TCRAP_Public/150204.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

          Wednesday, February 4, 2015, Vol. 18, No. 024


                            Headlines


A U S T R A L I A

BURDINES PTY: Second Creditors' Meeting Set For February 9
EDS AUSTRALASIA: First Creditors' Meeting Set For Feb. 10
MARION ENERGY: First Creditors' Meeting Set For Feb. 11
MISSCHU PTY: Founder Reveals How ATO Cost Her Business


C H I N A

CHALIECO HK: S&P BB Issue Rating Unaffected by Scale Rating Rise
KAISA GROUP: Company Project Disposal No Impact on Moody's Ca CFR
SHIMAO PROPERTY: Fitch Rates Proposed USD Notes 'BB+(EXP)'


I N D I A

AEKTA COT: ICRA Suspends B+ Rating on INR10cr Cash Credit
AFP MANUFACTURING: CRISIL Reaffirms D Rating on INR62MM Loan
AJITA SIL-CHEM: ICRA Suspends B+ Rating on INR6.87cr Term Loan
ARCHIT PLYWOOD: ICRA Assigns B Rating to INR4cr LT Loan
ARDEE HI-TECH: ICRA Withdraws B+ Rating on INR20cr Bank Loan

ASB PROJECTS: ICRA Assigns B+ Rating to INR9.50cr Term Loan
BHARTIYA ALLOYS: ICRA Reaffirms B+ Rating on INR11.25cr LT Loan
CHEM STAR: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
COMMTRADE METALS: CRISIL Assigns B Rating to INR95MM Cash Loan
D K CERAMIC: CRISIL Assigns B Rating to INR50MM Term Loan

ELECTROKINGS: CRISIL Rates INR50MM Bank Guarantee at B+
FANTASTIC HOSPITALITY: ICRA Suspends C Rating on INR6cr LT Loan
FORCE INDIA: Is 'Insolvent,' F1 Insider Claims
INDIA DENIM: ICRA Withdraws C+ Rating on INR24.35cr Term Loan
JAIN IRRIGATION: CRISIL Reaffirms B+ Rating on INR5.07BB Loan

JC GRAPHICS: ICRA Suspends B- Rating on INR12cr Bank Limit
KRANTIVEER VASANTRAO: CRISIL Reaffirms INR188.7M Loan's D Rating
KRITIKA VEGETABLE: ICRA Cuts Rating on INR11cr LT Loan to D
KTC THREADS: ICRA Reaffirms B Rating on INR11cr Cash Credit
LAVANYAAS COTTON: CRISIL Ups Rating on INR31.5MM Term Loan to B+

MAHAVIR EDUCATIONAL: ICRA Reaffirms B- Rating on INR6.17cr Loan
MAK CONSTRUCTIONS: ICRA Puts B+ Rating on INR12.50cr LT Loan
MUTKIRI SPINNING: CRISIL Assigns B Rating to INR70MM Cash Loan
NAVSHAKTI FILAMENTS: ICRA Assigns B+ Rating to INR4.26cr Loan
NEMLAXMI BOOKS: ICRA Reaffirms B+ Rating on INR7cr Cash Credit

R B ELECTRONICS: ICRA Assigns 'SP 3D' Grading
REGAL TRANSCORE: CRISIL Ups Rating on INR87.5MM Cash Loan to B-
RICHA INTERNATIONAL: CRISIL Rates INR60MM Packing Credit at B
RISHABH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan
SCHALTECH AUTOMATION: CRISIL Suspends B Rating on INR65MM Loan

SHREE SHIVAM: ICRA Suspends B Rating on INR4cr Cash Credit
SHREE SIDDHIVINAYAKA: CRISIL Reaffirms C Rating on INR75MM Loan
SPACE AGE: ICRA Suspends B+ Rating on INR19.36cr Bank Loan
SUNRAJ CYCLE: ICRA Reaffirms B Rating on INR5.20cr Term Loan
SUSEE TRUCKS: ICRA Assigns B+ Rating to INR6cr LT Fund Based Loan

TRISUL FOODS: CRISIL Assigns B- Rating to INR60MM Whse Receipts
VICTORIAN LABEL: CRISIL Assigns B+ Rating to INR40.5MM Term Loan
YAK GRANITE: ICRA Suspend D Rating on INR9.35cr LT Loan


I N D O N E S I A

SOLUSI TUNAS: S&P Assigns 'BB-' CCR; Outlook Stable


J A P A N

SKYMARK AIRLINES: Shares Dive as Carrier Heads for Bankruptcy
SKYMARK AIRLINES: Seeks 'Business Sponsor' in Bankruptcy
SKYMARK AIRLINES: Owes $125.1MM to GE Capital Aviation


N E W  Z E A L A N D

EXCEL MARKETS: Returns 96% of Client Funds; Winds Up Operations


S I N G A P O R E

AMTEK GLOBAL: S&P Assigns 'B+' CCR; Outlook Stable
STATS CHIPPAC: Weak FY2014 Results No Impact on Moody's Ba3 CFR


                            - - - - -


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


BURDINES PTY: Second Creditors' Meeting Set For February 9
----------------------------------------------------------
Eloise Keating at SmartCompany reports that a second meeting of
creditors of collapsed women's clothing retail chain is scheduled
for February 9.

SmartCompany relates that 12 Burdines clothing stores were located
in the Melbourne suburbs of Frankston, Moonee Ponds, Ivanhoe,
Doncaster East, Croydon, Glen Waverley, Ringwood and Hampton, as
well as regional stores in Geelong, Bendigo, Ballarat and Albury.

Robyn Erskine and Peter Goodin of Brooke Bird were appointed as
administrators of Burdines on January 12 and at least two stores
have already shut, according to the report.

SmartCompany says that just days before administrators were called
in, the Border Mail reported the Albury store, which was one of
the regional town's oldest retail businesses, was closing.

The Burdines store in Moonee Ponds has also closed and all stock
and fittings have been removed, relays SmartCompany.

According to the report, Border Mail said the Albury store was one
of the first outlets to open when the Burdines business was
founded in 1969.

The company confirmed the closure to the Border Mail on January 7
but a spokesperson declined to say why, SmartCompany says.

"It is a family company and a family decision," the report quotes
the spokesperson as saying.

The URL for the Burdines website is currently redirecting visitors
to a placeholder site, SmartCompany notes. The first meeting of
Burdines creditors took place on January 21 and a second meeting
is scheduled for February 9.


EDS AUSTRALASIA: First Creditors' Meeting Set For Feb. 10
---------------------------------------------------------
Ronald Dean-Willcocks of Dean-Willcocks Insolvency Solutions was
appointed as administrator of EDS Australasia Pty Limited on Jan.
29, 2015.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Insolvency Solutions, Level 2, 32 Martin Place, in
Sydney, on Feb. 10, 2015, at 9:00 a.m.


MARION ENERGY: First Creditors' Meeting Set For Feb. 11
-------------------------------------------------------
James Patrick Downey of J P Downey & Co was appointed as
administrator of Marion Energy Limited on Jan. 31, 2015.

A first meeting of the creditors of the Company will be held at
J P Downey & Co, Level 1, 22 William Street, in Melbourne, on
Feb. 11, 2015, at 11:00 a.m.


MISSCHU PTY: Founder Reveals How ATO Cost Her Business
------------------------------------------------------
Eloise Keating at SmartCompany reports that MissChu Pty Ltd is
running a social media campaign to remind customers it is still
open.

SmartCompany relates that Nahji Chu, the founder of Vietnamese
food chain Miss Chu, said her company would not have collapsed
into voluntary administration if the Australian Tax Office had
granted her request for an extension to pay her tax bill.

Amidst launching a social media campaign to remind customers the
MissChu business is still trading, Ms. Chu revealed to
SmartCompany she asked the ATO to grant her a three-month
extension to her tax bill to allow her to open two new MissChu
outlets in Double Bay and Balmain in Sydney.

"[The new stores] would have allowed me to pay my bills but the
Tax Office didn't see it that way," Ms. Chu told SmartCompany.

SmartCompany relates that Ms. Chu said she was in the process of
"restructuring the company's corporate structure to be more
conducive to tax liabilities" in late 2014 but "ran out of time"
to get the right processes in place.

The Sydney operations of MissChu were placed in voluntary
administration just days before Christmas, with administrators
Rahul Goyal and Jannamaria Robertson of KordaMentha appointed on
December 23, 3014.

SmartCompany recalls that Ms. Chu has previously said she would
attempt to buy back the business, which has continued to trade
throughout the administration process, and last month said on
Facebook the patronage of the Sydney stores means "the business
will not be put into liquidation".  Ms. Chu said in the same
statement the MissChu restaurant in London has closed and the
international licence will be sold.

Ms. Chu said she is currently "in the dark" as to the progress of
the administration process, but believes KordaMentha received as
many as 56 offers for the business, which were shortlisted to 12
offers, SmartCompany adds.

"The word from their office is there are now maybe five or six
offers but as to whether I am part of the shortlist, I have no
idea," the report quotes Ms. Chu as saying.



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


CHALIECO HK: S&P BB Issue Rating Unaffected by Scale Rating Rise
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term Greater
China regional scale rating on the senior unsecured perpetual
securities of Chalieco Hong Kong Corp. Ltd. to 'cnBBB-' from
'cnBBB'.  China Aluminum International Engineering Corp. Ltd.
(Chalieco: BB+/Stable/--; cnBBB+/--) guarantees the notes.  The
corporate credit rating and the Greater China regional scale on
Chalieco and the 'BB' issue rating on the notes are not affected.

S&P lowered the Greater China rating in line with S&P's revised
criteria for regional scale ratings.  Due to an error, S&P did not
lower the Greater China regional scale rating on the notes of
Chalieco Hong Kong Corp. Ltd. at the time that S&P lowered those
on six other corporate hybrid issues in Asia-Pacific.  A corrected
ratings list follows.

Ratings List

Chalieco Hong Kong Corp. Ltd. (Guarantor: China Aluminum
International Engineering Corp. Ltd.)
  US$300 mil. Sr. Unsecd             To             From
Perpetual Capital Securities         cnBBB-         cnBBB



KAISA GROUP: Company Project Disposal No Impact on Moody's Ca CFR
-----------------------------------------------------------------
Moody's Investors Service says that Kaisa Group Holdings Ltd's (Ca
negative) sale of its Shanghai projects is credit positive, but
has no immediate impact on its Ca corporate family and senior
unsecured debt ratings.

At the same time, the purchase by Sunac China Holdings Limited
(Ba3 stable) of Kaisa's assets has no immediate impact on its Ba3
corporate family rating and B1 senior unsecured debt rating.

On 1 February, Kaisa announced that it has conditionally agreed to
sell four of its projects in Shanghai to Sunac for a total
consideration of RMB2.37 billion. The transactions are still
pending approval from Kaisa's shareholders, creditors and relevant
PRC authorities.

Under the sale and purchase agreement, Kaisa has the right to
repurchase the projects within 12 months, subject to certain
conditions and with a 10% premium on the total consideration,
relevant costs and capital injected by Sunac.

"Kaisa's asset sales will improve its liquidity but will not
resolve its current financial troubles," says Franco Leung, a
Moody's Vice President and Senior Analyst.

"Kaisa's asset sales will mostly benefit its onshore creditors at
the project level. The benefit is unlikely to accrue to its
offshore creditors, given their subordinated position," adds
Leung.

Moody's will monitor whether the disposal will proceed as planned.
In January 2015, Kaisa announced that its planned asset sale to
China Vanke Co. Ltd. (Baa2 stable) had been terminated, without
giving specific reasons.

Moody's will also monitor whether Kaisa will settle its missed
interest payment due on 8 January 2015, in relation to the USD500
million 10.25% senior notes due 2020, within the 30-day cure
period.

On the other hand, Moody's sees no immediate impact on Sunac's
credit profile from the asset purchases, given that the
acquisitions are of manageable size and that the execution risks
are mitigated by Sunac's strong presence in the Shanghai property
market.

However, further material acquisitions by Sunac or an apparent
increase in its risk appetite could reduce its liquidity and
pressure its ratings.

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

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

Sunac China Holdings Limited is an integrated residential and
commercial property developer, with ongoing or completed projects
in China's main regions of Beijing, Tianjin, Shanghai, Chongqing
and Hangzhou.

The company was incorporated in the Cayman Islands on 27 April
2007 and listed on the Hong Kong Stock Exchange on 7 October 2010.
At end-June 2014, it owned 67 projects and had a land bank of 21.9
million square meters.


SHIMAO PROPERTY: Fitch Rates Proposed USD Notes 'BB+(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned property developer Shimao Property
Holdings Limited's (BB+/Stable) proposed US dollar denominated
seven-year senior unsecured notes an expected rating of
'BB+(EXP)'.

The bonds are rated at the same level as Shimao's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company. The final ratings are
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Contracted Sales Increased: Despite weak market conditions, Shimao
achieved CNY70bn of contracted sales in 2014, which is a 5% y-o-y
increase. Fitch believes the improved internal management through
eight key regions and the implementation of an SAP IT system allow
better day-to-day management of regional operations and sales.

Region-focused Player: Shimao has become a leading player in the
Yangtze River Delta region while maintaining operations across
China. Shimao continued to focus on key cities such as Hangzhou,
Shanghai, Ningbo and the Jiangsu province, as well as on tourism
properties. These accounted for 83% of contracted sales in 2013,
compared with 64% in 2012. Fitch believes Shimao can leverage on
market leadership, brand reputation, local know-how and
operational efficiency in these regions. In 2013, 70% of its 36
million sqm land bank was in the above cities.

Shift of Product Mix: To improve contracted sales Shimao adjusted
its residential property development mix to focus on first-time
home buyers and upgraded the quality of housing stock. Shimao
continues to focus on small- to medium-sized units of 90 sqm to
140 sqm, which accounted for 75% to 80% of its units available for
sale in 2012 and 2013.

Stable EBITDA Margins: Shimao had EBITDA margins of 29% for 2012
and 2013. This is lower than its historical margins of above 30%,
as Shimao shifted its product mix to first-time buyers and
upgraders. However, the current EBITDA margin of 29% is still
higher than its BB-rated peers, which have 20% to 25% EBITDA
margins. Fitch expects Shimao to maintain its EBITDA margin at
around the current level for the next two years, but it may
decline as competition intensifies in the sector.

Delivery of Prudent Financial Strategy: During the challenging
operating environment in 2011, Shimao demonstrated operational
flexibility and prudent financial management. It slowed down land
acquisitions to conserve cash, and it was able to depend on strong
support from over 10 onshore and offshore banks, which continue to
support the company. In 2013 and 2014, Shimao actively managed its
offshore debt maturity profile by refinancing its debt ahead of
maturity. This has resulted in interest costs falling to around
7.4% in 2013 from over 8% in 2012. Management's focus on
maintaining both ample liquidity and ready access to various
funding channels further supports its ratings.

Stable Operating Performance: Fitch expects Shimao to maintain a
stable operating performance and prudent financial policies in the
short to medium term. A large and well-located land bank of 36
million sqm across China and its proven track record in selective
expansion in third-tier cities and tourism properties also support
Shimao's rating.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- continued weakening of the operating environment, leading to
    EBITDA margin erosion below 20% (26.6% at end-June 2014 and
    39.0%at end-2013)

-- aggressive debt-funded expansion leading to net debt-to-
    inventory sustained above 40% (38.5% at end-June 2014 and
    30.1% at end-2013)

-- Contracted sales/gross debt below 1.25x (0.94x at end-June
    2014 and 1.3x at end-2013) on a sustained basis
-- Tightening liquidity due to a sustained fall in free cash
    flows, or weakened access to financing channels

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- Longer track record of operating as a nationwide developer
     with leadership in multiple cities with a sound financial
     profile.



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I N D I A
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AEKTA COT: ICRA Suspends B+ Rating on INR10cr Cash Credit
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore fund based cash credit facility of Aekta Cot Fibres). The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B+ Suspended

Established in 2007, ACF is a partnership firm owned and managed
by Mr. Amit Patel, Mr. Ramesh Patel and other members of the
family. It is engaged in ginning of raw cotton to produce cotton
bales and cotton seeds. It deals in S-6 type of cotton. The firm
has 24 ginning machines with production capacity of 240 cotton
bales per day.


AFP MANUFACTURING: CRISIL Reaffirms D Rating on INR62MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of AFP
Manufacturing Company Pvt Ltd (AFP) continues to reflect instances
of delay by AFP in meeting its term loan obligations; the delays
are on account of the company's weak liquidity because of
significant debt-funded capital expenditure in 2011-12 (refers to
financial year, April 1 to March 31) and 2012-13.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           53         CRISIL D (Reaffirmed)
   Term Loan             62         CRISIL D (Reaffirmed)

AFP has a modest financial risk profile, marked by high gearing,
and a short track record of operations. Moreover, the company is
exposed to increasing competition in the ready-to-eat food
industry, which limits its pricing power. However, the company
benefits from its wide geographic reach, diversified revenue and
product profiles, and its promoters' extensive industry
experience.

Incorporated in 2007 and promoted by Mr. Anil Aggarwal, AFP
manufactures salted snacks (namkeen) and other ready-to-eat
snacks, including bakery items such as rusks, biscuits, sweets,
and confectionary products. The company has three units, one in
Anantnag (Jammu & Kashmir), and two in Hajipur (Bihar). It
disposed of its unit in Bhiwadi (Rajasthan) during 2014-15. AFP
has been operating two restaurants, Shri Makhan and Appointment,
in New Delhi since 2010-11. It also undertakes catering orders for
multinational companies, to a limited extent. The company is based
in New Delhi.


AJITA SIL-CHEM: ICRA Suspends B+ Rating on INR6.87cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR4.50
crore fund based cash credit facility and the INR6.87 crore term
loan facility of Ajita Sil-Chem Private Limited (ASCPL) ICRA has
also suspended a short term rating of [ICRA]A4 assigned to the
INR2.00 crore non fund based facilities of ASCPL. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B+ suspended
   Term Loans            6.87        [ICRA]B+ suspended
   Bank Guarantee        1.00        [ICRA]A4 suspended
   Letter of Credit      1.00        [ICRA]A4 suspended

Incorporated in 1988, Ajita Sil Chem Pvt Ltd is engaged in the
manufacturing of ceramic wall tiles and parking tiles and is
promoted by Ashwin Patel, Vinod Patel and Pradip Patel. The
company has its manufacturing facility located at Kalol, Gujarat.
The plant has an installed capacity to manufacture 1215000 sq. mt
of wall tiles and 1215000 sq. mt of parking tiles p.a. It
currently sells under the brand name "Safari Gold".


ARCHIT PLYWOOD: ICRA Assigns B Rating to INR4cr LT Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B and the short-
term rating of [ICRA]A4 to the INR9.0 Crore bank facilities of
Archit Plywood Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   Facilities
   (LT Scale)            4.00         [ICRA]B; assigned

   Term Loan
   Facilities
   (LT Scale)            0.75         [ICRA]B; assigned

   Letter of Credit
   (ST Scale)            4.00         [ICRA]A4; assigned

   Unallocated
   (LT/ST Scale)         0.25         [ICRA]B/[ICRA]A4; assigned

ICRA's ratings take into account the modest and stagnant operating
scale of APPL, and the highly competitive and fragmented nature of
the industry it operates in, with the presence of numerous players
in both the organized and the unorganized sectors. The ratings
also factor in the company's high working capital intensity
arising from high inventory levels maintained for the primary raw
material, timber, which is procured in bulk during the timber
harvest season from different geographies. The high working
capital requirements coupled with the company's weak profitability
have resulted in a weak financial profile characterized by subdued
operating profit margins, net losses, weak interest coverage and
elevated Total debt/OPBDITA*. Further, the company is exposed to
the risk of adverse foreign exchange movements due to the lack of
a hedging mechanism. However, the ratings derive comfort from the
presence of the company's manufacturing facility in the wood and
wood product manufacturing hub- Gandhidham, Gujarat, which results
in benefits such as proximity to customers, access to raw
materials etc. The ratings also derive comfort from the periodic
equity infusion undertaken by the promoters, which has kept the
gearing at moderate levels.

The ability of the company to increase its scale of operations,
improve profitability and manage its working capital cycle
efficiently will be the key rating sensitivities.

Recent Results
In 2013-14, APPL reported an operating income of INR11.78 crore
and a net loss of INR0.35 crore as against an operating income of
INR11.80 crore and a net loss of INR0.65 crore in the previous
year.

APPL commenced operations from October 2011 and is engaged in the
trading of timber and manufacturing of plywood, veneer, block
board and flush doors. It sells the products under the registered
brand name "Archit". The company's head office is located in New
Delhi whereas the manufacturing facility is located in Gandhidham,
Gujarat.


ARDEE HI-TECH: ICRA Withdraws B+ Rating on INR20cr Bank Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR20 Crore
Bank line programme of Ardee Hi-Tech Private Limited, as the
company has fully redeemed the instrument on maturity or as the
company has not raised funds against the rated instrument. There
is no amount outstanding against the rated instrument.


ASB PROJECTS: ICRA Assigns B+ Rating to INR9.50cr Term Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR15.00
crore bank facilities of ASB Projects Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Bank
   Facilities-Term
   loan                  9.50         [ICRA]B+; assigned

   Unallocated Bank
   facilities            5.50         [ICRA]B+; assigned

ICRA's rating is constrained by ASB's exposure to market risks,
with current modest occupancy levels of around 31% of leasable
area. Further, given the high client and rental concentration
(with one tenant accounting for 50% of the currently leased area
and rentals) as well as the expiration of the lock-in period, the
company is exposed to vacancy risks, though the competitive rental
enjoyed by the tenant partially mitigates this concern.

Notwithstanding the growth in rental inflows over the last two
years, ICRA notes that the net lease rental inflow continues to
remain modest vis-a-vis the upcoming debt servicing obligations,
and that incremental investments will require timely funding tie-
ups to maintain liquidity. The absence of an escrow mechanism and
resultant risk of withdrawals further exposes the company to the
risk of cash flow mismatches, though the funding support extended
by the promoter group provides some comfort.

ICRA's ratings, however, positively factor in the favourable
location of ASB's mall- 'Ashok Cosmos Mall' in the commercial hub
of Agra, Uttar Pradesh, satisfactory tenant profile and presence
of fixed lease rental agreements, which reduce the volatility in
the lease rental inflows. The rating also takes comfort from the
existing tie up for multiplex operations which is expected to
support footfall growth going forward. While ICRA takes note of
the proposed commencement of operations of the multiplex from
April 2015 onwards, given the nascent stage of construction, the
ability of the company to commence operations as envisaged, as
well as attain optimal operating metrics remains to be seen.

In ICRA's view, the ability of the company to improve its monthly
lease rental income through leasing out of the vacant space in the
property as well as receive regular rental escalations from
existing tenants, along with ensuring timely collections of the
rentals, will be the key rating sensitivities. This apart, the
scale and funding mix of the future capital expenditure, if any,
will be a key rating monitorable.

Incorporated in 2005, ASB is a single asset company and is
currently managing the operations of a mall-Ashok Cosmos Mall in
Agra (Uttar Pradesh). The mall became operational in 2010 and has
a covered area of 3.36 lakh sq ft. ASB is a part of the Ashok
Group of Agra, which is present in diversified sectors spanning
auto dealerships, petroleum products dealership and hire-purchase,
finance and leasing business.

Recent Results
ASB reported a net profit of INR1.04 crore on an operating income
of INR4.18 crore in 2013-14 as against a net profit of INR0.42
crore on an operating income of INR2.32 crore in 2012-13.


BHARTIYA ALLOYS: ICRA Reaffirms B+ Rating on INR11.25cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR11.25
Crore fund based facilities of Bhartiya Alloys & Steel Cast
Limited. ICRA has also reaffirmed the [ICRA] A4 rating assigned to
INR3 Crore short term fund based sub-limit of BASCL's INR11.25
Crore fund-based limits. The INR0.25 crore non-fund based facility
of BASCL has been rated by ICRA at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        11.25       [ICRA]B+ reaffirmed
   Based-Cash Credit

   Short Term Fund        3.00       [ICRA]A4 reaffirmed
   based sub limit-
   EPC/PCFC/EBR/FBP

   Short term Non Fund    0.25       [ICRA]A4 reaffirmed
   Based-Bank Guarantee

The rating reaffirmation continues to factor in BASCL's small
scale of operations and weak financial position characterised by
low profitability, leveraged capital structure, weak coverage
indicators and stretched liquidity position emanating from high
inventory days. Given the cyclicality inherent in the industry and
need to maintain high inventory levels, the company is also
exposed to price risks and competitive pressures from the
organized and unorganized players in the industry. However the
ratings continue to factor in the established track record of the
management in the steel industry and advantages arising from
proximity to raw material suppliers.

Incorporated in 1996, Bhartiya Alloys & Steel Cast Ltd (BASCL) is
part of the Bhartiya group of Industries. The company commenced
its operations in 2002 and is engaged in the manufacturing and
trading of mild steel channels, angles, beams, flats and T-
sections. The company has a 5 acre plant located at Wada in
Maharashtra with a capacity to manufacture approximately 8,500 MT
of steel annually. The company has its registered office at
Rajasthan.

Recent Results
BASCL recorded a net profit of INR0.19 crore on an operating
income of INR29.70 crore for the year ending March 31, 2014.


CHEM STAR: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chem Star
International Pvt Ltd (CIPL) continues to reflect CIPL's modest
scale of operations, the customer concentration in its revenue
profile, and its below-average financial risk profile marked by a
small net worth. These rating weaknesses are partially offset by
the extensive experience of CIPL's promoters in the shrimp-trading
business.

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

Outlook: Stable

CRISIL believes that CIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations and generates substantial cash accruals while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if CIPL generates low cash accruals, or undertakes a
considerably large debt-funded capital expenditure (capex)
programme, weakening its financial risk profile.

Update
CIPL reported revenue of INR465 million for 2013-14 (refers to
financial year, April 1 to March 31), up 30 per cent year-on-year
driven by healthy offtake by existing customers. The company's
operating margin was 1.61 per cent for 2013-14. The margin is
expected to improve to 2.5 to 3.5 per cent over the medium term,
driven by the company's entry into the shrimp culture segment,
which is a high-margin business. CRISIL believes that CIPL's
revenue will increase over the medium term, supported by expected
increase in local demand for seafood and commencement of the
company's shrimp culture operations.

The company's financial risk profile is below average, marked by
high gearing and small net worth. The gearing was 2.80 times as on
March 31, 2014, because of debt contracted during 2013-14 to enter
the shrimp culture segment; the capex of INR12 million was funded
through debt of INR10 million and through internal accruals.
CIPL's net worth was INR23 million as on March 31, 2014, and is
expected to remain small over the medium term. The company's
financial risk profile is expected to remain below average, marked
by small net worth and high gearing, over the medium term.

The company has weak liquidity, marked by high utilisation of its
bank limits, at an average of more than 95 per cent, over the 12
months ended October 31, 2014, because of large working capital
requirements. The company is likely to generate annual net cash
accruals of INR2.8 million to INR5.6 million, which will be
sufficient to meet its debt obligations of INR0.8 million to
INR1.6 million, over the medium term. CRISIL believes that CIPL's
liquidity will remain constrained by its large working capital
requirements over the medium term.

CIPL, set up in 2011, trades in shrimp. The company is promoted by
Mr. Shaik Mahaboob and his family members.


COMMTRADE METALS: CRISIL Assigns B Rating to INR95MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Commtrade Metals (CM).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             63       CRISIL B/Stable
   Proposed Working
   Capital Facility      25       CRISIL B/Stable
   Buyer Credit Limit    67       CRISIL A4
   Cash Credit           95       CRISIL B/Stable

The ratings reflect the susceptibility of the firm's operating
profitability to volatility in raw material prices and below-
average financial risk profile marked by a highly leveraged
capital structure. These rating weaknesses are partially offset by
the promoters' extensive experience in the aluminium recycling
industry.

Outlook: Stable

CRISIL believes that CM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports higher-
than-expected growth in revenue along with better profitability,
leading to improvement in its cash accruals and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
CM's working capital requirements increase substantially, or it
undertakes any large debt-funded capital expenditure programme,
leading to a weak financial risk profile.

Set up in 2010, CM is a partnership firm that manufactures
aluminium alloy ingots and aluminium die castings. The firm is
based in Chennai (Tamil Nadu) and its day-to-day operations are
being managed by the partners Mr. Uzair Ahmed, Mr. Jahir Ahmed,
and Mr. Vipul Kumar Agarwal.

CM reported a net loss of INR8.5 million on a revenue of INR259
million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net loss of INR4.6 million on a revenue of
INR336 million for 2012-13.


D K CERAMIC: CRISIL Assigns B Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of D K Ceramic (DKC).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    42.5      CRISIL B/Stable
   Bank Guarantee        12.5      CRISIL A4
   Cash Credit           20        CRISIL B/Stable

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

Outlook: Stable

CRISIL believes that DKC will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if DKC stabilizes its operations on time,
leading to substantially high cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of low accruals
because of low sales or profitability, or weakening of financial
risk profile because of substantial working capital requirements
or debt-funded capital expenditure.

DKC is a Morbi (Gujarat)-based partnership firm set up in 2014.
The firm will manufacture ceramic wall tiles and is expected to
start commercial production from February 2015 onwards.


ELECTROKINGS: CRISIL Rates INR50MM Bank Guarantee at B+
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Electrokings.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Bank Guarantee     50        CRISIL B+/Stable

The rating reflects Electrokings' large working capital
requirements and modest scale of operations in a highly
competitive business. These rating weaknesses are partially offset
by the extensive experience of Electrokings' promoter in the
erection and commissioning of electrical components.

Outlook: Stable

CRISIL believes that Electrokings will continue to benefit over
the medium term from its promoter's extensive industry experience
and close relationships with key customers. The outlook may be
revised to 'Positive' if the firm's revenue and profitability
increase substantially, along with improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if Electrokings' financial risk profile, particularly
its liquidity, weakens, most likely because of a substantial
increase in its working capital requirements, or decline in its
cash accruals, or low revenue and margins.

Established in 1990, Electrokings is based in Jhorhat (Assam) and
is engaged in the business of supply, erection, and commissioning
of electrical components. Its day-to-day operations are managed by
the promoter Mr. Rajkumar Borthakur.


FANTASTIC HOSPITALITY: ICRA Suspends C Rating on INR6cr LT Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C and the short
term rating of [ICRA]A4 assigned to the INR6.61 crore bank
facilities of Fantastic Hospitality Services Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, Fund
   Based Limits             6.00        [ICRA]C Suspended

   Short-term, Non
   Fund Based Limits        0.61        [ICRA]A4 Suspended

Fantastic Hospitality Services Pvt Ltd, established in 2001 as a
partnership firm and converted into a private limited company in
2007, is an integrated travel management company providing
services such as car rentals, air ticketing, hotel room booking
and tour packages, primarily to corporate clients. The Mumbai
based company is in the process of expanding its services to
multiple cities, so that its clients can enjoy one stop solution
for their travel requirements across major cities in India. The
company is promoted by the Seksaria family, whose other business
interests include real estate development and education. The
company owns a fleet of ~150 cars, across categories, to service
its corporate clients.


FORCE INDIA: Is 'Insolvent,' F1 Insider Claims
----------------------------------------------
Worldcarfans.com reports that the latest team in serious peril is
Force India, according to an insider.

According to the report, the Silverstone based team announced on
Jan. 8 that it is sitting out the first test of the 2015 pre-
season at Jerez.

Worldcarfans.com relates that the reasons for the decision have
not been well explained, but technical boss Andrew Green has said
it was a "conscious decision" to trade the test for more
"development time".

But insider Ralf Bach, who writes for Sport Bild and TZ Munchen,
writes on his blog f1-insider.com that the very future of the team
is "far from certain," Worldcarfans.com relays.

Worldcarfans.com says the off-track troubles of Vijay Mallya are
well known, and Force India's co-owner Subrata Roy is even in
jail.

According to Worldcarfans.com, Mr. Bach reported that at the F1
strategy group meeting in London on Jan. 27, it emerged that Force
India is "facing financial collapse" and is currently insolvent.
The situation means the 2015 car is delayed "because important
parts suppliers have not been paid".

Mr. Bach added: "If no money flows in the next four weeks, it is
said even the opening two races in Australia and Malaysia are
endangered.

"The team is for sale," he claimed, "and Renault is interested as
it wants to cut the cord to Red Bull and once again have a bigger
presence in formula one," Worldcarfans.com reports.


INDIA DENIM: ICRA Withdraws C+ Rating on INR24.35cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]C+ rating assigned to the INR24.35
crore term loans and INR12.5 crore fund based limits and A5 rating
assigned to the INR5.5 crore non-fund based facilities of India
Denim Limited , as the notice period of three years since
suspension of rating has expired.


JAIN IRRIGATION: CRISIL Reaffirms B+ Rating on INR5.07BB Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Jain Irrigation Systems Ltd (Jain Irrigation). The reaffirmation
is based solely on publicly available information, as Jain
Irrigation has not cooperated with CRISIL in its surveillance
process.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit          5,079.7     CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee       3,487.5     CRISIL A4 (Reaffirmed)

   Proposed Term Loan   2,877.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan               83.9     CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings continue to reflect Jain Irrigation's below-
average financial risk profile, moderately stretched liquidity,
and working-capital-intensive operations. The ratings also factor
in the susceptibility of Jain Irrigation's micro irrigation system
(MIS; drip and sprinkler systems) business to any adverse impact
of regulatory changes, and the vulnerability of the company's
operating profitability to volatile raw material prices and
foreign exchange movements. These rating weaknesses are partly
offset by Jain Irrigation's diversified revenue profile, strong
market position in its key businesses supported by its large
distribution network, and the healthy medium-term prospects for
the MIS segment in India.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Jain Irrigation and its wholly-owned
subsidiaries.

Outlook: Stable

CRISIL believes that Jain Irrigation's financial risk profile will
remain moderately stressed in the near term, because of weak
liquidity; at present, the company's working capital limits are
almost entirely utilised. The outlook may be revised to 'Positive'
if the company's capital structure and liquidity improves, driven
by substantial cash flows. Conversely, the outlook may be revised
to 'Negative' if Jain Irrigation's liquidity and gearing weaken
because of an increase in its working capital borrowings, large
debt-funded capital expenditure programmes or acquisitions, or a
sharp decline in its operating profitability.

Jain Irrigation was established in 1986 by Mr. B H Jain. The
company started operations by trading agricultural inputs and
equipment. In 1980, Jain Irrigation began manufacturing polyvinyl
chloride (PVC) pipes, and commenced MIS operations in 1987.
Currently, Jain Irrigation operates in four diverse, but
integrated, segments of the agriculture supply chain'MIS, PVC
pipes and polyethylene pipes, PVC and polycarbonate sheets, and
food processing.

On July 6, 2012, Jain Irrigation obtained the regulatory approval
from the Reserve Bank to India to launch its non-deposit taking
non-banking financial company (NBFC), Sustainable Agro-commercial
Finance Ltd (SAFL). SAFL has commenced operations in Maharashtra
and has around 22 branches.

For 2013-14 (refers to the financial year, April 1 to March 31),
Jain Irrigation, on a consolidated basis, reported a net loss of
INR398.2 million on net sales of INR58.2 billion, compared with a
net profit of INR30.8 million on net sales of INR50.2 billion in
2012-13. For the six months ending September 30, 2014, Jain
Irrigation on a consolidated basis reported a net loss of INR34.6
million on net sales of INR27.8 billion, vis-a-vis a net loss of
INR1.4 billion on net sales of INR25.9 billion during the
corresponding period of the previous year.


JC GRAPHICS: ICRA Suspends B- Rating on INR12cr Bank Limit
----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR12.00 crore
bank limits of JC Graphics Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Incorporated in 1990, J C Graphics Private Limited (JCG) in
engaged in printing and packaging of mosquito coil boxes,
cigarette shells, carton boxes etc. The company has its
manufacturing facility at Vijayawada and the plant has the
capacity to manufacture 3.60 crore sheets/cartons annually.


KRANTIVEER VASANTRAO: CRISIL Reaffirms INR188.7M Loan's D Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Krantiveer
Vasantrao Narayanrao Naik Shikshan Prasarak Sanstha (KVN)
continues to reflect delays by KVN in servicing its debt, because
of weak liquidity, driven by deferrals in the commercialisation of
operations at the new engineering institute, and receipt of
scholarship funds from the government.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            188.7       CRISIL D (Reaffirmed)

KVN also has a below-average financial risk profile, marked by
modest net worth and weak debt protection metrics, and remains
vulnerable to regulatory risks associated with the education
sector. However, the society benefits from its promoters'
extensive industry experience.

KVN was established in 1953. The society operates pre-primary
schools, primary schools, secondary schools, a science-commerce-
arts junior college, polytechnic institutes, industrial training
institutes, an engineering institute, and a management institute.


KRITIKA VEGETABLE: ICRA Cuts Rating on INR11cr LT Loan to D
-----------------------------------------------------------
ICRA has revised its ratings on the INR12.50 crore bank facilities
of Kritika Vegetable Oils Private Limited to [ICRA]D from the
long-term rating of [ICRA]B+ and the short-term rating of
[ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund       11.00         [ICRA]D; revised from
   Based Facility                     [ICRA]B+

   Short Term Fund       1.50         [ICRA]D; revised from
   Based Facilities                   [ICRA]A4

The ratings revision is driven by the stretched liquidity position
of the company which has resulted in delays in debt servicing.
ICRA takes note of the company's low profitability, inherent to
the trading business, and the company's adverse financial risk
profile characterised by high gearing and weak coverage
indicators. ICRA also notes the established presence of the
company and the extensive experience of the promoters in the
edible oils industry.

Going forward, a track record of timely debt servicing and a
sustained improvement in the company's liquidity position will be
the key rating sensitivities.

Incorporated in August 2004, KVOPL is managed by Mr. P.D. Mittal
who has experience of around 25 years in the trading of oilseeds
and edible oils. The company primarily manufactures crude mustard
and soybean oils, mustard expeller oil, refined mustard and
soybean oils and de-oiled mustard and soybean cakes. The company
operates from its production unit in Kota, Rajasthan with an
installed capacity to process 150 metric tonnes (MT) of mustard
seeds and 300 MT of soybean per day and can refine 70 MT of crude
oil per day.


KTC THREADS: ICRA Reaffirms B Rating on INR11cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR14.60 crore
(enhanced from INR10.05 crore) long term fund based facilities of
KTC Threads LLP. Further, ICRA has reaffirmed an [ICRA]A4 rating
to the INR10.00 crore non fund-based facility (sublimit of cash
credit facility) and the INR4.00 crore non fund-based facility
(sublimit of term loan facility) of KTC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.00       [ICRA]B reaffirmed
   Term Loans             3.60       [ICRA]B reaffirmed
   Non Fund Based
   (sublimit of Cash
   Credit facility)      10.00       [ICRA]A4 reaffirmed
   Non Fund Based
   (sublimit of Term
   Loan facility)         4.00       [ICRA]A4 assigned

Rating Rationale

The ratings continue to factor KTC's modest scale of operations;
weak financial profile as reflected by low profitability,
aggressive capital structure and low coverage indicators; and the
firm's tight liquidity position as a result of long receivable
turnaround time. Further, the ratings continue to remain
constrained by intense competitive pressures from small
unorganised as well as large organised players owing to fragmented
nature of the industry; limited supplier base leading to low
bargaining power for the firm; vulnerability of profitability to
adverse fluctuations in yarn prices which may not be passed onto
the customers adequately; and exposure to foreign exchange rate
risk as majority of the firm's yarn requirement is met through
direct imports. The ratings also take into account the debt funded
nature of the capex being undertaken which is likely to have
stress on overall capital structure of the firm and debt coverage
indicators.

The ratings, however, favourably factor the long experience of
partners in textile industry and the location advantage derived
from proximity of the unit to end customers like embroidery units,
garment manufacturers etc.

KTC Threads LLP (KTC) incorporated in November 2010 as a limited
liability partnership firm is engaged in the trading and
processing of viscose yarns. During FY 15, the partnership firm
was restructured with retirement of one of the old partner, Mr.
Saneesh Khurana and addition of two new partners, Mrs. Alpi
Khurana and Mrs. Poonam Khurana. The partners of the firm have
been associated with the textile industry for over a decade
through their associate concerns engaged in trading of embroidery
machines and manufacturing of sarees.

Recent Results
For the year ended March 31, 2014 the firm reported an operating
income of INR41.43 crore and profit after tax of INR0.30 crore as
against operating income of INR27.46 crore and profit after tax of
INR0.19 crore for the year ended March 31, 2013. For the seven
months period ended October 31, 2014 of the current financial
year, the company has reported operating income of INR35.50 crore
and profit before tax of INR0.42 crore (as per unaudited
provisional financials).


LAVANYAAS COTTON: CRISIL Ups Rating on INR31.5MM Term Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
LavanyaaS Cotton Industries (LCI) to 'CRISIL B+/Stable from
'CRISIL B/Stable.

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

   Proposed Long Term     0.9       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan             31.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that LCI will maintain
its improved liquidity over the medium term, supported by
increasing cash accruals. The firm has successfully implemented
and commissioned its new ginning and pressing unit and reported a
turnover of around INR350 million for the period from April to
December 2014. The revenue is expected to grow at a modest rate of
10 per cent year-on-year, while the firm's operating profitability
is expected to improve marginally over the medium term. Modest
revenue growth and moderate operating profitability will lead to
annual cash accruals of INR11 million to INR14 million, adequate
to meet debt obligations of around INR6 million per annum, over
the medium term.

The rating reflects LCI's below-average financial risk profile,
marked by high gearing and a small net worth, its modest scale of
operations in the intensely competitive textile industry, and its
susceptibility to risks related to adverse impact of regulatory
changes. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that LCI will benefit over the medium term from
its promoters' extensive experience in the cotton industry. The
outlook may be revised to 'Positive' if the firm significantly
ramps up operations and reports improvement in operating margin,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' if LCI generates low operating
profitability, leading to small cash accruals and stretched
liquidity, or if it has substantial working capital requirements;
or in case of large capital withdrawals.

LCI was established in 2013 as a partnership firm by Mr. B Hari
Babu, Mr. D Venkateswarlu, Mr. B Kiran Kumar, Ms. B Koteswaramma,
and Ms. D Seethamahalakshmi. The firm is into ginning of cotton in
Haveri (Karnataka).


MAHAVIR EDUCATIONAL: ICRA Reaffirms B- Rating on INR6.17cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR7.12 crore bank
facilities of Mahavir Educational Society (MES) at [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Bank
   facilities            6.17         [ICRA]B-; reaffirmed

   Unallocated Bank
   Facilities            0.95         [ICRA]B-; reaffirmed

ICRA's rating continues to derive strength from MES' experienced
management profile as well as the society's agreement with the
Delhi Public School (DPS) society, which apart from lending the
school an established brand name, also provides operational
expertise. While the society witnessed moderate improvement in
enrolments to 535 students from 474 students in Academic year
(AY)13-14, given the relatively high fixed establishment expenses;
and growing interest expenses resulting from stretched capital
structure, the society continues to incur cash losses and is
dependent on timely funding support from members for servicing its
debt obligations.

ICRA also notes that the society will be required to undertake
additional investments for the development of academic
infrastructure over the next few years, as the existing
infrastructure can cater to only 700-800 students. Given these
funding requirements and scheduled debt servicing obligations, the
society is expected to remain dependent on timely funding support
from its members to maintain its liquidity as well as timeliness
in its debt servicing. The extent of funding requirements will
continue to remain determined by the society's ability to attract
fresh enrolments (on consistent basis) over the next few years.
In ICRA's view, improvement in the occupancy levels, timely
contribution from society members in order to manage cashflows,
and scale of further expansion and debt funding thereof, will be
the key rating sensitivities going forward.

Incorporated in 2011, MES is a single asset society which runs and
operates 'Delhi Public School' in Kurukshetra (Haryana). The
school commenced operations in AY 2012-13 and presently caters to
students till Standard IX. The school proposes to commence
admissions for Standard X from AY 2014-15 onwards. The society is
managed by a board of seven members and is headed by Mr. Subhash
Chand Jain. The members have experience of more than eight years
in the education sector and are associated with other educational
institutions as well.

Recent Results
The society reported a cash loss of INR0.94 crore on revenue
receipts (RR) of INR3.01 crore in 2013-14 as against a cash loss
of INR0.86 crore on RR of INR2.44 crore in the previous year.


MAK CONSTRUCTIONS: ICRA Puts B+ Rating on INR12.50cr LT Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR2.50
crore enhanced fund based facilities of MAK Constructions. ICRA
also has the long-term rating of [ICRA]B+ outstanding on INR12.50
crore fund based facilities of MAK. (Total limits rated is INR15.0
crore).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based facilities
   (enhanced limits)      2.50        [ICRA]B+ assigned

   Long-term, fund
   based facilities      12.50        [ICRA]B+ outstanding

The assigned rating takes into account the long standing
experience of the promoters and established track record of the
firm in the construction of roads and bridges for various
government agencies. The ratings are further supported by the
healthy order book position of the firm, providing revenue
visibility. ICRA also notes that while orders from government
sector/government-funded projects ensure low counter party risk,
it also exposes the firm to potential delays in receivables. The
ratings are constrained by the small scale of the firm's
operations, which limits its ability to participate in large-sized
orders; as well as the high working capital intensity of its
operations, in line with industry trends. The ratings also take
note of the risks associated with being a partnership firm.

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and
Mrs. R. Mekhala as partners. This firm undertakes small scale
infrastructure projects and is primarily focused on the laying and
maintenance of roads (national highways, state highways and
private roads) and bridges. MAK undertakes projects within a 100
km radius of Madurai, Tamil Nadu, and is currently involved in
road projects.

The managing partner, Mr. S.R. Chandra Mohan, has been involved in
the construction segment as a proprietor since 1989; while his
partner, Mr. R.T. Venkatesh Kumar, began his stint as a
construction contractor in 1995.


MUTKIRI SPINNING: CRISIL Assigns B Rating to INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of Mutkiri Spinning Mill Private Limited (MSMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B/Stable
   Term Loan             30         CRISIL B/Stable

The rating reflects, MSMPL's below average financial risk profile
marked by modest networth, high gearing and and weak debt
protection metrics, its modest scale of operations in highly
fragmented industry and susceptibility of its operating margins to
fluctuations in cotton prices and regulatory changes. The rating
weaknesses are partially offset by its promoters' extensive
experience in the cotton industry.

Outlook: Stable

CRISIL believes that MSMPL will continue to benefit over the
medium term from the experience of the promoters. The outlook may
be revised to 'Positive' if the company reports higher than
expected revenues while improving its profitability and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of decline in MSMPL's revenues or profitability
or if the company undertakes a large, debt funded capital
expenditure programme, resulting in deterioration in the company's
financial risk profile.

Incorporated in 1996,MSMPL is promoted by Mr. Balaji Mutkiri along
with his brother Mr. Arun R. Mutkiri.  The company is engaged in
ginning of raw cotton (kapas), spinning of blended cotton yarn and
cotton seed crushing.

The company is has its manufacturing unit and registered office
located at Solapur.


NAVSHAKTI FILAMENTS: ICRA Assigns B+ Rating to INR4.26cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR1.00
crore working capital limits and INR4.26 crore term loans
facilities of Navshakti Filaments. ICRA has also assigned the long
term rating of [ICRA]B+ and short term rating of [ICRA]A4
(pronounced ICRA A four) to the INR0.49 crore unallocated limits
of NF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit Limit           1.00        [ICRA]B+ assigned

   Fund Based-Term
   Loans                  4.26        [ICRA]B+ assigned

   Unallocated amount     0.49        [ICRA]B+/[ICRA]A4 assigned

The ratings assigned to Navshakti Filaments are constrained by its
small scale of operations; weak financial profile characterized by
thin profit margins, stretched capital structure and weak coverage
indicators. The firm's profit margins are also vulnerable to price
fluctuations in primary raw material i.e. partially oriented yarn
(POY) which is in turn pegged to crude oil prices. Margins are
further pressurized on account of the intensely competitive nature
of the yarn processing business with low entry barriers limiting
pricing flexibility.

The ratings, however, favourably factor in the long experience of
the promoters in the textile industry and the favourable location
of the firm's manufacturing facility in Surat, resulting in easy
access to key raw materials and proximity to end users.The ratings
also factor in the fiscal incentives in the form of Technology
Upgradation Fund Scheme under the ongoing capex.

Established in 2009 as a proprietorship firm by Mr. Sandeep
Khandelwal, Navshalti Filaments (NF) is engaged in the manufacture
of Polyester Filament Yarn (PFY). It has a total installed
capacity to manufacture 696 MTPA of filament yarn.

Recent Results
NV recorded a net profit before tax of INR0.10 crore on an
operating income of INR9.01 crore for the year ending March 31,
2014.


NEMLAXMI BOOKS: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR7.00 crore of cash credit facility and the INR2.14 crore of
term loan facility of Nemlaxmi Books (India) Pvt. Ltd. ICRA has
also reaffirmed the short term rating of [ICRA]A4 assigned to the
INR0.72 crore short term non fund-based facility of NBIPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Facility    7.00       [ICRA]B+ reaffirmed
   Term Loans              2.14       [ICRA]B+ reaffirmed
   Non fund based
   Facility                0.72       [ICRA]A4 reaffirmed

The reaffirmation of ratings factors in NBIPL's modest scale of
operations; weak financial profile characterized by moderate
profitability margins, weak capitalization and coverage
indicators, and highly leveraged capital structure. The ratings
continue to remain constrained by the highly competitive and
fragmented domestic industry structure; vulnerability of
profitability to raw material price fluctuations given the high
share of raw material costs in the overall cost structure; and
tight liquidity position of the company as reflected by the high
utilization of working capital facilities along with reliance on
ad-hoc limits over the last one year. The profitability also
remains exposed to foreign exchange rate fluctuations due to
absence of formal hedging policy as major portion of revenue is
derived from exports.

However, the ratings take comfort from the long experience of the
promoters as well as long track record of the company within the
paper and paper based stationery products industry; the
established brand and product quality of the company which has
ensured stable order flow both from domestic and overseas markets
and the established customer base of the company.

Established in 1992, Nemlaxmi Books (India) Pvt. Ltd. (NBIPL) is
promoted by Mr. Vimal Sekhani for manufacturing and trading of
paper and paper-based stationery products. The promoters have been
engaged in the paper trading business for over five decades and
commenced operations in the manufacture of books from 1992. The
registered office and manufacturing facilities of NBIPL are
located in Surat. The company has two manufacturing units, both
located in Surat district of Gujarat with combined manufacturing
capacity of 45 Tonnes Per Day (TPD).

Recent Results
For the year ended on March 31, 2014, the company reported an
operating income of INR41.25 crore and profit after tax of INR0.32
crore as against an operating income of INR38.84 crore and profit
after tax of INR0.22 crore for year ended March 31, 2013.


R B ELECTRONICS: ICRA Assigns 'SP 3D' Grading
---------------------------------------------
ICRA has assigned a 'SP 3D' grading to R B Electronics, indicating
the 'Moderate Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake off-grid solar
projects. The grading is valid for a period of two year from the
date of assignment of grading ie. till January 15, 2017 after
which it will be kept under surveillance.

Strengths
Promoters established experience in the electronic component
industry Tie-up with reputed suppliers like Akshaya Solar Power
(India) Pvt. Ltd and Vikram Solar Pvt. Ltd (ICRA SP 1A), increases
their credibility Experienced technical team for their foray in
solar space as system integrators Good distribution network
panning across Maharashtra, Karnataka and Andhra Pradesh
Risk Factors Limited track record in solar space, with modest
level of cumulative installations Small scale of operation with
weak profitability levels Order inflow and timely execution
remains key for growth of solar venture going forward Working
capital intensive nature of operations.

Fact Sheet
Year of Formation: 1989

Office Address:
105/1, Sanghvi compound, Old Tophkhana, Shivaji nagar, Pune 411005

Shareholding Pattern
Mr. Ramesh B. Sanghvi (Proprietor) - 100%

R B Electronics (RBE) was established as a proprietorship concern
by Mr. Ramesh Sanghvi in 1989 and was initially involved in the
manufacturing of engine safety units, generator set display units,
automatic mains failure panels, engine control units and other
ancillaries. The concern commenced work in the solar power domain
as a system integrator in FY 2013 by undertaking the installation
of solar CFL and LED streetlights, solar power packs and solar
pumps. The firm has installed approximately 46.5 KW in total with
approximately 16.5 KW in R B Electronics.

Solar capacity installed and promoter track record: The promoters
have a long track record of over 25 years in the manufacture of
electronic components like genset control units, electrical meter
cluster, engine safety units etc. This has helped the firm to
enter the solar segment as a system integrator in FY 2013. RBE had
undertaken a 15KW solar power project encompassing the
installation of 192 solar CFL and 28 solar LED streetlights for
the Osmanabad Zilla Parishad particularly along the Osmnanabad-
Nanded stretch. The firm has installed approximately 16.5 KW of
solar capacity till date since it ventured into the solar segment
with the installation of solar street lights, grid tied and off
grid solar systems and trading of other solar products. The firm's
sister concern has installed approximately 30 KW of solar capacity
in the same space.

Technical competence and adequacy of manpower: The solar
initiative is headed by Mr. Sameer Sanghvi who is a bachelor in
electronic communication. The firm has a good technical team
headed by Mr. Shahikant Kulkarni who has 25 years of experience in
the Electrical and Electronics domain. The firm currently has
around 15 technicians and 10 technical staff and 14 admin staff on
roll. Apart from them there are around 17-18 part time off-roll
people who work for the company. The firm employees labor as on
requirement basis.

Quality of suppliers and tie ups: The components used for the
installation of a solar street light includes the solar panel ,
battery , pole structure, luminaries (LED/CFL) and battery boxes.
The concern sources solar panels primarily from Vikram Solar Pvt.
Ltd, Waree Energies Ltd and Akshaya Solar Power (India) Pvt ltd.
and battery from Balaji Trading Co. While LED lights are
manufactured in-house, CFL lights are sourced from N S Technical
Services. The other raw materials consisting of the streetlight
poles and battery boxes are manufactured in-house by the entity.
For Solar Systems, solar panels and solar invertors (stand-alone,
grid tied or battery back-up inverters) are procured from
suppliers. The firm has been dealing with these suppliers since a
year.

Customer and O&M Network: The firm has carried out projects for
both private organizations as well as Zilla Parishads via a Rate
Contract Certificate (RC) from Maharashtra Electricity Development
Agency (MEDA) and Tamil Nadu Electricity Development Agency
(TEDA). The customers are satisfied with the installation. The
firm has a three year service cum warranty contract for private
players and 5 years services cum warranty for public sector
organizations. The firm has access to a large distributor-dealer
base of over 100 entities, with self-operated service cum sales
centres in Pune (3), Goa, Nagpur and Chennai and Kerala via
Channel Partners, 2 company owned stores and 25 outlet stores.


REGAL TRANSCORE: CRISIL Ups Rating on INR87.5MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has upgraded the ratings on the bank facilities of
Regal Transcore Laminations Pvt Ltd (RGTLPL; part of the Udasee
group) to CRISIL B-/Stable/CRISIL A4 from CRISIL D/CRISIL D.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bill Discounting      20       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit           87.5     CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Letter of Credit     110       CRISIL A4 (Upgraded from
                                  'CRISIL D')

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

The rating upgrade is driven by Udasee group's improved liquidity
position marked by timely payment of letter of credit over the
past three months and expected improvement in cash accruals. The
improvement is driven by expected improvement in business risk
profile marked by expected improvement in operating income and
margin leading to sufficient cash accruals against debt
obligations over the medium term. However, CRISIL believes that
Udasee group's liquidity, though improved, will remain constrained
over the medium term because of modest profitability and high
working capital requirements.

CRISIL's ratings on the bank facilities of Udasee group continue
to reflect its weak financial risk profile, marked by high
gearing, weak debt protection metrics, and a modest net worth, and
is exposed to intense competition in the electrical laminations
segment for power transformers. However, the group continues to
benefit from the extensive industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RGTLPL and its associate company,
Udasee Stampings Private Limited (USSPL). This is because the two
entities, together referred to as the Udasee group, have common
promoters and management, are in the same line of business, and
have strong operational linkages with each other.

Outlook: Stable

CRISIL believes that the Udasee group will continue to benefit
over the medium term from its established relationships with its
suppliers and customers. However, the group's financial risk
profile is expected to remain under pressure over the medium term
because of its high gearing and low margins resulting from its
large working capital requirements. The outlook may be revised to
'Positive' if the Udasee group's financial risk profile improves,
most likely driven by sizeable equity infusion or larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if the group's liquidity weakens further, most likely
because of increase in working capital requirements.
RGTLPL was originally established as a proprietary firm, Regal
Laminator, in 1988; the firm was reconstituted as a private
limited company with the current name in 1998. USSPL was
incorporated in 1993. The two companies are promoted and owned by
the Udasi family of Jaipur. The group's plants are in Jaipur
(Rajasthan).

The Udasee group manufactures electrical laminations for
transformers. The group primarily sells laminations to transformer
manufacturers, which supply to state electricity boards.


RICHA INTERNATIONAL: CRISIL Rates INR60MM Packing Credit at B
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Richa International.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit      10         CRISIL A4
   Packing Credit        60         CRISIL B/Stable

The ratings reflect Richa International's below-average financial
risk profile, marked by a small net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. The ratings also factor in the firm's small scale and
working-capital-intensive nature of operations, and its exposure
to fluctuations in commodity prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience of Richa International's promoters in the agricultural
commodities trading industry and the funding support it receives
from them.

Outlook: Stable

CRISIL believes Richa International 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 substantial
improvement in the firm's scale of operations and profitability,
leading to a considerable increase in its cash accruals. Sizable
infusion of fresh funds by the promoters, resulting in an
improvement in its financial risk profile, may also result in a
'Positive' outlook. Conversely, the outlook may be revised to
'Negative' in case of a severe stretch in Richa International's
working capital cycle or lower profitability, resulting in further
weakening of its financial risk profile, especially its liquidity,
or if a change in government policy adversely impacts its overall
business risk profile.

Richa International, a partnership firm, was set up in 1993 by Mr.
Anil Dani in Mumbai. The firm exports agricultural commodities,
mainly maize, rice, and sugar. It occasionally also exports
millet, sorghum, turmeric, and some other products.


RISHABH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rishabh
Industries (RI) continues to reflect the firm's modest scale of,
and working-capital-intensive, operations, exposure to customer
concentration risk, and the firm's below-average financial risk
profile, marked by modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of RI's proprietor in the lighting industry
and the fund support extended by him.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility     100       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RI will continue to benefit over the medium
term from its proprietor's experience in the lighting industry.
The outlook may be revised to 'Positive' in case RI records a
significant and sustained improvement in its revenue and margins,
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in the
firm's revenue and margins, or further stretch in its working
capital cycle or if the concern undertakes any debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), RI's
revenue of INR440 million saw a steady year-on-year increase of
close to 8.5 per cent; the firm registered revenue of INR340
million in the nine months ended December 2014. Despite increasing
competition, RI is expected to register moderate topline growth of
around 10 per cent in 2014-15, backed by addition of new customers
and venturing into manufacturing of LED panels. The firm reported
net losses of INR20.7 million in 2013-14 mainly due to volatility
in foreign exchange (forex) rates and raw material prices.
However, the firm's operating margin is expected to moderate to
just above 4 per cent in 2014-15 with overall stabilisation in
forex rates.

RI's financial risk profile is below average, marked by a small
net worth and weak debt protection metrics, however partly
supported by moderate gearing of around 1 time as on March 31,
2014. RI's liquidity is stretched owing to its working-capital-
intensive operations and low cash accruals. While the firm is
expected to generate modest cash accrual of close to INR6 million
in 2014-15, it does not have any fixed debt obligations.
Additionally, infusion of close to INR70 million of unsecured
loans by the proprietor has supported RI's liquidity. Continued
timely support from the proprietor will be the key driver of the
firm's liquidity over the medium term.

RI is a proprietorship concern of Mr. Mayur Jain. The firm
manufactures compact fluorescent lamps and has been operating for
more than a decade. Mr. Mayur Jain took over RI's management in
2013. He manages its day-to-day operations along with his father,
Mr. Joit Kumar Jain.


SCHALTECH AUTOMATION: CRISIL Suspends B Rating on INR65MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Schaltech Automation Pvt Ltd (SAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       245         CRISIL A4
   Bank Guarantee        50         CRISIL B/Stable
   Bank Guarantee        65         CRISIL A4
   Cash Credit           10         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     5         CRISIL B/Stable
   Secured Overdraft
   Facility               5         CRISIL B/Stable

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

SAPL was set up in 1995 by Mr. D Raghunathan and Mrs. K
Raghunathan in Hyderabad (Andhra Pradesh). The company undertakes
turnkey projects for sub-power stations and transmission lines.
Until 2005, the company traded electrical components;
subsequently, it began undertaking turnkey contracts.


SHREE SHIVAM: ICRA Suspends B Rating on INR4cr Cash Credit
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR4.00
crore fund based cash credit facility and INR1.23 crore fund based
term loan facility of Shree Shivam Cotton Industries (SSCI). The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B Suspended
   Term Loan             1.23        [ICRA]B Suspended

Incorporated in 2012, Shree Shivam Cotton Industries is engaged in
cotton ginning, pressing and cotton seed crushing facility with 24
ginning machines and 4 crushing machines having installed capacity
of producing 200 cotton bales and crushing 36 MT of cotton seed
per day. The firm is jointly promoted by Mr. Jivraj Padaliya and
Mr. Chandu Bediya along with five other partners. The firm's plant
is located in Rajkot (Gujarat).


SHREE SIDDHIVINAYAKA: CRISIL Reaffirms C Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Siddhivinayaka Agro Extractions Pvt Ltd (SSAEPL) continues to
reflect instances of delay by SSEAPL in servicing its term debt
(not rated by CRISIL); the delays are caused by the company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            75         CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50         CRISIL C (Reaffirmed)

SSAEPL has a weak financial risk profile marked by its small net
worth, high gearing, and weak debt protection metrics. The company
has modest scale of operations in the intensely competitive edible
oil industry, and its profitability margins are susceptible to
volatility in raw material prices. However, the company benefits
from the extensive experience of its promoters in the edible oil
industry.

SSAEPL was established in 1988 as a private limited company by Mr.
Purshottam Pallod and his family members. The company is engaged
in processing of soyabean seeds to produce soya-bean oil, and
soya-bean de-oiled cakes. The company's plant is located in
Zaheerabad, Andhra Pradesh.


SPACE AGE: ICRA Suspends B+ Rating on INR19.36cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR19.36 crore,
bank lines of Space Age Research & Technology Foundation
Charitable Trust. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SUNRAJ CYCLE: ICRA Reaffirms B Rating on INR5.20cr Term Loan
------------------------------------------------------------
The long-term rating of [ICRA]B has been reaffirmed to the INR4.00
crore cash credit facility and INR5.20 crore term loan of Sunraj
Cycle Industries.  The short term rating of [ICRA]A4 has also been
reaffirmed to the INR0.02 crore non fund based facilities of SCI.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     4.00        [ICRA]B reaffirmed
   Term Loan                5.20        [ICRA]B reaffirmed
   Non Fund Based
   Facilities               0.02        [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the firm's
relatively small scale of current operations; the limited
experience of the promoters in the manufacturing and marketing of
bicycles; and the high competitive intensity of the business,
given the established presence of large organized players and
cheaper Chinese imports. The ratings further take into account the
relatively low margins in the business; the industry's exposure to
changes in government policies with respect to taxes and custom
duties, and fluctuations in government purchases. The ratings
continue to remain constrained by the vulnerability of the firm's
profitability to raw material price fluctuations in view of the
price elasticity of demand. ICRA also notes that with SCI being a
partnership firm, any substantial withdrawal from capital account
by the partners would adversely impact the net worth and thereby
the firm's capital structure.

The ratings however continue to favourably factor in the
completion of the project within the estimated cost and the
favourable prospects for the domestic bicycle industry over the
long term with scope for further penetration in rural markets,
continuing replacement demand and buoyant institutional sales
backed by state government run programs.

Sunraj Cycle Industries (SCI), promoted by Mr. Mitesh Khunt, Mr.
Pritesh Khunt, Mr. Vishal Khunt, Mr. Bhragav Khunt and Mr. Ankit
Khunt was established as a partnership firm in December 2011. The
firm commenced commercial operations in August 2014 and is engaged
in manufacturing standard segment bicycles targeted at children in
the age group of 2-13 years. The bicycles are sold under the brand
name of 'Sunraj'.

Recent Results
For the five month period of FY 2015 from August 2014 to December
2014 (provisional financials), Sunraj Cycle Industries reported an
operating income of INR0.78 crore and losses before depreciation
and taxation of INR0.11 crore.


SUSEE TRUCKS: ICRA Assigns B+ Rating to INR6cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR6.00 crore long term
fund based facilities of Susee Trucks Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based facilities       6.00        [ICRA]B+ assigned

The assigned ratings positively factor in the long standing
experience of the promoters in the industry and the reputation of
the Susee brand in the auto dealership space in Tamil Nadu. The
ratings also take into account the dominant market share of Tata
Motors Limited (TML), in the small commercial vehicles segment
(SCVs) in the regions of Vellore, Kanchipuram, and Thiruvannamalai
districts and the company being sole authorized dealer for TML
SCVs in these regions.

The ratings are, however, constrained by STPL's financial profile
characterized by modest revenues, de-growth of revenues in 2013-14
and current fiscal on account of drop in vehicle sales resulting
from subdued demand for commercial vehicles amidst challenging
macroeconomic conditions. The ratings also consider thin margins
and accruals, stretched capital structure and weak cash flows.
Further, STPL's sales are exposed to the inherent cyclicality of
the commercial vehicle industry.

Incorporated in Oct 2004, Susee Trucks Private Limited is the sole
authorised dealer for Tata Motors Limited (TML; rated [ICRA]AA
(Stable) / [ICRA]A1+) small commercial vehicles (SCVs) in the
Vellore, Thiruvannamalai and Kanchipuram districts of Tamil Nadu.
The company has three 3S (sales, spares, and service) showrooms in
Vellore, Kanchipuram, and Thiruvannamalai, and eight 1S (sales)
showrooms across the three districts with 120 employees as on
date.

The Susee Group, which traces its origin to a business dealing
with trading of pulses/grains started in the late 1930s by Mr.
Subramania Nadar and Ms. Seeniyammal, is an established name in
the auto dealership space in Tamil Nadu. The group currently has
five subgroups -- belonging to descendants of the promoters; all
of these operate under the Susee brand, but have no operational or
financial linkages. STPL belongs to one of the sub groups and is
owned and managed by Mr. Soundararajan, son of the aforementioned
promoters, and his son Mr. Manivannan. Mr. Soundararajan and Mr.
Manivannan have interest in five other entities -- two engaged in
the auto dealership business, including Susee Motors (India)
Private Limited (rated [ICRA]B/[ICRA]A4), one each in the FMCG,
oven sacks manufacturing and education businesses.

Recent Result
According to unaudited results, the company recorded operating
income of INR18.8 crores for the six months ending September 2014.
The company recorded profit after tax of INR0.2 crore on operating
income of INR55.0 crore for 2013-14 as against net profit of
INR0.6 crore on an operating income of INR88.4 crore for 2012-13.


TRISUL FOODS: CRISIL Assigns B- Rating to INR60MM Whse Receipts
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Trisul Foods Co.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Warehouse Receipts      60         CRISIL B-/Stable

The rating reflects the firm's small scale of operations in a
highly fragmented rice industry, its highly working-capital-
intensive operations, and below-average financial risk profile,
marked by modest net worth and high gearing. These rating
weaknesses are partially offset by the extensive experience of
TFC's promoters in the rice industry.

Outlook: Stable

CRISIL believes that TFC will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' in case of significantly
better-than-expected sales and/or profitability or substantial
capital infusion along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' in case of low
cash accruals or large working capital requirements or
unanticipated debt-funded capital expenditure exerting pressure on
the firm's liquidity.

Set up in 1997 as a proprietorship firm, TFC mills and processes
paddy into rice, rice bran, palam, and husk and also trades in
paddy and rice. The firm's manufacturing unit is in Sangrur
(Punjab) has total capacity of around 2 tonnes per hour. The
firm's operations are managed by Mr. Rupinder Bansal.


VICTORIAN LABEL: CRISIL Assigns B+ Rating to INR40.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Victorian Label Company (VLC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             40.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    15.5       CRISIL B+/Stable
   Bank Guarantee         9         CRISIL A4
   Cash Credit            5         CRISIL B+/Stable

The ratings reflect VLC's small scale of operations in the
intensely competitive label-manufacturing industry, and its below-
average financial risk profile, marked by a highly leveraged
capital structure. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes that VLC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
sustainable improvement in its revenue while maintaining its
healthy operating profitability, and improves its capital
structure. Conversely, the outlook may be revised to 'Negative' if
VLC's cash accruals are low, or if its working capital cycle is
stretched, or if the partners withdraw substantial capital from
the firm, leading to deterioration in its financial risk profile.

VLC, established in 2013 and based in Tirupur (Tamil Nadu),
manufactures labels. The firm's daily operations are managed by
Mr. K Krishnakumar.


YAK GRANITE: ICRA Suspend D Rating on INR9.35cr LT Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR9.35 crore, long-term fund based limits and on the INR2.40
crore proposed long-term facilities of Yak Granite Industries
Private Limited. ICRA has also suspended the short-term rating of
[ICRA]D outstanding on the INR0.25 crore non fund based facilities
of the company. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


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


SOLUSI TUNAS: S&P Assigns 'BB-' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to PT Solusi Tunas Pratama Tbk. (STP).
The outlook is stable.

S&P also assigned its 'axBB+' long-term ASEAN regional scale
rating to the company and its 'BB-' long-term issue rating to the
proposed U.S.-dollar-denominated senior unsecured notes to be
issued by Pratama Agung Pte. Ltd., a wholly owned subsidiary of PT
Solusi Tunas Pratama Tbk.

STP is an Indonesia-based independent telecommunications tower
leasing company.  STP and its other subsidiaries irrevocably and
unconditionally guarantee the notes.  The rating is subject to
S&P's review of the final issuance documentation.

"The rating on STP reflects our view of the company's smaller
scale of operations than its peers in Indonesia, its exposure to
geographic and customer concentration risks, and high leverage,"
said Standard & Poor's credit analyst Abhishek Dangra.  "STP's
stable cash flows from long-tenor contracts and its above-average
profitability temper these weaknesses."

S&P expects STP's business to remain smaller than its domestic
peers' despite a recent acquisition of 3,500 towers from PT XL
Axiata Tbk. (XL), which doubled STP's tower portfolio.  Post the
acquisition, STP is the third-largest tower leasing company in
Indonesia, and still significantly smaller than PT Tower Bersama
Infrastructure Tbk. (Bersama: with nearly double the number of
towers) and PT Profesional Telekomunikasi Indonesia (Protelindo:
10,000 towers).

STP's long-term contracts of 10 years with major Indonesian
telecom companies (telcos) provide it with stable cash flows.  The
average remaining life of all the company's tenancy agreements (at
more than seven years) and the "sticky" nature of the business
lead to high revenue visibility and a good chance of contract
renewal, although that's yet to be tested in Indonesia's nascent
tower leasing market.

S&P expects STP's customer mix to continue to improve, with
business from weaker telcos declining to about 35% over the next
12 months, from about 40% in 2014.  STP's complementary assets
such as its fiber optic network are also likely to support its
business.

S&P expects STP to maintain its market position in Indonesia
through periodic acquisitions and a moderate buildup of new towers
(300-400 towers a year), compared with peers such as Protelindo
and Bersama, which have been adding more than 1,000 towers each
year.

The stable outlook reflects S&P's expectation that STP will
integrate the recently acquired XL towers and maintain stable
EBITDA margin of more than 80% over the next 12-18 months.  This
should help the company to improve its high leverage.  S&P expects
the FFO cash interest coverage to be above 2x in 2015.

"We may downgrade STP if the company makes debt-funded
acquisitions or significantly increases capital expenditure for
new tower additions, resulting in weaker financial ratios," Mr.
Dangra said.

A ratio of FFO to debt below 12% and FFO interest coverage of less
than 2x on a sustainable basis would indicate such deterioration.
S&P may also lower the rating if the currency risks for the
company increase due to a significant hike in unhedged foreign
currency borrowings for more than six months.

S&P believes an upgrade of STP is unlikely in the next 12 months.
However, S&P may raise the rating if the company significantly
improves its scale of operations, reduces leverage on a
sustainable basis, and commits to a more conservative financial
policy. A FFO-to-debt ratio comfortably above 15% would indicate
such an improvement.



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


SKYMARK AIRLINES: Shares Dive as Carrier Heads for Bankruptcy
-------------------------------------------------------------
AFP reports that shares in Japan's third largest carrier Skymark
Airlines lost nearly 90% of their value on Feb. 2 after the Tokyo
stock exchange scrapped trading limits on the bankrupt firm weeks
before it is delisted.

Skymark, which last week announced it was headed for court
protection, dived to JPY19, down 87.89% from Jan. 31's close, says
AFP.

AFP relates that the plunge came after the exchange scrapped daily
loss limits on the embattled stock, which will be removed from the
bourse next month.

Skymark announced the bankruptcy filing on Jan. 28, citing
potentially crippling penalties over a cancelled $2.2 billion jet
order with Airbus, according to AFP.

The value of Skymark shares halved to JPY157 over the two
following days, when trading limits still applied, AFP discloses.

AFP notes that Skymark's efforts to turn itself around failed as
it struggled against tough competition in the sector, while its
woes deepened after the deal with Airbus collapsed in the summer.

Speculative investors may continue trading the shares in a bid to
profit from short-term movements, add AFP.

                      About Skymark Airlines

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.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said 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.

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 related. It will
be delisted on March 1, the Tokyo Stock Exchange said.


SKYMARK AIRLINES: Seeks 'Business Sponsor' in Bankruptcy
--------------------------------------------------------
Reuters reports that Skymark Airlines Inc is looking for a
"business sponsor" to help it emerge from bankruptcy, a move that
could eventually give control of the fiercely independent budget
carrier to its rivals.

Japan's biggest budget airline, which sought protection from
creditors last week, said a sponsor could help it cut costs and
increase revenue, according to a Jan. 28 court filing seen by
Reuters on Feb. 3.

According to Reuters, the filing does not name any potential
sponsors but refers to fuel and aircraft-leasing arrangements that
suggest the sponsor could be rival carriers including Japan's two
big carriers, ANA Holdings and Japan Airlines Co (JAL).

Gaining control of Skymark will give a sponsor airline access to
its valuable landing rights at Tokyo's crowded Haneda airport,
Reuters relates.  The discount carrier holds 36 landing slots at
Japan's main domestic hub.

Last week, Japanese fund Integral Corp offered to rescue Skymark,
while ANA, the country's biggest carrier, has said it was waiting
for more information before deciding on whether it would take part
in any bailout package, according to Reuters.

In the filing, Skymark said that it could cut costs through joint
fuel purchases and boost revenue by jointly selling tickets "if a
business sponsor is chosen at an early date," Reuters relays.

                      About Skymark Airlines

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.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said 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.

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 related. It will
be delisted on March 1, the Tokyo Stock Exchange said.


SKYMARK AIRLINES: Owes $125.1MM to GE Capital Aviation
------------------------------------------------------
Antoni Slodkowski at Reuters reports that the top bankruptcy
creditors for Japan's Skymark Airlines Inc are international
leasing companies, including an Irish unit of General Electric Co,
according to the carrier's reconstruction filing.

GE Capital Aviation Services Ltd is owed $125.1 million, followed
by AWAS Aviation Trading Ltd at $116.5 million, according to the
Jan 28 filing with the Tokyo District Court, seen by Reuters.
Both companies are based in Dublin.

Reuters says the next biggest creditors are the California-based
Aviation Capital Group Corp, owed $63.4 million, and aircraft
lessor Babcock & Brown Aircraft Management LLC, a unit of Babcock
& Brown Ltd, owed $63.0 million.

Skymark's biggest domestic creditor is the Civil Aviation Bureau
of the Ministry of Land, Infrastructure, Transport and Tourism,
owed JPY2.92 billion ($24.9 million), the filing showed, Reuters
relays.

Japan's leading independent budget airline filed for protection
from creditors with total liabilities of JPY71.09 billion, blaming
a weak yen and a dispute with Airbus Group NV for its financial
straits.

Of roughly 250 creditors, 160 are owed JPY1 million or more,
Skymark said, Reuters relays.

                      About Skymark Airlines

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.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said 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.

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 related. It will
be delisted on March 1, the Tokyo Stock Exchange said.



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


EXCEL MARKETS: Returns 96% of Client Funds; Winds Up Operations
---------------------------------------------------------------
Andrew Saks-McLeod at LeapRate reports that insolvent FX firm
Excel Markets confirms that it has returned 96% of client funds as
it winds up operations.  As of Jan. 27, 96% of client funds have
been sent back to clients and the remainder await withdrawal
requests, the report says.

According to LeapRate, the Financial Markets Authority of
New Zealand has worked closely with GBL since the incident to
ensure client funds were being safely returned.

LeapRate relates that an early casualty of the extremely high
volatility which occurred in the currency markets on January 15
this year was New Zealand based FX brokerage Excel Markets, which
ceased to operate on January 16, just one day after the Swiss
National Bank removed the 1.20 peg on the EURCHF.

At the time, LeapRate reported that despite the cessation of
business, client funds at Excel Markets remain unaffected, as the
firm has ensured that these are protected.

Excel is backed by founders of Cash Back Forex
(http://www.cashbackforex.com),one of the largest introducers of
retail forex accounts globally holding over 49,000 live accounts.
This has allowed operations to continue in overdrive to return
client funds before winding down operations, the report notes.

Excel Markets Ltd is a New Zealand regulated broker-dealer.



=================
S I N G A P O R E
=================


AMTEK GLOBAL: S&P Assigns 'B+' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Singapore-incorporated automotive
supplier Amtek Global Technologes Pte Ltd. (Amtek).  The outlook
is stable.

S&P also assigned its 'B+' issue rating to the group's EUR235
million senior secured term loan from KKR Credit Advisors (US) LLC
and the EUR30 million revolving credit facility (RCF).  The
recovery rating is '4'.

Amtek successfully refinanced its existing financial debt through
a five-year EUR235 million loan from financial sponsor KKR by the
[start] of December 2014.  As a part of its refinancing plan,
Amtek also put in place a five-year RCF for a total of EUR30
million.

S&P factors into its 'B+' corporate credit rating its assessment
of Amtek's stand-alone credit profile (SACP) at 'b+' and its group
credit profile (GCP) of 'b+' for Amtek Auto Ltd. (Amtek Auto), an
Indian auto supplier group that directly and indirectly owns 100%
of Amtek.

Amtek is an automotive component supplier that has diverse forging
and casting capabilities, focusing mainly on large European
automotive manufacturers.  The company's key products are gears,
camshafts and lobes, housings, wheel hubs, fasteners, turbos,
conrods, shafts, joints, and brackets.  The company generates
about 90% of total revenues from the passenger car end market and
the remainder from commercial vehicles.  Under the proposed group
structure, the company will have four operating divisions, of
which Tekfor (acquired in June 2013) and Kuepper (acquired in
March 2014), represent about 80% of sales and EBITDA.  Pro forma
for the 12 months ended Sept. 30, 2014, Amtek reported total
revenues of EUR801 million.

S&P's assessment of the company, as a newly formed entity, is
based on historical pro forma sets of accounts, reviewed by
auditors but not thoroughly audited, and credit ratios derived
from our base-case scenario. Amtek plans to release International
Financial Reporting Standards (IFRS) accounts from June 2015
onward, which should improve disclosure.

Amtek's sizable international operations (45% of sales and about a
quarter of group's EBITDA) are a major component of the parent's
efforts to diversify its portfolio outside India and benefit from
further growth opportunities in important auto-supplier markets
such as Europe, the U.S., and other emerging markets like Brazil.
S&P considers that Amtek Auto has a growing interest in increasing
its international operations, which could benefit Amtek's future
capacity expansion or acquisition plans.  Amtek Auto currently
reports under Indian generally accepted accounting principles.

As a result of the shareholder structure, S&P applies its group
rating methodology to Amtek.  S&P classifies it as a
"strategically important" subsidiary of Amtek Auto because, in
S&P's view, Amtek is unlikely to be sold and the company is
important for the group's long-term strategy.  S&P's assessment of
Amtek's SACP at 'b+' reflects its assessment of its business risk
profile assessment as "weak" and its financial risk profile as
"aggressive."  Given that the rating on Amtek is equal to S&P's
'b+' GCP for Amtek Auto, S&P do not modify the rating as a result
of applying its group rating methodology.

S&P's base case over 2014-2016 for Amtek assumes:

   -- Revenue growth of about 10% in 2014 from overall light-
      vehicle production growth and higher demand for Amtek's
      products after it launches new models and because of new
      contracts.  Revenue growth should moderate to about 5%-8%
      in 2015-2016;

   -- EBITDA margin steadily improving to about 9%-10% because of
      some integration-related synergies from recent
      acquisitions; and

   -- Debt that includes our adjustments for the present value of
      lease obligations, discounted at 7%, of about EUR14
      million.  S&P also treats pension obligations of about
      EUR34 million, finance leases of EUR34 million, and about
      EUR23 million sale of receivables as debt.

Based on these assumptions, S&P arrives at these credit measures:

   -- Funds from operations (FFO) to debt of 15%-20% in 2015;
   -- Debt to EBITDA of about 4x; and
   -- Interest coverage ratios well above 4x.

The stable outlook on Amtek reflects S&P's view that its operating
performance should further improve in the coming years, as a
result of integration-related synergies from recent acquisitions.
S&P expects that this will lead to stable credit metrics,
including FFO to debt of about 15%-20% and debt to EBITDA of about
4x.

S&P do not expect to upgrade Amtek in the next few years, unless
S&P revises upward its assessment of Amtek Auto's GCP.  Amtek
constitutes a significant part of Amtek Auto's overall financial
performance and S&P's base-case expectations for Amtek do not
indicate that financial ratios are likely to improve to such an
extent that S&P would raise the GCP on Amtek Auto in the next few
years.

S&P could lower the rating if Amtek's credit metrics weakened
significantly, so that FFO to debt falls below 12% and debt to
EBITDA rises above 5x.  In addition, S&P could lower the rating if
Amtek proved unable to disclose fully audited IFRS accounts from
June 2015, or if S&P had to materially revise its adjustments
because of new comprehensive disclosures.

S&P would also lower the rating on Amtek if S&P revised down the
GCP on Amtek Auto.  This could occur if Amtek Auto proved unable
to reduce its leverage and to achieve the credit metrics S&P would
expect of an entity with an "aggressive" financial risk profile by
the end of 2015.  Alternatively, it could follow an insufficient
rebound in the currently sluggish Indian market for motor vehicles
in 2015 or a lack of improvement in the group's overall liquidity
situation.  It could also result if Amtek Auto announced new
acquisitions, in addition to the three that it publicly announced
in late 2014.


STATS CHIPPAC: Weak FY2014 Results No Impact on Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that STATS ChipPAC's weak FY2014
operating results are credit negative, but will not have an
immediate impact on its Ba3 corporate family rating and senior
unsecured rating. The ratings remain under review for downgrade.

STATS ChipPAC reported a 0.8% year-on-year revenue decrease in
FY2014 to $1,585 million, reflecting overall demand shift in the
wireless telecommunications market.

The company benefited from new smart phone product launches and
stronger than seasonal demand for lower-end products which helped
boost the top line and returned the company to profits in the
fourth quarter. But its weaker performance in first three quarters
of FY2014 muted profitability.

As a result, adjusted operating margins remained weak for its Ba3
ratings, standing around 3.0%-3.5% at end-December 2014.

"Throughout 2014, reported operating income was negatively
affected by sluggish demand in the high-end smart phone segment,
combined with the shift in STATS ChipPac's business mix to lower-
tier smart phones and resultant lower average selling prices,"
says Annalisa DiChiara, a Moody's Vice President and Senior
Analyst.

As a result, leverage -- as measured by adjusted debt/EBITDA --
rose to around 3.5x at end-December 2014 from 3.4x in the previous
quarter. In addition, adjusted EBIT/interest remained weak around
0.9x for the same period.

Absolute reported debt levels increased by $66 million to $1.2
billion in 4Q 2014 from 3Q 2014, and Moody's expects debt to
remain high in FY2015.

However, despite a weak operating margin and high leverage, the
company is expected to maintain a solid liquidity profile. At 31
December 2014, the company had around $184 million cash on hand
and $138 million in available credit lines.

STATS ChipPAC's Ba3 rating continues to reflect its position as
the fourth-largest player in the global outsourced semiconductor
assembly and test (OSAT) industry, with an approximate 6.5% global
market share in terms of revenue according to Gartner, a leading
information technology research and advisory company.

The ratings remain under review for downgrade, reflecting JCET-SC
(Singapore) Pte. Ltd.'s (unrated) pre-conditional voluntary offer
to acquire STATS ChipPAC. The review will focus on (1) the
fulfilment of the pre-conditions; (2) the final terms and
conditions of the sale, including the funding arrangements at both
JCET-SC and STATS ChipPAC, particularly with respect to the
funding for any bonds that are put; and (3) the overall
operational and financial impact of the acquisition on STATS
ChipPAC's credit profile going forward, should a definitive deal
be struck.

STATS ChipPAC's next scheduled debt maturity is in March 2016
($200 million, 5.375% notes), however this could be accelerated if
the change of control clause is invoked as a result of the JCET
transaction.

If the deal fails to materialize , and there is no fundamental
change to STATS ChipPAC's business and financial profile, then the
outlook could revert to stable at the Ba3 level.


                             *********

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.



                 *** End of Transmission ***