TCRAP_Public/150130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 30, 2015, Vol. 18, No. 021


                            Headlines


A U S T R A L I A

BOATMATE PTY: First Creditors' Meeting Slated for Feb. 6
CENTRAL QUEENSLAND: First Creditors' Meeting Set For Feb. 5
NEWCASTLE JETS: Dump Senior Players as FFA Sets Debt Deadline
TECHDRILL CIVIL: First Creditors' Meeting Slated for Feb. 6


C H I N A

LDK SOLAR: Bankr. Case Reassigned to Judge L. Silverstein
YINGDE GASES: Moody's Lowers Corporate Family Rating to Ba3


I N D I A

AL-RKAYAN APPARELS: ICRA Assigns B+ Rating to INR5cr Cash Credit
ALCON BIOSCIENCES: CRISIL Reaffirms B+ Rating on INR105MM Loan
AMEYA LABORATORIES: ICRA Suspends D Rating on INR210cr LT Loan
CANVAS INTEGRATED: CRISIL Assigns B+ Rating to INR50MM Term Loan
D.P.M.K. FERTILIZERS: CRISIL Assigns B Rating to INR95MM Loan

DEVDOOT COTTON: CRISIL Rates INR60M Loan B+; Suspension Revoked
DNH PROJECTS: ICRA Cuts Rating on INR12cr Cash Credit to C
ESSEN TRADING: CRISIL Assigns B+ Rating to INR100MM Cash Loan
EURO VISTAA: CRISIL Reaffirms B+ Rating on INR64.3MM Bank Loan
FAROOQ CONSTRUCTIONS: ICRA Rates INR4cr Long Term Loan at 'C'

GLOBSYN KNOWLEDGE: CRISIL Reaffirms B Rating on INR127MM Loan
GOVIND RUBBER: CRISIL Ups Rating on INR401.8MM Cash Loan to B-
JAHNVIS MULTI: CRISIL Assigns B+ Rating to INR70MM Term Loan
JAIPRAKASH POWER: May Default on $200MM Convertible Bonds
JIVANDHARA COTTON: ICRA Assigns B+ Rating to INR14cr Cash Credit

KEWAL KUMAR: ICRA Suspends 'B' Rating on INR6.50cr LT Loan
KINGSTON PAPTECH: CRISIL Cuts Rating on INR145MM Loan to D
KOYILI HOSPITAL: CRISIL Ups Rating on INR162.5MM Loan to B
KUN UNITED: CRISIL Assigns B Rating to INR350MM Bank Loan
LAXMANBHAI CONSTRUCTION: CRISIL Rates INR120MM Cash Loan at B+

MAA SARADESWARI: CRISIL Puts B Rating on INR81MM Bank Loan
MAHAVIR COTTEX: CRISIL Assigns B Rating to INR50MM Cash Credit
MANDEEP INTERNATIONAL: CRISIL Rates INR100MM Cash Credit at B
MAP COTTON: ICRA Assigns B+ Rating to INR27cr Bank Loan
MARTIN & BROWN: CRISIL Assigns B Rating to INR75MM Cash Credit

MARY MATHA: CRISIL Reaffirms D Rating on INR138.3MM LT Loan
MOHANDAS MOTORS: CRISIL Ups Rating on INR100MM Funding Loan to B-
NATURAL ORGANIC: CRISIL Assigns B Rating to INR92.5MM Cash Loan
NAXALBARI FLOUR: CRISIL Reaffirms B Rating on INR90MM Term Loan
P. D. SHAH: CRISIL Ups Rating on INR250MM Cash Credit to B

PARAMJEET SAINI: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan
PAULMECH INFRA: CRISIL Reaffirms 'D' Rating on INR55MM Loan
POLYSPIN LTD: CRISIL Reaffirms B+ Rating on INR16MM Cash Loan
RAJHANS IMPEX: CRISIL Reaffirms B Rating on INR100MM Cash Loan
RAVELS APPARELS: CRISIL Assigns B Rating to INR35MM Packing Loan

SASWAD MALI: CRISIL Assigns B- Rating to INR1.01BB Cash Credit
SHREE TATYASAHEB: CRISIL Reaffirms D Rating on INR547.7MM Loan
SHYAM JOTI: CRISIL Reaffirms B- Rating on INR63.3MM Term Loan
SMVD POLYPACK: CRISIL Reaffirms B+ Rating on INR105MM Term Loan
SUNRISE MARKETING: CRISIL Ups Rating on INR10MM Cash Loan to B+

SUPER COTTON: CRISIL Upgrades Rating on INR64MM Cash Loan to B+
TIRUPATI INDUSTRIES-RAJKOT: CRISIL Rates INR150MM Loan at 'B'
VASU TRADING: CRISIL Cuts Rating on INR100MM Cash Loan to 'B+'
VENU FOOD: ICRA Suspends B+ Rating on INR7.10cr Long Term Loan


J A P A N

SKYMARK AIRLINES: Files For Bankruptcy Protection
SONY CORP: Delays Third-Quarter Results on November Cyberattack
SONY CORP: To Cut 1,000 More Jobs in Smartphone Business


M A L A Y S I A

PRIME GLOBAL: B F Borgers Expresses Going Concern Doubt


N E W  Z E A L A N D

3C BAR: Closes Shop, In Hands of Liquidator
MERCHANT + CAPITAL: Two Directors' Parole Hearing Deferred


P H I L I P P I N E S

RURAL BANK OF STA. RITA: Arrest Warrants Issued vs. Bank Officers


S O U T H  K O R E A

DONGBU GROUP: Building Unit Subcontractors Face Liquidity Crisis
HYUNDAI GROUP: KDB to Select Buyer for Hyundai Securities Unit


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BOATMATE PTY: First Creditors' Meeting Slated for Feb. 6
--------------------------------------------------------
Alan Hayes and Christian Sprowles of Hayes Advisory were appointed
as administrators of Boatmate pty ltd on Jan. 27, 2015.

A first meeting of the creditors of the Company will be held at
Hayes Advisory, Level 11, 66 King Street, in Sydney, on Feb. 6,
2015, at 11:00 a.m.


CENTRAL QUEENSLAND: First Creditors' Meeting Set For Feb. 5
-----------------------------------------------------------
Christopher Richard Cook and Morgan Gerard Lane of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Central Queensland Packaging Solutions Pty. Limited on
Jan. 27, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
Street, in Brisbane, on Feb. 5, 2015, at 10:30 a.m.


NEWCASTLE JETS: Dump Senior Players as FFA Sets Debt Deadline
-------------------------------------------------------------
fourfourtwo.com reports that the blood-letting continues at
Newcastle Jets with the club culling their senior playing ranks.
Club hero Joel Griffiths and skipper Kew Jaliens are among five
players sacked by owner Nathan Tinkler.

David Carney's contract has been terminated for disciplinary
reasons while the contracts of Griffiths, Jaliens, Billy Celeski
and Adrian Madaschi were due to end at the end of the season,
according to fourfourtwo.com.

The report notes that Mr. Carney only recently rejected an
approach from his former club Sydney Football Club recently to
stay with the Hunter outfit.

Three coaches, including Newcastle product and assistant coach
Clayton Zane, were also given their marching orders, the report
relates.  Head coach Phil Stubbins remains safe for now.

The report notes that Coach Stubbins re-signed Carney and
Griffiths -- Newcastle's all-time leading goal scorer -- in May
last year, and signed Mr. Madaschi and Mr. Celeski soon after,
hailing their experience as a key factor in bringing them to
Hunter Stadium, the report notes.

The report relates that the cleanout comes as Football Federation
Australia set a deadline of this week for Tinkler's Hunter Sports
Group to meet their debts.

It is understood the club is behind on player superannuation
payments and owes money to other bodies including Northern NSW
Football, the report relates.

"FFA is aware of debts owed by Hunter Sports Group (HSG) to
football stakeholders and other service providers," the report
quoted an FFA spokesman as saying.

"These matters are the subject of undertakings provided by HSG to
FFA. The expectation is that these matters will be urgently
addressed," the FFA spokesman said.  "It is obvious that the
Newcastle Jets are not currently a stable operation in structure,
personnel or finances.  HSG has been told it needs to take action
this week," the FFA spokesman added.

The report notes that the default on the payment could precipitate
a club takeover by FFA.  The report relays that Tinkler Hunter
cited a need to change the club culture for cull of the playing
roster and backroom.

The report relays that Mr. Tinkler assumed control of the day-to-
day running of the troubled club following the resignation and
departure of chairman Ray Baartz and chief executive Robbie
Middleby earlier this month.

Reports have since emerged of players rebelling against head coach
Phil Stubbins, who apparently retains Tinkler's support, the
report notes.

The players' union, Professional Footballers Australia, issued a
statement on Wednesday denying claims of a player revolt, the
report adds.


TECHDRILL CIVIL: First Creditors' Meeting Slated for Feb. 6
-----------------------------------------------------------
Craig Crosbie and David McEvoy of PPB Advisory were appointed as
administrators of Techdrill Civil Services Pty Ltd on Jan. 27,
2015.

A first meeting of the creditors of the Company will be held at
The Christie Centre, 320 Adelaide Street, in Brisbane, on Feb. 6,
2015, at 10:00 a.m.



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


LDK SOLAR: Bankr. Case Reassigned to Judge L. Silverstein
---------------------------------------------------------
Judge Brendan Linehan Shannon on Jan. 7, 2015, entered an order
transferring the Chapter 11 case of LDK Solar Systems, Inc. and
all associated cases to Judge Laurie Selber Silverstein.

             Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day. The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from
December 10, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
Sept. 17, 2014, from the holders of LDK Solar's 10% Senior Notes
due 2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


YINGDE GASES: Moody's Lowers Corporate Family Rating to Ba3
-----------------------------------------------------------
Moody's Investors Service has downgraded Yingde Gases Group Co
Ltd's corporate family rating to Ba3 from Ba2. Moody's has also
downgraded to B1 from Ba3 the senior unsecured rating on the bonds
issued by Yingde Gases Investment Limited and guaranteed by Yingde
Gases.

The ratings outlook is negative.

This rating action concludes the rating review initiated on 10
November 2014.

Ratings Rationale

"The downgrades reflect the considerable operating challenges
Yingde Gases faces, stemming from its heavy exposure to the weak
steel industry and the outstanding litigation against a major
customer. These circumstances will increase the company's
liquidity risk and keep its financial leverage elevated," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

Moody's expects Yingde Gases' operating cash flow and
profitability to remain pressured in the next 12-18 months, as its
major customers in the steel industry face a challenging operating
environment and tighter bank credit. Yingde Gases' adjusted
operating cash flow has stagnated at RMB800-RMB900 million per
annum since 2011, a level substantially lower than its reported
EBITDA.

The company's cash flow also remains affected by the unresolved
legal dispute with one of its major steel customers, which caused
overdue receivables to rise by about RMB460 million in the first
half of 2014.

This legal dispute further demonstrates that its financially
weakened customers may not have the ability or willingness to
honor agreed contractual terms. As such, Yingde Gases' business
model, which is largely based on take-or-pay contracts, is less
resilient than previously assumed because of some customers'
strong bargaining power over the company.

Given these factors, and despite its plan to slow down its
business expansion and share repurchases, Moody's expects its free
cash flow to remain negative and its business to continue to rely
on external borrowings.

In this regard, Moody's expects the company's adjusted debt/EBITDA
to remain 4.0x-4.5x and adjusted operating cash flow to debt to
stay below 10% in the next 12-18 months. Such credit metrics
position the company in the low Ba rating category.

Yingde Gases' liquidity will remain tight given its low cash
holdings and large short-term debt. Moody's cautions that its
previously good ability to raise funds in the financial markets
can weaken if such challenges persist.

Yingde Gases' Ba3 corporate family rating reflects its leading
position in the independent on-site industrial gas market in China
and recurring cash flows from its long-term take-or-pay contracts
with on-site customers, which account for above 80% of its
revenues. On the other hand, its rating is constrained by its
heavy exposure to the steel industry and client concentration.

Yingde Gases' USD notes are rated one notch below its corporate
family rating, given structural subordination at the holding
company level. Yingde Gases has a large amount of onshore debt,
which results from the construction of its gas supply facilities.

The negative rating outlooks reflects Moody's expectation that
Yingde Gases' operating challenges and weak liquidity will keep
its refinancing risk elevated over the next 12-18 months.

Upward rating pressure is unlikely in the near term given the
negative outlook. However, the ratings could return to stable if
Yingde Gases (1) improves its liquidity profile by lengthening its
debt maturity profile; and (2) improves its cash collection, with
operating cash flow to debt rising above 12% and adjusted
debt/EBITDA below 4.5x.

The ratings would be downgraded if (1) Yingde Gases' liquidity
risk is escalated; or (2) its financial profile weakens further,
such that its adjusted debt/EBITDA rises above 5.0x or operating
cash flow to debt declines below 8%-10%.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Co Ltd is one of the largest players in the
independent on-site industrial gas market in China. The company
reported RMB7.35 billion in revenues for the 12 months ended June
2014. It had a total of 61 production facilities in operation and
another 38 under development as of June 2014. On-site gas
production accounted for about 80%-90% of Yingde Gases' revenues,
with the rest coming from merchant sales.

The company listed on the Hong Kong Stock Exchange in September
2009. The executive directors and founders, Zhongguo Sun, Zhao
Xiangti and Trevor Raymond Strutt, held 20.18%, 12.79% and 10.02%
equity stakes, respectively, as of June 2014.

The Local Market Analyst for this rating is Jiming Zou, +86 (21)
6101-0381.



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


AL-RKAYAN APPARELS: ICRA Assigns B+ Rating to INR5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the
enhancement amount of of INR5.00 crore long term fund based
facilities of Al-Rkayan Apparels & Exports Private Limited. ICRA
also has [ICRA]B+ rating outstanding for INR4.28 crore (revised
from INR4.50 crore) term loan limit and INR10.0 crore fund based
limit of  Al-Rkayan Apparels & Exports Private Limited (Al-
Rkayan).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B+ Assigned
   Term Loan             4.28        [ICRA]B+ outstanding

The rating reaffirmation takes into account the long experience of
promoters in the denim manufacturing industry. The revenues of the
company have reported a strong growth in FY2013 and 7MFY2014, on
the back of healthy order inflows for contract manufacturing from
its existing customers and new customers. The rating also
favorably factors in the strong tie-ups of Al-Rkayan with its key
customers, which include established denim players.

The rating is, however, constrained by the leveraged capital
structure of the company due to an elongated working capital cycle
and debt funded capital expenditure, which have led to weak
interest and debt coverage indicators. The company's liquidity
position continues to be strained as illustrated by its almost-
full utilisation (95%-100%) of fund based working capital limits
during the last twelve months. The operating margins have
deteriorated in FY2013 and 7MFY2014 owing to higher input costs
and lower realizations from its in-house brand (Leonidas). The
rating is also constrained by the high volatility in cotton yarn
prices with limited ability to pass on raw material price
fluctuations for its in-house brand, as Al-Rkayan primarily caters
to a price sensitive semi-urban/rural segment. Sales and inventory
also remain exposed to macro-economic slowdown and inherent
industry risk of obsolescence owing to constantly changing fashion
trends.

Al-Rkayan was incorporated in 2004 by Mr. Prabhakar Shetty,
Mr.Shahid Rafi and Mr. Abdul Rahman S Al-Rkayan. The promoters
commenced the business with contract manufacturing for major denim
brands in the domestic market. Towards the end of 2008-09, Al-
Rkayan launched its own denim brand Leonidas, aimed at the price-
sensitive and fashion conscious youth segment (16 to 40 years age
group). Al-Rkayan has also in the current year launched two more
brands- Leslie (for capris and three-fourths) and LD Active
(bottom wear for women).

Recent Results
As per audited results for FY 2013, Al-Rkayan reported a profit
after tax (PAT) of INR0.59 crore over an operating income (OI) of
INR61.99 crore as against a PAT of INR0.50 crore on an OI of
INR32.39 crore in FY 2012. As per 7MFY 2014 results, Al-Rkayan has
reported a profit after tax (PBT) of INR0.93 crore on an operating
income of INR45.60 crore.


ALCON BIOSCIENCES: CRISIL Reaffirms B+ Rating on INR105MM Loan
--------------------------------------------------------------
CRISIL's ratings on Alcon Biosciences Pvt Ltd (Alcon) continue to
reflect Alcon's modest scale and working-capital-intensive
operations; and its average financial risk profile, constrained by
a small net worth. The rating also factors in the corporate
guarantee provided to an affiliate, Swati Spentose Pvt Ltd. These
rating weaknesses are partially offset by the extensive experience
of Alcon's promoters in the pharmaceutical sector.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)
   Line of Credit        105        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     21        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Alcon will continue to benefit over the
medium term from its established relationships with customers and
suppliers and the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
net worth with significant revenue growth and sustained
profitability. Conversely, the outlook may be revised to
'Negative' if Alcon's operating margin declines, or it's gearing
increases sharply, because of large debt-funded capital
expenditure or an increase in its working capital requirements.

Alcon was established in 1998 by the late Mr. N P Jajodia and his
son, Mr. Vishal Jajodia. The company manufactures and trades in
active pharmaceutical ingredients, and has manufacturing
facilities in Vapi (Gujarat). Alcon primarily caters to the
anaesthetic, veterinary, and other therapeutic segments. Before
Alcon, Mr. N P Jajodia traded in bulk drugs since 1970 under the
brand, Lark.

Alcon, reported a profit after tax (PAT) of INR7 million on net
sales of INR388.7 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.5 million on net
sales of INR417.5 million for 2012-13.


AMEYA LABORATORIES: ICRA Suspends D Rating on INR210cr LT Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR210.00 crore
long term fund based facilities and INR60.0 crore short term fund
based facilities of Ameya Laboratories Limited (erstwhile Anu's
Laboratories Limited). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

ALL was incorporated in 1996 in Hyderabad for manufacture of basic
chemicals and intermediates which are used as raw material in bulk
drug (API) molecules. The company was promoted by Mr. K. Hari Babu
with Mr. N.S. Walimbe subsequently joining as a co-promoter in the
year 1997.


CANVAS INTEGRATED: CRISIL Assigns B+ Rating to INR50MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Canvas Integrated Cold Chain Services (CICCS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B+/Stable
   Term Loan             50        CRISIL B+/Stable

The rating reflects CICCS's initial stage of operations in the
highly competitive food processing and packaging industry, and its
exposure to risks related to project implementation and to demand
for its products. These rating weaknesses are partially offset by
the firm's low gearing, and the strong funding support it receives
from its promoters.

Outlook: Stable

CRISIL believes that CICCS will continue to benefit over the
medium term from the support it receives from its promoters. The
outlook may be revised to 'Positive' in case of a significant
ramp-up in the firm's sales, leading to large cash accruals, along
with timely completion of its project within the budgeted cost.
Conversely, the outlook may be revised to 'Negative' in case of a
significant time or cost overrun in CICCS's project, or delay in
funding the project or in stabilising operations.

Established in 2010 as a partnership firm, CICCS is based in
Himachal Pradesh; it started commercial operations in August 2014.
The firm is primarily engaged in processing and packaging of
frozen peas, sweet corn, and mixed vegetables, which it markets
under its own brand, Frozen Delight.  It is in the process of
setting up another plant in order to produce potato patties and
nuggets. Its operations are currently being managed by Mr. Aloke
Bhatnagar. CICCS's processing plant is in Una (Himachal Pradesh).


D.P.M.K. FERTILIZERS: CRISIL Assigns B Rating to INR95MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of D.P.M.K. Fertilizers Pvt Ltd (DPMK).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------      -------
   Bank Guarantee         5        CRISIL A4
   Cash Credit           95        CRISIL B/Stable

The ratings reflect DPMK's below-average financial risk profile,
marked by its weak capital structure and subdued debt protection
metrics; along with its modest scale of operations and low
profitability in the fragmented fertiliser trading segment. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters, and their funding support.

For arriving at its ratings, CRISIL has treated unsecured loans of
INR22.4 million extended to DPMK by its promoters, as neither debt
nor equity; these loans are expected to be retained in the
business over the medium term.
Outlook: Stable

CRISIL believes that DPMK will benefit from its promoters'
extensive experience and its established presence in the
fertiliser trading segment. The outlook may be revised to
'Positive' if the company reports significant and sustained growth
in its revenue and improves its profitability, leading to sizeable
cash accruals. Conversely, the outlook may be revised to
'Negative' if DPMK's financial risk profile and liquidity
deteriorate with significantly low cash accruals or substantial
working capital requirements.

DPMK was established in 1990 as a proprietorship firm and
reconstituted as a company in 2009. The company trades in and
distributes organic and inorganic fertilisers, primarily in
Chhattisgarh, Madhya Pradesh and Odisha. The key promoter, Mr.
Dwarika Gupta, manages DPMK's daily operations.


DEVDOOT COTTON: CRISIL Rates INR60M Loan B+; Suspension Revoked
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Devdoot Cotton Industries (DCI) and has assigned its
'CRISIL B+/Stable' rating to the aforementioned facilities. CRISIL
had earlier, on April 22, 2013, suspended the ratings, as DCI had
not provided the necessary information required for a rating view.
DCI has now shared the requisite information, thereby enabling
CRISIL to assign ratings to its bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            60       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects DCI's modest scale of operations in the highly
fragmented cotton industry, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the cotton
industry, and the proximity of its production facility to the
cotton-growing belt of Gujarat.

Outlook: Stable

CRISIL believes that DCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, or if there is
a significant improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if DCI's
accruals are lower than expected, or if it undertakes a
substantial debt-funded capital expenditure programme, or if its
working capital management weakens, deteriorating its financial
risk profile.

DCI, established in 1996 and based in Morbi (Gujarat), is promoted
by the Patel family. The firm is engaged in ginning and pressing
of raw cotton. It has its facility at Morbi, with a capacity of
more than 250 bales of cotton per day.

DCI reported a net profit of INR1.4 million on an operating income
of INR163.7 million for 2013-14 (refers to financial year, April 1
to March 31), against a net profit of INR2.4 million on an
operating income of INR233.9 million for 2012-13.


DNH PROJECTS: ICRA Cuts Rating on INR12cr Cash Credit to C
----------------------------------------------------------
ICRA has revised downwards the long term rating from [ICRA]C+ to
[ICRA]C for the INR15.50 crore long term fund based facilities of
DNH Projects Limited. ICRA has also reaffirmed the short term
rating at [ICRA]A4 for the INR6.00 crore short term non fund based
facilities. ICRA has also revised the long term rating from
[ICRA]C+ to [ICRA]C and reaffirmed the short term rating at
[ICRA]A4 for the unallocated amount of INR6.50 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash      12.00         Downgraded from [ICRA]C+
   Credit                             to [ICRA]C

   Fund Based-WCTL       3.50         Downgraded from [ICRA]C+
                                      to [ICRA]C

   Non Fund Based-
   Bank Guarantee        6.00         [ICRA]A4 reaffirmed

   Unallocated amount    6.50         Downgraded from [ICRA]C+
                                      to [ICRA]C/[ICRA]A4

The rating revision takes into account DNH Projects Limited's
(DNH) deteriorating liquidity position which has resulted in
regular instances of overutilization of limits and its weakening
financial profile as evident in dip in sales, stressed working
capital intensity and consequently an adverse capital structure
coupled with weak coverage indicators. Further, the ratings
continue to factor in the high competitive intensity in the
construction space resulting in pressure on margins, geographical
concentration risk due to the concentration of most ongoing and
future projects in Dadra & Nagar Haveli and Chhattisgarh and the
vulnerability to raw material price variation.

The ratings however, favorably factor in the promoter's experience
of over two decades in the business and "AA" class registration
rating in the building segment with the Government of Gujarat.

DNH Projects Limited (DNH) is engaged in executing work orders for
the construction of industrial units, factories and corporate and
institutional buildings in Central Western parts of the country.
The company originally commenced its business as a Private Limited
Company in 1996 under the name of M/s. Nagar Haveli Real Estate
Pvt Ltd and later changed into a closely held public limited
company in March, 2009. As on 30th September, 2013 the company has
an order book position of INR38.70 crore to be executed by 31st
March 2016. M/s. Ajay Enterprises and M/s. Morai Infrastructure
Pvt Ltd are the associate companies of the company.

Recent Results
DNH Projects Limited recorded a net profit of INR0.09 crore on an
operating income of INR15.42 crore for the year ending March 31,
2014.


ESSEN TRADING: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Essen Trading Company (ETC).

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

The rating reflects ETC's below-average financial risk profile and
its modest scale of operations in the intensely competitive
coconut oil industry. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes ETC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in the
firm's scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ETC's
accruals decline, or its working capital cycle deteriorates, or it
undertakes a large debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.

Set up in 2006 by Mr. Gopakumar and Mr. Baby, ETC is a partnership
firm that manufactures coconut oil and trades in edible oils. The
firm is based in Annamanada (Kerala).

ETC reported a net profit of INR4.8 million on sales of INR952.2
million for 2013-14 (refers to financial year, April 1 to
March 31), against a net profit of INR2.1 million on sales of
INR567.9 million for 2012-13.


EURO VISTAA: CRISIL Reaffirms B+ Rating on INR64.3MM Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Euro Vistaa India
Limited (Euro Vistaa) continue to reflect Euro Vistaa's below-
average financial risk profile, marked by a small net-worth, a
high total outside liabilities to tangible net worth ratio, and
average debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)
   Bill Discounting     450        CRISIL A4 (Reaffirmed)
   Letter of Credit      65        CRISIL A4 (Reaffirmed)
   Packing Credit        50        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    64.3      CRISIL B+/Stable (Reaffirmed)

The ratings are also constrained by the company's exposure to
intense competition in the yarn trading industry, the
susceptibility of its profitability margins to fluctuations in
foreign exchange rates, and its large dividend payouts
constraining the growth in its net-worth. These rating weaknesses
are partially offset by Euro Vistaa's established presence in the
yarn trading industry, supported by its promoters' extensive
industry experience and its established relations with customers,
and its efficient working capital management.
Outlook: Stable

CRISIL believes that Euro Vistaa will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues and profitability margins,
or if there is substantial improvement in its capital structure on
the back of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in Euro Vistaa's profitability margins, or significant
deterioration in its capital structure, caused most likely by a
stretch in its working capital cycle.

Euro Vistaa was set up in 1987 by Mr. Pramod Lath and Mr. Punkajj
Lath. The company is a government-recognised three-star export
house, and is a merchant exporter of textile yarn. It is based in
Mumbai.


FAROOQ CONSTRUCTIONS: ICRA Rates INR4cr Long Term Loan at 'C'
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to the INR4.0
crore long term fund based bank limits of Farooq Constructions.
ICRA has also assigned a short term rating of [ICRA]A4 to the
INR2.5 crore non fund based limits of Farooq.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, fund
   based facilities       4.0         [ICRA]C assigned

   Short Term, non
   fund based
   facilities             2.5         [ICRA]A4 assigned

The ratings assigned takes into account the small scale of
operations of Farooq constructions, the moderate profitability
levels and prequalification limits of INR30 crore constraining the
maximum size of orders. The ratings also consider the geographical
and sectoral concentration of the firm with presence limited to
road projects in and around Alappuzha in Kerala, the competition
intensive nature of the industry, the vulnerability of profit
margins to fluctuations in raw material and labour costs and the
working capital intensive nature of operations. ICRA also notes
that being a partnership firm, any significant withdrawals from
the capital account by the promoters would have an adverse bearing
on the firm's gearing levels and thus remains a key rating
sensitivity.

The rating, however positively factors in the firm's and the
promoter's long standing presence and established track record in
the construction industry in Kerala, the availability of orders in
hand providing visibility to the revenues in the short term, going
forward and the adequate man power and equipments available with
the firm to execute the orders in hand.

Farooq Constructions is a civil works contracting firm based in
Alappuzha town and was established in the year 2000 as a
proprietorship concern owned and promoted by Mr. Baiju Rasheed. In
the year 2009, it was converted to a partnership firm with Mr.
Baiju Rasheed and Mrs. Sajeela Baiju as its partners. The office
functions at North of Vazhicherry Bridge, Alappuzha. Farooq
undertakes Kerala State Public Works Department (PWD) contract
works especially roads, bridges and other major civil works.
For FY 2014, as per audited results, the company has reported an
operating income of INR8.6 crore and Profit After Tax (PAT) of
INR0.5 crore.


GLOBSYN KNOWLEDGE: CRISIL Reaffirms B Rating on INR127MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globsyn Knowledge
Foundation (GKF) continue to reflect GKF's weak financial risk
profile, marked by inadequate cash accruals to meet its term debt
obligations, and weak debt protection metrics. The ratings also
factor in the trust's vulnerability to regulatory risks associated
with educational institutions. These rating weaknesses are
partially offset by the extensive industry experience and funding
support of GKF's promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    35.5      CRISIL B/Stable (Reaffirmed)
   Term Loan            127        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GKF's liquidity will remain constrained over
the medium term by cash flow mismatches. The outlook may be
revised to 'Positive' if GKF increases its scale of operations
substantially, most likely by increasing the number of courses it
offers or by increasing its intake capacity, while maintaining its
profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if GKF's liquidity
deteriorates, most likely because of delay in realisation of
receivables or any large capital expenditure.

GKF was founded in December 2004 in Kolkata (West Bengal) by Mr.
Bikram Dasgupta. The trust is managed by its parent, Globsyn
Technologies Ltd (incorporated in 1997; engaged in the software
and education industry). GKF currently offers Post Graduate
Diploma in Management (PGDM) and Bachelor of Business
Administration (BBA) courses through its institute, Globsyn
Business School, in Bishnupur (West Bengal).


GOVIND RUBBER: CRISIL Ups Rating on INR401.8MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Govind
Rubber Ltd (GRL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        35       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Bill Discounting      42.9     CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Bills - Inland        12.6     CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit          401.8     CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Letter of Credit     286       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Packing Credit        36       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Proposed Long Term   366.5     CRISIL B-/Stable (Upgraded from
   Bank Loan Facility             'CRISIL D')

   Term Loan            109.2     CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Working Capital      210       CRISIL B-/Stable (Upgraded from
   Demand Loan                    'CRISIL D')

The rating upgrade reflects the improvement in GRL's liquidity,
which has led to timely servicing of debt by the company over the
past three months through November 2014. The liquidity has
improved due to increase in cash accruals generated due to the
improvement in profitability resulting from the decline in rubber
prices. The cash accruals were INR26 million for the second
quarter (Q2) of 2014-15 (refers to financial year, April 1 to
March 31) as compared with cash accruals of INR11 million for Q2
of 2013-14 The company is expected to generate adequate accruals
while sustaining its working capital cycle that will ensure
adequate coverage against the maturing term loan obligations over
the medium term.

The ratings also factor in GRL's below-average financial risk
profile marked by high gearing and subdued debt protection
metrics, and susceptibility of GRL's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the GRL's established market position coupled with extensive
experience of its promoters in the tyre industry.

Outlook: Stable

CRISIL believes that GRL will continue to benefit over the medium
term from its promoters' extensive experience in the cement
industry. The outlook may be revised to 'Positive' in case of
higher than expected net cash accruals or if there is a sustained
improvement in its working capital management resulting in a
better than expected financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected cash accruals resulting from a decline in GRL's operating
margin or a stretch in its working capital cycle, or larger-than-
expected capital expenditure, leading to further deterioration in
liquidity.

GRL, incorporated in 1985, is engaged in manufacturing of tyres
and tubes. The company's business operations are overseen by
Mr.Vinod Poddar. GRL has its manufacturing facilities located at
Ludhiana, Punjab. The company is listed on the Bombay Stock
Exchange and the National Stock Exchange.


JAHNVIS MULTI: CRISIL Assigns B+ Rating to INR70MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jahnvis Multi Foundation (JMF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Long Term    10        CRISIL B+/Stable
   Bank Loan Facility
   Term Loan             70        CRISIL B+/Stable

The rating reflects JMF's small scale of operations, limited track
record and weak financial risk profile marked by a modest net
worth and moderate gearing. These rating weaknesses are partially
offset by promoters' extensive industry experience and healthy
demand prospects for the education sector.

Outlook: Stable

CRISIL expects JMF business profile to remain constrained on
account of initial phase of operations and limited track record.
The outlook may be revised to 'Positive' if JMF reports
significant improvement in its scale of operations thereby
improving its cash accruals or if there is an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is lower-than-expected enrollment leading to
depressed accruals or higher-than-expected debt-funded capex
leading to deterioration in capital structure.

Registered in 2003, JMF, a Dombivili based trust, runs Jana Gana
Mana School (JGMS) and Vande Matram Degree College (VMDC) in
Dombivili. JMF was formed by MR. Rajkumar Kolhe and his family
members.


JAIPRAKASH POWER: May Default on $200MM Convertible Bonds
---------------------------------------------------------
Reuters reports that Jaiprakash Power Ventures said it was likely
to default on payments for convertible bonds worth $200 million
due on February 13, because it could not generate enough revenue
from its operations.

According to the report, Jaiprakash, which has been weighed down
by debts and a sharp downturn in the performance of the Indian
power sector, said in a statement on Jan. 28 the company was
confident of its ability to pay its dues under the bonds by
March 31, 2016.

The default, if it happens, will be the first major convertible
bonds default by an Indian company since wind turbine maker Suzlon
Energy Ltd failed to meet its repayment obligations in 2012,
Reuters notes.

Reuters says many Indian companies have struggled to meet
convertible bonds payment obligations in the last couple of years
due to a sharp plunge in their share prices, feeble earnings
growth and a weaker rupee.

Jaiprakash Power raised $200 million through convertible bonds in
2010. The conversion price of the paper, due next month, was fixed
at INR85.81 a share, according to Thomson Reuters data.

Shares in Jaiprakash were trading at INR11.90 on Jan. 28, making
conversion impossible for the bondholders and leaving the company
needing to raise fresh funds to repay the investors, Reuters
discloses.

Reuters relates that Jaiprakash, which has been selling
hydroelectric plants to raise cash, said its power business had
been "severly impacted" by various reasons beyond its control,
including an Indian court decision in September to cancel coal
blocks that had been allocated to the company.

Its difficulties highlight the wider problems facing India's
infrastructure sector, where companies say they are too indebted
to kick-start a new cycle of capital expenditure on roads, power
plants and airports that the government has deemed vital to an
economic recovery, Reuters states.

Jaiprakash said in the statement on Jan. 28 it had called a
meeting with the convertible bondholders to discuss a repayment
schedule, adds Reuters.

The firm has total outstanding debts of $2.7 billion, according to
Thomson Reuters data.

India-based Jaiprakash Power Ventures Limited engages in the
generation, transmission, and sale of power in India. It generates
electricity through hydro and thermal energy sources.


JIVANDHARA COTTON: ICRA Assigns B+ Rating to INR14cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5 crore
enhanced fund based bank facility of Jivandhara Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           14.00        [ICRA]B+ Assigned

The rating continues to be constrained by the firm's weak
financial profile as reflected by adverse capital structure along
with weak debt coverage indicators. The rating also takes into
account the low value additive nature of operations and intense
competition on account of fragmented industry structure leading to
thin profit margins. The rating is further constrained by
vulnerability of profitability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on MSP and export quota.
Further, JCI being a partnership firm, any significant withdrawals
from the capital account would affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry, positive
demand outlook for cotton and cottonseed and the advantage firm
enjoys by virtue of its location in cotton producing region giving
it easy access to raw cotton.

Established in 2006, Jivandhara Cotton Industries is engaged in
cotton ginning and pressing operations. The business is owned and
managed by Mr. Husain Ibrahim Kadivar, Mr. Ahmed Ibrahim Kadivar,
Mr. Ibrahim Vali Kadivar and Mr. Usman Ibrahim Kadivar. The firm's
manufacturing facility is located at Wankaner in Rajkot. The firm
has 28 ginning machines and one pressing machine having a
cumulative processing capacity of 67 TPD of raw cotton.

Recent Results
For the year ended 31st March, 2014, JCI reported an operating
income of INR131.64 crore and profit after tax of INR0.50 crore.


KEWAL KUMAR: ICRA Suspends 'B' Rating on INR6.50cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR6.50 crore fund based bank facilities of Kewal Kumar Pawan
Kumar Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund         6.50        [ICRA]B; Suspended
   Based Limits

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

KPRM was established in the year 1998 as a proprietorship firm
with Mr. Sanjay Kumar as the proprietor. Milling capacity of the
plant is 4 tonnes/hr of paddy. Firm sells its product only in the
domestic market under the brand name of "KP" and "Kundan". As per
the management they also perform custom milling operations for
"HAFED". Credit policy of the firm is to allow a credit period of
15-30 days to the customers. As per the management raw material
i.e. paddy is purchased from mandi in Uttar Pradesh, Haryana and
payments to suppliers are usually made on cash basis. Company is
having its manufacturing unit at Jind Road, Kaithal, Haryana.


KINGSTON PAPTECH: CRISIL Cuts Rating on INR145MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kingston Paptech Pvt Ltd (KPPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          145         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit      95         CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term    19         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Stable')

   Term Loan             81         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by KPPL in
servicing its term debt and devolvement of its letter of credit;
the delays have been caused by the company's weak liquidity driven
by stretched receivables. KPPL's working capital cycle is
stretched as reflected in its gross current assets of 257 days,
led by receivable of 118 days, as on March 31, 2014, mainly on
account of delay in payments by a few customers. CRISIL believes
that KPPL's liquidity will remain stretched over the medium term
on account of its working-capital-intensive operations led by
stretched receivables.

KPPL also has a small scale of operations and a weak financial
risk profile marked by moderate gearing. However, the company
benefits from its promoters' extensive experience in the paper
industry and its strategically located plant.

Incorporated in 2009 and located in Sabarkantha (Gujarat), KPPL is
promoted by Mr. Manohar Patel, Mr. Balwant Patel, Mr. Bharat
Rudani, and Mr. Kalpesh Patel. The company manufactures multilayer
kraft, kraft board, and kraft paper.

For 2013-14 (refers to financial year, April 1 to March 31), KPPL
reported net profit of INR4.7 million on sales of INR563.9 million
against net profit of INR7.6 million on net sales of INR459.5
million for 2012-13.


KOYILI HOSPITAL: CRISIL Ups Rating on INR162.5MM Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Koyili Hospital (Koyili) to 'CRISIL B/Stable' from
'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          37.5       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan           162.5       CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects Koyili's timely servicing of its term
debt obligation supported by its improved liquidity position on
the back of completion and stabilization of the cardiac block in
2013-14. The firm is expected to generate net cash accruals of Rs
56 million to Rs 68 million which will be adequate to service
repayment of INR 17 million to Rs 22 million over the medium term.

The rating also reflects Koyili's modest scale of operations and
below average financial risk profile, marked by modest net worth
and high gearing. These rating weaknesses are partially offset by
the firm's established regional position in the healthcare
industry, and healthy occupancy at its hospital.
Outlook: Stable

CRISIL believes that Koyili will continue to benefit over the
medium term from its established regional market position in the
healthcare industry. The outlook may be revised to 'Positive' if
the firm reports higher than expected revenues while sustaining
its profitability, leading to better than expected cash accruals
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if Koyili reports lower than
expected cash accruals, or undertakes a sizable debt-funded
capital expenditure programme, weakening its financial risk
profile.

Established in 1981, Koyili manages a multi-speciality hospital in
Kannur (Kerala). The hospital's day-to-day operations are managed
by the firm's partner, Mr. Bhaskaran along with his family
members.


KUN UNITED: CRISIL Assigns B Rating to INR350MM Bank Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Kun United Car Trax Private Limited (KUCTPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term     350        CRISIL B/Stable
   Bank Loan Facility

The rating reflects KUCTPL's weak financial risk profile, marked
by low net worth, high ratio of total outside liabilities to
tangible net worth and weak debt protection metrics,
susceptibility to intense competition in the passenger vehicles
industry, and low bargaining power with its principal, Hyundai
Motor India Ltd (HMIL; rated 'CRISIL A1+'). These rating
weaknesses are partially offset by the benefits derived from
promoters' extensive industry experience and its long standing
relationship with its principal.

Outlook: Stable

CRISIL believes that KUCTPL will continue to benefit from its
established market position in the automobile dealership business
and extensive industry experience of promoters. The outlook may be
revised to 'Positive' if KUCTPL's financial risk profile improves,
most likely driven by an increase in its scale of operations, and
improvement in its profitability, capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if KUCTPL undertakes any larger than expected debt-
funded capex programme, thereby further weakening its financial
risk profile, or if its working capital management or operating
profitability weakens, thereby weakening its liquidity.

Incorporated in 2000, KUCTPL is an authorised dealer of passenger
cars for HMIL. Based out of Hyderabad, the company is promoted by
Mr. U Venkatesh and Mr. G. Gautham.

KUCTPL reported, on provisional basis, a profit after tax (PAT) of
INR3 million on net sales of INR2.4 billion for 2013-14 (refers to
financial year, April 1 to March 31) as against PAT of INR3
million on net sales of INR2.6 billion for 2012-13.


LAXMANBHAI CONSTRUCTION: CRISIL Rates INR120MM Cash Loan at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Laxmanbhai Construction (India) Pvt Ltd
(LCIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          120         CRISIL B+/Stable

The ratings reflect LCIPL's susceptibility to risk related to
completion and salability of the ongoing project and its
vulnerability to risks and cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive experience of LCIPL's promoters in the construction
and real estate development, and their funding support.

Outlook: Stable

CRISIL believes that LCIPL will benefit from promoters' extensive
industry experience and their funding support over the medium
term. The outlook may be revised to 'Positive' in case of better-
than-expected bookings of units and timely receipt of customer
advances leading to sizeable cash inflows. Conversely, the outlook
may be revised to 'Negative' in case of fewer bookings for its
project and low flow of advances leading to low cash inflows,
constraining its liquidity and debt servicing ability.

LCIPL was incorporated in 1983 by Mr. Laxmanbhai Bhimji Raghwani
and his family members. The company is engaged in residential real
estate business; it also undertakes civil construction for other
developers. The company is implementing one residential real
estate project Laxcon Plaza at Nerul in Navi Mumbai (Maharashtra).


MAA SARADESWARI: CRISIL Puts B Rating on INR81MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maa Saradeswari Heemghar Pvt Ltd (MSHPL). The
rating reflects MSHPL's exposure to risks related to the highly
regulated and intensely competitive nature of the cold storage
industry in West Bengal. The rating also factors in the company's
below-average financial risk profile, marked by small net worth
and high gearing. These rating weaknesses are partly offset by the
extensive experience of MSHPL's promoters in the cold storage
business.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term      81        CRISIL B/Stable
   Bank Loan Facility

   Cash Credit             62        CRISIL B/Stable

   Overdraft Facility       7        CRISIL B/Stable

Outlook: Stable

CRISIL believes that MSHPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of increase in
MSHPL's cash accruals or infusion of capital by its promoters,
leading to improvement in the company's financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' in case of pressure on MSHPL's liquidity on account
of delays in repayment by farmers, considerably low cash accruals,
or significant debt-funded capital expenditure.

Incorporated in 2008, MSHPL provides cold storage services to
potato famers and traders, and trades in potatoes. The company is
owned by West Bengal-based Dandapat family.


MAHAVIR COTTEX: CRISIL Assigns B Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mahavir Cottex (MC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            15.2        CRISIL B/Stable
   Cash Credit          50          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility   34.8        CRISIL B/Stable

The rating reflects MC's initial and nascent stage of operations
in the highly competitive cotton industry, and its expected weak
financial risk profile, marked by average debt protection metrics
and high gearing. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters, and the
proximity of its unit to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes that MC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
stabilises its operations earlier than expected, leading to a
substantial increase in its cash accruals as well as to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MC's operating margin is low, or
it undertakes a large debt-funded expansion programme, or its
working capital management deteriorates, constraining its
financial risk profile.

MC was established in 2014 as a partnership firm in Amreli
(Gujarat). The firm has recently set up its project to carry out
cotton ginning and pressing; operations commenced in October 2014.


MANDEEP INTERNATIONAL: CRISIL Rates INR100MM Cash Credit at B
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mandeep International Pvt Ltd (MIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           100        CRISIL B/Stable

The rating reflects MIPL's modest scale of operations and exposure
to risks related to intense competition in the agro-commodities
trading segment. The rating also factors in the company's average
financial risk profile marked by its modest net worth, high total
outside liability to total net worth (TOLTNW) ratio and modest
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the agro-
industry.
Outlook: Stable

CRISIL believes that MIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports sizeable sales,
maintains a stable operating margin and reduces its gearing.
Conversely, the outlook may be revised to 'Negative' if MIPL's
financial risk profile deteriorates because of significantly low
sales, with a decline in the operating margin or stretched working
capital cycle.

Incorporated in April 2013 in Gujarat, MIPL trades in agro-
commodities.

MIPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR21.8 million for 2013-14 (refers to financial year,
April 1 to March 31).


MAP COTTON: ICRA Assigns B+ Rating to INR27cr Bank Loan
-------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR19.00
crore cash credit facility, the INR27.00 crore bank overdraft
facility and the INR3.65 crore term loan facilities of MAP Cotton
Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facility      19.00       [ICRA]B+ assigned
   Bank Overdraft Facility   27.00       [ICRA]B+ assigned
   Term Loans                 3.65       [ICRA]B+ assigned

The assigned rating is constrained by MCPL's limited track record
of operations and low profitability levels, arising from the
limited value added nature of operations and highly competitive
and fragmented industry structure. The company's financial profile
is expected to remain highly leveraged in the near term owing to
the debt funded project set up and the highly working capital
intensive nature of operations. The rating is also constrained by
the vulnerability of the company's profitability to raw material
prices which are subject to seasonality and crop harvest; and the
regulatory risks with regard to Minimum Support Price (MSP) fixed
by GoI and imposition of any restrictions on cotton exports.

The rating, however, favourably factors in the longstanding
experience of the promoter in the cotton ginning industry and the
advantage the company enjoys by virtue of its manufacturing
located at Kadi (Gujarat), an area with easy availability of
quality raw cotton.

MAP Cotton Private Limited (MCPL), promoted by Mr. Arvind Patel
and Mr. Mehul Patel was incorporated as a closely held private
limited company in June 2014 to undertake cotton ginning and
pressing activity. The manufacturing unit of the company is
located at Kadi (Mehsana) - an area with easy availability of raw
cotton, and is equipped with 56 ginning machines and one fully
automated pressing machine.


MARTIN & BROWN: CRISIL Assigns B Rating to INR75MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Martin & Brown Bio-Sciences (MBBS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B/Stable

The rating reflects MBBS's small scale of operations in the large
and fragmented pharmaceutical and medical industry, its working-
capital-intensive operations, and its below-average financial risk
profile, marked by a modest net worth and gearing. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the pharmaceutical industry and its
established relationships with customers.

Outlook: Stable

CRISIL believes that MBBS will continue to benefit over the medium
term from its promoters' industry experience and its established
relationships with customers. The outlook may be revised to
'Positive' in case of an improvement in the company's financial
risk profile, driven most  likely by a considerable ramp-up in its
scale of operations along and improvement in its operating margin,
or equity infusion by its promoters. Conversely, the outlook may
be revised to 'Negative' if MBBS's financial risk profile,
particularly its liquidity, deteriorates, caused most likely by
low cash accruals, or substantial incremental working capital
requirements, or debt-funded capital expenditure.

Established in 2008, MBBS manufactures pharmaceutical products in
the form of tablets, capsules, injections, and cough syrups. The
firm has its manufacturing unit at Baddi (Himachal Pradesh). Its
operations are managed by Mr. Vineet Maini and Mr. Puneet Maini.
The firm manufactures around 300 products under 250 brands. It
generates 70 per cent of its revenue through manufacturing own
products and the remaining through job work.


MARY MATHA: CRISIL Reaffirms D Rating on INR138.3MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mary Matha
Education Society (MMES) continues to reflect delays by MMES in
servicing its term loan obligations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       138.3       CRISIL D (Reaffirmed)

The delays are on account of society's weak liquidity arising from
cash flow mismatch. MMES is also susceptible to regulatory changes
in the education sector and to changing demand for its courses.
The society, however, benefits from its moderate market position,
supported by its promoters' experience in the education sector.

Established in 2003, MMES was taken over in 2008 by the PRS group,
which is headed by Mr. R Murugan. MMES runs one institute, PRS
College of Engineering and Technology, in Trivandrum (Kerala). The
institute, approved by the All India Council for Technical
Education, New Delhi, is affiliated to the University of Kerala
and recognised by the Government of Kerala.


MOHANDAS MOTORS: CRISIL Ups Rating on INR100MM Funding Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Mohandas Motors Pvt Ltd (MMPL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Inventory Funding      100        CRISIL B-/Stable (Upgraded
   Facility                          from 'CRISIL D')

   Long Term Loan          20        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      30        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade follows MMPL's timely servicing of its term
debt obligations, supported by infusion of funds in the form of
unsecured loans from its promoters. Though the company is expected
to report cash losses, the liquidity is supported by need based
infusion from promoters and absence of term debt obligations.

The rating also reflects MMPL's weak financial risk profile,
marked by accumulated losses leading to negative net worth, its
exposure to intense competition in the automobile dealership
business, and its low bargaining power with its principal. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the automotive dealership industry.

Outlook: Stable

CRISIL believes that MMPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the company's revenue and profitability
improve significantly leading to better than expected cash
accruals or its working capital management improves thereby
improving its financial risk profile particularly its liquidity.
Conversely, the outlook may be revised to 'Negative' if MMPL's
scale of operations reduces or if its financial risk profile
deteriorates further, most likely because of increased working
capital borrowings, large debt-funded capital expenditure, or
lower-than-expected cash accruals.

Set up in 2009, MMPL is a dealer of Tata Motors Ltd's passenger
cars and utility vehicles in Thiruvananthapuram (Kerala). The
company is promoted by Mr. Mohandas and his family.


NATURAL ORGANIC: CRISIL Assigns B Rating to INR92.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Natural Organic Farm (Natural).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          92.5        CRISIL B/Stable
   Term Loan            12.5        CRISIL B/Stable

The rating of Natural reflects its weak financial profile marked
by high gearing, modest scale of operations in highly fragmented
industry and vulnerability of business and profitability to
changes in government policy. These weaknesses are partially
offset by the proprietor's experience of the cotton ginning
industry and its proximity to cotton belt.

Outlook: Stable

CRISIL expects Natural to maintain its credit profile over the
medium term backed by successful stabilization of its operations.
The financial risk profile will however remain weak on account of
high working capital requirements and low net worth levels. The
outlook may be revised to 'Positive', if the firm registers higher
than expected accruals or proprietor infuse funds into the firm
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative', if the firm's financial
risk profile deteriorates owing to larger than expected working
capital requirements or any significant debt-funded capital
expenditure (capex).

Natural Organic Farm is a sole proprietorship firm engaged in the
business of cotton ginning and pressing. Mr. Manjeet Chawla is at
the helm of the operations of the firm with its ginning plant is
situated in Kesinga in Kalahandi district of Odisha.


NAXALBARI FLOUR: CRISIL Reaffirms B Rating on INR90MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Naxalbari Flour and Rice
Mill Pvt Ltd (NFRM) continues to reflect its exposure to risks
related to the initial stage of operations, regulatory changes,
volatility in raw material prices, and vagaries of the monsoons.
These rating weaknesses are partly offset by stable demand for
rice.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)
   Letter Of Guarantee      6        CRISIL A4 (Reaffirmed)
   Term Loan               90        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NFRM will benefit from healthy prospects for
the rice processing segment, over the medium term. The outlook may
be revised to 'Positive' if the company considerably improves its
financial risk profile, and liquidity, and generates substantial
cash accruals, thus improving its working capital management.
Conversely, the outlook may be revised to 'Negative' if NFRM's
liquidity weakens, with deficient working capital management, or
low cash accruals.

Established in 2012, NFRM mills non-basmati parboiled rice. The
company has a manufacturing facility at Naxalbari, Darjeeling
(West Bengal) with a processing capacity of 8 tonnes per hour. Mr.
Manish Rungta oversees NFRM's daily operations.


P. D. SHAH: CRISIL Ups Rating on INR250MM Cash Credit to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P. D. Shah and Sons (part of the Shah group) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable' and has reaffirmed its rating on short
term bank loan facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.4      CRISIL A4 (Reaffirmed)

   Cash Credit          250.0      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    70.1      CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             57.5      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects improvement in the Shah group's
liquidity driven by capital infusion by the promoters and better
than expected cash accruals. The group's operating margin improved
to 6.9 per cent in 2013-14 from 2.4 per cent in the previous year
driven by higher rental revenues from its cold storage unit. The
improved operating margin coupled with improved realisations and
sustained revenue has resulted in better than expected accruals
leading to improved liquidity. This has also resulted in improved
gearing ratio of 3.39 times as on March 31, 2014 as against 6.27
times as on March 31, 2013.

The rating reflects the Shah group's below-average financial risk
profile, exposure to risks related to intense competition in the
fragmented milk products trading industry and working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of the Shah group's
promoters, their established relationships with principals, and
their funding support to the group.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of P D Shah & Sons ' Pune, P D Shah & Sons
' Kolhapur, P D Shah & Sons Cold Storage Unit ' Wai, Shree
Mahalaxmi Distributors, and P D Shah & Sons Cold Storage Unit Wai
(Trading), collectively referred to as the Shah group. This is
because all these companies are under the same proprietor, are in
the similar line of business and have intercompany financial
transactions.
Outlook: Stable

CRISIL believes that the Shah group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established relationship with its principal suppliers. The
outlook may be revised to 'Positive' in case of a significant
improvement in the group's financial risk profile, particularly
its liquidity, most likely because of substantial increase in its
cash accruals and a shorter working capital cycle, leading to low
reliance on external debt. Conversely, the outlook may be revised
to 'Negative' if the Shah group's cash accruals are low, or if it
contracts large debt to meet its working capital requirements,
leading to pressure on its liquidity.

P. D. Shah and Sons-Pune, a proprietorship concern established in
1972, is presently managed by Mr. Ashok P Shah. PD Shah & Sons
Kolhapur, Shree Mahalaxmi Distributors, and the cold storage unit
are owned by Mr. Shah and his family members. The group mainly
trades in milk and milk products. It is also a carrying and
forwarding agent and distributor for companies such as Parag Milk
Foods Pvt Ltd, Warana Dairy and Agro Industries Ltd, Heritage
Foods India Ltd, Gujarat Cooperative Milk Marketing Federation
Ltd, and Hindustan Unilever Ltd.


PARAMJEET SAINI: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Paramjeet Saini & Co. (PSC).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       60         CRISIL A4
   Cash Credit           7.5       CRISIL B+/Stable

The ratings reflect PSC's modest scale of operations in the highly
fragmented civil construction industry, and declining operating
profitability. These rating weaknesses are partially offset by the
extensive industry experience of the firm's proprietor, and it's
above average financial risk profile.

Outlook: Stable

CRISIL believes that PSC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in the firm's scale of operations and/or
profitability, leading to a substantial increase in its cash
accruals, while it efficiently manages its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if low cash accruals, or large working capital requirements, or
significant debt-funded capital expenditure constrains the firm's
liquidity.

Established in 1997 and based in Baddi (Himachal Pradesh), PSC is
a proprietorship firm engaged in civil construction. The firm
undertakes construction of industrial buildings for private as
well as government entities in India; it is owned and managed by
Mr. Paramjeet Saini.


PAULMECH INFRA: CRISIL Reaffirms 'D' Rating on INR55MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Paulmech Infrastructure
Private Limited (PIPL) continues to reflect instances of delay by
PIPL in servicing its debt. The delays have been caused by the
company's weak liquidity largely on account of stretch in
receivables realization.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       2.5        CRISIL D (Reaffirmed)
   Cash Credit         55          CRISIL D (Reaffirmed)
   Term Loan           17.5        CRISIL D (Reaffirmed)

PIPL has large working capital requirements, modest scale of
operations, and its operations are susceptible to intense
competition. These rating weakness are partially offset by
experience of PIPL's promoter in the rubber gasket and ready mix
concrete (RMC) industry.

Update
The operating income of PIPL has declined to around Rs 15 million
during 2013-14 as against Rs 119 million during 2012-13 on account
of closure of RMC plant and petrol pumps. The demand in the rubber
gaskets segment has also been sluggish resulting in the
significant decline in turnover. The company has registered the
operating losses on account of low absorption of fixed cost which
is expected to continue over the medium term.

The company continued to report weak financial risk profile marked
by small net worth, high gearing and subdued debt protection
metrics. The net worth of the company as on March 31, 2014 was
modest at around INR 20 million and gearing was at around 17
times. Other debt protection metrics were also weak on account of
the losses incurred by PIPL. The bank lines of the company were
also highly utilized during 2013-14.

Incorporated in 1986, PIPL manufactures rubber gaskets and RMC at
its facilities located at Barasat (West Bengal) and paradip
(Orissa) respectively. The installed capacity for rubber hasket
and RMC unit is 288 tonnes per annum and 60 cubic meters per hour
respectively.


POLYSPIN LTD: CRISIL Reaffirms B+ Rating on INR16MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Polyspin Ltd (PL)
continue to reflect PL's small scale of operations in the
intensely competitive Flexible Intermediate Bulk Container (FIBC)
industry, and its below-average financial risk profile, marked by
a highly leveraged capital structure and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of PL's promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         2       CRISIL A4 (Reaffirmed)
   Bill Discounting      45       CRISIL A4 (Reaffirmed)
   Cash Credit           16       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      60       CRISIL A4 (Reaffirmed)
   Packing Credit        18       CRISIL A4 (Reaffirmed)
   Working Capital
   Demand Loan            3       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PL will continue to benefit over the medium
term from its promoters' extensive experience in both the FIBC and
industrial paper bag segments. The outlook may be revised to
'Positive' if the company registers a considerable increase in its
revenue and profitability, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PL's financial risk profile deteriorates on account
of lower cash accruals owing to delays in starting or stabilising
commercial operations at its upcoming facility, or if it
undertakes an additional debt-funded capital expenditure
programme.

PL was originally set up in 1972 as a private limited company,
which was reconstituted as a limited company in 1990. The company
currently manufactures industrial paper bags. Its day-to-day
operations are managed by its joint managing director, Mr. R
Ramji.


RAJHANS IMPEX: CRISIL Reaffirms B Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajhans Impex Pvt Ltd
(RIPL) continue to reflect RIPL's average financial risk profile,
marked by high gearing, a modest net worth, and weak debt
protection metrics. The ratings also factor in the company's
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of RIPL's promoter in the metal
products industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         8       CRISIL A4 (Reaffirmed)
   Buyer Credit Limit    50       CRISIL B/Stable (Reaffirmed)
   Cash Credit          100       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    17.7     CRISIL B/Stable (Reaffirmed)
   Term Loan              5.0     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
substantial increase in its revenue along with better
profitability, or if its financial risk profile improves
significantly, mainly driven by fresh equity infusion. Conversely,
the outlook may be revised to 'Negative' if RIPL reports low cash
accruals or undertakes a debt-funded capital expenditure
programme, leading to weakening of its capital structure and
liquidity.

RIPL was founded by Mr. Jinesh Shah in 2004. The company, based in
Jamnagar (Gujarat), manufactures brass rods (round, hexagonal,
square, flat, or rectangular); copper alloy ingots (brass ingots);
and copper alloy billets (brass billets). RIPL's products find
application in various industries such as engineering, electrical,
electronics, automobiles, building hardware, and sanitary ware.

For 2013-14 (refers to financial year, April 1 to March 31), RIPL
reported a net loss of Rs10 million on net sales of INR532.2
million, as against a PAT of INR3.81 million on net sales of
INR558.6 million for 2012-13.


RAVELS APPARELS: CRISIL Assigns B Rating to INR35MM Packing Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ravels Apparels Pvt Ltd (RAPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long Term        6.5        CRISIL B/Stable
   Bank Loan Facility

   Export Packing Credit    35.0        CRISIL B/Stable
   Bank Guarantee            1.0        CRISIL A4
   Bill Discounting         27.5        CRISIL A4

The ratings reflect RAPL's small scale of operations in the highly
fragmented garments export industry, and its low cash accruals due
to the vulnerability of its operating margin to fluctuations in
raw material prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the garments business and the funding
support it receives from them.

Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the company's scale of operations and
profitability, leading to sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of any pressure on
RAPL's liquidity, either because of a decline in its
profitability leading to considerably low cash accruals, or a
significant increase in its working capital requirements.

RAPL is promoted by Mr. Vinod Kapahi and his family members. The
company was originally set up in 1983 as a partnership firm,
Ravels International; this firm was reconstituted as a private
limited company with the current name in July 1993. RAPL is a 100-
per-cent export-oriented unit, engaged in manufacturing high-end
fashion women's garments. The cost of each piece ranges from USD5
to USD20.


SASWAD MALI: CRISIL Assigns B- Rating to INR1.01BB Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of The Saswad Mali Sugar Factory Ltd (SMSFL), and has
reaffirmed its rating on the company's long-term bank facilities
at 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         26.1       CRISIL A4
   Cash Credit         1,014.7       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     34.2       CRISIL B-/Stable
   Long Term Loan        735.7       CRISIL B-/Stable

CRISIL had on December 31, 2014 downgraded its long term rating on
the bank facilities of The Saswad Mali Sugar Factory Ltd (SMSFL)
to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

The rating downgrade reflects deterioration in company's business
and financial risk profile in 2013-14. The company's revenues
declined by around 24 percent in 2013-14 (refers to financial year
April 1 to March 31). Its operating margin declined to 3.3 percent
in 2013-14 from 11.8 percent in 2012-13, resulting in cash losses
of INR 177 million. This was mainly on account of decrease in
sugarcane availability and yield during the year. The sugar season
of 2014 is expected to be better as per industry estimates, and
the company revenues and operating profitability is expected to
improve in 2014-15.

The ratings reflect SMSFL's exposure to risks related to
regulatory changes and to cyclicality in the sugar industry,
working capital intensive operations and below-average financial
risk profile, marked by high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SMSFL's promoters in the sugar industry.
Outlook: Stable

CRISIL believes that SMSFL will continue to benefit over the
medium term from its promoters' extensive industry experience and
the integrated nature of its operations. The outlook may be
revised to 'Positive' if the company reports a substantial
increase in its revenue and margins, while improving its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SMSFL registers deterioration in its
debt protection metrics because of lower-than-expected growth in
its revenues and accruals, or in case the company undertakes a
larger-than-expected, debt-funded capex programme.

SMSFL, incorporated in 1932, manufactures sugar and has a
distillery unit; it has also set up a co-generation plant. The
company is based in the Malshiras district of Maharashtra. It is
promoted by a group of farmers. Mr. Rajendra Girme is the managing
director of the company.

For 2013-14 (refers to financial year, April 1 to March 31), SMSFL
reported a net loss of INR123 million on net sales of INR1.93
billion, against a net profit of INR82.9 million on net sales of
INR2.52 billion for 2012-13.


SHREE TATYASAHEB: CRISIL Reaffirms D Rating on INR547.7MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Tatyasaheb Kore
Warana Sahakari Navshakti Nirman Sanstha Ltd (Warana Navshakti)
continue to reflect instances of delay by the society in servicing
its debt, due to weak liquidity and delays in realisation of
receivables from customers.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      547.7      CRISIL D (Reaffirmed)
   Bank Loan Facility
   Term Loan               452.3      CRISIL D (Reaffirmed)
The rating also reflects Warana Navshakti's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and exposure to risks relating to maintaining optimal
capacity utilisation on a consistent basis.These rating weaknesses
are partially offset by Warana Navshakti's power purchase
agreement with Tata Power Trading Company Ltd (TPTCL) and support
from the Warana group.

Update
Warana Navshakti reported revenue of INR140.5 million for 2013-14
(refers to financial year, April 1 to March 31), up from INR107.9
million in 2012-13.The increase in revenue was on account of
better-than-expected electricity generation and higher price
realisation in 2013-14. Of the total revenue, INR111.2 million was
from sale of electricity, and the remainder from sale of renewable
energy credits. The society's operating margin (82.39 per cent in
2013-14) was in line with that in the previous year (82.8
percent). The net cash accruals (Rs.35 million in 2013-14) were
just about adequate to service the maturing term debt of INR32.4
million during the year; the accruals are expected to remain
barely adequate for debt servicing in 2014-15 as well. The society
had unsecured loans of INR251.8 million from promoters in 2013-14,
as against INR223.8 million in 2012-13. The society will remain
dependent on timely infusion of funds by promoters for meeting its
debt obligations. CRISIL believes that Warana Navshakti's
liquidity will remain constrained by accruals that are barely
adequate for debt servicing over the medium term.

Warana Navshakti is a co-operative society engaged in
hydroelectric power generation. The society, registered in 2005,
is part of the Warana group of societies. It has set up four power
plants at Chitri, Kumbhi, Kadavi and Patgaon in Kolhapur district
of Maharashtra. Mr. Vinay Kore is the founder chairman of Warana
Navshakti. The day-to-day operations of the society are managed by
Mr. SRPatil, Chief Executive Officer with support from other
professionals.


SHYAM JOTI: CRISIL Reaffirms B- Rating on INR63.3MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shyam Joti Rice Mill
Pvt Ltd (SRMPL) continue to reflect the company's exposure to
risks associated with the offtake from its rice-processing unit
and expected below-average financial risk profile. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the rice-processing segment.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         7        CRISIL A4 (Reaffirmed)
   Cash Credit           42.6      CRISIL B-/Stable(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     0.1      CRISIL B-/Stable (Reaffirmed)
   Term Loan             63.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRMPL will benefit from the promoters'
extensive experience in the rice-processing segment. The outlook
may be revised to 'Positive' if the company completes its ongoing
project earlier than expected and receives higher-than-expected
funding support from the promoters, resulting in low project
gearing. Conversely, the outlook may be revised to 'Negative' in
case of delays or cost overrun in project completion, or receives
low funding support from the promoters, thereby constraining the
company's liquidity.

Update
SRMPL commenced operations in October 2014 as against July 2014
expected earlier. Although there has been a time overrun in the
commencement of operations in the project, there has been no cost
overrun in the same. In the two months ended December 31, 2014,
however, the company is estimated to have posted revenue of INR20
million to INR30 million and is expected to post revenue of INR80
million to INR90 million in 2014-15 (refers to financial year,
April 1 to March 31).

The financial risk profile of the company continues to remain
below average marked by modest net worth of INR20 million and
gearing of 3.46 times as on March 31, 2014. The financial risk
profile has remained supported by equity infusion of INR25.8
million in Jan 2015.

SRMPL's liquidity remains weak marked by low cash accruals due to
the initial year of operations. The bank limit was utilised by 76
per cent for the five months through November 2014. The cash
accruals over the medium term are expected to remain tightly
matched to service its term debt obligations, which are commencing
from April 2015. The timely repayments of the term loan remain a
key rating sensitivity factor.

SRMPL was incorporated in 2013 by the Kundu family. The company,
based in Uttar Dinjapur (West Bengal), is setting up a par-boiled
and raw rice-processing unit with capacity of 5 tonnes per hour.
SRMPL plans to begin commercial operations in July 2014.


SMVD POLYPACK: CRISIL Reaffirms B+ Rating on INR105MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SMVD Polypack
Pvt Ltd (SPPL) continue to reflect the company's modest scale of
operations in a highly fragmented high-density polyethylene (HDPE)
and polypropylene (PP) bags manufacturing industry, and subdued
financial risk profile, marked by modest net worth, high gearing
and subdued debt protection metrics. These rating weaknesses are
partially offset by the benefits that SPPL derives from its
diversified customer profile.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           38      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    42      CRISIL B+/Stable (Reaffirmed)
   Term Loan            105      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPL will continue to benefit over the medium
term from its diversified customer profile. The outlook may be
revised to 'Positive' if sizeable accruals or improved capital
structure results in a stronger financial risk profile,
particularly liquidity, for SPPL. Conversely, the outlook may be
revised to 'Negative' if SPPL reports deterioration in its
liquidity on account of stretch in working capital cycle, low
accruals, or any large debt-funded capital expenditure.

Update
SPPL reported revenue of INR232.8 million in 2013-14 (refers to
financial year, April 1 to March 31), its first full year of
commercial operations. The revenue is expected to increase in
2014-15 to INR320 million to INR350 million, due to increase in
scale of operations backed by increased capacity utilisation. Its
operating margin was moderate at 9.3 per cent in 2013-14.

SPPL's operations are working capital intensive, with gross
current assets (GCAs) at 126 days as on March 31, 2014, with
inventory and receivables of 81 and 36 days respectively. ALPL
funds its working capital requirements partly through credit from
suppliers (it had outstanding payables of 24 days as on March 31,
2014) and short-term bank borrowings. The company utilised its
short-term bank borrowings at an average of 90 per cent over the
12 months through September 2014.

SPPL's financial risk profile remains weak, marked by modest net
worth and high gearing (INR60 million and 2.45 times as on
March 31, 2014) and subdued debt protection metrics. It had debt
of INR147.8 million on that date 'with short-term bank borrowings
of INR43 million, term loans of INR94.5 million, and promoters'
unsecured loans of INR10.3 million. On account of moderate
operating margins and large debt, the company's debt protection
metrics are subdued with interest coverage ratio and net cash
accrual to total debt ratio at 1.1 and 0.04 times respectively.

SPPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR232.8 million for 2013-14 (Rs.0.3 million and INR62.3
million, respectively, for 2012-13).

Incorporated in January 2010, SPPL manufactures PP and HDPE woven
sacks and fabric. The company commenced commercial operations in
November 2012. The day-to-day operations are managed by Mr. Promod
Agarwal.


SUNRISE MARKETING: CRISIL Ups Rating on INR10MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sunrise Marketing Agents (SMA) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the firm's short-term
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Overdraft Facility    40        CRISIL A4 (Reaffirmed)

   Term Loan              2        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

    Overdraft Facility    6        CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in SMA's liquidity, driven
by its prudent working capital management coupled with timely and
adequate enhancement in its bank lines. On the back of increasing
demand from existing customers and increase in its allocated
distribution area, the firm's revenue is expected to register a
healthy growth of around 60 per cent year-on-year in 2014-15
(refers to financial year, April 1 to March 31) to over INR550
million. While achieving this topline growth, SMA has been
prudently managing its working capital requirements, reflected in
its stable gross current assets of less than 50 days as on
December 31, 2014. Its liquidity is also supported by limited debt
obligations of around INR1.1 million in 2014-15, which would be
adequately covered by its increasing cash accruals. CRISIL
believes that SMA will sustain its improved liquidity over the
medium term, supported by the recent enhancement in its working
capital bank lines to INR40 million from INR6 million.

The ratings reflect the firm's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and a modest net worth, its modest scale of
operations, and low profitability due to trading nature of its
operations. These rating weaknesses are partially offset by the
benefits that SMA derives from its promoters' extensive experience
in the polyvinyl chloride (PVC) resin and PVC plumbing fittings
trading industry and its established relationships with customers
and suppliers.

Outlook: Stable

CRISIL believes that SMA will continue to benefit over the medium
term from its promoters' extensive experience in the polyvinyl
chloride (PVC) resin and PVC plumbing fittings trading business.
The outlook may be revised to 'Positive' if the firm generates
sizeable cash accruals with an increase in its scale of operations
or profitability, or if its promoters infuse considerable long-
term funds, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SMA's financial risk profile weakens, most likely because of a
stretch in its working capital cycle, or a decline in its topline
or profitability.

Incorporated in 1999, SMA trades in PVC plumbing fittings and PVC
resin. The firm is an exclusive distributor for the range of
plumbing fittings manufactured by Finolex Pipes, Astral Pipes, and
Suparna Plastics in the districts of North Kanara, Udipi, and
Dakshin Karnataka (all in Karnataka). It is also the sole
authorised distributor for Finolex Industries Ltd (rated 'CRISIL
AA-/Stable/CRISIL A1+') for PVC resin in Karnataka. SMA is
promoted by Mr. K Dinesh Kamath and his son, Mr. K Rajendra
Kamath. The promoters have been in the business of trading in PVC
pipes for more than a decade.


SUPER COTTON: CRISIL Upgrades Rating on INR64MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Super Cotton Industries (SCI) to 'CRISIL B+/ Stable' from 'CRISIL
B/Stable'.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit         64        CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

   Term Loan           25.5      CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SCI will increase
its accruals over the medium term, with a consistent increase in
its revenue driven by higher capacity utilisation. The firm
started its operations in January 2014 and generated revenue of
around INR153.4 million in 2013-14 (refers to financial year,
April 1 to March 31). It has already registered revenue of around
Rs180 million in the eight months through November 2014, and
CRISIL expects the firm to generate revenue of around INR450
million in 2014-15. SCI's operating profitability was around 3.5
per cent, and it generated accruals of INR3.1 million, in 2013-14.
CRISIL believes that the firm will maintain its operating
profitability over the medium term.

Moreover, SCI has moderate working capital requirements, marked by
gross current assets of 52 days as on March 31, 2014, resulting in
its bank lines being moderately utilised at an average of around
80 per cent over the 11 months through October 2014. CRISIL
believes that the firm will generate accruals of INR7 million, as
against repayment obligations of INR5 million, in 2014-15.

The rating reflects SCI's modest scale of operations in a highly
fragmented industry, the firm's exposure to intense competition,
and its susceptibility to changes in government policies. The
ratings also factor in the firm's weak financial risk profile,
marked by high gearing. These rating weaknesses are partially
offset by the extensive experience of SCI's promoters in the
cotton industry.

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm reports a
substantial increase in its accruals, supported by a significant
improvement in its scale of operations, or in case of sizeable
capital infusion by its partners, leading to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SCI's financial risk profile weakens, caused most likely by an
increase in its working capital requirements, a decline in its
cash accruals, large debt-funded capital expenditure, or sizeable
capital withdrawal by its partners.

Established in 2013, SCI is a partnership firm based at Soyal in
the Jamnagar district of Gujarat. The firm commenced operations
from January 2014.

SCI reported a profit after tax (PAT) of INR0.1 million on net
sales of INR153.4 million for 2013-14.


TIRUPATI INDUSTRIES-RAJKOT: CRISIL Rates INR150MM Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tirupati Industries-Rajkot (TI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            47.5        CRISIL B/Stable
   Cash Credit         150          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    2.5        CRISIL B/Stable

The rating reflects TI's exposure to risks related to its ongoing
project and expected high gearing. These rating weaknesses are
partially offset by the promoters' extensive experience in the
industry.

Outlook: Stable

CRISIL believes that TI will benefit from its promoters' extensive
industry experience, over the medium term. The outlook may be
revised to 'Positive' if the firm completes and stabilizes its
project without time or cost overruns and generates sizeable
revenue with a stable operating margin. Conversely, the outlook
may be revised to 'Negative' if TI incurs project time or cost
over runs or reports significantly low sales and profitability,
thus restricting its liquidity.

TI is setting up an oil cake crushing plant in Rajkot (Gujarat).


VASU TRADING: CRISIL Cuts Rating on INR100MM Cash Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vasu Trading Co. (VTC) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      15      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Standby Line of Credit  15      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects significant deterioration in VTC's
financial risk profile, especially its liquidity, mainly due to
withdrawal of capital by its partners. Its partners withdrew
capital of INR9.2 million, which led to negative cash accruals of
INR3.7 million, in 2013-14 (refers to financial year, April 1 to
March 31). During the same year, VTC's topline increased by around
21 per cent to INR966.4 million from INR796.8 million in the
previous year. As a result of healthy topline growth, the firm's
working capital requirements increased. However, given its
negative cash accruals, it had to rely on bank borrowings to fund
the higher working capital requirements. Hence, its gearing
deteriorated to 4.28 times as on March 31, 2014, from 2.42 times
as on March 31, 2013. CRISIL believes that the financial risk
profile will remain weak over the medium term on account of low
cash accruals.

The rating reflects VTC's weak financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in the steel industry and their established relationships
with customers and suppliers.
Outlook: Stable

CRISIL believes that VTC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm reports a significantly
high operating margin, leading to improvement in its debt
protection metrics, or if its capital structure improves due to
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative' if VTC's operating margin declines further,
or if it's financial risk profile deteriorates, most likely due to
a stretch in its working capital cycle.

VTC, set up in 2005 as a partnership firm in Hissar (Haryana),
trades in steel and steel products such as thermo-mechanically
treated bars, mild steel bars, and wires, and in cement. The firm
is currently managed by Mr. Amit Arya and Mr. Abhishek Arya.


VENU FOOD: ICRA Suspends B+ Rating on INR7.10cr Long Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.10
crore long term fund based facilities of Venu Food Industries. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in August 2009, Venu Foods Industries (VFI) commenced
commercial production of gram flour (besan) in June 2010 at its
plant located at Kuvadva in Rajkot district of Gujarat. The firm
is managed by Koradia family who have an experience of over two
decades in the business of processing gram and manufacturing gram
flour by virtue of their other group companies namely Vanraj Food
Industries (Junagadh, Gujarat), Vanraj Protein Industries
(Junagadh, Gujarat) and Venu Proteins Industries (Chhatra, near
Ahmedabad, Gujarat). VFI has a capacity to produce 60 MT of gram
flour per day currently and the firm is in process of increasing
the same by 20MT of gram flour per day. The firm is also
diversifying its operation in the gram pulse segment.



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


SKYMARK AIRLINES: Files For Bankruptcy Protection
-------------------------------------------------
Kiyotaka Matsuda and Andrea Rothman at Bloomberg News report that
Skymark Airlines Inc., Japan's third-largest carrier, filed for
bankruptcy protection after running short of cash, highlighting
the failure of growth plans that climaxed in the ill-fated
purchase of six Airbus Group NV A380 superjumbos.

Bloomberg relates that Skymark said it filed at the Tokyo District
Court with JPY71 billion ($603 million) in liabilities. President
Shinichi Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg says. It will be
delisted on March 1, the Tokyo Stock Exchange said.

Shares of the budget carrier were untraded at the open in Tokyo
after sell offers outnumbered bids by about 500 to 1, Bloomberg
notes.

According to Bloomberg, the low-cost carrier, which will get
restructuring support from private-equity firm Integral, first
flagged in July that there was "material uncertainty" over whether
it would remain a going concern following penalty demands for the
cancellation of the A380 contracts. Doubts about its ability to
fund the planes had led Airbus to terminate the order worth $2.5
billion in list prices, says Bloomberg.

"A low load factor led to a sustained cash outflow amid an already
strained cash position," Bloomberg quotes Masaharu Hirokane, an
analyst at Nomura Holdings Inc. in Tokyo as saying in a note dated
Jan. 27.  "Key to improving earnings will be the early return of
leased aircraft and other moves to downsize to an operation
capable of generating stable profits."

An earnings report due Jan. 28 has been postponed to Feb. 5,
spokeswoman Yuka Izumaru told Bloomberg by phone.

Bloomberg recalls that Skymark had announced plans to buy the
world's largest passenger model and start an international
business-class service in 2010, breaking from a discount model
using Boeing Co. 737 narrow-bodies.  Mr. Nishikubo said at the
time he planned to win market share by charging less than half the
price of rivals.

The application from Tokyo-based Skymark, which had 2,275
employees as of last March, comes five years after Japan Airlines
Corp. became the first major Asia flag-carrier to file for
bankruptcy, seeking protection from creditors with
JPY2.32 trillion in liabilities, Bloomberg notes. JAL successfully
re-listed in 2012.

According to Bloomberg, Airbus said on Jan. 28 it was aware of the
Skymark filing, which was a matter for the courts. After the sides
failed to reach a deal on the A380s the planemaker filed a
complaint in a London court, the contents of which haven't yet
been made public, Bloomberg states.

Skymark had a net loss of JPY5.7 billion in the six months through
September amid tougher competition, the cost of introducing leased
Airbus A330s, and a weaker yen, Bloomberg discloses. It had JPY4.5
billion in cash and near-cash items as of Sept. 30, down 75
percent on a year earlier, based on data compiled by Bloomberg.

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.


SONY CORP: Delays Third-Quarter Results on November Cyberattack
---------------------------------------------------------------
Sony Corporation announced on Jan. 23 that it has filed with the
Financial Services Agency of Japan (the "FSA") an application for
approval of the extension of the deadline for Sony to file its
quarterly securities report for the third quarter of the fiscal
year ending March 31, 2015.

Relevant quarterly securities report:

The quarterly securities report for the third quarter of the
fiscal year ending March 31, 2015

Required deadline (original deadline): February 16, 2015

Extended deadline, if approved: March 31, 2015

Reason for the application:

In November 2014, Sony Pictures Entertainment Inc. ("SPE"), a
consolidated subsidiary of Sony that is reported as the Pictures
business segment, identified a cyberattack on SPE's network and IT
infrastructure. As a result of the cyberattack, which has been now
recognized as a highly sophisticated and damaging cyberattack, a
serious disruption of SPE's network systems occurred, including
the destruction of network hardware and the compromise of a large
amount of data on these systems. In response to this cyberattack,
SPE shut down its entire network.

Since that time, SPE has worked aggressively to restore these
systems. However, most of SPE's financial and accounting
applications and many other critical information technology
applications will not be functional until early February 2015 due
to the amount of destruction and disruption that occurred, and the
care necessary to avoid further damage by prematurely restarting
functions. After the restoration of these applications, SPE will
immediately commence the actions necessary to close its third
quarter financial statements. However, even with the anticipated
restoration of these applications in early February 2015, SPE will
not have sufficient time to close its financial statements in time
for submission of the quarterly securities report in the middle of
February 2015. SPE must then enter transactional data for the two-
month period the systems were offline and perform verification
procedures over the restored data. For these reasons, Sony expects
that it cannot complete its preparation, including the review by
our independent accountants, of its consolidated financial
statements for the third quarter of the fiscal year ending March
31, 2015, by February 16, 2015, the original deadline for
submission of the quarterly securities report for this third
quarter. Accordingly Sony has filed an application with the FSA
for approval to extend the deadline for submission of the report
to March 31, 2015. Considering the current status, Sony expects
that it can complete its preparation of its financial statements
as described above and submit the quarterly securities report for
the third quarter by March 31, 2015.

Sony had planned to issue its earnings release and hold
press/analyst conferences about the consolidated financial results
for the third quarter of the fiscal year ending March 31, 2015 on
February 4, 2015. Although Sony expects that SPE will not complete
its third-quarter closing processes by February 4, for the reasons
described above, Sony plans to issue a release and hold
press/analyst conferences on that date so as to provide investors,
shareholders, analysts, media and other stakeholders with updated
forecasts of Sony's consolidated financial results for the third
quarter, to the extent reasonably possible, based on the
information available on that date. While Sony continues to
evaluate the impact of the cyberattack on its financial results,
it currently believes that such impact is not material.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.


SONY CORP: To Cut 1,000 More Jobs in Smartphone Business
--------------------------------------------------------
The Japan Times reports that Sony Corp. plans to eliminate another
1,000 jobs in its smartphone operations as the company tries to
return the business to profit, according to a source familiar with
the matter.

It will shrink the division's workforce to about 5,000 after
including 1,000 job losses previously announced, the source said,
asking not to be identified because the details are private, the
report relates.

The Japan Times relates that the cuts will include Sony's
operations in China, the U.K. and Sweden, the source said.

According to the report, Chief Financial Officer Kenichiro Yoshida
is ending the development of new smartphones for China, the
world's biggest smartphone market, and is culling the number of
Xperia models as Sony struggles to compete with Apple Inc. and
Samsung Electronics Co.

The additional cuts are needed to reach the Tokyo-based company's
goal of reducing operating costs in the business by 30 percent by
March 2017, the report states.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.



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


PRIME GLOBAL: B F Borgers Expresses Going Concern Doubt
-------------------------------------------------------
Prime Global Capital Group Incorporated filed with the U.S.
Securities and Exchange Commission its annual report on Form 10-K
for the fiscal year ended Oct. 31, 2014.

B F Borgers CPA PC expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company's
capital commitments in comparison to available cash balances raise
substantial doubt about its ability to continue as a going
concern.

The Company reported a net loss of $1.34 million on $2.31 million
of net revenues for the fiscal year ended Oct. 31, 2014, compared
with a net loss of 2.09 million on $354,000 of net revenues during
the prior year.

The Company's balance sheet at Oct. 31, 2014, showed $61.2 million
in total assets, $20.5 million in total liabilities, and
stockholders' equity of $40.6 million.

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

                       http://is.gd/ZkHVS8

Kuala Lumpur, Malaysia-based Prime Global Capital Group
Incorporated operates in the following four business segments: (i)
the provision of IT consulting, programming and website
development services; (ii) its  oilseeds business; (iii) its real
estate business and (iv) the distribution of consumer products.
The Company's software, oilseeds and real estate businesses
accounted for all of the Company's revenues for the six months
ended April 30, 2013.  The Company did not generate any revenues
from the distribution of consumer products during such period.

On Dec. 24, 2013, the Company filed its annual report on
Form 10-K for the fiscal year ended Oct. 31, 2013.

B F Borgers CPA PC expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
suffered from significant operating loss and working capital
deficit of $1.89 million.  The continuation of the Company as a
going concern through Oct. 31, 2014, is dependent upon improving
the profitability and the continuing financial support from its
stockholders.  Management believes the existing shareholders will
provide the additional cash to meet the Company's obligations as
they become due.

The Company reported a net loss of $2.09 million on $1.95 million
of net revenues for the year ended Oct. 31, 2013, compared with
net income of $1.47 million on $3.05 million of net revenues for
the fiscal year ended Oct. 31, 2012.



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


3C BAR: Closes Shop, In Hands of Liquidator
-------------------------------------------
Worcester News reports that another bar operated by the owner of
the now closed Molly Malone's Irish pub has now also closed and
been put in the hands of a liquidator.

Jeremy Morley, who was appointed liquidator of Molly Malone's said
he had now also been appointed liquidator of 3C Bar in Chews Lane,
according to Worcester News.

The report relates that the two companies, operated by Ewan
Henderson, are understood to owe hundreds of thousands of dollars
to the landlord who owns both properties, liquor supplier DB
Breweries, the Inland Revenue Department and other suppliers.

Mr. Morley said both businesses would now be put up for sale, the
report notes.

The ten staff at Molly Malone's would be given notice and the same
would probably happen to staff at the 3C bar, the report relays.

The report notes that Mr. Morley had met with the landlord's
representatives and had discussions with the brewery and would be
looking to sell both business to a new operator in the next two
weeks.

Mr. Morley expected the bars to remain closed in the meantime, the
report adds.


MERCHANT + CAPITAL: Two Directors' Parole Hearing Deferred
----------------------------------------------------------
Kelly Dennett at Fairfax NZ News reports that jailed Merchant +
Capital Finance directors Neal Nicholls and Wayne Douglas have had
their first parole hearings deferred after an error was made with
their eligibility dates.

The Merchant + Capital fraudsters were both jailed for more than
eight years each after pleading guilty to misleading investors in
charges brought by the Serious Fraud Office and the Financial
Markets Authority, according to Fairfax NZ.

Both were due to become eligible for parole this month after
serving a third of their sentences but both their hearings were
abandoned after discrepancies were discovered about when they had
officially served a third, according to hearing reports released
to Fairfax Media.

Fairfax NZ relates that in the reports Parole Board panel convener
Judge Louis Bidois noted that Nicholl's parole eligibility should
have been in June this year, rather than January, and Douglas'
hearing was due in March.

Both hearings were stood down while clarification was sought from
Justice Geoffrey Venning, who was the last to sentence the pair,
and they were eventually given new eligibility dates -- Nicholls
in May and Douglas in April, Fairfax NZ says.

Fairfax NZ notes that confusion seemed to arise because the pair
were each given two sentences, one in 2012 and another in 2013, to
be served cumulatively.

In Nicholls' hearing report, Judge Bidois noted that Nicholls had
raised the issue of eligibility in September last year, Fairfax NZ
relays.

"There had been no official response it seems," the report, as
cited by Fairfax NZ, said.

The pair were jailed along with co-director Owen Tallentire after
being convicted of theft in a special relationship, to the tune of
a combined NZ$32 million, the report notes.

                       About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.



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


RURAL BANK OF STA. RITA: Arrest Warrants Issued vs. Bank Officers
-----------------------------------------------------------------
A mother and her daughter who were former bank officers charged
with large-scale estafa continue to elude justice.

Charged by the Department of Justice (DOJ) with 19 counts of
large-scale estafa under Presidential Decree No. 1689 and 19
counts of creation of fictitious loans in violation of Section 21
(f)(5) of Republic Act 3591 or the amended Charter of the PDIC
before the Regional Trial Court (RTC) of Guagua, Pampanga, Branch
51 were Sylvia R. de Castro and daughter Mary Jane C. Acol, former
Assistant Manager and Corporate Secretary and shareholder,
respectively, of the closed Rural Bank of Sta. Rita (Pampanga).
The cases were based on a complaint by the Philippine Deposit
Insurance Corporation (PDIC), Liquidator of RB Sta. Rita, after
the conduct of preliminary investigation. Both mother and daughter
have remained at large as police authorities in Pampanga have been
unable to serve their warrants of arrest to date. PDIC is
requesting the public's assistance for any information that may
assist in the arrest of de Castro and Acol. The public may contact
the PDIC Investigation Department at the 9th Floor, SSS Bldg.,
6782 Ayala Ave. corner V.A. Rufino St., Makati City or call (02)
841-4120, (02) 841-4124 or (02) 841-4125.

The RTC issued alias warrants of arrest against the accused on
December 10, 2014 after the police reported that the original
warrants issued have remained unserved. The 3rd Regional Public
Safety Battalion of Pampanga is currently pursuing efforts to
enforce the warrants of arrest against the accused.

Earlier, the DOJ has directed the Bureau of Immigration to issue a
lookout bulletin against the accused to discourage them from
leaving the country as well as to monitor their movements. The
PDIC has requested the court to issue a Hold-Departure Order (HDO)
against de Castro and Acol set for hearing on March 3, 2015.

The criminal charges alleged that de Castro and Acol conspired,
from February 2005 to August 2006, to misappropriate, convert and
divert funds of RB of Sta. Rita by creating 19 fictitious loans
totaling PHP5.96 million, through the falsification of commercial
documents, and diverting PHP4.2 million worth of the proceeds of
the fictitious loan accounts to Acol's personal bank account.

The purported borrowers neither participated in the execution of
the loan and commercial documents, nor received the loan proceeds
of PHP4.2 million.

The accused filed an Omnibus Motion to remand the cases to the DOJ
for preliminary investigation, and recall previously issued
warrants of arrest or defer the issuance of warrants of arrest. On
October 13, 2014, the RTC denied the accused's Omnibus Motion and
directed the issuance of warrants of arrest against both de Castro
and Acol.

PDIC is authorized to conduct investigations and file appropriate
cases against erring bank officials and unscrupulous individuals.
PDIC vigorously pursues legal action against erring bank officers,
for the benefit of depositors/creditors and to protect the Deposit
Insurance Fund (DIF), PDIC's funding source for payment of insured
deposits.

RB of Sta. Rita was placed under PDIC receivership in
January 2009.



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


DONGBU GROUP: Building Unit Subcontractors Face Liquidity Crisis
----------------------------------------------------------------
Kim Jae-won at The Korea Times reports that hundreds of Dongbu
Corp. subcontractors are facing a liquidity crisis after the
group's mid-sized construction unit filed for court receivership
last month, financial authorities said.

The report relates that the Financial Services Commission (FSC)
and the Financial Supervisory Service (FSS) said about 280
subcontractors with transactions worth more than KRW500 million
($459,000) faced a credit crunch.

"We do not rule out the possibility that subcontractors, which
have had relatively big size orders, will face a credit crisis,"
the authorities said in a statement, after an urgent meeting
chaired by Koh Seung-beom, head of the General Administration
Division of the FSC, the report relays.

The subcontractors had combined orders worth KRW198.1 billion with
an average of KRW700 million per subcontractor, according to the
statement obtained by The Korea Times.

The Korea Times relates that the authorities also said they would
look into 23 Dongbu subcontractors, whose exposure to the
construction company was more than 10 percent of their annual
revenue.  The FSC and the FSS said that to avoid additional court
receivership, they would restructure subcontractors in crisis
through workout programs, the report states.

According to the report, Korea Development Bank (KDB), Dongbu's
main creditor, said it would seek to protect the subcontractors in
cooperation with the authorities and the court. Dongbu owed
KRW261.8 billion to financial companies, including the state-run
KDB.

The key creditor bank has been reluctant to extend financial
support to the group as its chairman, Kim Jun-ki, has not accepted
creditors' demands that he give up managerial control of the group
in return for financial support, the report says.

                        About Dongbu Group

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

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

The Group's construction arm filed for court receivership in
December 2014.  The builder has accumulated debts totaling KRW137
billion (US$125.9 million) due to mature by the end of 2016, with
retail investors accounting for KRW23 billion, Yonhap News said.


HYUNDAI GROUP: KDB to Select Buyer for Hyundai Securities Unit
--------------------------------------------------------------
Choi Kyong-ae at The Korea Times reports that Korea Development
Bank (KDB) will select a preferred bidder for Hyundai Securities
as early as this week to sign a deal in March, the state-owned
bank's chairman said on Jan. 28.

"We have received bids from Japan's Orix Corp and Korea's private
equity company Pinestreet for a controlling stake in the
brokerage," the report quotes KDB Chairman and Chief Executive
Hong Kyttack as saying at a press conference in western Seoul.

According to the report, the chairman said KDB plans to pick the
preferred bidder either late this week or early next week after
considering their offers, as well as their plans to raise funds
and operate Hyundai Securities after acquisition.

The two bidders have reportedly offered more than KRW1 trillion
($922 million) for the combined 36.4 percent stake in Hyundai
Securities owned by Hyundai Merchant Marine and other
shareholders, the report says.

The stake has been up for sale since 2003 when the shipping
company's parent Hyundai Group outlined plans to sell financial
assets to reduce its debts, The Korea Times discloses. KDB is the
main creditor bank of Hyundai Group.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2014, The Korea Times said Hyundai Group's plan to
sell its core assets to secure cash is raising concerns due to
uncertainties in the sales process and economic situation.
According to the report, analysts said the plan may help address
the group's liquidity shortage to some extent, but may create
other problems by making key businesses unstable.  The Korea Times
said such concerns were raised after Hyundai announced in December
2013 that it would secure over KRW3.3 trillion by selling all
three of its financial units -- Hyundai Securities, Hyundai
Savings Bank and Hyundai Asset Management -- in a bid to avoid a
liquidity crisis and lower its high debt ratio.

Hyundai, once South Korea's largest conglomerate, has shrunk to
become a minor player since the Asian financial crisis of 1997
prompted the spin-off of key auto and shipbuilding units.



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


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

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


AUSTRALIA

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

ABHISHEK CORPORA         ABSC            53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD           ALPI           201.29        -41.70
AMIT SPINNING            AMSP            12.85         -7.68
ARTSON ENGR               ART            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
ASHIMA LTD               ASHM            63.23        -48.94
ATV PROJECTS              ATV            48.47        -43.93
BELLARY STEELS           BSAL           451.68       -108.50
BENZO PETRO INTL          BPI            26.77         -1.05
BHAGHEERATHA ENG         BGEL            22.65        -28.20
BINANI INDUS LTD          BZL         1,163.38        -38.79
BLUE BIRD INDIA          BIRD           122.02        -59.13
CELEBRITY FASHIO         CFLI            24.96         -8.26
CHESLIND TEXTILE          CTX            20.51         -0.03
CLASSIC DIAMONDS          CLD            66.26         -6.84
COMPUTERSKILL             CPS            14.90         -7.56
DCM FINANCIAL SE        DCMFS            18.46         -9.46
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
DISH TV INDIA            DITV           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
DUNCANS INDUS             DAI           122.76       -227.05
ENSO SECUTRACK           ENSO            15.57         -0.46
EURO CERAMICS            EUCL           110.62         -6.83
EURO MULTIVISION         EURO            36.94         -9.95
FERT & CHEM TRAV          FCT           314.24        -76.26
GANESH BENZOPLST          GBP            44.05        -15.48
GANGOTRI TEXTILE         GNTX            54.67        -14.22
GOKAK TEXTILES L         GTEX            46.36         -0.29
GOLDEN TOBACCO            GTO            97.40        -18.24
GSL INDIA LTD             GSL            29.86        -42.42
GSL NOVA PETROCH         GSLN            16.53         -1.31
GUJARAT STATE FI          GSF            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
INTEGRAT FINANCE          IFC            49.83        -51.32
JCT ELECTRONICS          JCTE            80.08        -76.70
JENSON & NIC LTD           JN            16.49        -71.70
JET AIRWAYS IND         JETIN         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
JOG ENGINEERING           VMJ            45.90         -5.28
KALYANPUR CEMENT         KCEM            23.39        -42.66
KERALA AYURVEDA          KERL            13.97         -1.69
KIDUJA INDIA              KDJ            11.16         -3.43
KINGFISHER AIR           KAIR           515.93     -2,371.26
KINGFISHER A-SLB       KAIR/S           515.93     -2,371.26
KITPLY INDS LTD           KIT            14.77        -58.78
KLG SYSTEL LTD           KLGS            40.64        -27.37
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
MILTON PLASTICS          MILT            17.67        -51.22
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB         MBI/S           727.13       -165.63
MTZ POLYFILMS LT          TBE            31.94         -2.57
MURLI INDUSTRIES         MRLI           262.39        -38.30
MYSORE PAPER             MSPM            87.99         -8.12
NATL STAND INDI          NTSD            22.09         -0.73
NAVCOM INDUS LTD          NOP            10.19         -3.53
NICCO CORP LTD           NICC            71.84         -4.91
NICCO UCO ALLIAN         NICU            23.25        -83.90
NK INDUS LTD              NKI           141.35         -7.71
NRC LTD                  NTRY            63.70        -53.01
NUCHEM LTD                NUC            24.72         -1.60
PANCHMAHAL STEEL          PMS            51.02         -0.33
PARAMOUNT COMM           PRMC           124.96         -0.52
PARASRAMPUR SYN           PPS            99.06       -307.14
PAREKH PLATINUM          PKPL            61.08        -88.85
PIONEER DISTILLE          PND            53.74         -5.62
PREMIER INDS LTD         PRMI            11.61         -6.09
PRIYADARSHINI SP         PYSM            20.80         -2.28
QUADRANT TELEVEN         QDTV           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
ROYAL CUSHION            RCVP            14.70        -75.18
SAAG RR INFRA LT         SAAG            12.54         -4.93
SADHANA NITRO             SNC            16.74         -0.58
SANATHNAGAR ENTE         SNEL            49.23         -6.78
SANCIA GLOBAL IN         SGIL            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
SHAMKEN COTSYN            SHC            23.13         -6.17
SHAMKEN MULTIFAB          SHM            60.55        -13.26
SHAMKEN SPINNERS          SSP            42.18        -16.76
SHREE GANESH FOR         SGFO            44.50         -2.89
SHREE KRISHNA            SHKP            14.62         -0.92
SHREE RAMA MULTI         SRMT            38.90         -4.49
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
STELCO STRIPS            STLS            14.90         -5.27
STI INDIA LTD            STIB            21.69         -2.13
STL GLOBAL LTD           SHGL            30.73         -5.62
STORE ONE RETAIL         SORI            15.48        -59.09
SUPER FORGINGS            SFS            14.62         -7.00
SURYA PHARMA             SUPH           370.28         -9.97
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
TATA TELESERVICE         TTLS         1,311.30       -138.25
TATA TELE-SLB          TTLS/S         1,311.30       -138.25
TODAYS WRITING           TWPL            18.58        -25.67
TRIUMPH INTL             OXIF            58.46        -14.18
TRIVENI GLASS            TRSG            19.71        -10.45
TUTICORIN ALKALI         TACF            19.86        -19.58
UDAIPUR CEMENT W          UCW            11.38        -10.53
UNIFLEX CABLES           UFCZ            47.46         -7.49
UNIWORTH LTD               WW           149.50       -151.14
UNIWORTH TEXTILE          FBW            22.54        -35.03
USHA INDIA LTD           USHA            12.06        -54.51
VANASTHALI TEXT           VTI            14.59         -5.80
VENUS SUGAR LTD            VS            11.06         -1.08
WANBURY LTD              WANB           141.86         -3.91
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

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


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
FILSYN CORP A             FYN            23.11        -11.69
FILSYN CORP. B           FYNB            23.11        -11.69
GOTESCO LAND-A             GO            21.76        -19.21
GOTESCO LAND-B            GOB            21.76        -19.21
LIBERTY TELECOMS          LIB            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
PICOP RESOURCES           PCP           105.66        -23.33
STENIEL MFG               STN            21.07        -11.96
UNIWIDE HOLDINGS           UW            50.36        -57.19


SINGAPORE

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


THAILAND

ABICO HLDGS-F         ABICO/F            15.28         -4.40
ABICO HOLDINGS          ABICO            15.28         -4.40
ABICO HOLD-NVDR       ABICO-R            15.28         -4.40
ASCON CONSTR-NVD      ASCON-R            59.78         -3.37
ASCON CONSTRUCT         ASCON            59.78         -3.37
ASCON CONSTRU-FO      ASCON/F            59.78         -3.37
BANGKOK RUBBER            BRC            77.91       -114.37
BANGKOK RUBBER-F        BRC/F            77.91       -114.37
BANGKOK RUB-NVDR        BRC-R            77.91       -114.37
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
CIRCUIT ELEC PCL       CIRKIT            16.79        -96.30
CIRCUIT ELEC-FRN     CIRKIT/F            16.79        -96.30
CIRCUIT ELE-NVDR     CIRKIT-R            16.79        -96.30
ITV PCL-NVDR            ITV-R            36.02       -121.94
K-TECH CONSTRUCT        KTECH            38.87        -46.47
K-TECH CONSTRUCT      KTECH/F            38.87        -46.47
K-TECH CONTRU-R       KTECH-R            38.87        -46.47
KUANG PEI SAN          POMPUI            17.70        -12.74
KUANG PEI SAN-F      POMPUI/F            17.70        -12.74
KUANG PEI-NVDR       POMPUI-R            17.70        -12.74
PATKOL PCL              PATKL            52.89        -30.64
PATKOL PCL-FORGN      PATKL/F            52.89        -30.64
PATKOL PCL-NVDR       PATKL-R            52.89        -30.64
PICNIC CORP-NVDR      PICNI-R           101.18       -175.61
PICNIC CORPORATI        PICNI           101.18       -175.61
PICNIC CORPORATI      PICNI/F           101.18       -175.61
SHUN THAI RUBBER        STHAI            19.89         -0.59
SHUN THAI RUBB-F      STHAI/F            19.89         -0.59
SHUN THAI RUBB-N      STHAI-R            19.89         -0.59
TONGKAH HARBOU-F        THL/F            62.30         -1.84
TONGKAH HARBOUR           THL            62.30         -1.84
TONGKAH HAR-NVDR        THL-R            62.30         -1.84
TRANG SEAFOOD             TRS            15.18         -6.61
TRANG SEAFOOD-F         TRS/F            15.18         -6.61
TRANG SFD-NVDR          TRS-R            15.18         -6.61
TT&T PCL                 TTNT           589.80       -223.22
TT&T PCL-NVDR          TTNT-R           589.80       -223.22
TT&T PUBLIC CO-F       TTNT/F           589.80       -223.22
WORLD CORP -NVDR      WORLD-R            15.72        -10.10
WORLD CORP PCL          WORLD            15.72        -10.10
WORLD CORP PLC-F      WORLD/F            15.72        -10.10


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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