civil aviation Mahesh Sharma in a written reply in Lok Sabha,
TOI relays.

The report relates that Sharma said the airline has been facing
losses in the past years due to multitude of factors.

He said high interest cost and airport charges, increasing
competition, particularly from budget carriers, coupled with
exchange rate variation due to weakening of Indian rupee are
reasons for the carrier's estimated net loss (of INR2,636 crore)
during 2015-16, TOI relays.

According to the report, Air India had reported losses of
INR5,859.91 crore in the fiscal ended March 31, 2015.

The national carrier was given a INR30,231-crore lifeline by the
Finance Ministry in 2012 under a turnaround plan stretching over
a period of nine years to keep it afloat, TOI discloses.

This equity infusion also includes the financial support towards
repayment of principal as well as interest on government-
guaranteed loans taken for aircraft acquisition by the airline.

As per the 2012 Turn Around Plan (TAP), the government will
infuse INR18,929 crore for repayment of government-guaranteed
loans/interest till FY 2010-21, Sharma, as cited by TOI, said.

TOI notes that the minister also informed the House that till
March this year, the government has already infused INR22,280
crore into the carrier as part of the bailout package.

The report says Air India has also discharged of all its aircraft
loans and interest liabilities by the last fiscal, he said,
adding that the government has already approved INR1,713 crore
equity infusion into the carrier for the current fiscal in line
with TAP.

Responding to a query, Sharma said the carrier has seen a decline
in its market share in the last three years, with Air India
cornering 16 per cent of the total domestic traffic pie till
February against a market share of 18 per cent in the 20140-15
financial year and 19 per cent in the previous year, adds TOI.

"The market share of Air India has declined in the last three
years. There has been capacity induction (addition of aircraft)
by Air India whereas the capacity of the competitor airlines has
grown substantially in the domestic market," the report quotes
Sharma as saying.

The capacity share of Air India has come down to 15 per cent in
the previous fiscal as against 17 per cent capacity deployed by
the airline in the fiscal 2014-15, he said, TOI relays.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AISHWARYA PLAST: CRISIL Suspends B+ Rating on INR17.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aishwarya Plast Exports Private Limited (APEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          11         CRISIL A4
   Buyer Credit Limit      17.5       CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee         167.5       CRISIL A4
   Packing Credit          30         CRISIL A4

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

APEPL was set up in 1996 in Vadodara (Gujarat) by Mr. Joseph
Parakkott; it commenced operations in 2001. The company, a 100
per cent export-oriented unit, manufactures plastic granules and
polyethylene bags. It also trades in polymers. Its manufacturing
units are in Vadodara and Asangaon (Maharashtra).


ASHVI DEVELOPERS: CARE Reaffirms 'D' Rating on INR250cr Loan
------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Ashvi Developers Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      250       CARE D Reaffirmed

Rating Rationale

The reaffirmation of rating factors in the ongoing delays in
servicing of debt obligations by Ashvi Developers Pvt. Ltd. on
account of its weakened liquidity position caused by the delay in
project completion.

Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along
with another company Atithi Builders and Constructors Pvt. Ltd.
(ABCPL) of Ariisto Realtors group is developing a real estate
project "Ariisto Sommet" (erstwhile named as Ariisto Solitaire)
at Goregaon, Mumbai.

The group has developed an area of 68.12 lakh square feet (lsf)
till date which includes super-premium residential towers,
affordable housing townships, luxurious retail spaces and TDR
generating rehab projects in and around Mumbai.

The lease-cum-development rights of the land parcel originally
owned by Eastern Ceramics Ltd. were sold to Sheth Developers Pvt.
Ltd. (SDPL) which got the entire residential and commercial
layout approved. The lease-cum development rights of commercial
component (about 3 acres of plot area) were jointly obtained by
ADPL and ABCPL from SDPL for 98 years from October 2007. The
frontage portion of the land had slum encroachments of 49
tenements
[including project affected persons (PAPs)]. As per Letter of
Intent (LoI) dated December 26, 2011, the rehab portion was
constructed (one building of seven floors) with amenities of
Balwadi, welfare centre and society office.

In 2011, the project was decided to be converted from commercial
to mainly residential wherein, the sale building named "erstwhile
name Ariisto Solitaire" and now named 'Ariisto Sommet' would be a
50 storied residential tower with 2 basement levels (multilevel
parking and shops on basement level 1) + Ground (shops and
parking) + 5 podium floors (shops on 1st level and parking from
1st through 5th floor) + 45 upper floors (6th floor fitness and
other amenities, 7thstructural floor, 8thfloor service and refuge
area, 9thto 50th floors residential area).


BHARATH SALT: CARE Lowers Rating on INR70.15cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Bharath
Salt Refineries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     70.15      CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating assigned to Bharath Salt Refineries
Limited (BSRL) takes into account delays in debt servicing by
the company, due to the strained liquidity position arising from
long operating cycle of the company and the high exposure of the
BSRL to its group companies.

BSRL was established in the year 1990 as a part of the Chennai-
based Archean group, which has interests in shipping, granites,
salt and other chemical businesses. Initially engaged in salt
trading activities, the company commenced commercial production
of salt in the year 2000 at its production facility in Jakhau,
Gujarat, and in 2004 at Machilipatnam, Andhra Pradesh. BSRL, in
association with group company Jakhau Salt Company Private
Limited (JSCPL) has developed India's largest salt fields at
Jakhau.

BSRL holds vast stretches of land of about 8,500 acres and 6,500
acres in Jakhau and Machilipatnam, respectively. BSRL
produces industrial salt through the solar crystalizing method
which is basically Sodium Chloride and is used in Chlor Alkali
industry. The solar process involves evaporation of sea water in
crystallizers to obtain pure salt. This salt is then purified
using various treatment processes. While its products have been
catering primarily to domestic demand in the past, the company
commenced export of salt in FY09 (refers to the period April 1 to
March 31). During FY15, domestic sales contributed 94% of total
income (69% in FY14), while export sales generated 6% of BSRL's
total income (31% in FY13), with major exports to the Middle East
countries.

As per the audited results for FY15, BSRL generated a PAT of
INR11.9 crore on a total operating income of INR81.8 crore.


DEESAN COTEX: CARE Reaffirms B+ Rating on INR25.31cr Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Deesan Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.31      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Deesan Cotex
Private Limited (DCPL) are constrained by the relatively small
and fluctuating scale of operations, leveraged capital structure
along with weak debt coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained by operations in the highly competitive and
fragmented nature of the textile industry and susceptibility of
operating margins to the raw material price fluctuation.
The reaffirmation of the ratings factor in the deterioration in
capital structure and debt coverage indicators albeit
increase in total operating income during FY15 (refers to the
period April 1 to March 31).

These factors far offset the benefits derived from the experience
of the promoters and their financial support in the past and
operational support from group entities with presence across
textile value chain.

Ability of DCPL to improve the scale of operations and
profitability coupled with efficient management of the working
capital amidst the intense competition are the key rating
sensitivities.

Incorporated in 2007, Deesan Cotex Private Limited (DCPL) is
engaged in manufacturing of terry towels (17.74% of total
sales during FY15), trading of grey fabric (9.49% of total sales
during FY15) and job work of yarn doubling (72.77% of total
sales during FY15). The company procures woven fabric from
domestic suppliers and exports finished towel. DCPL has its
plants located at Dhaiwad, Dhule, Maharashtra with an installed
capacity of 15 tonnes per day for terry towel.

During FY15, the total income of DCPL stood at INR30.46 crore
(vis-a-vis INR27.01 crore in FY14) and incurred net loss of
INR4.07 crore (vis-a-vis net loss of INR2.63 crore in FY14).
Furthermore during 9MFY16 the company posted a turnover of
Rs.40 crore and has an order book of INR14 crore, which will be
executed by March, 2016.


DEVANG PAPER: ICRA Ups Rating on INR3.44cr Term Loan to BB-
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the Rs 8.93
crore1 long-term fund based facilities of Devang Paper Mills
Private Limited from [ICRA]B+ to [ICRA]BB-. The outlook assigned
on the rating is stable.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        Upgraded to [ICRA]BB-
                                     (Stable) from [ICRA]B+

   Term Loan             3.44        Upgraded to [ICRA]BB-
                                     (Stable) from [ICRA]B+

  Unallocated Limits     2.49        Upgraded to [ICRA]BB-
                                     (Stable) from [ICRA]B+

The rating revision factors in the improvement in financial risk
profile of the company in FY2015 as reflected by improvement in
profitability, capital structure and coverage indicators coupled
with pre-payment of the term loans in the current fiscal. The
rating continues to favorably consider the long track record of
the promoter group in the kraft paper manufacturing business.
The rating however is constrained by the company's focus on
single product-kraft paper and modest scale of company's
operations. The rating is further constrained by the
vulnerability of the company's profitability to any adverse
fluctuations in the prices of key inputs, and the intense
competitive pressures in the business.

Devang Paper Mills Private Limited (DPMPL) was incorporated in
2011 and is engaged in Kraft paper manufacturing operations.
Prior to DPMPL's incorporation the kraft paper manufacturing
business was a part of Biodeal Laboratories Pvt. Ltd. (BDLPL).
BDLPL had 3 divisions --Pharmaceuticals, Paper Mill and Wind Mill
-- prior to the demerger. The pharmaceutical division was sold by
the management and the paper mill and wind mill divisions were
demerged into DPMPL.

DPMPL is promoted by Patel family and operates from its plant
based at Vapi (Gujarat) with a production capacity of 43,200 MTPA
of kraft paper manufacturing. The company also operates a wind
mill division in the Shikarpur District of Bhuj (Gujarat) with 4
wind mills having a combined capacity of 3 MW.

Recent Results
For the year ended March 31, 2015, the company reported an
operating income of INR80.63 crore and profit after tax of
INR2.15 crore against operating income of INR65.87 crore and net
loss of INR0.51 crore for the year ended March 31, 2014. For
9MFY16 (provisional financials), the company has reported an
operating income of INR68.58 crore and profit before tax of
INR5.63 crore.


JAGAT RADHA: CRISIL Assigns B+ Rating to INR62.5MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Jagat Radha Motors Private Limited (JRMPL).
The rating reflects a weak financial risk profile and exposure to
stiff competition in the automotive dealership business. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of the promoters and exposure to low
inventory and debtor risks.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Electronic Dealer        62.5      CRISIL B+/Stable
   Financing Scheme(e-DFS)

Outlook: Stable

CRISIL believes JRMPL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' in case of a
substantial and sustained growth in revenue and cash accrual,
along with improved working capital management, or infusion of
substantial capital, leading to improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of low revenue or profitability, stretch in working capital
cycle, or significant debt-funded capital expenditure, leading to
deterioration in the financial risk profile, particularly
liquidity.

Incorporated in 2009 and promoted by Champaran (Bihar)-based
Singh family, JRMPL is an authorised dealer of Tata Motors Ltd
(TML) for commercial and passenger vehicles in Champaran. The
operations are primarily managed by Mr. Abhay Kumar Singh.


JAKHAU SALT: CARE Lowers Rating on INR33cr LT Loan to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Jakhau
Salt Company Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     17.45     CARE D Revised from
                                           CARE BB+

   Short term Bank Facilities     8.00     CARE D Revised from
                                           CARE A4+

   Long-term /Short-term         33.00     CARE D/CARE D Revised
   Facilities                              from CARE BB+/CARE A4+

Rating Rationale

The revision in the ratings assigned to Jakhau Salt Company
Private Limited (JSCPL) takes into account delays in debt
servicing by the company, due to the strained liquidity position
arising from long operating cycle of the company and the high
exposure of the JSCPL to its group companies.

JSCPL, formerly known as Well brines Chemicals, was established
in the year 1982 to produce industrial salt primarily through the
solar route. Industrial salt is sodium chloride used in Chlor
Alkali industry. Since 1982, JSCPL has invested to develop
India's largest salt fields at Jakhau, Gujarat. The company has a
6,500-acre salt production site in Jakhau (Gujarat) to produce
1.1 million metric tons of salt every year. JSCPL is part of the
Chennai-based Archean group of companies, which has interests in
shipping, granites, salt and other chemical businesses. During
FY15 (refers to the period April 1 to March 31), export sales
generated 100% of JSCPL's total income, with major exports to
theMiddle East countries. For FY15, JSCPL generated a PAT of
INR22.3 crore on a total operating income of INR131.2 crore.


JAVERY INCORPORATION: CARE Reaffirms B+ Rating on INR5.50cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Javery Incorporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.50      CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Javery
Incorporation (JI) is constrained on account of weak financial
risk profile marked by thin profitability margins due to trading
nature of operations and weak capital structure along with
working capital intensive nature of business operations. The
rating also factors in the highly fragmented industry along with
pricing constraints and margin pressure arising out of
competition from other distributors in the market and small scale
of operations along with proprietorship nature of the
constitution.

The rating draws support from the experience of the proprietor,
being sole authorised distributor for major brands within the
electronics markets leading to competitive advantage and stable
industry outlook for consumer durables.

The ability of the firm to increase its scale of operations and
improvement in capital structure continues to remain the key
rating sensitivities.

JI was established in the year 2008 by Mr Gaurav Javery as the
proprietor. JI is engaged in the trading and distribution of home
appliances like refrigerators, televisions, washing machines,
sound systems and other accessories. Based out of Nagpur
(Maharashtra), the firm is an authorized distributor of
electronic products of Samsung India Electronics Private Limited
(Samsung), LG Electronics (LG), Kelvinator, Sony and Sansui.
Also, JI is the sole distributor within three regions of
Maharashtra including Nagpur, Wardha and Yavatmal for LG,
Kelvinator, Sony and Sansui. The firm is a sole dealer for
Samsung for the Nagpur region in Maharashtra and has recently
received the sole authorized dealership for Wardha and Yavatmal
district (Maharashtra). JI has an established and diversified
dealers base with around 500 retail distributors spread across
these districts with the sales team of more than 50 people who
deal with these retail distributors.

During FY15 (refers to the period April 1 to March 31), JI earned
a PAT of INR0.13 crore on a total income of INR30.06 crore as
against a PAT of INR0.07 crore on a total income of INR29.81
crore for
FY14.


KRISHNAAM MOBILE: CRISIL Assigns 'C' Rating to INR67MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Krishnaam Mobile and accessories Private Limited
(KMAPL). The rating reflects weak liquidity on account of its
stretched receivables and its weak debt protection metrics.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               67       CRISIL C

   Proposed Long Term
   Bank Loan Facility         9       CRISIL C

The rating also factors in KMAPL's modest scale of operations in
the intensely competitive mobile accessories trading industry and
a below-average financial risk profile marked by a modest net
worth and high total outside liabilities to tangible net worth
ratio. These rating weaknesses are partially offset by the
extensive experience of its promoter in the mobile accessories
trading industry.

Incorporated in 2006, KMAPL trades in mobile accessories. It is
promoted by Mr. Amit Singhania and is based in Delhi.


KRUPANIDHI CONSTRUCTION: CRISIL Suspends B Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Krupanidhi Construction (KC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          32.5       CRISIL A4
   Cash Credit             40         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       8.4       CRISIL B/Stable
   Term Loan                5.1       CRISIL B/Stable

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

KC is managed by its proprietor Mr. Ajay Shah. The firm is based
in Vadodara (Gujarat). It undertakes construction of roads and
canals primarily in Gujarat and Madhya Pradesh.


KUNVAR NANDAN: CRISIL Suspends B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Kunvar Nandan Cotton (KNC).

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

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

KNC was incorporated in 2006, and is promoted by Rajkot
(Gujarat)-based Mr. Sagarbhai and his family. The firm trades in
cotton, cotton seed and bales, and other agricultural products.
The firm recently set up a guar gum manufacturing unit in July
2014 with capacity of 50 tonnes per day.


MADHUR MILAN: CRISIL Suspends B Rating on INR80MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Madhur Milan Food Products Private Limited (MMFPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          7.5        CRISIL A4
   Cash Credit            12.5        CRISIL B/Stable
   Term Loan              80.0        CRISIL B/Stable

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

MMFPPL was incorporated in 2012 for setting up a food-processing
unit to manufacture chips and namkeen (salted snacks) at
Aurangabad (Maharashtra). The unit is expected to commence
operations from January 2015. The company plans to sell the
products under the brands Great and Madhur Milan.


MUTHA ENGINEERING: CARE Reaffirms B+ Rating on INR11.63cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Mutha Engineering Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.63      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Mutha Engineering
Private Limited (MEPL) continues to factor in deterioration
in the financial risk profile marked by net loss in FY15 (refers
to the period April 1 to March 31) due to increase in raw
material costs and decline in the proportion of high margin
export revenues. The rating also takes note of increased revenue
concentration from the top two customers along with increase in
exposure to group companies in FY15.

The rating continues to derive strength from the experience of
the promoters and improvement in profitability indicators of MEPL
for the period ended 9MFY16 (refers to the period from April 1 to
December 31) on the back of increase in the exports.

The ability of the company to increase scale of operations,
improve profitability and gearing indicators and diversify
customer base are the key rating sensitivities.

MEPL is a Satara (Maharashtra)-based, company incorporated in
1982 and is engaged in engineering job work, machining and
assembly of cast iron, spheroidal graphite (SG) iron and aluminum
casting products supplied primarily to the auto industry. Mutha
Spherocast India Private Limited (MSIPL) a group company of the
Mutha group was incorporated in 1996.

The company was engaged in the manufacturing of various types of
raw, semi-finished and finished green sand shell moulded SG
castings, weighing in the range of 0.5kg to 60kg primarily
catering to auto Original Equipment Manufacturers (OEM) and auto
ancillaries. The total installed capacity of the SG casting
division of MSIPL was at 5,760 Metric tonnes per annum (MTPA) in
FY15. MSIPL was declared as a sick company in 2006 by the Board
for Industrial and Financial Reconstruction (BIFR) and was
amalgamated with MEPL with effect from April 1, 2012.

During FY15 (refers to the period April 1 to March 31), the
company reported a total operating income of INR 111.72 crore and
a Net Loss of INR 6.31crore as against a total operating income
of INR 107.33 crore and a PAT of INR 0.44crore in FY14.
Furthermore for 9MFY16 (refers to the period April 1 to
December 31), the company reported a total operating income of
INR 93.26crore and a PAT of INR 6.11crore.


NAMAN MALL: CARE Reaffirms 'D' Rating on INR70.24cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Naman Mall Management Company Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     70.24      CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities
of Naman Mall Management Co. (P) Ltd. (NMMPL) takes into
consideration decline in total operating income in FY15 (refers
to the period April 1 to March 31) and liquidity stress resulting
in ongoing delays in the debt servicing of the Lease Rental
Discounting (LRD) loan.

NMMPL was formed to develop and operate 2.36 lakh square feet
(lsf) shopping mall-cum-multiplex and entertainment complex,
namely, Central Naman Mall, at Indore. NMMPL is owned and
promoted by Entertainment World Developers Ltd. (EWDL) which is a
part of Kalani Group. EWDL based in Indore, Madhya Pradesh,
focuses on development and management of shopping malls,
hospitality, and residential projects in tier II cities. The
company is promoted by Mr Manish Kalani. The group has diverse
interests in real estate development, and wind energy generation.

Currently, EWDL operates two malls in Indore (Treasure Island and
Treasure Central). Apart from these, the group is also developing
residential projects Treasure Town and Treasure Fantasy in
Indore.

NMMPL reported a total operating income of INR14.74 crore and net
profit of INR0.40 crore in FY15 versus total operating income of
INR16.96 crore and net loss of INR0.41 crore in FY14.


NIRMAN DEVELOPERS: CARE Reaffirms B+ Rating on INR14cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nirman Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       14       CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Nirman Developers
(ND) continues to remain constrained on account of the
implementation risk associated with its on-going real estate
project along with high dependence on customer advances,
competition from other real estate players in the region along
with cyclical nature of the industry, and constitution of the
firm as a partnership concern.

The aforementioned constraints outweigh the strengths derived
from the considerable experience of the partners in the real
estate
industry and strategic location of the project.

The rating also derives strength from moderate booking status of
the project along with financial closure achieved for the
project.

Completion of the ongoing project without any time and cost
overrun and the ability to sell the space in a highly competitive
scenario at the envisaged prices and in a timely manner are the
key rating sensitivities.

Established in the year 1993, the Nirman group of companies is a
Pune-based real estate group and is promoted by two partners --
Mr Sandeep Maheshwari and Mr Shashikant Sule. The group was
initially engaged in executing construction projects on
contractual basis. However, from October 2003, the group has been
engaged in developing projects by itself. ND established in the
year 2003, is also engaged in real estate development and is
promoted by Mr Sandeep Maheshwari and Mr Shashikant Sule having
equal partnership in the firm. The partners have executed
projects of more than 20 lakh square including residential
complexes, hotels and luxurious villas across various locations
in Pune, viz, Warje, Kothrud, Pashan, Ambegaon, Undri, etc.

The Nirman group has a group of five firms including Nirman
Developers, viz, Nirman Associates, Nirman Homes, Nirman
Properties and a joint venture (JV) of Nirman Trimurti Developers
(50:50) between the partners and Mr Ramesh Bhatia.

ND is currently developing a residential project, viz, Nirman
Ajinkyatara at Sinhagad Road in Pune. The project has a total
saleable area of about 1.46 lsf with a total project cost of
about INR52.78 crore. The project undertaken is to target mid
segment customers and is offering 1,2 and 3 BHK houses with
amenities like swimming pool, generator back up, video doors,
CCTV security and such other.


NIVVASA PROPERTIES: ICRA Assigns B+ Rating to INR10cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore fund based facility of Nivvasa Properties.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term-Fund
   Based Working
   Capital Loan          10.00        [ICRA]B+/assigned

The assigned rating takes into account the favourable location of
the project in Lonavala on the Mumbai-Pune expressway in close
proximity to popular resorts and restaurants. The firm faces a
low funding risk as 100% of the promoter funding has been tied up
along with the bank funding in place; and low execution related
risks as the project is in advanced stages of completion with 91%
of the construction costs incurred as on December 31, 2015. ICRA
also notes that the firm has a clear land title and has received
all critical approvals required for the project.

The rating, however, is constrained by lack of track record of
the firm in real estate development business; market risk, given
that 48% of the project is yet to be sold and low collections
with only 38% of the advances as a percentage of total sales
collected as on December 31, 2015. Additionally, the firm is
exposed to the risk of slowdown in demand, falling property
prices and inherent cyclicality in the sector and the competition
from other ongoing projects from established developers in the
surrounding areas.
Going forward, the tie up of sales at adequate rates in a timely
manner and maintaining healthy collection efficiencies, are key
rating sensitivities.

Incorporated in 2012, Nivvasa Properties is a partnership firm
promoted and managed by Mr. Hasmukh Kunverji Shah, Mr. Keyur
Kenia and Mr. Nitin Lalji Satra. The promoters have been involved
in several infrastructure development projects. The firm is
currently developing a second home project in Lonavala,
Maharashtra with a saleable area of 1.24 lakh sq, ft.


OIL INDIA: Fitch Affirms 'BBB-' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Oil India Limited's Long-Term Foreign-
Currency Issuer Default Rating at 'BBB-'.  The Outlook is Stable.
Fitch also affirmed OIL's foreign-currency senior unsecured
rating and the rating on its USD1bn of notes at 'BBB-'.

                        KEY RATING DRIVERS

Strong Linkages With State: OIL's rating are equalized with that
of its 68% owner - the Indian sovereign ('BBB-'/Stable) - in line
with Fitch's Parent and Subsidiary Linkage methodology.  Fitch
views the strategic, operational and financial links to be
sufficiently strong to warrant equalization.  The state oversees
the company's operations, appoints senior managers and requires
OIL to bear part of the domestic fuel subsidy burden.  Fitch
expects OIL to be part of the state's efforts to improve India's
energy security.

Currently, OIL's standalone rating is at the same level as the
sovereign's.  Should the standalone rating be revised down, OIL's
IDR would receive an uplift.  This is because Fitch equates it to
India's rating based on a top-down rating approach, providing
linkages with the state remain intact.

Small Reserves, High Concentration: OIL's relatively small
reserves and their concentration constrain its standalone rating.
OIL's proven reserves were 372 million barrels of oil equivalent
(boe) at end-March 2015; with production of around 110,000 boe
per day.  OIL's peers rated in the 'BBB' category have median
reserves of 2 billion to 3 billion boe and production of around
500,000 boe per day.  Assam, a state in north-eastern India prone
to unrest accounts for 96% of OIL's production and 98% of
reserves.  Fitch believes OIL's production profile will continue
to be concentrated in Assam over the next three-to-four years,
and therefore its earnings would be at risk from any disturbance
in the state.

While OIL's natural gas production has been rising steadily over
the last four years, oil production at some of its mature fields
has been declining over this period.  OIL plans to arrest this
decline to increase oil production from the financial year ending
March 31, 2017, (FY17).

Increasing Effort of Diversification: OIL aims to diversify and
enhance its reserves through overseas acquisitions and exploring
domestic acreage outside Assam.  In 2014 OIL acquired a stake in
fields in Mozambique and Russia.

OIL is also in the process of acquiring a 29.9% joint stake with
Indian Oil Corporation Ltd (BBB-/Stable) and Bharat Petro
Resources Limited (100% subsidiary of Bharat Petroleum
Corporation Limited (BBB-/Stable)), in LLC Taas-Yuryakh
Neftegazodobycha - a step-down subsidiary of Rosneft, Russia's
national oil company that owns the Taas Yuriakh fields.  This
consortium has also signed an initial agreement to evaluate a
23.9% stake in Vankor fields of Rosneft, which if finalized, may
result in additional investments by OIL.

Robust Financial Profile: OIL's has a net cash position and
strong liquidity.  Fitch, however, expects OIL's net debt to rise
in the near to medium term, mainly due to acquisitions.  Fitch
expects OIL's financial profile to remain comfortable for its
current rating.  Also, all acquisitions currently being
considered are in producing fields or under-development fields
close to production, reducing the normal uncertainties associated
with such acquisitions.

Fitch expects OIL's adjusted net debt to EBITDA (net leverage) to
remain below 2x and its EBITDA-based fixed charge cover to remain
above 6x, even after accounting for its acquisition of a stake in
Rosneft's fields.  Fitch says the acquisitions are, however,
likely to significantly reduce the headroom for OIL's current
standalone rating.

Low Production Costs: OIL has low finding and development (F&D)
costs of around USD6/boe, as most of its fields are onshore.  It
expects F&D costs to rise to around USD7/boe over the next few
years, which would still remain low by industry standards.  Costs
associated with bringing oil to the surface are around USD8.5boe,
which translates into strong field economics.  However, the
government levies and discounts to state-owned refiners reduce
the benefits, resulting in a lower EBITDA/boe of around USD16 to
USD20 in the last four years.

Contingent Liabilities: OIL has claims worth INR85.7 bil. from
the Assam government related to taxes on its sharing of under-
recoveries with downstream oil companies.  The company has
challenged the demand, saying it had followed regulations, and
the matter is before the courts.  Fitch estimates that if OIL is
directed to pay dues and change its tax calculation method, its
net leverage is likely to increase by around 1x.

KEY ASSUMPTIONS

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

   -- oil production to increase by around 3% (FY15: -2%) and gas
      production by around 5% (FY15: 4%) annually over the
      medium-term

   -- oil prices as per Fitch's price deck (USD35 per barrel
      (bbl) in the financial year ending March 31, 2017, (FY17),
      USD45/bbl in FY18 and USD55/bbl in FY19), with no under
      recoveries during FY17 and FY18

   -- natural gas prices for its production in India, based on
      the reference price formula in line with Fitch's price deck

   -- capex of around USD600m per annum over the next three years

   -- acquisition of a stake in Taas Yuriakh fields of Rosneft in
      FY17

RATING SENSITIVITIES

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

   -- an upgrade of the sovereign rating, provided rating
      linkages with the state remain intact

   -- OIL's standalone credit profile of 'BBB-' may be upgraded
      if it addresses the current constraints on its scale and
      asset diversity, while maintaining its strong balance sheet
      position.

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

   -- a downgrade of the sovereign rating

   -- a downgrade of OIL's standalone credit profile may result
      if its net leverage increases to over 2.0x, gross
      debt/proved reserves exceeds USD5/boe (FY15: USD3.9/boe;
      FY14: USD4.0/boe) or EBITDA-based fixed charge coverage
      reduces below 6x (FY16E:12x; FY15:12x) on a sustained
      basis. However, OIL's IDRs will continue to be equated to
      that of India, provided linkages with the state remain
      intact.

For the sovereign rating of India, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of Dec. 7,
2015.

The main factors that individually or collectively could lead to
positive rating action are:

   -- Fiscal consolidation or fiscal reforms that would cause the
      general government debt burden to fall more rapidly than
      expected in the medium term

   -- An improved business environment resulting from implemented
      reforms and persistently contained inflation, which would
      support higher investment and real GDP growth

The main factors that individually or collectively could lead to
negative rating action are:

   -- Deviation from the fiscal consolidation path, causing the
      already high public debt burden to deviate further from the
      median, or greater-than-expected deterioration in the
      banking sector's asset quality that would prompt large-
      scale financial support from the sovereign

   -- Loose macroeconomic policy settings that cause a return of
      persistently high inflation levels and a widening current
      account deficit, which would increase the risk of external
      funding stress


OYSTER STEEL: CRISIL Cuts Rating on INR750MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Oyster Steel and Iron Private Limited (OSIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          100       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             750       CRISIL B+/Stable (Downgraded
                                     From 'CRISIL BB-/Stable')

   Proposed Bank           100       CRISIL A4 (Downgraded from
   Guarantee                         'CRISIL A4+')

   Proposed Cash           250       CRISIL B+/Stable (Downgraded
   Credit Limit                      from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the company's
liquidity will deteriorate over the medium term on account of
high debtor days and low cushion available in its bank line. The
downgrade also factors in CRISIL's belief that the company's
financial risk profile will remain modest over the medium term
because of below-average debt protection metrics.

The ratings reflect the company's working capital-intensive
operations, and modest financial risk profile because of a weak
capital structure and below-average interest coverage ratio.
These weaknesses are partially offset by the extensive experience
of OSIPL's promoters in the aluminium trading industry, and the
expected improvement in the company's scale of operations.
Outlook: Stable

CRISIL believes OSIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with customers and suppliers. However,
the financial risk profile is expected to remain below average
over this period because of working capital-intensive operations.
The outlook may be revised to 'Positive' in case of an
improvement in the company's operating margin, leading to a
higher interest coverage ratio, or infusion of fresh equity,
resulting in a better capital structure. Conversely, the outlook
may be revised to 'Negative' if profitability is low, or working
capital requirement increases considerably, resulting in
deterioration in the financial risk profile.

OSIPL was set up in 2008 by Mr. Prem Chand Gupta. It trades in
aluminium in the form of scrap, sheets, and ingots. The company
is based in New Delhi.


PASHUPATINATH DISTRIBUTORS: CRISIL Suspends B+ Cash Credit Rating
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Pashupatinath Distributors Private Limited (PDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             53.5       CRISIL B+/Stable
   Term Loan               20.5       CRISIL B+/Stable

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

Incorporated in 1992, PDPL manufactures country liquor in Bihar.
Its day-to-day operations are managed by Mr. Lalan Prasad and Mr.
Yogendra Prasad Nirala.


POLY-MECH COMPONENTS: CARE Reaffirms B Rating on INR10.43cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Poly-Mech Components Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.43      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Poly-Mech
Components Private Limited (PMCPL) continue to be constrained by
the relatively small scale of operations with high working
capital intensity, leveraged capital structure and weak debt
coverage indicators. The rating further continues to be
constrained by customer concentration risk and operations in the
highly fragmented auto component and construction hardware parts
industry. The reaffirmation of the ratings factor in the increase
in operating income, declining profit margins and deterioration
in capital structure and debt coverage indicators during FY15
(refers to the period April 1 to March 31).

The rating, however, continues to derive strength from the
experienced and qualified promoters with long track record of
operations.

The ability of PMCPL to scale up its operations along with
improvement in profit margins amidst the intense competition
and capital structure along with efficient management of working
capital are the key rating sensitivities.

Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PMCPL) is engaged in the manufacturing of auto
components and construction hardware parts at its plant located
at Shahapur, Thane. PMCPL manufactures various products (such as
hose clamps, circlips, bearing pullers, washers, snap ring,
spring steel parts, sheet metal components, steel clamps, pipe
clamps, sanitary clamps) which find application in automobiles,
construction and engineering sector. The auto components segment
contributed around 60% of the total income of PMCPL in FY15
(refers to the period April 01 to March 31).

During FY15, PMCPL reported total operating income of INR 40.84
crore (vis-a-vis INR 36.89 crore FY14) and PAT of INR0.06
crore (vis-a-vis INR 0.09 crore FY14). Further, during 11MFY16
the company booked income of INR38.18 crore and has an
order book of INR3 crore which will be executed by March, 2016.


PRASAD MULTI: CRISIL Suspends 'D' Rating on INR128.2MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prasad Multi Services Private Limited (PMS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL D
   Cash Credit              60        CRISIL D
   Proposed Long Term
   Bank Loan Facility       81.8      CRISIL D
   Term Loan               128.2      CRISIL D

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

PMS, incorporated in 1999, is promoted by the Ahmedabad
(Gujarat)-based Kavar family. The company provides construction
equipment on rental basis.


PRATIROOP MUDRAN: CARE Lowers Rating on INR9.29cr Loan to B+
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pratiroop Mudran.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.29      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pratiroop Mudran (PPM) takes into account net loss reported
during FY15 (refers to the period April 1 to March 31) leading to
highly leveraged capital structure along with vulnerable debt
coverage indicators.

The rating is further constrained on account of presence of the
firm in the fragmented printing & publishing industry, relatively
small scale of operations with intense competition in the
industry, partnership nature of the constitution, and
susceptibility of the profit margins to volatility in the raw
material prices.

The rating draws support from experienced management personnel
along with diversified and established clientele.

The ability of the firm to scale up its operations while
improving its profitability margins and solvency position remains
the key rating sensitivity.

Incorporated in 1999, PM was established by Mr Rahul Gadia and Mr
Shailendra Bhagwat. PM is engaged in printing and publishing of
various products like brochures, catalogues, leaflets, books,
calendar, diaries, notebooks, dangler and cartons. The firm also
ventured into manufacturing of cartons during FY15. The printing
unit of the firm is located in Pune district of Maharashtra with
total installed capacity of 2.8 lakh sheets or 60 jobs per day.
PM carries out printing as per the designs and specifications
provided by the customers and the end-user industry clients
include pharmaceutical industry, FMCG sector, advertising,
construction and other corporate clients. PM purchases majority
of paper requirement mainly from Poona Paper Trading Company.

PM majorly caters to the companies/firms located in the Pune
region with clients likeMather & Platt Pumps Limited, Silk Route
Communication, Sandvik Asia Private Limited, Perlin
Cosmeceuticals
Private Limited, and Real Fragrances (Pune) Private Limited.

During FY15, PPM suffered net loass of INR-0.94 crore on a total
income of INR7.19 crore as against a PAT of INR0.35 crore on a
total income of INR6.20 crore for FY14.


SAI POULTRY: CARE Assigns B+ Rating to INR6.30cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sai
Poultry Farm.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.30      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sai Poultry Farm
(SPF) is constrained by the small scale of operations of the
firm with revenues geographically concentrated to a particular
region, low profitability indicators, moderate capital structure
& weak debt coverage indicators. The rating also factors in
highly fragmented & competitive nature of the industry with large
number of unorganized players and vulnerability of poultry
segment to outbreaks of bird flu & other diseases.

However, the rating derives strength from qualified & experienced
promoters and long track record of operations of the firm in the
poultry segment.

Going forward, the ability of the firm to scale up operations and
improve profitability & capital structure while managing the
working capital efficiently would be the key rating
sensitivities.

SPF is a partnership firm incorporated in the year 1983 by Mr R.
Chinnapa Gounder and his son Dr. C.K Samy. Currently the firm has
four active partners namely Mr R.Chinnapa Gounder, Dr. C.K Samy,
Dr. S.Senthil kumar (son of Dr. C.K Samy) and Dr. S. Shornalatha
(wife of Dr. S. Senthil kumar). The firm is engaged in the sale
of eggs and cull birds. As on March 17, 2016, SPF has around 7
lakh hens at its four farms spread across 28 acres in Chittode,
TamilNadu (TN). SPF sells around 4 lakh eggs per day and the sale
of eggs contribute to 99% of total sales in FY15. Around 95% of
sales are made to Kerala and the rest are sold to the regions
around Erode, TN.

For the year ended FY15 (refers to the period April 1 to
March 31), the firm reported total operating income of INR22.6
crore and PAT of INR0.03 crore as against INR21.3 crore and
INR0.03 crore respectively during FY14.


SANT FOODS: ICRA Reaffirms 'B' Rating on INR15cr Loan
-----------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating for the INR15.00 crore
fund based facilities of Sant Foods Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits      15          [ICRA]B (reaffirmed)

The assigned rating factors in SFPL's weak financial profile as
reflected by stagnant sales in the last two years, low
profitability metrics, high gearing and consequently weak debt
coverage indicators coupled with high working capital
requirements. The rating also takes into account high intensity
of competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
The rating, however favorably takes into account long standing
experience of promoters in rice industry and the proximity of the
mill to major rice growing area which results in easy
availability of paddy.

Sant Foods Private Limited (SFPL) was established in the year
2008. The Company is primarily engaged in the milling of rice
with an installed capacity of 6 tons per hour. The company has 2
sortex machines with the capacity of 5 tons/hour and 2 tons/hour.
The company is professionally is managed by Mr. Pradeep Wadhwa.

Recent Results
During the financial year 2014-15, the Company reported a profit
after tax (PAT) of INR0.0.22 crore on an operating income of
INR34.30 crore as against PAT of INR0.13 crore on an operating
income of 44.13 crore in FY2014. During FY16, on a provisional
basis the, the company has achieved sales of Rs 34 crore.


SHINE PETTRO: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shine Pettro Chem and Resins India Private Limited (SPRPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL D
   Cash Term Loan            1        CRISIL D
   Proposed Long Term
   Bank Loan Facility       49        CRISIL D

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

Established in 2002 and based at Karur (Tamil Nadu), SPRPL
manufactures thinners and paints.


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

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

The rating also factors in weak debt protection metrics and
exposure to risks related to regulatory changes affecting raw
material procurement. These rating weaknesses are partially
offset by the extensive experience of the company's promoter in
the fertiliser and chemical industry and benefits expected from
the healthy demand for granular fertilisers.
Outlook: Stable

CRISIL believes SDFCPL will continue to benefit over the medium
term from its promoter's extensive industry experience and the
healthy demand for granular fertilisers. The outlook may be
revised to 'Positive' in case of a significant increase in
revenue and net cash accrual, while capital structure and debt
protection metrics improve. Conversely, the outlook may be
revised to 'Negative' in case of a decline in scale of
operations, a stretched working capital cycle, or contraction of
considerable debt.

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


SHREEYAM POWER: ICRA Reaffirms 'D' Rating on INR721.74cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D on the
INR721.74 crore term loans and INR80 crore fund based limits of
Shreeyam Power and Steel Industries Limited (erstwhile Ruchi
Power and Steel Industries Limited). ICRA has also reaffirmed the
short-term rating of [ICRA]D for INR121.43 crore non-fund based
limits of SPSIL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans              721.74        [ICRA]D (Reaffirmed)
   Fund Based Limits        80.00        [ICRA]D (Reaffirmed)
   Non Fund Based Limits    121.43       [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account the stretched
liquidity position of SPSIL which has resulted in overdrawal of
working capital limits, devolvement of letter of credit and non
servicing of other debt obligations. The company has been
declared sick by the Board for Industrial and Financial
Reconstruction (BIFR) wef 1 April 2014, however a final approval
on the proposed Debt Rehabilitation Scheme (DRS) is still
pending. The ratings continue to be constrained by the weak
financial performance of SPSIL as reflected by erosion of net
worth, net loss during last five years and weak coverage
indicators. Further, the company's Pithampur unit is still non
operational but its Gandhidham unit has been operating at sub-
optimal levels (due to lack of adequate working capital funds)
resulting in low capacity utilization. The ratings are further
constrained by inherent cyclical and intensely competitive nature
of the steel industry and susceptibility of SPSIL's profitability
to variation in raw material prices which is further escalated by
the fact that company does not have access to captive raw
material sources.

Going forward, the ability of the company to get an approval on
the proposed DRS, tie up funds for working capital and generate
adequate cash to service its debt obligations in a timely manner
will remain the key rating sensitivity factors.

Shreeyam Power and Steel Industries Limited (formerly Ruchi Power
& Steel Industries Ltd.) was incorporated in July 1995. The
company is a part of Ruchi Group which has diversified interests
including commodities, iron and steel, real estate, milk products
etc. SPSIL has been promoted by Mr. Santosh Shahra who is a
graduate in Mechanical Engineering from Indore University and has
over 35 years of experience in steel business. Apart from SPSIL,
Mr. Shahra is also associated with National Steel and Agro
Industries Limited which involved in manufacturing of flat steel
products namely Cold Rolled Coils, Galvanized steel and
Galvanized Colour Coated steel products in various grades. SPSIL
has two manufacturing units, one each in Gandhidham (Gujarat) and
Pithampur (Madhya Pradesh). The Pithampur unit is not operational
and the company plans to sell off this unit.

Recent Results
In 2014-15, SPSIL reported a net loss of INR81.8 crore on an
operating income of INR564.44 crore, as against a net loss of
INR179.1 crore on an operating income of INR282.4 crore in the
previous year. For 9M 2015-16 SPSIL has reported a net loss of
INR75.4 crore on an operating income of INR381.4 crore.


SIMHAPURI ENERGY: ICRA Assigns 'D' Rating to INR2173.01cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to INR2173.01
crore fund based limits and INR33.80 crore unallocated limits of
Simhapuri Energy Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund
   based limits        2173.01       [ICRA]D; assigned

   Unallocated           33.80       [ICRA]D; assigned

The assigned rating is constrained by recent delays in debt
servicing by SEL. The rating also takes into account the off-take
risk for SEL owing to lack of long term power purchase agreements
(PPAs) for its 600 MW operational thermal power capacity. ICRA
notes that the capacity tied-up with PTC India Limited (350 MW
out of 600 MW) does not have back to back firm PPAs. SEL's cost
competitiveness would also remain exposed to fluctuations in
international coal prices and USD-INR exchange rate given the
dependence on imported coal. Further, the fuel supply agreement
for imported coal with Group Company - M/s. PT Madhucon Indonesia
remains non-operational and therefore, the fuel requirements are
currently being met through imports from Indonesia through
traders.

The rating, however, favorably factors in the satisfactory PLF
reported by SEL with aggregate PLF of 81% (phase I and phase II)
in FY 2015 and the remunerative tariff from sale of power in the
short term market.

Going forward, SEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity.

Simhapuri Energy, promoted by the Hyderabad based Madhucon Group,
is setting up a coastal coal based thermal power plant with an
ultimate capacity of 1920 MW, to be developed in three phases
near Krishnapatnam, in Nellore District, Andhra Pradesh.
Currently, 600 MW is operational, Phase I (300 MW) achieved CoD
by July 2012 and Phase II (300 MW) by March 20152. The total
project cost for phase I & II together is INR3510.05 crore which
was funded through INR2474.81 crore of debt (71% of total project
cost) and INR1035.24 crore of equity (29%). The Madhucon Group
largely undertakes EPC works across various sectors with Madhucon
Projects Limited (rated [ICRA]D) as its flagship; the Group also
has several investments in BOT projects.

Recent Results
As per the audited results, the company reported turnover of
INR1554.78 crore and net profit of INR171.81 crore during FY 2015
as against turnover of INR1100.86 crore and net profit of
INR141.15 crore in FY 2014.


SRI DURGA: ICRA Suspends B Rating on INR8.0cr Loan
--------------------------------------------------
ICRA has suspended long term rating of [ICRA]B assigned to the
INR8.00 crore fund based facilities of Sri Durga Prathima
Poultries Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. "


STATUS SERAMIK: CARE Assigns B+ Rating to INR5.92cr LT Loan
-----------------------------------------------------------
CARE Assigns CARE B+/CARE A4 ratings to bank facilities of Status
Seramik India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.92      CARE B+ Assigned
   Short term Bank Facilities     0.90      CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Status Seramik
India Private Limited (SSIPL) is primarily constrained on account
of its small scale of operations along with its financial risk
profile marked by ongoing losses, moderately leveraged capital
structure, moderate debt coverage indicators and stressed
liquidity position during FY15 (refers to period April 01 to
March 31). The rating is also constrained by SSIPL's presence in
a highly fragmented quartz stone industry along with fortunes
dependent upon real estate market, its susceptibility of profit
margins to fluctuation in prices in raw material and power and
fuel and its working capital intensity of operation.

The ratings, however, derive comfort from the experienced
promoters along with established marketing network.

Ability of SSIPL to enhance the scale of operations along with
improvement in profit margin and capital structure coupled
with effective management of working capital shall remain a key
rating sensitivity. Further, improvement in liquidity position
would also remain crucial.

Sabarkantha-based (Gujarat) Status Seramik India Private Limited
(SSIPL) an ISO 9001:2008 certified private limited company is
engaged in the business of manufacturing of Quartz Stone, N- dura
stone, Lappato, Rock Stone, floor and wall tiles. SSIPL was
incorporated in January 2011 by Mr Sanjay Patel and Mr Suresh
Patel while the operation was commenced from December 2011. The
company initially manufactured Quartz stone and outsourced the
production of vitrified tiles to Akash Ceramics Private Limited
(ACPL rated CRISIL BB/ A4+). However since April 2014, SSIPL has
discontinued the sale of Vitrified Tiles and has continued its
production concentration on quartz stone. SSIPL is operating
from its sole manufacturing plant located in Sonsan (Sabarkantha
District, Gujarat) with an installed capacity of 1,50,000
SquareMeters of Ceramic Products as onMarch 31, 2015.

During FY15, SSIPL reported a net losses of INR0.08 crore (FY14:
PAT INR0.07 crore) on a total operating income (TOI) of INR14.28
crore (FY14: INR11.43 crore).


T.J.S. ENGINEERING: CRISIL Assigns D Rating to INR45MM LT Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of T.J.S. Engineering College (TJSEC) and
assigned its 'CRISIL D' to the facilities. CRISIL had suspended
the ratings on October 12, 2015, as TJSEC had not provided the
necessary information required to maintain a valid rating. The
trust has now shared the requisite information, enabling CRISIL
to assign the rating.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       45        CRISIL D (Assigned;
   Bank Loan Facility                 Suspension Revoked)


   Rupee Term Loan          45        CRISIL D (Assigned;
                                      Suspension Revoked)

The rating reflects delays in servicing due to weak liquidity as
a result of cash flow mismatch.

The trust also has a modest scale of operations and is vulnerable
to regulatory risks associated with educational institutions.
However, TJSEC benefits from moderate occupancy levels and
comfortable operating margin.

Set up in 2007, TJ Sivananda Mudaliar Educational Trust (TJSMET;
currently chaired by Mr. T J Govindarajan). TJSEC began its
operations in 2009-10 (refers to Financial Year, April 1 to March
31) and offers degree course in engineering. TJSMET also operates
TJS Polytechnic College, which started operations in 2010-11 and
offers diploma in engineering. Both the institutes are affiliated
with Anna University, Chennai, and accredited by All India
Council for Technical Education.


TRIMEX INDUSTRIES: ICRA Cuts Rating on INR30cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR10.00
crore term loan facilities and to the INR30.00 crore long-term
fund based facilities of Trimex Industries Private Limited to
[ICRA]D from [ICRA]BB. ICRA has also revised the short-term
rating outstanding on the INR20.00 crore short-term non-fund
based facility of TIPL to [ICRA]D from [ICRA]A4+.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities     10.00      Revised to [ICRA]D
                                       from [ICRA]BB (Stable)

   Long term fund based     30.00      Revised to [ICRA]D
   facilities                          from [ICRA]BB (Stable)

   Short term non-fund      20.00      Revised to [ICRA]D
   based facility                      from [ICRA]A4+

The revision in ratings reflects the recent delays in debt
servicing by the company, due to its stretched liquidity
position. During 2015-16, TIPL's liquidity position was impacted
by increase in collection cycle for barite, the company's key
product. Demand for barite declined in the export markets owing
to slowdown in global oil exploration activities subsequent to
decline in crude oil prices. Further, the delay in commencing the
single super phosphate business has affected the company's
efforts to diversify its revenue base and increased its
dependence on barite.

Incorporated in 1984, TIPL is engaged in processing and trading
of minerals and mineral sands. The company procures materials
such as barite, rutile, feldspar, ilmenite, and iron ore from
state mining entities of Andhra Pradesh and Karnataka, processes
and exports them. TIPL has four crushing units at Koduru, Andhra
Pradesh with a capacity to process around 10,000 tonnes of barite
per month. During FY2015, the company entered into an agreement
to acquire a greenfield single superphosphate (SSP) fertilizer
unit in Rajasthan. The fertilizer plant has a capacity to produce
180,000 tonnes of SSP per annum.

TIPL is a part of the Trimex group, which has interests in
mining, sourcing, processing, and supplying of industrial raw
materials to diverse industries including oil well drilling,
ceramic, glass, construction, and fertilizer. TIPL owns 99.90% of
stake in Pradeep Shipping & Logistics and 92.98% of stake in
Trimex Sands Private Limited. TIPL also has a Joint Venture with
Laviosa Chimica Mineraria S.P.A. that owns bentonite mines in
Bhuj, Gujarat. The Company also has 50% equity holding in Narayan
Mines Private Limited, an iron ore mining company in Karnataka.


US GRANITES: ICRA Reaffirms B Rating on INR6.05cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR6.05 crore (revised from INR5.00 crore) long term fund based
limits and INR2.78 crore (revised from INR2.83 crore) unallocated
limits of US Granites. ICRA has also re-affirmed short-term
rating of [ICRA]A4 to INR0.82 crore non fund based limits of USG.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Long Term              6.05        [ICRA]B re-affirmed

   Non Fund based
   limits                 0.82        [ICRA]A4 re-affirmed

   Unallocated            2.78        [ICRA]B re-affirmed

The ratings are constrained by USG's modest scale of operations
and operating income of the firm witnessing 28.20% de growth in
FY2014-15 on account of subdued demand from the US markets and
increasing competition. The ratings are further constrained by
high geographical concentration risk with majority of sales to
the US market, where subdued demand from market can adversely
impact the revenue growth as witnessed in FY2014-15 and high
customer concentration with the top three clients adding to about
60% of total sales. ICRA takes note of the withdrawal risks
associated with partnership nature of the firm where drawings
from partners would adversely impact net worth as witnessed in
FY2014-15. The ratings also factor in the working capital
intensive nature of operations owing to high inventory holding,
lack of captive quarries, and inherent industry related risks
including intense competition and exposure to volatile foreign
exchange rates; however, hedging through foreign currency
denominated working capital facilities mitigates the risk to an
extent. The ratings, however derives comfort from the promoter's
decade long experience in the granite industry and long standing
relationship with customers.

Going forward, USG's ability to diversify its geographic base and
increase the scale of operations, improve profitability, and
effectively manage its working capital requirements will be
critical in improving the credit profile.

US Granites was established in 2002 as a partnership firm. The
firm is engaged in the processing and export of granite slabs and
is situated at Bolaram in the Medak district of Telangana. The
total processing capacity of the 10.32 lakh sft per annum.

Recent Results
USG has reported an operating income of INR12.17 crore and net
profit of INR0.14 crore in FY2015 as against an operating income
of INR16.95 crore and net profit of INR0.17 crore in FY2014.


YASH PHARMA: CRISIL Suspends B+ Rating on INR85MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Yash Pharma Laboratories Private Limited (YPLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              85        CRISIL B+/Stable
   Letter of Credit          5        CRISIL A4

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

YPLPL was established in 1972 by the Mumbai (Maharashtra)-based
Shah family. The company manufactures pharmaceutical
formulations. YPLPL sells formulations under its brand such as
Sunkroma, Iross, and Lemolinctus. The company's manufacturing
facilities in Roorkee (Uttarakhand), are Good Manufacturing
Practices (GMP) certified.

Mr. Yashodhan Shah is the Chairman and Managing Director and Mrs.
Nayna Shah (wife of Mr. Yashodhan Shah), their son Mr. Atri Shah
and Mrs. Falguni Shah (wife of Mr. Atri Shah) are the directors
of the company and manage the day to day operations of the
company.


ZULAIKHA MOTORS: CARE Assigns B+ Rating to INR5.04cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' Ratings To The Bank
Facilities Of Zulaikha Motors Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.04       CARE B+ Assigned
   Long-term/Short-term Bank    30.96       CARE B+/ CARE A4
   Facilities                               Assigned
   Short-term Bank Facilities   19.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Zulaikha Motors
Pvt. Ltd. (ZMPL) are constrained by the cash loss over the
past two years, negative networth and weak debt coverage
indicators. The ratings also factors in the working capital
intensive nature of business, risk associated with inherent
cyclical nature of auto industry and intense competition in
passenger car segment.

The ratings derive strength from the longstanding experience of
the promoter group and ZMPL's established dealership business of
Mahindra andMahindra (M&M) vehicles in Chennai. The ability of
ZMPL to increase its scale of operations, improve profitability
and capital structure while efficiently managing its working
capital requirements are the key rating sensitivities.

ZMPL was incorporated in March, 2010 by Mr. Abdul Quadir and is
engaged in the dealership of M&M vehicles in Chennai. ZMPL
manages its operations through its two showrooms and three
workshops in Chennai. ZMPL is a part of the Buhari group which is
a conglomerate present in various business activities across the
world such as construction, properties, engineering, services,
manufacturing, energy, trading and shipping apart from having
business ventures in automobile dealership, automobile spare
parts retailing and distribution, industrial tools, machinery and
consumables.

During FY15 (refers to the period April 1 to March 31), ZMPL
registered a net loss of INR3.48 crore on a total operating
income (TOI) of INR128.23 crores as against a net loss of INR1.80
crore on a TOI of INR128.51 crore in FY14.


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


TOSHIBA CORP: S&P Keeps 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it has kept its 'B+'
long-term corporate credit and 'BB' senior unsecured debt ratings
on Japan-based diversified capital goods and electronics company
Toshiba Corp. on CreditWatch with negative implications.  S&P
also affirmed its 'B' short-term credit and debt ratings on the
company.  S&P placed the long-term corporate credit and senior
unsecured debt ratings on CreditWatch with negative implications
in December 2015.  These ratings have remained on CreditWatch
negative even after S&P lowered them to the current 'B+' and 'BB'
ratings respectively on Feb. 5, 2016.

S&P's long-term senior unsecured debt rating is two notches
higher than its long-term corporate credit rating on Toshiba.
This reflects S&P's view that the probability of default in
Toshiba's long-term senior unsecured bonds is lower than that in
its bank borrowings because any default is somewhat likely to
take the form of debt forgiveness by banks, given support the
banks have extended to Toshiba.

On April 26, Toshiba revised upward its earnings guidance,
announced in February, for fiscal 2015 (ended March 31, 2016).
In fiscal 2015, Toshiba now expects to have made a JPY690 billion
operating loss (its previous estimate was a JPY430 billion
operating loss) and a JPY470 billion net loss (its previous
estimate was a JPY710 billion net loss).  It also expects
shareholders' equity to total JPY300 billion (its previous
estimate was JPY150 billion).  Toshiba updated its guidance
mainly because it intends to write down about JPY260 billion in
goodwill impairment losses related to its U.S. nuclear business
Westinghouse Electric Co. and to book about JPY380 billion in
gains from selling its medical equipment business Toshiba Medical
Systems Corp. to Canon Inc.  As a result, both the increase in
debt and erosion of shareholders' equity as of the end of fiscal
2015 will be smaller than S&P assumed.  S&P views this as a
positive development that will progress to a certain degree
enhancement of Toshiba's shareholders' equity and improvement in
its liquidity.

"However, we still see ambiguities concerning Toshiba's fiscal
2015 earnings results, including a resolution to disarray since
spring 2015 over its accounting improprieties and its as-yet-
undisclosed free cash flow.  Also, we need to review the
company's earnings results for fiscal 2015 so as to assess the
degree to which Toshiba might improve its financial performance
in and beyond fiscal 2016.  In particular, we believe
strengthening Toshiba's financial standing while swiftly
improving its profitability will not be easy, because enhancing
the company's memory business, one of its core businesses,
requires massive and continuous capital expenditures and its
earnings are highly volatile.  We also need to confirm whether
Toshiba's main creditor banks will continue to support its
liquidity," S&P said.

S&P intends to resolve the CreditWatch within about a month of
reviewing the aforementioned factors.  Any downgrade is likely to
be limited to one notch because S&P believes Toshiba has control
over its deteriorating financial standing and the likelihood that
its earnings performance will worsen further is shrinking.


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


CAMBRIDGE INDUSTRIAL: S&P Affirms Then Withdraws 'BBB-' CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
corporate credit rating on Singapore-based Cambridge Industrial
Trust.  S&P also affirmed its 'BBB-' long-term issue rating on
the company's medium-term notes (MTN) program.  In addition, S&P
affirmed its 'axA-' ASEAN regional scale ratings on the company,
its MTN program, and its senior unsecured notes.

S&P subsequently withdrew all outstanding ratings on Cambridge
Industrial Trust at the company's request.  At the time of the
withdrawal, the outlook was stable.

S&P's rating on Cambridge Industrial Trust reflected the
company's stable position within the Singapore industrial market,
as it continues its strategy to improve portfolio quality.  Its
improved portfolio quality has been achieved through various
asset enhancement initiatives and higher value acquisitions.  As
a result, however, leverage increased to 36.9% from 34.8% in the
previous year.  While S&P expects CIT to continue pursuing this
strategy of portfolio enhancement in the next 12-24 months, this
will be accompanied by moderate deleveraging through divestments
of their non-core assets.

The stable rating outlook reflected S&P's expectation that
Cambridge Industrial Trust will maintain its business position,
while maintaining its target gearing ratio (debt-to-asset) within
30%-40%.


================
S R I  L A N K A
================


SRI LANKA: Secures $1.5 Billion Loan From IMF
---------------------------------------------
Bloomberg News reports that Sri Lanka reached an agreement with
the International Monetary Fund for $1.5 billion in loans to help
lower its borrowing costs and bolster finances.

The South Asian nation has pledged to narrow its fiscal deficit
to 3.5 percent of gross domestic product by 2020 through "a
comprehensive set of reforms to Sri Lanka's tax system," the
Washington-based lender said in a statement, Bloomberg relays.
The loan program will need approval by the IMF's executive board,
which is due to consider it in early June, Bloomberg says.

Once approved, it's "expected to catalyze an additional $650
million in other multilateral and bilateral loans, bringing total
support to about $2.2 billion, over and above existing financing
arrangements," the IMF, as cited by Bloomberg, said.

Bloomberg relates that Sri Lanka was looking for a loan of as
much as $1.5 billion from the IMF as a seal of approval for the
government's policies in order to help draw further foreign
inflows, central bank Governor Arjuna Mahendran said in an
interview last month.

According to Bloomberg, the government is seeking to sell as much
as $3 billion of bonds in international markets this year after
refinancing concerns prompted Fitch Ratings to downgrade the
nation and Standard & Poor's to cut its rating outlook to
negative.

Bloomberg says the rupee is trading near a record low after
worsening foreign-exchange reserves and balance of payments
forced the central bank to stop propping up the currency.

"The government is committed to dealing quickly with the legacy
of Sri Lankan Airlines, which continues to represent a drain on
public finances after years of mismanagement," the IMF said.
Going forward, key state firms will be governed transparently by
annually published statements of corporate plans, it said.

Sri Lanka has pledged to ensure that the pricing of electricity
and fuels is guided by the market, with subsidies needed to
protect the poor being better targeted and clearly reflected on
the government's budget, according to the IMF.

"The central bank will shift toward a flexible inflation
targeting regime while also undertaking measures to help deepen
foreign exchange markets and support a durable transition to a
flexible exchange rate regime," according to the statement.

Sri Lanka last sought an IMF loan in 2009 following the end of a
three-decade old civil war and under the leadership of Mahinda
Rajapaksa, to bolster its international reserves. It received the
final tranche of the $2.6 billion IMF loan in 2012.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.

                             *********

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

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

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


                            *********


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

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

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***