TCRAP_Public/141229.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, December 29, 2014, Vol. 17, No. 255


                            Headlines


A U S T R A L I A

ARORA INTERNATIONAL: First Creditors' Meeting Set For January 6
D & E WALLIS: First Creditors' Meeting Set For January 7
GRAIN DE CAFE: First Creditors' Meeting Slated For January 7
GREENARK PROPERTY: First Creditors' Meeting Set For January 5
HOYTS GROUP: ID Leisure Deal No Impact on Moody's B2 Rating

IENERGIZER LTD: Moody's Affirms B2 Corporate Family Rating
MACEDON GRAMMAR: Chinese Tycoon Wang Hua to Buy School


C H I N A

ADAMANT DRI: Incurs $812,000 Net Loss for Quarter Ended Sept. 30
GREENTOWN CHINA: China Communications Deal No Impact on B1 CFR
KAISA GROUP: Moody's Cuts CFR & Senior Unsec. Debt Rating to B1


H O N G  K O N G

PACNET LIMITED: Moody's Places B3 CFR on Review for Upgrade


I N D I A

ANUTEX SHOPPING: CRISIL Reaffirms B+ Rating on INR75MM Term Loan
BAJPAI REFRIGERATION: CRISIL Puts B Rating on INR60MM Cash Loan
EMPIRE PROPERTIES: ICRA Reaffirms B Rating on INR35cr Cash Credit
GOUTHAMI HATCHERIES: CRISIL Reaffirms B- Rating on INR165MM Loan
JCR DRILLSOL: ICRA Suspends D Rating on INR8cr Non FB Loan

JP SORTEX: ICRA Reaffirms B/A4 Rating on INR37cr Cash Credit
K. S. SELECTIONS: CRISIL Puts B Rating on INR50MM Cash Credit
LAMB CERAMICS: ICRA Reaffirms B Rating on INR3cr Cash Credit
MURUDESHWAR CERAMICS: CRISIL Reaffirms B+ INR442.8MM Loan Rating
RAGHU EXPORTS: CRISIL Reaffirms B Rating on INR8.3MM Term Loan

RASHMI HOUSING: CRISIL Reaffirms B+ Rating on INR100MM Term Loan
RISHABH VELVELEEN: CRISIL Suspends D Rating on INR45MM Cash Loan
SANSKAR EDUCATIONS: ICRA Assigns B Rating to INR20cr Term Loan
SATGURU METALS: ICRA Suspends B+ Rating on INR8.95cr Bank Loan
SHERWOOD OFFICERS: CRISIL Suspends D Rating on INR200MM Term Loan

SHRI COLONIZERS: CRISIL Suspends B+ Rating on INR55MM Bank Loan
SHRI MAHAVIR: ICRA Assigns B Rating to INR4.12cr Term Loan
SHRI RAM: CRISIL Reaffirms B Rating on INR120MM Cash Credit
SOLAMALAI AUTO: CRISIL Reaffirms B+ Rating on INR108.5MM Loan
SREE PANDIAN: CRISIL Reaffirms B Rating on INR137MM Cash Credit

SRI VENKATESHWARA: ICRA Assigns B Rating to INR6.25cr Cash Credit
SRI VIJAYA: CRISIL Suspends B Rating on INR110MM Cash Credit
SUBHAM AGRO: ICRA Assigns B Rating to INR10cr Cash Credit
SUJATHA FEEDS: CRISIL Reaffirms B- Rating on INR174MM LT Loan
SUPREME COATED: CRISIL Reaffirms D Rating on INR85MM LT Loan

SURI AUTO: CRISIL Suspends D Rating on INR60MM Cash Credit
SURINDER SAT: CRISIL Suspends B Rating on INR60MM Cash Credit
SURINDRA BUILDERS: CRISIL Suspends B Rating on INR60MM Cash Loan
SURYABALA AUTOS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
SWAMI DEVI: CRISIL Suspends D Rating on INR160MM Bank Loan

SWASTIK MARKETING: ICRA Suspends B+ Rating on INR2.5cr Cash Loan
SWASTIK SPINNERS: CRISIL Suspends B+ Rating on INR51.4MM LT Loan
T. MADHAV: CRISIL Suspends D Rating on INR50MM LT Term Loan
TARA EXPORTS: ICRA Reaffirms B+ Rating on INR1.06cr Term Loan
TARA FOODS: ICRA Withdraws B+ Rating on INR2cr Fund Based Loan

TERAI OVERSEAS: CRISIL Assigns B+ Rating to INR280MM Cash Credit
TSC FASHIONS: CRISIL Suspends B Rating on INR40MM Cash Credit
VEERABHADRA EXPORTS: ICRA Assigns B+ Rating to INR28.53cr Loan
VENKATA KRISHNA: CRISIL Cuts Rating on INR50MM Cash Loan to B
VIR ELECTRO: CRISIL Suspends D Rating on INR87.5MM Term Loan


I N D O N E S I A

MATAHARI PUTRA: Moody's Affirms B2 Corporate Family Rating


N E W  Z E A L A N D

PROMETHEUS FINANCE: Placed in Receivership


                            - - - - -


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A U S T R A L I A
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ARORA INTERNATIONAL: First Creditors' Meeting Set For January 6
---------------------------------------------------------------
Robert Moodie -- rmoodie@rodgersreidy.com.au -- and Warwick
Keneally -- wkeneally@rodgersreidy.com.au -- of Rodgers Reidy were
appointed as administrators of Arora International Markets Pty Ltd
on Dec. 22, 2014.

A first meeting of the creditors of the Company will be held at
The Portside Centre, Level 5, 207 Kent Street, in Sydney, on
Jan. 6, 2015, at 3:00 p.m.


D & E WALLIS: First Creditors' Meeting Set For January 7
--------------------------------------------------------
Nicholas James Crouch of Crouch Amirbeaggi was appointed as
administrator of D & E Wallis Transport Pty Ltd on Dec. 23, 2014.

A first meeting of the creditors of the Company will be held at
Waterfront Executive Offices, Level 19, Waterfront Place, 1 Eagle
Street, in Brisbane, on Jan. 7, 2015, at 2:00 p.m.


GRAIN DE CAFE: First Creditors' Meeting Slated For January 7
------------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Grain De Cafe Pty. Ltd., trading as
Society Caffe Bar, on Dec. 23, 2014.

A first meeting of the creditors of the Company will be held at
the Meeting Room of Vincents Chartered Accountants - Sydney, Level
19, MLC Centre, 19-29 Martin Place, in Sydney, Jan. 7, 2015, at
3:00 p.m.


GREENARK PROPERTY: First Creditors' Meeting Set For January 5
-------------------------------------------------------------
Brian Raymond Silvia and Costa Andrew Nicodemou of BRI Ferrier
were appointed as administrators of Greenark Property Pty Ltd, on
Dec. 19, 2014.

A first meeting of the creditors of the Company will be held at
Level 30, Australia Square, 264 George Street, in Sydney, on
Jan. 5, 2015, at 11:00 a.m.


HOYTS GROUP: ID Leisure Deal No Impact on Moody's B2 Rating
-----------------------------------------------------------
Moody's Investors Service says that the sale of Hoyts Group
Holdings LLC by its existing owner, Pacific Equity Partners, to
investment fund ID Leisure Ventures has no immediate impact on the
B2 rating. The rating is stable.

"The reported sale does not have an immediate impact on the Hoyts
Group Holdings LLC rating but may have rating implications should
there be a change to the capital structure, strategic direction or
distribution strategy", says Maurice O'Connell, a Moody's Vice
President - Senior Credit Officer. "Moody's will consider the
rating implications should there be any changes to the existing
arrangements", adds O'Connell.

Hoyts is a major cinema exhibitor and a supplier of screen
advertising business based in Australia and New Zealand.


IENERGIZER LTD: Moody's Affirms B2 Corporate Family Rating
----------------------------------------------------------
Moody's has affirmed the B2 corporate family and term loan ratings
of iEnergizer Ltd. The stable outlook is maintained.

Ratings Rationale

The stable rating reflects iEnergizer's success at restoring its
revenue base following the end of a highly profitable customer
project in H2 2014 and in meeting the moderately onerous covenants
and amortisation schedule of its term loan.

The project had offered very generous margins which are unlikely
to be repeated. Therefore, the company chose to issue a profits
warning ahead of its FY 2014 results announcement following the
conclusion of the project.

Moody's first assigned a rating to iEnergizer in May 2013 when its
share price was GBP3.30. The disposals by two substantial
shareholders of their entire holdings in iEnergizer, one in
November 2013 and the other in October 2014, coupled with the
resetting of equity market profit expectations for the company has
seen the share price collapse to GBP0.55. This represents a
current market capitalisation of GBP84 million ($131 million)
compared to iEnergizer's borrowings of $113.8million as of 30th
September 2014. As a result of the institutional share sales, the
Promoter, Mr Anil Aggarwal, has increased his effective interest
to 78.5% of the equity.

In H1 FY2015, iEnergizer has begun to rebuild its revenue,
although the customer concentration remains high with the top ten
customers still accounting for over 50% of total revenue. At the
same time the company has tackled costs by streamlining its middle
management and relocating its Indian facilities to second and
third tier cities where it can benefit from lower wage costs and
improved staff retention. The company continues to expand its own
use of subcontractors to control costs.

"Despite the share price noise over the last 15 months, the
underlying business has continued to generate cash, sufficient to
meet the steep amortisation schedule of its term loan and the
leverage covenant which tightens over time", says Alan Greene, a
Moody's Vice President, Senior Credit Officer.

In H1 2015, iEnergizer reported revenue of $76.1 million compared
to $73.9 million in H1 2014, and EBITDA of $13.3million, while
reported net debt declined from $109 million to $100 million. The
reported EBITDA margin of 17% is lower than the 27% margin
achieved in H1 2014, which included the now finished, high margin
project.

"While iEnergizer's ability to meet the loan covenants is
testament to its operating resilience, the company remains small
for its rating. However, the terms of the loan place a limit on
capital expenditure and effectively prevent acquisitions.
Furthermore, the impact of the amortisation schedule on the cash
flow constrains iEnergizer's ability to accumulate cash, such that
sufficient incremental working capital may not be available to
support its organic growth ambitions", notes Greene, who is Lead
Analyst for iEnergizer.

The rating is stable reflecting Moody's expectations that
iEnergizer will continue to be covenant compliant with respect to
its term loan. Furthermore, Moody's notes that the loan allows for
an equity cure and, based on the Promoter's track record, Moody's
would expect the cure to be implemented, if needed, to avoid a
covenant breach.

Given its small scale, there is limited upside potential for the
ratings. However, upward pressure could evolve over the longer
term if the company maintains overall EBITA margins above 20%,
while improving its relative market share, and with revenues
surpassing $500 million. Credit metrics that could support this
outcome would include i) total debt/EBITDA below 4.0x; or ii)
RCF/net debt rising above 15% to 20%, on a sustained basis.

The rating could face downward pressure if free cash flow is
adversely impacted by a decline in revenues and rising costs, or
by an overly aggressive acquisitions policy. Such a scenario could
be accompanied by i) total debt/EBITDA exceeding 4.5-5.0x; ii)
RCF/net debt falling below 10%; or iii) EBITA/interest expense
falling below 2.0x, on a sustained basis.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.

iEnergizer is primarily engaged in the business of call centre
operations, BPO services, content process outsourcing solutions
and back office services. The company had over 5,500 employees
working out of delivery centres in India, USA, UK, Mauritius,
Australia and France as of 31 March 2014. It reported revenue of
$154 million and pre-tax income of $22million in the year ended
March 31, 2014 (FY 2014).


MACEDON GRAMMAR: Chinese Tycoon Wang Hua to Buy School
------------------------------------------------------
Chris Vedelago and Aisha Dow of The Age report that wealthy
Chinese property developer Wang Hua has been revealed as one of
the overseas investors behind a last ditch bid to take over
failing private school Macedon Grammar.

The Age relates that Mr Wang, who has a net worth of at least
AUD400 million, is currently negotiating to acquire the license
and assets of the Christian school, which was declared insolvent
last month.

Fairfax Media understands the entrepreneur and his partners are
hoping to expand Macedon Grammar into a boarding school that will
cater for the children of China's wealthy and politically
connected, the report relays.

But the "investment syndicate" and its local representatives have
taken extraordinary steps to conceal their involvement in the
mooted deal in an apparent attempt to avoid publicity, The Age
says.

According to the report, Mr Wang came to public attention last
year amid claims from a former business partner that he employs
ruthless business tactics and uses his private jet to transport
suitcases of cash from China to Australia, where it is allegedly
invested locally.

The Age relates that the school is the latest in a series of
Australian assets sought by the Chinese national-turned-Australian
resident, whose interests have included several residential
developments, a winery, golf course and two Toorak trophy homes.

Macedon Grammar School was put into external administration in
late November in the wake of growing financial problems at the
prep to year 12 campus, the report recalls. The school had been
served with a "show cause" notice by state education authorities
over concerns about its governance, educational leadership,
declining enrolments and financial viability, according to the
report.


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ADAMANT DRI: Incurs $812,000 Net Loss for Quarter Ended Sept. 30
----------------------------------------------------------------
Adamant DRI Processing and Minerals Group filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, disclosing a net loss of $812,000 for the three months ended
Sept. 30, 2014, compared with a net loss of $447,000 for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed
$62.8 million in total assets, $59.1 million in total liabilities,
and total stockholders' equity of $3.68 million.

The Company incurred a net loss of $4.71 million for the nine
months ended Sept. 30, 2014.  The Company also had a working
capital deficit of $50.4 million as of Sept. 30, 2014.  These
conditions raise a substantial doubt about the Company's ability
to continue as a going concern, according to the regulatory
filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/UnHxLc

Adamant DRI Processing and Minerals Group is engaged in the
mining, processing, and production of iron ore concentrate in
China.  It owns an iron ore concentrate production line on the
Zhuolu Mine, which is located in Zhuolu County, Hebei Province,
China.  Adamant DRI Processing and Minerals Group was founded in
2008 and is based in Zhangjiakou, China.


GREENTOWN CHINA: China Communications Deal No Impact on B1 CFR
--------------------------------------------------------------
Moody's Investors Service says that the proposed acquisition of
Greentown China Holdings Limited's (B1 stable) shares by China
Communications Construction Group (Limited) (CCCG, unrated),
subsequent to the termination of the sales of such shares to Sunac
China Holdings Limited (Ba3 stable), is credit positive for
Greentown.

However, there is no immediate impact on Greentown's B1 corporate
family and B2 senior unsecured debt ratings, or on Sunac's Ba3
corporate family rating and B1 senior unsecured debt rating.

On December 23, 2014, CCCG entered into an agreement with
Greentown's Chairman Song Weiping, his wife Xia Yibo and CEO Shou
Bainian to acquire their combined 24.3% equity stake in Greentown
for HKD6 billion. The agreement follows the termination on 18
December of the sales of such shares for the similar amount to
Sunac.

The proposed acquisition is still subject to a number of
conditions, including to the approval from the State-owned Assets
Supervision and Administration Commission of the State Council and
the Securities and Futures Commission of Hong Kong.

"The acquisition by CCCG, a large wholly state-owned enterprise in
the infrastructure construction industry, will create more
property development opportunities for Greentown, widen its
financing channels and improve its corporate governance," says
Franco Leung, a Moody's Vice President and Senior Analyst.

As part of the transaction, CCCG will nominate (1) two out of four
executive directors, one of whom will act as the co-chairman of
the Board; (2) a director becoming a member of the investment
committee of Greentown.

"The termination of the sale to Sunac and the proposed acquisition
by CCCG will change Greentown's management team and corporate
strategy. In the near term this will likely negatively impact
Greentown's business operations, but in the long term it should
lead to a more prudent corporate strategy, given CCCG's state-
owned background," says Jiming Zou, a Moody's Assistant Vice
President and Analyst.

In order to assess the overall impact of the transaction on
Greentown, Moody's will monitor (1) whether the acquisition will
be completed as planned, including the obtaining of approvals from
relevant government authorities and the successful termination of
the previous sales agreement with Sunac; (2) the changes in
Greentown's corporate strategy, given the change in its key
shareholders; and (3) the operational impact from ongoing
management changes.

Greentown has improved its sales execution since August, when
Sunac became involved in Greentown's operations. In the first 11
months of 2014 Greentown achieved contracted sales of RMB66.7
billion, ahead of its RMB65 billion full-year target. The
difference in corporate philosophies resulted in the termination
of the sales agreement.

Sunac's liquidity and net debt leverage will improve once it gets
back the HKD6 billion purchase consideration. However, Moody's
expect that Sunac will continue to pursue other business
opportunities as part of its growth strategy.

The principal methodology used in these ratings was Global
Homebuilding Industry published in March 2009.

Sunac China Holdings Limited is an integrated residential and
commercial property developer, with ongoing or completed projects
in China's main regions of Beijing, Tianjin, Shanghai, Chongqing
and Hangzhou. The company was incorporated in the Cayman Islands
on 27 April 2007 and listed on the Hong Kong Stock Exchange on 7
October 2010. At end-June 2014, it owned 67 projects and had a
land bank of 21.9 million square meters.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province. As of June 2014, the company had 102 projects with a
total gross floor area of 37.82 million square meters. Of this
total, 20.48 million square meters were attributable to the
company.


KAISA GROUP: Moody's Cuts CFR & Senior Unsec. Debt Rating to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to B1
from Ba3.

The ratings remain under review for downgrade.

The downgrade action follows Kaisa's announcement of 21 December,
in which it states that:

(1) the number of projects that cannot register pre-sale contracts
with the Land and Resources Authority of Shenzhen Municipality has
increased to four from three;

(2) restrictions apply to the registration, transfer and pledge of
unsold and completed properties in three projects, as well as to
rental and self-use properties in three projects in Shenzhen;

(3) the company's construction of eight projects has to be
suspended, as its licenses, permits, approvals, registrations and
filings will not be accepted;

(4) restrictions apply to the transfer or pledge of land use
rights in two projects in Shenzhen;

(5) its urban redevelopment pipeline projects in Longgang
District, Shenzhen, are subject to suspension; and

(6) Kaisa Shenzhen's National First Class Certificate has been
suspended.

Ratings Rationale

"The downgrade reflects Moody's concern over the disruptions to
Kaisa's operations and the increased negative financial impact
from the expanded restrictions and suspensions imposed by the
Shenzhen authorities," says Franco Leung, a Moody's Vice President
and Senior Analyst.

The restrictions on the development of projects will affect
Kaisa's ability to generate cash flow from pre-sales in Shenzhen.
Moody's estimates that the Shenzhen projects will contribute
around 30% of the company's contracted sales in 2015. Such sales
impairment will in turn affect Kaisa's liquidity position.

These negative developments in Kaisa's home base will also affect
its ability to raise funds from banks and the capital markets. If
the company is unable to resolve the issues causing the measures
implemented by the Shenzhen authorities, its liquidity risk will
quickly increase. This, in turn, will pressure the company's
ratings.

Moody's views the situation as quite severe, as the company has
been unable to identify the cause of the measures taken by the
Shenzhen authorities, and has thus been unable to offer an
immediate solution.

In its review, Moody's will focus on (1) actions taken by Kaisa to
remove the restrictions and suspensions, and to restore the
registration of pre-sales contracts; (2) the contracted sales
generated by Kaisa to compensate for the loss volume in Shenzhen;
and (3) the company's liquidity position, including its cash
position, debt repayments and new advances.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999. It listed on the Hong Kong Stock Exchange in
December 2009.

At end-June 2014, the company was 61.35%-owned by Mr Kwok Ying
Shing and his family members.

Kaisa's land bank totaled around 23.6 million square meters in
gross floor area at end-June 2014. Its land holdings were located
in the Pearl River and Yangtze River Deltas, Pan-Bohai Rim, and
central and western China.



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PACNET LIMITED: Moody's Places B3 CFR on Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed Pacnet Limited's B3 corporate
family rating and senior secured ratings on review for upgrade.

Ratings Rationale

The rating action follows Telstra Corporation Limited's (A2
stable) announcement on 23 December that it will acquire 100% of
Pacnet for USD697 million, including gross debt of approximately
USD400 million. The closing of the transaction is subject to
regulatory and Pacnet financier approvals. Telstra expects the
transaction to complete by mid-2015.

"Our review of Pacnet's ratings reflects the expectation that the
proposed acquisition by Telstra, which is significantly larger and
financially stronger, will remove concerns over Pacnet's current
fragile liquidity profile, which has deteriorated due to weak IRU
sales," says Annalisa DiChiara, a Moody's Vice President and
Senior Analyst.

Moody's review will focus on: 1) the terms and conditions of the
acquisition, 2) the final funding and organizational structure of
the transaction, including where Pacnet will ultimately fit in
Telstra's organizational and capital structure, 3) whether or not
Pacnet is classified as material subsidiary under Telstra's own
loan and bond documentation, and 4) overall integration strategy
and reputational risk.

Ultimately, depending on the perceived level of parental support
from Telstra, Pacnet's ratings may be upgraded by multiple
notches. If Pacnet's debt is ultimately guaranteed by Telstra, the
ratings may be equalized.

The proposed acquisition will not result in a triggering of the
Change of Control clause on Pacnet's bonds given that the
completion of the transaction will likely result in a multiple
notch upgrade for Pacnet.

If the transaction does not materialize, Pacnet's ratings may come
under further pressure given the company's current fragile
liquidity profile on a standalone basis. In addition, the industry
fundamentals and company's operating performance remain consistent
with the single-B category. Therefore, the strength of parental
and financial support from Telstra will drive the rating outcome.

The principal methodology used in this rating was Global
Communications Infrastructure Rating Methodology published in June
2011.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately-owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network, which spans 9,620km from Japan to the US. The cables land
at 21 cable landing stations across Asia and the US. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.



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ANUTEX SHOPPING: CRISIL Reaffirms B+ Rating on INR75MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Anutex Shopping Mall Llp
(ASML) continues to reflect the firm's modest scale of operations
in the intensely competitive apparel retail industry, high degree
of geographic concentration in its revenue profile, and its large
working capital requirements. The rating of the firm is also
constrained on account of its below-average financial risk profile
marked by its modest net-worth, moderate total outside liabilities
to tangible net worth ratio, and below-average debt protection
measures. These rating weaknesses are partially offset by the
benefits that ASML derives from the extensive experience of its
promoters in the apparel retail industry.

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

Outlook: Stable

CRISIL expects ASML to maintain its established presence in the
apparel retail industry over the medium term on the back of its
promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the firm's scale of operations and profitability margins, or there
is a sustained improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

ASML retails saris, readymade garments, and jewellery through its
retail outlet in Hyderabad. The firm derives around 75 per cent of
its revenues from sale of apparels, and the balance 25 per cent
from sale of jewellery. The firm commenced operations in 2013, and
has three partners Mr. P Srinivas, Mr. Nageshwara Rao, and Mr. P
Rajashekhar.


BAJPAI REFRIGERATION: CRISIL Puts B Rating on INR60MM Cash Loan
---------------------------------------------------------------
RISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Bajpai Refrigeration and Bakers Company (BRBC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               37.5       CRISIL B/Stable
   Cash Credit             60         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      20         CRISIL B/Stable

The rating reflects BRBC's nascent stage and modest scale of
operations in the highly competitive food processing industry and
its average financial risk profile marked by modest net worth and
average protection metrics. These rating weaknesses are partially
offset by BRBC's partners' industry experience and close proximity
to suppliers and customers in Uttarakhand.

Outlook: Stable

CRISIL believes that BRBC will benefit from the promoter's
industry experience and the location advantage. The outlook maybe
revised to 'Positive' in case the firm reports significantly
better than expected cash accruals along with efficient working
capital management during the initial phase of operations.
Conversely, the outlook maybe revised to 'Negative' in case of any
lower than expected cash accruals or larger than expected working
capital requirements exerting further pressure on the firm's
liquidity.

BRBC, promoted by Mr. M C Bajpai, Mrs. Sandhya Bajpai and Mr.
Ashok Lakhan, is setting up an integrated cold chain facility in
Kashipur, Uttarakhand to supply fresh and chilled food produce.
The commercial operations would commence in January 2015.


EMPIRE PROPERTIES: ICRA Reaffirms B Rating on INR35cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to INR35.00 crore long term
fund based facility of Empire Properties.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term, Fund based    35.00       [ICRA]B reaffirmed
   Limits-Cash Credit

The rating continues to favourably factor in long standing
experience of promoter group and management in real estate
development business with limited reliance on external funding for
the project. The rating also derives comfort from the location
advantage that the project enjoys due to easy accessibility to key
city areas like schools, collages, hospitals, shopping malls etc.
Also the project enjoys the proximity of industrial areas such as
Auto Cluster, MIDC etc. The rating is however constrained by the
funding risk as majority of the promoters committed contribution
has already been tied up and making the project highly reliant on
customer advances to fund the remaining project cost, hence giving
rise to execution risks as well. Further, the project has been
launched for bookings for over 30 months and bookings have been
lower than expectations. Lower bookings can also be attributed to
slowdown in the economic activity in the country in general and
overall underperformance of the real estate sector in particular.
Going forward, accelerating sales at adequate rates while
maintaining high collection efficiency and timely execution of the
project will remain key rating sensitivities.

Established in 2007, Empire Properties is developing a residential
cum commercial real estate project 'Empire Square' at Chinchwad,
Pune. The promoters of the firm are Sukhwani group promoted by Mr.
Gurmukh Sukhwani and Agrawal group promoted by Mr. Ghanshyam
Agrawal. Together, the group has already developed one project
named 'Empire Estate' with total saleable area of 16.78 lacs sq
ft. Also the promoters have developed several projects in the past
in their respective groups in and around Pune underlining the vast
experience of promoters in real estate business.


GOUTHAMI HATCHERIES: CRISIL Reaffirms B- Rating on INR165MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Gouthami Hatcheries Pvt Ltd (GHPL; a part
of the Gouthami group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           160        CRISIL B-/Stable
   Long Term Loan        165        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     71.2      CRISIL B-/Stable

The rating continues to reflect the Gouthami group's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and its vulnerability to intense competition
and to risks inherent in the poultry industry. These rating
weaknesses are partially offset by the benefits that the Gouthami
group derives from its promoters' extensive experience in the
poultry industry and its established relationships with its major
customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GHPL and Sujatha Feeds Pvt Ltd (SFPL).
This is because both these companies, together referred to as the
Gouthami group, are under the same management team. Moreover, both
GHPL and SFPL have considerable operational and business linkages
with each other.

Outlook: Stable

CRISIL believes that the Gouthami group will continue to benefit
over the medium term from its promoters' extensive experience in
the poultry farming and hatchery business and its established
relationship with its key customers. The outlook may be revised to
'Positive' if the group reports higher-than-expected revenues and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the revenues and profitability are less-than-expected, or in case
its working capital management deteriorates, thereby negatively
impacting its liquidity.

GHPL, set up in 1999, is in the poultry business; it produces
hatching eggs and broiler birds. SFPL, set up in 2009,
manufactures poultry feed. It is currently setting up a dairy
unit. The Gouthami group, which comprises GHPL and SFPL, is
promoted by Mr. D Srinath Reddy and his wife, Mrs. D Lokeshwari.

The Gouthami group, on a provisional basis, reported profit after
tax (PAT) of INR8.2 million on net sales of INR436 million for
2013-14 as against PAT of INR13.6 million on net sales of INR418
million for 2012-13.


JCR DRILLSOL: ICRA Suspends D Rating on INR8cr Non FB Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR5.00 Crore,
long term, fund based working capital facilities & [ICRA] D rating
to the INR8.00 Crore, short term, non fund based letter of
JCR Drillsol Pvt Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1995, JCR Drillsol Private Limited (JDPL) is
engaged in manufacturing and trading activities. It offers an
array of customized products within the Drilling industry, from
water well drilling right through mining and construction. JCR
seeks to encompass the entire Down the Hole (DTH), Mining &
Construction Industry. The company's manufacturing facility is
spread over an area of 130,680 Sq. Ft. in Peenya Industrial Town,
Bangalore in the state of Karnataka.


JP SORTEX: ICRA Reaffirms B/A4 Rating on INR37cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B/[ICRA]A4 on the INR37.00
crore fund-based cash credit facility (including sub limit of
packing credit) and INR3.00 crore unallocated limits of
JP Sortex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          37.00        [ICRA]B/[ICRA]A4; reaffirmed
   Unallocated Limits    3.00        [ICRA]B/[ICRA]A4; reaffirmed

The ratings reaffirmation takes into consideration the company's
moderate scale of operations, low profitability and the highly
working capital intensive nature of operations with high inventory
levels which lead to stretched liquidity and adverse capital
structure. The ratings continue to be constrained by the
vulnerability of profitability to raw material price movements,
which are subject to seasonality and crop harvest and the
intensely competitive nature of the industry which exerts pressure
on the operating margins. However, the ratings favourably take
into account the extensive experience of the management in the
rice industry and the favourable long term demand prospects of the
rice industry with India being the second largest producer and
consumer of rice in the world. Going forward, the company's
ability to increase its scale of operations in a profitable manner
along with efficient management of working capital will remain the
key rating sensitivities.

Incorporated in 1999, JPSPL is primarily engaged in the milling of
basmati rice. The company's milling unit is located in Firozpur,
Punjab, in close proximity to the local grain market. It sells
rice under its five registered brands in the domestic market
namely Rice-o-Punjab, Rice-o-India, 5 Horses, 65 and JPA. JPSPL
sells its product across various states in India including Delhi,
Tamil Nadu, Gujarat, Maharashtra, and Madhya Pradesh, and is also
involved in the export of rice primarily to countries in the
Middle East.

Recent Result
As per its audited financials for 2013-14, JPSPL recorded a net
profit of INR0.21 crore on an operating income of INR70.05 crore,
as against a net profit of INR0.29 crore on an operating income of
INR74.74 crore in 2012-13.


K. S. SELECTIONS: CRISIL Puts B Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of K. S. Selections Pvt Ltd (KSSPL). The rating
reflects the company's weak financial risk profile, marked by a
modest net worth and weak debt protection metrics, and a modest
scale of operations in the branded garments distribution industry.
These rating weaknesses are partially offset by its promoters'
extensive industry experience.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10         CRISIL B/Stable

Outlook: Stable

CRISIL believes that KSSPL will continue to benefit over the
medium term from its established relationships with its key
principals and its promoters' extensive experience in the
distribution business. The outlook may be revised to 'Positive' if
the company scales up its operations, while it improves its
profitability and financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KSSPL faces pressure on its
revenue and profitability, or if its working capital cycle
lengthens, or if it undertakes a large debt-funded capital
expenditure programme over the medium term.

Established in 2011, KSSPL is a wholesaler of menswear and
womenswear, kidswear, sportswear, leisure wear, and inner and
thermal wear. The company is promoted by Mr. Surender Chawla and
his family members. KSSPL operates through its three warehouses in
New Delhi.


LAMB CERAMICS: ICRA Reaffirms B Rating on INR3cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR3.00
crore (enhanced from INR2.00 crore) cash credit facility and
INR2.00 crore (reduced from INR4.75 crore) term loan facility of
Lamb Ceramics Private Limited. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 to the INR0.75 crore bank guarantee
facility of LCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.00         [ICRA]B reaffirmed
   Term Loans            2.00         [ICRA]B reaffirmed
   Bank Guarantee        0.75         [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings factor in LCPL's small scale of
operations compared to other tile manufacturers in the domestic
market as well as deterioration in the capital structure of the
company owing to sharp increase in working capital borrowings in
FY 2014. The ratings are further constrained by the vulnerability
of the company's profitability to the cyclicality inherent in the
real estate industry, which is the main consuming sector; and to
the adverse fluctuations in prices of raw materials and natural
gas, which is the major fuel. The ratings also take into account
the highly competitive domestic ceramic industry with presence of
large established organized tile manufacturers as well as
unorganized players in Morbi (Gujarat) resulting in limited
pricing flexibility.

The assigned ratings, however, favourably factor in the long
standing experience of the company's promoters in the ceramic
industry and locational advantage due to presence of the company's
plant near Morbi, India's ceramic hub, giving it easy access to
raw material.

Incorporated in 2009, Lamb Ceramics Private Limited (LCPL) is
engaged in manufacturing of ceramic wall tiles with its production
facility located at New Dhuva in Rajkot district of Gujarat. The
company has production capacity of 21,000 metric tonnes per annum
(MTPA) and currently manufactures digitally printed ceramic wall
tiles of three sizes 10"X13", 18"X12" and 12"X12". The company has
established two brands namely "Lamb" and "Sco" for selling its
products in the market.

Recent Results

During FY 2014, LCPL reported an operating income of INR11.19
crore and profit after tax of INR0.11 crore as against an
operating income of INR10.54 crore and profit after tax of INR0.13
crore during FY 2013.


MURUDESHWAR CERAMICS: CRISIL Reaffirms B+ INR442.8MM Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Murudeshwar Ceramics
Ltd (MCL) continue to reflect MCL's exposure to intense
competition in the tiles industry and its stretched liquidity
because of its large working capital requirements. These ratings
weaknesses are partially offset by the benefits that MCL derives
from its established position in the ceramics and vitrified tiles
industry, its improved revenue diversity as a result of its
increased focus on retail sales, and continued financial support
from its promoters.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        49.5      CRISIL A4 (Reaffirmed)
   Cash Credit          442.8      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     357.0      CRISIL A4 (Reaffirmed)
   Working Capital
   Demand Loan          329.2      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCL will continue to benefit over the medium
term from its established position in the ceramics and vitrified
tiles in South India and support from its promoters. The outlook
may be revised to 'Positive' if the company's liquidity improves
significantly on a sustainable basis through increase in cash
accruals from business and control on working capital cycle.
Conversely, the outlook may be revised to 'Negative' if pile up in
stock or delays in realisation of receivables constrain MCL's
liquidity, or if the company's revenue or margins decline,
limiting its cash accruals.

Incorporated in 1983, MCL is a publicly listed company. It
manufactures glazed ceramic floor tiles, vitrified porcelain, and
natural granite slabs. The company is promoted by Mr. R N Shetty
and his family. The company markets its products under the Naveen
brand. Its manufacturing facilities are in Hubli (Karnataka) and
Karaikal (Puducherry).

MCL reported a profit after tax (PAT) of INR11.7 million on net
sales of INR1.44 billion for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR8.4 million on net sales
of INR1.44 billion for 2012-13.


RAGHU EXPORTS: CRISIL Reaffirms B Rating on INR8.3MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghu Exports India Pvt
Ltd (REPL) continue to reflect the company's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
small scale of, and working-capital-intensive, operations,
customer concentration, and susceptibility to volatility in raw
material prices and in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
REPL's promoters in the leather industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Purchase           71.7      CRISIL A4 (Reaffirmed)
   Letter of Credit        20        CRISIL A4 (Reaffirmed)
   Packing Credit         200        CRISIL A4 (Reaffirmed)
   Term Loan                8.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will maintain its business risk profile
over the medium term, supported by its promoters' experience in
the leather industry. The company's financial risk profile is,
however, expected to remain weak over this period, marked by high
gearing and weak debt protection metrics, because of its large
working capital requirements. The outlook may be revised to
'Positive' if REPL's scale of operations increases substantially,
while it diversifies its customer profile and improves its capital
structure and working capital management. Conversely, the outlook
may be revised to 'Negative' if the company's operating margin
declines, or if its capital structure weakens, most likely because
of increase in working capital borrowings or large debt-funded
capital expenditure.

Update
Revenue of the company registered 32 per cent year-on-year growth
to around INR764.6 million in 2013-14 (refers to financial year,
April 1 to March 31); revenue growth has been partly due to
addition of new customers, increase in export sales from its newly
added fashion segment, and new orders from Chinese dealers.
Revenue is expected to grow at moderate rate on the back of
addition of new customers and increase in orders from the existing
customers. The company's operating margin declined to 6.4 per cent
in 2013-14 from 7.9 per cent in 2012-13 due to stiff competition
in the industry.

The company's operations are relatively highly working capital
intensive as reflected in its estimated gross current assets (GCA)
of around 245 days as on March 31, 2014; GCAs have been at similar
levels in the past. GCAs emanate from the company's inventory
levels of around 147 days and receivables cycle of 83 days as on
March 31, 2014. The company's bank limits have been highly
utilised.

REPL's net worth is also estimated to remain low at INR70.2
million, as on March 31, 2014. The company has high debt levels
towards funding its working capital requirements; this, coupled
with small net worth, has resulted in high gearing of around 4.91
times as on March 31, 2014.

For 2013-14 (refers to financial year, April 1 to March 31), REPL
reported, on a provisional basis, net profit of INR4.1 million on
net sales of INR764.6 million; the company reported net profit of
INR4.1 million on net sales of INR578.7 million for 2012-13.

REPL was incorporated in 2003. The company manufactures and
exports finished leather and other products, including leather
tool bags, cotton/canvas tool bags, polyester tool bags, leather
garments, and leather upholstery. Earlier, REPL was a partnership
firm started by Mr. Praveen Kumar in 1986.


RASHMI HOUSING: CRISIL Reaffirms B+ Rating on INR100MM Term Loan
----------------------------------------------------------------
CRISIL's rating on Rashmi Housing Spv Private Limited's (RHSPL's)
bank loan continues to reflect the company's reliance on the
affordable housing segment coupled with geographic concentration
in its revenue profile, and exposure to cyclicality in the real
estate sector. These rating weaknesses are partially offset by
RHSPL's established position and brand name in the Mira-Virar City
region of Mumbai.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term
   Bank Loan Facility       12.5    CRISIL B+/Stable (Reaffirmed)


   Term Loan               100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RHSPL will continue to benefit over the
medium term from its established position and brand name in the
north Mumbai region. The outlook may be revised to 'Positive' if
the company achieves project completion on schedule along with
substantial sales in the project thus enhancing the company's
ability to meet its debt obligations in a timely manner.
Conversely, the outlook may be revised to 'Negative' if RHSPL
faces a time or cost overrun in completion of its projects,
adversely impacting its ability to collect construction-linked
payments from its customers or if the saleability in the project
does not pick up affecting RHSPL's ability to meet its debt
obligations.

Update
The company achieved cumulative progress of about 70 per cent
September 2014 amounting to about INR160 million on the 'Rashmi
Lakeview' project. This was primarily funded by term loans of
INR70 million and promoters' contribution of about INR30 million.
The reinforced cement concrete (RCC) structure of 6 out of the 9
buildings is complete, while the construction of the remaining
buildings is at initial stages. The balance construction amounting
to about INR50 million is expected to be funded by Term Loan of
INR30 million and from customer advances. Although the completion
risk of the project has reduced to a certain extent, the project
continues to be prone to offtake risk.

The project comprises of saleable area of nearly 1 lakh square
feet in Vasai (Mumbai). The North Mumbai region has substantial
unsold inventory and the project faces competition from many other
residential and commercial projects. Additionally, as the
completion of the balance work is dependent on customer advances,
the timely saleability will be a key rating sensitivity factor and
could affect project completion.

CRISIL continues to take comfort from the expectation of
achievement of substantial sales in the near-medium term, against
scheduled repayment of the term loan from November 2015.

RHSPL was set up in 2007 by the Bosmiya family of Mumbai. The
Bosmiya family has been undertaking residential and commercial
real estate development projects, and broking and contractual
construction since 1993, through its various group companies
collectively referred to as the Rashmi group. The management of
the group rests with four brothers of the Bosmiya family: Mr.
Deepak Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr.
Ashok Bosmiya.

RHSPL is constructing a project in Vasai called 'Rashmi Lakeview'
comprising of 8 residential and 1 commercial building with total
saleable area of nearly 1 million sq.ft. On a provisional basis,
RHSPL has reported a profit after tax (PAT) of INR0.8 million on
net sales of INR12.1 million for 2013-14 as against a PAT of
INR5.6 million on net sales of INR192.5 million for 2012-13.


RISHABH VELVELEEN: CRISIL Suspends D Rating on INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Rishabh Velveleen Ltd (TRVL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              45         CRISIL D
   Letter of Credit         40         CRISIL D
   Term Loan                32.7       CRISIL D

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

TRVL was incorporated in 1984, promoted by Mr. U C Jain and Mrs.
Neeta Jain. The company started operations only in 1989. It
manufactures flock velvet, suede velvet, bycast leather, and
polyvinyl chloride leather, mainly used as upholstery for home
furnishing and vehicles. Around 90 per cent of TRVL's sales are
domestic, to wholesalers across India, while the remainder is to
the export market.


SANSKAR EDUCATIONS: ICRA Assigns B Rating to INR20cr Term Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR24.00
crore bank facilities of Sanskar Educations Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Bank       20.00        [ICRA]B; assigned
   Facilities-Term
   loan

   Fund based bank        4.00        [ICRA]B; assigned
   Facilities-
   Overdraft

The rating derives comfort from the good quality of infrastructure
(well equipped campus, dormitories and other amenities) provided
by the school, its experienced management as well as the
satisfactory student faculty ratio of 6:1 being maintained by the
school, which shall help in attracting students in the long run.
The rating is however constrained by the modest scale of
operations of SEPL on account of the limited growth in the student
base of the school over the last three years. ICRA notes that
despite receiving fresh admissions of 85-100 students every year,
the growth in the student base of the school has however remained
modest on account of the relatively high attrition rate in the
senior sections, which in turn can be attributed to the high
competitive intensity as well as the limited track record of the
school in national examinations.

While the company has been generating satisfactory operating
margins in the range of 37-40% over the last four years, the
company has been incurring net losses over the last four years due
to high depreciation and interest charges. This, in combination
with significant debt funded capital expenditure undertaken by the
company towards infrastructure development, has translated into a
weak financial profile for the company characterized by high
gearing and modest financial coverage indicators.

Given the existing accruals and scheduled debt repayments (INR3-4
crore annually, over the next two years), the liquidity position
and hence the debt servicing capacity of the company will be
driven by its ability to ramp up the student base, which would be
the key rating sensitivity. ICRA also takes note of the proposed
investment by the company towards augmenting the intake capacity.
While this should facilitate increase in the student base going
forward, given the modest accruals, the ability of the company to
secure timely funding tie-ups will remain a critical determinant
of its liquidity position. Further while the funding requirements
in the past have also been met through unsecured loans infused by
the promoters, their ability to do so going forward in a timely
manner will be a key rating monitorable.

Incorporated in 2004 by Mr. Ramesh Batta, SEPL manages the hostel
and ancillary operations (excluding academic operations) of Kasiga
School, Dehradun (Uttarakhand). This school is a Co-educational
boarding School which commenced operations in 2007. The school
currently caters to the educational needs of students from Class
IV to Class XII and is affiliated to CBSE as well as University of
Cambridge International Examinations (CIE). The school operates
under Maya Education Society (MES) which has been promoted by the
Batta family. The tuition fee collected from the students of
Kasiga School is recognized under MES, while all the other fee
receipts-including boarding fees, development fees, registration
and admission fees etc are recognized under SEPL. On the expense
side, the teaching expenses are recognized in the books of MES,
while all the other expenses including general maintenance,
advertisement, electricity and other establishment expenses are
recognized in the books of SEPL. As the assets of the school are
also owned by SEPL, correspondingly all the loans availed for the
construction of the school appear in the books of SEPL.

Besides education, the promoters are also engaged in real estate
development including plotted development and construction of
colonies/residential apartments in Dehradun.

Recent Results
SEPL reported a net loss of INR0.58 crore on an operating income
of INR11.65 crore in 2013-14 as against a net loss of INR0.12
crore on an operating income of INR9.30 crore in the previous
year.


SATGURU METALS: ICRA Suspends B+ Rating on INR8.95cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.95
crore bank lines of Satguru Metals and Power Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


SHERWOOD OFFICERS: CRISIL Suspends D Rating on INR200MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Sherwood Officers Society (SOS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                200       CRISIL D

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

Established in 2005 by Mr. Parampal Singh Sidhu, SOS is
constructing Sherwood Estate, a residential complex consisting 46
villas and 140 flats, in Amritsar (Punjab). The flats include 28
flats with three bedrooms, 28 with two bedrooms, and 84 with one
bedroom, besides a hall and kitchen, each.


SHRI COLONIZERS: CRISIL Suspends B+ Rating on INR55MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Colonizers and Developers Private Limited (SCDPL, part of
Shri Infratech Group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           40         CRISIL A4
   Overdraft Facility       45         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       55         CRISIL B+/Stable

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

SCDPL is engaged into development of various residential projects,
mainly in and around Lucknow (Uttar Pradesh) for last eight years.
SCDPL is also engaged in sub-contracting work. Moreover, SCDPL is
planning to start three hotels in Sushant Golf City, Lucknow.

ADBPL is also engaged into development of various residential
projects, mainly in and around Lucknow (Uttar Pradesh) for last
eight years and is also engaged in sub-contracting work for Ansal
API.


SHRI MAHAVIR: ICRA Assigns B Rating to INR4.12cr Term Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR3.50
crore cash credit limit, INR4.12 crore term loan and INR0.38 crore
unallocated fund based limit of Shri Mahavir Cereals. ICRA has
also assigned its short term rating of [ICRA]A4 to the INR0.10
crore limit for forward contracts of SMC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     3.50        [ICRA]B; Assigned
   Term Loan             4.12        [ICRA]B; Assigned
   Unallocated Fund
   Based                 0.38        [ICRA]B; Assigned
   Limit for Forward
   Contracts             0.10        [ICRA]A4; Assigned

The ratings are constrained by SMC's moderate scale of operations
in the fragmented and competitive rice industry, as well as the
vulnerability of the firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. The
ratings also take into account SMC's high gearing as the firm's
project cost and working capital intensive operations have been
largely debt funded. The ratings also factor the risks inherent in
a partnership firm like limited ability to raise equity capital,
risk of dissolution etc. However, the ratings favourably factor in
the proximity of the mill to a major rice growing area which
results in easy availability of paddy and stable demand outlook
given that India is a major consumer and exporter of rice.

SMC is a partnership firm, formed in 2013 and is engaged in
milling, processing and selling of basmati rice. The firm has a
fully automated plant at Karnal (Haryana) which has a milling
capacity of 4 tonnes per hour and is equipped with boiler, dryer,
grading and sortex machines. The plant, which was set up at a
project cost of INR6.20 crore, was funded by capital infused by
the partners of INR2.08 crore and term loan from bank of INR4.12
crore, and commenced operations in July, 2014. At present, there
are three partners in the firm Mr. Dinesh Kumar, Mr. Lovish Kumar
and Ms. Manisha Gupta, with a profit sharing ratio of 3:3:4.

The firm has achieved sales of about INR6 crore from July, 2014 to
October, 2014.


SHRI RAM: CRISIL Reaffirms B Rating on INR120MM Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Ram Switchgears
Pvt Ltd (SRSPL) continue to reflect its weak financial risk
profile, marked by high gearing and weak debt protection metrics
driven by its large working capital requirements.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          216       CRISIL A4 (Reaffirmed)
   Cash Credit             120       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         24       CRISIL A4 (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility        8       CRISIL A4 (Reaffirmed)
   Term Loan                32       CRISIL B/Stable (Reaffirmed)

The ratings also factor in the exposure to intense competition in
the electrical components industry. These rating weaknesses are
partially offset by its promoters' extensive experience in the
electrical components industry and healthy revenue visibility on
the back of its strong order book position.

CRISIL had earlier combined the business and financial risk
profiles the business and financial risk profiles of SRSPL and
Mahalaxmi Investment and Trading Pvt Ltd (MITPL). This is because
both companies are promoted by the Jhalani family and have
business transactions with each other.

SRSPL's management has, however, assured CRISIL that both
companies are being managed independently and the business
transactions are done on an arm's length basis. Also, there has
been no funding support in the form of equity or loans from one
company to another and the management undertakes that there will
be no funding support in future. Both companies have separate
banks and there are no corporate guarantees given to each other.
Hence, CRISIL has accordingly changed the analytical approach and
now rates the entities based on a standalone basis.

Outlook: Stable

CRISIL believes that SRSPL's business risk profile will benefit
from its promoters' extensive industry experience and its healthy
outstanding order book. Its financial risk profile will, however,
remain constrained because of its stretched working capital cycle.
The outlook may be revised to 'Positive' if the company's
financial risk profile, particularly liquidity, improves on the
back of a better working capital cycle, higher-than-expected cash
accruals or significant equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if SRSPL's
liquidity deteriorates because of a sizeable increase in its
working capital requirements, or a large debt-funded capital
expenditure programme.

SRSPL, promoted by the Jhalani family of Ratlam (Madhya Pradesh)
in 1985, manufactures electrical items such as distribution
transformers, switchgear, meter boxes, feeder pillars,
distribution boxes, and junction boxes used in the distribution of
power and also undertake erection, installation, and operation and
maintenance of these items for its customers. Its manufacturing
units are located in Ratlam.


SOLAMALAI AUTO: CRISIL Reaffirms B+ Rating on INR108.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Solamalai Automobiles
Pvt Ltd (SAPL) continue to reflect SAPL's below-average financial
risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio, a modest net worth, and weak
debt protection metrics. This rating weakness is partially offset
by the extensive experience of the company's promoters in the
automobile dealership industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding
   Facility               77.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     14.0      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan             108.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant improvement in its scale of operations and operating
profitability, leading to a substantial increase in its cash
accruals and improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' if SAPL's revenue and profitability
margins decline, or if it undertakes a large debt-funded capital
expenditure programme, thereby weakening its financial risk
profile.

Update
SAPL's revenues for 2013-14 have grown at a moderate rate of 5
percent driven by steady offtake for Maruti Suzuki's vehicles in
Madurai region. The company's operating profitability continues to
remain stable at around 4 percent. CRISIL believes that the
company will maintain its moderate business risk profile over the
medium term supported by steady offtake of Maruti Suzuki cars in
Madurai region.

SAPL's financial risk profile continues to remain below-average
marked by hig gearing estimated at 2.83 times as on March 31,
2014. The company also had weak debt protection metrics as
reflected in interest coverage of 1.2 times for 2013-14 owing to
its high debt levels and low operating profitability. The company
also has stretched liquidity marked by full utilization of bank
lines and inadequate cash accruals for meeting repayment
obligations. However promoters are expected to provide timely
funding support to the company.

SAPL was incorporated in 2003, promoted by Mr. K Mani, Mr.
Karthikeyan and Mr. K Vikrant. It is a dealer for Maruti Suzuki
passenger cars in Tamil Nadu.


SREE PANDIAN: CRISIL Reaffirms B Rating on INR137MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long- term bank facilities of Sree Pandian
Spinning Mill Pvt Ltd (SPSMPL) continue to reflect SPSMPL's below-
average financial risk profile marked by weak capital structure
and debt protection metrics, and small scale of operations with
susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset the extensive experience of
SPSMPL's promoters in the spinning industry.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             137        CRISIL B/Stable
   Long Term Loan           13        CRISIL B/Stable

Outlook: Stable

CRISIL believes that SPSMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
improvement in scale of operations and profitability leading to
improvement in cash accruals and liquidity.Conversely, the outlook
may be revised to 'Negative' if SPSMPL's financial risk profile
deteriorates, most likely due to significantly low cash accruals,
or increase in working capital requirements or sizeable debt-
funded capital expenditure.

SPSMPL, incorporated in 2006 in Arupukkottai (Tamil Nadu),
manufactures cotton yarn. It is promoted by Mr. Ramesh.


SRI VENKATESHWARA: ICRA Assigns B Rating to INR6.25cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR12.25 crore
fund based limits of Sri Venkateshwara Polymers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash credit           6.25        [ICRA]B
   Term loan             6.00        [ICRA]B

The assigned rating is constrained by the limited track record of
operations with the plant operational from December 2013; highly
fragmented nature of the poly woven sacks industry resulting in
high competition and thin profitability margins; and vulnerability
of profits to fluctuations in polymer prices though it is
mitigated to a certain extent by passing it on to the customers.
The rating is also constrained by weak financial profile
characterized by high gearing and modest coverage indicators due
to significant debt funded capital expenditure coupled with high
working capital borrowings; and the risks associated with
partnership nature of the firm.

The assigned rating, however, factors in the proximity of the firm
plant to clients (cement mills) with many cement players located
in the region, and proposed cement hub facility in Koilkuntla near
Nandyal is expected to augur well for the prospects of the firm in
the future.

Going forward, the ability of the firm to increase its scale of
operations and profitability, and manage its working capital
requirements would be the key rating sensitivities.

Sri Venkateswara Polymers (SVP) is a partnership firm involved in
the manufacture of Poly Propylene (PP) sacks of various grades
used in different industries. The firm was started in December
2013 by Mr. Kasi Reddy, Mr. Masthan Redy and Mr. Raghurami Reddy.
The plant is situated in Nandyal in Kurnool district in Andhra
Pradesh and has an installed capacity of 3600 metric tonnes per
annum. The product, woven sack, is targeted at packaged
commodities like cement, fertilizers, mineral, chemicals, food
grains, Fast Moving Consumer Goods (FMCG) etc.

Recent Results
For FY2014 (three months of operations), the firm registered an
operating income of INR1.95 crore. For H1FY2015 (provisional), it
has reported an operating income of INR12.25 crore.


SRI VIJAYA: CRISIL Suspends B Rating on INR110MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Vijaya Venkateswara Cotton Mills Pvt Ltd (SVVC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2.5       CRISIL A4
   Cash Credit            110         CRISIL B/Stable
   Long Term Loan          34.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      10         CRISIL B/Stable

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

SVVC was set up in 2006 as a partnership firm by Mr. Malleswara
Rao in Guntur (Andhra Pradesh). SVVC is in the business of ginning
raw cotton into lint and bales. The company currently operates 48
gins and has an installed capacity of 12000 tonnes per annum.


SUBHAM AGRO: ICRA Assigns B Rating to INR10cr Cash Credit
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.0
crore cash credit facilities of Subham Agro India.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.0         [ICRA]B; assigned

The assigned ratings factor in modest scale of operations of the
entity in its trading business, resulting in modest economies of
scale, which coupled with the highly competitive nature of the
industry, has resulted in low profitability indicators. Given the
nature of the business in which the company is operating, ICRA
does not expect any significant improvement in profitability
indicators in the medium term. Further, the rating also takes into
account the susceptibility to agro climatic risks and government
regulations.

However, the assigned ratings favourably factor in long experience
of the promoter in trading business, and the favorable growth
prospects given the demand supply dynamics in the agro commodity
industry. The ratings also draw support from low commodity price
risk given the low inventory levels maintained by the company,
most of which is procured on an order backed.

Subham Agro India, a proprietorship entity was established in
2011-12. The entity is primarily engaged in trading of agro
commodities like Rice, soyabean, pulses, wheat and Maize. The
entity operates out of its office situated at Narela, Delhi with
its proprietor Mr. Sushil Sharma handling the day to day
operations of the entity.

Recent Results
In FY2013-14, SAI reported an Operating Income (OI) of INR14.0
Crore and net profit of INR0.03 Crore as compared to OI of INR12.1
crore and net profit of INR0.03 crore in the previous year.


SUJATHA FEEDS: CRISIL Reaffirms B- Rating on INR174MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Sujatha Feeds Pvt Ltd (SFPL; a part of the
Gouthami group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           105       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        174       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     14       CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the Gouthami group's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and its vulnerability to intense competition
and to risks inherent in the poultry industry. These rating
weaknesses are partially offset by the benefits that the Gouthami
group derives from its promoters' extensive experience in the
poultry industry and its established relationships with its major
customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SFPL and Gouthami Hatcheries Pvt Ltd
(GHPL). This is because both these companies, together referred to
as the Gouthami group, are under the same management team.
Moreover, both GHPL and SFPL have considerable operational and
business linkages with each other.

Outlook: Stable

CRISIL believes that the Gouthami group will continue to benefit
over the medium term from its promoters' extensive experience in
the poultry farming and hatchery business and its established
relationship with its key customers. The outlook may be revised to
'Positive' if the group reports higher-than-expected revenues and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the revenues and profitability are less-than-expected, or in case
its working capital management deteriorates, thereby negatively
impacting its liquidity.

GHPL, set up in 1999, is in the poultry business; it produces
hatching eggs and broiler birds. SFPL, set up in 2009,
manufactures poultry feed. It is currently setting up a dairy
unit. The Gouthami group, which comprises GHPL and SFPL, is
promoted by Mr. D Srinath Reddy and his wife, Mrs. D Lokeshwari.

The Gouthami group, on a provisional basis, reported profit after
tax (PAT) of INR8.2 million on net sales of INR436 million for
2013-14 as against PAT of INR13.6 million on net sales of INR418
million for 2012-13.


SUPREME COATED: CRISIL Reaffirms D Rating on INR85MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Supreme
Coated Board Mills Pvt Ltd (SCBM) continue to reflect instances of
delay by SCBM in servicing its term debt; the delays have been
caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan           85         CRISIL D (Reaffirmed)

SCBM has a modest scale of operations, and below-average financial
risk profile marked by high gearing. However, the company benefits
from its promoters' industry experience and its established
relationships with its customers.

Sivakasi-based SCBM was set up in 2003 by Ms. M Tangeswari and her
family. It commenced commercial operations in 2005. It
manufactures white coated boards, which are used in the
matchstick, firework, notebook, and packaging industries, among
others.


SURI AUTO: CRISIL Suspends D Rating on INR60MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suri
Auto Products (SAP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL D
   Long Term Loan           45         CRISIL D

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

SAP, established in 1974, primarily processes sheet metal and
manufactures car jacks for automobile manufacturers. The day-to-
day operations of SAP are managed by the proprietor, Mr. Anil
Suri.


SURINDER SAT: CRISIL Suspends B Rating on INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Surinder Sat Agro Foods (SAF).

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

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

SAF was set up in 2001 as a partnership firm; it manufactures and
trades in rice products. The firm was acquired in 2009 by the
present management comprising Mr. Mohan Lal, Mr. Sher Singh, and
Mr. Sanjeev Kumar. Its manufacturing unit is in Jalalabad
(Punjab).


SURINDRA BUILDERS: CRISIL Suspends B Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Surindra Builders (SB).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           10         CRISIL A4
   Cash Credit              60         CRISIL B/Stable

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

SB is a proprietorship firm, established by Mr. Surinder Singh in
1980. The firm, based in Chandigarh (Punjab), undertakes complete
execution of projects related to civil construction.


SURYABALA AUTOS: CRISIL Suspends B+ Rating on INR110MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suryabala Autos Pvt Ltd (SAPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            110        CRISIL B+/Stable Suspended

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

Established in 2006 by the Moorthy family, SAPL is an authorised
dealer and service centre in Coimbatore (Tamil Nadu) for
automobiles manufactured by Hyundai. The company has four
showrooms and three service stations in and around Coimbatore, and
deals in all four-wheelers -- small, mid-sized, and the premium --
of Hyundai.


SWAMI DEVI: CRISIL Suspends D Rating on INR160MM Bank Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swami Devi Dayal Hi Tech Education Academy (SDDE).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit               60        CRISIL D
   Proposed Long Term
   Bank Loan Facility       160        CRISIL D
   Term Loan                110        CRISIL D

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

SDDE is a non-profitable society based in Punchkulla (Haryana) and
commenced operations in 2001. SDDE imparts professional education
in various fields, such as engineering, medicine, pharmacy, and
hotel management.


SWASTIK MARKETING: ICRA Suspends B+ Rating on INR2.5cr Cash Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.50 crore cash credit facility of Swastik Marketing. ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
the INR2.50 crore short-term non-fund based facility of SM. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 1988, Swastik Marketing (SM) is a proprietorship
firm engaged in trading and distribution business. Currently, SM
is a distributor of Blackberry mobile phones, Karbonn mobile
phones, Byond mobile phones and OBI mobile phones in Gujarat. The
firm is also engaged in trading of grey cloth. SM is promoted by
Mr. Sandeep Jain.


SWASTIK SPINNERS: CRISIL Suspends B+ Rating on INR51.4MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Swastik
Spinners India Pvt Ltd (SSIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             7.5         CRISIL B+/Stable
   Long Term Loan         51.4         CRISIL B+/Stable

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

SSIPL, incorporated in 2012, is setting up a unit for
manufacturing polyester blended cotton yarn. The company is
promoted by Mr. S V Ramaswamy and his family.


T. MADHAV: CRISIL Suspends D Rating on INR50MM LT Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
T. Madhav Rao High Power Crushers Pvt Ltd (TMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           15         CRISIL D
   Cash Credit              35         CRISIL D
   Long Term Loan           50         CRISIL D

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

Incorporated in 1999, TMPL is in the business of stone crushing
and manufactures blue metal, sand and other related construction
aggregates. The company is promoted by Mr. T Madhav Rao.


TARA EXPORTS: ICRA Reaffirms B+ Rating on INR1.06cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR1.06 crore term loan facilities of Tara Exports. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 outstanding
on the INR23.00 crore fund based facilities, the INR3.00 crore
fund based facilities (sub limit) and the INR0.94 crore proposed
facilities of the Firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term Loans          1.06       [ICRA]B+/re-affirmed

   ST-Fund based
   facilities            23.00       [ICRA]A4/re-affirmed

   ST-Fund based         (3.00)      [ICRA]A4/re-affirmed
   facilities
   (sub limit)

   ST-Proposed            0.94       [ICRA]A4/re-affirmed
   facilities

The reaffirmation of ratings takes into account the long standing
experience of the promoters in the cashew processing industry and
the advantages arising from being part of the broader K
Parameswaran Pillai (KPP) group in sourcing new customers and
sourcing raw materials. ICRA also takes note of the diversified
customer base and repeat orders from several customers, which lend
stability to volumes to an extent. The ratings, however, remains
constrained by the Firm's weak financial profile characterised by
low profitability(due to high trading volumes in FY14), highly
geared capital structure and weak coverage indicators; although
there has been increase in scale of operations during 2013-14 and
some moderation in capital structure. The ratings also considers
the Firm's small scale of operations, which coupled with high
competition and low value added nature of products results in
limited pricing flexibility, exposing the Firm to volatility in
raw material prices and forex movements. The ratings also take
note of the regulatory/geo-political risks and agro climatic risks
faced by the industry, given the high dependence on select African
countries for bulk of the imports.

Tara Exports is a partnership firm established in the year 2010
and is engaged in processing raw cashew nuts and trading of cashew
kernels. The promoter and Managing Partner of the firm is Mr.
Narayan Bharathan who has nearly 18 years of experience in cashew
industry. Tara Exports is the successor company to "Asiatic Export
Enterprises" -- a partnership firm which was wound up in 2010
following the death of its founder & Chief Executive Mr. P.
Bharathan Pillai (father of Mr. Narayan Bharathan). The Asiatic
Group has been in cashew business for almost half a century and
was part of broader K. Paramseswaran Pillai (KPP) Group. Tara
Exports gets the processing done from its group entity --
Malayalam Exports, which has ~nine factories in Kerala and Tamil
Nadu with a total capacity of ~6000 tons per annum. KPP group was
among the pioneers of cashew industry in India and was founded in
1925 by Mr. K. Parameswaran Pillai. Overtime several cashew
companies run by second and third generation family members of Mr.
Parameswaran Pillai emerged under the broad KPP group. While the
firms are promoted and managed independently, for marketing and
sourcing the KPP brand name is used by associated firms. Apart
from the firm, the partners also have interest in two other firms
also engaged in similar line of business as TE and having
operational linkages with the firm; one of them is Tara Foods (TF-
rated [ICRA]B+/[ICRA]A4).

Recent results
The Firm reported profit before tax (PBT) of INR0.7 crore on
operating income of INR53.7 crore during 2013-14 on a provisional
basis, as against PAT of INR0.5 crore on operating income of
INR20.2 crore during the corresponding previous fiscal year.


TARA FOODS: ICRA Withdraws B+ Rating on INR2cr Fund Based Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ outstanding on
the INR2.00 crore fund based facilities (sub limit) of Tara Foods.
ICRA has also withdrawn the short-term rating of [ICRA]A4
outstanding on the INR12.00 crore fund based facilities, the
INR15.00 crore fund based facilities (sub limit) and the INR2.00
crore non-fund based facilities (sub limit) of the Firm since the
said facilities have been closed and there are no amount
outstanding against the above rated instruments.  ICRA has also
assigned a long-term rating of [ICRA]B+ and a short-term rating of
[ICRA]A4 to the INR12.00 crore proposed facilities of Tara Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT-fund based        (2.00)        [ICRA]B+ withdrawn
   Facilities-
   sub limit

   ST-fund based        12.00         [ICRA]A4 withdrawn
   facilities

   ST-fund based       (15.00)        [ICRA]A4 withdrawn
   Facilities-sub
   limit

   ST-non fund based    (2.00)        [ICRA]A4 withdrawn
   Facilities-sub
   limit

   LT/ST-Proposed       12.00         [ICRA]B+/[ICRA]A4 assigned
   facilities

The reaffirmation of ratings takes into account the long standing
experience of the promoters in the cashew processing industry
spanning several decades and the advantages arising from being
part of the broader K Parameswaran Pillai (KPP) group in sourcing
new customers and sourcing raw materials. ICRA also takes note of
the diversified customer base and repeat orders from several
customers, which lend stability to volumes to an extent. ICRA
takes note of the steep decline in sales durig 2013-14, mainly on
account of liquidity constraints arising from closure of working
capital facilities, which restricted the operations. The
operations in current fiscal are constrained on account of same
issue and early tying up of facilities from new lender will be
crucial for scaling up the operations and ICRA will be monitoring
the developments on this front.

The ratings also considers the Firm's small scale of operations,
which coupled with high competition and low value added nature of
products results in limited pricing flexibility, exposing the
company to volatility in raw material prices and forex movements.
The ratings also takes note of the regulatory geo-political risks
and agro climatic risks faced by the industry, given the high
dependence on select African countries for bulk of the imports.

Commenced in 2010, Tara Foods is engaged in sale of cashew kernels
and raw cashew nuts (RCNs). In the former segment, the firm either
imports RCNs from African countries and processes through job work
in dedicated factories owned by a group entity, or trades cashew
kernels procured from local players. The cashew kernels are
exported to countries like United States of America, United
Kingdom and Belgium to name a few, or sold locally. The RCNs are
traded solely in domestic markets, when profitable.

The Firm is part of broader K. Parameswaran Pillai group (KPP
Group. KPP group was among the pioneers of cashew industry in
India and was founded in 1925 by Mr. K. Parameswaran Pillai.
Overtime several cashew companies run by second and third
generation family members of Mr. Parameswaran Pillai emerged under
the broad KPP group. While the firms are promoted and managed
independently, for marketing and sourcing the KPP brand name is
used by associated firms. Apart from the firm, the partners also
have interest in two other firms also engaged in similar line of
business as TF and having operational linkages with the firm; one
of them is Tara Exports (TE-rated [ICRA]B+/[ICRA]A4).


TERAI OVERSEAS: CRISIL Assigns B+ Rating to INR280MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Terai Overseas Pvt Ltd (TOPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             280         CRISIL B+/Stable

The rating reflects TOPL's weak financial risk profile, marked by
an average capital structure and weak debt protection metrics,
driven by low profitability and working-capital-intensive
operations. The rating also factors in the company's exposure to
risks inherent in the agricultural commodities trading business.
These rating weaknesses are partially offset by the extensive
industry experience of TOPL's promoters, their funding support,
and the company's established relationships with suppliers and
customers.

For arriving at its rating, CRISIL has treated TOPL's interest-
free unsecured loans of INR116.2 million as on March 31, 2014, as
neither debt nor equity, as these loans will be retained in the
business during the tenure of the bank loan.

Outlook: Stable

CRISIL believes that TOPL will continue to benefit over the medium
term, from the extensive industry experience of its promoters and
their funding support. The outlook may be revised to 'Positive' in
case of improvement in the company's profitability and working
capital management, leading to better debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening of TOPL's financial risk profile, particularly
its liquidity, most likely due to lower cash accruals and a
significant stretch in its working capital cycle.

TOPL was incorporated in 1993 and promoted by Mr. Ajit Agarwala as
a closely held public limited company. It was reconstituted as a
private limited company in July 2014. TOPL trades in various
agricultural products such as jute, sugar, and yellow peas, and
also in fabrics. The company is a part of the Terai group, which
has a primary interest in tea plantations. TOPL has its registered
office at Kolkata.


TSC FASHIONS: CRISIL Suspends B Rating on INR40MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
TSC Fashions Pvt Ltd (TSC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable
   Cheque Discounting        4        CRISIL A4
   Letter of Credit         14        CRISIL A4

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

Incorporated in 1992 and based in Tirupur (Tamil Nadu), TSC trades
in cotton yarn, grey fabric, and dyed fabric. The company is
promoted by Mr. A Senthil Kumar and Mr. M Supiramaniam.


VEERABHADRA EXPORTS: ICRA Assigns B+ Rating to INR28.53cr Loan
--------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to INR50.00 crore fund
based facilities (including unallocated limit of INR28.53 crore)
of Veerabhadra Exports Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      2.50        [ICRA]B+ assigned
   Cash Credit

   Fund Based Limits-     18.97        [ICRA]B+ assigned
   Term Loan

   Unallocated Limit      28.53        [ICRA]B+ assigned

The assigned rating is constrained by funding risk arising from
additional equity to be brought in by promoters towards funding of
time and cost overruns in project implementation; and servicing of
debt repayments starting from December 2014 with the project
likely to be commissioned from February 2015. The rating is also
constrained on account of the inherent risks in sea food industry
like susceptibility to diseases, climate change risks and adverse
change in Government policies and the high competition in the sea
food industry which limits pricing flexibility. VEPL is a 100%
export oriented unit which exposes it to volatility in the foreign
exchange rate partly mitigated with the company planning to enter
into forward contract to hedge its receivables. The rating,
however, derives comfort from the experience of the promoters in
the sea food industry, locational advantage as the surrounding
area of the project has adequate shrimp availability and its
established relationship with suppliers through group concern
which are involved in distribution of aqua feeds would ensure
availability of shrimps and fishes.

The ability of the company to achieve operational parameters post
commissioning and timely servicing of debt obligation would remain
key rating sensitivities going forward.

VEPL was incorporated in 2011 by Mr. Veerabhadra Reddy and his
family members. The company was initially involved in the trading
of maize and aqua feeds. Out of the total revenue earned in the
last two years, majority has been from the trading of maize.
However, in the current year the company has discontinued its
trading business and is setting up the shrimp processing unit with
a 40 tons per day capacity. The promoters are involved in the sea
food business since more than 10 years through other group
concerns which operates as the distributors of major aqua feeds
manufacturers in Andhra Pradesh and Tamil Nadu.


VENKATA KRISHNA: CRISIL Cuts Rating on INR50MM Cash Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Venkata Krishna Constructions Pvt Ltd (VKC) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'; the rating on the short-term bank
facilities has been reaffirmed at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           75        CRISIL A4 (Reaffirmed)

   Cash Credit              50        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term       10        CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating downgrade reflects weakening in VKC's liquidity, with
stretch in working capital cycle resulting in almost fully
utilized and occasionally overdrawn bank limits. The downgrade
also factors in decline in the company's scale of operations on
account of slow-moving projects in its order book. CRISIL believes
that VKC will need fresh capital from its promoters, or sustained
improvement in working capital cycle to alleviate pressure on its
liquidity.

VKC's working capital cycle is stretched, with work-in-progress
inventory levels expected to increase to around 180 days as on
March 31, 2015 from 114 days as on March 31, 2013. The bank limits
have been fully utilized over the 12 months through September
2014. There have also been instances when the limits have been
overdrawn, only to be regularized within a week.

VKC's revenue declined year-on-year by 33 per cent in 2013-14
(refers to financial year, April 1 to March 31), and is expected
to remain muted in 2014-15 on account of slow-moving projects in
its order book. Though the company has an order book of INR268
million as on October 31, 2014 (2.0 times its 2014-15 expected
revenue), the pace of execution of these orders remains a key
rating sensitivity factor.

The ratings continue to reflect VKC's large working capital
requirements, its small scale of operations in the intensely
competitive construction industry, the high degree of geographic
and customer concentration in its order book, and small net worth
limiting its financial flexibility. These rating weaknesses are
partially offset by the extensive industry experience of VKC's
promoters in the construction industry.
Outlook: Stable

CRISIL believes that VKC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained ramp-up in the company's scale of operations (while it
maintains a stable profitability margin), or sustained improvement
in its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margin, or further weakening in its liquidity on
account of large working capital requirements.

VKC was set up in 2004 by Mr. G Subhas Chandra Bose and family.
The company undertakes infrastructure projects, primarily in the
irrigation sector. The company is based in Hyderabad, but
undertakes projects mainly in Maharashtra.


VIR ELECTRO: CRISIL Suspends D Rating on INR87.5MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vir Electro Engineering Pvt Ltd (VEEPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               87.5        CRISIL D

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

VEEPL is engaged in surface treatment, hot zinc galvanisation, and
fabrication. The company was taken over by the present promoters
in 1996. Mr. Shivaji Dalvi, key promoter and director of the
company, looks after its day-to-day operations.



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


MATAHARI PUTRA: Moody's Affirms B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed PT Matahari Putra Prima
Tbk's B2 corporate family rating.

At the same time, Moody's has changed the outlook on the rating to
positive from stable.

Ratings Rationale

"The change in outlook to positive reflects Matahari's continued
solid operating performance and cash flow generation over the last
year which has reduced its absolute reported debt levels. It has
maintained its adjusted debt-to-EBITDA below 4.0x-4.5x over the
last several quarters, and Moody's expect that it will keep its
leverage at or below this level through 2015," says Annalisa Di
Chiara, a Moody's Vice President and Senior Analyst.

The company's adjusted debt/EBITDA was 3.7x for the 12 months
ended 30 September 2014 and this largely reflected operating lease
adjustments rather than bonds or bank debt facilities.

Moreover, although the company continues to pay dividends, it has
moderated the pace and absolute size of such payments in 2014.

"Going forward, Moody's understand the company plans to keep its
dividend payments at or below 30% of net income. Furthermore,
Moody's expect Matahari will fund dividends largely from its cash
flow rather than through debt, as was the case historically," adds
Di Chiara.

Depending on its pace of growth and capex outlays, the company's
dividend payout may still result in some negative free cash flow
generation and require some additional borrowings. But leverage,
as measured by adjusted debt/EBITDA, should remain below 4.5x
through 2015.

Matahari's B2 rating continues to reflect its position as one of
the largest fast-moving consumer goods retailers in Indonesia, its
leading market position in the hypermarket segment, and its proven
expansion capabilities. However, competition continues to increase
from locally owned Carrefour, Giant Hypermarket and Hero
Supermarket, both underPT Hero Supermarket Tbk (unrated), which
could exert additional pressure on margins.

That being said, the company has successfully offset margin
pressure from the more intense competitive environment and rising
labor costs through operational efficiencies. Moody's expects its
adjusted operating margins to remain above 5% over the next 12-24
months.

The rating outlook is positive. Over the medium term, the ratings
may be upgraded if management sustains a moderate shareholder
return and financial strategy such that (1) gross adjusted
leverage remains below 4.5x; and (2) retained cash flow/gross
adjusted debt trends into the 15%-20% range. A proven ability to
maintain its competitive position, with operating margins
sustained above 5% would also support upwards ratings action.

A near-term downgrade is unlikely given the positive outlook,
however, the outlook could return to stable if the company (1) is
unable to defend its market share in the hypermarket business; (2)
experiences a decline in profit margins, arising from intense
competition in the hypermarket business; or (3) expands its
business through aggressive debt-funded acquisitions.

Furthermore, downward rating pressure would arise if (1) its
parent, PT Mulitpolar Tbk (unrated), extracts significant levels
of cash from Matahari, weakening its liquidity position or causing
it to incur additional debt; or (2) the company adopts more
aggressive shareholder return policies. Metrics indicative of
downward rating pressure include leverage rising above 4.5x.

The principal methodology used in rating Matahari was the Global
Retail Industry Methodology published in June 2011.

PT Matahari Putra Prima Tbk is a leading retailer in Indonesia
with multiple retail formats. It operates 105 hypermarkets, 58
foodmarts and 99 Boston stores in over 60 cities.



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


PROMETHEUS FINANCE: Placed in Receivership
------------------------------------------
NZN reports that Prometheus Finance, a finance company with a
mandate for socially responsible lending, has called in receivers.

NZN relates that the Wellington-based company wanted to raise
NZ$3.7 million in new capital to cover forecast losses and give it
enough funding to scale up the business with increased lending
while maintaining its capital adequacy requirement.  But it failed
to raise the funds needed, and appointed PwC's John Fisk
--  john.fisk@nz.pwc.com -- and Jeremy Morley --
jeremy.morley@nz.pwc.com -- as receivers on December 17, according
NZN.

NZN says Mr Fisk and Mr Morley anticipate the 1,300 debenture and
deposit holders owed some NZ$21 million will get most of their
money back, with Prometheus holding NZ$16.5 million in cash and
NZ$6 million in loans.

According to the report, Prometheus saw itself in a strong
position to capture opportunities from New Zealand's social
investment market, and its board decided to boost lending with
wider margins in an effort to turn a profit within three to four
years, requiring new capital.

That would have enabled Prometheus to write bigger loans while
staying within its capital adequacy, though ultimately it fell
short, meaning the firm would have been at risk of breaching its
trust deed in the near future, NZN relays.

"Our market is not used to these sorts of guys. It's more popular
over in Europe. Banks think of them as charities and charities
think of them as banks," NZN quotes Mr. Fisk as saying.

As at March 31, the lender's biggest sector concentrations were in
social and environmental housing with NZ$1.54 million in loans,
and schools and adult education at NZ$1.06 million. About 0.3 per
cent of repayments were in arrears by more than three months, the
report discloses.

NZN notes that Greenpeace New Zealand was one of Prometheus's
investors, reporting a NZ$957,868 investment with the lender as at
December 31, up from NZ$920,649 a year earlier.

Greenpeace accounted for the investment in its cash at hand
balance, recognising that "Prometheus is not technically a bank
and may therefore expose GPNZ to a higher level of risk than if
the funds were held in a registered bank," the report adds.



                             *********

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 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***