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

                      A S I A   P A C I F I C

           Friday, January 23, 2015, Vol. 18, No. 016


                            Headlines


A U S T R A L I A

AIMS RESIDENTIAL: Fitch Affirms 'Bsf' Rating on Class B Notes
APOLLO RMBS: Fitch Affirms 'BBsf' Rating on Class B Notes
CROWN AUTOTRADER: First Creditors' Meeting Slated For Feb. 3
JANTOM FURNITURE: First Creditors' Meeting Set For Feb. 2
PLUTON RESOURCES: Banned for Disclosure and Reporting Failures

SOUTH EAST: First Creditors' Meeting Set For Feb. 2
VALUE GREENSLIPS: ASIC Bans Ex-Directors From Managing Companies
VICTORY WEST: First Creditors' Meeting Slated For Feb. 2


C H I N A

ANTON OILFIELD: Moody's Cuts CFR & Sr. Unsec. Bond Rating to Ba3
FUFENG GROUP: S&P Revises Outlook to Positive & Affirms 'BB' CCR
KAISA GROUP: Shenzhen Gov't. Looks for Investors to Buy Stake
RENHE COMMERCIAL: S&P Raises CCR to 'CCC'; Outlook Negative


I N D I A

AAREN EXPORTS: CARE Reaffirms B+ Rating on INR4.80cr LT Loan
ANAND CRANKS: ICRA Assigns B+ Rating to INR7cr Cash Credit
ASTRA LIGHTING: CRISIL Ups Rating on INR44MM Cash Credit to C
B.M. GUPTA: ICRA Assigns B Rating to INR20cr Term Loan
BACHMANN INDUSTRIES: CRISIL Rates INR125MM Cash Credit at B+

BEST INDIA: ICRA Reaffirms B Rating on INR9.62cr Unallocated Loan
BHASKUN AGROTECH: CRISIL Cuts Rating on INR50MM Term Loan to D
CAPARO INDIA: CARE Reaffirms D Rating on INR58.76cr LT Bank Loan
CAPITAL ELECTRICALS: CRISIL Rates INR120MM Cash Credit at B+
CAPITAL POWER: CRISIL Assigns B+ Rating to INR450MM Cash Credit

CAPITAL POWER SYSTEMS: CRISIL Rates INR150MM Cash Credit at B+
CYBERMOTION TECH: ICRA Rates INR3.5cr Fund Based Limit at B
DOLPHIN MARINE: ICRA Reaffirms B Rating on INR2.3cr Term Loan
DESAI INFRASTRUCTURE: ICRA Rates INR4.50cr Cash Credit at B+
DSM SOFT: ICRA Assigns B- Rating to INR10cr Fund Based Loan

FARMERS AGRICULTURE: ICRA Reaffirms B+ Rating on INR7.5cr Loan
GARYSON MOTORS: CRISIL Cuts Rating on INR110MM Cash Credit to B+
GATI INFRASTRUCTURE: CARE Reaffirms D Rating on INR100MM LT Loan
GOPINATH SPINNING: CARE Reaffirms D Rating on INR7.43cr LT Loan
GUPTA BUILDERS: CRISIL Reaffirms B+ Rating on INR120.5MM Loan

HI - TECH BOARD: CRISIL Reaffirms B+ Rating on INR150MM Term Loan
HINDUSTAN CLOTHING: ICRA Assigns B Rating to INR5cr LT Loan
JAN SHAKTI: CRISIL Assigns B- Rating to INR99MM Term Loan
KATARIA MOTORS: CARE Revises Rating on INR6.62cr LT Loan to B+
KISHORI MERCANTILES: ICRA Reaffirms B Rating on INR3.05cr Loan

MA MAHAMAYA: CRISIL Assigns B Rating to INR60MM Term Loan
MULTIPLE EXIM: ICRA Assigns B Rating to INR0.72cr Overdraft Loan
NIRMAN ASSOCIATES: CRISIL Rates INR80MM Project Loan at B+
OBERAI MOTORS: CRISIL Reaffirms B- Rating on INR51.5MM Cash Loan
P.C. DEY: CRISIL Reaffirms B+ Rating on INR105MM Cash Credit

P.N. PULP: CRISIL Cuts Rating on INR97.7MM Term Loan to 'D'
PARVATI FABRICS: ICRA Reaffirms B+ Rating on INR9.5cr Term Loan
PODDAR MERCANTILE: CRISIL Reaffirms B- Rating on INR51MM Loan
PRANI AUTO: ICRA Reaffirms B+ Rating on INR13cr Fund Based Limits
RAJCHANDRA AGENCIES: CRISIL Reaffirms B Rating on INR52.5MM Loan

S.R INDUSTRIES: CRISIL Reaffirms D Rating on INR216.4MM Term Loan
SHREEJI BLOCKS: CARE Assigns B+ Rating to INR9.16cr LT Bank Loan
SHRI KARVIR: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
SIMRAN MOTORS: CRISIL Reaffirms B Rating on INR193MM Cash Credit
SORENTO GRANITO: CARE Ups Rating on INR5.38cr LT Loan to B

SPRING MERCHANDISERS: CRISIL Rates INR45MM Cash Credit at B-
SRI GITA: ICRA Reaffirms B+ Rating on INR4.90cr Cash Credit
SRI RAM: CARE Assigns B Rating to INR27cr LT Bank Loan
SURYAJYOTI SPINNING: CARE Ups Rating on INR271.38cr Loan to B-
SUZLON ENERGY: To Sell German Unit to Centerbridge for EUR1.0BB

SWASHTHIK CAPS: ICRA Puts B Rating on INR4.71cr LT Proposed Loan
SWASHTHIK INDUSTRIEES: ICRA Assigns B Rating to INR2.42cr Loan
SWASHTHIK PREFORMS: ICRA Assigns B Rating to INR4.75cr FB Loan
THEMIS MEDICARE: CARE Reaffirms D Rating on INR63.25cr ST Loan


I N D O N E S I A

BERAU COAL: S&P Cuts CCR to 'CCC-' & Remains on CreditWatch Neg.


J A P A N

TOYO PROPERTY: S&P Affirms 'BB+' CCR; Revises Outlook to Stable


N E W  Z E A L A N D

* NZ: Sub-Contractors Call for Decision on Voidable Transactions


S R I  L A N K A

HATTON NATIONAL: Moody's Affirms B1 FC Issuer Rating


T A I W A N

GIGAMEDIA LIMITED: Receives Nasdaq Staff Deficiency Letter


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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AIMS RESIDENTIAL: Fitch Affirms 'Bsf' Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of six tranches from three
AIMS residential mortgage backed securities (RMBS) transactions.
The transactions are securitizations of first-ranking Australian
residential mortgages originated by AIMS Home Loans Pty Limited
and Loancorp Pty Limited.  Based on the note balance as at the 30
November 2014, the rating actions are:

AIMS 2004-1 Trust:
AUD8.7m Class A3 (ISIN AU300AIM2035) affirmed at 'AAAsf'; Outlook
Stable; and
AUD18.0m Class B (ISIN AU300AIM2043) affirmed at 'Bsf'; Outlook
Stable.
AIMS 2005-1 Trust:
AUD18.9m Class A (ISIN AU300AIM3017) affirmed at 'AAAsf'; Outlook
Stable; and
AUD12.8m Class B (ISIN AU300AIM3025) affirmed at 'Bsf'; Outlook
Stable.
AIMS 2007-1 Trust:
AUD20.8m Class A (ISIN AU3FN0002663) affirmed at 'AAAsf'; Outlook
Stable; and
AUD16.3m Class B (ISIN AU3FN0002671) affirmed at 'Bsf'; Outlook
Stable.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The Class B ratings for all three transactions benefit from
lenders' mortgage insurance (LMI) and excess spread levels.  The
credit quality and performance of the loans in the collateral
pools have remained in line with Fitch's expectations.

As at November 2014, 30+ days arrears for AIMS 2004-1 Trust and
AIMS 2005-1 Trust stood at 1.9 % and 1.3% respectively, above
Fitch's Dinkum Index, which measures industry-wide performance
(3Q14: 1.08%).  AIMS 2007-1 recorded 30+ days arrears of 0.73%,
below the Dinkum Index.  Arrears for the transactions tend to be
volatile due to the relatively small size of the pools.

AIMS 2007-1 experienced two defaults over the 12 months ending
November 2014, resulting in no losses.  There were no defaults
recorded in AIMS 2004-1 and AIMS 2005-1 over this period.  Losses
on the underlying mortgages in the pool have been covered
primarily by LMI.  All loans contained in the collateral pools
have LMI in place, with policies being provided by QBE Lenders'
Mortgage Insurance Limited (Insurer Financial Strength rating: AA-
/Stable), and Genworth Financial Mortgage Insurance Pty Ltd
(Insurer Financial Strength rating: A+/Stable).  The overall
payout ratio has been 94.6%, with any losses not covered by LMI
being covered instead by excess spread.

The transactions are well seasoned between 8.6 and 11.3 years.  As
a result, the Fitch calculated weighted average indexed loan to
value ratios were 41.0%, 48.4% and 52.4 % respectively, compared
to 54.5%, 61.5% and 63.7% before indexation.  Each pool is
geographically concentrated in NSW and Fitch has taken this into
account in its analysis.

RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of each transaction, with the AAAsf rated notes able
to withstand many multiples of the latest reported arrears.

The AAAsf-modelled loss severities after LMI ranged between 36.4%
and 42.5% across the transactions.  Each transaction's senior
notes could withstand default rates of 54.1%-75.4% pre-LMI and
100% with LMI at the AAAsf loss severities.  This analysis
excludes credit to excess spread, which has been strong and stable
in each of the transactions.

The ratings of all the AIMS RMBS transactions' Class A notes are
independent of downgrades to the LMI provider's ratings.

Class B notes would be downgraded if there were a significant
reduction in payment of LMI claims and excess spread.  There have
been no charge-offs to date on the Class B notes.


APOLLO RMBS: Fitch Affirms 'BBsf' Rating on Class B Notes
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 tranches from five
APOLLO Series residential mortgage backed securities (RMBS)
transactions.  The transactions are securitizations of first-
ranking Australian residential mortgages originated by Suncorp-
Metway Limited (A+/Stable/F1).

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality and performance of the loans in the collateral
pools have remained in line with Fitch's expectations.

As at December 2014, 30+ days arrears for Apollo 2007-1E and
Apollo 2009-1 were at 2.07% and 1.15% respectively, above Fitch's
Dinkum Index, which measures industry-wide performance (3Q14:
1.08%).  The remaining transactions' 30+ days arrears were below
the Index.

Eight loans had resulted in losses totalling AUD745,253, seven of
which were in the portfolio backing Apollo 2007 1E, with the
remaining loss in Apollo 2012-1 being the only new loss recorded
across the transactions since the last rating action in February
2014.  Losses on the underlying mortgages in the pool have been
covered primarily by the lenders' mortgage insurance (LMI)
provider QBE Lenders Mortgage Insurance Pty Limited (QBE, Insurer
Financial Strength Rating: AA-/Stable); the overall payout ratio
has been 91.6%.  The remaining losses were covered by excess
spread.  All loans in each of the underlying portfolios are
covered by LMI from QBE.

The portfolios were well seasoned at between 4.5 and 9.7 years,
and the Fitch-calculated weighted average indexed loan-to-value
(LVR) ranged between 48.6% (for Apollo 2007-1E) and 60.4% (Apollo
2013-1), compared to 54.2%-62.9% before indexation.  Each pool is
geographically concentrated in Queensland and Fitch has taken this
into account in its analysis.

RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of each transaction, with the AAAsf rated notes able
to withstand many multiples of the latest reported arrears.

The AAAsf modelled loss severities after LMI ranged between 20.7%
and 22.7% across the transactions.  At their respective loss
severities, the Class AB notes could withstand default rates of
21.8% (Apollo 2011-1) and 17.6% (Apollo 2012-1).  The senior notes
of each transaction could withstand higher default rates of
between 26.5% (Apollo 2007-1E) and 100% (Apollo 2009-1).  This
analysis excludes credit to excess spread, which has been strong
and stable in each of the transactions.

The ratings of all the APOLLO RMBS transactions' senior notes are
independent of downgrades to the LMI provider's ratings.

The Class B notes' ratings are unlikely to change unless there is
a significant reduction in LMI claims paid and Fitch considers
that levels of excess spread are no longer adequate.

The rating actions are:

APOLLO Series 2007-1E (APOLLO 2007-1E):
AUD144.8m Class 1A (ISIN AU0000AOYHA7) affirmed at 'AAAsf';
Outlook Stable;
EUR107.7m Class 2A (ISIN XS0299266972) affirmed at 'AAAsf';
Outlook Stable; and
AUD20.1m Class B (ISIN AU3FN0002580) affirmed at 'BBsf'; Outlook
Stable.
APOLLO Series 2009-1 (APOLLO 2009-1):
AUD255.1m Class A3 (ISIN AU3FN0008697) affirmed at 'AAAsf';
Outlook Stable; and
AUD147.8m Class B (ISIN AU3FN0008975) affirmed at 'BBsf'; Outlook
Stable.
APOLLO Series 2011-1 (APOLLO 2011-1):
AUD248.2m Class A1 (ISIN AU3FN0014502) affirmed at 'AAAsf';
Outlook Stable;
AUD227.9m Class A2 (ISIN AU3FN0014510) affirmed at 'AAAsf';
Outlook Stable; and
AUD59.3m Class AB (ISIN AU3FN0014528) affirmed at 'AAAsf'; Outlook
Stable.
APOLLO Series 2012-1 (APOLLO 2012-1):
AUD474.1m Class A1 (ISIN AU3FN0016515) affirmed at 'AAAsf';
Outlook Stable; and
AUD52.0m Class AB (ISIN AU3FN0016523) affirmed at 'AAAsf'; Outlook
Stable.
APOLLO Series 2013-1 (APOLLO 2013-1):
AUD671.7m Class A (ISIN AU0000AORHA1) affirmed at 'AAAsf'; Outlook
Stable.

Fitch's initial key rating drivers and rating sensitivities are
further discussed within each transaction's new issue report, with
the exception of the new issue reports for APOLLO 2007-1E and
2009-1, which do not include rating sensitivities.


CROWN AUTOTRADER: First Creditors' Meeting Slated For Feb. 3
------------------------------------------------------------
Ozem Kassem & Jason Tang of Cor Cordis Chartered Accountants were
appointed as administrators of Crown Autotrader Pty Limited on
Jan. 21, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Feb. 3, 2015, at 10:00 a.m.


JANTOM FURNITURE: First Creditors' Meeting Set For Feb. 2
---------------------------------------------------------
Ozem Kassem and Ahmed Sowaid of Cor Cordis Chartered Accountants
were appointed as administrators of Jantom Furniture Pty Limited
on Jan. 20, 2015.

A first meeting of the creditors of the Company will be held at
Level 6, 55 Clarence Street, in Sydney, on Feb. 2, 2015, at
10:00 a.m.


PLUTON RESOURCES: Banned for Disclosure and Reporting Failures
--------------------------------------------------------------
The Australian Securities and Investment Commission has acted to
restrict Pluton Resources Limited (Receivers and managers
appointed) from issuing a reduced content prospectus until
Jan. 15, 2016.

ASIC's decision means Pluton will not be able to rely on reduced
disclosure rules if they want to raise funds from investors using
a prospectus. The decision follows concerns that Pluton failed to
comply with its continuous disclosure obligations and various
reporting requirements.

In particular, ASIC found that Pluton failed to lodge its Annual
Financial Report for 2014 with ASIC by Sept. 30, 2014 and failed
to report to its members (via an Annual General Meeting) by
Oct. 31, 2014.

ASIC also found that between Jan. 28, 2014 and April 22, 2014,
Pluton failed to disclose the terms of a Convertible Securities
Agreement with YA Global Masters SPV Ltd, entered into on or by
Jan. 28, 2014, until the release of an announcement to the market
entitled 'Prospectus for Entitlements Issue' on April 22, 2014.
This information was information that was required to be disclosed
under ASX Listing Rule 3.1.

ASIC Commissioner John Price said, "Current and potential future
shareholders in a company need to be in an informed position to
assess a company's prospects and its financial position.

"In appropriate cases, ASIC will act against companies that fail
to meet their reporting and disclosure obligations to ensure all
material information is made available in future fundraisings."

ASIC's action follows a referral from the Australian Securities
Exchange.

Pluton Resources Limited (ASX:PLV) --
http://www.plutonresources.com/-- is engaged the exploration and
production of mineral assets within Australia. The Company's
interests focus on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation and
is located approximately 140 kilometers north of Derby in Yampi
Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.

In November 2014, John Bumbak, Cliff Rocke and Janna Robertson of
KordaMentha were appointed by General Nice Recursos Comercial
Offshore De Macaw Limitada (GNR) as Receivers and Managers of
Pluton Resources Limited. GNR are first ranking secured creditor
of the Company.


SOUTH EAST: First Creditors' Meeting Set For Feb. 2
---------------------------------------------------
Cameron Shaw, Richard Albarran and David Ingram of Hall Chadwick
were appointed as administrators of South East Asia Energy
Resources (Australia) Pty Limited on Jan. 20, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St George Terrace, in Perth, on
Feb. 2, 2015, at 11:00 a.m.


VALUE GREENSLIPS: ASIC Bans Ex-Directors From Managing Companies
----------------------------------------------------------------
The Australian Securities and Investment Commission has banned two
former directors of Value Greenslips Pty Ltd (VGS) and ICRA Pty
Ltd (ICRA) from managing companies following an investigation
which revealed they failed to meet their legal obligations.

ASIC Commissioner John Price said: 'Directors who fail to play by
the rules will be removed from the game.'

Neni Vijayant Tiwary has been banned for 3 years and Gargi
Tripathi for 2.5 years. They were directors of green slip
insurance businesses, Value Greenslips Pty Ltd (VGS) and ICRA Pty
Ltd (ICRA), both which went into liquidation in 2012.

An ASIC investigation into the companies' collapse found Mr Tiwary
and Ms Tripathy:

   * failed to comply with their obligations to keep adequate
     written records of the companies' finances, and

   * failed to exercise their duties as directors with care
     and diligence by not taking reasonable steps to monitor and
     control the companies' financial affairs.

Mr Tiwary also failed to act in good faith and in the best
interests of ICRA by authorising a payment to a related party on
the same day the company went into voluntary administration in
December 2011.


VICTORY WEST: First Creditors' Meeting Slated For Feb. 2
--------------------------------------------------------
Cameron Shaw, Richard Albarran and David Ingram of Hall Chadwick
were appointed as administrators of Victory West Pty Limited on
Jan. 20, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St George Terrace, in Perth, on
Feb. 2, 2015, at 11:30 a.m.



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


ANTON OILFIELD: Moody's Cuts CFR & Sr. Unsec. Bond Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded Anton Oilfield Services
Group's corporate family and senior unsecured bond ratings to Ba3
from Ba2.

The ratings outlook remains negative.

Ratings Rationale

"The ratings downgrade reflects Anton's worse-than-expected
operating performance for 2014, which has materially increased its
debt leverage," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

On 16 January, Anton issued a profit warning for its full-year
results for 2014. It expects revenue to decline by approximately
20% in 2014, and the profits attributable to equity holders to
drop by over 140% year over year.

The deterioration in its performance was mainly because of its
poor results in 2H 2014, caused by delays in projects of some of
its major customers amid lower oil prices, higher pricing pressure
and additional costs to support new business.

Based on these results, Anton's adjusted debt/EBITDA is estimated
to have increased to 9x-10x for the full year 2014, from 3.5x in
2013.

"The rating action also considers Moody's expectation that Anton's
operations will continue to be negatively affected by the ongoing
weakness in oil prices over the next 12-18 months," says Lu, who
is also Moody's Lead Analyst for Anton.

The low crude oil prices, which are expected to persist over the
next couple of years, should keep upstream oil and gas companies'
capital spending low. Moody's expects this situation will continue
to pressure Anton's revenue growth and profitability, although
sluggish revenue growth will be partially offset by the carryover
of business from 2014 and new business.

In this regard, Moody's expects the company's adjusted debt/EBITDA
to stay well above 5x over the next 12-18 months. This level of
leverage is weak for the Ba3 rating category, which is reflected
in the negative outlook.

Downward rating pressure could increase over the next couple of
quarters if the company fails to improve its profitability and
financial leverage from the very weak levels in 2014.

At the same time, Anton's Ba3 ratings are supported by its (1)
leading position in the domestic oil and natural gas services
sector in China; (2) diversified revenue base, supported by its
integrated business model; (3) competitive technical edge in
providing key signature services; and (4) its strategic alliance
with, and technical support from, Schlumberger Ltd (Aa3 stable).

On the other hand, Anton's Ba3 ratings are constrained by (1) its
small scale and customer concentration; (2) its weak operating
cash flow due to its high working capital needs; and (3)
increasing competition and execution risk from its fast expansion.

The ratings outlook could return to stable if Anton improves its
revenue growth and profitability, such that adjusted debt/EBITDA
stays at 4.5x-5.0x or below on a sustained basis.

On the other hand, downward rating pressure could emerge if (1)
Anton's order book declines materially; or (2) its financial
position weakens, such that adjusted debt/EBITDA exceeds 5.0x and
its EBITDA margin stays below 15% on a sustained basis, resulting
from (a) greater pressure on its working capital, prompting it to
raise a substantial amount of debt; or (b) a more aggressive debt-
funded expansion plan or dividend payout ratio that weakens its
leverage and/or liquidity.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.

Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999. It is a leading Chinese oil-services company focusing
mainly on the country's fast-growing natural gas sector. The
company offers integrated oil/gas field services solutions,
covering various phases of field development, including down-hole
operation services, well-completion technologies, drilling
technologies, and tubular services.


FUFENG GROUP: S&P Revises Outlook to Positive & Affirms 'BB' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Fufeng Group Ltd. to positive from stable.  At the same time, S&P
affirmed its 'BB' long-term corporate credit rating on Fufeng and
its 'BB' long-term issue rating on the company's senior unsecured
notes.  In line with the outlook revision, S&P raised its longer-
term Greater China regional scale rating on Fufeng and its notes
to 'cnBBB' from 'cnBBB-'.

The outlook revision reflects S&P's view that Fufeng could
continue to improve its EBITDA interest coverage and reduce
financial leverage over the next 12 months, driven by the
profitability recovery of its monosodium glutamate (MSG) business
and a stabilization of xanthan gum (XG) price, or a reduction of
capital expenditure.  S&P also expects that the company, a China-
based manufacturer of corn-based biochemical products, will be
disciplined with capital returns and new investments in the next
one to two years.

"We expect the average selling price and profitability of MSG to
gradually recover because of more rational market competition
after industry consolidation and relatively stable raw material
prices," said Standard & Poor's credit analyst Lillian Chiou.

In S&P's view, the completion of the MSG industry consolidation is
signaled by two major events in 2014, namely, the bankruptcy
restructuring of Shandong Shenghua Group (one of the top five MSG
producers in China) and Meihua Group's (the second-largest MSG
producer) acquisition of Ningxia Eppen Biotech Co. Ltd. (the
third-largest producer).  As a result, the top two MSG
manufacturers in China (Fufeng and Meihua) account for about 80%
of the market (in terms of output) in aggregate.  S&P also
believes most of the remaining smaller MSG producers are operating
at thin or negative margins with a selling price of Chinese
renminbi (RMB) 6,900/ton as of fourth-quarter 2014.

"We expect Fufeng can weather further XG price declines in the
next 12 months, supported by profitability recovery in the MSG
segment.  Our base case forecasts that MSG will account for about
90% of Fufeng's total revenue and 60% of gross profit in 2015,"
Ms. Chiou said.

Standard & Poor's believes Fufeng may reduce its capital
expenditure over the next two years.  S&P expects limited capacity
expansion for the MSG business given the matured and consolidated
market.  In addition, Fufeng may also cut its capital expenditure
on XG in response to a weak price trend and slower demand growth,
in S&P's view.

S&P affirms the rating on Fufeng to reflect the company's leading
market positions, cost leadership, and good operating efficiency.
However, S&P believes the company's less diversified revenue
generation, limited product differentiation, and exposure to raw
material price fluctuation will continue to weigh on its
competitive position.  S&P expects its operating performance will
continue to improve, but will remain consistent with its current
rating, based on S&P's base-case assumptions.

In S&P's view, Fufeng's free cash flow generation is weak,
although the company's financial leverage has already declined.
If Fufeng reduces its capital expenditure over the next few years,
it could improve its free operating cash flow.  S&P also expects
the company to remain disciplined with new investments and capital
returns.

The positive outlook on Fufeng Group Ltd. reflects S&P's view that
the company could continue to improve its profitability and
financial leverage over the next 12 months, driven by a recovery
of its MSG's profitability and a stabilization of XG price, or a
likely reduction of capital expenditure.  The positive outlook
also reflects S&P's expectation that the company will be
disciplined with capital returns and new investments.

S&P may upgrade Fufeng if its operating performance continues to
improve and generate positive free cash flow.  An indication of
this is EBITDA interest coverage exceeding 6.0x, while the
company's debt-to-EBITDA ratio remains below 3.0x.

S&P may revise the outlook back to stable if Fufeng's leverage
deteriorates and debt-to-EBTIDA ratio approaches 3x.  This could
happen if the company undertakes aggressive expansion, or if its
XG's profitability deteriorates more than S&P expects due to an
increase in supply.


KAISA GROUP: Shenzhen Gov't. Looks for Investors to Buy Stake
-------------------------------------------------------------
Bloomberg News reports that the Shenzhen government is holding
talks with several property developers in a bid to orchestrate
investments in Kaisa Group Holdings Ltd. (1638), people familiar
with the matter said on Jan. 22.

The government doesn't want stakes to be sold at a discount, one
of the people said, asking not to be identified because the
discussions are private, Bloomberg relates.

Kaisa, a developer based in the southern Chinese city of Shenzhen,
failed to make $23 million coupon payment, due Jan. 8, on its $500
million of 2020 dollar bonds, putting it at risk of becoming the
first real estate company in China of defaulting on its U.S.
currency debt. The company had several of its projects in Shenzhen
blocked last month and key executives, including its chairman,
Kwok Ying Shing, quit. Kaisa is also being probed over alleged
links to Jiang Zunyu, the former security chief of Shenzhen who
was taken into custody in a graft probe, two people familiar with
the matter said on Jan. 13.

According to Bloomberg, an official from Shenzhen city
government's press office said they don't have information
regarding this matter.  An officer from Kaisa's public relation
department wouldn't comment over phone.

A number of claims onshore have already been made over Kaisa's
assets, Bloomberg notes.

Dalian Intermediate People's Court, in China's northeast Liaoning
province, froze CNY540 million ($87 million) of deposits on Jan.
12 as part of lawsuit filed by Industrial & Commercial Bank of
China Ltd., other people familiar said Jan. 19, according to
Bloomberg.  The same court ordered CNY100 million be stopped on
Jan. 9 as part of the law suit brought by China Everbright Bank
Co., those people said.

Investors in a CNY2.5 billion Kaisa trust due on Jan. 21 will be
repaid their principal plus interest because the product will be
transfered by its trustee to a third party that will assume the
obligations, two people familiar with the matter said on
Jan. 20, Bloomberg adds.

                        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.


RENHE COMMERCIAL: S&P Raises CCR to 'CCC'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Renhe Commercial Holdings Co.
Ltd. to 'CCC' from 'SD'.  The outlook is negative.  At the same
time, S&P raised the rating on the company's outstanding US$78.7
million 11.75% senior unsecured notes due 2015 and US$161.2
million 13% senior unsecured notes due 2016 to 'CCC-' from 'D'.
In line with the upgrade, S&P raised its long-term Greater China
regional scale rating on Renhe to 'cnCCC' from 'SD' and that on
its notes to 'cnCCC-' from 'D'.

The upgrade follows Renhe's completion of an exchange offer to buy
back 73.8% of its 2015 senior unsecured notes and 73.1% of its
2016 senior unsecured notes, with the rest remaining outstanding.
However, the company is not likely to be able to sustain its
financial commitments, given its weak operating performance, in
S&P's view.  S&P continues to assess Renhe's liquidity as "weak"
after the notes buyback.

"We believe Renhe has sufficient funds to repay interests and
principals due in 2015 of about Chinese renminbi 1.7 billion,"
said Standard & Poor's credit analyst Christopher Yip.  "However,
how Renhe will meet its obligations in 2016 remains to be seen,
given the uncertainty surrounding the company's ability to roll
over its loan facilities or receive additional shareholder
support."

S&P do not expect Renhe to be able to generate significant cash
flow from its operations to repay US$400 million of loan
facilities in August 2016 and US$161.2 million for the remaining
2016 notes in October 2016.

Renhe's financial performance in the first half of 2014 was worse
than S&P's base-case expectation.  S&P do not expect the company's
business to have materially improved in the second half of 2014.
S&P believes Renhe will continue to face difficulty in its
operations, particularly due to constant project delays and weak
sales execution.  Its project development over the next 12 months
could also be hindered as banks will be cautious toward lending to
Renhe after its technical default.

"The negative outlook for the next 12 months reflects our
assessment of Renhe's weak liquidity due to poor sales execution
and heightened refinancing risk in 2016," said Mr. Yip.

S&P may lower the rating if it assess that Renhe is unable to roll
over its short-term bank loans, suggesting a high likelihood that
the company may miss an interest payment within six months.  S&P
may also consider a downgrade if it believes that the company does
not have a concrete refinancing plan six months ahead of its loan
facilities due in August 2016.

S&P may revise the outlook to stable if it believes Renhe can
generate sufficient cash flow from its operations to meet its
interest and principal payments.  S&P may also upgrade the company
if it has a credible refinancing plan for its major debt
obligations.



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


AAREN EXPORTS: CARE Reaffirms B+ Rating on INR4.80cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Aaren Exports.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.80      CARE B+ Reaffirmed
   Short-term Bank Facilities    15.40      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Aaren Exports (AAR)
continue to be constrained by its small scale of operations,
working capital intensive nature of operations and leveraged
capital structure. The ratings are further constrained by the
constitution of the entity as a partnership firm and its presence
in a highly fragmented and competitive industry.

The ratings, however, continue to take comfort from the experience
of the partners and long track record of operations of the firm.

Going forward, the ability of AAR to increase its scale of
operations while improving its capital structure and sustaining
its profitability margins will be the key rating sensitivities.

Established in 1992, Aaren Exports (AAR) is a partnership firm
with Mr Subash Chander Aggarwal and Mr Deepak Aggarwal as partners
having 60% and 40% share in profit and loss respectively. The firm
is engaged in manufacturing of garden tools and hand tools at its
manufacturing facility located in Jalandhar, Punjab with an
installed capacity of 16 lakh pieces per annum (LPA) and 12 LPA
respectively along with trading of Polyvinyl chloride (PVC) resin.

The firm also started manufacturing of PVC pipes fittings in
September, 2013 with an installed capacity of 240 metric tonnes
per annum March 31, 2014. The raw materials required for
manufacturing of tools are steel parts, fasteners etc. which are
procured from Punjab and wood is imported from Denmark and U.S.A.
Furthermore, the firm imports PVC resin (required for trading and
manufacturing of PVC pipe fittings) from Korea, China and Dubai.
The firm exports all its garden tools and hand tools under the
brand name of "HORIZON" and covers the market of U.K, Dubai,
Russia etc. while the PVC pipes fittings are supplied to various
dealers located in North India.

For FY14 (Provisional) (refers to the period April 1 to
March 31), AAR reported a total operating income of INR44.42 crore
and a PAT of INR1.02 crore as against total operating income of
INR38.38 crore and PAT of INR1 crore for FY13. Furthermore during
FY15, the firm had achieved total sales of INR28.07 crore till
November 30, 2014.


ANAND CRANKS: ICRA Assigns B+ Rating to INR7cr Cash Credit
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ and its short-
term rating of [ICRA]A4 to the INR12.5 Crore bank facilities of
Anand Cranks.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.00         [ICRA]B+; assigned
   Facilities
   (LT Scale)

   Term Loan             2.00         [ICRA]B+; assigned
   Facilities
   (LT Scale)

   Unallocated           3.50         [ICRA]B+/[ICRA]A4; assigned
   (LT/ST Scale)

ICRA's ratings take into account ANC's moderate scale of
operations with volatile operating margins due to its presence at
tier-2 level in the value chain, which results in low bargaining
power as well as limits its ability to fully pass on increase in
raw material costs to its customers. The ratings are also
constrained by the firm's high working capital intensity due to
elevated receivable levels, which keeps its liquidity position
stretched, as well as vulnerability of the firm's profitability to
adverse foreign exchange movements due to its high dependence on
exports. ICRA also takes note of the partnership nature of the
firm which exposes it to risks of dissolution, withdrawal of
capital etc. However, the ratings favourably factor in the
extensive experience of promoter group which has been involved in
manufacturing of forged parts for automotive applications, the
firm's well diversified client base and its moderate financial
risk profile.

Going forward, ANC's ability to increase its scale of operations
while managing its working capital intensity would be the key
rating sensitivity.

Recent Results
In 2013-14, ANC reported a net profit of INR0.4 Crore on an
operating income of INR28.8 Crore as compared to a net profit of
INR0.3 Crore on an operating income of INR24.6 crore, in the
previous year.

Involved in the forging business for more than two decades, ANC
was converted into a partnership firm in 2012. It manufactures
forged parts such as crank shafts, connecting rods, cam shafts,
engines and rough steel forgings. The firm is a group concern of
Inderjit Forgings (P) Limited which is engaged in a similar
business. The firm is managed by Mr. Jatinder Singh Anand and Mr.
Savender Singh Anand.


ASTRA LIGHTING: CRISIL Ups Rating on INR44MM Cash Credit to C
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Astra
Lighting Ltd (ALL) to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL
D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2          CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit           44          CRISIL C (Upgraded from
                                     'CRISIL D')

   Funded Interest        5.3        CRISIL C (Upgraded from
   Term Loan                         'CRISIL D')

   Working Capital       33.0        CRISIL C (Upgraded from
   Term Loan                         'CRISIL D')

   Term Loan             23.2        CRISIL C (Upgraded from
                                     'CRISIL D')

   Letter of Credit      30.0        CRISIL A4 (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects partial alleviation of pressure on
ALL's liquidity following restructuring of its debt and thereby
deferment of its debt repayment obligations till December 2015.
Under an approved restructuring scheme, the interest on the term
debt and working capital term loan is being funded by a funded
interest term loan, which is repayable from June 2015. The
management has discontinued the loss-making compact fluorescent
lamps (CFL) segment and has initiated steps to curtail overhead
expenses, however, the performance is expected to remain subdued
for 2014-15 with expected revenues from High Intensity Discharge
Lamps (HID) of around INR130 million only. The ratings are,
however, constrained by ALL's expected dependence on infusion of
unsecured loans or equity to service debt obligations over the
near term.

ALL has a small scale of operations, weak financial profile,
marked by high gearing, weak debt protection metrics and
liquidity, customer concentration in its revenue profile, and
working-capital-intensive operations. The company, however,
benefits from its promoters' experience in the lighting industry,
and its stable business position in the high-intensity discharge
(HID) lamp segment.

Set up in 1997, ALL manufactures HID lamps that are used in
infrastructure projects, floodlighting of monuments, stadiums,
lighting of streets, highways, and parking areas (outdoor). The
HID lamps are sold to various original equipment manufacturers
(OEMs) such as Bajaj Electricals Ltd, Wipro Ltd and Osram India
Pvt Ltd. The company has installed capacity to manufacture 1.4
million units of HID lamps.

ALL reported loss of INR66 million on net sales of INR175 million
for 2013-14 (refers to financial year, April 1 to March 31)
against loss of INR39 million on net sales of INR220 million for
2012-13.


B.M. GUPTA: ICRA Assigns B Rating to INR20cr Term Loan
------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR20.0 crore
proposed bank facilities of B.M. Gupta Developers Pvt Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed term loan    20.00        [ICRA]B; assigned

The assigned rating is constrained by the modest sales velocity in
BMG's project 'Elegant City', its heavy reliance on customer
advances and the intermediate stage of construction resulting in
funding and execution risks. As of September, 2013, about 46% of
the area had been sold for the said project. However, only an
additional 5% area was sold over the next one year due to weak
market conditions. Given the absence of bank funding and high
reliance of the company on customer advances, the pace of
construction has also remained modest. The rating is also
constrained by the limited track record of the promoters in the
residential real estate sector.

The rating is, however, supported by the fact that approval risk
for the company's project is low, land is fully paid for and the
collection efficiency is high (Improved from 88% in March, 2013 to
93% in September, 2014). Additionally, the entire proposed
promoter funding has been infused. The limited track record of
promoters notwithstanding, the rating takes comfort from the
relatively established brand name of BMG Group in the city of
Rewari, Haryana through its operational mall project and other
businesses.

Going forward, the ability of the Company to secure bank funding
and the terms of the debt will be a rating sensitivity. This
apart, its ability to improve the pace of sales and collections as
well as accelerate the rate of construction would be among the key
rating sensitivities.

BMG was incorporated on March 24, 2008 and is currently setting up
an integrated township in Sector 26, Rewari, Haryana on a land
area of 52.218 acres. The environmental clearance was received in
October, 2010 and construction work on the project was started
late in 2011. The project consists of plots, independent floors
and flats/apartments along with some commercial area, nursing
homes and schools. The project cost is estimated at INR259.5 crore
which is proposed to be funded by largely by customer advances.
Currently about 51% of the area has been sold and about 37% of the
construction cost has been incurred.


BACHMANN INDUSTRIES: CRISIL Rates INR125MM Cash Credit at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bachmann Industries India Ltd (Bachmann
India).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         75        CRISIL A4
   Cash Credit           125        CRISIL B+/Stable

The ratings reflect Bachmann India's large working capital
requirements, below-average financial risk profile and project
related risks. These rating weaknesses are partially offset by the
promoters' extensive experience in industry and technical support
from the United Kingdom (UK) based Senior group.
Outlook: Stable

CRISIL believes that Bachmann India will maintain a stable
business risk profile over the medium term on the back of the
promoters' extensive industry experience and technical support
from the Senior group. The outlook may be revised to 'Positive' if
the company promptly commences operations at its new unit, thereby
significantly improving its order book position and hence, its
revenue; and maintains its operating margin. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
deteriorates with time or cost overruns for the new unit, or a
sizeable increase in working capital requirements and a
significantly low operating margin.

Bachmann India was established in 1987 as a joint venture (JV)
between Mr. S M Maheshwari (60 per cent stake) and Bachmann
Industries Inc (40 per cent stake, Bachmann USA). Bachmann USA was
subsequently acquired by the US-based Wahlco-Metroflex Inc
(Wahlco), which is now a part of the Senior group. Bachmann India
has two manufacturing plants, one each in Faridabad (Haryana) and
Chennai (Tamil Nadu). The company manufactures flue gas control
and isolation equipment, and is managed by Mr. Rajesh Maheshwari,
the son of the founder, Mr. S M Maheshwari; Wahlco provides
original technical inputs for product design and supply.

Senior Plc, headquartered in Rickmansworth, Hertfordshire, is the
holding company for a global group of firms in the manufacturing
and engineering sectors. The company is listed on the London Stock
Exchange and is a constituent of the FTSE 250 Index. The Senior
group is an international manufacturing conglomerate, providing
engineered products for demanding operating environments.

Bachmann India is estimated to report a net profit of INR4.4
million on net sales of INR358 million for 2013-14 (refers to
financial year, July 1 to June 30), as compared to a net profit of
INR395 million on net sales of INR0.8 billion for 2012-13.


BEST INDIA: ICRA Reaffirms B Rating on INR9.62cr Unallocated Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR0.48
crore1 term loans, INR16.12 crore of fund based limits of Best
India Tobacco Suppliers Private Limited. ICRA has also reaffirmed
the short term rating of [ICRA]A4 to the INR0.90 crore non-fund
based limits of the Company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities     0.48       [ICRA]B reaffirmed

   Fund based facilities-
   EPC                      6.50       [ICRA]B reaffirmed

   Fund based Limit-CC
   (Sub Limit of EPC)      (0.50)      [ICRA]B reaffirmed

   Unallocated Limits       9.62       [ICRA]B reaffirmed

   Non-fund based
   facilities               0.90       [ICRA]A4 reaffirmed

The rating reaffirmation factors in the small scale of operations
coupled with intense competition in the global tobacco industry
which limits pricing flexibility for the company and its
vulnerability to fluctuations in tobacco prices (which are
dependent on government policy and agro-climatic risks). The
assigned ratings are further constrained by the high customer
concentration coupled with political instability in the major
consumer markets for the company impacting operations adversely
with no sales during FY14, limited revenue visibility with no
orderbook as on December 31, 2014 and net level losses during the
financial years FY12, FY13 and FY14. The ratings however
positively factor in the significant experience of promoters of
nearly five decades in the tobacco industry, the reduced debt
servicing obligations with prepayment of outstanding term loan and
revenue visibility from sale of wind power.

Best India Tobacco Suppliers Private Limited was incorporated in
1981-82 in Guntur, Andhra Pradesh. The Company is primarily into
exporting of processed tobacco to countries like Tunisia, Algeria
and Egypt. The Company largely caters to the Flue Cured Virginia
(FCV) variety which contributes to around 60% of the revenues,
with the rest generated from Burley and Rustica varieties of
tobacco. BITL exports mainly to two Companies in Tunisia -- Regie
Nationale Des Tabacs Et Des Allumettes (RTNA) and Manufacture Des
Tabacs De Kairouan (MTK), which are owned by the Tunisian
Government. BITL is a registered supplier with these entities and
has been exporting to these customers since 1999.

Recent Results
According to unaudited results, BITL reported an operating income
of INR9.27 crore with a profit before tax of INR0.93 crore during
H1, FY 2014-15 as against an operating income of INR0.97 crore
with a net loss of INR0.03 crore during FY2013-14.


BHASKUN AGROTECH: CRISIL Cuts Rating on INR50MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhaskun Agrotech India Pvt Ltd (Bhaskun) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2          CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit           25          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan             50          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Bhaskun in the
repayment of term loans. Moreover, the company's working capital
limits have been regularly overdrawn because of its weak
liquidity.

Bhaskun is vulnerable to cyclical downturns due to its small scale
of operations. This rating weakness is partially offset by the
extensive experience of the company's promoters in the biscuit
manufacturing and marketing industry.

Incorporated in March 2011, Bhaskun is promoted by Mr. Bhaskar
Shome and Mr. Kuntal Banarjee. The company now has Mr. Ravi
Shanker Dwary, Mr. Anirban Kumar Saha, Mr. Anindya Mitra, and Mr.
Sanjit Kumar Das as other directors on its board. The company had
acquired the manufacturing facilities of Raja Udyog Pvt Ltd
and started production of biscuits subsequently.


CAPARO INDIA: CARE Reaffirms D Rating on INR58.76cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Caparo India Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     58.76      CARE D Reaffirmed

Rating Rationale

The rating continues to factor in the instances of delays in debt
servicing by Caparo India Ltd (CIL) and absence of financial
closure for the enhanced cost of the project resulting in further
delays in the commencement of full operations.

CIL was incorporated in the year 1998 as Caparo India Pvt Ltd
(CIPL). During FY12 (refers to the period April 1 to
March 31), the constitution of the company was changed to a public
limited company. CIL is in the process of setting up a
convention centre named as 'Ayatti' in Greater Noida, Uttar
Pradesh.

The company faced delay in the execution of the project due to
change in the scope of project in the past, which has led
to time overrun and revision in the project cost. The total cost
of the project is expected to be approximately INR195.10
crore. As on March 31, 2014, the company has already incurred
approximately INR169.7 crore on the project. CIL is yet to
tie up for the incremental cost of the project. Also, the
increased cost and lower-than-envisaged earnings have led to
delays in debt servicing.


CAPITAL ELECTRICALS: CRISIL Rates INR120MM Cash Credit at B+
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Capital Electricals Limited (CEL; as part of capital
group) and has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings
to these facilities. The ratings had been suspended by CRISIL on
July 25, 2014, as CEL had not provided the necessary information
for taking a rating view. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       100       CRISIL A4 (Assigned; Suspension
                                  Revoked)

   Cash Credit          120       CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

   Letter of Credit      50       CRISIL A4 (Assigned; Suspension
                                  Revoked)

The ratings reflect capital group's weak liquidity profile due to
large working capital requirements and susceptibility to tender
based nature of business. These rating weaknesses are partially
offset by the group's long standing experience of promoters in
electrical industry and its diversified revenue profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CEL, Capital Power Systems Limited
(CPS) and Capital Power Infrastructure Limited (CPIL) together
referred to as the Capital group. This is because these companies
have common management and they are involved in similar line of
business.

Outlook: Stable

CRISIL believes that Capital group will continue to benefit from
the long standing experience of its promoters in electrical
components industry and its diversified revenue profile. The
financial risk profile is expected to remain constrained on
account of high working capital requirements due to stretched
receivables from State Electricity Boards (SEB's). The outlook may
be revised to 'Positive' in case of improvement in working capital
management leading to overall better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the group's liquidity on account of lower than
expected cash accruals or larger than expected working capital
requirements.

CEL (Formerly known as Mayur Electrical Industries Pvt Ltd),
incorporated in 1994 by Mr. Pawan Kumar Bansal, is engaged in the
manufacture of electric wires and cables. The company's plant is
situated in Noida, Uttar Pradesh.

CPS, incorporated in 1988, manufactures single-phase and three-
phase electronic meters. It supplies primarily to state
electricity boards (SEBs). Its manufacturing unit is located in
Noida, Uttar Pradesh. The company is promoted by Mr. Pawan Kumar
Bansal, Dinesh Chand Gupta and Mahesh Kumar Gupta.

CPIL, incorporated in 2008 by Mr. Pawan Kumar Bansal. It is
engaged in EPC (engineering, procurement and construction)
contracting. Company works for SEB's and SPU's to erect
substations, transformers, poles, feeders and cables.

For 2013-14 (refers to financial year, April 1 to March 31), CEL
on a standalone basis reported profit after tax (PAT) of INR6.4
million on net sales of INR572.96 million, against a PAT of
INR6.05 million on net sales of INR526.69 million for 2012-13.


CAPITAL POWER: CRISIL Assigns B+ Rating to INR450MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Capital Power Infrastructure Limited (CPIL;
as part of capital group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        100        CRISIL A4
   Bank Guarantee          950        CRISIL A4
   Cash Credit             450        CRISIL B+/Stable

The ratings reflect capital group's weak liquidity profile due to
large working capital requirements and susceptibility to tender
based nature of business. These rating weaknesses are partially
offset by the group's long standing experience of promoters in
electrical industry and its diversified revenue profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CPIL, Capital Electricals Ltd (CEL) and
Capital Power Systems Limited (CPS) together referred to as the
Capital group. This is because these companies have common
management and they are involved in similar line of business.
Outlook: Stable

CRISIL believes that Capital group will continue to benefit from
the long standing experience of its promoters in electrical
components industry and its diversified revenue profile. The
financial risk profile is expected to remain constrained on
account of high working capital requirements due to stretched
receivables from State Electricity Boards (SEB's). The outlook may
be revised to 'Positive' in case of improvement in working capital
management leading to overall better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the group's liquidity on account of lower than
expected cash accruals or larger than expected working capital
requirements.

CPIL, incorporated in 2008 by Mr. Pawan Kumar Bansal. It is
engaged in EPC (engineering, procurement and construction)
contracting. Company works for SEB's and SPU's to erect
substations, transformers, poles, feeders and cables.

CPS, incorporated in 1988, manufactures single-phase and three-
phase electronic meters. It supplies primarily to state
electricity boards (SEBs). Its manufacturing unit is located in
Noida, Uttar Pradesh. The company is promoted by Mr. Pawan Kumar
Bansal, Dinesh Chand Gupta and Mahesh Kumar Gupta.

CEL (Formerly known as Mayur Electrical Industries Pvt Ltd),
incorporated in 1994 by Mr. Pawan Kumar Bansal is engaged in the
manufacture of electric wires and cables. The company's plant is
situated in Noida, Uttar Pradesh.

For 2013-14 (refers to financial year, April 1 to March 31), CPIL
on a standalone basis reported profit after tax (PAT) of INR28.4
million on net sales of INR1.65 billion, against a PAT of INR27.2
million on net sales of INR1.63 billion for 2012-13.


CAPITAL POWER SYSTEMS: CRISIL Rates INR150MM Cash Credit at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Capital Power Systems Limited (CPS; as part
of capital group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        150        CRISIL A4
   Bank Guarantee          250        CRISIL A4
   Cash Credit             150        CRISIL B+/Stable

The ratings reflect capital group's weak liquidity profile due to
large working capital requirements and susceptibility to tender
based nature of business. These rating weaknesses are partially
offset by the group's long standing experience of promoters in
electrical industry and its diversified revenue profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CPS, Capital Electricals Ltd (CEL) and
Capital Power Infrastructure Limited (CPIL) together referred to
as the Capital group. This is because these companies have common
management and they are involved in similar line of business.

Outlook: Stable

CRISIL believes that Capital group will continue to benefit from
the long standing experience of its promoters in electrical
components industry and its diversified revenue profile. The
financial risk profile is expected to remain constrained on
account of high working capital requirements due to stretched
receivables from State Electricity Boards (SEB's). The outlook may
be revised to 'Positive' in case of improvement in working capital
management leading to overall better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the group's liquidity on account of lower than
expected cash accruals or larger than expected working capital
requirements.

CPS, incorporated in 1988, manufactures single-phase and three-
phase electronic meters. It supplies primarily to state
electricity boards (SEBs). Its manufacturing unit is located in
Noida, Uttar Pradesh. The company is promoted by Mr. Pawan Kumar
Bansal, Dinesh Chand Gupta and Mahesh Kumar Gupta.

CPIL, incorporated in 2008 by Mr. Pawan Kumar Bansal. It is
engaged in EPC (engineering, procurement and construction)
contracting. Company works for SEB's and SPU's to erect
substations, transformers, poles, feeders and cables.

CEL (Formerly known as Mayur Electrical Industries Pvt Ltd),
incorporated in 1994 by Mr. Pawan Kumar Bansal is engaged in the
manufacture of electric wires and cables. The company's plant is
situated in Noida, Uttar Pradesh.

For 2013-14 (refers to financial year, April 1 to March 31), CPS
on a standalone basis reported profit after tax (PAT) of INR6.6
million on net sales of INR610.6 million, against a PAT of INR13.6
million on net sales INR1011.67 million for 2012-13.


CYBERMOTION TECH: ICRA Rates INR3.5cr Fund Based Limit at B
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR1.50 crore
cash credit limits and INR3.50 crore proposed fund based limits of
Cybermotion Technologies Private Limited. ICRA has also assigned a
short term rating of [ICRA]A4 to INR5.00 crore non-fund based
limits of CTPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.50        [ICRA]B assigned
   Letter of Credit      5.00        [ICRA]A4 assigned
   Proposed Fund Based
   Limits                3.50        [ICRA]B assigned

The assigned ratings are constrained by the modest scale of
operations of the company; significant reduction of revenue in FY
2014 due to lower orders; and losses generated in FY 2014 due to
reduction in scale of operations and loss on damage of stock.
Further, the ratings remain constrained by the high working
capital intensity of the company on account of stretched
receivables owing to heavy exposure to governmental clients. The
ratings are also constrained by the modest order book of the
company with only one major order for the current fiscal and
largely subdued revenues for 9M FY 2015. The ratings, however,
positively factor in the extensive experience of the promoters in
the field of solar EPC and energy efficiency systems and presence
of a relatively strong in-house research team which aids in
gradual diversification of product portfolio.
The company's ability to achieve revenue growth and effectively
manage its working capital requirements remain the key rating
sensitivities from credit perspective.

Cybermotion Technologies Private Limited was incorporated in the
year 1991 and is into the business of providing EPC (Engineering,
Procurement and Construction) services for off grid solar power
plants, engineering services and energy efficiency technologies.
The company is head quartered in Hyderabad and has representative
offices in Delhi, Guwahati, Agartala & Dehradun in India with ~50
employees.

Recent Results
As per the audited results for FY 2014, the company reported net
loss of INR3.21 crore on turnover of INR10.52 crore as against
profit after tax of INR3.68 crore on turnover of INR51.32 crore
during FY 2013.


DOLPHIN MARINE: ICRA Reaffirms B Rating on INR2.3cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B assigned to
the INR2.30 crore term loan (reduced from INR5.74 crore) and the
INR2.00 crore fund-based limits of Dolphin Marine Foods &
Processor (India) Private Limited. ICRA has also reaffirmed the
short term rating at [ICRA]A4 assigned to the INR2.30 crore
assigned to the INR9.00 crore (revised from INR6.00 crore) non-
fund based bank facility of DMPL. ICRA has also reaffirmed the
ratings of [ICRA]B/[ICRA]A4 assigned to the unallocated long-
term/short-term bank facilities of INR1.70 crore (revised from
INR1.26 crore) of DMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              2.30       [ICRA]B reaffirmed
   Cash Credit            2.00       [ICRA]B reaffirmed
   FDBP/FUDBP             9.00       [ICRA]A4 reaffirmed
   Unallocated bank
   Limits                 1.70       [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the long
experience of promoters of the company in the seafood business,
its proximity to the western coastal belt which is a major fishing
belt and provides easy access to raw materials and the established
relationships of the company with the suppliers. The ratings also
draw comfort from the increased scale of operations in FY2014,
albeit the same remains small at an absolute level.
Nonetheless, the ratings continue to remain constrained by the
company's subdued net profitability levels, high gearing and weak
coverage indicators. The ratings also take into account the highly
fragmented nature of seafood business with intense competition and
the extended inventory holding requirements leading to high
working capital intensity of operations. ICRA also notes that the
company's operations are exposed to risks inherent in seafood
industry such as susceptibility to diseases, climate change risks,
variations in domestic and foreign government policies and
exchange rate movements.

Incorporated in 1996 by Mr. Rosario D'Souza, DMPL is engaged in
processing and export of seafood. The company's freezing and cold
storage facility is located at Taloja, Navi Mumbai and has a
processing and storage capacity of ~5200 metric tonnes per annum
(MTPA). The company exports fish like croaker, sardine, Indian
mackerel and others, mainly to East Asia, South-East Asia and
Africa. The company derives ~80% of its revenues from export
sales. DMPL is also engaged in merchant processing business for
other seafood exporters and earns about ~10% of its revenues from
this line of activity.

Recent Results
In FY2014, DMPL has registered a Profit after Tax (PAT) of INR0.28
crore on an operating income of INR37.42 crore. In FY2013, the
company reported PAT of INR0.15 crore on an operating income of
INR28.49 crore.


DESAI INFRASTRUCTURE: ICRA Rates INR4.50cr Cash Credit at B+
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR4.50
crore fund-based cash credit facility of Desai Infrastructure
Private Limited. ICRA has also assigned the short term rating to
INR5.50 crore non fund based bank guarantee facility of DIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B+ assigned
   Bank Guarantee        5.50        [ICRA]A4 assigned

The ratings are constrained by the DIPL's modest size of
operations with de-growth in OI during FY14 and its weak financial
profile characterised by low profitability, modest coverage
indicators and high working capital intensive nature of business
due to delayed payments from customers. The ratings are also
constrained by the high competitive intensity in the construction
space; geographical concentration risk due to concentration of
most of the ongoing and future projects in Gujarat entailing
stagnancy in turnover and the vulnerability of profitability to
fluctuation in cement and steel prices though partly mitigated by
price escalation clause. Further the ability of the company to
maintain execution timelines and performance parameters because of
the Liquidated Damages (LD) clause present in the contracts
remains critical.

The ratings, however, favourably factors in the experience of the
promoters in the construction industry and favourable demand
outlook for the construction sector given the government's focus
on infrastructure development.

Desai Infrastructure Private Limited was set up in the year 2001
as private limited company by Mr. Kritidev Desai, Mr. Sanjay
Desai, and Mr. Jatin Naik. DIPL is primarily engaged in the civil
construction projects such as construction of commercial
buildings, factory outlet building, residential buildings
(township), corporate club etc. It provides construction service
to corporate, government, semi government and private sector
clients.


DSM SOFT: ICRA Assigns B- Rating to INR10cr Fund Based Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR10.00
crore fund based facilities of DSM Soft Private Limited, and the
short-term rating of [ICRA]A4 to the INR4.00 crore fund based bank
limits of DSM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based facilities      10.00        [ICRA]B- assigned

   Short-term, fund
   based facilities       4.00        [ICRA]A4 assigned

The assigned rating takes into account the long standing
experience of the promoters and established track record of the
company in providing software services in the geospatial and
engineering domains and its geographically diversified customer
base, supported by its overseas subsidiaries. The ratings are,
however, constrained by the small scale of the company's
operations, high working capital intensity and the susceptibility
of company's revenues to fluctuations in the order flow. The
ratings also take note of the company's highly geared capital
structure and the vulnerability of margins to exchange risk.

DSM Soft Private Limited was incorporated in 1991. DSM Soft is a
service provider in the Geospatial, Engineering and Publishing
domains. It has over 17 years of experience in the industry and
established relationship with its clients over the years. It has
production centers in Chennai, Tiruchirapalli and Pondicherry in
India The company also has wholly owned subsidiary based out of
Scotland, DSM Geodata Ltd.

Recent results
For the 12 months ending March 2014, the company had reported a
net profit of INR0.8 crore on an operating income of INR8.1 crore.


FARMERS AGRICULTURE: ICRA Reaffirms B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR7.50 crore (enhanced from INR0.26 crore) fund based
facilities (Agriculture crop loan) of Farmers Agriculture Credit
Co-Operative Society Limited, earlier known as Syndicate Rythara
Sahakara Sanga Niyamita.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits-      7.50        [ICRA]B+ reaffirmed
   Agriculture crop
   loan

The reaffirmation in rating factors in the increase in advances
extended, deposits received and trading revenues during 2013-14 in
turn improving the operating income. The rating factors in the
decrease in non-performing asset (NPA) levels on account of lower
slippages and better recoveries during 2013-14. The rating also
factors in the grade A (highest grade) assigned to the society by
the state co-operative audit department based on the performance
of the society.

The rating is, however, constrained by the small scale of
operations with operations in limited geographies that reduces
financial flexibility to an extent. The rating is further
constrained by the society's exposure to agro-climatic risks as
short term agricultural loans account for majority of the advances
(~78.0% during 2013-14) extended. ICRA also notes that the
government subsidies on account of loan waivers and interest
subventions are received with some delay, resulting in mismatch
between the assets and the liabilities of various durations of the
society. Going forward, the ability of the society to increase its
advances and deposits and maintain low NPA levels remain the key
rating sensitivities.

The society was incorporated in 1976 and operates as a co-
operative bank for regions around Periyapattana in Mysore district
with close to 2400 members as on December 31, 2014. It extends
advances for various farming requirements in around 30 villages in
the region. It had extended INR5.3 crore advances as on March 31,
2014 and funds its advances through member deposits and bank
loans. The savings and share deposits with the company as on March
31, 2014 stood at INR4.0 crore and INR1.7 crore respectively. The
society also trades in fertilizers, silk and food commodities such
as paddy, ginger, turmeric etc for which it has warehouses with a
total storage capacity of ~1000 MT.

Recent Results
During 2013-14, the company reported a net profit of INR0.4 crore
on an operating income of INR5.5 crore as against a net profit of
INR0.3 crore on an operating income of INR4.4 crore during 2012-
13.


GARYSON MOTORS: CRISIL Cuts Rating on INR110MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Garyson Motors Pvt Ltd (GMPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           110        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan              10        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in GMPL's business
risk profile because of a decline in its operating income over the
two years ending 2013-14 (refers to financial year, April 1 to
March 31). The company's topline declined to INR386.7 million in
2013-14 from INR695 million in 2011-12. The decline in turnover is
mainly because of slowdown in end-user passenger car segment and
declining market of Tata Motors Ltd in the passenger cars segment.
Subsequently, GMPL's cash accruals will be adversely affected
because of its high interest and finance costs. Low profitability
will continue to constrain the company's net worth and interest
coverage ratio over the medium term.

CRISIL's ratings continue to reflect GMPL's weak financial risk
profile, marked by a small net worth, a high total outside
liabilities to tangible net worth ratio and below-average debt
protection metrics. The ratings also factor in the company's low
bargaining power with its principal, and its exposure to intense
competition in the automobile dealership market. These rating
weaknesses are partially offset by GMPL's established market
position in the automobile dealership segment, and the company's
strong association with its principal, Tata Motors Ltd (TML; rated
'CRISIL AA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that GMPL will continue to benefit over the medium
term from its established position in the automobile dealership
market, and strong relations with TML. The outlook may be revised
to 'Positive' if the company improves its capital structure and
debt protection metrics, supported by an equity infusion or
enhancement in its operating margin, and a sizeable improvement in
its operating revenue and cash accruals. Conversely, the outlook
may be revised to 'Negative' if GMPL's financial risk profile
deteriorates, because of a large debt-funded capital expenditure
programme and/or working capital requirements, or a decline in its
cash accruals.

GMPL was incorporated in Ludhiana, Punjab in 2001. The company is
promoted by the Grewal family - Colonel D P S Grewal and his son,
Mr. Ravleen Grewal. GMPL is an authorised dealer for TML passenger
cars in the Ludhiana, Moga, and Firozpur districts of Punjab. GMPL
stocks all vehicle variants of TML and a few variants of Fiat
India Automobiles Ltd (rated 'CRISIL A-/Stable/CRISIL A1').


GATI INFRASTRUCTURE: CARE Reaffirms D Rating on INR100MM LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Gati
Infrastructure Bhasmey Power Pvt Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      100       CARE D Reaffirmed

Rating Rationale

The rating of Gati Infrastructure Bhasmey Power Pvt. Ltd.
continues to remain constrained by delays in servicing of the debt
obligations consequent to the delay in project implementation.

GIBPPL is a special purpose vehicle (SPV) promoted by Mr M. K.
Agarwal and an associate company; Amrit Jal Ventures Pvt. Ltd.
(AJVPL) for setting up a 54 MW (2 X 27 MW) (now scaled upto 62 MW)
Run of the River, Bhasmey Hydro Electric Power Project (BHEPP).
The project is located on the river Rangpo, a major tributary of
Teesta River in the East District of Sikkim.

The project was awarded by Government of Sikkim (GoS) and Sikkim
Power Development Company (SPDC) on Build, Own, Operate and
Transfer (BOOT) basis for a period of 35 years from the scheduled
Commercial Operations Date (COD). The project was scheduled to be
commissioned in March 2014. Due to the several key factors, there
has been a delay in the project completion. The company has
reassessed the implementation schedule and is now projecting the
revised COD of the project in March 2017. Accordingly, the project
cost has been revised and estimated at INR690.29 crore, ie, a cost
over-run of INR281.80 crore over the initially envisaged cost of
INR408.49 crore. The increased cost is proposed to be funded by a
debt-equity mix of 67:33.

GIBPPL has entered into a long-term power purchase agreement (PPA)
with West Bengal State Electricity Distribution Company Limited
(WBSEDCL) for 28.50 MW (60% of the total saleable capacity).


GOPINATH SPINNING: CARE Reaffirms D Rating on INR7.43cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gopinath Spinning Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.43       CARE D Re-affirmed
   Short-term Bank Facilities    1.05       CARE D Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Gopinath Spinning
Private Limited (GSPL) continue to remain constrained on
account of a delay in debt servicing due to the stretched
liquidity position on the back of delay in realization of payments
from the customers.

Timely serving of debt obligations along with an improvement in
liquidity position is the key rating sensitivity.

Incorporated in August, 2002, GSPL is promoted by the Atlas group,
the Yogin group & the Shivam group. GSPL is engaged in the
manufacturing of cotton spun yarn, blended yarn and polyester yarn
used for manufacturing of knitting & woven fabric and conveyor
belt. GSPL's sole manufacturing facility is located at Dadra &
Nagar Haveli and has an installed capacity of 3,000 metric tonnes
per annum (MTPA) as on March 31, 2014.

During FY14 (refers to the period April 1 to March 31), GSPL
reported a net loss of INR0.88 crore on a total operating
income (TOI) of INR23.63 crore as against a net loss of INR1.96
crore on a TOI of INR17.40 crore in FY13. Furthermore,
during Q1FY15, GSPL has registered the TOI of INR1.31 crore.


GUPTA BUILDERS: CRISIL Reaffirms B+ Rating on INR120.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities Gupta Builders and
Promoters Pvt Ltd (GBPL) continue to reflect GBPL's exposure to
risks related to project implementation, particularly for
'Centrum'-large commercial cum residential project and to the
cyclicality inherent in the Indian real estate industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         18        CRISIL A4 (Reaffirmed)
   Cash Credit           120.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     41.5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
successful implementation of its ongoing projects and healthy
sales of these projects, and its promoters' sound track record in
the real estate business in and around Chandigarh.

Outlook: Stable

CRISIL believes that GBPL will maintain its business risk profile
over the medium term on the back of the successful implementation
of its projects in and around Chandigarh and the healthy bookings
for these. The outlook may be revised to 'Positive' if the company
receive more-than-expected customer advances for the ongoing
projects, substantially improving its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of any time or cost
overrun in the projects, or significant reliance on debt due to
lower bookings, resulting in weakening of its financial risk
profile, particularly its liquidity.

GBPL, incorporated in 2011 in Chandigarh, undertakes plot-based
development of real estate residential units, and commercial and
office complexes. It is promoted by Mr. Satish Kumar and Mr.
Pradeep Kumar. The company is executing nine plot-based housing
projects - Rosewood Estate, Eco Green-I, Eco Green-II, Crest,
Ultima, Astra, Eco Homes, Eco Homes-I and Eco Homes-II - and one
commercial complex, Business Square; these projects are in
Derabassi and Kharar, both near Chandigarh. It is also undertaking
the construction of a high-rise commercial-cum-residential
project, 'Centrum', at Zirakpur, and a warehouse project, Highway
Terminal, at Rajpura, near Chandigarh.

GBPL reported a profit after tax (PAT) of INR14.2 million on net
sales of INR570.6 million for 2013-14, as against a PAT of INR1.7
million on net sales of INR338.7 million for 2012-13.


HI - TECH BOARD: CRISIL Reaffirms B+ Rating on INR150MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of HI - Tech
Board Pvt Ltd (HTB) continues to reflect HTB's limited track
record in the particle board segment, its modest scale of
operations, and its weak financial risk profile, marked by a small
net worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the plywood industry and the timely support it receives from them
in the form of unsecured loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        150        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HTB will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's revenue or profitability, while it
improves its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if HTB's
revenue or profitability declines, resulting in weakening of its
financial risk profile, particularly its debt protection metrics.

Update
In 2013-14 (refers to financial year, April 1 to March 31), HTB
registered revenue of INR438.5 million, with a healthy year-on-
year growth of 45 per cent. The growth was supported by increased
utilisation of its production facilities and its improved market
presence. The growth is expected to be healthy over the near term.
HTB's operating margin declined to 7.7 per cent in 2013-14 from
13.6 per cent in 2012-13 due to increase in raw material prices
and the company's inability to pass on the price rise to end
customers. The margin is expected to improve during 2014-15, but
would remain volatile depending upon prices of the company's key
raw material, bagasse.

HTB's working capital requirements reduced significantly due to
decline in inventory. Its gross current assets declined to 142
days as on March 31, 2014, from 226 days as on March 31, 2013, and
are expected to remain in the range of 130 to 150 days over the
medium term. HTB's financial risk profile remains below average,
with a modest net worth and high gearing of INR56.0 million and
3.38 times, respectively, as on March 31, 2014. Its gearing is
expected to improve over the medium term with repayment of term
debt and an expected improvement in its net worth.

HTB's cash accruals are expected to tightly match its repayment
obligations, leading to stretched liquidity. Its bank limits were
moderately utilised, at an average of 71 per cent over the 12
months through September 2014. The company had a weak current
ratio of 0.94 times as on March 31, 2014.

HTB reported a profit after tax (PAT) of INR3.5 million on net
sales of INR438.5 million for 2013-14, as against a PAT of INR2.7
million on net sales of INR301.6 million for 2012-13.

HTB, promoted by Mr. Narendra Patel in 2010, manufactures pre-
laminated particle boards, which are used in the furniture and
construction industries. The company began commercial production
in November 2011. Its registered office is in Nagpur (Maharashtra)
and its manufacturing unit is in Bardoli (Gujarat).


HINDUSTAN CLOTHING: ICRA Assigns B Rating to INR5cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.0
crore fund based facility of Hindustan Clothing and Marketing
Limited. ICRA has also assigned a short term rating of [ICRA]A4 to
the INR1 crore fund based limits of Hindustan Clothing and
Marketing Limited.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long Term Fund         5.00         [ICRA]B assigned
   Based Facility-CC

   Short Term Non Fund    1.00         [ICRA]A4 (assigned)
   Based Facility-EPC

The assigned ratings derive comfort from the long standing
experience of the management in the apparel manufacturing
industry. The ratings also reflect the company's reputed and
diversified clientele base along with a flexible product mix
strengthening its market position.

The ratings are, however, constrained by the company's small scale
of operations, thereby restricting operational and financial
flexibility to an extent. Further, the ratings factor in the weak
financial profile of the company characterized by low
profitability, subdued return on capital employed and weak
coverage indicators.  The assigned ratings are also constrained by
the stretched liquidity profile of the company on account of high
working capital intensity as reflected in consistently high
utilization of working capital limits. The ratings also factor in
the vulnerability of the company profits to any adverse
fluctuation in raw material prices.

Going forward, the company's ability to increase sales volumes and
margins, while managing the working capital cycle, would be
crucial in improving the credit profile over the medium to longer
term.

HCML was set up as a proprietorship firm in 2008 by Mrs. Sushila
Mukesh Agarwal. In 2010, a new closely held company, HCML, was
incorporated, which took over the operations of the firm in 2011.
The company is primarily engaged in the business of manufacturing
and export of all kind of readymade garments. The company has two
manufacturing facilities in Bangalore, with a total workforce of
around 450 people and a total capacity to manufacture 1.4 lakh
garments per month.

Recent Results
The company reported a net profit of INR0.1 crore on an operating
income of INR24.3 crore in FY13 and a net profit of INR0.2 crore
on an operating income of INR23.1 crore in FY14.


JAN SHAKTI: CRISIL Assigns B- Rating to INR99MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Jan Shakti Charitable Trust (JSCT).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                99         CRISIL B-/Stable

The rating reflects the trust's weak liquidity position marked by
low level of cash accruals. The rating also reflects its small
scale of, and not-for-profit nature of operations. These rating
weaknesses are partially offset by the benefits the trust derives
from its promoters' industry experience and funding support to
meet the debt repayments in a timely manner.

Outlook: Stable

CRISIL believes that JSCT's financial risk profile will remain
constrained on account of its weak liquidity position. The outlook
may be revised to 'Positive' in case the firm registers
significant improvement in its scale of operations and
profitability, most likely with the commencement of the degree
course, leading to higher-than-expected cash accruals. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers a decline in its revenues or profitability or if it
undertakes any debt-funded capex leading to pressure on its
liquidity.

Set up in 2011-12, JSCT is organized as a not-for-profit society
and is managed by the Malik family with Mr. Bhupinder Malik being
the key person responsible for the trust's day-to-day affairs. The
trust manages a specialized medical college in the field of
veterinary education in Rohtak, Haryana.

JSCT reported a net loss of INR2.8 million on an operating income
of INR18.7 million for 2013-14, against a net loss of INR2.8
million on an operating income of INR18.2 million for 2012-13.


KATARIA MOTORS: CARE Revises Rating on INR6.62cr LT Loan to B+
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Kataria Motors
Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.62       CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Kataria Motors Private Limited (KMPL) takes into account
continued deterioration in its financial risk profile marked by
consistent net loss during FY14 (refers to the period April 1
to March 31) leading to negative net worth of the company.
The ratings remain constrained by its presence in the highly
competitive automobile dealership business and limited
bargaining power against the principle automobile manufacturers.
The ratings, however, continue to derive strength from the wide
experience of the promoters in the auto dealership
business, financial support from the group and diversified revenue
stream.

The ability of KMPL to improve its profitability, increase its
networth base and improve its capital structure and liquidity
indicators alongwith the continued support from group concerns are
the key rating sensitivities.

Ahmedabad-based KMPL is part of the Kataria group that has been in
the automobile dealership business for over 16 years. The
automobile dealership business was started as a proprietorship
firm by Mr Rajendra Kataria in the name of Kataria Transports in
1983. KMPL has the authorized dealership of TV Sundaram Iyengar
and Sons Limited (TVS Motor Company) for selling of two and three-
wheeler vehicles and dealership for sale of trucks with Daimler
India Commercial Vehicles Pvt. Ltd., the makers of Bharat Benz
commercial vehicles.

The Kataria group has dealership of Maruti cars in Kataria
Automobiles Private Ltd. (KAPL) which is one of the four
authorized Maruti Suzuki dealers in Ahmedabad. Furthermore, in
Kataria Cars Pvt. Ltd (KCPL), the group has a dealership
of Porsche in Ahmedabad. In addition to the auto dealership
business, the group also has business interests in energy
saving equipment through Kataria Energy Solution Pvt. Ltd.

During FY14, KMPL reported a total operating income (TOI) of
INR50.85 crore and a net loss of INR1.24 as against a net loss
of INR2.35 crore on a TOI of INR35.92 crore in FY13.


KISHORI MERCANTILES: ICRA Reaffirms B Rating on INR3.05cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR1.80
crore cash credit facility, the INR3.05 crore term loan, the
INR0.20 crore bank guarantee and the INR0.95 crore unallocated
bank limits of Kishori Mercantiles Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR0.80 crore
letter of credit facility and the above INR0.95 crore
(interchangeable with long term) unallocated bank lines of KMPL.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Cash Credit Facility    1.80      [ICRA]B reaffirmed
   Term Loan               3.05      [ICRA]B reaffirmed
   Bank Guarantee          0.20      [ICRA]B reaffirmed
   Letter of Credit        0.80      [ICRA]A4 reaffirmed
   Unallocated Limits      0.95      [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of ratings continue to factor in the continuing
weak financial performance of KMPL during 2013-14, reflected by
net losses, high gearing, and weak coverage indicators. Though the
turnover improved in FY2013-14, the other financial indicators
still stood at adverse levels. ICRA notes that the moderate
capacity utilization of the plant at 61% in FY14 has resulted in
low return indicators, notwithstanding the improvement in the same
in FY13-14. Further, while reaffirming the ratings, ICRA has taken
note of the significant debt repayment obligations as against
current nominal cash generation from business, which may lead to
cash-flow mismatch and exert pressure on liquidity. The ratings
also continue to reflect vulnerability of profitability to the
volatility in the prices of the raw material which is a crude oil
derivative.

The ratings however, factor in the favourable demand outlook for
PET preforms, given its increasing use in the bottling of soft
drinks and packaged drinking water, and the fiscal benefits
available to KMPL, which has favourably impacted the operating
profitability of the company. Going forward, the ability of the
company to run its operations profitably while improving the
capacity utilisation levels would be a key rating sensitivity.

Incorporated in 2008, KMPL is engaged in the manufacturing of PET
Preforms and has its manufacturing facility located at Jalpaiguri
in West Bengal with an annual capacity of 1,200 MT. The plant was
commissioned in June, 2011.

Recent Results
KMPL registered a net loss of INR0.22 crore on the back of OI of
INR8.81 crore during the period in FY2013-14. In FY2012-13, the
company registered a net loss of INR0.27 crore on the back of OI
of INR6.02 crore.


MA MAHAMAYA: CRISIL Assigns B Rating to INR60MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of MA Mahamaya Rice Mill Pvt Ltd (MMRMPL).

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

The rating reflects MMRMPL's weak financial risk profile, marked
by high gearing and small net worth, small scale of operations in
a fragmented rice milling business, and susceptibility to
volatility in raw material prices and adverse changes in
government regulations. These rating weaknesses are partially
offset by MMRMPL's diversified clientele and stable demand for
rice in the country.

Outlook: Stable

CRISIL expects MMRMPL to maintain its business risk profile backed
by its diversified clientele and stable demand for rice in India.
The outlook may be revised to 'Positive' in case of a substantial
improvement in the company's cash accruals, equity infusion by
promoters, or in case of better working capital management,
leading to significant improvement in its liquidity and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of significantly low cash accruals, stretch in working
capital cycle, or if MMRMPL undertakes any large debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile, particularly its liquidity.

Incorporated in 2006, MMRMPL mills non-basmati parboiled rice. Its
manufacturing facility is located in Madhyamgram (West Bengal).
MMRMPL's day-to-day operations are looked after by its director,
Mr. Sandip Hazra. The company markets its product under the brand,
Mahamaya Bhog.


MULTIPLE EXIM: ICRA Assigns B Rating to INR0.72cr Overdraft Loan
----------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR0.72 crore long-
term fund based bank facility of Multiple Exim Private Limited.
ICRA has also assigned its rating of [ICRA]A4 to the INR5.0 crore1
short term non fund based bank facility of MEPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Overdraft               0.72         [ICRA]B; Assigned
   Non-Fund Based Limits   5.00         [ICRA]A4; Assigned

ICRA's ratings take into account the company's modest scale of
operations, which coupled with its thin profitability on account
of the trading nature of operations, results in a weak financial
profile characterized by weak debt coverage indicators, despite a
comfortable capital structure. However, as the company has availed
buyer's credit facility since September 2014, the borrowing cost
is expected to reduce going forward, which in turn would result in
an improvement in the debt coverage indicators. The ratings also
factor in the unfavourable demand scenario for chrome ore, due to
current slowdown in the ferro alloy industry. ICRA however notes
that the company has sufficient order book which is expected to
see traction once the demand outlook improves.

The ratings, however, favourably factor in the extensive
experience of the promoters, of over two decades, in the metals
and minerals trading business; the merchant trading nature of
business which results in low counter party risk (as both legs of
the trade are LC backed) and low working capital requirements (as
no inventory is maintained) along with the comfortable liquidity
position of the company as is evident in moderate utilization of
working capital limits and sufficient cash balances.
Going forward, the company's ability to increase its traded
volumes and hence the scale of operations, along with an
improvement in coverage indicators, will be the key rating
sensitivities.

Incorporated in 2007, MEPL is promoted by Mr. Rohit Kumar who has
extensive experience of over two decades in the metals and
minerals business through prior association with the Aditya Birla
Group and Varomet. MEPL is engaged in the merchant trading of
chrome ore which is used as an input for manufacturing steel
(Ferro Chrome). The chrome ore is procured from miners in the
middle East, based on the orders received, and exported to Chinese
steel manufacturers.

Recent Results MEPL reported a profit after tax (PAT) of INR0.08
crore on an operating income of INR13.94 crore in 2013-14 as
against a PAT of INR0.01 crore on an operating income of INR3.19
crore in the previous year.


NIRMAN ASSOCIATES: CRISIL Rates INR80MM Project Loan at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Nirman Associates (Nirman).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Project Loan             80         CRISIL B+/Stable

The rating reflects Nirman's exposure to project implementation-
related risks accentuated by the initial stage of project
execution; the rating also factors in the firm's susceptibility to
cyclicality inherent in the Indian real estate sector and its
average financial risk profile marked by modest net worth and
expected high reliance on customer advances. These rating
weaknesses are partially offset by the benefits that Nirman
derives from its partners' extensive experience and established
track record in the real estate industry in Pune (Maharashtra).

Outlook: Stable

CRISIL believes that Nirman will continue to benefit over the
medium term from its partners' extensive experience in the real
estate industry in Pune. The outlook may be revised to 'Positive'
in case of significantly better bookings of units and timely
receipt of customer advances, leading to substantially high cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case the firm's liquidity deteriorates either because of delays in
receipt of customer advances, lower-than-expected bookings, or
significant time or cost overrun in project implementation.

Set up in 2007, Nirman is a partnership firm engaged in real
estate development in Pune. Nirman's key promoters, Mr. Sandeep
Maheshwari and Mr. Shashikant Sule, have been in Pune's
construction and real estate business since 1993.


OBERAI MOTORS: CRISIL Reaffirms B- Rating on INR51.5MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Oberai Motors
Ltd (OML) continues to reflect OML's weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics, and geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the long track record of OML's promoters in
the automobile dealership segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           51.5       CRISIL B-/Stable (Reaffirmed)
   Term Loan              7.5       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OML will maintain its business risk profile
over the medium term, supported by its established relationship
with its principal, Tata Motors Ltd (TML; rated 'CRISIL AA/CRISIL
AAA(SO)/Stable/CRISIL A1+'). However, the company's financial risk
profile is expected to remain weak over this period because of its
large working capital requirements. The outlook may be revised to
'Positive' if OML's financial risk profile improves, most likely
driven by fresh infusion of equity capital or sustained
improvement in its operating margin. Conversely, the outlook maybe
revised to 'Negative' if the company's financial risk profile
weakens further, most likely because of large debt-funded capital
expenditure or low cash accruals.

Update
The company's operating income for 2013-14 (refers to financial
year, April 1 to March 31) remained in line with that of the
previous year at INR548.9 million (Rs.548.3 in 2012-13). The
operating margin, however, has been low, although stable, at 3.8
per cent in 2013-14 on account of intense competition in the
industry, coupled with its limited bargaining power with TML. The
company is expected to register a growth rate of around 12 per
cent over the medium term driven by expected improvement in demand
for commercial vehicles on account of improved economic
activities; although the operating margin is expected to remain
stable at 3.5 to 4.0 per cent.

The company's operations are moderately working capital intensive
as reflected in its gross current asset (GCA) of around 70 days as
on March 31, 2014; the GCA days have been at similar levels in the
past. This because of the company's inventory levels of around 31
days and receivables cycle of 14 days. The company's average bank
limit utilization has been high at 95.28 per cent for the 12
months ended September 2014.

OML's net worth was also low at around INR13.8 million, as on
March 31, 2014 thereby limiting its financial flexibility to meet
any exigency. The company has high debt levels towards funding its
working capital requirements; this, coupled with small net worth
has resulted in high TOLTNW ratio of 14.82 times as on March 31,
2014.
OML was incorporated in 2002 and promoted by Mr. Rakesh Oberai.
The company deals in light commercial vehicles of TML. OML has
showrooms in Dehradun and Garhwal (both in Uttarakhand). It has
set up a showroom in Roorkee (Uttrakhand) which is expected to be
operational by the end of September 2013. The company also has
sales offices in Vikasnagar and Haridwar (also in Uttarakhand).


P.C. DEY: CRISIL Reaffirms B+ Rating on INR105MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of P.C. Dey and Son
Distributors Pvt Ltd (PC) continue to reflect PC's weak financial
risk profile and its modest scale of operations in the intensely
competitive consumer goods distribution business. These rating
weaknesses are partially offset by the company's diversified
product profile and the industry experience of its promoter.

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

   Proposed Cash Credit
   Limit                 105        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3        CRISIL B+/Stable (Reaffirmed)

   Standby Letter of
   Credit                 12        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PC will maintain its business risk profile
over the medium term, backed by its diversified product profile
and the industry experience of the promoters. The outlook may be
revised to 'Positive' in case of an improvement in the company's
capital structure and profitability, leading to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if PC's working capital management deteriorates, lower than
expected accruals, or if it undertakes a debt-funded capital
expenditure programme, thereby weakening its financial risk
profile.

Update
PC's revenue grew by 4 per cent year-on-year to INR1.56 billion in
2013-14 (refers to financial year, April 1 to March 31). Its
revenue is expected to improve in 2014-15; for the eight months
through November 2014, the company is estimated to have registered
revenue of INR1.20 billion. Owing to the trading nature of its
operations, the company's operating margin remained low at 1.1 per
cent in 2013-14. PC's financial risk profile remains weak, marked
by a small net worth, a high total outside liabilities to tangible
net worth ratio, and a weak interest coverage ratio. Its liquidity
remains stretched, with low cash accruals and high bank limit
utilisation.

PC was originally formed as a partnership firm in 1992; the firm
was reconstituted as a private limited company in 2011. The
company's day-to-day operations are being managed by Mr. Amitava
Dey. PC distributes various products such as prepaid cards,
direct-to-home services, cycles, electronics, lights, cigarettes,
and fast-moving consumer goods. It also owns a Bata India Ltd
showroom in Habra (West Bengal).


P.N. PULP: CRISIL Cuts Rating on INR97.7MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
P.N. Pulp and Paper Industries (PNPPI; part of the PN group) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of credit &    20        CRISIL D (Downgraded from
   Bank Guarantee                  'CRISIL A4')

   Letter of credit &    97.7      CRISIL D (Downgraded from
   Bank Term Loan                  'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by the PN group
in servicing its term debt; the delays are on account of the
group's weak liquidity driven by a stretch in its debtors. The
group's debtors were at 166 days as on March 31, 2014, and
stretched to 177 days as on November 30, 2014. The group's weak
liquidity is also reflected in its almost full bank limit
utilisation.

The PN group has small scale of operations and below-average
financial risk profile, marked by average net worth, high gearing,
and weak debt protection metrics. Also, the group has large
working capital requirements. The group, however, benefits from
its promoters' extensive industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of P N Paper Mills Pvt Ltd (PNPM) and
PNPPI. This is because both the entities, together referred to as
the PN group, are in the same line of business, are managed by the
same promoters, and have inter-company stake holdings.

PNPM, incorporated in 2004 by Mr. Ajay Aggarwal, manufactures
duplex card boards. PNPPI, established in 2008, manufactures
writing and printing paper. The group's plants are in Uttarakhand.

PNPM reported a profit after tax (PAT) of INR8.3 million on net
sales of INR336 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR202 million in 2012-13.


PARVATI FABRICS: ICRA Reaffirms B+ Rating on INR9.5cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term at [ICRA]B+ assigned to the
INR9.50 crore term loan facility and INR5.50 crore cash credit
facility of Parvati Fabrics Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term loan        9.50        [ICRA]B+ reaffirmed
   Long Term Cash
   Credit Facility       5.50        [ICRA]B+ reaffirmed

The rating reaffirmation continues to take into account the long
and established presence of the company in the field of
embroidered apparel business, the diversified product portfolio
and the locational advantage by virtue of its proximity to raw
material sources and processing units.

The rating however, continues to remain constrained due to the
small scale of operations of the company, its weak financial
profile as characterized by the declining operating profitability,
highly leveraged capital structure and working capital intensive
nature of operations. The margins remain vulnerable to
fluctuations in the prices of raw materials and the seasonal
nature of sales typical in the embroidered apparel business. The
rating also factors in the intense competitive pressures inherent
in the fabric processing industry, which limits the pricing power
of the company.

Parvati Fabrics Ltd. (PFL) was incorporated in 1994 in Surat
(Gujarat) by Mr. Dinesh Pacheriwal and Mr. Vikash Pacheriwal, as a
private limited company. It was converted to a public limited
company in FY 2012. PFL is engaged in the production of
embroidered apparel and fashion accessories, and non woven
textiles. For ease of maintaining accounts, the company has
divided its operations into three divisions: Parvati Fabrics and
Parvati Fibres. Parvati Fabrics division purchases polyester and
viscose cloth from the local weavers and sells embroidered apparel
under the brand name of 'Parvati'. Parvati Fibres was set up in
July 2011 and is involved in the manufacture of Polypropylene (PP)
based non woven fabrics, which find application in packaging,
medical and agricultural purposes.

During FY2014, the company has recorded profit after tax (PAT) of
INR1.27 crore on an operating income of INR52.41 crore. During
FY2013, the company had reported a PAT of INR0.88 crore on an
operating income of INR41.34 crore.


PODDAR MERCANTILE: CRISIL Reaffirms B- Rating on INR51MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Poddar Mercantile
Private Limited (PMPL) continue to reflect its small scale of
operations in a competitive industry, and working-capital-
intensive operations. The above-mentioned weaknesses are partially
offset by the extensive industry experience of PMPL's promoters.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Inland/Import Letter
   of Credit                54.2    CRISIL A4 (Reaffirmed)

   Packing Credit           51      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       16.7    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PMPL's overall liquidity profile will remain
weak on account of its working capital intensive operations. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected cash accruals or improves its working capital
cycle leading to improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' if PMPL faces stretch in receivables,
constraining its debt servicing ability or its inventory piles up
due to sluggish demand.

Incorporated in 1998, PMPL exports polypropylene, low-density
polyethylene, and high-density polyethylene garbage and T-shirt
bags to customers based in Germany, the US, West Indies, Italy,
and other countries. The company's day-to-day operations are
managed by its promoter director, Mr. Ashok Kumar Poddar.


PRANI AUTO: ICRA Reaffirms B+ Rating on INR13cr Fund Based Limits
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR17.75 crore fund based limits of Prani Auto Plaza Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     13.00       [ICRA]B+ reaffirmed
   Unallocated limits     4.75       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by low
operating margins on account of automobile dealership business
with the commission structure being decided by the principal; weak
financial profile of the company characterized by high gearing
level and weak coverage indicators; and high competitive intensity
from dealers of other Original Equipment Manufacturers (OEM),
leading to pricing pressures. The rating is also constrained by
decline in sales of the company in FY2014 owing to lesser number
of cars due to increased competition from dealers of other OEMs
and partly due to adverse political conditions that were prevalent
in the state.

The rating reaffirmation, however, continues to derive comfort
from long-standing experience of promoter in the automobile
industry and the established presence of the company in Anantapur
and Kurnool areas in Andhra Pradesh.

Going forward, the ability of the company to increase its sales
given the competitive environment and its ability to improve its
profitability and coverage indicators would be the key rating
sensitivities.

Prani Auto Plaza Private Limited was started in 2003 as a
partnership firm which was subsequently converted into a private
limited company in 2009. The company is the authorized dealer of
passenger vehicles of Tata Motors Limited (TML) in Anantapur and
Kurnool districts in Andhra Pradesh. It opened its first showroom
in Ananthapur in 2003, followed by showrooms in Kurnool in 2007
and Nandyala in 2009. These three showrooms are located in the
company's own premises. Additionally, the company opened showrooms
in Hindupur in 2011 and Tadipatri in 2012 on a lease basis In
2013, the company started a 3S showroom in Tirupati. It has 6
showroom outlets and 3 service centers.

Recent Results

For FY2014, the company has reported an operating income of
INR65.37 crore and a profit after tax of INR0.07 crore as against
an operating income of INR78.14 crore and a profit after tax of
INR0.14 crore for FY2013.


RAJCHANDRA AGENCIES: CRISIL Reaffirms B Rating on INR52.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajchandra Agencies
(RA) continues to reflect RA's below-average financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, and its weak liquidity, marked by tightly
matched cash accruals against term debt repayments.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           52.5       CRISIL B/Stable (Reaffirmed)

The rating also reflects the firm's modest scale of operations in
a fragmented industry and its low operating margin. These rating
weaknesses are partially offset by the promoters' extensive
experience of nearly two decades in the distribution business
along with their established relationships with principals and
customers.

Outlook: Stable

CRISIL believes that RA will benefit from its promoters' extensive
experience and established relationships with principals over the
medium term. The outlook may be revised to 'Positive' in case of
improvement in the firm's financial risk profile, especially its
liquidity, resulting from higher-than-expected cash accruals,
efficient working capital management, and funding support from the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the firm's financial risk profile,
particularly its liquidity, on account of lower-than-expected cash
accruals or higher-than-expected working capital requirements or
any debt-funded capital expenditure.

Update
RA has registered operating revenue of INR1.04 billion in 2013-14
(refers to financial year, April 1 to March 31) as against INR760
million in 2012-13, RA's operating margin has remained flattish at
1.3 per cent in 2013-14. Further the low operating margins of the
firm is on account of trading nature of business.

RA's operations have low working capital intensity as reflected in
gross current assets of 36 days as on March 31, 2014, flattish as
against 31 days in 2012-13. RA provides open credit of about a
week to its customers/retail shops in case of Airtel and ITC
products and about 30-45 days in case of handset products. RA
maintains an inventory of about 15 days. Though the inventory is
not order backed, the consistent demand for the telecom services
and FMCG products reduces the risk of inventory obsolescence for
the firm.

The firm has a below average capital structure as reflected in the
modest net worth of 27.9 million. Owing to dependence on bank
limits to fund the working capital requirement of the company, the
gearing and TOLTNW is high at 3.13 and 3.39 times respectively.
The firm has below average debt protection metrics reflected in
Net cash accruals to Total Debt (NCATD) and Interest Coverage
Ratio (ICR) of 4 per cent and 1.26 times as on March 31 2014.

RA's bank limit utilization has been high at around 96 per cent
for the 12 months through November 2014. RA's cash accruals for
2013-14 are at INR3.2 million with debt obligations of INR2.5
million for the same year. The firm has a current ratio of 1.31
times as on March 31, 2014.

Set up in 2004 as a partnership concern, RA is an authorised
distributor for Bharti Airtel Limited's prepaid and direct-to-home
(DTH) products, ITC's cigarette, foods, and personal care
products, and Lava International Ltd's mobile handsets for the
regions of Dahisar and Borivali in Mumbai (Maharashtra). RA is
promoted by Mr. Mukesh Gupta and Mr. Hari Gupta.


S.R INDUSTRIES: CRISIL Reaffirms D Rating on INR216.4MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.R Industries Ltd
(SRIL) continue to reflect instances of delay by SRIL in servicing
its debt; the delays have been caused by the company's weak
liquidity marked by full utilisation of working capital limits and
negative cash accruals from operations.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            158.1        CRISIL D (Reaffirmed)
   Rupee Term Loan        216.4        CRISIL D (Reaffirmed)

SRIL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. Furthermore, it operates
on a small scale, and has a limited track record, in the footwear
segment. However, SRIL benefits from its sound relationships and
long-term contracts with its customers such as PUMA AG, Adidas and
others for the supply of footwear.

SRIL was set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989;
it is a contract manufacturer of footwear. It sold its terry towel
business in April 2012 to focus on the footwear business. SRIL
also manufactures footwear under its own brands, Red Zone and
Front Foot.


SHREEJI BLOCKS: CARE Assigns B+ Rating to INR9.16cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Shreeji Blocks
Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.16       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shreeji Blocks
Private Limited (SBPL) is constrained on account of debt-funded
nature of project with project stabilisation risk, susceptibility
of margins to volatility in raw material prices. The rating is
further constrained on account of presence of SBPL in highly
competitive Autoclaved Aerated Concrete (AAC) block
industry, and cyclicality associated with real estate industry
which is its key end user.

The rating, however, draws support from the experienced management
and favourable demand outlook for AAC block industry.

Successful completion of its debt-funded capex and stabilisation
of its operations to achieve envisaged level of sale and
profitability are the key rating sensitivities.

Nagpur-based SBPL was incorporated in the year 2013. SBPL proposes
to set up a unit for the manufacturing of autoclaved aerated
concrete (AAC) blocks having an installed capacity of 200 cubic
meters per day. The concrete blocks will be available in various
sizes of 600x200x100 mm, 600x200x150 mm and 600x200x230 mm.
Promoted by Mr Lalit Patel, Mr Chandrakant Bhadani, Mr Mahesh
Patel, Mr Amrut Patel, Mr V Bhaskar Rao and Mr Jagdish Patel, the
company is scheduled to be operational from January 2015.

The company intends to procure the basic raw material, i.e.,
cement, lime, fly ash, gypsum, coke and aluminium powder from
various states like Madhya Pradesh, Rajasthan and Maharashtra,
while the finished products is intended to be sold to various real
estate developers and construction companies in Nagpur,
Maharashtra.


SHRI KARVIR: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL's rating continue to reflects the susceptibility of Shri
Karvir Nivasini Mahalaxmi Ispat Private Limited (SKPL's) operating
margin to volatility in raw material prices and its dependence on
the fortunes of end-user industries.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          120        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     9.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.3      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in its weakened debt protection metrics.
These rating weaknesses are partially offset by the company's
moderate net worth and gearing, the extensive experience of its
promoters in the steel industry, its established relationships
with customers and suppliers, and its moderate working capital
requirements.

Outlook: Stable

CRISIL believes that SKPL's business risk profile will remain
dependent over the medium term on the increase in demand from the
end-user industry. The outlook may be revised to 'Positive' if the
company achieves a significant improvement in its revenue and
margins while maintaining its capital structure and improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a continued decline in SKPL's profitability,
leading to lower cash accruals, or a further stretch in its
working capital cycle, resulting in deterioration in its
liquidity.

Update
The company's scale of operation is expected to improve around
INR950 million to INR1 billion during 2014-15 as against INR924
million during 2013-14. The company is estimated to report
operating income of about INR430 crore ended October 2014.  The
company has registered operating margin of around 3 percent during
2013-14 which is expected to be remain same over the medium term.

The company is expected to report moderate net worth of INR110
million to INR115 million  , moderate gearing of around 1 to 1.15
times and subdued debt protection metrics with interest coverage
of around 1.2 to 1.5 times and net cash accruals to total debt of
around 5 to 7 percent during 2014-15.

The net cash accrual is expected to improve around INR7 million to
INR9 million during 2014-15 as against debt repayment of around
INR5 million. The promoter of the company has infused unsecured
loan of around INR28 million during 2013-14 to support its working
capital requirement. However due to working capital intensive
nature of business its bank line fully utilised over the past six
months ended October 2014.

Incorporated in 1994 and promoted by the Gandhi family and Mr.
Malani, SKPL primarily manufactures thermo-mechanically-treated
(TMT) bars. The company's manufacturing facility is in Kolhapur
(Maharashtra). Its day-to-day operations are managed by Mr.
Malani.


SIMRAN MOTORS: CRISIL Reaffirms B Rating on INR193MM Cash Credit
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Simran Motors Private
Limited (SMPL) continues to reflect its weak financial risk
profile, marked by an average net worth, high gearing, and weak
debt protection metrics, due to its large debt-funded capital
expenditure (capex) and investments in real estate.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           10       CRISIL A4 (Reaffirmed)
   Cash Credit             193       CRISIL B/Stable (Reaffirmed)
   Inventory Funding
   Facility                 97       CRISIL B/Stable (Reaffirmed)

The ratings also factor in SMPL's working-capital-intensive
operations, and exposure to risks related to its low bargaining
power with its principal and to intense competition in the
automobile dealership market. These rating weaknesses are
partially offset by SMPL's moderate scale of operations, extensive
industry experience of its promoters and its established
relationship with its principal, Maruti Suzuki India Ltd (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that SMPL's financial risk profile will continue
to be constrained over the medium term by its high gearing driven
by its large, debt-funded capex. However, SMPL will benefit from
its association with MSIL and from its promoters' extensive
experience in the automobile dealership businesses, over this
period. The outlook may be revised to 'Positive' in case of an
increase in SMPL's scale of operations and profitability, leading
to higher cash accruals and thus to an improvement in its
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' if SMPL's cash accruals
are less than expected, or its debt-funded capex is larger than
expected, leading to further deterioration in its financial risk
profile.

Update
SMPL's operating income have declined marginally by 7 per cent to
INR1.9 billion in 2013-14 (refers to financial year, April 1 to
March 31) from INR2.04 billion in 2012-13 on account of sluggish
demand conditions in the passenger vehicle industry. Total volume
sales of the company declined to 3900 cars in 2013-14 as against
4139 cars during the previous year. SMPL's operating margin
continues to remain high at around 5.3 per cent in 2013-14.

SMPL has moderate working capital requirements with gross current
asset (GCA) of around 76 days as on March 31, 2014. The company
maintains around 30 days of inventory, higher inventory of 52 days
in 2013-14 was a yearend phenomenon. Further company has debtor of
around 4 days which primarily comprise receivables from financing
companies. SMPL's working capital requirements are expected to
remain moderate over the near to medium term.

SMPL has a weak financial risk profile, marked by high gearing and
weak debt protection metrics; moderate net worth of INR104.4
million further constrains the financial flexibility of the
company. The company had a low total outside liabilities to
tangible net worth ratio of 6.27 times as on March 31, 2014.  SMPL
has weak debt protection metrics, with interest coverage ratio of
1.25 times for 2013-14. The metrics are expected to weak over the
medium term.

SMPL has weak liquidity with a low current ratio of 0.95 times and
moderate working capital requirements, with gross current assets
of 76 days as on March 31, 2014. The cash credit facilities have
been highly utilized, at an average of around 90 per cent for the
12 months ended June 2014. SMPL generated net cash accruals of
INR28 million in 2013-14 against which it had debt repayment
obligations of INR24 million during the same period.

SMPL was incorporated in 2007, promoted by Mr. Swarnapal Singh
Kohli and Mrs. Arvinder Kaul Kohli. The company is an authorised
dealer of MSIL's vehicles in Maharashtra. SMPL has five showrooms-
cum-workshops at Panvel, Alibagh, Mahad, Wadhakal and Karjat. It
also has one body shop in Vora.


SORENTO GRANITO: CARE Ups Rating on INR5.38cr LT Loan to B
----------------------------------------------------------
CARE revises and reaffirms ratings assigned to bank facilities of
Sorento Granito Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.38       CARE B Revised from
                                            CARE C

   Long-term/Short-term Bank    15.75       CARE B/CARE A4 LT
   Facilities                               facilities revised
                                            From/CARE C, ST
                                            facilities reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Sorento Granito Private Limited (SGPL) was primarily
on account of the increase in its scale of operations and
improvement in the liquidity position during 8MFY15 (refers to the
period April 1 to March 31).

The ratings continue to remain constrained on account of its long
operating cycle, moderate scale of operation with thin net profit
margins, leveraged capital structure and moderate debt coverage
indicators. The ratings are further constrained on account of
susceptibility of margins to volatility in raw material and fuel
prices, customer concentration risk and its presence in the highly
fragmented vitrified tile industry with fortunes linked with the
cyclical real estate market.

The ratings, however, favorably take into account the vast
experience of the promoters in the tiles manufacturing business,
well-established relationship with customer and suppliers and
location advantage through its presence in the tile cluster of
Gujarat.

The ability of SGPL to improve its liquidity position, increase in
its scale of operations while efficiently managing the raw
material, fuel price fluctuation and working capital requirements
are the key rating sensitivities.

Incorporated in 2007, Morbi-based SGPL is engaged in manufacturing
of vitrified tiles. Its plant has daily installed capacity of
7,500 boxes of tiles size 2' X 2' square feet. It sells its
product under the brand name of "Sorento". SGPL is promoted by Mr
Bhagwandas Tulsiyani along with four other people.

During FY14, SGPL earned a net profit of INR0.13 crore on a total
operating income (TOI) of INR49.36 crore as against a net profit
of INR0.05 crore on a TOI of INR50.75 crore in FY13. During
8MFY15, the company has achieved net sales of INR61.14 crore.


SPRING MERCHANDISERS: CRISIL Rates INR45MM Cash Credit at B-
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Spring Merchandisers Private Limited
(SMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              45         CRISIL B-/Stable
   Inland/Import Letter     65         CRISIL A4
   of Credit

The ratings reflect weak financial risk profile and working
capital intensive nature of operations marked by stretched
receivables. These rating weaknesses are partly offset by
extensive experience of promoters in the non-ferrous scrap trading
and processing industry.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
industry. The outlook may be revised to 'Positive' if SMPL is able
to significantly improve its scale of operations and profitability
and working capital cycle; leading to improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a decline in the company's revenues or profitability
margins, or stretch in working capital cycle, causing its
financial risk profile to weaken.

SMPL, incorporated in 1995, is engaged in manufacturing of brass,
zinc, copper and aluminum ingots and trading of non-ferrous scrap.
The day-to-day operations of the company are managed by Mr. Ajay
Garg and his sons, Mr. Gaurav Garg and Mr. Anirudh Garg. The
company is based in Mumbai and has manufacturing unit in Daman.

SMPL reported a profit after tax (PAT) of INR2.2 million on
operating income of INR534.4 million in 2013-14 (refers to
financial year, April 1 to March 31); it reported PAT of INR2.8
million on operating income of INR552.5 million in 2012-13.


SRI GITA: ICRA Reaffirms B+ Rating on INR4.90cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR9.52 Crore fund based bank facilities of Sri Gita Texturisers.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   LT Fund Based Limits-
   Term Loan               4.62      [ICRA]B+ Reaffirmed

   LT Scale Fund Based
   Limits-Cash Credit      4.90      [ICRA]B+ Reaffirmed

   Unallocated Amount      0.31      [ICRA]B+/[ICRA]A4 Reaffirmed


ICRA has also reaffirmed the long term rating of [ICRA]B+ and/or
short term rating of [ICRA]A4 to the INR0.31 Crore unallocated
limits of the company.

The ratings continue to be constrained by Sri Gita Texturisers'
moderate scale of operations and low profitability given the low
value addition nature of business along with a leveraged capital
structure. The rating also takes into account SGT's limited
bargaining power with suppliers, intensely competitive business
environment and vulnerability to raw material price fluctuations.
Nevertheless, the rating draws comfort from the long track record
of the promoters in the field of manufacturing and marketing of
texturised yarn and the operational benefits derived from its
group company engaged in similar line of business.

Established in 2009, Sri Gita Texturisers (SGT) is involved in the
business of manufacturing polyester texturised yarn and roto yarn
in various deniers. The firm started its operations in January
2012 and the entire manufacturing unit is spread across 20,000
square feet with an installed capacity of 4320 MT per annum. The
registered office is in Surat and the production facility is
located in Bharuch.

The firm's associate concern, Sri Mahavir Crimpers is into the
manufacturing of polyester texturised yarn.

Recent Results
SGT recorded a net profit of INR0.87 crore on an operating income
of INR46.21 crore for the period ending March 31, 2014.


SRI RAM: CARE Assigns B Rating to INR27cr LT Bank Loan
------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to bank facilities of
Sri Ram Cables Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    27.00       CARE B Assigned
   Short term Bank Facilites    26.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to Sri Ram Cables Private Limited (SRC) are
primarily constrained on account of its modest and fluctuating
scale of operations, its weak financial risk profile marked by
cash losses, leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained by working capital
intensive nature of operations, raw material price volatility risk
and low entry barriers to the existing highly fragmented industry.

The ratings, however, continue to draw comfort from the
experienced promoters in the cable industry along with established
track record of operations of SRC.

The ability of SRC to increase its scale of operations while
maintaining the profitability margins along with effective working
capital utilization and ability to improve the capital structure
while undertaking expansion shall be the key rating sensitivities.

SRC was originally incorporated in 1978 by Mr Anil Garg and Mr
Sunil Garg as a partnership firm. It was reconstituted as
private limited company in 1998. Mr Garg has vast experience of
more than three decades in the manufacturing of cables.
SRC is engaged in manufacturing of cables and conductors including
low voltage and high voltage cables used for
overhead transmission and distribution of electricity. The company
manufactures various types of cables such as HT/LTXLPE/PVC Power,
Control, Jelly filled telecom cables, signalling, axle counter,
aerial bunched, etc which finds its application in railways,
telecommunications, automotive, power generation, etc Industry.
The company obtains orders through tendering and bidding process
and receives payments as per the delivery of order and the tenure
of these orders is around 2-3 months. The main raw material for
SRC is polymer, copper and aluminium wire which is mainly procured
from the dealers located in Delhi NCR.

For FY14 (refers to the period April 1 to March 31) SRC achieved a
total operating income of INR73.94 crore. SRC has reported a total
operating income of INR65 crore in 6MFY15 (refers to the period
April 1 to September 30).


SURYAJYOTI SPINNING: CARE Ups Rating on INR271.38cr Loan to B-
--------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Suryajyoti Spinning Mills Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    271.38      CARE B- Revised from
                                            CARE C

   Short term Bank Facilities    52.32      CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating takes into consideration
improvement in the total operating income, increase in gross
cash accruals and redemption of outstanding Foreign Currency
Convertible Bonds. The ratings continue to be constrained
by the weak financial profile of the company, deterioration in
capital structure, stretched liquidity position, high working
capital utilisation and continued losses in FY14 (refers to the
period April 1 to March 31). However, the ratings are
underpinned by the experience of the promoters, product
diversification through presence in both cotton and synthetic
yarn, adequate availability of raw material due to location
advantage and availability of power & interest subsidy from
the government. Ability of the company to improve its financial
risk profile by rationalizing the debt and ability to manage
working capital efficiently will be the key rating sensitivities.

Suryajyoti Spinning Mills Ltd. (SSML), promoted by Mr Ravinder
Kumar Agarwal (Managing Director), was incorporated in 1983, and
commenced operations from January 1991. SSML commenced operations
with installed capacity of 5,040 spindles and gradually increased
it to 86,560 spindles. The manufacturing units are located at
Makthal, Burgul and Rajapur Villages of Mahaboobnagar District,
Telangana. SSML manufactures medium to coarser counts of carded
and combed cotton yarn and various blends of synthetic yarn such
as polyester (100%), viscose (100%) and polyesterviscose/
polyester-cotton blends.

SSML has set up fabric unit with an installed capacity of 20
Million Meters Per Annum as an attempt to move up the value
chain which commenced in October 2009.

For FY14, SSML incurred a net loss of INR12.08 crore on a total
operating income of INR470.90 crore as against a net loss of
INR14.09 crore on a total operating income of INR416.91 crore in
FY13. As per H1FY15 results, SSML has incurred a net loss of
INR3.72 crore on a total operating income of INR212.80 crore.


SUZLON ENERGY: To Sell German Unit to Centerbridge for EUR1.0BB
---------------------------------------------------------------
Suzlon Group on Jan. 22 signed a binding agreement with
Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a
wholly owned subsidiary of the Suzlon Group. The deal is valued at
EUR1 billion (approx INR7200 Crs) equity value in an all cash
transaction and future earn out of upto an additional EUR50
million (approx INR360crs). The transaction is subject to
Regulatory and other customary closing conditions. Senvion will
give Suzlon license for off-shore technologies for the Indian
market.  Suzlon will give Senvion the S111-2.1 MW license for the
USA market.  The 100% stake sale of Senvion SE is in line with
Suzlon's strategy to reduce the debt and focus on the home market
and high growth market like USA and emerging markets like China,
Brazil, South Africa, Turkey and Mexico. The transaction is
expected to be closed before the end of the current financial
year.

Mr. Tulsi Tanti, Chairman, Suzlon Group said, "We are pleased to
announce this development which is in line with our strategic
initiative to strengthen our Balance Sheet. The proceeds would be
used for debt repayment thereby reducing interest cost and augment
business growth.

"We will focus on high growth markets like India, USA and other
emerging economy markets. The Indian government's significant
thrust on renewable energy offers a conducive policy framework to
the sector which Suzlon is best equipped to capitalise. Suzlon
will offer its wind and solar hybrid technology solutions to
contribute towards achieving country's target of 'sustainable
energy for all'. With our market leadership, right technology,
proven project execution capabilities and best in class services,
we are best positioned to tap the high growth potential in home
market.

"Suzlon Group is proud to have played a significant role in
Senvion's growth story, making it globally competitive driven by
state of the art technology. Over the years, both Suzlon and
Senvion have mutually benefited and added value to each other's
growth and development and sharing of best practices. "

Stefan Kowski, Managing Director at Centerbridge, said, "Senvion
is a company with impressive technology and leading market
positions. The global market environment for renewable energies is
promising for a wind turbine manufacturer, particularly for one of
the most experienced players in the industry with onshore and
offshore capability. We are confident that Senvion will continue
its track record and, together with the Company's management, we
look forward to supporting its continued development as a
profitable and growing company."

According to Bloomberg News, Suzlon Chairman Tulsi Tanti told
analysts Nov. 3 that he's "very serious" about reducing borrowings
and freeing up more capital for projects.  Bloomberg says the
company, whose liabilities surged 30 percent within three years to
INDR173 billion ($2.8 billion) by September, is seeking to emerge
from a debt revamp program by the end of March.

As much as INR50 billion of the sale proceeds, or 68 percent, will
be used to repay the banks' who helped fund the purchase of
Senvion in 2007, Bloomberg TV India reported citing V.G. Kannan, a
managing director at State Bank of India, one of Suzlon's lenders.

"We don't see the company as a great investment because of its
financial troubles," Bloomberg quotes Paras Bothra, vice president
of equity research at Ashika Stock Broking Ltd. in Mumbai, as
saying. "It will be marginally positive for the bottomline."

As of Sept. 30, the Pune, western India-based company had
INR89 billion of local-currency debt and dollar borrowings of
$1.27 billion, including working capital, Bloomberg discloses
citing an investor presentation on Suzlon's website.

Suzlon initially bought a 33.9 percent stake in Senvion, then
known as REpower Systems AG, in 2007 after a bidding war with
France's Areva SA, Bloomberg notes. That deal valued Senvion at
EUR1.2 billion. It later bought full control of the business.

New York-based Centerbridge has $25 billion of capital under
management, according to a statement in December, Bloomberg
relays.

Suzlon defaulted on $209 million of dollar-denominated convertible
bonds in October 2012. It failed to redeem $175.8 million of zero-
coupon notes and $32.8 million of 7.5 percent bonds which fell
due, according to data compiled by Bloomberg.

The German unit's earnings before interest, taxes, depreciation
and amortization rose 22 percent in the year through March 31,
while revenue dipped 19 percent in the same period, according to
Suzlon's investor presentation cited by Bloomberg.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.


SWASHTHIK CAPS: ICRA Puts B Rating on INR4.71cr LT Proposed Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR2.29
crore term loans, the INR3.00 crore fund-based facilities and the
INR4.71 crore proposed facilities of Swashthik Caps Private
Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term, Term Loans      2.29        [ICRA]B Assigned
   Long-term, Fund Based      3.00        [ICRA]B Assigned
   Long-term, Proposed
   Facilities                 4.71        [ICRA]B Assigned

For arriving at the rating, ICRA has taken a consolidated view of
SCPL along with its group entities -- Swashthik Preforms Private
Limited (rated [ICRA]B/[ICRA]A4) and Swashthik Industriees (rated
[ICRA]B/[ICRA]A4) -- as they operate in the same line of business,
while sharing operational linkages and a common management.

The rating favourably considers the experience of SCPL's promoters
in the plastic and packaging industry; and its diversified product
portfolio catering to various industries such as liquor,
pharmaceuticals and carbonated soft drinks (CSD). The ratings also
factor in the favourable power scenario in Pondicherry compared to
Tamil Nadu, allowing the company to make savings in power costs.
This helps provide SCPL with a competitive advantage over its
competitors, who are mainly based out of Tamil Nadu. The ratings
also consider the favourable demand prospects of PET packaging in
India for FMCG and pharmaceutical sectors, supported by the
increasing purchasing power of consumers.

The rating however is constrained by SCPL's small scale of
operations; its low profit margins arising from limited pricing
flexibility due to intense competition, coupled with high fixed
costs (interest and depreciation); and SCPL's highly leveraged
capital structure and stretched coverage indicators. The ratings
also factor in the vulnerability of SCPL's revenues to off-take
risk, in the absence of any long-term contracts with customers.

Swashthik Caps Private Limited, established in 2007 as a
partnership firm and later reconstituted as a private limited
company in 2011, is engaged in manufacturing Pilfer Proof Caps and
PET bottles. The company manufactures its products using its nine
single-stage injection stretch blow moulding machines and two
compression moulding machines from its facility at Thirubhuvanai,
Pondicherry. SCPL also has a dedicated controlled environment
clean room facility as per industry standards. SCPL caters mainly
to the liquor, pharmaceutical and CSD segment. The company employs
a total of 110 employees, with 14 in managerial roles and the
remaining 96 in technical roles.

The Swashthik group of companies are involved in manufacturing PET
packaging. While Swashthik Preforms Private Limited (SPPL)
manufactures PET preforms of various grades, Swashthik Packaging
Private Limited (SCPL) manufactures Pilfer Proof Caps and PET
bottles, while Swashthik Industriees (SWI) manufactures PET
performs and PET bottles, jars and containers.

For FY 2013-14, SCPL reported a loss of INR0.61 crore on net sales
of INR26.19 crore, as against a PAT of INR0.03 crore on net sales
of INR31.37 crore in FY 2012-13.


SWASHTHIK INDUSTRIEES: ICRA Assigns B Rating to INR2.42cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR2.42
crore term loans, the INR4.75 crore fund-based facilities, and to
the INR0.79 crore proposed facilities of Swashthik Industriees.
ICRA has also assigned a short-term rating of [ICRA]A4 to the
INR2.04 crore non-fund based facilities of SWI.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, Term Loans    2.42        [ICRA]B Assigned

   Long-term, Fund Based    4.75        [ICRA]B Assigned

   Long-term, Proposed
   Facilities               0.79        [ICRA]B Assigned

   Short-term, Non-fund
   Based                    2.04        [ICRA]A4 Assigned

For arriving at the ratings, ICRA has taken a consolidated view of
SWI along with its group entities -- Swashthik Caps Private
Limited (rated [ICRA]B) and Swashthik Preforms Private Limited
(rated [ICRA]B/[ICRA]A4) -- as they operate in the same line of
business, while sharing operational linkages and a common
management.

The ratings favourably consider the experience of SWI's promoters
in the plastic and packaging industry; and its diversified product
portfolio catering to various industries, such as cosmetics,
pharmaceuticals, edible oil and agro products. The ratings also
factor in the favourable power scenario in Pondicherry compared to
Tamil Nadu allowing the firm to make savings in power costs. This
provides SWI a competitive advantage over its competitors, who are
mainly based out of Tamil Nadu. The ratings also consider the
favourable demand prospects of PET packaging in India for FMCG and
pharmaceutical sectors, supported by increasing purchasing power
of consumers.

The ratings however are constrained by SWI's small scale of
operations; its low profit margins arising from limited pricing
flexibility due to intense competition, coupled with high fixed
costs (interest and depreciation); and its highly leveraged
capital structure and stretched coverage indicators. The ratings
also factor in the vulnerability of SWI's revenues to off-take
risk, in the absence of any long-term contracts with its
customers; and the inherent risks associated with being a
partnership firm.

Swashthik Industriees, established in 2011 as a partnership firm
is engaged in manufacturing PET performs and PET bottles, jars and
containers. The firm manufactures its products out of its facility
at Thiruvandarkoil, Pondicherry, where it also has a dedicated
controlled environment clean room facility as per industry
standards. SWI caters to various industries, including cosmetics,
pharmaceuticals, edible oil, and agro products, among others. The
firm employs a total of 88 employees, with 18 in managerial roles
and the rest in technical roles.

The Swashthik group of companies are involved in manufacturing PET
packaging. While Swashthik Preforms Private Limited (SPPL)
manufactures PET preforms of various grades, Swashthik Packaging
Private Limited (SCPL) manufactures Pilfer Proof Caps and PET
bottles, while Swashthik Industriees (SWI) manufactures PET
performs and PET bottles, jars and containers.

For FY 2013-14, SWI reported a loss of INR0.79 crore on net sales
of INR28.64 crore, as against a PAT of INR0.04 crore on net sales
of INR21.91 crore in FY 2012-13.


SWASHTHIK PREFORMS: ICRA Assigns B Rating to INR4.75cr FB Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR0.75
crore term loans, the INR4.75 crore fund-based facilities, and to
the INR1.44 crore proposed facilities of Swashthik Preforms
Private Limited.  ICRA has also assigned a short-term rating of
[ICRA]A4 to the INR3.06 crore non-fund based facilities of SPPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, Term Loans    0.75        [ICRA]B Assigned
   Long-term, Fund Based    4.75        [ICRA]B Assigned
   Long-term, Proposed
   Facilities               1.44        [ICRA]B Assigned
   Short-term, Non-fund
   Based                    3.06        [ICRA]A4 Assigned

For arriving at the ratings, ICRA has taken a consolidated view of
SPPL along with its group entities -- Swashthik Caps Private
Limited (rated [ICRA]B) and Swashthik Industriees (rated [ICRA]B/
[ICRA]A4) -- as they operate in the same line of business, while
sharing operational linkages and a common management.

The ratings favourably consider the experience of SPPL's promoters
in the plastic and packaging industry; and its diversified product
portfolio catering to various industries such as bottled water,
cosmetics and cleaning liquids. The ratings also factor in the
favourable power scenario in Pondicherry compared to Tamil Nadu,
allowing the company to make savings in power costs. This helps
provide SPPL with a competitive advantage over its competitors,
who are mainly based out of Tamil Nadu. The ratings also consider
the favourable demand prospects of PET packaging in India for the
FMCG sector, supported by increasing purchasing power of
consumers.

The ratings are, however, constrained by SPPL's small scale of
operations; its low profit margins arising from limited pricing
flexibility due to intense competition, coupled with high fixed
costs (interest and depreciation); and SPPL's highly leveraged
capital structure and stretched coverage indicators. The ratings
also factor in the vulnerability of SPPL's revenues to off-take
risk, in the absence of any long-term contracts with customers.

Swashthik Preforms Private Limited, established in 2007 as a
partnership firm and later reconstituted as a private limited
company in 2011, is engaged in manufacturing PET preforms of
various grades. The company manufactures its products through
seven injection moulding machines from its facility at
Thirubhuvanai in Pondicherry. SPPL caters to various industries,
such as bottled water, cosmetics and cleaning liquids, largely
selling to unorganised players in Chennai and other regions of
Tamil Nadu. The company employs a total of 57 employees, 20 in
managerial and supervisory roles, and another 37 in technical
roles.

The Swashthik group of companies are involved in manufacturing PET
packaging. While Swashthik Preforms Private Limited (SPPL)
manufactures PET preforms of various grades, Swashthik Packaging
Private Limited (SCPL) manufactures pilfer proof caps and PET
bottles, while Swashthik Industriees (SWI) manufactures PET
performs and PET bottles, jars and containers.

For FY 2013-14, SPPL reported a PAT of INR0.04 crore on net sales
of INR24.18 crore, as against a PAT of INR0.12 crore on net sales
of INR38.97 crore in FY 2012-13.


THEMIS MEDICARE: CARE Reaffirms D Rating on INR63.25cr ST Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Themis Medicare Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities    13.10       CARE D Reaffirmed
   Long Term Rupee Term Loan    27.16       CARE D Reaffirmed
   Short Term Bank Facilities   63.25       CARE D Reaffirmed

Rating Rationale

The ratings of Themis Medicare Ltd. (TML) continue to factor in
the delay in debt servicing owing to tight liquidity position.

TML was originally promoted by Mr Shantibhai D. Patel under the
name of Themis Chemicals -- a joint venture pharmaceutical company
with Gedeon Richter Ltd., Hungary, in 1969. Later, in 1995, it was
converted in to a public limited company and listed on the Bombay
Stock Exchange. Furthermore, in 2001, the name of the company was
changed to TML. Presently, the company is engaged in manufacturing
and marketing of active pharmaceutical ingredients (API) and
formulations in various therapeutic segments like anti-malarials,
pain management, anti-infectives, anesthesia, health and
nutrition. The company is also engaged in co-marketing its
research-based formulations with other pharmaceutical companies in
India and abroad. TML has been focusing more on formulations to
reduce its dependency on API. This change in strategy has been
helpful as the company has been showing signs of improvement at
operational levels. The company is headquartered in Mumbai with
three state-of-the-art manufacturing facilities in Vapi (Gujarat),
Hyderabad (Andhra Pradesh) and Haridwar (Uttaranchal).

During FY14, TML reported PAT of INR1.53 crore on total income of
INR172.58 crore as compared with losses of INR8.13 crore on a
total income of INR149.44 crore in FY13. Furthermore, during
H1FY15 (un-audited), the company posted PAT of INR1.51 crore on a
total income of INR87.38 crore as compared with PAT of INR4.27
crore on a total operating income of INR106.11 crore during H1FY14
(un-audited).



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


BERAU COAL: S&P Cuts CCR to 'CCC-' & Remains on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesia-based coal mining company PT Berau Coal
Energy Tbk. (Berau Energy) to 'CCC-' from 'CCC+'.  At the same
time, S&P lowered its long-term ASEAN regional scale rating on the
company to 'axCCC-' from 'axCCC+'.  S&P also lowered its long-term
issue rating on the company's senior secured notes to 'CCC-' from
'CCC+'.  All ratings remain on CreditWatch with negative
implications.

S&P lowered the rating because Berau Energy's proposed capital
transaction announced Jan. 20, 2015, would, in its current form,
constitute a distressed exchange under S&P's criteria.  The
company proposed an upfront pay-down of 5% of US$450 million in
senior secured notes due July 2015 and an extension of the
maturity of the remainder of the notes to February 2017.  This is
part of Berau Energy's strategy to improve its capital structure
and maturity profile.  This proposal remains subject to
bondholders' approval.

The proposed plan contemplates a similar coupon of 12.5% but does
not compensate for the 18-month maturity extension to February
2017, from July 2015 originally.  The company also may elect to
pay up to 5.25% of the 12.5% cash coupon rate in kind, subject to
certain liquidity thresholds to be negotiated.  The pay-in-kind
component leads to a further risk that the payment of the original
promise on the notes will be further delayed, or not be fulfilled,
if the company's capital structure remains unsustainable.  As a
result of these proposed terms, S&P views the offer as a
distressed exchange because it believes the terms are less than
originally promised under the securities issued in 2010.

"Berau Energy has yet to gain bondholder acceptance for its
proposed capital transaction, a process that could take several
more weeks," said Standard & Poor's credit analyst Xavier Jean.
"We also believe the terms and conditions of the final offer could
differ from the proposed transaction following bondholder
feedback.  The likelihood of a default by Berau Energy on its
financial obligations will increase substantially, in our opinion,
if bondholders reject the capital transaction."

S&P has revised its assessment of the management and governance on
Berau Energy to "weak" from "fair," given the uncertainty on the
composition of management and the board at its majority
shareholder, Asia Resource Minerals PLC, and its impact on the
refinancing exercise.

The CreditWatch placement with negative implications reflects a
one-in-two likelihood of a downgrade over the next three months,
depending on the final terms and conditions of the proposed
capital transaction and its acceptance by bondholders.

S&P would lower the rating to 'CC' if bondholders accept the
transaction under the current terms because S&P views it as a
distressed exchange under its criteria.  S&P would then lower the
rating to 'D' upon completion of the transaction.  S&P could also
lower the rating if bondholders do not approve the transaction and
the company does not formulate another refinancing plan.

"We are likely to keep the rating on Berau Energy in the 'CCC'
category in the next 12 to 18 months even if the company
refinances under terms that we do not consider to form a
distressed exchange," Mr. Jean said.

While a refinancing would relieve short-term liquidity pressure,
S&P expects Berau Energy's capital structure to remain
unsustainable at current coal price levels given its high debt and
interest burden.  S&P forecasts the company's ratio of debt to
EBITDA at more than 10x in 2015 and into 2016, on the basis of a
gross profit per ton before depreciation and amortization of about
US$5 in both years.  It would take substantially stronger coal
prices, with gross profit per ton closer to US$15, for the
company's capital structure to become more sustainable.  S&P views
those conditions as unlikely over the next 12 months, given the
oversupplied coal markets.



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


TOYO PROPERTY: S&P Affirms 'BB+' CCR; Revises Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the long-term corporate credit rating on Japan-based
wholesale commercial property realtor Toyo Property Co. Ltd. to
stable from negative.  This reflects S&P's view that Toyo
Property's financial standing is on a path to recovery thanks to
adequate management of its leasing property portfolio and that
there is a stronger likelihood of it continuing a moderate pace of
recovery.  S&P affirmed its 'BB+' long-term corporate credit
rating on the company.

The company's financial standing had deteriorated because its
acquisition of Toyo Property Toranomon Building (formerly TOTO
Toranomon Building) in 2013 substantially increased Toyo
Property's debt.  But it has been on a path to recovery since
because Toyo Property's adequate management of its leasing
property portfolio has enabled it to gradually repay debt.  S&P
expects its financial standing to continue to recover at a
moderate pace because its wholesale commercial property brokerage
business is likely to continue to generate solid profits amid a
favorable business environment in the domestic real estate market.
In addition, Toyo Property strengthened its ties with Bank of
Tokyo-Mitsubishi UFJ Ltd. (BTMU) and Mitsubishi UFJ Financial
Group Inc. (MUFG) in June 2014.  S&P believes this will help the
company expand its business portfolio and stabilize funding, which
will likely strengthen its business competitiveness and further
stabilize its financial standing.

"We think Toyo Property has a high level of specialized expertise
in wholesale commercial property brokerage.  However, the scale of
its main wholesale commercial property brokerage business is
somewhat small, and the company's business performance is highly
vulnerable to cycles in the real estate market.  Also, its leasing
property portfolio is small, less diversified, and has weaker
operating efficiencies than those of its peers.  On the basis of
these factors, we assess Toyo Property's business risk profile as
"weak."  However, as the company further strengthens its
relationships with BTMU and MUFG and cooperates with their
affiliates in real estate-related businesses, we believe Toyo
Property will expand its real estate portfolio and stabilize
earnings, thereby strengthening its business base.  Also, at the
same time as it strengthened its relationships with BTMU and MUFG,
Toyo Property also changed its organizational structure, including
management.  Therefore, we will review the company's operational
structure under its new organization, including investment policy
and operational policy in each of its business segments, and we
will reflect this analysis into our assessment of the business
risk profile as needed," S&P said.

Toyo Property's financial standing is on a path to recovery
through adequate management of the company's leasing property
portfolio.  S&P sees a greater likelihood of it continuing to
recover at a moderate pace, thanks to solid profits from its main
wholesale commercial property brokerage business amid a favorable
market environment.  Debt to EBITDA is likely to improve toward
1.0x in the next one to two years because S&P expects the company
to maintain relatively ample levels of surplus cash.  On the basis
of these factors, S&P continues to assess it as having a "modest"
financial risk profile.

S&P's base-case scenario for Toyo Property assumes these:

   -- Real year-on-year GDP growth for Japan of 1.3% in 2015 and
      2.1% in 2016;

   -- Temporary fluctuations in earnings in years when the
      company replaces properties in its leasing property
      portfolio but moderate growth thanks to a favorable real
      estate market;

   -- Improved financial standing as a result of prudent
      management of its finances and adequate management of its
      leasing property portfolio;

   -- A low likelihood of large new investments as the company
      focuses on improving its financial standing for the
      foreseeable future; and

   -- An expansion in its business portfolio as the company
      strengthens its relationships with BTMU and MUFG, lowering
      volatility of earnings and further stabilizing funding.

Under these assumptions, S&P expects these credit metrics for the
next one to two years:

   -- A stable EBITDA margin of above 20%;

   -- An improvement in debt to EBITDA toward 1.0x; and

   -- EBITDA interest coverage of about 15x.

S&P evaluates the company's liquidity as "strong."  Toyo Property
maintains good relationships with some domestic banks.  S&P
expects its liquidity sources to cover at least 1.5x its uses,
including required capital expenditures and debt repayments, in
fiscal 2014 (ending March 31, 2015).  This assumes about JPY900
million in funds from operations (FFO) and JPY4.5 billion to
JPY5.0 billion in cash and equivalents.

The outlook is stable.  S&P may consider upgrading Toyo Property
if it maintains its "modest" assessment of its financial risk
profile at the same time as it strengthens its business with:

   -- A boost in earnings from and competitiveness of its core
      wholesale commercial property brokerage business through
      expansion of its information and customer bases;

   -- Further improvement in the quality of its leasing property
      portfolio through enhanced portfolio management; or

   -- Further stabilization of its business competitiveness and
      profitability through stronger relationships with BTMU and
      MUFG.

Conversely, S&P may consider downgrading the company if it expects
its financial standing to worsen.  This may occur if:

   -- Intensifying competition erodes profits from its main
      wholesale commercial property brokerage business;

   -- The company does not adequately manage its real estate
      portfolio and portfolio quality deteriorates; or

   -- Investment amounts under the new organizational structure
      increase beyond S&P's expectations.

S&P would view its financial standing as having deteriorated if
debt to EBITDA becomes less likely to improve to below 2x.



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


* NZ: Sub-Contractors Call for Decision on Voidable Transactions
----------------------------------------------------------------
The Specialist Trade Contractors Federation (STCF) said
sub-contractors are calling for the Supreme Court to release its
decision on the ability of liquidators to claw back payments made
by insolvent companies to contractors and end months of
uncertainty for New Zealand businesses.

Last year, the Court of Appeal backed a liquidators' power to
claim back payments made by an insolvent company to a contractor
up to two years before its collapse, a practice known as voidable
transactions.

An appeal against the decision was heard at the Supreme Court in
March 2014, however a leading industry body representing sub-
contractors is frustrated at the wait for a decision.

Graham Burke, president of the Specialist Trade Contractors
federation (STCF), which represents more than 5,700 contracting
firms in New Zealand, said: "While this decision is pending,
thousands of businesses remain in a 'no-man's land' with regard to
voidable transactions.

"Under the Court of Appeal ruling, any service you supply and are
paid for afterwards is a voidable transaction.

"That affects every businesses in New Zealand which provide goods
and services on account. However, the building trade is
particularly aware of this because there are more insolvencies in
the construction sector than in other sectors."

Voidable transactions rules are intended to prevent queue-jumping
among creditors. However, Mr Burke said that, under the current
ruling, the balance is stacked heavily in favour of liquidators
and preferred creditors such as the IRD.

"Most contractors are unsecured creditors. The current ruling
means that contractors who complete a contract properly and have
paid their suppliers and staff, cannot have certainty that
payments they have received will not be recovered.

"This makes it difficult for small business to plan to invest and
grow. The contracting market is currently buoyant but there have
been some high profile insolvencies in recent years. The issue of
voidable transactions needs to be resolved so businesses can make
decisions about investing in areas such as new equipment, training
staff and expanding their businesses to meet the growing demand."



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


HATTON NATIONAL: Moody's Affirms B1 FC Issuer Rating
----------------------------------------------------
Moody's Investors Service has affirmed the following ratings of
Sri Lanka-based Hatton National Bank Ltd. (HNB): B1/B2 local and
foreign currency deposits, B1 foreign currency issuer ratings, as
well as the E+ bank financial strength rating (BFSR, which
corresponds to a baseline credit assessment of b1). Concurrently,
the bank's Non-Prime short-term ratings were also affirmed. The
outlook is stable.

Ratings Rationale

The affirmation of HNB's ratings is driven by the bank's stable
financial performance, notably its good capital adequacy position
and healthy profitability levels. These positive rating drivers
are somewhat offset by HNB's comparatively tight liquidity profile
as demonstrated by the loans-to-deposits ratio (LDR) above 90%,
and volatility in asset quality metrics.

HNB's asset quality deteriorated in 2013 and early 2014 due to
stress in the pawning loan segment (loans secured by gold) and in
some corporate exposures, before showing signs of improvements in
the second and third quarters of 2014. Moody's notes that HNB's
asset quality is superior to that of the domestic banking system.
At end-September 2014, HNB reported a gross bank-only NPL ratio of
3.7%, down from 4.5% in Q1 2014. The improvement was related to
both write-offs and recoveries in some large corporate non-
performing loans (NPL). Over the next 12-18 months, Moody's expect
NPL formation rates to decrease, given the reduction in credit
growth in pawning loans and improved underwriting standards over
the last few quarters.

While HNB's reported Tier 1 capital ratio (excluding year-to-date
profits) of 12.3% at end-September 2014 was lower than the 13.3%
(including year-to-date profits) at end-2013, this deterioration
was largely due to dividend payouts.

HNB's LDR was mostly flat in 2012-2014, at around 90%-93%. However
the quality of the deposit base was strengthened by a higher share
of sticky current and saving accounts (CASA), which increased to
42.3% in Q3 2014 from 39% in 2012. The LDR is supported by a
faster growth in deposits (11% for 9M 2014), compared to loans
(9%)

The bank reported a strong bank-only net interest margin (NIM) of
4.8% for the first nine months of 2014, driven by high yields from
its SME and retail pawning loans. By contrast, the system average
NIM was around 3%. Moody's notes that HNB's NIM decreased in 2014
and 2013 firstly because lending rates declined in response to
monetary policy easing, and secondly because of HNB's increased
focus on lending to lower-yielding corporations when compared to
the retail segment.

The bank's ROAA remains relatively healthy at 1.5% for the first
nine months of 2014, supported by lower credit costs (9M 2014:
0.84%, 9M 2013: 1.07%).

Moody's expect profitability to remain stable over the next 12-18
months, as the normalisation in the cost of risk will balance
somewhat the pressured NIMs. Since a major part of HNB's loan book
is linked to the prime lending rate, which has reduced to around
6.5% currently, from 14% in early 2013, lending rates on loans
have been re-priced to lower levels and Moody's don't expect any
major further drop in lending rates in the next quarters.

Moody's views the probability of systemic support for HNB in times
of stress as moderate. HNB is a private sector bank with a share
of around 10% of system assets at end-September 2014. However,
this does not result in any rating uplift for HNB, because the B1
rating of Sri Lanka's government is at the same level as HNB's
baseline credit assessment (BCA).

What Could Change The Ratings Up/Down

HNB's ratings will be upgraded if: (1) its asset quality improves
and the LDR decreases substantially; and (2) the government's bond
rating is upgraded. The combination of the following factors could
result in negative rating actions: (1) reported core Tier 1
capital ratio falling below 9%; (2) gross NPL ratio exceeding 5%;
(3) risk-adjusted profitability, as measured by net income as a
percentage of average risk-weighted assets (RWA), falling below
1.5%, pressuring its internal capital generation; and/or (4) LDR
rising above 100%, while its current account savings account
(CASA) deposits and government securities reduce significantly.

Headquartered in Colombo, Sri Lanka, HNB had assets of LKR571
billion at end-September 2014.

The principal methodology used in this rating was Global Banks
published in July 2014.


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


GIGAMEDIA LIMITED: Receives Nasdaq Staff Deficiency Letter
----------------------------------------------------------
GigaMedia Limited, an online games and computing services
provider, on Jan. 20 disclosed that it received a Deficiency
Letter for the minimum bid price requirement for continued
listing, dated January 14, 2015, from the NASDAQ Stock Market LLC.
In the letter, it indicated that the Company failed to meet the
minimum bid price requirement as set forth in Listing Rule
5450(a)(1). It has resulted from the fact that the bid price of
the Company's common stock closed below US$1 per share for the
last 30 consecutive business days.

In accordance with Nasdaq Stock Market Rule 5810 (c)(3)(A),
GigaMedia has a grace period of 180 calendar days, or until July
13, 2015, to regain compliance. If at any time before July 13,
2015, the bid price of the Company's common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days,
Nasdaq will provide a written notification to the Company
indicating that it complies with the Minimum Bid Price Rule.
Nasdaq Letter has no immediate impact on the listing of the
Company's common stock on the Nasdaq Stock Market. The Company's
common stock will continue to trade on the Nasdaq Capital Market
under the symbol "GIGM."

Gigamedia will monitor the bid price for its common stock between
now and July 13, 2015, and will consider available options to
resolve the deficiency and regain compliance with the Nasdaq
minimum bid price requirement.

This announcement is made in compliance with Nasdaq Stock Market
Rule 5810(b), which requires prompt disclosure of receipt of a
deficiency notification.

                          About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore
registration number: 199905474H) -- http://www.gigamedia.com/--
is a diversified provider of online games and cloud computing
services. GigaMedia's online games business is an innovative
leader in Asia with growing game development, distribution and
operation capabilities, as well as platform services for games;
focus is on mobile games and social casino games. The company's
cloud computing business is focused on providing enterprises in
Greater China with critical communications services and IT
solutions that increase flexibility, efficiency and 37
competitiveness.



===============
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
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LEGEND MINING             LEG            20.24         -0.66
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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
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