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                      A S I A   P A C I F I C

            Friday, January 16, 2015, Vol. 18, No. 011


                            Headlines


A U S T R A L I A

CAFE GAUDI: Closes Doors After 13 Years Due to Rent Rise
CHEMSTRALIA PTY: Moody's Assigns (P)B1 Corporate Family Rating
CHEMSTRALIA: S&P Assigns 'B+' CCR; Outlook Stable
ERNEST HILLIER: In Administration; First Meeting Set Jan. 20
RAMSAY MCDONALD: First Creditors' Meeting Slated For Jan. 22

SIGNET LAWYERS: First Creditors' Meeting Slated For Jan. 23
* AUSTRALIA: ATO Uses Power to Deal with Phoenix Behaviour


C H I N A

KAISA GROUP: Bank of China Sues Unit as Legal Challenges Mount
KAISA GROUP: Moody's Lowers CFR & Sr. Unsecured Debt Rating to Ca


I N D I A

AGASTHIACODU RUBBER: CRISIL Rates INR80MM Cash Credit at B+
AGL POLYFIL: CRISIL Suspends B- Rating on INR160MM Term Loan
BAGOOSA FOOD: CRISIL Ups Rating on INR110MM Term Loan to B-
BATANAGAR EDUCATION: CRISIL Reaffirms B- Rating on INR110MM Loan
BRAMHA IMPEX: CRISIL Suspends B Rating on INR130MM Cash Credit

CLASSIC ENGICON: CRISIL Reaffirms B+ Rating on INR50MM Loan
DAS RICE: CRISIL Assigns B Rating to INR70.7MM Bank Loan
DELHITES SYRO: CRISIL Suspends B Rating on INR100M Overdraft Loan
DR. ANJOLI: CRISIL Assigns B- Rating to INR50MM Bank Loan
GLOBAL COKE: CRISIL Suspends D Rating on INR770MM LOC

JET AIRWAYS: Founder Won't Sell 51% Stake in Carrier
JJ PV: CRISIL Assigns B+ Rating to INR72.5MM Cash Credit
KAMALA COLD: CRISIL Reaffirms D Rating on INR63.5MM Cash Credit
LORENZO VITRIFIED: CRISIL Reaffirms B Rating on INR220MM Loan
M B RUBBER: CRISIL Reaffirms B+ Rating on INR137MM Cash Credit

MODERNA JYOTI: CARE Assigns B+ Rating to INR7cr LT Bank Loan
NARENDRA DEV: CRISIL Assigns B+ Rating to INR25MM Cash Credit
OCEAN PEARL: CRISIL Assigns B+ Rating to INR200MM Overdraft Loan
OXIVE ENVIRONMENTAL: CARE Rates INR6.20cr LT Bank Loan at B+
PANTHOIBI HOUSING: CRISIL Assigns B Rating to INR500MM Bank Loan

PARKWOOD FARMS: CRISIL Suspends D Rating on INR39MM Loan
PRINTWELL OFFSET: CARE Reaffirms B Rating on INR8.88cr LT Loan
QRS MARKETING: CRISIL Suspends B+ Rating on INR67.5MM Cash Loan
RAGHU EXPORTS: CRISIL Reaffirms B Rating on INR21.8MM Term Loan
ROJER MATHEW: CRISIL Assigns B Rating to INR80MM Cash Credit

SADHAV OFFSHORE: CRISIL Reaffirms B+ Rating on INR29MM Cash Loan
SAIDRISTI SUITINGS: CARE Reaffirms B+ Rating on INR5.41cr LT Loan
SAINI TECHNO: CRISIL Suspends B+ Rating on INR64.8MM Term Loan
SHETKARI SAKHAR: CRISIL Ups Rating on INR342.7MM Term Loan to B-
SHREE MAHALAXMI: CARE Assigns B+ Rating to INR13.09cr Bank Loan

SHREE SAI: CARE Assigns B+ Rating to INR6.05cr LT Bank Loan
SRI GNANA: CRISIL Suspends D Rating on INR197.9MM LT Loan
STP LTD: CRISIL Reaffirms D Rating on INR200MM Cash Credit
SUNBOND CERAMIC: CRISIL Assigns B+ Rating to INR50MM Term Loan
SUNDER SIDDHI: CRISIL Suspends D Rating on INR300MM Cash Credit

SUNRISE STONE: CARE Assigns 'B' Rating to INR7.36cr Bank Loan
SUPERIOR FOOD: CRISIL Assigns B+ Rating to INR550MM Term Loan
SURYA WIRES: CARE Reaffirms B+ Rating on INR17.60cr LT Bank Loan
SWAGATH: CRISIL Assigns B+ Rating to INR230MM Overdraft Loan
THUNGA HOSPITAL: CRISIL Ups Rating on INR200MM Term Loan to B-

TIRATH RAM: CRISIL Suspends B Rating on INR50MM Term Loan
TNR INDUSTRIES: CRISIL Reaffirms B- Rating on INR52MM Bank Loan
VANTAGE SPINNERS: CARE Reaffirms 'C' Rating on INR48cr LT Loan
VELVET RESORTS: CRISIL Suspended B Rating on INR87MM Term Loan
VINOTH DISTRIBUTORS: CRISIL Reaffirms B+ Rating on INR100MM Loan

WIN-TEL CERAMICS: CRISIL Ups Rating on INR120MM Cash Loan to B-


I N D O N E S I A

BERAU COAL: Moody's Downgrades Corporate Family Rating to Caa1


P H I L I P P I N E S

GMA RURAL BANK: Ex-President Arraigned for PHP748MM Estafa Case
RIZAL COMMERCIAL: Fitch Assigns 'BB' Rating to USD200MM Notes


S O U T H  K O R E A

HYDIS TECHNOLOGIES: In Danger of Shutdown After Being Sold


T A I W A N

TAIWAN HIGH: Transport Minister Resigns Over Failed Revamp Plan


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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CAFE GAUDI: Closes Doors After 13 Years Due to Rent Rise
--------------------------------------------------------
Eloise Keating at SmartCompany reports that a Canberra cafe which
had been trading for 13 years served its last customers in
December after the owners say a 30% increase in rent by landlord
Westfield left them no option but to close.

SmartCompany says the closure of Cafe Gaudi in the Westfield-owned
Woden Plaza Shopping Centre comes at the same time as reports by
Fairfax of retailers in the centre struggling to keep their
businesses afloat in the face of rent hikes.

SmartCompany relates that in a Facebook post in December, Cafe
Gaudi co-owner Marivi Estanillo said the cafe had "regrettably"
closed "due to 30% astronomical rental increase and the poor
performance of the neglected Woden Plaza Shopping Centre
precinct".

"We have sadly decided it would be financial suicide to continue
trading under these circumstances," said Ms. Estanillo, who
operated the business with her husband, notes the report.

But in a follow-up post in January, the owners said they are
considering re-opening their business elsewhere, according to
SmartCompany.

"It was a shame we had to go but we were left with no option,"
they said. "However, this is not the end of us. It's the end of us
having to do anything with Westfield and its associates."

According to SmartCompany, the couple said they have been
"overwhelmed" by the support they have received from customers and
feel they were "profoundly underestimated by Westfield".

"We were in the Woden precinct for 13 years and we added value to
the whole shopping centre," the couple said. "Best of luck to the
remaining tenants in Westfield Woden. They will need it."


CHEMSTRALIA PTY: Moody's Assigns (P)B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional Corporate
Family Rating (CFR) of (P)B1 to Chemstralia Pty Ltd
('Chemstralia'). At the same time, Moody's has also assigned a
provisional (P)B1 rating to the proposed around USD405 million
(AUD500 million equivalent) Senior Secured Term Loan entered into
by Chemstralia and its wholly owned subsidiary Chemstralia Finco
LLC (as co-borrower under the facilities). The outlook on all
ratings stable.

Chemstralia will use the proceeds of the facilities together with
around AUD291 million of cash equity from funds managed by
Blackstone to fund the purchase price to acquire Orica Chemicals,
the chemical distribution ('Distribution') and chlor-alkali
manufacturing ('Watercare') business of ASX-listed Orica Limited
(Unrated). Under the terms of the agreement, funds managed by
Blackstone will acquire the Company from Orica Limited for
AUD750m.

The facilities will be fully and unconditionally guaranteed on a
joint and several basis by Chemstralia Holdings Pty Limited (the
parent) and all direct and indirect wholly-owned material
restricted subsidiaries of Chemstralia organized in the U.S.,
Australia and New Zealand (subject to certain exclusions). The
facilities will be senior secured obligations of the issuer and
will rank equally amongst each other and to all existing and
future senior secured indebtedness and senior in right of payment
to all of existing and future subordinated indebtedness of the
issuer and guarantor.

The (P)B1 corporate family and senior secured ratings are based on
a review of draft documentation. Definitive ratings will be
assigned upon a satisfactory review of final documentation and
upon successful close of the transaction.

Ratings Rationale

"The (P)B1 Corporate Family Rating primarily reflects the
company's relatively high leverage following its purchase by funds
managed by Blackstone, the weaker operating results in FY14
relative to historical performance and smaller scale relative to
global peers", says Matthew Moore, a Moody's Vice President --
Senior Analyst.

"At the same time the rating is supported by the company's leading
market share in Australia and New Zealand, its long-lived customer
and supplier relationships with low concentration and its leading
and high margin Watercare business", says Moore adding "the rating
is also supported by Moody's expectation that the company will
focus on improving earnings and credit metrics through cost
reduction initiatives and utilizing free cash flow to pay down
debt".

Following the acquisition by funds managed by Blackstone Moody's
expect Chemstralia's leverage as measured by gross adjusted
debt/EBITDA to be around 5.0x. The company will look to improve
earnings and leverage levels through cost cutting initiatives and
by utilizing free cash flow generation for debt reduction.
However, under Moody's base case assumptions Moody's expect gross
adjusted debt/EBITDA to remain above 4.5x for the next 12-to-18
months, which is in line with the (P)B1 rating level.

In FY14, Orica Chemicals' earnings declined significantly with
adjusted EBITDA declining by 13% and margins declining by circa
70bps. While this in part reflects several events that are likely
to be non-recurring, part of the softness in results reflects a
deterioration in end markets, such as automotive and refining.
Also, despite the likely non-recurring nature of other issues
impacting results, the decline in earnings highlights the
potential sensitivity of the operations and credit profile to one-
off events.

Prior to FY14, the earnings and EBITDA generation of Orica
Chemicals displayed a solid track record of stable results, which
reflects the company's lower exposure to commodity prices
resulting from its distribution business model and its highly
variable cost structure. Moody's expect these factors will support
stable operating results going forward, albeit, at a lower level
reflecting the structural decline in some end markets.

Moody's expect Chemstralia to maintain an adequate liquidity
profile over the next 12-to-18 months. Pro forma for the proposed
transaction, the company will have around 15 million of balance
sheet cash and plans to put in place an AUD65 million 5-year
senior secured revolving credit facility. This combined with
Moody's expectation of operating cash flow to adequately fund
capital expenditures and working capital needs supports the
liquidity profile.

"The stable outlook reflects Moody's expectation that the company
will continue to focus on cost and margin improvements over the
next 12-18 months, which combined with using free cash flow to
repay debt will allow an improvement in credit metrics over the
period to solid levels for the rating" says Moore.

The rating could be upgraded if Chemstralia is able to improve
margins to levels more in line with historical performance,
remains consistently free cash flow positive and is able to
achieve its plans to improve credit metrics. Specifically, if debt
to EBITDA is sustained at below 4.0x and FCF to debt remains above
5% the rating would experience positive momentum.

The rating could be downgraded if Chemstralia's end market demand
deteriorates such that margins and revenue continue to contract
from the levels achieved in FY14, or if there are any material
missteps in transitioning to a standalone entity.

The rating could also be downgraded if the company embarks on
material debt funded acquisitions or shareholder friendly
initiatives that elevate credit metrics or weaken liquidity.
Specifically, the rating could be downgraded if debt to EBITDA is
sustained above 5.0x or the company generates materially negative
free cash flow.

Chemstralia is a private company that was formed to fund the
purchase of Orica Chemicals by funds managed by Blackstone from
ASX-listed Orica Limited. Orica Chemicals is the leading chemical
distribution company in Australia and New Zealand, with a growing
market presence in Asia (through its Bronson & Jacobs brand) and
an emerging presence in Latin America. The company is also
Australia's largest manufacturer and marketer of chlor-alkali
products (chlorine and caustic soda), providing specialized water
and wastewater treatment solutions in Australia.

For the fiscal year ended 30 September 2014, Orica Chemicals
generated revenue, gross profit and pro forma financing EBITDA of
around AUD1.2 billion, AUD287 million and AUD110 million,
respectively. The company has relationships with over 3,500
suppliers selling over 11,000 products to its customer base of
over 7,000 customers operating across Australia, New Zealand,
Latin America & Asia, representing over 20 major end markets.


CHEMSTRALIA: S&P Assigns 'B+' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Australian-based chemicals distributor
and chlor-alkali manufacturer Chemstralia Pty. Ltd.  The outlook
is stable.  S&P also assigned its recovery rating of '2' and
'BB-' issue rating to the company's proposed seven-year, U.S.
dollar (A$500 million equivalent), senior-secured Term Loan B
issue.

S&P expects the proceeds from this issue will be used to finance
the acquisition of Chemstralia from ASX-listed Orica Ltd. by funds
managed by the Blackstone Group.

"Our 'B+' credit rating reflects the company's size and scale
being smaller than global peers', and the challenging, low-growth
market conditions in Australia," said Standard & Poor's credit
analyst Brenda Wardlaw.  "However, Chemstralia benefits from
strong market positions and pass-through of volatile raw material
costs.  The rating also reflects the company's highly leveraged
financial risk profile and ownership by, a financial sponsor, the
Blackstone Group."

On Nov. 19, 2014, ASX-listed Orica Ltd. announced it had entered
into an agreement under which its general chemicals division,
Chemstralia, would be acquired by funds managed by Blackstone.
Chemstralia has the leading market share in the distribution of
chemicals in Australia and New Zealand, with a growing presence in
Asia and Latin America.  Chemstralia is also Australia's largest
manufacturer and marketer of chlor-alkali products (chlorine and
caustic soda), providing specialized water and wastewater
treatment solutions.  Chemstralia has diverse supplier, product,
and customer bases.  However, these factors are partly offset by
the company's exposure to cyclical end markets and its relatively
small scale compared with global peers in the commodity chemical
distributions sector.

The company's distribution business benefits from pass-through of
fluctuations in raw material prices, thus mitigating input price
risk. Challenging market conditions in the mining, plastics, and
agricultural sectors in Australia are partially offset by more
favorable agribusiness conditions in New Zealand, stability in the
Watercare segment, and scope for growth in Asia.  Furthermore,
Chemstralia recently restructured its Latin American operations.
These factors support S&P's assessment of "fair" for the company's
business risk profile.

S&P assess the influence of Chemstralia's financial sponsor
ownership as 'FS-6', based on Blackstone's 100% ownership,
following the completion of its purchase from Orica Ltd. for A$750
million. Although our base-case expectation is for adjusted debt
to EBITDA about 4.8x before gradually improving, the 'FS-6'
assessment reflects the risk of unexpected weakness in operations
and the need for Chemstralia to demonstrate a track record in
maintaining leverage below 5x.  S&P therefore assess Chemstralia's
financial risk profile as "highly leveraged."

"The stable outlook reflects our view that the company will have a
modest growth strategy, restore its financial performance after
restructuring its Latin American operations, and improve
efficiencies further to mitigate difficult conditions in some key
markets," Ms. Wardlaw said.

A higher rating is unlikely in the short term, given Chemstralia's
ownership by a financial sponsor.  Rating upside would be reliant
on increased scale and improved margins to support a satisfactory
business risk profile or a sustained strengthening in its key
metrics from improved cash flow generation or sustainable
reduction in financial leverage, including our expectation that
adjusted debt-to-EBITDA ratio will remain below 4x.

S&P may lower the rating if the company's liquidity position
materially weakens or it adopts a more aggressive financial
policy, which results in higher leverage with debt to EBITDA
remaining above 5x.


ERNEST HILLIER: In Administration; First Meeting Set Jan. 20
------------------------------------------------------------
Bruno Secatore and Daniel Juratowitch of Chartered Accounting firm
Cor Cordis have been appointed Voluntary Administrators of Ernest
Hillier (Operations) Pty Ltd effective as of Jan. 11, 2015.

Hillier's, founded in Sydney in 1914 by an English ex-pat, Ernest
Hillier, is Australia's oldest chocolatier.

Mr. Secatore said that while financial assessments are conducted,
it is business as usual at Hillier's.

"It is our intention to trade through this voluntary
administration and to sell the Hillier's business as a going
concern," Mr. Secatore said.

"We have begun examining Hillier's financial position, and already
met with suppliers and staff to fully assess the situation," he
said.

Mr. Secatore said the strength of the company is in its brand, its
history, and its existing contracts.

"Hillier's is an iconic Australian brand in its own right; but the
company also holds contracts to produce products for some major
supermarkets and some of Australia's household names," Mr.
Secatore said.

"We have already received significant interest in purchasing
Hillier's as a going concern, and we will work through those
enquiries in due course," he said.

An information memorandum will be produced shortly, and the first
meeting of creditors will be held on Jan. 20.

Hillier's has 60 staff in manufacturing and administrative roles.

Hillier's is not to be confused with any retail outlets bearing
Hillier's branding; the company under voluntary administration has
no retail outlets.


RAMSAY MCDONALD: First Creditors' Meeting Slated For Jan. 22
------------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy Pty Ltd was appointed at
administrator of Ramsay Mcdonald Pty. Ltd on Jan. 12, 2015.

A first meeting of the creditors of the Company will be held at
269 Swan Street, in Richmond, Victoria, on Jan. 22, 2015, at 10:00
a.m.


SIGNET LAWYERS: First Creditors' Meeting Slated For Jan. 23
-----------------------------------------------------------
John Vouris and Brad Tonks of PFK Lawler were appointed as
administrators of Signet Lawyers Pty Ltd on Jan. 13, 2015.

A first meeting of the creditors of the Company will be held at
PKF Lawler, Level 8, 1 O'Connell Street, in Sydney, on Jan. 23,
2015, at 11:00 a.m.


* AUSTRALIA: ATO Uses Power to Deal with Phoenix Behaviour
----------------------------------------------------------
The Australian Taxation Office said that it has used new powers to
recover superannuation entitlements from phoenix operators.

The ATO has used new powers to recover AUD8 million dollars in
worker's superannuation entitlements from the operators of labour-
hire companies in South Australia and Victoria who have engaged in
phoenix behaviour.

The network of companies provided labour-hire services such as
seasonal fruit picking and meat packing and had been failing to
pay workers their superannuation entitlements.

Phoenix behaviour involves the deliberate liquidation of companies
to avoid paying superannuation obligations as well as to avoid
other tax liabilities and to avoid paying creditors and suppliers.

Deputy Commissioner Michael Cranston said new powers, known as
Superannuation Guarantee Estimates (SGE), allow the ATO to step in
where we see likely phoenix activity and protect workers' super
entitlements before companies try to liquidate and avoid their
responsibilities.

"The ATO can also issue director penalty notices which make
directors personally liable for the company's unpaid
superannuation obligations.

"Phoenix operators cheat their workers and undercut honest
business. Tackling the behaviour is key focus for the ATO.

"We expect to use these powers more frequently against phoenix
operators."

The SGE powers allow the ATO to raise liabilities against
companies who fail to disclose details about their employees. The
ATO can deal with this type of Phoenix behaviour in real-time, by
making a reasonable estimate of a company's superannuation
obligations, and raising a debt on the company or its directors
before the company can be put into liquidation.



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KAISA GROUP: Bank of China Sues Unit as Legal Challenges Mount
--------------------------------------------------------------
Bloomberg News reports that Bank of China Ltd. is suing a unit of
Kaisa Group Holdings Ltd. after the developer skipped a payment on
its U.S. currency bonds and as local creditors seek to recoup
funds.

Bloomberg relates that the Shenzhen Intermediate People's Court
said in a notice on its website that it will hear the case brought
by China's third-largest lender by market value from March 24.
The court accepted the case against a unit of Kaisa and two other
defendants on Jan. 7, according to the statement, which didn't
provide any further details, Bloomberg relays.

According to the report, Kaisa has moved closer to default after
failing last week to pay a $23 million coupon on $500 million of
10.25 percent bonds due 2020.  It's being investigated about links
to a senior Shenzhen official who's under a probe, two people
familiar with the matter said earlier this week, Bloomberg
relates.  The Shenzhen Intermediate People's Court website shows
local banks and creditors have submitted more than 30 pre-
litigation applications to seal Kaisa's assets, Bloomberg notes.

The builder's $800 million of 8.875 percent 2018 notes fell
0.4 cents to 35.2 cents on the dollar as of 12:00 p.m. in
Hong Kong, according to Bloomberg-compiled prices, after tumbling
4.4 cents on Jan.14.  They've plunged 55 cents in the past month.
Its 10.25 percent notes slipped 0.7 cents to 35.2 cents on the
dollar. They touched 29.9 cents on the dollar Jan. 7.

The developer had CNY79.9 billion ($12.9 billion) of liabilities
on June 30, according to its published accounts obtained by
Bloomberg. Its CNY105.6 billion of assets included CNY9.4 billion
of cash.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'.  At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'.  S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.

"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee.  "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."

The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations.  The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.


KAISA GROUP: Moody's Lowers CFR & Sr. Unsecured Debt Rating to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded Kaisa Group Holdings
Ltd's corporate family and senior unsecured debt ratings to Ca
from Caa3.

The ratings outlook is negative.

Kaisa on January 12, 2015 update the market on developments
surrounding the company.

The key events covered by its announcement include:

(1) Its default on the interest payment of USD23 million which had
been due 8 January 2015 in relation to the USD500 million 10.25%
senior notes due 2020;

(2) The termination of the plan to sell its Shanghai project to
China Vanke Co. Ltd. (Baa2 stable);

(3) The fact that its total bank balance of approximately
RMB447million and RMB266 million has been frozen and is under
investigation by several banks; and

(4) Its receipt of a civil ruling from a court in China on the
preservation of assets amounting to RMB651 million.

Ratings Rationale

"The ratings downgrade reflects Moody's expectation of weaker
recovery prospects for Kaisa's bondholders," says Franco Leung, a
Moody's Vice President and Senior Analyst.

"The increased level of legal actions against the company will
further disrupt its operations and will erode its asset values,"
adds Leung.

Moody's believes that Kaisa's default on its interest payment
highlights its high level of financial constraint, although it has
30-day cure period to make up the coupon payment and avoid an
event of default.

Kaisa had announced that it had received a notice from HSBC to
waive the breach of a loan facility such that the company is no
longer required to repay the loan immediately.

But, Moody's also notes various creditor actions against the
company, including the civil ruling relating to the preservation
of its assets and its frozen bank balance.

Such actions are having a negative impact on operations and are
further pressuring the company's financial flexibility.

In addition, Moody's sees the termination of the plan to dispose
of its Shanghai project to China Vanke as having reduced Kaisa's
ability to meet its debt obligations. The sale would have added
fresh capital of about RMB1.2 billion to Kaisa.

Moody's also believes that the company is unlikely to be able to
use its internal resources to repay its offshore bondholders in
full if repayments are accelerated for the approximately USD2.5
billion in bonds outstanding. These include RMB convertible bonds.

As a result, Moody's expects that bondholders will suffer
substantial losses.

Kaisa had also announced that it is in the process of appointing a
financial advisor to provide strategic advice on its capital
structure, including its offshore and onshore debt and other
obligations.

However, even after it appoints an advisor, the company will need
time to resolve its current problems because the full details of
the restrictions imposed on it by the Shenzhen government are
unknown.

The negative ratings outlook reflects uncertainty over the future
of Kaisa's liquidity position and the high likelihood that it will
default on the bond repayments if such repayments are accelerated.
Such a default will result in losses for bondholders.

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

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

On January 1, 2015, the company was 49.28%-owned by its founder,
Mr. Kwok Ying Shing and his family members. Kaisa's second-largest
shareholder was Fude Sino Life Insurance Co., Ltd (unrated), with
a 29.96% ownership share on the same date.

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



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AGASTHIACODU RUBBER: CRISIL Rates INR80MM Cash Credit at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Agasthiacodu Rubber Traders (ART).

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

The rating reflects ART's weak financial risk profile, marked by
highly leveraged capital structure and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of ART's promoters in rubber trading segment
and its moderate scale of operations.
Outlook: Stable

CRISIL believes that ART will continue to benefit over the medium
term from its promoters' extensive experience in the rubber
trading segment. The outlook may be revised to 'Positive' if the
firm improves its scales of operations and operating
profitability, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ART's financial risk profile deteriorates, most likely on account
of lower cash accruals or capital withdrawals from the partners.

Set up in 2000, ART is engaged in the trading of rubber sheets and
scrap rubber. The firm is based out of Kollam (Kerala) and the day
to day operations of the firm are managed by Mr. Biju Lal and Mr
Baiju Lal.

ART reported a profit after tax (PAT) of INR0.9 million on net
sales of INR1.41 billion for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR1.6 billion for 2012-13.


AGL POLYFIL: CRISIL Suspends B- Rating on INR160MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
AGL Polyfil Pvt Ltd (AGL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           0.3        CRISIL A4
   Cash Credit            137.5        CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee           9.7        CRISIL A4
   Term Loan              160          CRISIL B-/Stable
   Term Loan               65          CRISIL B-/Stable

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

AGL, set up in 1989, manufactures PSF and PET bottles at its plant
in Chandrapur (West Bengal). The company is managed by Mr. Sunil
Kumar Agarwal and Mr. Suresh Kumar Agarwal.


BAGOOSA FOOD: CRISIL Ups Rating on INR110MM Term Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bagoosa Food Products Pvt Ltd (BFPPL) to 'CRISIL B-/Stable' from
'CRISIL D' while assigning its short term rating of 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           4.3        CRISIL A4 (Reassigned)

   Cash Credit             30.0        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')
   Proposed Long Term
   Bank Loan Facility       5.7        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Term Loan              110.0        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects timely servicing of debt obligations
by BFPPL for the past four months, driven by improvement in
liquidity. CRISIL believes that BFPPL's liquidity will improve
further with expected increase in scale of operation and
profitability and better cash accruals. BFPPL net sales is
estimated at INR77.3 million for the six months ended September
30, 2014. Moreover, the operating margin is expected to remain
comfortable supported by increase in scale of operations over
medium term. Hence, BFPPL is expected to generate sufficient cash
accruals to meet its debt obligation of INR5.5 million maturing
during 2015-16 (refers to financial year, April 1 to March 31).
CRISIL believes that BFPPL will service its debt obligations as
per schedule, supported by expected improvement in liquidity.

The ratings continue to reflect BFPPL weak financial risk profile,
marked by high gearing and a small net worth, its large working
capital requirements, and small scale of operations. The above-
mentioned weaknesses are partially offset by the extensive
experience of its promoters in the ice-cream industry, and the
group's strong brand name.
Outlook: Stable

CRISIL believes that BFPPL will continue to benefit over the
medium term from its promoters' extensive experience in the ice-
cream industry. The outlook may be revised to 'Positive' if BFPPL
significantly scales up its operations and profitability leading
to increase in accruals while reducing its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if BFPPL's
scale of operation or profitability declines or there is an
increase in working capital requirements, constraining the
liquidity.

BFPPL, incorporated in 2004, is a part of the Janta Ice Cream
group of Ahmedabad (Gujarat), which is promoted by Mr. Ramesh
Asawa and his family members. The company commenced production at
its facilities, located at Ahmedabad, in June 2012.

BFPPL reported a net loss of INR28.9 million on net sales of
INR104.2 million for 2013-14 (refers to financial year, April 1 to
March 31) against a net loss of INR61.9 million in 2012-13.


BATANAGAR EDUCATION: CRISIL Reaffirms B- Rating on INR110MM Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Batanagar Education and
Research Trust (BERT) continues to reflect the weak financial risk
profile of the trust marked by tightly matching accruals to the
debt repayment obligations and weak debt protection metrics. These
rating weaknesses are partially offset by the support that the
trust receives from its trustees and from its newly formed tie-up
with TIG, and benefits expected from the strong demand prospects
for education in India.

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

Outlook: Stable

CRISIL believes that BERT's credit risk profile is likely to
benefit over the medium term from the experience of its trustees
and from its newly formed tie-up with TIG. The outlook may be
revised to 'Positive' if the trust reports a higher-than-expected
surplus, leading to substantial cash accruals, or if it receives
adequate and timely support from its trustees. Conversely, the
outlook may be revised to 'Negative' if BERT does not receive
adequate and timely support from its trustees, leading to further
weakening of its liquidity.

Update
In its second year of operations, the company reported revenues of
INR19.4 million in 2013-14 (refers to financial year, April 1 to
March 31).The company made low operating margin of 4.6 per cent on
account of its high fixed cost vis-a-vis low fee collection on
account of its initial year of operation. Going ahead with
addition of new batches and introduction of new courses, the
operating income is expected to increase further leading to
improvement in the operating margins.

BERT's net worth modest at INR86 million, as on March 31, 2014
thereby limiting its financial flexibility to meet any exigency.
The company has high debt levels coupled with moderate net-worth
levels has resulted in a gearing of 1.49 times as on March 31st
2014. Further the trust has weak debt protection metrics. The
accruals made by the trust continue to be insufficient for debt
repayment. The trust made accruals of INR0.9 million as against
its debt obligations of INR2.4 million. However in 2013-14 the gap
has been funded through support from TIG. Further going ahead the
group is expected to support the debt repayments of the trust.

The trust has formed a tie-up with Techno India Group, a well-
known group in West Bengal in education sector. This management
has indicated that this tie-up will help provide BERT with the
financial support which it requires for meeting its term loan
obligations and any further capital expenditure programme.
About the Trust

BERT was set up as a public charitable trust and registered in
February 2007 as a non-profit trust. The trust has set up an
engineering college, Batanagar Institute of Engineering Management
and Science, at Maheshtala in Kolkata (West Bengal).


BRAMHA IMPEX: CRISIL Suspends B Rating on INR130MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bramha
Impex Pvt Ltd (BIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             130         CRISIL B/Stable
   Letter of Credit         60         CRISIL A4

The suspension of ratings is on account of non-cooperation by BIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BIPL is yet to
provide adequate information to enable CRISIL to assess BIPL'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 2006, BIPL trades in iron and steel products. The
company's product profile comprises Mild Steel (MS) scrap, TMT
bars, MS angles, MS channels and other structural steel products.
The company has a warehouse at Kalamboli (Maharashtra) and its
day-to-day operations are managed by Mr. Jayesh Mehta and Mr.
Manoj Mehta.


CLASSIC ENGICON: CRISIL Reaffirms B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Classic Engicon
Pvt Ltd (CEPL) continue to reflect the company's modest scale of
operations and geographic concentration in its revenue profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        160        CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the susceptibility of the company's
revenue growth and profitability to risks related to its tender-
based operations. These rating weaknesses are partially offset by
the extensive experience of CEPL's promoter in the civil
construction industry and its average financial risk profile,
marked by low gearing and adequate debt protection metrics, though
partially constrained by modest net worth.

Outlook: Stable

CRISIL believes that CEPL will benefit from the promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if the company sustainably improves
the scale of its operations and profitability, along with steady
working capital management. Conversely, the outlook may be revised
to 'Negative' if CEPL undertakes a large debt-funded, capital
expenditure programme, thereby weakening its financial risk
profile, or if its working capital management deteriorates, thus
significantly constraining its liquidity.

CEPL was established in Jharkhand in October 2007. The company is
promoted by Mr. Dilip Kumar Singh and undertakes construction of
roads, bridges, check dams, and other such projects. Its key
customer is the Public Works Department of Jharkhand.

CEPL, on a provisional basis, reported profit after tax (PAT) of
INR17 million on net sales of INR497 million for 2013-14 (refers
to financial year, April 1 to March 31) against PAT INR21 million
on net sales of INR606 million for 2012-13.


DAS RICE: CRISIL Assigns B Rating to INR70.7MM Bank Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Das Rice Mill (DRM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan              36.8         CRISIL B/Stable
   Cash Credit            17.5         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     70.7        CRISIL B/Stable

The rating reflects DRM's below-average financial risk profile and
modest scale of operations in an intensely competitive market.
These rating weaknesses are partially offset by the extensive
experience of DRM's promoters in the rice and related industries.

Outlook: Stable

CRISIL believes that DRM will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive, debt-funded
expansion, or its revenue and profitability decline substantially,
or if the partners withdraw capital from the firm leading to
deterioration in its liquidity.

Formed in 2013 as a partnership firm, DRM mills and processes
paddy into rice, rice bran, broken rice, and husk. It has
installed paddy milling capacity of 6 tonnes per hour. Its rice
mill is located in Birbhum (West Bengal). Managing partner Mr.
Narayan Chandra Das manages the day-to-day operations.


DELHITES SYRO: CRISIL Suspends B Rating on INR100M Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Delhites Syro Malabar Mission (DSMM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      100         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       65.2       CRISIL B/Stable
   Term Loan                84.8       CRISIL B/Stable

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

DSMM, set up in 2005, belongs to the Syro-Malabar Catholic Diocese
of Faridabad. DSMM provides educational services, manages
orphanages and old age homes, and oversees various charitable
activities carried out by 30 churches under DSMM.


DR. ANJOLI: CRISIL Assigns B- Rating to INR50MM Bank Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Dr. Anjoli Health Care (DAHC).

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

The rating reflects DAHC's exposure to funding, implementation,
and demand risks associated with its ongoing project, accentuated
by the initial stage of project implementation. The rating also
reflects the firm's below-average financial risk profile marked by
its small net-worth and an expected high gearing level. These
rating strengths are partially offset by the extensive experience
of the firm's promoters in the healthcare industry.

Outlook: Stable

CRISIL believes that DAHC will continue to benefit over the medium
term from its promoters extensive experience in the healthcare
industry. The outlook may be revised to 'Positive' if the firm
stabilizes its operations in its on-going project, or it contracts
lower-than-expected debt to fund its project. Conversely, the
outlook may be revised to 'Negative' in case of any significant
time or cost over-runs in the project, or lower-than-expected
demand of its products adversely affecting its liquidity profile.

DAHC was established in 2012 as a partnership concern by Dr. B. V.
Reddy and his wife Mrs. Anjali Reddy. The firm is setting up a
unit to manufacture de-addition medicine for tobacco, smoking, and
alcohol addicts. The firm is expected to commence operations by
June 2015.


GLOBAL COKE: CRISIL Suspends D Rating on INR770MM LOC
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Global Coke Ltd (GCL; part of the Global group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             400         CRISIL D
   Letter of Credit        770         CRISIL D

The suspension of ratings is on account of non-cooperation by GCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GCL is yet to
provide adequate information to enable CRISIL to assess GCL'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 ratings, CRISIL has combined the business and
financial risk profiles of GCL and its wholly owned subsidiary,
Global Minerals & Metals Pte Ltd (GMML). This is because both
these entities, together referred to as the Global group, are in a
similar line of business. Moreover, CRISIL believes that both the
entities will continue to have operational and financial linkages
with each other over the medium term.

GCL (formerly, Global Coke Pvt Ltd), based in West Bengal, was
established by Mr. D K Ojha in 1999. GCL has coke manufacturing
capacity of 37,000 tpm. The company has undertaken a capex
programme towards increasing its coke oven capacity to 50,000 tpm
over the medium term. It is also setting up two 12-megawatt waste-
heat-based power plants ' one in Jamnagar (Gujarat) and the other
in Sindhudurg (Maharashtra). GMML, incorporated in 2009 in
Singapore, trades in coking coal; it is also involved in other
related activities.


JET AIRWAYS: Founder Won't Sell 51% Stake in Carrier
----------------------------------------------------
Anurag Kotoky at Bloombeg News reports that Jet Airways (India)
Ltd. said its founder Naresh Goyal assured lender Punjab National
Bank (PNB) he would not sell his 51 percent stake in the airline
as part of an encumberance created on the shares.

According to Bloomberg, Mr. Goyal, the chairman of the nation's
second-biggest airline that is 24 percent owned by Abu Dhabi's
Etihad Airways PJSC, gave a non-disposal undertaking to the bank,
according to an exchange filing.  The undertaking means Mr. Goyal
will continue to be the majority shareholder, Jet spokeswoman
Srirupa Sen said in a text message, Bloomberg relays.

Shares of Mumbai-based Jet rose 0.2 percent to INR464.85 at the
close. The stock fell as much as 5.7 percent before the airline
clarified that Goyal hadn't pledged the stake, Bloomberg says.

Bloomberg notes that India's airlines, which have lost
$10 billion in the past seven years, are struggling for funds as
expensive jet fuel and below-cost fares hurt their ability to
raise money. Billionaire Kalanithi Maran's SpiceJet Ltd. (SJET) is
battling to keep flying without an outside investor while
Kingfisher Airlines Ltd. (KAIR) stopped flying in 2012 after
defaulting on debt, Bloomberg states.

Jet Airways closed its budget units at the end of last year as it
sought to make a profit in its local operations, after warning it
may not make money until 2017. It hasn't reported a full-year
profit since the year ended March 2008, according to data compiled
by Bloomberg.

                         About Jet Airways

Jet Airways (along with Jet Lite (India) Limited - its wholly-
owned subsidiary) currently provides scheduled services to around
56 destinations in India and 20 international destinations. The
Company's fleet stands at 113 aircraft as on March 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2014, ICRA upgraded the long-term rating assigned to the
INR3,210.0 crore, long-term, fund-based bank facilities of Jet
Airways (India) Limited to [ICRA]C from [ICRA]D. ICRA has also
upgraded the short-term rating assigned to the INR4,250.0 crore,
short-term, fund-based/ non-fund based bank facilities of Jet
Airways to [ICRA]A4 from [ICRA]D.

The ratings upgrade reflects the regularisation of debt servicing
obligations by the Company for the last three months, as confirmed
by the lead banks and the management. As indicated by the
management, the delays in receipt of equity infusion from Etihad
Airways PJSC on the back of delays in receipt of regulatory
approvals, in an already weak operating environment, had impacted
the liquidity profile of the Company, resulting in delays in debt
servicing in the past. Improvement in the ratings from current
levels would depend on a sustainable improvement in liquidity and
credit profile of the Company, which may arise from improved
operating performance or support from its strategic partner.


JJ PV: CRISIL Assigns B+ Rating to INR72.5MM Cash Credit
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of JJ PV Solar Private Limited. (JPSPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             72.5        CRISIL B+/Stable
   Term Loan               27.5        CRISIL B+/Stable

The rating reflects the company's weak financial risk profile,
marked by modest networth and high gearing, and its large working
capital requirements. The ratings also factor in the company's
modest scale of operations in the competitive solar photovoltaic
(PV) panel manufacturing industry. These rating weaknesses are
partially offset by the benefits that JPSPL derives from its
promoter's extensive technical experience along with their
continuous funding support.

Outlook: Stable

CRISIL believes that JPSPL will continue to benefit over the
medium term from the extensive technical experience of its
promoters. The outlook may be revised to 'Positive' if the company
improves its financial risk profile, including its liquidity, on
the back of it generating larger than expected accruals, driven
most likely by a significant increase in its revenues, or due to a
substantial and sustained improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if JPSPL's financial risk profile, including its liquidity,
weakens most likely because of a larger-than-expected debt-funded
capex programme, or a stretch in working capital cycle, or a
decline in revenue and profitability leading to low accruals.

Incorporated in 2011, JPSPL manufactures solar PV panels. The
company's product portfolio comprises of solar crystalline modules
(panels), solar power plant (wherein the company offers end-to end
services ranging from concept to commissioning of rooftop solar
power plants), solar lighting systems, and solar water pumping
systems The company has its manufacturing facility in Rajkot
(Gujarat). JPSPL is promoted by Mr. Dhamjibhai Patel, Mr.
Prashantbhai Patel, Mr. Rajendra Rawal and Mr Pushkarbhai Rawal.

JPSPL reported a profit after tax of INR2.3 million on net sales
of INR303.4 million in 2013-14 (refers to financial year from
April 01 to March 31 as against a net profit of INR1.8 million on
net sales of INR235.8 million in 2012-13.


KAMALA COLD: CRISIL Reaffirms D Rating on INR63.5MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kamala Cold Storage Pvt
Ltd (KCSPL) continue to reflect the instances of delay by KCSPL in
meeting the interest obligations on its seasonal cash credit and
working capital facilities; the delays have been caused by the
company's weak liquidity owing to delays in realization of
payments from the farmers.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           1.6        CRISIL D (Reaffirmed)
   Cash Credit             63.5        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       1.1        CRISIL D (Reaffirmed)
   Working Capital
   Term Loan                4.9        CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan              8.5        CRISIL D (Reaffirmed)

KCSPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and is exposed to the
highly regulated and intensely competitive cold storage industry
in West Bengal. However, KCSPL benefits from its promoters'
extensive industry experience.

KCSPL was set up in 1996 by the Gorai family of Kolkata (West
Bengal). The company has a cold storage unit (with two chambers)
in Bankura (West Bengal).


LORENZO VITRIFIED: CRISIL Reaffirms B Rating on INR220MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Lorenzo Vitrified
Tiles Pvt Ltd (LVTPL) continue to reflect LVTPL's exposure to
intense competition in the vitrified tiles industry, the
vulnerability of its operating margin to volatility in raw
material prices, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters and its moderate
capital structure.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         80        CRISIL A4 (Reaffirmed)
   Cash Credit           220        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       10        CRISIL A4 (Reaffirmed)
   Term Loan             140        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LVTPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its favourable location. The outlook may be revised to 'Positive'
in case of a significant improvement in LVTPL's cash accruals,
driven by a substantial increase in its sales and profitability,
while it sustains its moderate capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's accruals are
low, its working capital cycle lengthens, or it undertakes a large
debt-funded capital expenditure (capex) programme, resulting in
deterioration in its financial risk profile, particularly its
liquidity.

Update
LVTPL's operational performance in 2013-14 (refers to financial
year, April 1 to March 31) was marked by an increased share of
revenue from contract manufacturing. The company has registered
sales of around INR580 million from April to November 2014, and is
expected to report sales of over INR800 million in 2014-15. Its
operating margin improved by 577 basis points to 13 per cent in
2013-14 due to change in fuel; the margin is expected to be
sustained at this level over the medium term.

LVTPL's liquidity is marked by insufficient cash accruals to meet
term debt repayment obligations. However, continued funding by its
promoters in the form of unsecured debt (Rs.88 million as on March
31, 2014) supports the company's overall liquidity. LVTPL has
working-capital-intensive operations, marked by high gross current
assets of over 180 days as on March 31, 2014; this is largely
funded by outside debt, resulting in high utilisation of bank
limits.

LVTPL's financial risk profile is marked by moderate capital
structure and debt protection metrics. The company's gearing was
about 1 time as on March 31, 2014. With no major debt-funded capex
and payment of its existing term debt, the gearing is expected to
decline to below 1 time over the medium term. With a stable
operating margin of 12 to 13 per cent, the company's debt
protection metrics are expected to remain stable over the medium
term, with interest coverage and net cash accruals to total debt
ratios at about 2 times and 0.2 times, respectively.

For 2013-14, LVTPL reported a profit after tax (PAT) of INR5.0
million on net sales of INR872 million, against a PAT of INR9.4
million on net sales of INR940 million for 2012-13.

Incorporated in 2006, LVTPL commenced commercial production in
2008. It manufactures and markets vitrified tiles under the brand
names Lorenzo and Speedo. The company is promoted by Mr. Babubhai
Gadera and Mr. Mansukhbhai Kordiya.


M B RUBBER: CRISIL Reaffirms B+ Rating on INR137MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of M B Rubber Pvt Ltd
(MBR) continue to reflect the company's small scale of operations,
weak financial risk profile marked by high gearing, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of MBR's promoters in
the footwear industry and its established marketing network.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        30       CRISIL A4 (Reaffirmed)
   Cash Credit          137       CRISIL B+/Negative (Reaffirmed)
   Letter of Credit      20       CRISIL A4 (Reaffirmed)

Outlook: Negative

CRISIL believes that MBR's liquidity will remain constrained over
the medium term due to its increasing working capital requirements
and moderate cash accruals. Consequently, the company's gearing is
expected to remain high over the medium term. The outlook may be
revised to 'Stable' if MBR's financial risk profile improves, most
likely because of significantly high profitability or equity
infusion by promoters. Conversely, the rating may be downgraded if
MBR's financial risk profile deteriorates, most likely because of
sizeable working capital requirements or debt-funded capital
expenditure.

Incorporated in 1988, MBR manufactures a wide variety of footwear
including rubber, canvas wear, and hawai slippers. The company is
a major supplier of footwear, raincoats, and ground sheets to
defence, paramilitary forces, and the Indian Railways. MBR's plant
in Sahibabad (Uttar Pradesh) has capacity to manufacture 0.4
million pairs of footwear per month.


MODERNA JYOTI: CARE Assigns B+ Rating to INR7cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Moderna
Jyoti Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Moderna Jyoti
Products Private Limited (MJP) are primarily constrained by its
nascent stage of operation, susceptibility of profitability to
volatility in raw material price, high working capital intensity
of the operations and pricing constraints owing to its presence in
a highly fragmented industry.

The aforesaid constraints are partially offset by the experience
of the promoters in the industry, presence of established
brand and moderate marketing & distributorship network. Going
forward, MJP's ability to achieve envisaged sales and
profitability with effective working capital management
would be the key rating consideration.

MJP was incorporated in December 2011, and is promoted by Mr
Yashwant Jain and Mr Pankaj Agarwal of Patna, Bihar. In
April 2014, the company has acquired 'Moderna' plastic-moulded
furniture brand of VIP Industries Ltd. (VIP), whereby it
markets and sells plastic-moulded chairs under the 'Moderna'
brand. The company does not have its own manufacturing
facility and is outsourcing the same on a job-work basis from VIP
and Jyoti Moulders Pvt. Ltd. (JMP; associate concern).
The company commenced operations from May 2014.

In the first six months of operations in FY15 (till October 2014),
the company has stated to have achieved a total operating income
of INR6.39 crore.


NARENDRA DEV: CRISIL Assigns B+ Rating to INR25MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facility of M/s. Narendra Dev Girraj Ji
Construction (J.V) (NDGC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       10         CRISIL B+/Stable
   Bank Loan Facility
   Bank Guarantee           50         CRISIL A4
   Cash Credit              25         CRISIL B+/Stable

The ratings reflect NDGC's exposure to project concentration risk
and working capital intensive operations. These ratings weaknesses
are partially offset by promoters' long standing experience in the
civil construction industry.

Outlook: Stable

CRISIL expects NDGC to maintain a stable business profile driven
by promoters experience in the civil construction industry. The
outlook may be revised to 'Positive' in case of higher than
expected profitability or equity infusion. Conversely, the outlook
may be revised to 'Negative' in case of higher than expected
incremental working capital requirements due to delays in project
execution or realization of payments, resulting in deterioration
of financial risk profile.

NDGC, established in 2014, is a joint venture between Narendra Dev
(Railways) (51% of the shareholding) and Girraj Ji Construction
(49% of the shareholding). Firm has undertaken a bridge
construction project for North Central Railways in Allahabad,
Uttar Pradesh. The day to day operations of the company are
managed by Mr. Ajay Agarwal and Mr. Sunil Kumar.


OCEAN PEARL: CRISIL Assigns B+ Rating to INR200MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Ocean Pearl Hotels Pvt Ltd (OPHPL; a part of the
Swagath group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      200         CRISIL B+/Stable

The rating reflects the Swagath group's constrained financial
flexibility on account of large capital expenditure, loans and
advances extended to related entities, and low profitability in
the hotel business due to recent commencement of operations. These
rating weaknesses are partially offset by the extensive experience
of promoters in the hospitality industry and the established
Swagath brand name.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of OPHPL with its group entity
Swagath. This is because the two entities, together referred to as
the Swagath group, have significant financial linkages and a
common management.

Outlook: Stable

CRISIL believes that Swagath group will continue to benefit from
the extensive industry promoters. The outlook may be revised to
'Positive' if the group improves its profitability significantly
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
Swagath group reports significant decline in revenue or
profitability or in case of significant debt-funded expansion
plans that result in deterioration of its financial risk profile.

Swagath, set up in 2001 by Mr. Jayaram Banan, runs nine multi-
cuisine restaurants under the Swagath brand in Delhi/National
Capital Region. OPHPL, incorporated in 2011 by Mr. Jayaram Banan,
runs a four-star hotel in Mangalore (Karnataka) and a banquet
facility in Maharauli in Delhi.


OXIVE ENVIRONMENTAL: CARE Rates INR6.20cr LT Bank Loan at B+
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Oxive Environmental Management Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.20      CARE B+ Assigned
   Short-term Bank Facilities     0.80      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Oxive Environmental
Management Private Limited (Oxive) are primarily constrained on
account of short track record of the entity, small scale of
operations and very low networth base. The ratings are also
constrained by its presence in highly competitive and fragmented
nature of business and customer concentration risk.

However, the ratings derive strength from extensive industry
experience of its promoter and strong order book on hand.
The ability of Oxive to increase its scale of operations with
timely execution of existing order book along with diversification
of its customer base with further strengthening of order book and
efficient management of working capital requirements are the key
rating sensitivities.

Incorporated in 2012, Vadodara-based (Gujarat) Oxive is a waste
management company engaged into the field of water treatment and
purification of plants. Oxive is jointly owned by Mr Suketu Y Shah
and two companies, namely, M/s Subhash Systems Pvt ltd and M/s
Technomechanical Services Pvt Ltd, which are owned by SPL
Infrastructure limited During FY14 (refers to the period April 1
to March 31), Oxive earned a net profit of INR0.04 crore on a
total operatingincome (TOI) of INR2.34 crore as against a net loss
of INR0.04 crore on a TOI of INR0.05 crore in FY13.


PANTHOIBI HOUSING: CRISIL Assigns B Rating to INR500MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank facility of Panthoibi Housing Finance Company Ltd
(Panthoibi). The rating reflects Panthoibi's small scale of
operations with regional and borrower concentration, and modest
resource profile.These rating weaknesses are partially offset by
the company's adequate capitalisation.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      500         CRISIL B/Stable
   Bank Loan Facility

Panthoibi is a small-sizehousing finance company (HFC) with a loan
portfolio of INR93 million as on September 30, 2014 (Rs.85 million
as on March 31, 2014).The company has a small borrower base of 100
with operations confined to three locations of Manipur, namely,
Imphal, Thoubal and Bishnupur. Given the company'smoderate growth
plans, CRISIL believes that Panthoibi will remain a small-size
player in the housing finance industry and its loan portfolio will
remain concentrated.

Panthoibi's resource profile is modest. The company does not have
any external borrowings and its entire portfolio is funded through
equity.Though, Panthoibi has plans to raise debt in the form of
bank loans to fund its growth,its ability to improve its resource
profile and raise bank loans on a regular basis is critical and
remainsa key rating sensitivity factor.

However, Panthoibi's capitalisation is adequate for its scale of
operations. The company had a net worth of INR110 million as on
September 30, 2014.Furthermore, Panthoibi has not raised any
external debt so far. Given its moderate growth plans, CRISIL
believes that Panthoibi's capitalisation will remain adequate over
the medium term.

Outlook: Stable

CRISIL believes that Panthoibi will maintain its capitalisation at
adequate level over the medium term. However, it will remain a
small-size player in the housing finance industrywith operations
confined to few districts of Manipur. The outlook may be revised
to 'Positive' if Panthoibi substantially improves the scale and
diversity of its operations and resource profile while it
maintainsits adequate capitalisation. Conversely, the outlook may
be revised to 'Negative' if there is a decline in its asset
quality or earnings profile adversely affecting its capitalisation
level.

Panthoibi, incorporated in 2006, is the first HFC from the north-
east region of India which got registered with NHB. Promoted and
managed by Mr. Hemo Singh, the company commenced its operations in
2009 and is engaged in providing loans for construction and
renovation of homes, loans against property, and loans for
purchasing plots. It had a portfolio of INR     93 million as on
September 30, 2014.

For 2013-14 (refers to financial year, April 1 to March 31), the
company reported a profit after tax(PAT) of INR2.75 million on a
total income of INR10.9 million, compared with a PAT of INR2.39
million on a total income of INR7.7 million for 2012-13. For the
half-year endedSeptember 30, 2014, Panthoibi reported a PAT of
INR3.26 million on a total income of INR7.7 million.


PARKWOOD FARMS: CRISIL Suspends D Rating on INR39MM Loan
--------------------------------------------------------
RISIL has suspended its ratings on the bank facilities of
Parkwood Farms Pvt Ltd (PFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2.7        CRISIL D
   Export Packing Credit   39          CRISIL D
   Proposed Long Term
   Bank Loan Facility       0.2        CRISIL D
   Standby Line of Credit  11.0        CRISIL D
   Term Loan                2.1        CRISIL D
   Working Capital
   Demand Loan             32.2        CRISIL D

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

PFPL was set up in 2003 by Mrs. Romola Bhattacharya and is engaged
in exporting tea. The company exports tea to the US, Japan, and
the European countries, such as Germany, Sweden, Austria, and
Switzerland.


PRINTWELL OFFSET: CARE Reaffirms B Rating on INR8.88cr LT Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Printwell
Offset.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    8.88        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Printwell Offset
(PWO) continues to remain constrained on account of its modest
networth base, short track record of operations, cash loss
incurred during FY14 (refers to the period April 1 to March 31)
due to foreign exchange rate fluctuation, working capital
intensive operations and its presence in the fragmented &
competitive printing and packaging industry. The rating further
continues to remain constrained due to its partnership nature of
constitution, weak liquidity position, leveraged capital structure
and weak debt coverage indicators.

The rating continues to derive strength from the promoters' long
experience in the printing and packaging industry.  The ability of
PWO to increase its scale of operations, improve profitability and
capital structure along with efficient management of working
capital requirements are the key rating sensitivities.

Rajkot-based PWO was established in October 2011 by four partners
viz. Mr Kakadiya Jitendrabhai Jadavbhai, MrKakadiya Dharmeshbhai
Chhaganbhai, Ms Kakadiya Jayshreeben Mukeshbhai and Ms Kakadiya
Hiralben Hiteshbhai. The unit started its operations from January
2013 and is engaged in the manufacturing of paper packaging items
and various forms of printing like catalogue printing, UV
printing, emboss printing, 3D printing, coated printing, printing
on boxes etc. as per the requirement of its customers. FY14 was
the first full year operations of PWO. The production capacity of
PWO for printing the papers and manufacturing the box was 15,000
numbers per day as on March 31, 2014.

During FY14, PWO registered a total operating income (TOI) of
INR11.44 crore with net loss of INR3.66 crore as compared
with TOI of INR6.22 crore with net loss of INR0.80 crore during
FY13.


QRS MARKETING: CRISIL Suspends B+ Rating on INR67.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
QRS Marketing Private Limited (QMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           5          CRISIL A4
   Cash Credit             67.5        CRISIL B+/Stable

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

QMPL, incorporated in 1999, is a part of the QRS group. The
company is engaged in the distribution of lighting and domestic
appliances of Phillips India Limited and calculators of Casio
across Kerala. The company is managed by Mr. S Muralidharan and
his wife. The QRS group has been in the retailing business for
more than five decades.


RAGHU EXPORTS: CRISIL Reaffirms B Rating on INR21.8MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghu Exports India Pvt
Ltd (REPL) continue to reflect the company's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
small scale of, and working-capital-intensive, operations,
customer concentration, and susceptibility to volatility in raw
material prices and in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
REPL's promoters in the leather industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Purchase          111.7      CRISIL A4 (Reaffirmed)
   Letter of Credit        50        CRISIL A4 (Reaffirmed)
   Packing Credit         200        CRISIL A4 (Reaffirmed)
   Term Loan               21.8      CRISIL B/Stable (Reaffirmed)


Outlook: Stable

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

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

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

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

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

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


ROJER MATHEW: CRISIL Assigns B Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Rojer Mathew and Company (RMC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           70         CRISIL A4
   Cash Credit              80         CRISIL B/Stable

The ratings reflect RMC's small scale of operations in a
fragmented industry and large working capital requirements. The
ratings also factor in the firm's below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
RMC's promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that RMC will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the firm scales up its operations significantly, while it
maintains its healthy operating profitability, or improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if RMC registers lower-than-expected cash accruals,
or if its working capital management deteriorates, resulting in
weakening of its liquidity.

Set up as a partnership firm in Kochi (Kerala), RMC executes civil
contracts for Kerala Public Works Department. The day-to-day
operations of the firm are managed by Mr. Rojer Mathew.

RMC reported net profit of INR3.0 million on net sales of INR47
million for 2013-14 (refers to financial year, April 1 to
March 31) against net profit of INR2.1 million on net sales of
INR40 million for 2012-13.


SADHAV OFFSHORE: CRISIL Reaffirms B+ Rating on INR29MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sadhav Offshore Engg Co
(SOEC; part of the Sadhav group) continue to reflect the Sadhav
group's modest scale of operations and average financial risk
profile marked by aggressive capital structure on the back of
capital withdrawal by promoters. These rating weaknesses are
partially offset by the extensive experience of the Sadhav group's
promoters in the barging industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)
   Cash Credit             29       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       1       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of SOEC and Sadhav Shipping Ltd (SSL),
together referred to as the Sadhav group. This is because the
entities have common promoters, are in the similar line of
business, and have significant financial linkages with each other.

Outlook: Stable

CRISIL believes that the Sadhav group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the Sadhav
group registers a significant growth in its revenue and
profitability while it improves its capital structure and debt
protection metrics. Conversely the outlook may be revised to
'Negative' in case of an elongation of its working capital cycle
which deteriorates liquidity, or if the group undertakes a large
debt-funded capital expenditure.

SSL and SOEC, based in Mumbai, were established in 1992 by Capt K
K Choudhary and his family members. SSL is engaged in coastal
logistics, offshore logistics, security of ports, and ship
management. SOEC is engaged in providing services which include
annual maintenance contracts for oil companies and repair and
maintenance of vessels for shipping companies.


SAIDRISTI SUITINGS: CARE Reaffirms B+ Rating on INR5.41cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Saidristi Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.41       CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the
relatively small scale of operations of Saidristi Suitings
Private Limited (SSPL) in the highly competitive and fragmented
textile industry and its weak financial risk profile marked
by range bound profitability, leveraged capital structure and
working capital intensive nature of operations. The rating,
further, remains constrained on account of the susceptibility of
the company's profitability to fluctuations in the raw material
prices.

The rating, however, continues to draw strength from the long
standing experience of SSPL's management along with its
established track record of operations of more than a decade in
the textile industry and location advantage by way of proximity to
the raw material as well as customers due to its presence in the
textile cluster.

SSPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices and
efficient management of working capital is the key rating
sensitivities.

Bhilwara-based (Rajasthan) SSPL was initially incorporated in the
name of Sairam Suitings Private Limited in 2003 by Mr Kamal Singh
Jain along with his son, Mr Amit Kumar Mahnot. However in July,
2014, the name of the company was changed to the present one. SSPL
is primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing
work required for the manufacturing of finished fabrics on job
work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics.

The manufacturing facility of SSPL is located at Bhilwara with
total of 56 sulzer looms having an installed capacity of 36
Lakh Meters Per Annum (LMPA) as on March 31, 2014. During FY14
(refers to the period April 1 to March 31), SSPL has replaced four
obsolete looms with second hand sulzer looms at a total cost of
INR0.59 crore, financed through infusion of capital by the
promoter and through internal funds. The company caters to the
domestic market and sells its products through the network of its
agents located all over India under the brand name of "SSPL".

During FY14, SSPL has reported a total operating income of
INR18.75 crore (FY13: INR17.79 crore), with a PAT of INR0.04
crore (FY13: net loss of INR0.09 crore).


SAINI TECHNO: CRISIL Suspends B+ Rating on INR64.8MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saini Techno Constructs Pvt Ltd (STC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               64.8        CRISIL B+/Stable

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

STC was established in 2001 by Mr. Ashwani Saini and operates a
1.5-megawatt hydropower plant. The company commenced operations in
May 2011.


SHETKARI SAKHAR: CRISIL Ups Rating on INR342.7MM Term Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shetkari Sakhar Karkhana (Chandapuri) Ltd (SSKL) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             107.3      CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan               342.7      CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the improvement in SSKL's liquidity,
marked by timely repayment of debt over the past five months. The
company's liquidity has improved on the back of liquidation of the
earlier slow-moving sugar stocks. Over the medium term, generation
of cash accruals from the business is expected to increase with
ramp-up in the utilisation of its facilities that started
production last year. This will ensure that the improvement in
liquidity will remain sustainable over the medium term.

The rating reflects SSKL's below-average financial risk profile,
marked by weak debt protection metrics and an aggressive capital
structure. The rating also factors in the company's exposure to
risks related to regulatory changes in the sugar industry. These
rating weaknesses are partially offset by SSKL's proximity to the
sugarcane producing region and tie-ups with farmers for
procurement of sugarcane.

Outlook: Stable

CRISIL believes that SSKL will continue to benefit over the medium
term from tie-ups with farmers for procurement of sugarcane, which
will ensure sufficient availability of raw material. The outlook
may be revised to 'Positive' in case significant increase in cash
accruals from business results in enhanced liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in SSKL's financial risk profile, especially liquidity, due to
pile-up of sugar stock, or constrained profitability due to
adverse raw material price movement or large debt-funded capital
expenditure plans.

SSKL was incorporated in 2011, and is promoted by Mr. M Waghmode
and his family, along with other directors. SSKL manufactures
sugar at its factory at Chandapuri in Solapur (Maharashtra).


SHREE MAHALAXMI: CARE Assigns B+ Rating to INR13.09cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Mahalaxmi Agro Farms Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.09      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Mahalaxmi Agro
Farms Private Limited (SMFPL) is constrained on account of the
financial risk profile marked by leveraged capital structure
accompanied by high operating cycle, volatility in the raw
material prices, seasonality associated with raw material and
small scale of operations in highly fragmented fruit processing
industry.

The rating, however, draws support from experienced management
personnel, locational advantage for procurement of mangoes and
geographically diversified revenue profile.

The ability of the firm to scale up its operations while
maintaining its profitability margins and amidst fluctuating raw
material prices and forex rates is the key rating sensitivity.

Incorporated in 2004, SMFPL was promoted by Mr Sanjay More and his
wife Mrs Santoshi More. Initially, till the year 2012, SMFPL was
engaged in the trading and exporting of mangoes. However, from
2012 onwards, SMFPL also started processing of mangoes with
processing unit located at village Shirgaon, district Sindhudurg,
Maharashtra, with an installed capacity of manufacturing 30 tonnes
of mango pulp per day. The business of the company is seasonal in
nature and it carries out processing of mangoes during the period
April to July. The product range includes alphonso mango, alphonso
mango pulp, kesar mango pulp, mango fruit, green mango and Devgad
hapus mango. The income from trading of mangoes and manufacturing
of mango pulp constituted 30% and 70%, respectively, of total
operating income in FY14 (refers to the period of April 1 to March
31). Furthermore, the promoters of SMFPL presently have land bank
of around 350 acres in the areas of Shevare, Ombal and Nimatwadi,
district Sindhudurg, which is used for cultivation of mangoes.
Presently, the company exports its products to foreign
destinations like Canada, England, Hong Kong, Dubai, North
America, South America and Eastern Asia. SMFPL also started
catering to the domestic market of India from 2014. The
company is certified as ISO 22000:2005 and from European
Inspection and Certification Company S.A.

During FY14, SMFPL earned a PAT of INR0.42 crore on a total income
of INR4.09 crore as against a PAT of INR0.20 crore on a total
income of INR3.63 crore for FY13.


SHREE SAI: CARE Assigns B+ Rating to INR6.05cr LT Bank Loan
-----------------------------------------------------------
CARE Assigns 'CARE B+' Rating to bank facilities of Shree Sai
Hasti Agro.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.05      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Sai Hasti Agro
(SSHA) is primarily constrained on account of the short track
record of operation coupled with low profit margins, moderate
capital structure, debt coverage indicators and liquidity
position. The rating is further constrained due to proprietorship
nature of constitution coupled with susceptibility of profit
margins to raw material price fluctuations and dependence on
monsoon, presence in the fragmented industry and high level of
government regulations.

Going forward, SSHA's ability to increase its scale of operations
in addition to improving its profit margins and capital structure
are the key rating sensitivities.

SSHA was established during December 2012 by Mr Pragneshkumar R
Naik as a proprietorship entity. The firm is engaged into
manufacturing of rice flakes (flattened rice products) such as
'Poha'. The manufacturing unit of the firm is located near
Navsari, Gujarat, which has an installed capacity of 340 metric
tons per day (MTPD) as on March 31, 2014. The firm sells its
products in various states such as Gujarat, Maharashtra, Delhi and
Haryana through local distributor, ie, Kailash Marketing. Paddy is
the main raw material, which is being procured from the local
mandis of the district.

During FY14 (refers to the period April 1 to March 31), SSHA
reported a PAT of INR0.20 crore on a TOI of INR19.74 crore as
against PAT of INR0.04 crore and TOI of INR3.41 crore during FY13.
During 8MFY15, SSHA has achieved TOI of INR24 crore.


SRI GNANA: CRISIL Suspends D Rating on INR197.9MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Gnana Ganapathy Foundation (SGG).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan          197.9       CRISIL D

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

SGG was set up as a charitable trust in 2008, by Mr. R
Krishnaswamy, Mr. C K Sundaram, and Dr. K Kumarasamy. The trust,
which has 10 trustees, manages an engineering college called
Kalaivani College of Technology, located at Coimbatore (Tamil
Nadu). The first batch of the college commenced in August 2009.


STP LTD: CRISIL Reaffirms D Rating on INR200MM Cash Credit
----------------------------------------------------------
CRISIL's ratings on the bank facilities of STP Ltd (STP) continue
to reflect STP's weak liquidity on account of negative cash
accruals reported over the past two years through March 2014 and
its below-average financial risk profile marked by a small net
worth and high gearing. However, the company continues to benefit
from its diverse customer profile and its promoters' extensive
industry experience.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL D (Reaffirmed)
   Cash Credit             200        CRISIL D (Reaffirmed)
   Letter of Credit        130        CRISIL D (Reaffirmed)

For arriving at the ratings, CRISIL deducted INR72 million from
STP's net worth as on March 31, 2014, because of the continued
overdue/disputed debtors, claims receivables, and loans and
advances extended by the company. CRISIL believes that the
timeframe of recovery of these balances is uncertain as most of
the amount has been outstanding/under legal dispute for the past
four to five years. STP's net worth, gearing, and other financial
ratios used for the rating analysis have been arrived at after
factoring in this adjustment.

STP, a part of the Turner Morrison group, has three business
verticals: waterproofing products, corrosion protection products,
and construction chemicals. The company manufactures construction
chemicals at its facility in Goa, bituminous products in Chennai
(Tamil Nadu), and coal tar products in Jamshedpur (Jharkhand). Its
customers include the Indian Railways, and companies such as the
Oil and Natural Gas Corporation Ltd, Reliance Industries Ltd,
Indian Oil Corporation Ltd, and Larsen & Toubro Ltd.


SUNBOND CERAMIC: CRISIL Assigns B+ Rating to INR50MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sunbond Ceramic Pvt Ltd (SCPL).

                        Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                50         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        5         CRISIL B+/Stable

   Bank Guarantee           10         CRISIL A4

   Cash Credit              35         CRISIL B+/Stable

The ratings reflect SCPL's modest scale of operations in the
highly competitive ceramics industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of SCPL's promoters and the
proximity of its manufacturing facilities to raw material and
labour sources.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
substantial accruals leading to improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SCPL
reports low operating margin or undertakes a considerable debt-
funded expansion plan or if its working capital management
deteriorates, weakening its financial risk profile significantly.

Incorporated in 2013, SCPL is a Morbi (Gujarat)-based company
manufacturing digital wall tiles. The company is owned and managed
by Mr. Bharat Saradva and his family members and Mr. Manojbhai
Kagathara and his family members. The company commenced commercial
production in April 2014.


SUNDER SIDDHI: CRISIL Suspends D Rating on INR300MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sunder
Siddhi (SS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             300         CRISIL D
   Proposed Long Term
   Bank Loan Facility       30         CRISIL D

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

Established in 2006, SS is a partnership firm and is part of the
Shamit Buildcon LLP (SBL) group, which is engaged in real estate
development. The firm is developing a real estate project, Shamit
Octozone in three phases. The project involves construction of 800
residential flats/apartments, 80 build-to-suit bungalow plots, 96
independent bungalows, 1 school and a sports club facility in
Aurangabad (Maharashtra).


SUNRISE STONE: CARE Assigns 'B' Rating to INR7.36cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Sunrise Stone
Crusher Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.36       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sunrise Stone
Crusher Private Limited (SSC) is primarily constrained by its
residual project execution and stabilization risk associated with
setting up of unit coupled with regulatory risk pertaining to
environmental issue like noise and air pollution. The rating is
further constrained by the highly competitive nature of the
industry and slowdown in the construction and infrastructure
sector.

These rating constraints are partially offset due to the support
from the experienced promoters in the stone crushing business.

Going forward, the ability of SSC to achieve its envisaged
revenues and profitability and ability of the company to improve
its capital structure shall be the key rating sensitivities.

Sunrise Stone Crusher Private Limited (SSC) was incorporated in
February, 2013 by Mr Satpal Singh, Mr Sandeep Beniwal and
Mr.Mandeep Choudhary. SSC was established to undertake crushing of
stones at Bazpur, Uttrakhand. The total cost of the project is
estimated to be around INR7.29 crore which is to be funded through
a term loan and promoter's contribution of INR3.36 crore and
INR3.93 crore (Rs.1 crore in the form of equity capital and
INR2.93 crore in the form of unsecured loans) respectively. The
company has a proposed installed capacity of about 40,000 quintal
per annum. The company is planning to set up the unit in two
phases and as per management INR3.29 crore of the total cost (for
phase one of the project) has been incurred as on September 30,
2014.

The company commenced its commercial operations in April 2014 with
partial completion and FY15 (refers to the period April 1 to March
31) will be the first full year of operations for the company. SSC
sells the stone dust & stone grit to construction companies as
well as to individual customers. Furthermore, the company procures
stone pieces and sand from local vendors and companies engaged in
excavation work. The crushed stones find application in
construction of roads, civil construction, bridges etc.


SUPERIOR FOOD: CRISIL Assigns B+ Rating to INR550MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Superior Food Grains (P) Ltd. (SFG).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               550         CRISIL B+/Stable
   Cash Credit             400         CRISIL B+/Stable
   Letter of Credit         20         CRISIL A4

The ratings reflect SFG's susceptibility to risk of time and cost
overruns on its power plant project, susceptibility to
unfavourable regulatory changes in the sugar industry and working
capital intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of company's
promoters in the sugar industry.

Outlook: Stable

CRISIL believes that SFG will continue to benefit over the medium
term from its promoters extensive experience in the sugar
industry. The outlook may be revised to 'Positive' if the company
stabilizes its operations and commercialises its power plant in a
timely manner without any time and cost overruns. Conversely, the
outlook may be revised to 'Negative' if SFG's financial risk
profile deteriorates, mostly likely because of incremental working
capital requirements or larger-than-expected, debt-funded capital
expenditure (capex).

SFG, incorporated in 2007, took over a sugar unit at Unn (Shamli
district of Uttar Pradesh) from Sir Shadi Lal Enterprises Ltd in
September 2014 with a cane crushing capacity of 4300 tonnes per
day (TCD) and a captive power plant of 4.5 megawatt (MW). ). SFG
is currently setting up a 33.0 MW bagasse-based power plant. SFG
is promoted by Mr Rana Inder Pratap Singh and Mr Rana Karan Inder
Pratap Singh.


SURYA WIRES: CARE Reaffirms B+ Rating on INR17.60cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Surya
Wires Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.60      CARE B+ Reaffirmed

   Long-term/ Short-term Bank     6.00      CARE B+ CARE A4
   Facilities                               Reaffirmed

   Short term Bank Facilities     5.00      CARE A4 Reaffirmed

Rating Rationale

The ratings for the bank facilities of Surya Wires Pvt. Ltd.
(SWPL) continue to remain constrained by its relatively small
scale of operation with low profit margin, presence in highly
competitive and fragmented industry, susceptibility to
fluctuation in raw material prices, working capital-intensive
nature of business and sluggish growth of the user industries.
The ratings, however, derive strength from its experienced
promoters with long track record of operation and reputed
clientele.

Going forward, the ability of the company to improve its profit
margins and efficient management of working capital are the key
rating sensitivities.

SWPL incorporated in October 1989, was promoted by one Mr S. K.
Jain of Raipur, Chhattisgarh. The company had started its
operation from 1983 as a proprietorship firm. It is engaged in the
manufacturing of G.I. wire, stay wire, G.I. barbed wire, etc.
having an installed capacity of 74,000 MTPA. Apart from
manufacturing, SWPL is also engaged in trading of wires which
contributed 56.58% of the total sales during FY14 (refers to the
period April 1 to March 31). The products of SWPL are largely used
in industries like power, construction, automobile, engineering,
etc. SWPL primarily sells its products to wire dealers and
retailers. Apart from this, the company also participates in
tender issued by various government entities for supply of wire.

SWPL is a closely-held company with both the directors from the
promoter's family. The day-to-day affairs of the company are
looked after by Mr S. K. Jain, MD, with adequate support from
other director, Mr Harsh Agarwal, and a team of experienced
personnel.

During FY14, the company reported a total operating income of
INR112.3 crore (FY13: INR93.5 crore) and a PAT of INR0.2
crore (FY13: INR0.1 crore). The company has achieved a total
operating income of INR71.05 crore during 8MFY15 (refers to
the period April 1 to November 30).


SWAGATH: CRISIL Assigns B+ Rating to INR230MM Overdraft Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Swagath (a part of the Swagath group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      230         CRISIL B+/Stable

The ratings reflect constrained financial flexibility of the group
on account of large capex, loans and advances extended to related
entities and low profitability in the hotel business due to recent
commencement of operations. These rating weaknesses are partially
offset by extensive promoters' experience in the industry and an
established brand name of Swagath.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Swagath with its group entity Ocean
Pearl Hotels Pvt Ltd (OPHPL). This is because the two entities,
together referred to as the Swagath group, have significant
financial linkages and a common management.
Outlook: Stable

CRISIL believes that the Swagath group will continue to benefit
from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' if the group significantly
increases its profitability resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the Swagath group reports significant decline in its
revenue or profitability or in case of significant debt-funded
expansion plans resulting in deterioration of the financial risk
profile.

Swagath, set up in 2001 by Mr. Jayaram Banan, runs nine multi-
cuisine restaurants under the Swagath brand in Delhi/ National
Capital Region  OPHPL, incorporated in 2011 by Mr. Jayaram Banan,
runs a four-star hotel in Mangalore (Karnataka) and a banquet
facility in Maharauli in Delhi.


THUNGA HOSPITAL: CRISIL Ups Rating on INR200MM Term Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Thunga Hospital Pvt Ltd (THPL) to CRISIL B-/Stable from CRISIL C.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              20         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

   Term Loan               200         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

The rating upgrade reflects timely servicing of term debt by THPL
over the eight months through October 2014, supported by moderate
improvement in its liquidity. CRISIL believes that THPL's
liquidity will remain stretched over medium term, however it will
generate just adequate accruals vis-a-vis its term loan
obligations over the medium term, supported by its healthy
operating profitability. The company is likely to generate
accruals about INR50 million as against debt obligations of about
INR42 million in 2014-15.

The rating reflects THPL's modest scale of operations coupled with
geographical concentration, and weak financial risk profile marked
by aggressive gearing and low net worth. These rating weaknesses
are partially offset by the extensive experience of THPL's
promoters in the healthcare industry, and the company's
established regional market position.

Outlook: Stable

CRISIL believes that THPL will continue to benefit over the medium
term from its promoter's extensive industry experience and
strategic location. The outlook may be revised to 'Positive' if
the company reports higher-than-expected accruals, while improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if THPL's financial risk profile weakens, most
likely because of larger-than-expected working capital
requirements or substantial debt-funded capital expenditure.

Incorporated in 2008, Thunga Hospital Private Limited (THPL) is a
110 bedded multi-specialty hospital. The hospital is located at
Mira Road, on the outskirts of Mumbai. The company has taken over
a small working hospital in Boisar with a capacity of 50 to 70
beds in 2013-14.

THPL reported a net profit of INR8.7 million on revenue of
INR289.7 million for 2013-14 against a net profit of INR3.8
million on revenue of INR229.0 million for 2012-13.


TIRATH RAM: CRISIL Suspends B Rating on INR50MM Term Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirath Ram Ahuja Pvt Ltd (TRPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           70        CRISIL A4
   Overdraft Facility        9        CRISIL B/Stable
   Term Loan                50        CRISIL B/Stable

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

TRPL, based in New Delhi, was established in 1950. It offers
building and construction services, such as commercial
construction and civil construction services, to industrial and
real estate companies.


TNR INDUSTRIES: CRISIL Reaffirms B- Rating on INR52MM Bank Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating at 'CRISIL B-/Stable' to the long
term bank facilities of M/s. TNR Industries Pvt Ltd (TNRIPL).


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    ------
   Cash Credit             48       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          50       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      52       CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect TNRIPL's modest scale of
operations, weak financial risk profile and working capital
intensive nature of operations. These rating weaknesses are
partially offset by promoter's extensive industry experience in
the construction industry.

Outlook: Stable

CRISIL believes that TNRIPL will continue to benefit from its
promoter's experience in the industry over the medium term. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase significantly on a sustainable basis while
improving its working capital management. The outlook may be
revised to 'Negative' if TNRIPL's revenues and profitability are
lower-than-expected, or if the liquidity deteriorates most likely
due to stretched receivables if the company undertakes large debt-
funded capex leading to deterioration in the financial risk
profile.

Incorporated in the year 2011, TNRIPL is engaged in the
manufacture of RMC (ready mix concrete) used in the construction
industry. The company is also into manufacturing of Unplasticized
Polyvinyl Chloride (UPVC) panels. Based out of Hyderabad, the
company is promoted by Mr.T. Narsimha Rao and his family.

For 2013-14 (refers to financial year, April 1 to March 31),
TNRIPL reported a net loss of INR6.5 million on net sales of
INR169.4 million, as against a profit after tax of INR3 million on
net sales of INR134 million for 2012-13.


VANTAGE SPINNERS: CARE Reaffirms 'C' Rating on INR48cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vantage Spinners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       48       CARE C Reaffirmed

Rating Rationale

The rating is constrained by high inventory holding period,
susceptibility towards volatility in raw cotton prices, limited
track record of the company in the industry and fluctuating profit
margins. The rating, however, takes into account improvement in
the liquidity position, continuous growth in the revenue,
locational advantage for adequate raw material availability and
power supply and various subsidies received from the government.
The ability of the company to further improve the liquidity
position with efficient management of working capital, withstand
the volatility of raw cotton prices and sustain the profit margins
are the key rating sensitivities.

Vantage Spinners Pvt. Ltd. (VSPL) was incorporated on July 28,
2006, by Mr Potluri Mohana Murali Krishna, Mr Potluri Soma Sekhar
and Ms Nandamuri Meenalatha. The promoters inducted Mr J. S.
Prasad Reddy as the chairman of VSPL, who has over 26 years of
experience of working with spinning mill. VSPL is mainly into
manufacturing of cotton yarn (40s and 60s count) with an installed
capacity of 31,500 spindles. The company's manufacturing plant is
located at Nuzividu Mandalam in Krishna district, Andhra Pradesh.

The company started commercial operation in February 2010.
For FY14 (refers to the period April 01 to March 31), VSPL
reported a total operating income of INR80.47 crore and PBILDT
of INR15.2 crore as against a total operating income of INR66.71
crore and PBILDT of INR16.46 crore in FY13. The net profit
margin was at 1.30% in FY14 as against 0.34% in FY13.
In H1FY15, the company has reported a total operating income of
INR61.01 crore.


VELVET RESORTS: CRISIL Suspended B Rating on INR87MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Velvet Resorts Pvt Ltd (VRPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                87         CRISIL B/Stable

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

VRPL, incorporated as private limited company in 2009, is promoted
by Mr. Bhagwant Singh, his son Mr. Dilraj Sohi and his wife Mrs.
Perminder Pal Kaur. It is setting up a resort in the name of
Velvet Resort in Chandigarh.


VINOTH DISTRIBUTORS: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
Vinoth Distributors (VD) reflects VD's modest scale of operations
and below-average financial risk profile, marked by small net
worth, high external indebtedness, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of VD's promoters in the agricultural
commodities industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable (Reaffirmed)

VD booked operating income of INR288 million and operating
profitability of 5.7 per cent for 2013-14 (refers to financial
year, April 1 to March 31), as against INR259 million and 4.9 per
cent, respectively, for 2012-13. On account of its small scale of
operations and modest profitability, the firm's accruals remained
at INR4 million during 2013-14. The firm booked revenue of INR190
million till November 2014 in 2014-15. CRISIL believes that VD
will continue to grow moderately over the medium term driven by
its established position as a distributor of the Kohinoor brand of
rice and supported by enhancement in its working capital limits.

VD's financial risk profile is marked by small net worth of INR32
million and high gearing of 3.64 times as on March 31, 2014. Its
debt protection metrics, are below-average with interest coverage
ratio at 1.52 times during 2013-14. The promoters are likely to
infuse capital of about INR40 million into VD to partially fund
the construction of warehousing facilities. VD's capital structure
will improve with the infusion. CRISIL believes that VD's
financial risk profile will improve gradually over the medium
term, supported by increase in cash accruals resulting from rental
income from its warehousing facilities.

VD has moderate liquidity. The firm is likely to generate cash
accruals of INR3 million to INR17 million vis-a-vis term debt
obligation of INR1.6 million to INR2.0 million over the medium
term. Its bank limits, however, remain highly utilised on account
of its large working capital requirements. The firm had large
gross current assets of 195 days, primarily on account of large
inventory and receivables of 97 days and 92 days, respectively, as
on March 31, 2014. The firm's liquidity is expected to remain
moderate over the medium term on account of its large working
capital requirements.

Outlook: Stable

CRISIL believes that VD will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the firm reports substantial revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the firm reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.
About the Firm

Set up in 2009 as a partnership firm and promoted by Mr. K R
Padmanabhan and his family members, VD trades in rice. The firm is
a distributor of Kohinoor Specialty Foods India Pvt Ltd.

In 2013, Mr. Vinoth Kumar was inducted as a partner in the firm.
Mr. Kumar oversees the firm's day-to-day operations.


WIN-TEL CERAMICS: CRISIL Ups Rating on INR120MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Win-Tel Ceramics Pvt Ltd (WCPL) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit             120        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Long Term       25        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan                30        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects WCPL's timely repayment of the
principal amount of its loans over the five months through
November 2014. CRISIL believes that WCPL's liquidity will improve
further with reduction in its debt obligations and expected growth
in its revenue and cash accruals. CRISIL also believes that WCPL
will meet its interest obligations as per schedule, supported by
the improvement in its liquidity.

The ratings reflect WCPL's weak capital structure, large working
capital requirements, the susceptibility of its profitability
margins to volatility in raw material prices, and its exposure to
intense competition. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
ceramics business, leading to established relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes that WCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company generates substantial cash
accruals or benefits from significant equity infusion by its
promoters, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in WCPL's cash accruals, or
deterioration in its working capital management, or large debt-
funded capital expenditure, resulting in weakening of its
financial risk profile.

Incorporated in 2008, WCPL is promoted by the Morbi (Gujarat)-
based Kundariya family and others. The company manufactures
vitrified tiles at its facilities in Morbi.

For 2013-14 (refers to financial year, April 1 to March 31), WCPL
reported a net loss of INR15 million on net sales of INR365.9
million, as against a net loss of INR49.5 million on net sales of
INR271.2million for 2012-13.



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


BERAU COAL: Moody's Downgrades Corporate Family Rating to Caa1
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of PT Berau Coal Energy Tbk (BCE) to Caa1 from B3 as well
as the ratings on senior secured bonds issued by BCE and Berau
Capital Resources Pte Ltd, which are guaranteed by BCE, to Caa1
from B3.

The ratings remain on review for further possible downgrade.

Ratings Rationale

"The downgrade to Caa1 reflects the increased likelihood of a
distressed exchange occurring over the coming quarters coupled
with a challenging operating environment driven by persistently
weak coal prices," says Brian Grieser, a Moody's Vice President
and Senior Analyst. The downgrades follow statements made by the
company's majority shareholder, Asia Resource Minerals plc (ARMS,
unrated), that the company would likely seek to extend the
maturity of its $450 million notes due July 2015.

Moody's would view the extension of the notes as coercive to
bondholders and inconsistent with its original promise to repay
the notes as it would have the effect of allowing BCE to avoid a
payment default at maturity. As such, the extension of all or part
of the notes would be viewed as a distressed exchange under
Moody's definition of default.

"The review for downgrade will focus on both the outcome of
February's General Meeting at ARMS and the terms of the company's
refinancing plans" added Grieser, who is the lead analyst on BCE.

The 4 February 2015 General Meeting of shareholders was
requisitioned by Borneo Bumi Energi and Metal Pte Ltd (Borneo,
unrated), a Samin Tan-controlled vehicle that controls 23.8% of
ARMS, to vote on its proposal to remove three independent
directors and replace them with their own nominees. Moody's
believes the ongoing shareholder disagreements create an
environment that is not conducive to executing the company's
restructuring plans and could exert further pressure on ratings if
such disagreements are not resolved over the next couple of weeks.

The review will also focus on the terms proposed to restructure
the 2015 notes. While the company had roughly $331 million of cash
at 31 December 2014, Moody's anticipate that the company would
maintain a large portion of its cash balances as opposed to
repaying debt. As such, the current rating anticipates that any
unpaid portion of the notes principal will be extended at par and
that proforma interest rates will be largely consistent with the
existing notes. Any deviation from these expectations could have
negative implications for recovery and therefore ratings.

The rating review is expected to be completed over the next 60-90
days.

The ratings could be downgraded if any of the following were to
occur: 1) the outcome of the general meeting of shareholders
resulted in a board that did not contain a majority of independent
directors; 2) BCE were to propose an extension that included a
reduction in the par value of the bonds or a lower interest rate
or 3) the restructuring had any impact on the $500 million notes
due 2017, whose timely repayment may also be increasingly at risk.

The ratings are unlikely to be stabilized prior to the successful
restructuring of BCE's 2015 notes. Further, if the company were
successful in raising incremental equity and collecting the $173
million due from its former president director, Rosan Roselani,
and demonstrated both the willingness and ability to repay the
notes at par, ratings could be stabilized or even upgraded.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.6 billion tons, with probable and proven reserves
estimated at 512 million tons (mt).



=====================
P H I L I P P I N E S
=====================


GMA RURAL BANK: Ex-President Arraigned for PHP748MM Estafa Case
---------------------------------------------------------------
The former Chairman and President of a closed rural bank was
arraigned on January 12, 2015 at the Regional Trial Court (RTC) of
Imus City, Branch 20 for estafa charges in the amount of
PHP748 million.

Charged with estafa is Mr. Banlee Choa, former Chairman and
President of the closed GMA Rural Bank, a bank under liquidation
by the Philippine Deposit Insurance Corporation (PDIC).  Mr. Choa
voluntarily surrendered in November 2014 and has been detained at
the Imus City Police Station in Cavite since then. Choa pleaded
not guilty after details of the estafa charges were read to him in
open court. Acting Presiding Judge Josefina E. Siscar has set the
pre-trial of the case on March 9, 2015.

Based on the complaint filed by PDIC with the Department of
Justice (DOJ) Task Force on Financial Fraud and the criminal
information filed by the DOJ before the court, Choa is accused of
estafa for misappropriating funds of GMA Rural Bank in his
capacity as President/Chief Executive Officer/Chairman of the
bank. He created a special division in GMA Rural Bank, which he
called the "executive/extension office" wherein he, through the
creation of fictitious loans, diverted around P748 million of bank
funds generated via deposit-taking activities to the
"executive/extension office", which in turn, transferred the
misappropriated funds to corporations and business entities owned
and controlled by the accused Choa and/or members of his immediate
family through the grant of unsecured loans.

Records of the DOJ show that PDIC has filed a Petition for Review
with regard to the dismissal of its complaint relative to the
other co-respondents of Choa who are former officers of GMA Rural
Bank or officers of other Choa-controlled corporations that
benefited from the diversion of bank funds.

The filing of the criminal complaint against Choa, other former
officers of the GMA Rural Bank and other officers of other Choa-
controlled corporations is in line with PDIC's efforts to bring to
justice parties who commit fraud, circumvent the deposit insurance
scheme or engage in unsafe and unsound banking practices that may
put the Deposit Insurance Fund (DIF) at risk. PDIC vigorously
pursues legal action against erring bank officers, for the benefit
of depositors/creditors and to protect the DIF, PDIC's funding
source for payment of insured deposits.

GMA Rural Bank was placed under the receivership of PDIC in
February 2011.


RIZAL COMMERCIAL: Fitch Assigns 'BB' Rating to USD200MM Notes
-------------------------------------------------------------
Fitch Ratings has assigned Philippines-based Rizal Commercial
Banking Corp.'s (RCBC; BB/Stable) USD200m 4.25% notes due 2020 a
final rating of 'BB'.  The notes will be issued under the bank's
USD1bn medium-term note programme.

This follows the receipt of final documents conforming to
information previously received.  The final rating is the same as
the expected rating assigned on Jan. 12, 2015.

KEY RATING DRIVERS

The senior notes are rated at the same level as RCBC's 'BB' Long-
Term Issuer Default Rating (IDR).  This is because the notes
constitute direct, unsubordinated and senior unsecured obligations
of the bank, and rank equally with all its other unsecured and
unsubordinated obligations.

RATING SENSITIVITIES

The rating on the notes is sensitive to changes in RCBC's IDR,
which is driven by its Viability Rating of 'bb'.

RCBC's ratings are:

Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
Long-Term Local-Currency IDR 'BB'; Outlook Stable
Viability Rating 'bb'
Support Rating '3'
Support Rating Floor 'BB-'



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


HYDIS TECHNOLOGIES: In Danger of Shutdown After Being Sold
----------------------------------------------------------
Jack H. Park at BusinessKorea reports that Hydis Technologies is
in danger of factory shutdowns after being sold to a foreign firm.
There is growing criticism about companies that take technologies
away from newly-purchased firms without any kind of investment,
the report says.

Hydis Technologies is a TFT LCD company in Korea, and Taiwan-based
E-ink is the largest shareholder of the company, the report
discloses.  According to the report, E-ink held an emergency board
meeting on Jan. 6 and decided to halt factory operations at Hydis.
On the following day, the Taiwanese firm notified relevant
government agencies that it will close factories and discontinue
production, the report relates. It also informed them that it will
lay off 380 workers on the grounds that it is difficult for the
Korean company to survive, the report says.

Hydis Technologies is the first LCD panel maker in South Korea. It
started as a Hyundai Electronics LCD unit in 1989, ahead of other
companies, which entered the LCD industry in the 1990s. The firm
separated from Hyundai Electronics and became an independent
company called Hydis Technologies in 2001. The following year, it
was sold to BOE in the process of the separate disposal of the
bankrupt Hyundai Electronics.

However, BOE only invested in production lines in China, not
Korea. Due to deteriorating business conditions, BOE Hydis filed
for court receivership in 2006. At that time, BOE demanded that
BOE Hydis hand over patents for LCD panels, without suggesting any
measures to rescue the money-strapped company, the report states.
As a result, this case has been mentioned as an example of
technology leakage.

In the end, the report relates, the troubled company was sold to
E-ink. However, E-ink also took away Hydis' technologies by
obtaining patent royalties from other Taiwanese firms without any
kind of investment in facilities or new technologies. That is the
reason why E-ink cannot avoid the criticism that it is a typical
foreign company that disposes of its Korean affiliates after
absorbing technologies, according to BusinessKorea.



===========
T A I W A N
===========


TAIWAN HIGH: Transport Minister Resigns Over Failed Revamp Plan
---------------------------------------------------------------
The Central News Agency reports that Transport minister Yeh Kuang-
shih tendered his resignation on Jan. 7 after the ministry's
proposal for financial restructuring at the Taiwan High Speed Rail
operator failed to clear the Legislature.

Mr. Yeh took up the post at head of the Ministry of Transportation
and Communications in February 2013, the report says.

Tony Fan, who has been chairman of Taiwan High Speed Rail Corp.
since last May, also resigned, CNA relates.

According to the report, an Executive Yuan spokesman said Premier
Mao Chi-kuo would try his best to keep Mr. Yeh in his post.

In announcing his resignation, Mr. Yeh lamented being unable to
serve the public welfare and expressed concerns that the
Legislature's disapproval of the financial turnaround plan for the
troubled rail operator would leave it bankrupt.  That would leave
the government forced to take over the company, which
Mr. Yeh said is an option full of risks, according to CNA.

CNA relates that the Ministry of Transportation and Communications
said it would not involve itself any further in discussions of
financial restructuring at the private company and will instead
start preparations to take over.

According to the news agency, the key point of the ministry's
rejected proposal was granting a 40-year extension to the
company's right to operate Taiwan's only bullet train, which it
built under a build-operate-transfer (BOT) model, affording the
financially troubled company more time to acquire capital and tide
over its current difficulties.

Ruling and opposition lawmakers were not impressed by the plan,
expressing concerns that it was too expensive and would only
benefit "certain individuals," the report says.



===============
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
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
UNITEX TBK               UNTX            18.83        -18.53


INDIA

ABHISHEK CORPORA         ABSC            53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD           ALPI           201.29        -41.70
AMIT SPINNING            AMSP            12.85         -7.68
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
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            46.36         -0.29
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
KM SUGAR MILLS           KMSM            19.14         -0.47
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
MILTON PLASTICS          MILT            17.67        -51.22
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB         MBI/S           727.13       -165.63
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            63.70        -53.01
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           127.72       -153.54
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           276.99        -88.49
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 SUGAR          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            14.90         -5.27
STI INDIA LTD            STIB            21.69         -2.13
STL GLOBAL LTD           SHGL            30.73         -5.62
STORE ONE RETAIL         SORI            15.48        -59.09
SUPER FORGINGS            SFS            14.62         -7.00
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
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        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
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
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
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
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
LIBERTY TELECOMS          LIB            91.11        -40.80
METRO GLOBAL HOL           FC            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

ADVANCE SCT LTD          ASCT            19.68        -22.46
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


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            38.87        -46.47
K-TECH CONSTRUCT      KTECH/F            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
PATKOL PCL              PATKL            52.89        -30.64
PATKOL PCL-FORGN      PATKL/F            52.89        -30.64
PATKOL PCL-NVDR       PATKL-R            52.89        -30.64
PICNIC CORP-NVDR      PICNI-R           101.18       -175.61
PICNIC CORPORATI        PICNI           101.18       -175.61
PICNIC CORPORATI      PICNI/F           101.18       -175.61
SHUN THAI RUBBER        STHAI            19.89         -0.59
SHUN THAI RUBB-F      STHAI/F            19.89         -0.59
SHUN THAI RUBB-N      STHAI-R            19.89         -0.59
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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