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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, January 9, 2015, Vol. 18, No. 006


                            Headlines


A U S T R A L I A

A.R.W. INDUSTRIES: Placed Into Liquidation
BUCCANEER ENERGY: Plan Confirmation Hearing Moved to Jan. 13
MAN TO MAN: Administrators to Close 20 Underperforming Stores
MISSION NEWENERGY: Delays Sale of 250K tpa Biodiesel in Malaysia
SEA TO SUMMIT: First Creditors' Meeting Set For Jan. 19


C H I N A

CHINA SHANSHUI: Fitch Revises Outlook to Neg. Affirms 'BB' IDR
COUNTRY GARDEN: Moody's Revises Ba2 CFR Outlook to Positive


I N D I A

A.S. JUTE: CRISIL Suspends B- Rating on INR190.4MM Term Loan
AVR ZINC: CRISIL Suspends 'D' Rating on INR65MM Cash Credit
BHAGYODAY AGRO: CARE Revises Rating on INR7.55cr LT Loan to B+
BHUJBAL BROTHERS: CRISIL Reaffirms D Rating on INR100MM Term Loan
BINJUSARIA METAL: CRISIL Suspends B+ Rating on INR207MM LOC

CHACHA LIFESTYLE: CARE Assigns B+ Rating to INR12cr LT Bank Loan
DHAWAN BOX: CRISIL Suspends C Rating on INR90MM Cash Credit
GALAXY EDUCATIONAL: CRISIL Suspends D Rating on INR120MM LT Loan
GOYAL ISPAT: CRISIL Reaffirms B Rating on INR125MM Cash Credit
JR SEAMLESS: CRISIL Suspends B- Rating on INR215MM Long Term Loan

K J INFRASTRUCTURE: CARE Rates INR60cr LT Bank Loan at 'C+'
KAISER CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR10MM Loan
KALYANESWARI POLYFABS: CRISIL Reaffirms B Rating on INR60MM Loan
KAMAL AUTO: CRISIL Reaffirms B Rating on INR130MM Cash Credit
KEWIN CHEMICALS: CRISIL Puts B+ Rating on INR3.6MM Overdraft Loan

KIRLOSKAR ELECTRIC: CARE Cuts Rating on INR250cr Loan to 'D'
KRISHNA DEVELOPERS: CARE Reaffirms B+ Rating on INR7.83cr Loan
M.S. RAMAIAH: CRISIL Reaffirms D Rating on INR199.2MM Bank Loan
MAK PLYWOOD: CRISIL Reaffirms B Rating on INR120MM Cash Credit
MAKS TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR70MM Loan

MANGUDIYAR MODERN: CRISIL Assigns B Rating to INR60MM Cash Credit
MANSAROVAR TEA: CRISIL Suspends B Rating on INR33.8MM Term Loan
MARATH ENTERPRISES: CRISIL Rates INR160MM Bank Loan at 'B'
MILLENNIUM VITRIFIED: CARE Reaffirms D Rating on INR17.29cr Loan
NORTECH POWER: CRISIL Suspends D Rating on INR750MM Bank Loan

PALLIPALAYAM SPINNERS: CRISIL Suspends D Rating on INR170MM Loan
POORNIMA DAIRY: CRISIL Suspends B Rating on INR35MM Cash Credit
PRESSELS PVT: CRISIL Suspends B Rating on INR50MM Cash Credit
PRO-ARC WELDING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
PUDUVAI LIFE: CRISIL Suspends 'B' Rating on INR23.6MM Bank Loan

R. P. TEK: CRISIL Assigns B Rating to INR60.5MM Bank Loan
R.R. DISTRIBUTORS: CRISIL Suspends B Rating on INR40MM Cash Loan
RADHADAMODAR MULTI: CRISIL Suspends B Rating on INR40.2MM Loan
RKR HOUSING: CRISIL Suspends B Rating on INR200MM New Term Loan
SABARI FOUNDATIONS: CRISIL Suspends B Rating on INR110MM LT Loan

SAV STEELS: CRISIL Suspends D Rating on INR450MM Cash Credit
SAV WIRES: CRISIL Suspends D Rating on INR400MM Cash Credit
SHREE MANGAL: CARE Assigns B+ Rating to INR10cr LT Bank Loan
SHREE NAGANI: CRISIL Suspends B+ Rating on INR150MM Term Loan
SHREEGOPAL CONCRETE: CRISIL Ups Rating on INR290MM Loan to 'B+'

SIDDHARTH POOJA: CARE Assigns B Rating to INR30cr LT Bank Loan
SIGNATURE BUILDCON: CRISIL Suspends B+ Rating on INR150MM Loan
SPICA PROJECTS: CRISIL Suspends B- Rating on INR48.7MM Cash Loan
SREE SANNIDHI: CRISIL Assigns B+ Rating to INR139.5MM Term Loan
SREE TIRUMALA: CRISIL Suspends B Rating on INR45MM Cash Credit

SRSR HOLDINGS: RBI Initiates Action vs. Raju's Front Companies
SUPRADA CONSTRUCTION: CRISIL Suspends C Rating on INR57.5MM Loan
TEXPLAST INDUSTRIES: CRISIL Suspends B- Rating on INR60MM Loan


J A P A N

CAFES 1 TRUST: Moody's Reviews 2 Certs.' B1 Rating for Downgrade


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Missed $563MM Loan Payment Due End-Dec
1MALAYSIA DEVELOPMENT: CIMB Keeps Add For Maybank Amid Exposure


N E W  Z E A L A N D

PHIL ROUSE: Placed Into Liquidation; 80 Workers Lose Jobs


S O U T H  K O R E A

DONGBU GROUP: Court Approves Receivership for Construction Unit
DONGBU GROUP: Steel Unit's Shareholders OK Capital Reduction


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


A.R.W. INDUSTRIES: Placed Into Liquidation
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that A.R.W. Industries
Pty Ltd, which trades as Glasstech Bundaberg, has been placed into
liquidation. Christopher Richard Cook of Worrells Solvency and
Forensic Accountants were appointed as liquidators of the company
on Nov. 4, 2014, the report says.

According to the report, the liquidators have obtained proof that
the business amassed debt that totalled nearly AUD420,000. Major
creditors include the Department of Employment, WorkCover,
Aluminium Industries and Architectural Window Systems, the report
discloses.


BUCCANEER ENERGY: Plan Confirmation Hearing Moved to Jan. 13
------------------------------------------------------------
The hearing to consider confirmation of Buccaneer Energy Limited's
first amended joint plan of reorganization is continued to Jan.
13, 2015, at 3:00 p.m., after the bankruptcy judge in Texas
informed the Debtor of various issues regarding the confirmation
order.

BankruptcyData reported that Buccaneer Energy filed a second
additional Supplement to the Plan Supplement for its First Amended
Plan. According to BData, the notice stated: "Exhibit A to the
Plan Supplement, titled 'Retained Causes of Action' and filed on
November 21, 2014 with the Bankruptcy Court's at docket number 535
and supplemented on December 5, 2014 by docket number 554, is
hereby supplemented further to include the following additional
paragraph: '32. All Claims, counterclaims, defenses, and Causes of
Action against CURTIS BURTON, SAM PEARSON, RICHARD LOOMIS, WILLIAM
HELFAND, RYAN CANTRELL, AND CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS
& AUGHTRY (and any and all other current or former employees of
the Debtors and/or other third parties acting under the
supervision or direction of the forgoing persons) under 18 U.S.C.
Section 2511 and Tex. Civ. Prac. Rem. Code Sections 123.001,
123.002 and 123.004 or other applicable state or federal law
governing the unlawful interception, use, or disclosure of wire,
oral or electronic communications.' Except as otherwise provided
and supplemented above, the Plan Supplement and Exhibit A thereto
remains unmodified."

                      About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Buccaneer Resources' primary business is the exploration for and
production of oil and natural gas in North America and their
operations are focused on both onshore and offshore activities in
the Cook Inlet of Alaska as well as the development of offshore
projects in the Gulf of Mexico and onshore oil opportunities in
Texas and Louisiana.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC". Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

CEO Curtis Burton was terminated in May 2014. Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones. The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases. The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel. Norton Rose Fulbright
Australia will render legal services related to cross-border
insolvency and general corporate and litigation matters to
Buccaneer Energy Ltd. Epiq Systems is the claims and notice
agent.

U.S. Bankruptcy Judge David R. Jones has conditionally approved
Buccaneer's First Amended Disclosure Statement and Plan of
Reorganization dated Nov. 5, 2014. The Debtors' assets are being
marketed for sale with the assistance of a sales agent based on
prior authorization from the Court. The Debtors anticipate that
the majority of their oil and gas properties and interests will be
sold at an auction to be held prior to the hearing on the Plan.
The Plan will not become effective until after the closing of this
sale.

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors. The Committee retained Greenberg Traurig, LLP as legal
counsel to the Committee, and Alvarez & Marsal North America, LLC
as financial advisors.


MAN TO MAN: Administrators to Close 20 Underperforming Stores
-------------------------------------------------------------
Ferrier Hodgson, as Voluntary Administrators of Toman Investments
Pty Ltd and Man to Man (Imports) Pty Ltd, announced on Jan. 8 the
closure of 20 underperforming stores to enhance profitability and
prepare the chain for a successful sale.

The restructure includes stores in the ACT, New South Wales,
Queensland, South Australia, Victoria and Western Australia. Staff
affected by the closures will be given redeployment opportunities
in similar roles and locations wherever possible. "The Voluntary
Administrators, Mr James Stewart and Mr Brendan Richards, thank
the staff of these 20 Man to Man stores for their service and
their support during the voluntary administration period," Ferrier
Hodgson said in a statement.

Mr. Richards commented that while the store closures were
regrettable, they were necessary for the survival of the remaining
stores.

"Our task as Voluntary Administrators is to make the business as
profitable and attractive as possible so that new owners can see
the value of investing in the future growth and stability of Man
to Man", said Mr. Richards.

"With this restructure, we are confident that our ongoing
discussions with interested parties will result in a positive and
speedy outcome for the business and its dedicated staff."

According to SmartCompany, the administrators said 10 outlets in
Victoria will close, resulting in the loss of 46 jobs.  The stores
to close are located in Dandenong, Wantirna South, Greensborough,
Docklands, Mill Park and Narre Warren in Melbourne, and Ballarat,
Geelong, Gippsland and Mildura in regional Victoria.

Three stores in New South Wales will close, with 15 employees to
lose their jobs. The stores are located in Hurstville, Fairfield
and Wagga Wagga.

The Man to Man store in the Canberra suburb of Phillip will also
close, affecting one employee, as will the store in Cairns, which
employs six people.

Two South Australian stores in the Adelaide suburbs of West Beach
and Noarlunga Centre will close, affecting 14 employees. Three
Western Australian stores in Perth, Ellenbrook and Willetton will
close, affecting 12 employees.

Expressions of interest in the purchase of Toman Investments Pty
Ltd and Man to Man (Imports) Pty Ltd close today, Jan. 9, 2015.

Man to Man is a Melbourne-based menswear chain.  It employs
approximately 400 people. It has 82 stores throughout Australia
which include Griffith, Wagga Wagga, Coffs Harbour, Lismore,
Erina, Grafton, Tweed Heads, Tamworth and Port Macquarie.

James Stewart and Brendan Richards of Ferrier Hodgson, on
Dec. 17, 2014, were appointed Voluntary Administrators of Man to
Man (Imports) Pty Ltd, Toman Investments Pty Ltd, and Stone Shoes
Pty Ltd.


MISSION NEWENERGY: Delays Sale of 250K tpa Biodiesel in Malaysia
----------------------------------------------------------------
Mission NewEnergy Limited announced that the sale of its 250,000
tpa biodiesel refinery located in Kuantan Port, East Malaysia, to
the new joint venture company and the reinvestment of part of the
proceeds to gain a 20% stake in the joint venture as announced in
September 2014 has been delayed. The closing of the Transaction is
now expected to be completed in the first quarter of 2015, the
Company disclosed in a regulatory filing with the U.S. Securities
and Exchange Commission.

Mission also wishes to revise a reporting deficiency and advise
that the holder of record of its outstanding series four
convertible notes is Noble Haus Asia Ltd, a British Virgin Island
Company.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


SEA TO SUMMIT: First Creditors' Meeting Set For Jan. 19
-------------------------------------------------------
Richard Albarran, Blair Pleash and Cameron Shaw of Hall Chadwick
were appointed as administrators of Sea To Summit Transport Pty
Ltd on Jan. 7, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, on
Jan. 19, 2015, at 10:00 a.m.


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CHINA SHANSHUI: Fitch Revises Outlook to Neg. Affirms 'BB' IDR
--------------------------------------------------------------
Fitch Ratings has revised China Shanshui Cement Group Limited's
(Shanshui) Outlook to Negative from Stable.  Meanwhile, Shanshui's
Long-Term Issuer Default Rating (IDR) and senior unsecured ratings
have been affirmed at 'BB'.

The Outlook revision reflects Shanshui's slower-than-expected
deleveraging process, mainly driven by weaker cash flow generation
due to the lower cement average sell price (ASP).  Fitch expects
Shanshui to be able to sustain its financial leverage, measured by
FFO adjusted net leverage ratio, below 4x only after 2015.  Any
further market deterioration or lack of discipline in capex and
acquisitions could lead to its leverage remaining above 4x for a
longer period.  Shanshui's leverage at end-2013 was 5.0x, but the
company has been reducing capex.

KEY RATING DRIVERS

Lower ASP: Cement ASP has been under pressure since the Chinese
property market slowed down in 2014.  For the first half of 2014,
Shanshui's cement ASP was CNY240.3/ton, compared with CNY250.5/ton
during the same period in 2013.  This was mainly due to a 9.9%
fall in ASP in northeastern China and a 4% decline in ASP in
Shanxi province, although ASP in Shandong province was stable at
CNY240.6/ton (1H13: CNY243.7/ton).  This steady ASP in Shandong,
Shanshui's core market, supports its stable business profile.

Slower Deleveraging Progress: The lower ASP resulted in weaker
cash flow generation by Shanshui.  Fitch expects the company's
leverage to remain above 4x even though it received HKD1.56bn in
cash at end-2014 from an equity stake sale, because Shanshui did
not significantly scale back capex and acquisitions that were in
its original budget.  With the cement ASP continuing to remain
low, we expect the company to deleverage to below 4x in 2016 at
the earliest, later than originally expected, if it does not
divest any significant assets.

Business Profile Intact: Shanshui's market position remains
strong, especially in Shandong province, where the cement ASP has
remained steady.  China National Building Material Co., Ltd (CNBM)
now owns 16.67% of Shanshui, making it the third largest
shareholder, after it bought a stake in Shanshui in November 2014.
In the past, Shanshui and CNBM controlled half of the Shandong
cement market, underpinning the healthy cement ASP in Shandong.
The tie-up between the two companies could further strengthen
their pricing power and profitability.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to the rating Outlook being revised back to
Stable include:

   -- Consolidated gross profit sustained above CNY75/ton
   -- FFO-adjusted net leverage sustained below 4.0x

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
   -- Negative free cash flow (post-capex and acquisition)
   -- Consolidated gross profit sustained below CNY75/ton
   -- FFO-adjusted net leverage sustained above 4.0x


COUNTRY GARDEN: Moody's Revises Ba2 CFR Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Country Garden Holdings Company Limited's Ba2 corporate
family and senior unsecured debt ratings.

At the same time, Moody's has affirmed the company's Ba2 corporate
family and senior unsecured debt ratings.

Ratings Rationale

"The positive outlook reflects Country Garden's track record of
strong sales execution," says Franco Leung, a Moody's Vice
President and Senior Analyst.

Despite a weak property market in China, Country Garden achieved
robust contracted sales growth. Its contracted sales increased 22%
year-over-year in 2014 to RMB128.8 billion. Such strong growth
demonstrates the company's strong sales execution in lower tier
cities.

In addition to the high sales growth, the company improved its
geographic diversification. Guangdong Province contributed around
30% and 44% of total contracted sales in 1H 2014 and 2013
respectively, down from about 67% in 2009.

"The change in outlook also considers Country Garden's improved
financial management as highlighted by its strong liquidity
position, which provides key support to its operations in China's
otherwise volatile property market," adds Leung, who is also the
Lead Analyst for Country Garden.

Country Garden has maintained its cash to short-term debt ratio
above 1.8x over the past 2-3 years, indicating the company's sound
liquidity management and good levels of cash collection from
property sales.

It also reported cash on hand of RMB24.4 billion at end-June 2014,
covering about 2.3x of its short-term debt. The good liquidity
buffer will help manage its refinancing risk.

Moreover, the company has diversified its offshore funding sources
in the past year. It has increased the proportion of offshore bank
loans as a percentage of the company's debt capital base following
its conclusion of a dual tranche syndicated loan in December 2014.

Its capital structure has also improved. In October 2014, the
company successfully issued HKD3.18 billion of new equities, which
has helped improve its capital base and reduce its debt leverage.

While the company grows fast, its debt leverage measured by
revenue to debt is comparable to its peers in the mid to high Ba
rating range. Its revenue to gross debt ratio was 1.1x-1.2x over
the past 2-3 years. Moody's expects this ratio to improve to 1.2x-
1.3x over the next 12 months.

Moody's believes the company will continue to proactively manage
its capital structure and will maintain a good debt maturity
profile.

On the other hand, the company has reported a notable decline in
profit margins in the past 2 years, in line with the general
industry trend. As a result, Moody's expects its EBITDA interest
coverage to weaken to around 3.0x-3.5x in the coming 12 months,
compared to 3.3x-4.0x in the past 2-3 years.

Upward rating pressure could emerge if Country Garden (1)
maintains steady sales growth; (2) controls its debt leverage,
with revenue/debt above 1.2x on a sustained basis; and (3)
maintains strong liquidity, with its cash on hand covering more
than 1.5x of its short-term debt.

On the other hand, the rating outlook could return to stable if
Country Garden (1) posts sustained profit margin deterioration,
with its EBITDA margin declining below 17%; or (2) adopts an
aggressive land acquisition strategy, in turn negatively affecting
its liquidity, with cash failing to cover 1.5x of short-term debt
on a sustained basis.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2014, its land bank
totaled a sizeable 75.68 million square meters in attributable
gross floor area.

At 30 June 2014, it owned and operated 41 hotels with a total of
11,670 rooms. The hotels are located mainly in Guangdong Province
and support its development of townships.



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A.S. JUTE: CRISIL Suspends B- Rating on INR190.4MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A.S. Jute Product Pvt Ltd (ASJPPL).


                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          1.6         CRISIL A4
   Cash Credit            60           CRISIL B-/Stable
   Proposed Long Term     18           CRISIL B-/Stable
   Bank Loan Facility
   Term Loan             190.4         CRISIL B-/Stable

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

ASJPPL was incorporated in November 2010, for setting up a project
comprising of two units for manufacturing of jute fine yarn and
jute gunnies. Mr. A. Nagesh Kumar, Mr. Om Prakash Rathi and Mr.
Sunil Kumar Bhararia are the promoters of the company.  Commercial
operations at the first unit started in March 2012 and the second
unit is expected to be operational from July 2013.


AVR ZINC: CRISIL Suspends 'D' Rating on INR65MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of AVR
Zinc Products Private Limited (AVR).

                              Amount
   Facilities                (INR Mln)      Ratings
   ----------                ---------      -------
   Cash Credit                   65         CRISIL D
   Letter of Credit              15         CRISIL D
   Proposed Cash Credit Limit     4.5       CRISIL D
   Working Capital Term Loan     35.5       CRISIL D

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

Set up in 2002 by Ms. E Anuradha in Yanam (Andhra Pradesh), AVR
manufactures zinc oxide of varied grades.


BHAGYODAY AGRO: CARE Revises Rating on INR7.55cr LT Loan to B+
--------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Bhagyoday
Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.55       CARE B+ Revised from
                                            CARE B

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The revision in the rating factors in the improvement in the
financial risk profile marked by improvement in the profitability
margins and solvency indicators. The rating continues to derive
strength from strategic location of the unit in the cotton-growing
areas of Maharashtra, along with efficient operations marked by
healthy capacity utilisation.

The rating continues to factor in the presence of Bhagyoday Agro
Industries (BAI) in the highly fragmented cotton ginning industry
leading to intense competition, susceptibility of operating
margins to cotton price fluctuation and seasonality associated
with the cotton industry. The rating continues to be constrained
on account of the entity's constitution as a partnership firm and
government regulations related to the cotton industry.

Increase in the scale of operations while moving up in the cotton
value chain and improvement in financial risk profile along with
managing the volatility in raw material prices continue to remain
the key rating sensitivity.

BAI was incorporated in January 2009 as a partnership firm by Mr
Shantilal Gulabchandji Pahade and his wife Mrs Anita Pahade. BAI
is engaged in the business of cotton ginning and pressing. BAI's
sole processing unit is located at Vaijapur, Aurangabad, with an
installed capacity of 126 metric tonne per annum (MTPA) for cotton
seeds and 7,650 MTPA for cotton bales as on March 31, 2014. The
firm has utilized around 80% of its annual installed capacity in
FY14 (refers to the period April 1 to March 31) and works for 180
days (October to March) in a year. The firm does not operate in
the remaining months due to unavailability of raw material. During
this period, the firm undertakes maintenance of its unit and
machineries. In FY14, the firm made exports of around 55% (through
distributors) of total sales, whereas the rest 45% sales were in
the domestic market. The firm procures raw material from the local
market and the domestic sales are made in the regions in and
around Maharashtra.

The partners of the firm are now venturing into manufacturing of
cotton yarn and moving up in the cotton value chain through their
company, viz, Siddharth Pooja Spintex Private Limited (rated:
'CARE B'). This company will start with the commercial operation
from November 2015.

In FY14, the company reported a total operating income of INR51.30
crore and net profit of INR0.60 crore as against a total operating
income of INR47.27 crore and net profit of INR0.21 crore in FY13.


BHUJBAL BROTHERS: CRISIL Reaffirms D Rating on INR100MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhujbal Brothers
Properties (BBP) continues to reflect instances of delay by BBP in
servicing its term debt. The delays have been caused by the firm's
weak liquidity because of low bookings for its ongoing real estate
project and the resultant low advances from customers.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             100         CRISIL D (Reaffirmed)

BBP is exposed to project implementation risks and to cyclicality
in the real estate industry in India. However, the firm benefits
from the extensive industry experience of its promoters.

Set up in April 2011, BBP is currently executing a residential
real estate project at Shindewadi in Satara (Maharashtra). The
firm is owned and managed by Mr. Ramesh Bhujbal and his family
members.


BINJUSARIA METAL: CRISIL Suspends B+ Rating on INR207MM LOC
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Binjusaria Metal Box Company (BMC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B+/Stable
   Letter of Credit        207        CRISIL A4
   Standby Line of Credit   30        CRISIL B+/Stable

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

Set up in 1964 by Mr. Banwarilal Kedia and his family as a
partnership entity, Binjusaria Metal Box Company (BMC) is involved
in the manufacturing of tin containers used in packaging of
coconut oil.


CHACHA LIFESTYLE: CARE Assigns B+ Rating to INR12cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Chacha
Lifestyle Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      12        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Chacha Lifestyle
Private Ltd. (CLSPL) is primarily constrained on account of
project implementation and stabilization risk coupled with short
track record of operations, low profit margins, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained by presence in the highly fragmented and cyclical
textile industry where prices of cotton are being government
regulated.

The rating, however, favorably factor in vast experience of the
promoters in the textiles industry and the company's presence in
the cotton producing belt of Maharashtra region with easy access
to raw material and lower logistics expenditure.

Going forward, CLSPL's ability to complete project within the
specified time and cost parameters and subsequently increase its
scale of operations, profit margins by managing fluctuation in raw
material prices and improve capital structure and debt coverage
indicators is the key rating sensitivity.

CLSPL was incorporated in November 2013 by Mr Hardik K. Shah, Mr
Kirankumar M Shah and Mrs Neha H. Shah as a private limited
company with an objective of setting up of grey fabric (weaving of
cotton by installing airjet looms) manufacturing unit. Currently,
CLSPL is doing trading of grey fabric which it mainly procures
from its other associate concerns i e Chacha Textile and Chacha
Impex. CLSPL proposes to invest INR11.14 crore towards
installation of 24 new airjet looms wherein it will manufacture
grey fabric (mainly cotton) which will be funded through term loan
of INR7 crore and balance by way of share capital and unsecured
loans. CLSPL has envisaged commencing commercial production from
April 2015 with the newly installed Airjet Looms.

As per the audited results for FY14 (refers to the period April 1
to March 31), CLSPL reported PAT of INR0.09 crore on a total
operating income of INR5.21 crore. Furthermore, during 8MFY15,
CLSPL has achieved TOI of INR29 crore and PBILDT of INR1.03 crore
by way of trading.


DHAWAN BOX: CRISIL Suspends C Rating on INR90MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dhawan
Box Sheet Containers Pvt Ltd (DBSCPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bill Discounting       6            CRISIL A4
   Cash Credit           90            CRISIL C
   Term Loan              6.5          CRISIL C

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

DBSCPL, incorporated in 2004 by Mr. Moni Dhawan and his sons,
manufactures corrugated boxes. The company has three automated
plants each in Karala (New Delhi), Bhiwadi (Rajasthan) and Noida
(Uttar Pradesh). The products of the company, i.e. customised
corrugated boxes (cartons), cater to the demand from the fast
moving consumer goods, and breweries sectors, among others.


GALAXY EDUCATIONAL: CRISIL Suspends D Rating on INR120MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Galaxy
Educational Health and Charitable Trust (Galaxy).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Long Term Loan           120         CRISIL D

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

Galaxy was set up as a trust in 2009 by Mr. M Ramesh and his wife,
Mrs. R Vijayalakshmi. The trust operates a fully residential
business school, Galaxy Institute of Management, which commenced
operations in the academic year 2011-12. The institute is located
on a 3.5-acre campus in Sriperumbudur (Tamil Nadu).


GOYAL ISPAT: CRISIL Reaffirms B Rating on INR125MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goyal Ispat Ltd (GIL)
continue to reflect GIL's weak liquidity because of its small cash
accruals and working-capital-intensive operations, and below-
average financial risk profile marked by weak debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           125        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)
   Proposed Long Term     31.8      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The ratings also factor in GIL's small scale of operations and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
GIL's promoters in the steel industry and the company's
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that GIL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company's financial risk profile improves significantly driven by
increase in its scale of operations and profitability, and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case GIL's financial risk profile,
particularly liquidity, deteriorates because of low cash accruals.

GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was
purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has
a thermo-mechanically treated bar manufacturing facility in
Chennai, with capacity of 36,000 tonnes per annum.

For 2013-14 (refers to financial year, April 1 to March 31), GIL
reported a profit after tax (PAT) of INR2.5 million on net sales
of INR621.2. million, against a PAT of INR3.6 million on net sales
of INR818.9 million for 2012-13.


JR SEAMLESS: CRISIL Suspends B- Rating on INR215MM Long Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JR Seamless Pvt Ltd (JRSPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              90         CRISIL B-/Stable
   Long Term Loan          215         CRISIL B-/Stable

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

JRSPL is promoted by Mr. Narender Agarwal and his brothers. The
company started operations in April 2010 and manufactures carbon
steel and alloy steel seamless pipes and tubes. The company also
trades in seamless pipes and tubes. The company is based in Medak
(Andhra Pradesh).


K J INFRASTRUCTURE: CARE Rates INR60cr LT Bank Loan at 'C+'
-----------------------------------------------------------
CARE assigns 'CARE C+' and 'CARE A4' ratings to bank facilities of
K J Infrastructure Projects India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      60        CARE C+ Assigned
   Short-term Bank Facilities     35        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of K J Infrastructure
Projects India Private Limited (KJIP) are constrained by its
stretched liquidity position evident from the overdrawals in the
cash credit facility, declining trend in profitability margins
with high geographical concentration and limited segmental
diversification of its revenue. The ratings are further
constrained by the modest size of operations with a relatively
modest order book position; its high working capital intensity and
the high degree of competition in the tender-based government
civil construction business.

The ratings, however, favourably take into account over two-decade
long experience of the promoters in the civil construction
business and financial profile marked by revenue growth and
comfortable solvency indicator with equity infusion in FY14
(refers to the period April 1 to March 31).

KJIP was incorporated in March 2008 and is promoted by Mr Kalyan
J. Jadhav. Before establishing KJIP, Mr K. J. Jadhav was involved
in executing contracts under the proprietorship concern M/s. K J
Jadhav which was subsequently taken over by KJIP in 2008. The
company is engaged in construction & engineering works and
undertakes activities like construction of dams and irrigation
facilities, canals, roads, pipelines, commercial and residential
complex, thermal power plants, and land development works for the
government bodies such Irrigation Department of Maharashtra
Government, Central Railway, Public Works Department (PWD),
Maharashtra State Electricity Distribution Company Limited
(MSEDCL) and private players like National Thermal Power
Corporation (NTPC) Limited in and around Pune.

For FY14 (provisional), KJIP reported an operating income of
INR189.12 crore with PBDILT of INR22.54 crore and PAT of INR3.05
crore.


KAISER CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaiser
Constructions Engineers and Contractors (KCEC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           45        CRISIL A4
   Cash Credit              10        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility       45        CRISIL A4

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

KCEC, established in 2003, is engaged in civil construction and
undertakes projects for the state government authorities in New
Delhi and Uttar Pradesh. It is based in Etah (Uttar Pradesh).


KALYANESWARI POLYFABS: CRISIL Reaffirms B Rating on INR60MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalyaneswari Polyfabs
Pvt Ltd (KPPL) continue to reflect KPPL's exposure to risks
related to stabilisation of its new manufacturing facility, and to
intense competition in the packaging industry. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)
   Cash Credit           60         CRISIL B/Stable (Reaffirmed)
   Term Loan             60         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company successfully
stabilises operations at its new manufacturing facility while
efficiently managing its working capital, leading to improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
KPPL reports considerably lower-than-expected revenue and cash
accruals, adversely impacting its financial risk profile.

Update
KPPL's manufacturing facility was expected to start operations
from December 2013; however, due to delays in the construction,
the project was finally completed and operational in June 2014.
The delay did not result in any cost overrun. The total project
cost of INR115.8 million was funded through a term loan of INR60
million and promoters' funds of INR55.8 million.

KPPL's financial risk profile remains moderate, marked by a modest
net worth, estimated at INR56 million and gearing of 0.79 times,
as on March 31, 2014. Its estimated total debt of INR44 million as
on this date comprised entirely of term loans.

KPPL, incorporated in 2011 and promoted by the Kolkata-based
Agarwal family, manufactures polypropylene and high-density
polyethylene woven sacks; it has an installed capacity of 3300
tonnes per annum. The company sells these sacks to companies in
the cement and agricultural commodities industries. Its day-to-day
operations are managed by Mrs. Pooja Agarwal and Mrs. Anita
Agarwal.


KAMAL AUTO: CRISIL Reaffirms B Rating on INR130MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamal Auto
Industries (KAI) continues to reflect KAI's modest financial risk
profile, its exposure to intense competition in the automotive
(auto) dealership market, and its working-capital-intensive
operations. These rating weaknesses are partially offset by KAI's
established position in the automobile dealership market and its
moderately diversified revenue profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            130       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KAI will benefit over the medium term from
its established track record in the automotive dealership
business. The outlook may be revised to 'Positive' in case of
significant increase in the firm's revenue with sustained
profitability, along with improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case it
generates low operating margin or revenue, or undertakes a large
debt-funded capital expenditure, resulting in deterioration in its
financial risk profile.

Set up in 1972, KAI is an authorised dealer of passenger vehicles
and spare parts manufactured by Hyundai Motors India Ltd (HMIL;
rated 'CRISIL A1+') and motorcycles and spare parts of Bajaj Auto
Ltd (BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+). KAI is owned
and managed by the Kasliwal family based in Jaipur (Rajasthan).


KEWIN CHEMICALS: CRISIL Puts B+ Rating on INR3.6MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kewin Chemicals Pvt Ltd (KCPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Secured Overdraft
   Facility                 3.6          CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       0.4          CRISIL B+/Stable

   Cash Credit             15            CRISIL B+/Stable

   Foreign Discounting
   Bill Purchase           70            CRISIL A4

The ratings reflect KCPL's modest scale of operations, and low
profitability due to the trading nature of its operations. The
ratings also factor in the company's average financial risk
profile marked by small net worth, average debt protection
metrics, and high total outside liabilities to tangible net worth
ratio. These rating weaknesses are partially offset by the
extensive experience of KCPL's promoters in the chemicals and dyes
industry leading to established relations with customers and
suppliers.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive experience in the chemicals and
dyes industry. The outlook may be revised to 'Positive' if the
company significantly increases its scale of operations and
profitability, resulting in substantial cash accruals and
improvement in its financial risk profile, or if there is a
sizeable equity infusion by the promoters leading to improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' if KCPL's revenue or profitability declines,
resulting in significantly low accruals, or if its working capital
cycle is stretched, leading to deterioration in its liquidity, or
if it undertakes a sizeable debt-funded capital expenditure
programme.

Incorporated in 1999, KCPL is based in Ahmedabad (Gujarat) and
owned and managed by brothers Mr. Devang Shah and Mr. Mitesh Shah.
The company trades in and manufactures chemical intermediates,
dyes, and pigments.

For 2013-14 (refers to financial year, April 1 to March 31), KCPL
registered a net profit of INR5.95 million on net sales of
INR289.5 million, against a net profit of INR1.96 million on net
sales of INR181.3 million for 2012-13.


KIRLOSKAR ELECTRIC: CARE Cuts Rating on INR250cr Loan to 'D'
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Kirloskar
Electric Company Ltd to 'CARE D' and assigns 'CARE C' to the new
long-term loan facilities of KECL.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank                85         CARE D Suspension
   Facilities-                              revoked. Revised
   Fundbased                                from CARE BBB-

   Long-term Bank                30         CARE C Assigned
   Facilities-Term
   Loan

   Short-term Bank              250         CARE D Suspension
   Facilities- Non-                         revoked. Revised
   Fund Based                               from CARE A3

Rating Rationale

The revision in the ratings of bank facilities of Kirloskar
Electric Company Limited (KECL) factors in the instances of
devolvement of Letter of Credit (LC) commitments and overdrawals
in cash credit account since September 2014 resulting from its
stretched liquidity position.

Kirloskar Electric Company Limited (KECL) headquartered in
Bangalore was incorporated in 1946 and is one of the leading
players in the domestic electric equipment industry. The company's
product lines is spread across various segments of the industry
namely rotating machines, static equipment, switchgears,
transformers and transmission lines which find application in wide
range of industries such as power generation, steel, cement,
sugar, textile, mining, paper, petro-chemical plants, and public
services such as railways and defense.

KECL is engaged in the manufacturing of AC Motors, DC Motors,
Transformers, Switchgear and Electronics through its manufacturing
units located at Govenahalli (Karnataka), Hubli (Karnataka),
Mysore (Karnataka), Tumkur (Karnataka), Pune (Maharashtra),
Gurgaon (Haryana) and Jaladulagarh (Kolkata). The day to day
operations of the company are looked after by Mr Vijay Kirloskar
(Chairman), who is adequately supported by a group of
professionals having rich business experience.

KECL registered a net loss of INR41 crore (FY13: PAT of INR4.2
crore) on total income of INR679.8 crore (FY13: INR801.9 crore).
During H1FY15 KECL made a net loss of INR49.9 crore on total
income of INR251.3 crore.


KRISHNA DEVELOPERS: CARE Reaffirms B+ Rating on INR7.83cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Krishna Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.83       CARE B+ Reaffirmed

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale
The rating continues to remain constrained on account of the risk
associated with timely receipt of rentals from the sole leased
commercial property of Krishna Developers (KDE) and uncertainty
regarding termination of the lease considering no lock-in period
which may lead to cash flow mismatches. The rating, further,
remained constrained on account of KDE's small revenue base
coupled with net losses in FY14 (refers to the period April 1 to
March 31), moderately leveraged capital structure and its
constitution as a partnership concern.

The rating, however, continues to take comfort from the vast
experience of the partners with demonstrated financial support in
the past and healthy business profile of the tenant. Timely
receipt of lease rentals and continued financial support from the
partners, especially in an event of termination of the lease by
existing tenant are the key rating sensitivities.

Jaipur-based (Rajasthan) KDE was formed in 2007 as a partnership
firm promoted by 10 partners. Later in April 2010, four partners
retired from the firm, and currently, KDE is owned by six
partners. Mr Vinod Agarwal and Mr Namit Agarwal are the working
partners who look after the overall operations of the firm. KDE is
engaged in the real estate development business and has developed
a commercial complex, 'Matrix Mall' situated at Jawahar Nagar
(Jaipur) which houses two basement and three floors with total
area of 40,407.50 square feet. It developed this property on
leasehold land taken from Jaipur Nagar Nigam (JNN). During March,
2012 KDE gave the entire mall on lease to State Bank of Bikaner &
Jaipur (SBBJ).

The partners have vast experience in the development of various
commercial projects. The promoters have developed various real
estate projects in Jaipur under different companies like Alankar
Buildcon Private Limited, Riddhi Siddhi Home Private Limited and
Krishna Buildhome Private Limited which are engaged in the same
line of business. Other than these entities, partners also manage
Agrasen Engineering Industries Limited (AEIL, rated 'CARE BBB/CARE
A3+') which is engaged in the manufacturing of automotive
components and Scion Exports Private Limited (SEPL, rated 'CARE
BB'), which is engaged in the manufacturing of forged components.

During FY14, KDE reported a total operating income of INR1.46
crore (FY13: INR1.45 crore) with a net loss of INR0.60 crore
(FY13: INR0.76 crore).


M.S. RAMAIAH: CRISIL Reaffirms D Rating on INR199.2MM Bank Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of M.S. Ramaiah Foundation
(MSRF) continues to reflect the instances of delay by MSRF in
servicing its term loan; the delays have been caused by MSRF's
weak liquidity on account of the large debt-funded capital
expenditure project taken up in the past  and cash flow
mismatches.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit/Overdraft    10         CRISIL D (Reaffirmed)
   facility
   Long Term Loan          115.8       CRISIL D (Reaffirmed)
   Proposed Long Term      199.2       CRISIL D (Reaffirmed)
   Bank Loan Facility

MSRF also has a weak financial risk profile, marked by high
gearing, and weak debt protection metrics; the rating also factors
in MSRF's exposure to competition and regulatory risks in the
education field. The foundation, however, benefits from the
extensive experience of its promoter in education.

Update
MSRF continues to delay the servicing of its term loans due to its
weak liquidity. MSRF's weak liquidity is marked by inadequate cash
accruals for meeting the repayment obligations. The bank lines
have been fully utilised at 100 per cent during the twelve months
through August 2014. MSRF has reported revenues of INR154.9
million for 2013-14, against revenues of INR164.8 million for
2012-13. CRISIL believes that the trust will continue to delay its
repayments due to inadequate cash accruals.

MSRF continues to have a weak financial risk profile, marked by a
small net worth of INR130 million and high gearing of 2.95 times
as on March 31, 2014. The trust has been reporting deficits over
the past few years due to low occupancy in its colleges, which has
led to a gradual decline its net worth. The firm reported negative
cash accruals of INR 40 million in 2013-14.

Set up in May 2007 by Mr. M R Pattabhiram, MSRF operates an
educational institution, Ramaiah Institute of Management Studies,
in Bengaluru. The institution commenced operations in July 2007.
MSRF offers management courses under affiliation with Swiss
Business School, University of Mysore and Annamalai University.
MSRF is part of the Ramaiah group of institutions that offer
educational courses in several subjects such as medicine,
dentistry, pharmacy, engineering, teachers' training, and law. The
group was formed by Mr. M S Ramaiah in the 1950s.


MAK PLYWOOD: CRISIL Reaffirms B Rating on INR120MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mak Plywood Industries
Pvt Ltd (MPIPL) continue to reflect the company's below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics. The ratings also factor in the company's small
scale and working-capital-intensive operations. These rating
weaknesses are mitigated by the extensive experience of MPIPL's
promoters in the plywood industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               120     CRISIL B/Stable (Reaffirmed)
   Foreign Letter of Credit   60     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MPIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant improvement in scale of operations while it maintains
its operating profitability leading to sustained improvement in
cash accruals and liquidity. Conversely, the outlook may be
revised to 'Negative' if MPIPL's profitability is impacted by
foreign exchange losses resulting in low cash accruals, or it
undertakes any sizeable debt-funded capital expenditure (capex)
programme, or faces deterioration in working capital cycle.

Update
MPIPL reported a revenue of INR408.6 million for 2013-14 (refers
to financial year, April 1 to March 31), up 58 per cent year-on-
year, driven by addition of new branches during 2013-14. The
company's operating margin was 7.2 per cent for 2013-14, and is
expected to remain stable at 7.2 to 7.5 per cent, over the medium
term. CRISIL believes that company's revenue will increase over
the medium term, aided by increased contribution from the branches
and healthy offtake from the customers.

The company's financial risk profile is below average, marked by
high gearing and weak debt protection metrics. The gearing was
2.05 times as on March 31, 2014, while the net cash accruals to
total debt and interest coverage ratios were at 5 per cent and
1.77 times, respectively, for 2013-14. However, its net worth
remains modest at INR111 million as on March 31, 2014. MPIPL's
financial risk profile is expected to remain below average over
the medium term despite the absence of any debt-funded capex plans
due to the company's dependence on external debt to meet its large
working capital requirements.

The company has weak liquidity, marked by high bank limit
utilisation at an average 80 per cent for the 12 months through
October 2014 because of working-capital-intensive operations. The
company is likely to generate net cash accruals of INR13.8 million
for 2014-15, which will be adequate to meet its debt obligations
of INR4.8 million maturing during the year. CRISIL believes that
MPIPL's liquidity will remain constrained because of the company's
large working capital requirements over the medium term.

MPIPL was set up in April 2011 by Mr. Abdul Muneer as a
proprietary concern. The firm was reconstituted as MPIPL in 2013-
14. The company manufactures veneer, different varieties of
plywood, block doors, and plush doors.


MAKS TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maks Technologies (MT)
continue to reflect MT's modest scale of operations, limited
bargaining power resulting in low operating profitability, and
weak financial risk profile marked by modest net worth and weak
debt protection metrics.

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

   Inland/Import
   Letter of Credit       70        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of MT's promoters in the copper wire manufacturing and
trading industry and the funding support that the firm receives
from its promoters and affiliates.

Outlook: Stable

CRISIL believes that MT will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of significant improvement in MT's scale of operations and
profitability, along with efficient working capital management,
leading to large cash accruals. Conversely, the outlook may be
revised to Negative' if MT's financial risk profile weakens, most
likely because of low cash accruals, large working capital
requirements, or any unanticipated debt-funded capital
expenditure.

MT was established as a proprietorship firm in Pune (Maharashtra)
in 2008, and was reconstituted as a partnership firm in April
2013. MT manufactures tin-copper wires. Mr. Nilesh Jain and Mr.
Pradeep Jain, the firm's promoters, manage its operations.


MANGUDIYAR MODERN: CRISIL Assigns B Rating to INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Mangudiyar Modern Rice Mill (MMRM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL B/Stable
   Term Loan                20         CRISIL B/Stable

The rating reflects the below-average financial risk profile of
the company marked by modest net worth and high gearing. The
rating also factors in the modest scale of, and working-capital-
intensive operations of the firm. These rating weaknesses are
partially offset by the extensive experience of MMRM's proprietor
in the rice milling industry.

Outlook: Stable

CRISIL believes that MMRM will continue to benefit over the medium
term from its proprietors' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MMRM undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the partners withdraw capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2007, as a proprietorship firm, MMRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. Located in Pudukkottai, Tamil Nadu, the daily operations
of the firm is managed by the proprietor, Mr. Senthil Kumar.


MANSAROVAR TEA: CRISIL Suspends B Rating on INR33.8MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mansarovar Tea Pvt Ltd (MTPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              18           CRISIL B/Stable

   Proposed Long Term       18.2         CRISIL B/Stable
   Bank Loan Facility
   Term Loan                33.8         CRISIL B/Stable

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

MTPL was founded by the Siliguri-based Agarwal family in 2005.
MTPL manufacturers crush-tear-curl (CTC) tea, and began commercial
production of tea in November 2010. The company has manufacturing
facilities in Bandhunagar and Jalpaiguri (both in West Bengal).
MTPL does not have tea gardens, and hence procures green leaves
from tea gardens in the vicinity.


MARATH ENTERPRISES: CRISIL Rates INR160MM Bank Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Marath Enterprises and Crushers Pvt Ltd
(MECPL).

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

The rating reflects MECPL's exposure to funding and implementation
risks associated with its stone crushing and processing project in
Palakkad (Kerala). This rating weakness is partially offset by the
extensive entrepreneurial experience of the company's promoter.

Outlook: Stable

CRISIL believes that MECPL will benefit over the medium term from
its promoter's extensive entrepreneurial experience and financial
flexibility. The outlook may be revised to 'Positive' if MECPL
stabilises operations on time and registers substantially high
cash accruals. Conversely, the outlook may be revised to
'Negative' if there is a significant cost or time overrun in
setting up the project, which adversely impacts the company's
financial risk profile.

MECPL, incorporated in 2011, is setting up a stone crushing and
processing facility in its own quarry in Palakkad. The firm is
promoted by Mr. M V Rajan.


MILLENNIUM VITRIFIED: CARE Reaffirms D Rating on INR17.29cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Millennium Vitrified Tiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.29      CARE D Reaffirmed

   Long-term/Short-term Bank     17.18      CARE D/CARE D
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to bank facility Millennium Vitrified Tiles
Private Limited (MVTPL) continue to remain constrained on account
of delay in debt servicing due to the stretched liquidity
condition.

Establishing a track record of timely serving of debt obligations
with an improvement in liquidity position is the key rating
sensitivity.

Incorporated in January 2011, MVTPL was promoted by five
promoters; led by Mr Mansukh Koradiya, Mr Ramesh Aghara and Mr
Rajeshkumar Koradiya. MVTPL has a capacity to manufacture 82,800
Metric Tonnes per Annum (MTPA) of ceramic vitrified tiles at
Morbi, Gujarat as on March 31, 2014. MVTPL has commenced the
commercial production from June, 2012.

As per the audited results of FY14 (refers to the period April 1
to March 31), MVTPL reported net losses of INR0.12 crore on a
Total Operating Income (TOI) of INR60.72 crore as against the TOI
of INR30.83 crore and net losses of INR3.85 crore. As per the
provisional results for H1FY15, MVTPL registered the turnover of
INR42.18 crore.


NORTECH POWER: CRISIL Suspends D Rating on INR750MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nortech
Power Projects Pvt Ltd (Nortech).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          750        CRISIL D
   Cash Credit              70        CRISIL D

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

Nortech is part of the Kolkata-based GNG group, which trades in
minerals such as iron ore fines, chrome, manganese, and limestone.
It undertakes engineering, procurement, and commissioning
contracts in the power and infrastructure sectors of north-eastern
India. The company focuses on hydropower generation projects of
different ranges. These projects range from 5 to 10,000 kilowatt
(kW) capacity.


PALLIPALAYAM SPINNERS: CRISIL Suspends D Rating on INR170MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pallipalayam Spinners Pvt Ltd (PSPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             170          CRISIL D
   Letter of Credit         80          CRISIL D
   Long Term Loan           64.2        CRISIL D
   Proposed Long Term
   Bank Loan Facility      103.4        CRISIL D

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

PSPL, located in Salem (Tamil Nadu), manufactures viscose yarn. It
is promoted by Mr.P.Nagarajhan.


POORNIMA DAIRY: CRISIL Suspends B Rating on INR35MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Poornima Dairy Products (PDP; part of SV Group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B/Stable
   Term Loan                23        CRISIL B/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PDP and SV Milk and Milk Products Pvt
Ltd (SVM). This is because these entities, together referred as SV
Group, have a common management, and significant operational
linkages and fungible cash flows between them.

SVM was established in 2001 as a proprietorship firm named Sri
Venkateshwara Dairy Farm by Mr. Pemmasani Munishekar Naidu; it was
reconstituted as a private limited company in 2007. SVM is engaged
in processing of milk and milk products. The company's day-to-day
operations are managed by Mr. Pemmasani Munishekar Naidu's son,
Mr. Pemmasani Sravan Kumar.

PDP is in the business of milk trading and has a chilling centre.
The firm is promoted by Mr. Pemmasani Munishekar Naidu's wife,
Mrs. Pemmasani Parvathy.


PRESSELS PVT: CRISIL Suspends B Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pressels Pvt Ltd (PPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          30          CRISIL A4
   Cash Credit             50          CRISIL B/Stable
   Term Loan                2          CRISIL B/Stable

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

PPL was set up in 1968 by Mr. K S Walia and Mr. S C Mullick. In
1990, Mr. K S Walia retired, selling his stake to Mr. S C Mullick
and his family, and Mr. S K Mullick, the son of Mr. S C Mullick,
joined the company as its director. PPL designs and manufactures
boilers. Its manufacturing unit is at Cuttack (Orissa).


PRO-ARC WELDING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pro-Arc Welding and
Cutting Systems Pvt Ltd (Pro-Arc) continue to reflect Pro-Arc's
below-average financial risk profile, marked by a modest net
worth, moderate debt protection metrics, and weak liquidity
resulting from the company's working-capital-intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL A4 (Reaffirmed)
   Cash Credit             20        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's small scale of operations
in the competitive metal-cutting equipment industry. These rating
weaknesses are partially offset by the extensive industry
experience of Pro-Arc's promoters and their established
relationships with key customers and suppliers.

Outlook: Stable

CRISIL believes that Pro-Arc's liquidity will remain constrained
over the medium term because of its working-capital-intensive
operations and small cash accruals. The outlook may be revised to
'Positive' if an improvement in demand results in an increase in
the company's cash generation, along with faster turnaround of
working capital. Conversely, the outlook may be revised to
'Negative' in case of deterioration in Pro-Arc's liquidity due to
substantially low cash accruals, further stretch in its working
capital cycle, or debt-funded capital expenditure.

Incorporated in 1996, Pro-Arc manufactures computer numerical
controlled-metal-cutting machines that operate using plasma or
gas. The company's customers are mainly engineering and
fabrication companies and government entities. Pro-Arc's
manufacturing facilities are based in Pune.


PUDUVAI LIFE: CRISIL Suspends 'B' Rating on INR23.6MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Puduvai Life Line (PLL).

                           Amount
   Facilities            (INR Mln)       Ratings
   ----------            ---------       -------
   Proposed Long Term       23.6         CRISIL B/Stable
   Bank Loan Facility

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

Set up in 2013, PLL is involved in setting up and managing a
hospital at Puducherry. The firm is promoted by Dr. Sathish
Chakravarthy, his wife Dr. Umamaheswari, and their family. The
hospital is expected to commence commercial operations by December
2013.


R. P. TEK: CRISIL Assigns B Rating to INR60.5MM Bank Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facilities of R. P. Tek India Pvt Ltd (RTPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              4.5        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      60.5        CRISIL B/Stable

The rating reflects RTPL's modest scale of operations in the
fragmented construction industry, leading to low profitability,
and its susceptibility to the tender-based nature of the
construction business. The rating also factors in the company's
below-average financial risk profile, marked by a leveraged
capital structure. These rating weaknesses are partially offset by
the extensive experience of RTPL's promoters in the construction
industry.
Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile on account of
better-than-expected accruals led by improvement in the scale and
operating profitability or due to equity infusion from the
promoters. Conversely, the outlook may be revised to 'Negative' if
RTML undertakes aggressive debt-funded expansion or reports a
substantial decline in revenue and profitability or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

RTPL was set up in 2009 by reconstituting proprietorship firm RP
Tek India, which was established in 2007. The company is engaged
in the construction of computer labs in schools and colleges and
installation of fire safety and security systems in various
institutions. RPL is managed by Mr. Rupesh Kumar Srivastava and
his wife Mrs. Preeti Srivastava and is based out of Ghaziabad
(Uttar Pradesh).


R.R. DISTRIBUTORS: CRISIL Suspends B Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R.R. Distributors Pvt Ltd (RRDPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              40         CRISIL B/Stable
   Letter of Credit         35         CRISIL A4

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

RRDPL was originally established in the 1980s as a partnership
firm, RR Trading Co, by the Delhi-based Gupta family. The firm was
reconstituted as a private limited company with the current name
in 1998. RRDPL trades in writing and printing paper and
paperboard. It is promoted by Mr. R P Gupta and his brother, Mr. R
K Gupta.


RADHADAMODAR MULTI: CRISIL Suspends B Rating on INR40.2MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Radhadamodar Multipurpose Cold Storage Pvt Ltd (RMCS).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               40.2          CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RMCS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RMCS is yet to
provide adequate information to enable CRISIL to assess RMCS'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 2010, RMCS operates a cold storage unit (primarily
for storing potatoes) in Hooghly (West Bengal).


RKR HOUSING: CRISIL Suspends B Rating on INR200MM New Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RKR Housing Pvt Ltd (RKRH).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan       200        CRISIL B/Stable

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

RKRH was incorporated in 2003, promoted by Mr. R Venkateswara Rao
and Mr. R Koteswara Rao (father of Mr. R Venkateswara Rao). The
company is a developer in Andhra Pradesh. The company is currently
planning to construct and sell 121 independent houses spread over
seven acres in Nandigaon, Rangapur Grampanchayat, and Kothur (all
in Andhra Pradesh).


SABARI FOUNDATIONS: CRISIL Suspends B Rating on INR110MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sabari Foundations Pvt Ltd (SFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan          110         CRISIL B/Stable

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

SFPL, incorporated in 1993, is currently developing a commercial
real estate project in Chennai.


SAV STEELS: CRISIL Suspends D Rating on INR450MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sav Steels Pvt Ltd (SSPL).

                            Amount
   Facilities             (INR Mln)       Ratings
   ----------             ---------       -------
   Cash Credit               450          CRISIL D
   Letter of Credit           50          CRISIL D
   Standby Line of Credit     50          CRISIL D

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

SSPL was originally set up in 1995 as a partnership firm,
Shamsons; the firm was later reconstituted as a private limited
company. SSPL undertakes cutting to size, straightening, and
annealing cold-rolled, hot-rolled, and block plate steel sheets
and coils. The company's industrial unit is at Kankurgachi in
Kolkata (West Bengal).

For 2011-12 (refers to financial year, April 1 to March 31), SSPL
reported a profit after tax (PAT) of INR27.8 million on net sales
of INR3.9 billion, against a PAT of INR25.1 million on net sales
of INR3.2 billion for 2010-11.


SAV WIRES: CRISIL Suspends D Rating on INR400MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sav Wires Pvt Ltd (SWPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             400         CRISIL D
   Letter of Credit        100         CRISIL D
   Standby Line of Credit   30         CRISIL D

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

SWPL was set up in August 2011 by Mr. Anand Agarwal and his son,
Mr. Ayush Agarwal, who are based in Kolkata (West Bengal). The
company has a wire-drawing unit in Bhilai (Chhattisgarh). SWPL
manufactures binding wires, galvanised iron (GI) wires, cold-dip
GI wires, and electrode-quality wires. It commenced commercial
operations in February 2012.


SHREE MANGAL: CARE Assigns B+ Rating to INR10cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Mangal Proteins Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Mangal
Proteins Limited (SMPL) is primarily constrained on account of
the stabilisation risk associated with the predominantly debt-
funded green-field edible oil plant which is recently
commissioned. The rating is further constrained on account of its
presence in the highly competitive and fragmented edible oil
industry with low entry barriers.

The rating, however, favourably takes into account the wide
experience of the management in the edible oil industry along with
synergy derived from its group concern engaged in the similar line
of business, strategic location of manufacturing units with
proximity to the raw material sources and favourable demand
outlook for edible oils in India.

The ability of the company to quickly stabilise its newly
established facility with achievement of the envisaged levels of
income and profitability will be the key rating sensitivity.

Incorporated in December 2007, Jaipur-based (Rajasthan) SMPL was
promoted by Mr Mukesh Kumar Jain, Mr Anil Kumar Jain and Mrs
Manisha Jain, with an objective to set up a green-field project at
Tonk (Rajasthan) for setting up integrated edible oil plant. The
plant has been set up on the land measuring 42,365 square meters
(Sq. Mtrs.) for extraction of crude edible mustard oil and mustard
oil cake from mustard seeds as well as manufacturing and sale of
refined edible oil and de-oiled cakes (DOC) produced primarily
from mustard cakes. SMPL has solvent extraction plant with
processing capacity of around 90,000 metric tonnes per annum
(MTPA) of crude edible oil and refining capacity of 50 tonnes per
day (TPD) for manufacturing of refined edible oil. SMPL completed
its project in July 2014 and incurred total cost of INR15.68 crore
funded through term loan of INR9.18 crore, equity share capital of
INR4.25 crore and remaining INR2.25 crore through unsecured loans.


SHREE NAGANI: CRISIL Suspends B+ Rating on INR150MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Nagani Silk Mills Pvt. Ltd. (SNSMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B+/Stable
   Channel Financing        20        CRISIL B+/Stable
   Proposed Term Loan      150        CRISIL B+/Stable

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

SNSMPL was incorporated in 1993 by Mr. R P Agarwal alongwith Mr.
Balkrishna Mohta and Mr. Madan Gopal Rathi. SNSMPL is a del
credere agents of RIL's polyester stable fiber since 1993.
Currently, Mr. R P Agarwal and his son Mr. Vikash Agarwal oversee
the day-to-day operations of the company.


SHREEGOPAL CONCRETE: CRISIL Ups Rating on INR290MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on Shreegopal Concrete Pvt Ltd's
(SGCPL) long-term bank facilities to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and reaffirmed its rating on SGCPL's short-term
facility at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          14.2        CRISIL A4 (Reaffirmed)
   Cash Credit            290          CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')
   Proposed Long Term       0.1        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')
   Term Loan              207.3        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SGCPL's liquidity,
backed primarily by fund support from the promoters in the form of
equity infusion. Equity of around INR75 million was infused in
2012-13 (refers to financial year, April 1-March 31), primarily to
support working capital requirements, which is expected to
continue to contribute to lower reliance on external funding in
the near-term. CRISIL expects that the improvement in the
company's gearing following the equity infusion will allow higher
financial flexibility in the near-medium term.

While gearing is comfortable at 1.4 times as on March 31, 2014,
the company's financial risk profile is constrained by the limited
cushion between cash accruals generated, of about INR39 million in
2013-14, and term scheduled term debt repayments. Improvement in
SGCPL's annual cash accruals to ensure timely debt repayment,
along with maintenance of the company's current capital structure,
will remain a key rating sensitivity factor.

CRISIL's ratings also reflect SGCPL's susceptibility to intense
competition in the steel industry, and below-average financial
risk profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that SGCPL derives
from its proximity to raw material sources and the end-user market
for TMT bars and promoters extensive experience in the industry.
Outlook: Stable

CRISIL's ratings continue to reflect ShreeGopal Concrete Private
Limited's (SGCPL's) susceptibility to intense competition in the
steel industry, and below-average financial risk profile marked by
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that SGCPL derives from its
proximity to raw material sources and the end-user market for TMT
bars.

SGCPL, set up in 2005, manufactures, as well as trades in, TMT
bars. It also manufactures cement. Its cement plant is in Durgapur
(West Bengal). SGCPL commenced commercial operations in 2008-09.


SIDDHARTH POOJA: CARE Assigns B Rating to INR30cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Siddharth
Pooja Spintex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      30        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Siddharth Pooja
Spintex Private Limited (SPS) is constrained on account of
significant project execution risk associated with its green field
project, working capital-intensive nature of business and high
funding risk as project debt tie-up is pending. The rating is
further constrained on account of presence in a highly fragmented
and competitive textile industry, susceptibility of operating
margins to fluctuation in cotton price and seasonality associated
with the cotton industry.

The rating, however, draws support from the experienced management
personnel along with integrated manufacturing process and
locational advantage.

The ability of the company to complete the envisaged project
within the scheduled time frame, without any cost overrun, and
attainment of stability are the key rating sensitivities.

SPS was established in June 2013 with the objective of
manufacturing of cotton yarn. Promoted by Mr Shantilal Pahade
and his son Mr Anup Pahade, the company is the forward integration
of their already established firm 'Bhagyoday Agro Industries'
(rated 'CARE B+'), which is engaged in cotton ginning and
pressing. SPS will procure the raw material, ie, ginned cotton
primarily from its associate concern and proposes to supply the
finished product to various weaving and knitting units based out
in Maharashtra and Madhya Pradesh. The manufacturing unit of the
company will be located in Vaijapur, district Aurangabad. The
installed capacity of the proposed unit of SPS will be around
16,320 spindles with production of around 3,672 metric tonnes of
cotton yarn per year. The commercial production is expected to
commence from November 2015.


SIGNATURE BUILDCON: CRISIL Suspends B+ Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Signature Buildcon (Signature).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              150          CRISIL B+/Stable

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

Signature is a SPV for development of commercial projects in
Ahmedabad (Gujarat). The firm has been promoted by eight partners,
of which three are real estate players, namely Mr. Ashok Agarwal,
Mr. Rajesh Jindal, and Mr. Hemal Parikh. The other five are
financial partners: Mr. Bansilal Kabra, Mr. Pramodbhai Kanodia,
Mr. Prashantkumar Agarwal, Mr. Pravinbhai Dobaria, and Mr. Vijay
Dobaria.


SPICA PROJECTS: CRISIL Suspends B- Rating on INR48.7MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Spica
Projects and Infrastructures Pvt Ltd (SPIPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          180          CRISIL A4
   Cash Credit              48.7        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        8.3        CRISIL B-/Stable

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

Promoted by Mr. Santosh Kumar Singh, SPIPL (formerly, Santosh
Kumar Singh) was reconstituted as a private limited company under
its current name on January 31, 2013. The company undertakes
construction of roads and bridges for government and semi-
government entities.


SREE SANNIDHI: CRISIL Assigns B+ Rating to INR139.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sree Sannidhi Foods Pvt Ltd (SSFPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             100          CRISIL B+/Stable
   Term Loan               139.5        CRISIL B+/Stable

The rating reflects SSFPL's expected small scale of operations in
the highly competitive fruit-processing industry due to its
initial phase of operation and the susceptibility of its business
to availability and prices of tropical fruits, and to volatility
in foreign exchange rates. The ratings also factor in the
company's below-average financial risk profile due to large debt-
funded capital expenditure (capex) and working capital
requirements. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of its management and the
proximity of its unit to the mango-growing belt of Chittoor
District (Andhra Pradesh).

Outlook: Stable

CRISIL believes that SSFPL will continue to benefit from the
proximity of its unit to the mango-growing belt. The outlook may
be revised to 'Positive' in case of higher-than-expected ramp up
in the company's scale of operations and sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
weakening of SSFPL's financial risk profile and liquidity, most
likely due to time or cost overruns in its project or
substantially high working capital requirements.

SSFPL was incorporated in 2010 in Chittoor (Andhra Pradesh) was
taken over by the current management comprising Mr. Shivam Goyal
and Ms. Shavya Goyal in January 2014. The company is a
manufacturer and exporter of processed fruit products and it
commenced full-fledged commercial operations from June 2014. The
company is now in the process of undertaking capex of INR185.7
million for expanding its current facility by adding a new
production line.


SREE TIRUMALA: CRISIL Suspends B Rating on INR45MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Tirumala Cotton Corporation (STCC).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              45          CRISIL B/Stable
   Proposed Bill
   Discounting Facility     25          CRISIL A4

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

Set up in 2008 in Guntur (Andhra Pradesh) as a partnership firm,
STCC is engaged in ginning and pressing of raw cotton, sells
cotton lint and cotton seeds; it also undertakes trading of raw
cotton. Mr.D.Surya Prakasa Rao and his family members are the
firm's partners (owners). STCC operates through a leased ginning
unit in Andhra Pradesh.


SRSR HOLDINGS: RBI Initiates Action vs. Raju's Front Companies
--------------------------------------------------------------
The Times of India reports that the Reserve Bank of India (RBI)
has initiated action against some of the front companies floated
by Satyam founder B Ramalinga Raju and his brothers Rama Raju and
Suryanarayana Raju, the Enforcement Directorate (ED) probing the
Satyam scam has informed the trial court.

According to the report, the ED has said in its chargesheet filed
recently that companies like SRSR Holdings Ltd., floated and run
by Suryanarayana Raju, had actually performed the role of a non-
banking financial company (NBFC) and they never obtained the
required licence from RBI for these transactions.

TOI relates that the ED, which filed its case against 213 accused
that include Raju, his relatives, associates and their companies,
said 327 front companies were floated to launder the Satyam scam
money in order to provide a corporate veil to their criminal
activities. It also said that the Rajus made nearly INR2,300 crore
illegal gain in the scam, and purchased more than 1,060 properties
and held them in various benami names and front companies, the
report relays.

SRSR Holdings played a key role in promising the Rajus' Satyam
shares with NBFCs and in obtaining INR2,171 crore as loan, ED
authorities said in the chargesheet, according to TOI.

Immediately after this, Raju declared bonus shares to all
shareholders of Satyam and with this the number of shares of Raju
and his kin held in the company rose to 5.5 crore. They could
retain half of this, after selling away their shares held prior to
the bonus issue, ED said, the report relays.

What SRSR Holdings performed in the process was the role of an
NBFC for which it acquired no registration or licence from RBI,
the ED officials charged, according to TOI. The accused took care
to ensure that no one knew about the promoters of Satyam selling
en masse their shares in the company or that properties were being
bought for them, it said in the chargesheet cited by TOI.

Interestingly, the ED recorded scores of statements of the
employees of SRSR Holdings and various other front companies, who
have unequivocally told the authorities that it was Satyam money
that was being laundered and all the properties were being bought
only for the three Rajus, namely Ramalinga, Rama and
Suryanarayana, says TOI.

Even more interesting was how ED proved Ramalinga Raju wrong, the
report notes.  Raju in his deposition before ED maintained that he
only transferred the shares held by him and his kin to their
company SRSR Holdings and it did not amount to selling of shares.
What ED did was to track the subsequent developments like SRSR
mortgaging them which later stood sold to outsiders, TOI relates.

On Jan. 6, all the accused, including Ramalinga Raju, his kin and
representatives of various front companies appeared before the ED
court. The court posted the case for further hearing to
January 21, the report notes.


SUPRADA CONSTRUCTION: CRISIL Suspends C Rating on INR57.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suprada
Construction Company (SCC).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          62.5         CRISIL A4
   Cash Credit             57.5         CRISIL C

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

Set up in 1982 and based in Dharwad (Karnataka), SCC is engaged in
the execution of civil contracts. The firm is promoted by Mr. U
Seetharam Shetty and his family.


TEXPLAST INDUSTRIES: CRISIL Suspends B- Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Texplast Industries Ltd (TIL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Bill Discounting         20         CRISIL B-/Stable
   Buyer Credit Limit       18.8       CRISIL B-/Stable
   Cash Credit              60         CRISIL B-/Stable
   Foreign Currency
   Term Loan                31.6       CRISIL B-/Stable
   Letter of Credit         70         CRISIL A4
   Packing Credit           55         CRISIL A4
   Proposed Long Term
   Bank Loan Facility       35         CRISIL B-/Stable
   Term Loan                 9.6       CRISIL B-/Stable

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

TIL was incorporated in December 1970 as a private limited company
named Texplast Engineers Pvt Ltd. The company was reconstituted as
a public limited company under its current name in 1994. It
manufactures flexible intermediate bulk container (FIBC) jumbo
bags, woven sacks and various polymer-based products such as
container bags, container bags liners, and other FIBC accessories.
The company recently ventured into the business of manufacturing
multifilament yarn and tarpaulin. It also trades in fabrics.



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


CAFES 1 TRUST: Moody's Reviews 2 Certs.' B1 Rating for Downgrade
----------------------------------------------------------------
Moody's Japan K.K has placed the ratings for the Class A-1 through
D-2 Trust Certificates issued by Cafes 1 Trust on review for
downgrade.

The affected ratings are as follows:

Class A-1, A1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to A1 (sf)

Class A-2, A1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to A1 (sf)

Class B, Baa1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to Baa1 (sf)

Class C-1, Ba1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to Ba1 (sf)

Class C-2, Ba1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to Ba1 (sf)

Class D-1, B1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to B1 (sf)

Class D-2, B1 (sf) placed under review for downgrade; previously
on February 7, 2014, downgraded to B1 (sf)

Deal Name: Cafes 1 Trust

Class: Class A-1 through D-2 Trust Certificates

Issue Amount (Initial): JPY53.2 billion

Dividend: Fix/Floating

Issue Date (Initial): July 21, 2006

Legal Final Maturity: May 31, 2018

Underlying Asset (Initial): A non-recourse loan backed by an
office property in Tokyo

Originator: Credit Agricole Corporate and Investment Bank, Tokyo
Branch

Arranger: Credit Agricole Securities Asia BV, Tokyo branch

Ratings Rationale

The review is prompted by Moody's concern about a possible
deterioration in cash flow derived from the underlying property
when the current lease from the single tenant expires during the
tail period of the transaction, which is between the expected and
legal final maturity of the trust certificates. Such deterioration
will affect the property value and refinancing activities before
the loan maturity date.

The loan is backed by an office building located in Tokyo.
Although market rents of properties in the same area have been on
the rise, the rent paid by the current tenant is still higher than
the upper range of the market rent. As such, Moody's expects cash
flow from the property to decrease upon expiry of the lease
agreement.

During the review period, Moody's will reassess its assumptions in
relation to the cash flow and property value in light of the
rental conditions in the sub-markets surrounding the property.

Moody's expects the ratings of the certificates to be downgraded
by two to three notches.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
(Japanese) published in September 2010.

Factors that would lead to an upgrade or downgrade of the rating:

The key rating driver of the deal is the loan-to-value (LTV)
ratio, because the credit quality of the rated tranches is
supported by the sales proceeds of the underlying property. A
decrease or increase in the LTV ratio for each rated tranche may
lead to upward or downward rating pressure.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Missed $563MM Loan Payment Due End-Dec
-------------------------------------------------------------
Reuters reports that Malaysian state investor 1Malaysia
Development Bhd missed the repayment of a MYR2 billion ($563
million) bridge loan that was due end-December, two people close
to the matter said Jan. 6.

Reuters relates the people said the firm, known as 1MDB, is now
exploring ways to settle the payment to lenders and RHB by
Jan. 30. The delay may hamper a long-planned $3 billion initial
public offering of 1MDB power assets, designed to help cut the
firm's $11.8 billion borrowings, the report relays.

According to the report, the missed payment comes as 1MDB
reshuffles management.  On Jan. 5, it hired an Abu Dhabi-based
Malaysian investment banker, Arul Kanda, as its new President and
group executive director. Kanda succeeds former Chief Executive
Officer Mohd Hazem Abdul Rahman, who departed less than two years
after his appointment, amid criticism for leading the company into
further debt, Reuters discloses.

With Prime Minister Najib Razak chairing its advisory board,
1MDB's inability to settle the loan payment hit the firm's bonds
and fuelled investor concerns about Malaysia's economy, economists
said, Reuters relays. Already hit by worries over falling crude
oil prices, the Malaysian currency extended its slide against the
dollar on Jan. 6 to its lowest since July 2009, says Reuters.

"1MDB will be a bit of a catalyst of the ringgit weakening . . .
The concerns are whether the sovereign itself will have to take up
the liability," Reuters quotes Wellian Wiranto, an economist at
OCBC Bank in Singapore, as saying.

The spread on a 1MDB $3 billion bond, due 2023, MY090608517= moved
out 55 bps to 310/290 bps over U.S. Treasuries, the widest since
its issuance in March 2013 as investors absorbed the impact of the
payment delay, according to Reuters.

Officials at 1MDB declined to comment. The people familiar with
the situation spoke on condition of anonymity as the matter was
still private, Reuters says.

1MDB's borrowings amounted to MYR41.9 billion ($11.8 billion) as
of March 31, 2014, Reuters discloses citing 1MDB's most recent
financial statement.  Though 1MDB is a state investor, Malaysian
authorities have said the country has provided an explicit
guarantee on only MYR5.8 billion of the fund's loans, Reuters
notes.

According to Reuters, the MYR2 billion loan that is now due to be
repaid by end-January is part of a bigger debt taken on by its
Powertek Investment Holdings Sdn Bhd unit in May. It was designed
to refinance a MYR6.17 billion bridging loan taken out in 2012 to
part finance the purchase of power assets, Reuters adds.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.


1MALAYSIA DEVELOPMENT: CIMB Keeps Add For Maybank Amid Exposure
---------------------------------------------------------------
The Star reports that CIMB Equities Research is maintaining its
Add recommendation for Maybank despite its exposure to 1Malaysia
Development Bhd (1MDB) after it failed to pay a MYR2 billion loan
due on Dec 31, 2014.

"We gather that Maybank's loan exposure to 1MDB could amount to
MYR5.5 billion A 10% provisioning for this would trim Maybank's
FY15 net profit by 5.6%, based on our estimates," CIMB said on
Jan. 7.

The Star relates that CIMB Research also pointed out the above
risks would be reduced by the government's guarantee and 1MDB's
listing plans.

"Our DDM-based target price (COE of 9.7%; LT growth of 4%) is
intact. Despite this possible hiccup, Maybank remains an Add and
our top pick for the sector, as it would benefit from the expected
improvement in the Indonesian operating environment and regional
expansion drive," CIMB said, The Star relays.

The research house said it had gathered from The Star article that
Maybank's loan exposure to 1MDB totals MYR5.5 billion.

"We estimate that a 10% provision for the loans would increase
Maybank's credit costs by MYR550 million and reduce FY15 net
profit by 5.6%. In the worst-case scenario, a full impairment of
the loans would slash Maybank's FY15 net profit by 56% and lower
our target price by around 44 sen to MYR12.06," CIMB said.

"However, we take the comfort in the fact that Maybank's exposure
to 1MDB is guaranteed by the government of Abu Dhabi. Furthermore,
the loans would be settled if the 1MDB IPO is successfully
implemented this year. Hence, we do not see a high likelihood of
full impairment for the loans," CIMB, as cited by The Star, said.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


PHIL ROUSE: Placed Into Liquidation; 80 Workers Lose Jobs
---------------------------------------------------------
Waikato Times reports that about 80 workers will be looking for
new jobs this year after Phil Rouse Ltd was placed into
liquidation.

Tokoroa-based contracting business Phil Rouse has been in
operation for almost 40 years, and founder Phil Rouse said he
feels like he has been "gutted from top to toe" by the closure,
Waikato Times relates.

Waikato Times, citing the first liquidator report, discloses that
the company owes more than NZ$6.8 million to more than 100 other
companies, employees and Inland Revenue. Phil Rouse Ltd is owed
NZ$2.2 million, with Meltzer Mason liquidator Lloyd Hayward
confirming that amount was across about five contracts, Waikato
Times relays.

According to the report, Mr. Rouse said the company had hit
trouble over a NZ$6 million contract for work on the Rangiriri
section of the New Zealand Transport Agency's (NZTA) Waikato
Expressway, while a subcontractor to Fletcher Construction.

Mr. Rouse wouldn't go into detail about what happened, but the
liquidator report states that "issues arose with the head
contractor," Waikato Times says.

Eventually, the liquidators' report states the head contractor
called in Phil Rouse Ltd bonds, which Mr. Rouse said added up to
NZ$900,000, and cancelled the contract.  Mr. Rouse said that was
the last straw for the company, which had been struggling with
cash flow since a major contract at Kinleith was cancelled two
years ago, Waikato Times adds.

Waikato Times notes that liquidators were appointed on December 18
and Mr. Rouse had the task of telling his 76 staff -- 48 full time
-- just before Christmas that the company wouldn't be around in
the New Year.

A creditor meeting will be held on February 11 at the Rotary Room
of Hamilton Gardens at 11:00 a.m., Waikato Times reports.



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


DONGBU GROUP: Court Approves Receivership for Construction Unit
---------------------------------------------------------------
Yonhap News Agency reports that a local court said on Jan. 7 it
has decided to commence a receivership program for Dongbu Corp.,
which has recently been hit by financial troubles amid a slump in
the construction industry.

The report relates that the decision by the Seoul Central District
Court came just a week after the construction arm of the country's
18th-largest conglomerate Dongbu Group filed for the receivership
program after admitting it was unable to repay the KRW261.8
billion (US$238 million) it had borrowed from local banks.

Citing that the company is among the top 25 builders in South
Korea in terms of construction capability, the court said it made
a prompt decision to start receivership "considering that Dongbu
Corp. has partnerships with 1,347 suppliers and is likely to have
a large ripple effect through the country's economy," Yonhap says.

According to Yonhap, the court said it will grant fast-track
status to end the receivership process as quickly as possible and
added that the company's current head, Lee Soon-byung, will stay
in charge so as to minimize any negative effects or abrupt changes
to the business.

Yonhap notes that aside from the financial difficulty that Dongbu
Corp. is faced with, the livelihoods of the company's
subcontractors are also in peril. According to Yonhap, industry
sources said there may be over 1,700 suppliers doing business with
the builder, with their combined transactions reaching
KRW317.9 billion.

Yonhap says the Financial Supervisory Service (FSS) on Jan. 6 sent
out a notice to 17 local banks prohibiting them from any actions
that may put a strain on the business of the subcontractors,
including reducing the firms' credit lines or requesting
additional collateral when extending loans.

"We've sent out word (for the banks) to refrain from any moves
that could restrict the subcontractors' financial transactions in
order to prevent those companies from going bankrupt simply
because of their link to Dongbu Corp., even though they may
actually be financially sound or their business with the builder
was a minor part of their earnings," the report quotes an FSS
official as saying.

Dongbu Group is a South Korean conglomerate corporation which
operates through seven business segments with 42 subsidiaries and
35,000 employees. The Group produces industry, chemical, shipping,
insurance and financial products.

As reported in the Troubled Company Reporter-Asia Pacific on
June 30, 2014, Yonhap News Agency said cash-starved Dongbu Group
is at risk of falling into a deeper hole as its affiliates are
likely to face hurdles in refinancing maturing debts following the
failure of a deal to sell its key assets, analysts said on June
27.  The news agency said Dongbu has been under pressure from its
creditors to beef up its worsening financial status.

The Group's construction arm filed for court receivership in
December 2014.


DONGBU GROUP: Steel Unit's Shareholders OK Capital Reduction
------------------------------------------------------------
Yonhap News Agency reports that shareholders of Dongbu Steel, a
struggling affiliate of Dongbu Group, on Jan. 7 approved a capital
reduction, a move aimed at improving its financial status.

Yonhap relates that the capital reduction calls for the
consolidation of 100 shares into one for large shareholders of the
steelmaker, including Dongbu Group chairman Kim Jun-ki. For
smaller shareholders, the reduction ratio is four to one.

As a result, the stake held by Mr. Kim and those with special
relations fell to less than 1 percent, the report discloses. The
state-run Korea Development Bank (KDB) and other creditors will
secure a combined 50.9 percent stake in the company by turning
KRW53 billion worth of debt into equity, according to Yonhap.

The move comes as Dongbu Steel promised to creditors last year
that it would reduce its capital and sell off some assets as part
of restructuring efforts, adds Yonhap.

Dongbu Group is a South Korean conglomerate corporation which
operates through seven business segments with 42 subsidiaries and
35,000 employees. The Group produces industry, chemical, shipping,
insurance and financial products.

As reported in the Troubled Company Reporter-Asia Pacific on
June 30, 2014, Yonhap News Agency said cash-starved Dongbu Group
is at risk of falling into a deeper hole as its affiliates are
likely to face hurdles in refinancing maturing debts following the
failure of a deal to sell its key assets, analysts said on June
27.  The news agency said Dongbu has been under pressure from its
creditors to beef up its worsening financial status.

The Group's construction arm filed for court receivership in
December 2014.



===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA

360 CAPITAL OFFI         TOF              88.94          -33.19
AAT CORP LTD             AAT              32.50          -13.46
AAT CORP LTD             AAT              32.50          -13.46
ACONEX LTD               ACX              36.38         -152.68
ATLANTIC LTD             ATI              64.03         -517.87
AUSTRALIAN ZI-PP         AZCCA            14.89          -65.04
AUSTRALIAN ZIRC          AZC              14.89          -65.04
AXXIS TECHNOLOGY         AYG              19.18           -1.88
BESRA GOLD -CDI          BEZ              67.38          -22.27
BIRON APPAREL LT         BIC              19.71           -2.22
BLUESTONE GLOBAL         BUE              46.32           -2.40
BRIDGE GLOBAL CA         BGC              19.38         -121.51
BULLETPROOF GROU         BPF              11.11           -2.99
CLARITY OSS LTD          CYO              13.99          -15.57
CONTINENTAL COAL         CCC             141.26           -6.69
CONTINENTAL CO-N         CCCN            141.26           -6.69
IPH LTD                  IPH              22.71           -7.54
LOVISA HOLDINGS          LOV              19.02           -3.43
MIRABELA NICKEL          MBN             158.54         -375.82
RIVERCITY MOTORW         RCY             386.88         -809.13
RUTILA RESOURCES         RTA              36.35           -0.58
SAVCOR GRP LTD           SAV              25.90          -10.32
SIGNATURE METALS         SBL              33.09          -18.85
STERLING PLANTAT         SBI              59.64          -12.67
STONE RESOURCES          SHK              21.76          -14.91
STRAITS RESOURCE         SRQ             185.04          -65.47
SUBZERO GROUP LT         SZG              31.95           -3.19
VDM GROUP LTD            VMG              17.70           -2.10


CHINA

ANHUI GUOTONG-A          600444           75.07           -7.31
BAIOO                    2100             88.34           -3.21
CHINA ESSENCE GR         CESS             53.02         -104.44
HUNAN TIANYI-A           908              56.49           -2.05
JIANGXI CHANG-A          600228          109.53          -11.09
LINEKONG INTERAC         8267             40.79         -112.57
LUOYANG GLASS-A          600876          203.45           -2.05
LUOYANG GLASS-H          1108            203.45           -2.05
NANNING CHEMIC-A         600301          257.94          -14.09
SHAANXI QINLIN-A         600217          339.47          -24.55
SHANG BROAD-A            600608           39.94           -0.31
SHANGHAI CHAOR-A         2506            577.79         -465.36
SONGLIAO AUTO -A         600715           32.79           -0.62
TIANGE                   1980            139.51          -13.82
WUHAN BOILER-B           200770          193.47         -235.12
XIAKE COLOR-A            2015            268.17          -18.47


HONG KONG

CHINA HEALTHCARE         673              26.86          -17.33
CHINA MINING RES         340              97.56           -1.90
CHINA OCEAN SHIP         651             315.16          -76.51
CNC HOLDINGS             8356             50.95          -10.22
CODE AGRICULTURE         8153             89.33          -63.78
GR PROPERTIES LT         108              17.83          -52.36
GRANDE HLDG              186             194.96         -302.44
HARMONIC STR             33               33.31           -2.82
MASCOTTE HLDGS           136              17.72           -4.61
TITAN PETROCHEMI         1192            422.49       -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01          -17.22
ARPENI PRATAMA           APOL            166.39         -336.11
ASIA PACIFIC             POLY            323.36         -862.79
BAKRIE & BROTHER         BNBR            937.98         -160.00
BAKRIE TELECOM           BTEL            627.41         -271.18
BENTOEL INTL INV         RMBA            854.30          -17.77
BERAU COAL ENERG         BRAU          1,876.65          -29.46
BERLIAN LAJU TAN         BLTA            766.11       -1,173.91
BERLIAN LAJU TAN         BLTA            766.11       -1,173.91
BORNEO LUMBUNG           BORN          1,050.10         -541.61
BUMI RESOURCES           BUMI          6,764.90         -242.51
ICTSI JASA PRIMA         KARW             53.53          -10.11
JAKARTA KYOEI ST         JKSW             24.64          -34.00
MATAHARI DEPT            LPPF            240.00          -14.87
MERCK SHARP DOHM         SCPI             92.25           -0.08
ONIX CAPITAL TBK         OCAP             13.75           -2.96
RENUKA COALINDO          SQMI             16.30           -0.32
SUMALINDO LESTAR         SULI             77.28          -34.38
TRUBA ALAM ENG           TRUB            216.87          -34.67
UNITEX TBK               UNTX             20.62          -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66          -25.51
AGRO DUTCH INDUS         ADF              85.09          -22.81
ALPS INDUS LTD           ALPI            201.29          -41.70
ARTSON ENGR              ART              11.64          -10.64
ASHAPURA MINECHE         ASMN            162.39          -16.64
ASHIMA LTD               ASHM             63.23          -48.94
ATV PROJECTS             ATV              48.47          -43.93
BELLARY STEELS           BSAL            451.68         -108.50
BENZO PETRO INTL         BPI              26.77           -1.05
BHAGHEERATHA ENG         BGEL             22.65          -28.20
BHARATI SHIPYARD         BHSL          1,428.69          -17.76
BINANI INDUS LTD         BZL           1,163.38          -38.79
BLUE BIRD INDIA          BIRD            122.02          -59.13
CELEBRITY FASHIO         CFLI             24.96           -8.26
CHESLIND TEXTILE         CTX              20.51           -0.03
CLASSIC DIAMONDS         CLD              66.26           -6.84
COMPUTERSKILL            CPS              14.90           -7.56
DCM FINANCIAL SE         DCMFS            18.46           -9.46
DFL INFRASTRUCTU         DLFI             42.74           -6.49
DIGJAM LTD               DGJM             99.41          -22.59
DISH TV INDIA            DITV            462.53          -52.19
DISH TV INDI-SLB         DITV/S          462.53          -52.19
DUNCANS INDUS            DAI             122.76         -227.05
ENSO SECUTRACK           ENSO             15.57           -0.46
EURO CERAMICS            EUCL            110.62           -6.83
EURO MULTIVISION         EURO             36.94           -9.95
FERT & CHEM TRAV         FCT             314.24          -76.26
GANESH BENZOPLST         GBP              44.05          -15.48
GANGOTRI TEXTILE         GNTX             54.67          -14.22
GOKAK TEXTILES L         GTEX             48.71           -5.00
GOLDEN TOBACCO           GTO              97.40          -18.24
GSL INDIA LTD            GSL              29.86          -42.42
GSL NOVA PETROCH         GSLN             16.53           -1.31
GUJARAT STATE FI         GSF              15.26         -304.68
GUPTA SYNTHETICS         GUSYN            44.18           -6.34
HARYANA STEEL            HYSA             10.83           -5.91
HEALTHFORE TECHN         HTEC             14.74          -46.64
HINDUSTAN ORGAN          HOC              57.24          -51.76
HINDUSTAN PHOTO          HPHT             49.58       -1,832.65
HIRAN ORGOCHEM           HO               14.56           -4.59
HMT LTD                  HMT             106.62         -454.42
ICDS                     ICDS             13.30           -6.17
INDAGE RESTAURAN         IRL              15.11           -2.35
INDOSOLAR LTD            ISLR            193.78           -6.91
INTEGRAT FINANCE         IFC              49.83          -51.32
JCT ELECTRONICS          JCTE             80.08          -76.70
JENSON & NIC LTD         JN               16.49          -71.70
JET AIRWAYS IND          JETIN         2,856.84         -697.07
JET AIRWAYS -SLB         JETIN/S       2,856.84         -697.07
JOG ENGINEERING          VMJ              45.90           -5.28
KALYANPUR CEMENT         KCEM             23.39          -42.66
KERALA AYURVEDA          KERL             13.97           -1.69
KIDUJA INDIA             KDJ              11.16           -3.43
KINGFISHER AIR           KAIR            515.93       -2,371.26
KINGFISHER A-SLB         KAIR/S          515.93       -2,371.26
KITPLY INDS LTD          KIT              14.77          -58.78
KLG SYSTEL LTD           KLGS             40.64          -27.37
KSL AND INDUSTRI         KSLRI           269.42          -14.19
LML LTD                  LML              43.95          -78.18
MADHUCON PROJECT         MDHPJ         1,226.74          -21.90
MADRAS FERTILIZE         MDF             289.78          -34.43
MAHA RASHTRA APE         MHAC             14.49          -12.96
MALWA COTTON             MCSM             44.14          -24.79
MAWANA SUGAR             MWNS            142.07          -32.88
MODERN DAIRIES           MRD              38.61           -3.81
MOSER BAER INDIA         MBI             727.13         -165.63
MOSER BAER -SLB          MBI/S           727.13         -165.63
MPL PLASTICS LTD         MPLP             17.67          -51.22
MTZ POLYFILMS LT         TBE              31.94           -2.57
MURLI INDUSTRIES         MRLI            262.39          -38.30
MYSORE PAPER             MSPM             87.99           -8.12
NATL STAND INDI          NTSD             22.09           -0.73
NAVCOM INDUS LTD         NOP              10.19           -3.53
NICCO CORP LTD           NICC             71.84           -4.91
NICCO UCO ALLIAN         NICU             23.25          -83.90
NK INDUS LTD             NKI             141.35           -7.71
NRC LTD                  NTRY             55.11          -52.44
NUCHEM LTD               NUC              24.72           -1.60
PANCHMAHAL STEEL         PMS              51.02           -0.33
PARAMOUNT COMM           PRMC            124.96           -0.52
PARASRAMPUR SYN          PPS              99.06         -307.14
PAREKH PLATINUM          PKPL             61.08          -88.85
PIONEER DISTILLE         PND              53.74           -5.62
PREMIER INDS LTD         PRMI             11.61           -6.09
PRIYADARSHINI SP         PYSM             20.80           -2.28
QUADRANT TELEVEN         QDTV            105.10         -183.38
QUINTEGRA SOLUTI         QSL              16.76          -17.45
RAMSARUP INDUSTR         RAMI            433.89          -89.28
RATHI ISPAT LTD          RTIS             44.56           -3.93
RELIANCE MED-SLB         RMW/S           279.61         -144.47
RENOWNED AUTO PR         RAP              14.12           -1.25
RMG ALLOY STEEL          RMG              66.61          -12.99
ROYAL CUSHION            RCVP             14.70          -75.18
SAAG RR INFRA LT         SAAG             12.54           -4.93
SADHANA NITRO            SNC              16.74           -0.58
SANATHNAGAR ENTE         SNEL             49.23           -6.78
SANCIA GLOBAL IN         SGIL             53.12          -30.47
SBEC SUGAR LTD           SBECS            92.44           -5.61
SERVALAK PAP LTD         SLPL             61.57           -7.63
SHAH ALLOYS LTD          SA              168.13          -81.60
SHALIMAR WIRES           SWRI             21.39          -24.28
SHAMKEN COTSYN           SHC              23.13           -6.17
SHAMKEN MULTIFAB         SHM              60.55          -13.26
SHAMKEN SPINNERS         SSP              42.18          -16.76
SHREE GANESH FOR         SGFO             44.50           -2.89
SHREE KRISHNA            SHKP             14.62           -0.92
SHREE RAMA MULTI         SRMT             38.90           -4.49
SHREE RENUKA SUG         SHRS          2,162.34          -82.52
SHREE RENUKA-SLB         SHRS/S        2,162.34          -82.52
SIDDHARTHA TUBES         SDT              44.95          -15.37
SIMBHAOLI SUGARS         SBSM            268.76          -54.47
SPICEJET LTD             SJET            489.96         -170.22
SQL STAR INTL            SQL              10.58           -3.28
STATE TRADING CO         STC             556.35         -392.74
STELCO STRIPS            STLS             11.65           -5.73
STI INDIA LTD            STIB             21.69           -2.13
STL GLOBAL LTD           SHGL             30.73           -5.62
STORE ONE RETAIL         SORI             15.48          -59.09
SURYA PHARMA             SUPH            370.28           -9.97
SUZLON ENERG-SLB         SUEL/S        5,061.62          -53.02
SUZLON ENERGY            SUEL          5,061.62          -53.02
TAMILNADU JAI            TNJB             17.07           -1.00
TATA METALIKS            TML             122.76           -3.30
TATA TELESERVICE         TTLS          1,311.30         -138.25
TATA TELE-SLB            TTLS/S        1,311.30         -138.25
TIMEX GROUP IND          TIMX             20.14           -0.42
TODAYS WRITING           TWPL             18.58          -25.67
TRIUMPH INTL             OXIF             58.46          -14.18
TRIVENI GLASS            TRSG             19.71          -10.45
TUTICORIN ALKALI         TACF             19.86          -19.58
UDAIPUR CEMENT W         UCW              11.38          -10.53
UNIFLEX CABLES           UFCZ             47.46           -7.49
UNIWORTH LTD             WW              149.50         -151.14
UNIWORTH TEXTILE         FBW              22.54          -35.03
USHA INDIA LTD           USHA             12.06          -54.51
VANASTHALI TEXT          VTI              14.59           -5.80
VENUS SUGAR LTD          VS               11.06           -1.08
WANBURY LTD              WANB            141.86           -3.91
WEBSOL ENERGY SY         WESL            105.10          -23.79


JAPAN

GOYO FOODS INDUS         2230             11.93           -1.86
LCA HOLDINGS COR         4798             21.73           -1.75
OPTROM INC               7824             17.04           -3.89
PIXELA CORP              6731             13.23           -1.02


KOREA

HYUNDAI CEMENT           6390            454.92         -262.92
SAMWHAN CORP             360             624.46           -9.54
SAMWHAN CORP-PRE         365             624.46           -9.54
SHINIL ENG CO            14350           199.04           -2.53
STX CORPORATION          11810         1,275.13         -484.08
STX ENGINE CO LT         77970         1,170.67          -62.72
TEC & CO                 8900            139.98          -16.61
TEC & CO-R               890015          139.98          -16.61
TONGYANG INC             1520          1,068.15         -452.52
TONGYANG INC-2PF         1527          1,068.15         -452.52
TONGYANG INC-3RD         1529          1,068.15         -452.52
TONGYANG INC-PFD         1525          1,068.15         -452.52


MALAYSIA

DING HE MINING           705              48.83          -57.14
HAISAN RESOURCES         HRB              24.16          -20.10
HIGH-5 CONGLOMER         HIGH             34.30          -46.85
LION CORP BHD            LION          1,128.18         -160.72
ML GLOBAL BHD            MLG              13.82           -5.14
PERWAJA HOLDINGS         PERH            515.46         -163.63
PETROL ONE RESOU         PORB             51.39           -4.00


NEW ZEALAND

ALLIED FARMERS           ALF              10.18           -3.40
PULSE ENERGY LTD         PLE              15.04           -4.52


PHILIPPINES

CYBER BAY CORP           CYBR             13.68          -25.95
DFNN INC                 DFNN             14.84           -2.76
FILSYN CORP A            FYN              23.11          -11.69
FILSYN CORP. B           FYNB             23.11          -11.69
GOTESCO LAND-A           GO               21.76          -19.21
GOTESCO LAND-B           GOB              21.76          -19.21
METRO GLOBAL HOL         MGH              40.90          -15.77
PICOP RESOURCES          PCP             105.66          -23.33
STENIEL MFG              STN              21.07          -11.96
UNIWIDE HOLDINGS         UW               50.36          -57.19


SINGAPORE

CHINA GREAT LAND         CGL              12.53          -20.47
GPS ALLIANCE HOL         GPS              15.91           -0.61
OCEANUS GROUP LT         OCNUS            81.89          -13.92
QT VASCULAR LTD          QTVC             17.99          -11.99
SCIGEN LTD-CUFS          SIE              46.71          -55.42
SINGAPORE EDEVEL         SGE              12.81           -3.18
SINOPIPE HLDS            SPIP            191.88          -52.61
TERRATECH GROUP          TEGP             13.55           -5.24
UNITED FIBER SYS         UFS              46.83          -87.24


THAILAND

ABICO HLDGS-F            ABICO/F          15.28           -4.40
ABICO HOLDINGS           ABICO            15.28           -4.40
ABICO HOLD-NVDR          ABICO-R          15.28           -4.40
ASCON CONSTR-NVD         ASCON-R          59.78           -3.37
ASCON CONSTRUCT          ASCON            59.78           -3.37
ASCON CONSTRU-FO         ASCON/F          59.78           -3.37
BANGKOK RUBBER           BRC              77.91         -114.37
BANGKOK RUBBER-F         BRC/F            77.91         -114.37
BANGKOK RUB-NVDR         BRC-R            77.91         -114.37
BIG CAMERA COP-F         BIG/F            19.86          -13.03
BIG CAMERA CORP          BIG              19.86          -13.03
BIG CAMERA -NVDR         BIG-R            19.86          -13.03
CIRCUIT ELEC PCL         CIRKIT           16.79          -96.30
CIRCUIT ELEC-FRN         CIRKIT/F         16.79          -96.30
CIRCUIT ELE-NVDR         CIRKIT-R         16.79          -96.30
ITV PCL-NVDR             ITV-R            36.02         -121.94
K-TECH CONSTRUCT         KTECH/F          38.87          -46.47
KTECH CONSTRUCTI         KTECH            38.87          -46.47
K-TECH CONTRU-R          KTECH-R          38.87          -46.47
KUANG PEI SAN            POMPUI           17.70          -12.74
KUANG PEI SAN-F          POMPUI/F         17.70          -12.74
KUANG PEI-NVDR           POMPUI-R         17.70          -12.74
PAE THAI PUB CO          PAE              42.42           -0.28
PAE THAI-FRGN            PAE/F            42.42           -0.28
PAE THAI-NVDR            PAE-R            42.42           -0.28
PATKOL PCL               PK               52.89          -30.64
PATKOL PCL-FORGN         PK/F             52.89          -30.64
PATKOL PCL-NVDR          PK-R             52.89          -30.64
PROFESSIONAL WAS         PRO              10.22           -1.73
PROFESSIONAL-F           PRO/F            10.22           -1.73
PROFESSIONAL-N           PRO-R            10.22           -1.73
SHUN THAI RUBBER         STHAI            14.82           -4.53
SHUN THAI RUBB-F         STHAI/F          14.82           -4.53
SHUN THAI RUBB-N         STHAI-R          14.82           -4.53
TONGKAH HARBOU-F         THL/F            62.30           -1.84
TONGKAH HARBOUR          THL              62.30           -1.84
TONGKAH HAR-NVDR         THL-R            62.30           -1.84
TRANG SEAFOOD            TRS              15.18           -6.61
TRANG SEAFOOD-F          TRS/F            15.18           -6.61
TRANG SFD-NVDR           TRS-R            15.18           -6.61
TT&T PCL                 TTNT            589.80         -223.22
TT&T PCL-NVDR            TTNT-R          589.80         -223.22
TT&T PUBLIC CO-F         TTNT/F          589.80         -223.22
WORLD CORP -NVDR         WORLD-R          15.72          -10.10
WORLD CORP PCL           WORLD            15.72          -10.10
WORLD CORP PLC-F         WORLD/F          15.72          -10.10


TAIWAN

BEHAVIOR TECH CO         2341S            34.54           -2.57
BEHAVIOR TECH-EC         2341O            34.54           -2.57
HELIX TECH-EC            2479T            23.39          -24.12
HELIX TECH-EC IS         2479U            23.39          -24.12
HELIX TECHNOL-EC         2479S            23.39          -24.12
POWERCHIP SEM-EC         5346S         1,761.34         -296.10
TAIWAN KOL-E CRT         1606U           507.21         -147.14
TAIWAN KOLIN-EN          1606V           507.21         -147.14
TAIWAN KOLIN-ENT         1606W           507.21         -147.14



                             *********

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

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

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


                            *********


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

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

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

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

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



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