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                      A S I A   P A C I F I C

           Friday, February 6, 2015, Vol. 18, No. 026


                            Headlines


A U S T R A L I A

FOUNTAIN FOR YOUTH: Goes Into Liquidation
HMLC EARTHMOVING: First Creditors' Meeting Set For Feb. 13
LIBERTY SERIES 2013-1: S&P Raises Rating on Class F Notes to BB
MECFAB HOLDINGS: First Creditors' Meeting Slated For Feb. 10
METFORD CONFECTIONERY: In Receivership; 40 Workers Lose Jobs

WES ORGANISATION: First Creditors' Meeting Set For Feb. 16


C H I N A

CAR INC: Fitch Assigns 'BB+' Rating to USD500MM 6.125% Sr. Notes


I N D I A

ABHIJEET GROUP: Faces Liquation Threat
ALPHA DESIGN: ICRA Suspends B+ Rating on INR27.25cr LT Loan
AMBIKA PULSES: CRISIL Assigns B Rating to INR117.5MM Cash Loan
AMOD STAMPINGS: ICRA Suspends B Rating on INR25cr Cash Credit
ANUBHA FABRICS: ICRA Reaffirms B Rating on INR12.95cr Term Loan

ASTON CERAMIC: CRISIL Assigns B Rating to INR35MM Term Loan
CHANDRA COAL: CRISIL Puts B Rating on Notice of Withdrawal
CHINTTPURNI ENGINEERING: ICRA Suspends D Rating on INR47cr Loan
DHANRAJ COTTON: CRISIL Assigns B Rating to INR50MM Cash Credit
ESSEL MARKETING: ICRA Reaffirms B+ Rating on INR9.7cr LT Loan

GOLDEN SPINNING: CRISIL Reaffirms B Rating on INR41.9MM Loan
HI-TECH ENGINEERING: ICRA Assigns B Rating to INR4.30cr LT Loan
IMAGE LABELS: CRISIL Ups Rating on INR40MM Cash Credit to B
JAYESH UMAKANT: CRISIL Assigns B Rating to INR35MM Bank Loan
KAM-AVIDA ENVIRO: CRISIL Reaffirms D Rating on INR185MM Loan

KARUN RICE: ICRA Assigns B Rating to INR6.5cr Cash Credit
MALAR MODERN: CRISIL Assigns B+ Rating to INR55MM Cash Credit
MALAR PAPER: ICRA Assigns B+ Rating to INR7cr LT Loan
MASTECH TECHNOLOGIES: ICRA Suspends D Rating on INR20cr Bank Loan
MILLENIUM EXIM: ICRA Suspends B Rating on INR3cr Term Loan

MOKAMA MUNGER: ICRA Suspends D Rating on INR355cr Term Loan
NDR INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR1.19BB Loan
NORTH BIHAR: ICRA Suspends D Rating on INR525cr Term Loan
P P RUBBER: CRISIL Assigns B+ Rating to INR125MM Cash Credit
PISCES EXIM: CRISIL Suspends B Rating on INR95MM Cash Credit

R. S. PLASFAB: CRISIL Suspends B+ Rating on INR40MM Term Loan
RAMPRASTHA DEVELOPERS: ICRA Withrdraws B Rating on INR9.2cr LOC
RIONA LAMINATES: ICRA Reaffirms B Rating on INR5.01cr Term Loan
RUBBER PRODUCTS: CRISIL Reaffirms B- Rating on INR51.5MM Loan
S K SARAWAGI: CRISIL Cuts Rating on INR500MM Packing Credit to D
SAMBHAV DETERGENTS: CRISIL Assigns B+ Rating to INR50MM Term Loan

SHANNON & SHANNON: ICRA Assigns B+ Rating to INR7.50cr Bank Loan
SHIVAM IRON: ICRA Suspends D Rating on INR118cr Fund Based Loan
SHREE RAJ: ICRA Withdraws B/A4 Rating on INR20cr Fund Based Loan
SHREE SAIBABA: CRISIL Cuts Rating on INR88MM Term Loan to D
SIGMA GALVANIZING: CRISIL Assigns B- Rating to INR127.6MM LT Loan

SRI DURGAMALLESWARI: CRISIL Rates INR120MM LT Loan at 'D'
SRI LAKSHMI: CRISIL Assigns B+ Rating to INR80MM Cash Credit
SUNTANA TEXTILE: ICRA Ups Rating on INR12.95cr Loan to B-
SUSEE CARS: CRISIL Assigns B+ Rating to INR40MM Cash Credit
TIRUPATI ALUMINIUM: CRISIL Reaffirms B Rating on INR140MM Loan

TONMOY GOHAI: CRISIL Suspends C Rating on INR200MM Term Loan
TULIP TELECOM: ICRA Reaffirms D Rating on INR150MM Loan
U.S. IMPEX: CRISIL Reaffirms B Rating on INR87.5MM Cash Credit
URJA AUTOMOBILES: ICRA Reaffirms B Rating on INR5cr e-DFS
VAAS EXPORTS: ICRA Suspends D Rating on INR30cr Bank Loan

VICTORY FLOOR: ICRA Withdraws B+/A4 Rating on INR7.20cr Bank Loan
YATRI VIHAR: CRISIL Assigns D Rating to INR125MM LT Loan


J A P A N

SHARP CORP: S&P Puts 'B+' CCR on CreditWatch Negative
SONY CORP: Revises Full-Year Net Loss Forecast to JPY170BB


M O N G O L I A

STATE BANK: Fitch Assigns 'B' IDR; Outlook Negative


N E W  Z E A L A N D

RIGHT HOUSE: In Liquidation; More Than 130 Jobs Axed
SHANTON FASHIONS: Placed on Market
TRIBECA HOMES: 3 Firms Seek to Liquidate Builder


S I N G A P O R E

GLOBAL A&T: FY2014 Results in line with Caa3 Corp. Family Rating
STATS CHIPPAC: S&P Keeps 'BB+' CCR on CreditWatch Negative


S O U T H  K O R E A

DOOSAN GROUP: Unit May Face Restructuring


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


FOUNTAIN FOR YOUTH: Goes Into Liquidation
-----------------------------------------
The Sydney Morning Herald reports that the children's charity of
retired swimmer Ian Thorpe has gone into liquidation and the
remainder of its money will be granted to Aboriginal projects.

Ian Thorpe's Fountain for Youth was a small, non-religious charity
established in 2000 to prevent and control illness in children,
particularly Aboriginal or Torres Strait Islanders, and focused on
literacy, according to The Sydney Morning Herald.  It was founded
after veteran journalist Jeff McMullen took Mr. Thorpe, then a
teenaged Olympian, through disadvantaged parts of Australia, the
report notes.

Led by Mr. McMullen, it has directed more than AU$7.4 million into
remote-community projects over the past 14 years, the report
relates.  Of this, AU$4.1 million came from public and corporate
supporters and the remaining AU$3.3 million from federal
government support between 2005 and 2012, the report discloses.

The report notes that Ian Thorpe's Fountain for Youth's last
accounts state the board met twice in the financial year and
decided to stop operating the company by the end of calendar 2014
and wind it up in early this year.

Tim Heesh -- tim.heesh@tphinsolvency.com.au -- of TPH Insolvency,
was appointed liquidator at a meeting on January 20.

The report relays that liquidators said it is unusual for
charities to be wound up and it is understood a merger was not
considered seriously.  Charities say small organizations can
struggle because of funding pressure and overheads, the report
says.

In a letter explaining the decision to close, Mr. Thorpe and Mr.
McMullen said the "many years of sharp budget cuts to Indigenous
education programs and organizations have convinced us that now we
must work directly with our Aboriginal partners and not compete
for the meagre funding available from public and corporate
donations.

"Our decision is to work with our partners on mentoring of
Indigenous high school students, promotion of cultural programs
and development of a program with elders to reduce the contagion
of Indigenous youth suicide," the letter said, the report relays.

Ian Thorpe's Fountain for Youth's accounts for the year to June
30, 2014, show total revenue of AU$165,512, compared to Au$265,048
the previous year, the report discloses.

Donations fell to AU$113,404, from AU$170,629 the previous year,
the report notes.  In 2014, no government grants were received
whereas the previous year AU$60,000 was received, the report
relays.

While the charity had AU$272,429 in cash and cash equivalents in
the 2014 financial year, it is believed most of that money has
been distributed and only tens of thousands remain, the report
notes.

Directors acted in an honorary capacity and have included
broadcasters Stan Grant and Tracey Holmes, the report notes.  They
have nominated AIME, the Australian Indigenous Mentoring
Experience, to receive the charity's final donation, the report
adds.


HMLC EARTHMOVING: First Creditors' Meeting Set For Feb. 13
----------------------------------------------------------
Nick Combis & Peter Dinoris of Vincents Chartered Accountants were
appointed as administrators of HMLC Earthmoving Pty Ltd on Feb. 4,
2015.

A first meeting of the creditors of the Company will be held at
Level 34, 32 Turbot Street, Brisbane, in Qld, on Feb. 13, 2015,at
10:30 a.m.


LIBERTY SERIES 2013-1: S&P Raises Rating on Class F Notes to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
classes of the small-ticket commercial mortgage-backed, floating-
rate, pass-through notes issued by Liberty Funding Pty Ltd. in
respect of Liberty Series 2013-1 SME.  S&P raised its ratings on
the class B notes to 'AAA (sf)' from 'AA (sf)', the class C notes
to 'AA (sf)' from 'A (sf)', the class E notes to 'BBB (sf)' from
'BB (sf)', and the class F notes to 'BB (sf)' from 'B (sf)'.  At
the same time, S&P affirmed its ratings on the remaining three
classes of notes.

The rating actions reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, which has 591 consolidated loans with a
      weighted-average current loan-to-value ratio of 64.5% and
      weighted-average loan seasoning of 35.7 months.

   -- The note subordination provided for the notes, which is
      equal to at least 50.4% for the class A1 notes, 33.9% for
      the class A2 notes, 23.9% for the class B notes, 15.0% for
      the class C notes, 9.4% for the class D notes, 7.4% for the
      class E notes, and 5.0% for the class F notes.

   -- A liquidity facility available to support noteholder
      payments and senior fees, equal to 3.0% of the outstanding
      balance of the invested amount of the rated notes and the
      stated amount of the class G notes, amortizing to a floor
      of A$750,000.

   -- Principal draws, as an additional form of liquidity.
      Principal collections can be utilized as an additional form
      of liquidity to meet any short-term liquidity shortfalls.

   -- The provision of the guarantee fee reserve account
      established and maintained through the trapping of excess
      spread on each payment date up to a maximum limit of
      A$1,000,000.  The reserve account may be utilized to meet
      current loan losses or as liquidity support for required
      payments.

   -- The arrears performance of the asset pool.  At transaction
      close there were no loans in the pool in arrears.  Total
      arrears subsequently increased to 3.6% of the current pool,
      as of Nov. 30, 2014. Of this proportion, 3.4% is in arrears
      by greater than 90 days.

   -- As of Nov. 30, 2014, A$1,409,360 of loans in the pool had
      defaulted, with a realized loss of A$21,902.  The realized
      losses to date have been covered by excess spread.

   -- The pool consists of approximately 8.5% of interest-only
      bullet loans that do not have an assessed prinicipal and
      interest amortization take out.  The refinancing risk
      associated with this loan type has not been subjected to a
      period of a protracted economic downturn.

   -- Loans to borrowers with unfavorable credit records make up
      6.9% of the loan portfolio by current balance.  Market
      experience has shown that such borrowers are more likely to
      default, compared with the general population

   -- A weighted-average borrower rate on loans of at least the
      greater of the threshold rate required to ensure all
      obligations of the trust are met, and a defined minimum
      documented margin over the bank bill swap rate.

   -- The interest-rate swap agreement with Westpac Banking Corp.
      to hedge any receipts from fixed-rate mortgage loans
      against the floating-rate obligations of the issuer trust.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard and Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Liberty Series 2013-1 SME
AUD250 mil asset-backed commercial notes
                       Rating
Class   Identifier     To         From
A1      AU3FN0019329   AAA (sf)   AAA (sf)
A2      AU3FN0019337   AAA (sf)   AAA (sf)
B       AU3FN0019345   AAA (sf)   AA (sf)
C       AU3FN0019352   AA (sf)    A (sf)
D       AU3FN0019360   BBB (sf)   BBB (sf)
E       AU3FN0019378   BBB (sf)   BB (sf)
F       AU3FN0019386   BB (sf)    B (sf)


MECFAB HOLDINGS: First Creditors' Meeting Slated For Feb. 10
------------------------------------------------------------
Darren John Vardy of SV Partners was appointed as administrator of
Mecfab Holdings Pty Ltd, trading as Mecfab Enterprises, on Jan.
30, 2015.

A first meeting of the creditors of the Company will be held at
Level 1, 305-307 Kingsway, in Caringbah, New South Wales on
Feb. 10, 2015, at 11:00 a.m.


METFORD CONFECTIONERY: In Receivership; 40 Workers Lose Jobs
------------------------------------------------------------
Nick Bielby at the Maitland Mercury reports that Metford
Confectionery has paid former workers after management told staff
on Jan. 30 that the company was going into receivership.

The Mercury relates that the former employees gathered at the
Metford Road site on Feb. 1 with signs to protest against their
treatment, as receivers arrived at the premises to clear the
facility.

Former factory supervisor Terry Coward said his manager told him
to stop production at 8:30 a.m. on Jan. 30, the report relays.

According to the report, Mr. Coward said casual staff members were
sent home at lunch time before permanent workers were given a
letter from general manager of operations Brett Baillie, which
told them the company would go into voluntary liquidation as of
the close of business that day.

The report says the decision meant 35 to 40 people lost their jobs
with no notice, including about 15 casual staff members.
The Mercury approached the New Zealand-based Rainbow
Confectionery, which ran the Metford site, for comment, but
received no response.

The Mercury says Rainbow Confectionery will fill Metford
Confectionery's upcoming contract to make Woolworths' Home Brand
lollies from New Zealand.


WES ORGANISATION: First Creditors' Meeting Set For Feb. 16
----------------------------------------------------------
David Raymond Spencer of Business & Insolvency Solutions was
appointed as administrator of WES Organisation Pty Ltd on Feb. 4,
2015.

A first meeting of the creditors of the Company will be held at
The Carnac Room, The Esplanade Hotel Fremantle, Cnr Marine Tce &
Essex St, in Fremantle, on Feb. 16, 2015, at 10:30 a.m.



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C H I N A
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CAR INC: Fitch Assigns 'BB+' Rating to USD500MM 6.125% Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to the
USD500 million 6.125% senior unsecured notes due 2020 issued by
CAR Inc. (CAR). This final rating follows the receipt of documents
conforming to information already received and is in line with the
expected rating assigned on Jan. 4, 2015.

The notes are rated at the same level as CAR's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

CAR's ratings are supported by its dominant market share in the
car rental market in China, significant flexibility to scale down
capex during downturns and strong financial profile with low net
leverage. The ratings are constrained by its short track record in
used car sales and regulatory uncertainty in the car rental
industry, which is in its early stages of development in China.

KEY RATING DRIVERS

Market Leader, Strong Profile: CAR is the No.1 car rental company
in China with 31% share of the short-term self-drive market as at
end-2013. Consulting company Roland Berger expects the Chinese car
rental industry to grow at more than 20% a year into 2018, with
existing players having the advantage of high entry barriers due
to capital intensity, funding needs and restrictions on vehicle
license plates by governments in certain provinces. CAR has
significant first-mover advantage over its peers; a large fleet
size that is four times that of the second-largest player; more
than 100 vehicle models to meet different rental needs; a wide
geographic spread covering 70 major cities; a lower cost structure
than its competitors; a dynamic pricing system; and a strong
distribution channel to dispose of its used cars.

Operational and Financial Flexibility: CAR has no minimum purchase
commitments with car manufacturers. It also reduces its long-term
lease commitments by increasing the number of pick-up points -
parking facilities with simple service stands - instead of full
storefronts. All the car parks have flexible lease termination
arrangements. This business model gives CAR full flexibility to
adjust operations during downturns. In addition, it has the choice
to postpone fleet renewal by adding fewer new cars or disposing
more used cars during downturns.

Solid Financial Profile: CAR has sound credit metrics. Its
consolidated EBITDA margin is higher than its peers at around 40%
(if excluding used car sales segment, the rental segment margin is
estimated to be as high as 50%). Fitch expects this high margin is
sustainable and CAR can further expand margins through better
deployment of its car fleet, increasing economies of scale, and
reductions in overhead costs. Fitch estimates its FFO adjusted net
leverage to be 0.1x as of end-2014. Although CAR is expanding
rapidly, Fitch expects its FFO adjusted net leverage to remain
under 1.0x over 2015-2017 due to its prudent financial policy and
flexible capex requirements.

Short Track Record in Used Car Sales: CAR started operations in
September 2007 and listed on the Hong Kong stock exchange in
September 2014. It only started meaningful sales of used cars in
2013. CAR's financial stability is dependent on estimates of the
residual value of its used cars and whether CAR will be able to
sell its used cars at reasonable prices in a downturn. CAR has yet
to achieve a steady state in fleet renewal and demonstrate
disciplined growth after raising high levels of offshore equity
and debt.

Regulatory Uncertainty: The car rental industry in China is
subject to the laws and regulations of various local governments.
One of CAR's key competitive advantages over peers is its stock of
car license plates in restricted and potentially restricted cities
to secure future development. However, any unexpected change in
regulations could adversely impact CAR's operations. Although
these risks are not imminent, the car rental industry is at an
early stage of development in China and there are likely to be
regulatory changes before the industry matures and stabilizes.

RATING SENSITIVITIES

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

   -- FFO adjusted net leverage sustained above 1.0x
   -- EBITDA margin sustained below 40%
   -- EBIT margin sustained below 15%
   -- Loss of dominant market share in the car rental industry
   -- Evidence of greater regulatory or legal intervention leading
      to an adverse change in the company's operation and business
      profile

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

   -- A more mature regulatory environment in the car rental
      business
   -- Longer track record of sustained fleet renewal cycle
   -- Maintenance of strong financial profile during the growth



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I N D I A
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ABHIJEET GROUP: Faces Liquation Threat
--------------------------------------
Times of India reports that yet another Abhijeet Group company
faces liquation threat.  The Calcutta High Court, in a winding up
petition moved by an employee against Abhijeet Projects Limited,
has directed the company to pay up its dues in six weeks or else
the case will continue, according to Times of India.

In a winding up petition, it is sought to sell off a company's
assets to recover the dues, the report relates.  Failure to clear
the due of INR5.9 lakh will also lead to advertisements being
published in newspapers indicating that the petition will be heard
again. This can attract other creditors to join the litigation,
the report discloses.

Abhijeet Projects has been the in-house engineering, procurement
and construction (EPC) division of the group.  The company's
mainstay revenue was from projects belonging to Abhijeet Group
itself, the report notes.  This means that Abhijeet Group employed
its own company to construct projects like the power plant at
Jharkhand under Corporate Power Limited (CPL) or the plant at
Mihan and paid charges for the job, the report says.

However, the group companies started facing a cash crunch after
CBI probe into the coal block allocations began, the report notes.
It led to defaults even in paying the salaries.  The petition
against Abhijeet Projects has been filed by an employee, Yogesh
Khanna, who has a claim of INR5.9 lakh as unpaid salaries against
this company, the report discloses.

The court, in its orders, has observed that the company will have
to pay the amount along with 6% interest since the date when this
employee served the statutory notice, the report relays.  In case
of failure to repay the dues within six weeks from the date of
this order, the winding up petition will be revived.  However, if
the company is able to clear the dues, the petition will be stayed
permanently says the court order, which was issued on Feb. 3.

Similar, winding up petitions have been filed against other
companies of the Abhijeet Group like Corporate Power Limited and
Corporate Ispat Alloys Limited (CIAL), before the Calcutta High
court by employees seeking their dues, the report notes.

The petitions have been filed in this court as the group's
companies have been registered in West Bengal though the corporate
offices and the management is based at Nagpur, the report adds.


ALPHA DESIGN: ICRA Suspends B+ Rating on INR27.25cr LT Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR27.25 crore
long term limits and [ICRA]A4 ratings assigned to the INR20.67
crore short limits of M/s Alpha Design Technologies Private
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


AMBIKA PULSES: CRISIL Assigns B Rating to INR117.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ambika Pulses (AP).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         117.5       CRISIL B/Stable
   Proposed Cash

   Credit Limit         22.5       CRISIL B/Stable

The rating reflects AP's weak financial risk profile, marked by
low net worth, weak capital structure and subdued debt protection
metrics, driven by large working capital requirements. The rating
also factors in the firm's improving yet modest scale of
operations in the competitive dal milling industry. These rating
weaknesses are partially offset by the extensive industry
experience and funding support of AP's promoter.

Outlook: Stable

CRISIL believes that AP will benefit over the medium term from its
promoter's extensive experience in the industry. The outlook may
be revised to 'Positive' in case of significant improvement in the
firm's capital structure and liquidity, supported by sizeable cash
accruals or large infusion of funds by the promoter.  Conversely,
the outlook may be revised to 'Negative' if decline in cash
accruals, or large working capital requirements or any debt-funded
capex weakens the firm's financial risk profile, particularly
liquidity.

AP, a proprietorship firm of Ms. Shrikanta Kalantry, was set up in
2007 in Latur (Maharashtra). The firm processes pulses, mainly
toor dal and occasionally, chana dal, and trades in other pulses.
It has two manufacturing units in Latur with a combined capacity
of 80 tonnes per day.


AMOD STAMPINGS: ICRA Suspends B Rating on INR25cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR25.00 crore cash credit facility and the INR2.60 crore term
loan facility of Amod Stampings Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR7.25 crore Bill Discounting, INR21 crore Letter of Credit
facility and INR11.90 crore unallocated facilities of ASPL. 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
   ----------        -----------    -------
   Fund Based-Cash
   Credit               25.00       [ICRA]B suspended

   Fund Based-Term
   Loan                  2.60       [ICRA]B suspended

   Non Fund Based-Bill
   Discounting           7.25       [ICRA]A4 suspended

   Non Fund Based-
   Letter of Credit     21.00       [ICRA]A4 suspended

   Unallocated          11.90       [ICRA]A4 suspended

Amod Stampings Private Limited (ASPL) was established as a
partnership firm in 1978 by Mr. Naraharibhai S. Patel and his son
Mr. Surendrabhai N. Patel at Amod village, Bharuch, Gujarat. They
established a unit to manufacture transformer laminations made
from Cold Rolled Grain Oriented (CRGO) steel. In 1995, the company
was converted to a private limited company having its registered
office at Gujarat Spun Pipe Compound, Padra Road, Baroda.

ASPL is engaged in the business of manufacturing cores for
transformers used in the Power Industry. The Company imports Cold
Rolled Grain Oriented steel and cuts them to design dimensions.
The sheets are then stacked one over the other to form the base
for a transformer core.


ANUBHA FABRICS: ICRA Reaffirms B Rating on INR12.95cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR8.00
crore (enhanced from INR4.50 crore) long-term fund based limits
and the INR12.95 crore (reduced from INR14.80 crore) term loan
facilities of Anubha Fabrics Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR0.35 crore
(reduced from INR2.00 crore) short-term non-fund based limit of
AFPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Long
   term Limits           8.00         [ICRA]B reaffirmed

   Term Loans           12.95         [ICRA]B reaffirmed

   Non-fund Based,
   Short-term
   facilities            0.35         [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of the ratings continues to factors in AFPL's
relatively modest scale of operations and weak debt protection
metrics. The ratings also take into consideration the
vulnerability of the company's profitability to the cyclicality
inherent in the textile industry and fluctuations in raw material
prices, although the latter is partly mitigated by the procurement
of raw materials against firm orders. The ratings are further
constrained by the highly competitive and fragmented nature of the
weaving industry.

The ratings, however, favourably factor in the long standing
experience of the promoters in the textile industry and locational
advantage available to the company due to its proximity to raw
material sources and customers. The ratings also factor in the
infusion of equity of INR3.00 crore by the promoters in the
current fiscal leading to improvement in capital structure of the
company, though it still remains leveraged.

Incorporated in July 2011, Anubha Fabrics Private Limited (AFPL)
is engaged in manufacturing of polyester grey fabric using water-
jet looms. The company commenced commercial production in December
2012 at its manufacturing facility located near Surat in Gujarat.
The facility has 124 water-jet looms with an installed weaving
capacity of 1.8 crore metres annually. The company is promoted by
Mr. Amitesh Bansal, Mr. Vidyakar Bansal, Mr. Vipul Kanodia and
other friends/relatives. The promoters have long experience in the
textile industry through their associate concern, Anubha
Polyweaves Private Limited.

Recent Results
During FY 2014, AFPL reported an operating income of INR29.30
crore and profit after tax of INR0.08 crore as against an
operating income of INR2.67 crore and net loss of INR1.03 crore
during FY 2013. During 8M FY2015, AFPL reported an operating
income of INR21.67 crore (as per provisional financials).


ASTON CERAMIC: CRISIL Assigns B Rating to INR35MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aston Ceramic (AC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             35         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    16         CRISIL B/Stable
   Bank Guarantee        14         CRISIL A4
   Cash Credit           35         CRISIL B/Stable

The ratings reflect AC's susceptibility to risks associated with
its ongoing project and its expected large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the partners in the ceramicindustry and
the proximity of the firm's manufacturing facilities to sources of
cheap raw material and labour.
Outlook: Stable

CRISIL believes that AC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm stabilises the
operations at its proposed plant in a timely manner and reports
substantial revenue and profitability, leading to higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
AC faces delays in commencement of its operations, or generates
lower-than-expected cash accruals during the initial phase of its
operations, resulting in pressure on its liquidity.

AC is a Morbi (Gujarat)-based partnership firm that was set up in
2014. The firm is setting up a unit to manufacture ceramic tiles.
It is expected to commence commercial operations from April 2015.


CHANDRA COAL: CRISIL Puts B Rating on Notice of Withdrawal
----------------------------------------------------------
CRISIL's has placed its rating on the bank facilities of Chandra
Coal Pvt Ltd (CCPL) bank facilities on 'Notice of Withdrawal' for
a period of 180 days at the company's request. The ratings will be
withdrawn at the end of the notice period, in line with CRISIL's
policy on withdrawal of its bank loan ratings.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B/Stable (Placed on
                                    'Notice of Withdrawal')

Outlook: Stable

CRISIL believes that CCPL will benefit over the medium term from
its existing relationships with customers and its promoters'
extensive experience in the coal trading business. The outlook may
be revised to 'Positive' in case of an improvement in the
company's capital structure along with an improvement in margins.
Conversely, the outlook may be revised to 'Negative' in case of
sharply lower-than-expected profitability or deterioration in
working capital management.

CCPL, based in Nagpur (Maharashtra), trades in coal, mainly in the
Vidarbha region of Maharashtra. The company supplies to various
industries including cement, paper, textile, power, and chemical.
Though the company was incorporated in 2004, the promoters have
extensive experience in the coal trading business through their
holdings in other companies in the same business.


CHINTTPURNI ENGINEERING: ICRA Suspends D Rating on INR47cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding on the INR 77.0
crore fund based and non fund based facilities of Chinttpurni
Engineering Work Pvt Ltd.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Facility        47.0       [ICRA]D; Suspended
   Non Fund Based Facility    30.0       [ICRA]D; Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company


DHANRAJ COTTON: CRISIL Assigns B Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dhanraj Cotton Industries - Mehsana (DCI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           50         CRISIL B/Stable
   Term Loan             28.8       CRISIL B/Stable

The rating reflects DCI's modest scale of operations in a highly
fragmented industry, and working-capital-intensive operations.
These rating weaknesses are partially offset by the benefits that
the firm derives from the extensive industry experience of its
promoters and from its proximity to the cotton-growing belt.
Outlook: Stable

CRISIL believes that DCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm stabilises its
operations earlier than expected while improving its capital
structure, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if operating
margin is lower than expected, or if it undertakes a substantial
debt-funded expansion programme, or if its working capital
management deteriorates, significantly weakening its financial
risk profile.

Incorporated in 2014, DCI is a partnership firm located at Mehsana
(Gujarat). The firm gins and presses cotton, and commenced
operations in December 2014.


ESSEL MARKETING: ICRA Reaffirms B+ Rating on INR9.7cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR9.70 crore fund based working capital facilities of Essel
Marketing & Promotions Private Limited. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 to the INR2.50 crore non-fund-
based working capital facilities of EMPPL. The outlook on the
long-term rating is stable.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund
   based working
   capital limits       9.70         [ICRA]B+ reaffirmed

   Short-term, non-
   fund based working
   capital limits       2.50         [ICRA]A4 reaffirmed

Rating Rationale
The rating re-affirmation factors in the considerable growth in
revenue along-with stable profitability margins maintained by the
company while the sales momentum continues to be robust in the
current financial year. The rating continues to derive comfort
from the vast experience of the promoters in the trading of
promotional products, the company's established relations with key
suppliers and customers and a well reputed customer base. The
company has been able to receive repeat orders from existing
clients while there were additions in its client base as well
during FY14 and current FY.

The ratings are, however, constrained by the increase in working
capital intensity (NWC/OI) due to increase in debtor levels since
FY14 resulting in negative gross cash flows and consequential
increase in utilization of working capital loans. The ratings are
further constrained by high client concentration in the company's
revenue as the top 10 customers accounted for over 99% and 91% of
total sales turnover in FY2014 and 6mFY2015 respectively. The
ratings continue to be constrained by the moderate operating and
net margins of the company on account of the trading nature of
business, small scale of operations, intense competition in the
industry and a stretched financial risk profile marked by low
accruals and moderate debt coverage indicators.

EMPPL, incorporated in 2006 by Mr. Rohit Lamba, is engaged in the
supply of a wide range of promotional products typically required
in the trade/retail promotional campaigns of FMCG and
pharmaceutical companies. EMPPL supplies products such as toys,
pencil boxes, plastic jars, stickers, pens, and other customized
gift articles. Mr. Lamba is an experienced entrepreneur, supported
by a team of qualified professionals who are actively involved in
the management of the company.


GOLDEN SPINNING: CRISIL Reaffirms B Rating on INR41.9MM Loan
------------------------------------------------------------
CRSIL's ratings on bank facilities of Golden Spinning Mills Pvt
Ltd (GSMPL) continue to reflect GSMPL's working-capital-intensive
operations, and its weak financial risk profile, marked by a small
net worth, a leveraged capital structure, and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
textile industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        12        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    41.9      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GSMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, most
likely because of substantial equity infusion or higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is a considerable decline in GSMPL's accruals, deterioration
in its working capital management, or large debt-funded capital
expenditure, resulting in further weakening of its debt servicing
ability.

Update
GSMPL reported an operating income of INR312 million for 2013-14
(refers to financial year, April 1 to March 31), driven by
increased orders from existing customers following the improved
demand for cotton yarn. The company reported an operating margin
of 6.8 per cent for 2013-14, against 8.5 per cent for 2012-13. The
decline in profitability was due to intense competition, which
limited the company's ability to pass on the increase in costs.

GSMPL has a weak financial risk profile, marked by a small net
worth of INR18 million and high gearing of 6.29 times, as on March
31, 2014; its debt protection metrics were below average, with net
cash accruals to total debt ratio at 0.08 times and interest
coverage ratio at 1.67 times in 2013-14. The company's financial
risk profile is expected to remain weak over the medium term, due
to limited accretion to reserves.

GSMPL's liquidity is stretched, marked by tightly matched accruals
as against its repayment obligations and high bank limit
utilisation. The company has large working capital requirements as
indicated by its gross current assets of 141 days as on March 31,
2014. Hence, it has extensively utilised its bank limits. However,
the liquidity is supported by regular funds from promoters in the
form of unsecured loans. GSMPL's liquidity is expected to remain
weak over the medium term, with tightly matched cash accruals
against debt repayment obligations, and working-capital-intensive
operations.

GSMPL, located in Salem (Tamil Nadu) and incorporated in 1981,
manufactures cotton yarn in the range of 20s to 80s counts. The
company was promoted by Mr. P Sundaram and his family members.


HI-TECH ENGINEERING: ICRA Assigns B Rating to INR4.30cr LT Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR4.30
crore fund based bank limits and INR0.75 crore term loans of HI-
Tech Engineering Industries. ICRA has also assigned its short-term
rating of [ICRA]A4 to the INR0.30 crore non-fund based bank limits
of HTEI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits          4.30         [ICRA]B; assigned

   Term Loan Limits      0.75         [ICRA]B; assigned

   Short term non-
   fund based limits     0.30         [ICRA]A4; assigned

ICRA's ratings are constrained by HTEI's small scale of
operations, the intensely competitive nature of the plastic
moulding business, with presence of many small players and the low
value additive nature of operations, which results in low profit
margins. The ratings also factor in the firm's modest financial
profile characterized by high working capital intensity (NWC/OI of
~30% in 2013-14). Further, low cash accruals coupled with
withdrawal of capital by the partners has resulted in a stretched
liquidity position for the firm, given the scheduled debt
repayments. ICRA also takes into account the partnership nature of
the firm which exposes it to risks of dissolution, withdrawal of
capital etc. However, the ratings favourably factor in the firm's
established track record of operations and the extensive
experience of its promoters in the moulded plastic components
business. The ratings also derive comfort from HTEI's established
clientele, which includes reputed companies like Havells India
Limited, Philips India Limited, Orient Electrical and Linc Pen and
Plastics Limited, with a track record of repeat orders.

Going forward, the ability of the firm to increase its scale of
operations and margins and improve its liquidity will be the key
rating sensitivities. Any withdrawal of partner's funds and an
increase in external debt will also be key monitorables.
Established in 1987 as a partnership concern, HTEI manufactures
plastic moulded components and caters to the electrical equipment
and writing pen industries. The company primarily moulds
polypropylene granules into end products like electrical extension
boards, flap fronts (used in fans), polyvinyl chloride lead wires,
regulators, multi plugs, pin plugs and pen parts. The firm has two
manufacturing facilities located in Noida, Uttar Pradesh.

Recent Results
In FY2014, HTEI reported an Operating Income (OI) of INR15.68
crore and a Profit After Tax (PAT) of INR0.06 Crore as against an
OI of INR14.81 Crore and a PAT of INR0.23 crore in the previous
year.


IMAGE LABELS: CRISIL Ups Rating on INR40MM Cash Credit to B
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Image Labels Pvt Ltd (ILPL) to 'CRISIL B/Stable' from 'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Corporate Loan        10        CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Long Term Loan        15.5      CRISIL B/Stable (Upgraded from
                                   'CRISIL D')

   Proposed Long Term    37        CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL D')

The rating upgrade reflects a sustainable improvement in ILPL's
liquidity reflected in timely servicing of debt by ILPL over the
past twelve months ended December, 2014. ILPL's liquidity has
improved on the back of healthy improvement in cash accruals
generated from business along with timely fund support from
promoters in the form of unsecured loans.

The ratings on the bank facilities of ILPL reflect the company's
modest scale of operations in the competitive label manufacturing
industry; below-average financial risk profile, marked by small
net worth; high gearing and weak debt protection metrics and
working-capital-intensive operations. These rating weaknesses are
however, partially offset by the extensive industry experience of
ILPL's promoters and its established relationships with its
customers.

Outlook: Stable

CRISIL believes that ILPL will continue to benefit from its
promoters' extensive experience in the label manufacturing
industry. The outlook may be revised to 'Positive' if ILPL's
business risk profile improves significantly, driven most likely
by increase in scale of operations and profitability. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the ILPL's liquidity due to less-than-expected cash accruals,
large working capital requirements, or large debt-funded capital
expenditure.

Bengaluru (Karnataka). It manufactures a range of high quality
specialty labels, which are used in the automobile, consumer
durables, electrical, and electronics industries.

For 2013-14, ILPL registered a profit after tax (PAT) of INR0.3
million on net sales of INR258.1  million as against a net loss of
INR4 million on net sales of INR247.67 million for 2012-13.


JAYESH UMAKANT: CRISIL Assigns B Rating to INR35MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jayesh Umakant Nehete (JUN).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       35         CRISIL A4
   Cash Credit          17.5       CRISIL B/Stable

The ratings reflect the firm's small scale of operations in a
highly competitive civil construction industry on account of its
initial phase of operation, its below-average financial risk
profile marked by small net worth and working-capital-intensive
operations. These rating weaknesses are partially offset by the
promoters' experience in civil construction industry and the
funding support.

Outlook: Stable

CRISIL believes that JUN will benefit over the medium term from
its promoters' experience in the civil construction industry. The
outlook may be revised to 'Positive' if the firm reports
significant and sustained growth in its scale of operations and
cash accruals mostly caused by receipt of independent large orders
from government agencies. Conversely, the outlook may be revised
to 'Negative' in case of weakening in financial risk profile and
liquidity because of lower cash accruals, stretch in working
capital cycle or a large debt-funded capital expenditure.

JUN, established in 2011 by its proprietor Mr. Jayesh Nehete, is a
Jalgaon (Maharashtra) based civil construction player dealing
mainly in the construction of roads and bridges. JUN presently
undertakes sub-contracted work orders from larger infrastructure
players. The promoter's family has been in government tenders
contracting business for the past 15 years.


KAM-AVIDA ENVIRO: CRISIL Reaffirms D Rating on INR185MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kam-Avida Enviro
Engineers Pvt Ltd (KEPL) continue to reflect KEPL's overdrawn cash
credit limits -- these have been overdrawn for more than 30
consecutive days'and devolvement of its letter of credit; the cash
credit facility has remained overdrawn on account of weak
liquidity caused by stretched receivables.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee        107.5        CRISIL D (Reaffirmed)
   Cash Credit           185          CRISIL D (Reaffirmed)
   Letter of Credit       65          CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    342.5        CRISIL D (Reaffirmed)

KEPL continues to have small scale and working capital intensive
operations, and weak financial risk profile with subdued debt
protection metrics. However, the company benefits from its
promoters' extensive industry experience.

KEPL was set up by Mr. Manohar Krishna, Mr. P R Dadachanji, Mr.
Avinash and Mr. Pankaj Malhotra in 1995 in Pune (Maharashtra). The
company fabricates and assembles equipment for cleaning and
maintenance at its manufacturing unit at Hinjewadi (Pune).


KARUN RICE: ICRA Assigns B Rating to INR6.5cr Cash Credit
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR7.0 crore
fund based facilities of Karun Rice & General Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.5         [ICRA]B Assigned
   Unallocated            0.5         [ICRA]B Assigned

The assigned rating factors in small scale of operations of the
firm in rice milling and sorting business which coupled with high
intensity of competition has led to low profitability and weak
debt coverage indicators. Funding of working capital requirements
through bank borrowings has led to high gearing (7.43X as on March
31st, 2014) for the firm. The rating also takes into account the
working capital intensive nature of rice milling business arising
out of the need to maintain substantial inventories (paddy which
is procured seasonally and rice is stocked for aging purposes) in
line with the industry trends. The rating also takes into account
agro climatic risks, which can affect the availability of paddy in
adverse conditions. ICRA however draws comfort from long
experience of promoters in rice industry, proximity of the mill to
major rice growing area which results in easy availability of
paddy and stable demand outlook of rice in both Indian and foreign
markets.

Incorporated in the 1996, Karun Rice & General Mills is a
partnership firm promoted by Mr. Suraj Bhan and Mr. Karun Singla.
The firm is engaged in milling and sorting of basmati and non
basmati rice. The manufacturing unit of the firm is located in
Cheeka (Haryana) with milling capacity of 3.25 ton/hour and
sorting capacity of 2ton/hour.

Recent Results
The firm reported a net profit after tax of INR0.02 crore on an
operating income of INR16.92 crore in FY2014 as against net profit
of INR0.01 crore on an operating income of INR19.54 crore in
FY2013.


MALAR MODERN: CRISIL Assigns B+ Rating to INR55MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Malar Modern Rice Mill (MMRM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           55         CRISIL B+/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     5         CRISIL B+/Stable (Assigned)

The rating reflects MMRM's weak financial risk profile, marked by
modest net worth and weak debt protection metrics, modest scale of
operations, and exposure to intense competition in the rice
milling industry. These rating weaknesses are partially offset by
the extensive experience of MMRM's promoter in the rice milling
business.
Outlook: Stable

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

Set up in 2001 as a partnership firm, MMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. P. Ramasamy and his family members and is based
out of Puduvayal (Tamil Nadu).

MMRM reported a profit after tax (PAT) of INR2.2 million on net
sales of INR280.2 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR253.3 million for 2012-13.


MALAR PAPER: ICRA Assigns B+ Rating to INR7cr LT Loan
-----------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR7.00
crore fund based facilities of Malar Paper Mills Private Limited
and the short-term rating of [ICRA]A4 to the INR0.50 crore non-
fund based bank limits of Malar Paper. ICRA has also assigned the
long-term rating of [ICRA]B+ and short-term rating of [ICRA]A4 to
the INR8.50 crore proposed bank facilities.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based facilities     7.00          [ICRA]B+ assigned

   Short-term, non-
   fund based limits    0.50          [ICRA]A4 assigned

   Proposed limits      8.50          [ICRA]B+/[ICRA]A4 assigned

The assigned ratings consider the long standing track record of
the promoters in the region, where they operate rice mills and
solvent extraction unit, apart from Malar Paper; established
relationship with dealers (mainly PWP) and end customers (for
newsprint), which ensures repeat orders and favourable long term
demand prospects for paper consumption in the domestic market.
However, the ratings are constrained by the Company's moderate
scale of operations that limits benefit from economies of scale;
weak financial profile with thin profit margins, highly geared
capital structure and stretched coverage indicators and highly
fragmented and competitive industry, especially in the B-grade
paper segment with low entry barriers and localized demand, which
limits company's pricing flexibility and exposes the margin to
volatility in raw material prices. ICRA also takes note of the
power intensive nature of operations, with capacity utilization
impacted by erratic power availability.

Malar Paper Mills Private Limited (MPMPL) was incorporated in 2006
as a private limited company to manufacture 42-110 gram per square
metre (gsm) printing and writing paper (PWP) and newsprint.
MPMPL's factory was setup in Kallur village, Pudukottai, Tamil
Nadu and commercial production began in 2007. The factory has a
capacity of 65 tonnes per day (TPD) / 21,000 metric tonnes per
annum (MTPA). The factory uses recycled paper, both from domestic
and international suppliers, as raw material to produce PWP and
newsprint.

MPMPL is closely held by Mr. PL Padikkasu and his family. The
promoter family has rich experience in conducting business in the
locality, owning 5 rice mills and a solvent extraction plant. The
promoters' foray into the paper industry was backed by the
technical expertise of Mr. Arunachalam, a paper industry veteran
of 35 years. Mr. PL Padikkasu is the Managing Director whereas his
sons, Mr. Periasamy and Mr. Balasubramanian are directors in the
company. Mr. Periasamy looks after the day to day running of the
company. He has a chemical engineering background. Mr.
Balasubramanian, the elder brother of Mr. Periasamy handles the
purchase side of the paper business and also manages the solvent
extraction plant.


MASTECH TECHNOLOGIES: ICRA Suspends D Rating on INR20cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR20.0 crore,
bank lines of Mastech Technologies Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


MILLENIUM EXIM: ICRA Suspends B Rating on INR3cr Term Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR3.00
crore term loan, INR3.00 crore cash credit facilities and INR0.25
crore untied limit, and the [ICRA]A4 rating assigned to the
INR0.25 crore non-fund based bank facility of Millenium Exim
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


MOKAMA MUNGER: ICRA Suspends D Rating on INR355cr Term Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR355.0 crore
term loans, of Mokama Munger Highway Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


NDR INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR1.19BB Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of
NDR Infrastructure Pvt Ltd (NDR) continues to reflect the
company's exposure to project-related risks associated with
ongoing revised project pertaining to setting up of a cold chain
and multi-modal logistics park with a rail siding facility at the
project site and susceptibility to export-import trade volumes.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters and the benefits derived from
association with the NDR group of companies.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            1190        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NDR will benefit from the promoters'
extensive experience over the medium term. The outlook may be
revised to 'Positive' if the company completes its revised project
earlier than expected leading to higher-than-expected cash
accruals, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
revised project faces significant time or cost overrun or if NDR
undertakes large debt to fund its project, leading to weakening of
its liquidity.

Incorporated in 2009, NDR is in the process of setting up a multi-
modal logistics park in the Tiruvallur District (Chennai, Tamil
Nadu). The company is a part of the NDR group of companies that
provides logistics solutions through multi-modal operations across
India.


NORTH BIHAR: ICRA Suspends D Rating on INR525cr Term Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR525.0 crore
term loans, of North Bihar Highway Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


P P RUBBER: CRISIL Assigns B+ Rating to INR125MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of P P Rubber Products Pvt Ltd (PRPPL).

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

The rating reflects PRPPL's small scale of operations and its weak
financial risk profile marked by low net worth, high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by its promoters' long-standing experience in the
footwear manufacturing industry.

Outlook: Stable

CRISIL believes that PRPPL will maintain a stable business risk
profile on account of its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if PRPPL's
scale of operations increases significantly with effective working
capital management resulting in an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of significant decline in revenue growth or margins, or if
the company undertakes a large, debt-funded capital expenditure
programme.

PRPPL, incorporated in October 1990, manufactures footwear. The
company's manufacturing facilities are located at Jaipur
(Rajasthan). The company was established by Mr. Premprakash
Poddar, who has been in the business for more than two decades.


PISCES EXIM: CRISIL Suspends B Rating on INR95MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pisces Exim (India) Pvt Ltd (PEIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           95         CRISIL B/Stable

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

PEIPL was incorporated in 2009, by Mr. Soumit Jena along with his
wife Mrs. Preeti Jena. The company is a trader and deals in
various products ranging from agro commodities to steel products.
PEIPL has its registered office at Andheri, Mumbai.


R. S. PLASFAB: CRISIL Suspends B+ Rating on INR40MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. S. Plasfab Private Limited (RSPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2          CRISIL A4
   Cash Credit           15.2        CRISIL B+/Stable
   Letter of Credit      10          CRISIL A4
   Term Loan             40          CRISIL B+/Stable

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

Incorporated in 1996, RSPPL manufactures PVC and UPVC-based doors,
windows, partitions and ceiling. The day-to-day operations of the
company are managed by Mr. Lalit Agarwal.


RAMPRASTHA DEVELOPERS: ICRA Withrdraws B Rating on INR9.2cr LOC
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR9.20
crore Line of Credit of Ramprastha Developers Private Limited, as
the company has fully paid the instrument. There is no amount
outstanding against the rated instrument.


RIONA LAMINATES: ICRA Reaffirms B Rating on INR5.01cr Term Loan
---------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to INR3.00 crore fund-
based cash credit facility and INR5.01 crore (reduced from INR5.25
crore) term loan facility of Riona Laminates Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B reaffirmed
   Term Loans            5.01        [ICRA]B reaffirmed

The rating reaffirmation takes note of Riona Laminates's nascent
stage of operations entailing its weak financial profile
characterized by net loss, modest coverage indicators and adverse
capital structure. Further, the rating is constrained by the
highly working capital intensive nature of the business which
resulted in stressed liquidity position of the company. The rating
also factors in the vulnerability of profitability to cyclicality
inherent in the real estate industry and fluctuation in raw
material prices. Further, the ratings take note of RLPL's modest
scale of operations amidst highly fragmented industry
characterized by intense competition from organized as well as
unorganized players.  The rating, however, favorably considers
location advantage enjoyed by the company.

Incorporated in 2011, RLPL is promoted by Mr. Kishan Bhalodiya,
Mr. Jayantilal Kanani and Mr. Jaydeep Kanani. The company
manufactures decorative laminates and white inner laminates. The
company's factory premises are located in Morbi (Gujarat) with a
proposed manufacturing capacity of around 90,000 sheets per month.

Recent Results
During FY 2014, the company reported a net loss of INR0.63 crore
on an operating income of INR5.00 crore.


RUBBER PRODUCTS: CRISIL Reaffirms B- Rating on INR51.5MM Loan
-------------------------------------------------------------
CRISIL rating on the bank facilities of The Rubber Products
Limited (RPL)'s continues to reflect its weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its large working capital requirements. These rating
weaknesses are partially offset by RPL's established market
position in the rubber products manufacturing industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Cash Credit           51.5       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      12.5       CRISIL A4(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     28.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RPL will continue to benefit over the medium
term from its established position in the industry. The outlook
may be revised to 'Positive' if the company's liquidity improves,
primarily led by improvement in its profitability and working
capital cycle. Conversely, the outlook may be revised to
'Negative' if RPL's financial risk profile deteriorates, most
likely driven by a decline in its revenues or profitability or a
further stretch in its receivables.

RPL was originally set up by the late Mr. Narayan Shetty in 1966
and was reconstituted as a public listed company with the present
name in 1989. In 2006, the late Mr. Sadanand Shetty (friend of Mr.
Narayan Shetty) acquired a majority shareholding in the company.
RPL manufactures rubber products such as sheets, hoses, coated
fabric, extruded rubber products, boats and jackets, mini water
tanks (collapsible ponds), and inflammable storage spaces. Its
overall operations are managed by Ms. Sucharita Hegde, daughter of
Mr. Sadanand Shetty.


S K SARAWAGI: CRISIL Cuts Rating on INR500MM Packing Credit to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S K Sarawagi and Co Pvt Ltd (SKS; part of the SKS group) to
'CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      450       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Overdraft Facility    110       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit        500       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term    150       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4')

   Term Loan             400       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade follows weakening of the company's liquidity
profile, leading to delays in repayment of its term loans. The
delays were driven by stretched payments from customers, leading
to lengthened working capital cycle.

The rating also reflects the company's below-average financial
risk profile marked by high gearing and weak debt protection
metrics, its exposure to cyclicality in the steel industry, and
susceptibility of its profitability margins to volatility in
freight rates. These rating weakness are partially offset by the
group's diversified revenue profile and the extensive industry
experience of its promoters.

SKS, originally established in 1957 as a sole proprietorship
concern, SK Sarawagi & Company, was reconstituted as a private
limited company with the current name in 1961. SKS is managed by
its founder-promoter Mr. S K Sarawagi, his son Mr. M L Sarawagi,
and his grandsons.

SKS undertakes mining and exporting of manganese ore, and trading
in iron ore, bauxite, and other minerals. The company's operations
are forward-integrated into manufacturing sponge iron, mild-steel
ingots, and thermo-mechanically-treated (TMT) bars.


SAMBHAV DETERGENTS: CRISIL Assigns B+ Rating to INR50MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sambhav Detergents Pvt Ltd (SDPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          29         CRISIL B+/Stable
   Term Loan            50         CRISIL B+/Stable

The rating reflects SDPL's exposure to risks relating to intense
industry competition along with project implementation and
stabilisation of operations of its upcoming facility. These rating
weaknesses are partly offset by the extensive experience of the
company's promoters in manufacturing detergents and allied
products and the benefits expected from the stable demand for the
same.

Outlook: Stable

CRISIL believes that SDPL will benefit over the medium term from
the extensive experience of its promoters in the detergents and
allied products business. The outlook may be revised to 'Positive'
in case of timely project implementation and larger than expected
revenuees and profitability, thereby leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overrun in project
completion, lower than expected accruals, lengthening of working
capitalcycle or any large debt-funded capital expenditure plans,
resulting in deterioration in the company's overall financial risk
profile.

Incorporated in 2012, SDPL is setting up manufacturing unit in
Kampur District of Assam to manufacture detergents and other
cleaning products. SDPL's operations are managed by its promoter-
directors, Mr. Ritum Jain and Mr. Vinod Kumar Jain.


SHANNON & SHANNON: ICRA Assigns B+ Rating to INR7.50cr Bank Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR8.50
crore bank facilities of Shannon & Shannon.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   ODBD                  1.00         [ICRA]B+; Assigned
   Bank Guarantee        7.50         [ICRA]B+; Assigned

ICRA's rating factors in the firm's modest scale of operations,
which has remained stagnant over the past few years, and its
subdued profitability given the limited technical complexity of
work. ICRA also factors in the firm's dependence on timely
progress in construction of the projects, given that the firm's
work in a construction project generally commences at a later
stage of execution; hence any delay by the corresponding
construction partner can impact the revenues of the firm, as has
been also witnessed in the past. Further, the rating also factors
in the geographical concentration of the firm's entire pending
order book to the National Capital Region (NCR), as well as
customer concentration risk, with top three orders accounting for
nearly 70% of the order book. The ratings also factor in S&S's
high dependence on interest free mobilization advances from
customers. Given the firm's modest scale of operations, any
delay/reduction in availability of mobilization advances will
stretch the liquidity position of the firm, thereby necessitating
additional funding. The rating, however, derives comfort from the
extensive experience of the proprietor in the industry and the
firm's established relationships with reputed real estate
companies which results in repeat orders. The rating also
positively factors in the firm's lightly leveraged capital
structure and moderate coverage indicators.

The firm's ability to attain a sustained improvement in scale,
attain diversification of its order book and execute its pending
order book in a timely manner will be the key rating
sensitivities.

Shannon & Shannon was incorporated as a partnership firm in 1953
and was converted into a proprietorship firm in 2009. The firm is
owned by Mr. Amit Shannon who has extensive experience in this
sector. The firm undertakes plumbing, water treatment and fire
fighting works for private sector clients engaged mainly in the
real estate sector, with its clientele including companies like
DLF Limited, India Bulls Construction, Adani Group, etc. In the
past, the firm has executed plumbing and fire fighting contracts
in multiple geographies across India, however currently the firm
is operating only in Delhi-NCR.

Recent results
The frim has reported net profit of INR0.51 crore on an operating
income of INR13.79 crore in FY2014 as against PAT of INR0.73 crore
on an operating income of INR12.44 crore in the previous year.


SHIVAM IRON: ICRA Suspends D Rating on INR118cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR45.07 crore
long term loans, INR118.00 crore fund based, working capital
facility, and [ICRA]D rating to the INR55.28 crore, short term,
non-fund based facilities of Shivam Iron & Steel Co. Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHREE RAJ: ICRA Withdraws B/A4 Rating on INR20cr Fund Based Loan
----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B and a short
term rating of [ICRA]A4 assigned to the INR20.0 crore fund based
facilities of Shree Raj Rajeshwari Pap-Chem Industries Private
Limited. There is no amount outstanding against the rated
instrument as the company has closed its cash credit account and
no objection certificate has been provided by the bank.


SHREE SAIBABA: CRISIL Cuts Rating on INR88MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Saibaba Jeevandhara Hospital India Pvt Ltd (Shree Saibaba
Hospital) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             88         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Shree Saibaba
Hospital in servicing its term debt. The delays have been caused
by the company's weak liquidity, as delays in commencement of its
operations led to low revenue.

Shree Saibaba Hospital also has a below-average financial risk
profile and is exposed to offtake risk because of the start-up
phase of its operations. However, the company benefits from its
promoters' extensive experience in the healthcare industry.

Shree Saibaba Hospital was incorporated in 2012-13 (refers to
financial year, April 1 to March 31). It is promoted by Mr. Anand
Haldiwal, Mr. Omprakash Haldiwal, Mrs. Rakhi Haldiwal, Dr. Jagdish
Chand Yadav, Dr. Manoj Gurjar, and Dr. Vishal Yadav. The company
operates a hospital in Barwani (Madhya Pradesh); the hospital
started operations in July 2014.


SIGMA GALVANIZING: CRISIL Assigns B- Rating to INR127.6MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the long-term bank facilities of Sigma Galvanizing Private Limited
(SGPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan         127.6       CRISIL B-/Stable
   Letter of Credit        20         CRISIL A4
   Bank Guarantee           5         CRISIL A4
   Cash Credit             65         CRISIL B-/Stable

The rating reflects SGPL's modest scale of operations, large
working capital requirements and weak financial risk profile
marked by modest net worth, high gearing and weak debt protection
and stretched liquidity. These rating weaknesses are partially
offset by extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that SGPL will continue to benefit from its
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case the
company reports substantial and sustained improvement in its
revenues and operating margins leading to higher-than-expected
cash accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected cash accruals or larger than expected working
capital requirements or large debt funded capex leads to
deterioration in its financial risk profile, particularly its
liquidity.

Incorporated in 1989, SGPL is a Navi Mumbai based company, engaged
in galvinization of iron and steel products, roll forming and
electro forged gratings. Its manufacturing premise having a
galvanization capacity of 2400 tonnes per month is located in Navi
Mumbai. It is promoted by a group of technocrats.


SRI DURGAMALLESWARI: CRISIL Rates INR120MM LT Loan at 'D'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Sri Durgamalleswari Educational Society (SDMES). The
rating reflects instances of delay by SDMES in servicing its term
debt; the delays are primarily because of the society's weak
liquidity.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility     17.5        CRISIL D
   Cash Credit            22.5        CRISIL D
   Long Term Loan        120.0        CRISIL D

SDMES also has a below-average financial risk profile, marked by
moderate net worth and subdued debt protection metrics. However,
the society benefits from the extensive industry experience of its
management.

Established in 2007 by Mr. Venkata Rao, Vijayawada (Andhra
Pradesh) based Sri Durga Malleswari Educational Society (SDMES)
runs two educational institutions offering undergraduate and post
graduate courses in engineering, information technology, computer
applications and pharmacy. The society also runs a school in
Vijayawada.

SDMES reported, on a provisional basis, a surplus of INR15.8
million on net income of INR157.3 million for 2013-14 (refers to
financial year, April 1 to March 31), against a surplus of INR9.6
million on net income of INR166.0 million for 2012-13.


SRI LAKSHMI: CRISIL Assigns B+ Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sri Lakshmi Rice Industries (SLRI) and has assigned
its 'CRISIL B+/Stable' rating to these facilities.

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

The rating had earlier been suspended by CRISIL as per its rating
rationale dated December 10, 2014, as SLRI had not provided the
necessary information required for reviewing the ratings. SLRI has
now shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

The rating reflects SLRI's below-average financial risk profile,
marked by small net worth and weak debt protection metrics, and
working-capital-intensive operations. The rating also factors in
the susceptibility of the firm's operating margin to adverse
regulatory changes and volatility in raw material prices in the
rice industry. These rating weaknesses are partially offset by the
extensive experience of SLRI's promoters in the rice business.

Outlook: Stable

CRISIL believes that SLRI will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if SLRI increases its revenues and
improves its profitability significantly, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if SLRI undertakes a larger-than-expected, debt-funded
capital expenditure programme, its sales volumes and profitability
decline sharply, or if there is a significant stretch in its
working capital cycle, leading to deterioration in its financial
risk profile, especially liquidity.

Based in Nellore (Andhra Pradesh), SLRI is engaged in rice
milling. The firm is promoted by Mr.V.V. Sesha Reddy.


SUNTANA TEXTILE: ICRA Ups Rating on INR12.95cr Loan to B-
---------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]C to [ICRA]B-
and reaffirmed the short-term rating of [ICRA]A4 for INR12.95
crore (enhanced from INR11.40 crore) fund based bank facilities of
Suntana Textile Mills Private limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   FBP/FBD/FCBP/FCBD     12.95       [ICRA]B- upgraded & [ICRA]A4
   Cum PC/PCFC/PSCL                  Reaffirmed

   Sub Limit PF/PCFC     (9.75)      [ICRA]B- upgraded & [ICRA]A4
                                     Reaffirmed

   PSDL Enhanced from    (2.25)      [ICRA]B- upgraded & [ICRA]A4
                                     Reaffirmed

   PSDL (Ag govt incen-  (0.80)      [ICRA]B- upgraded & [ICRA]A4
   tives receivables)                Reaffirmed

   Direct bills          (2.00)      [ICRA]B- & [ICRA]A4 Assigned

   Cash Credits          (0.95)      [ICRA]B- & [ICRA]A4 Assigned

The revision in rating incorporates the modest improvement in
liquidity position following decline in inventory and debtor's
turnaround as well as growth in operations backed by improved
operational diversification in-terms of product portfolio and
geographical presence. ICRA also takes a positive note of long
standing experience of the promoters in the textile industry and
benefits arising from the favourable location of the manufacturing
facility as is evident in the easy availability of key raw
materials, and proximity to nearby ports for exports in
international markets.

However, the financial profile continues to remain weak as is
evident from the low profitability levels, highly leveraged
capital structure and high working capital intensity, along with
its small scale of operations. ICRA also takes note of
vulnerability of profit margins to volatility in raw material
prices, exchange rate fluctuations and increasing competitive
pressures due to the presence of large number of players in
organized and unorganized segments in domestic as well as
international markets.

Suntana Textile Mills Pvt. Ltd. located at Powai, Mumbai was
incorporated by merging M/s. Sunil Textile Industries and M/s.
Sushil Textile Industries in year 2006 with the objective of
carrying out manufacturing of formal suiting on job work basis and
exporting it in overseas market. Mr. Sunil Agarwal, Mr.
Chiranjilal Agrawal and Mrs. Bharti Agrawal are key directors of
the company handling overall operations of the company.

Recent Results:
As on 31st March 2014, the company has achieved a net profit of
~INR0.20 crore on an operating income of ~INR38.80 crore.


SUSEE CARS: CRISIL Assigns B+ Rating to INR40MM Cash Credit
-----------------------------------------------------------
RISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Susee Cars and Trucks Pvt. Ltd. (SCTPL).

                               Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Proposed Cash Credit Limit      8        CRISIL B+/Stable
   Cash Credit                    40        CRISIL B+/Stable
   Channel Financing              30        CRISIL B+/Stable

The rating reflects SCTPL's modest scale of operations in the
intensely competitive automobile dealership industry, and its
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 the company's
promoters in the automobile dealership industry, and its
established relationship with its principal.
Outlook: Stable

CRISIL believes that SCTPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with its principal. The outlook may
be revised to 'Positive' if the company reports a sustainable
increase in its revenues and profitability, thereby strengthening
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SCTPL generates lower-than-expected cash accruals
or undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

Established in 2003, SCTPL is an authorised dealer for Hyundai
Motor India Ltd (rated, CRISIL A1+). The company runs three
showrooms in Tamil Nadu. SCTPL is promoted by Mr. S. Rajasekharan
and his family members.

For 2013-14 (refers to financial year, April 1 to March 31), SCTPL
reported a profit after tax (PAT) of INR0.3 million on net sales
of INR348 million, against a PAT of INR0.1 million on net sales of
INR380 million for 2013-14.


TIRUPATI ALUMINIUM: CRISIL Reaffirms B Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Tirupati Aluminium Ltd
(TAL) continue to reflect its weak financial risk profile marked
by high gearing and weak debt protection metrics and low operating
profitability, which is susceptible to volatility in aluminum
prices. These rating strengths are partially offset by the
promoters' extensive experience in the aluminum and piping
industries.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       45         CRISIL A4 (Reaffirmed)
   Cash Credit         140         CRISIL B/Stable (Reaffirmed)
   Letter of Credit    118.9       CRISIL A4 (Reaffirmed)


Outlook: Stable

CRISIL believes that TAL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' upon substantial improvement in the
financial risk profile owing to reduction in debt levels and
higher-than-expected profitability levels. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile,
particularly liquidity, deteriorates further most likely caused by
larger-than-expected working capital requirements or if the
company undertakes any larger-than-expected debt-funded capital
expenditure (capex) programme.

TAL was incorporated in 1994 as Keffel Finance Ltd and was engaged
in the business of retail financing. It was renamed in 2004 with
Mr. Ramesh Kumar, Mr. Mohan Lal Gupta, and Mr. Amit Gupta as
directors. Currently, the company manufactures aluminium wire rods
and PVC and HDPE pipes.


TONMOY GOHAI: CRISIL Suspends C Rating on INR200MM Term Loan
------------------------------------------------------------CRISIL
has suspended its ratings on the bank facilities of M/s. Tonmoy
Gohai (TG).

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Bank Guarantee                25       CRISIL A4
   Cash Credit                   15       CRISIL C
   Proposed Bank Guarantee       25       CRISIL A4
   Proposed Cash Credit Limit    15       CRISIL C
   Proposed Term Loan           200       CRISIL C

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

TG is a proprietorship concern and started operations in 1986 in
Shivsagar (Assam). The firm is engaged in civil construction work,
mainly roads and bridges, in Assam and Tripura. The firm is also
engaged in conducting surveys and preparing reports for Oil and
Natural Gas Corporation Limited (ONGC, rated CRISIL
AAA/Stable/CRISIL A1+) for oil exploration. The firm is also
diversifying into the business of work-over rigs services for
ONGC.


TULIP TELECOM: ICRA Reaffirms D Rating on INR150MM Loan
-------------------------------------------------------
ICRA has re-affirmed the long term rating for the INR150 crore NCD
program of Tulip Telecom Limited at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non Convertible
   Debentures (NCD)      150.0        [ICRA]D (reaffirmed)

The re-affirmation of the rating takes into account continued
delays on ICRA rated obligations on account of pressure on
liquidity position of the company. ICRA does not have any latest
operational and financial information on account of lack of co-
operation from the company and absence of any latest updates on
stock exchanges.

Incorporated in 1992, by Retd .Lt. Col. H.S. Bedi, as a private
limited company involved in trading of software, Tulip Telecom
Limited (Tulip), formerly Tulip IT Services Limited has since
diversified its operations to other related areas such as selling
of hardware products, network integration, VPN data connectivity
and managed services. The company became a public limited company
and was renamed to Tulip Software Ltd.; the name was further
changed to Tulip IT Services Ltd. in 2002 and to Tulip Telecom
Limited in 2008.


U.S. IMPEX: CRISIL Reaffirms B Rating on INR87.5MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of U.S. Impex (USI)
continues to reflect USI's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak interest coverage ratio.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          87.5        CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's small scale of operations
and low profitability in the fragmented non-ferrous alloys
industry, and its susceptibility to volatility in prices of non-
ferrous metals and foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of USI's promoter
in the non-ferrous alloys industry and the firm's established
clientele.

Outlook: Stable

CRISIL believes that USI will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if USI registers a
substantial increase in its cash accruals backed by higher
profitability. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity weakens substantially because
of large working capital requirements.

Update
USI reported operating revenue of around INR496 million for 2013-
14 (refers to financial year, April 1 to March 31), a healthy
year-on-year growth of around 27 per cent though on a small base,
supported by incremental offtake from existing customers. Despite
healthy growth in revenue, the firm's scale of operations remains
small in a highly fragmented industry. USI reported an operating
margin of 1.81 per cent for 2013-14. The margin has historically
remained low on account of limited value addition owing to the
trading nature of the business. The margin is expected to remain
low at around 2 per cent over the medium term. CRISIL believes
USI's business risk profile will remain constrained over this
period on account of its small scale of operations and low
operating margin.

USI's financial risk profile remains weak; its TOLTNW ratio was
high at 4.51 times as on March 31, 2014, and is expected to remain
in the range of 4 to 5 times over the medium term because of the
absence of any equity infusion plans, along with large working
capital requirements and limited accretion to reserves. The firm's
interest coverage ratio was 1.33 times for 2013-14, and is
expected to remain weak at 1.30 to 1.40 times over the medium term
because of low profitability. CRISIL expects USI's financial risk
profile to remain weak over this period, marked by high gearing
and weak debt protection metrics, though partially supported by
the absence of any capital expenditure plans.

USI's liquidity is expected to remain weak over the medium term,
marked by low cash accruals and working capital intensive
operations consequently leading to high utilisation of bank lines.
USI gets limited support from its suppliers reflected in low
creditor days of 18 days as on March 31, 2014. The firm is
expected to generate annual cash accruals of INR1.5 million to
INR2 million over the medium term. Its liquidity is partially
supported by the absence of any repayment obligations over this
period.

USI reported a profit after tax (PAT) of INR1.4 million on net
sales of INR493 million for 2013-14, against a PAT of INR1.3
million on net sales of INR391 million for 2012-13.

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scrap, such as zinc, aluminium, brass, and copper, with zinc
accounting for more than 50 per cent of its revenue. Imports
constitute around 50 per cent of USI's purchase and are mainly
from France, Belgium, and the US.


URJA AUTOMOBILES: ICRA Reaffirms B Rating on INR5cr e-DFS
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR6
crore fund based bank limits and INR0.5 crore unallocated limits
of Urja Automobiles Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.00        [ICRA]B Reaffirmed
   e-DFS                 5.00        [ICRA]B Reaffirmed
   Unallocated Limits    0.50        [ICRA]B Reaffirmed

The reaffirmation of the rating takes into account the inherently
low profit margins and high working capital requirements in an
auto dealership business, the weak bargaining position of UAPL
with the principal and the adverse financial risk profile of the
company as reflected by a high gearing and weak debt coverage
indicators. Moreover, the company faces stiff competition from
other passenger car dealers given the highly competitive
environment of the Indian passenger car segment with aggressive
model launches and expansion of service centres and the high
geographical concentration risk with its presence being limited to
the state of Bihar. The rating also takes note of the experience
of the promoters in the automobile dealership business and the
potential demand upside for UAPL given the current limited
penetration of Nissan Motors India Private Limited (NMIPL) in the
domestic passenger vehicle market with planned new/refreshed model
introduction by NMIPL likely to support volumes for the company
going forward. However, ICRA notes that the company remains
exposed to the inherent cyclicality of the Indian passenger car
industry. In ICRA's opinion, the ability of the entity to improve
its profitability from the business while managing its working
capital requirements would be a key rating sensitivity going
forward.

Incorporated in February 2013, Urja Automobiles Private Limited
(UAPL), is an authorized dealer for the sale of passenger vehicles
of Nissan Motors India Private Limited (NMIPL) in Bihar.
Currently, UAPL operates one 3S (Sales, Spares, Service) facility
in Patna and four sales outlet at Muzaffarpur, Purnia, Begusarai
and Bhojpur districts in Bihar.

Recent Results
UAPL reported a profit after tax of INR0.03 crore on the back of
an operating income of Rs.18.52 crore during FY14.


VAAS EXPORTS: ICRA Suspends D Rating on INR30cr Bank Loan
---------------------------------------------------------
ICRA has suspended the short-term rating of [ICRA]D assigned to
the INR30.00 crore bank facilities of Vaas Exports. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the Firm.


VICTORY FLOOR: ICRA Withdraws B+/A4 Rating on INR7.20cr Bank Loan
-----------------------------------------------------------------
ICRA has withdrawn the suspended rating of long term rating of
[ICRA]B+ and short term rating of [ICRA]A4 assigned to the INR7.20
crore Bank Loans Programme of Victory Floor Tiles Private Limited.
As per ICRA's policy on withdrawals, ICRA can withdraw the rating
in case the rating remains suspended for more than three years.


YATRI VIHAR: CRISIL Assigns D Rating to INR125MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Yatri Vihar Hospitality Pvt Ltd (YVHPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       125         CRISIL D

The rating reflects instances of delay by YVHPL in servicing its
term loan; the delays have been caused by delays in implementation
of its hotel project and commencement of operations, leading to
weak liquidity.

YVHPL has a comfortable project gearing of around 1.3 times, but
is expected to have a weak financial risk profile in the initial
years of operations on account of a weak interest coverage ratio.
However, YVHPL is expected to benefit from the healthy growth
prospects for the hospitality industry and the reputation of its
marketing and management partner.

Incorporated in 2011, YVHPL is setting up a four-star hotel with
80 rooms in Bodhgaya, Bihar. The directors of the company are Mr.
Atul Roy and his brother Mr. Amit Roy.



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


SHARP CORP: S&P Puts 'B+' CCR on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B+' long-term corporate credit and 'B' issue ratings on Japanese
electronics company Sharp Corp. on CreditWatch with negative
implications.  At the same time, S&P affirmed the 'B' short-term
corporate and CP program rating on the company.  S&P also placed
the 'B+' long-term corporate credit rating on its overseas
subsidiary, Sharp International Finance (U.K.) PLC, on CreditWatch
with negative implications.  S&P affirmed its 'B' short-term
corporate and CP program rating on the company.

The CreditWatch placement reflects the likelihood that Sharp's
earnings will fall far short of S&P's assumptions in its base-case
scenario.  Previously, S&P viewed that the high technology that
small-to-midsize liquid crystal display (LCD) panels require would
have limited competition and would somewhat ease overall
volatility of the LCD business; Sharp focuses on small-to-midsize
LCDs.  However, recent competition for securing orders from
smartphone makers has intensified among LCD panel makers beyond
our expectations.  Therefore, the profitability of the small-to-
midsize LCD business may become more volatile, in S&P's opinion.
In addition, losses from Sharp's LCD TV business and solar
business mean that Sharp's operating profit for fiscal 2014
(ending March 31, 2015) may come in about 45% below S&P's base-
case assumptions.  S&P expects Sharp's restructuring measures to
focus on lifting earnings in its LCD TV and LCD panel businesses.
However, a substantial earnings recovery in the next 12 months
will be difficult amid fierce competition at home and abroad, in
S&P's view.

Based on Sharp's operating profit forecast, S&P estimates that its
ratio of debt to EBITDA in fiscal 2014 will be in the mid 4x
range, which is worse than S&P's earlier assumption of about 4x.
Also, its net loss forecast will lead to reduced equity, hurting
the stability of its financial standing.  Bank loans accounted for
94% of its interest-bearing debt as of Dec. 31, 2014, indicating
that the company is extremely dependent on banks.  Although S&P
lacks sufficient information to review the company's relationships
with lender banks at this point, it believes that Sharp's
worsening business performance may lead banks to review their
lending conditions to Sharp.

To resolve the CreditWatch status, S&P will review details of
Sharp's new medium-term business plan, which S&P expects the
company will compile by May 2015, restructuring measures, and
banks' support stance with regard to compiling and executing the
business plan.  Competition in Sharp's main LCD business has
intensified beyond S&P's expectations.  Therefore, if S&P views
that Sharp's business competitiveness, earnings, and financial
standing will not recover swiftly even if it immediately
implements restructuring, S&P may downgrade the company by one
notch.  S&P believes that the profit outlook in the new medium-
term business plan is likely to be lower than in the current
business plan.  As a result, banks may shift their supportive
stance negatively, such as by tightening the terms or covenants
for existing debt, which may also lead to a further downgrade, for
a maximum downgrade of two notches.  For instance, if S&P revises
its liquidity assessment downward, the long-term corporate credit
rating on Sharp is likely to be 'B-'.

S&P's long-term debt rating on Sharp is one notch lower than the
long-term corporate credit rating because the ratio of the
company's priority liabilities to total assets is about 25%,
exceeding the 15% threshold for a notch down.  S&P may lower its
debt rating to two notches below the corporate credit rating if it
believes that the ratio of secured debt will rise and the ratio of
priority liabilities is likely to exceed 30% of the company's
assets.


SONY CORP: Revises Full-Year Net Loss Forecast to JPY170BB
----------------------------------------------------------
The Japan Times reports that Sony Corp. on Feb. 4 cut its full-
year loss forecast by more than a quarter to JPY170 billion,
thanks to a weak yen and improving smartphone sales. But it warned
of further job cuts as part of its sweeping corporate overhaul.

The revised number for the fiscal year to March is down from an
earlier estimate of JPY230 billion, as the firm also cited lower
restructuring costs, the Japan Times relates.

According to the report, Sony has struggled in the consumer
electronics business that built its global brand, including losing
billions of dollars in televisions over the past decade as fierce
competition from lower-cost rivals pummeled the TV subsidiary's
finances.

The Japan Times says the company is going through a huge
restructuring, including job cuts, unloading its laptop business
and selling its Manhattan headquarters, as it tries to drag itself
out of the red.

The report adds the company also said on Feb. 4 it would shed
another 1,100 jobs in its mobile phone business -- on top of a
previously announced 1,000 redundancies, which will mean the
division had lost about one-third of its workforce.

However, the plunging yen has partly offset the bleeding at Sony
as it inflates the value of Japanese exporters' repatriated
overseas income, the report states.

On Feb. 4, it said the improving results were primarily "due to
the favorable impact of foreign exchange rates, a significant
increase in mobile communication segment sales reflecting an
increase in unit sales of smartphones" among others, according to
The Japan Times.

Operating profit doubled to JPY178.3 billion as sales grew 6.1
percent to JPY2.55 trillion, Sony estimated, the report relays.

The Japan Times notes that Sony only published estimates on
Feb. 4, after earlier saying it would delay releasing finalized
numbers until at least next month after a cyberattack on its
Hollywood film unit -- linked to North Korean satire "The
Interview" -- compromised "a large amount of data."

But the firm also said the hack was unlikely to have a significant
impact on its financial results, says The Japan Times.

On Feb. 4, the company said investigating the attack and fixing
the problems at Sony Pictures cost about $15 million in the third
quarter, the report notes.

According to the report, Sony also said third-quarter revenue from
image sensors and its PlayStation games business picked up, but
sales were down in the movie and television production business.

Restructuring costs in the quarter were down by a third from a
year ago, it said.

For the nine months to December, Sony estimated it had a net loss
of JPY20.1 billion, reversing JPY9.9 billion profit a year
earlier, The Japan Times relays.

                          About Sony Corp

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

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



===============
M O N G O L I A
===============


STATE BANK: Fitch Assigns 'B' IDR; Outlook Negative
---------------------------------------------------
Fitch Ratings has assigned Mongolia-based State Bank LLC a Long-
Term Issuer Default Rating (IDR) of 'B' with a Negative Outlook.

KEY RATING DRIVERS - IDRS, SUPPORT RATING (SR) and SUPPORT RATING
FLOOR (SRF)

The IDRs, SR and SRF of State Bank reflect Fitch's view that it
would be the domestic bank most likely to receive state support in
case of need. This assessment reflects State Bank's strong
relationship with the government as evidenced by its 100% state-
ownership and the Ministry of Finance has seconded personnel to
take up key positions at the bank. Furthermore, State Bank is
Mongolia's fourth-largest bank with a 13% share of total system
deposits. It maintains a comparatively strong nationwide retail
banking presence and the authorities have designated it one of the
country's six systemically important banks.

State Bank emerged from the government's efforts to maintain
banking sector stability by bailing out two failed banks: Zoos
Bank, which failed in 2009, and Savings Bank in 2013.

KEY RATING SENSITIVITIES - IDRS, SUPPORT RATING and SUPPORT RATING
FLOOR

The IDR is driven by the SRF and as such State Bank's ratings are
sensitive to Fitch's assessment around the likelihood for
government support. Fitch applies a one-notch differential between
the Long-Term IDR of the sovereign (B+/Negative) and State Bank's
SRF. A potential change in the government's ownership, which is
not yet reflected in these ratings, could lead to a wider notching
if Fitch believed this would impact the state's willingness to
provide support.

The Negative Outlook indicates that a downgrade of Mongolia's
sovereign rating would result in a downgrade of State Bank's IDR,
SRF and SR.

Positive action on the IDR could derive from the sovereign's
stronger ability and propensity to provide support or from a
substantial improvement in State Bank's intrinsic financial
strength, as expressed in the Viability Rating (VR). In accordance
with Fitch's bank rating methodology, the IDR is the higher of the
SRF or the VR.

KEY RATING DRIVERS - VIABILITY RATING

State Bank's VR reflects the bank's leading franchise and adequate
asset quality, characterised by limited foreign currency lending
(2.3% of total loans at end-November 2014). The rating also
captures the bank's limited loss absorption capacity, moderate
profitability and Fitch's assessment of corporate governance,
which is considered weaker than privately-owned peers' due to the
lack of external or international shareholder representation.

The bank's Fitch core capital ratio of 13.8% at end-1H14 compares
favourably with peers'. This calculation applies a 100% risk
weighting to zero-risk weighted loans under the government subsidy
scheme for which the credit risks reside with the banks. State
Bank's capital, however, also benefits from substantial property
revaluation reserves (1.2% of regulatory risk-weighted assets at
end-2014), which render the tight regulatory total capital ratio
particularly susceptible to fluctuations in property prices. The
regulatory total capital ratio was 15.1% at end-2014 compared to
the minimum requirement of 14%.

Liquidity is adequate with the bank maintaining a low 83.8% loan-
to-deposit ratio at end-1H14 compared with peers'. Profitability
is weakened by low revenue contribution from non-loan businesses
and high operating costs from managing its large branch network.
In addition the bank incurred non-recurring expenses related to
performing structural adjustments and improving bank practices
following the takeover of Savings Bank's non-problematic assets.
Furthermore, the regulator's 60% net loan to asset cap constrains
State Bank's growth and profitability.

RATING SENSITIVITIES - VIABILITY RATING

An upgrade of the VR would result from a substantial improvement
in capital and an extended track record in performance and loan
quality. The ratings could be downgraded if there is material
erosion of capital, including from fluctuations in property
prices. Intensifying pressure on the corporate loan portfolio from
a further deterioration of the operating environment, resulting in
a significant weakening of loan quality, could also result in a
downgrade.

The rating actions are:

Long-Term Foreign Currency IDR assigned at 'B'; Outlook Negative
Long-Term Local Currency IDR assigned at 'B'; Outlook Negative
Short-Term Foreign Currency IDR assigned at 'B'
Support Rating assigned at '4'
Support Rating Floor assigned at 'B'
Viability Rating assigned at 'b-'



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


RIGHT HOUSE: In Liquidation; More Than 130 Jobs Axed
----------------------------------------------------
James Weir at Stuff.co.nz reports that more than 130 workers at
energy efficiency and insulation business Right House have been
laid off around New Zealand.

Wellington-based Right House has failed, with the appointment of
PricewaterhouseCoopers as liquidators.

The report relates that PWC said the loss-making business had
suffered from a lack of demand even as the building boom grew in
Christchurch and Auckland especially.  It had also been hit by the
government decision two years ago to heavily cut back home
insulation subsidies.

According to Stuff.co.nz, liquidator John Fisk of PWC said the
company had 189 staff in total, and 133 staff were made redundant
on Feb. 4.

PWC had been called in by the company's shareholder, Mark Group,
the report notes.

Stuff.co.nz says PWC is looking at completing the sale of the
insulation part of the business, which employs 45 staff around the
country.

The buyer aims to offer those staff work. That deal may be
completed in "the next day or so", Mr. Fisk, as cited by
Stuff.co.nz, said.

Stuff.co.nz notes that Mark Group had been trying to sell the
entire Right House business, but that deal fell through last week
and then the liquidators were called in. The heating and solar
panel parts of the business may be sold on a "piece-meal" basis,
the report says.

Eleven staff have been kept on to help the liquidators, including
chief executive Hamish Sisson, who told staff of the liquidation
on Feb. 4, according to Stuff.co.nz.  Some 94 staff were based in
Wellington, 48 in Auckland, 14 in Hamilton, 23 in Christchurch and
10 in Dunedin.

Staff would be preferential creditors for up to NZ$20,340 of the
money they were owed, and would be unsecured creditors beyond
that, the report notes.

Stuff.co.nz adds that Mr. Fisk said creditors were owed a total of
about NZ$10 million, though the bulk of that was owed to parent
company Mark Group. Creditors would be asked to submit claims.

But it was too soon to say how many cents in the dollar creditors
would likely get from the liquidation -- the sale of stock,
vehicles and other assets, the report adds.

Right House was set up in 2007 by state-owned Meridian Energy and
sold in 2011 to international energy-saving company Mark Group.
Right House has operational bases in Auckland, Christchurch,
Hamilton, Dunedin and its head office in Wellington.


SHANTON FASHIONS: Placed on Market
----------------------------------
Catherine Harris at Stuff.co.nz reports that Shanton Fashions
Limited has been put up for sale.

The well-known company, which is still trading, went into
voluntary administration three weeks ago after its bankers pulled
its line of credit, the report says.

Stuff.co.nz notes that a subsequent creditor's meeting revealed
the company owes almost NZ$4 million to about 220 unsecured
creditors.

Stuff.co.nz, citing an advertisement calling for offers, discloses
that Shanton's turnover was about NZ$16 million a year.

It had 37 stores and an established online business with both
New Zealand and direct Chinese suppliers.

The advertisement said projections were available for a
potentially restructured business, the report relays.

According to the report, administrator Bryan Wiliams of BWA
Insolvency was unavailable for comment, but last month said he was
confident Shanton could continue to trade.

He assured the Inland Revenue Department and Shanton's 240-odd
staff that they would be paid outstanding entitlements, the report
relates.

Creditors have been told there is a projected shortfall of
NZ$693,150 which was expected to grow as the investigation
continued, Stuff.co.nz adds.

Bryan Williams of BWA Insolvency was appointed as administrator of
Shanton Fashions Limited on Jan. 11, 2015.

Shanton Fashions Ltd operates a well-known women's fashion chain.
It has 37 stores across New Zealand and employs approximately 240
people.


TRIBECA HOMES: 3 Firms Seek to Liquidate Builder
------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that creditors
are circling Tribeca Homes, with three different firms applying to
the High Court to liquidate the company.

According to the Herald, Tribeca Homes last month admitted it was
unable to honour 44 contracts it had signed with buyers to build
homes across Auckland, despite taking more than NZ$1 million in
deposits. The majority of builds, worth NZ$10 million in total,
had yet to begin despite some contracts being signed more than
three years ago, the report relates.

The Herald says sole director Mark Richards, a chartered
accountant, last month blamed subcontractors for cost overruns and
shoddy workmanship for the situation and said Tribeca had been
seeking to wind down the business for the past 18 months.

The Herald notes that the company appeared in the liquidation list
at the High Court at Auckland on Feb.5 on an application brought
by Oborn Plumbing and Drainage.

Three other creditors appeared in support, which means that if
Oborn discontinues the action, one of them can take it up.

As well as Oborn's action, the Herald has been told of two other
liquidation applications being made by different creditors.

While being called in the liquidation list on Feb. 5, Associate
Judge Jeremy Doogue agreed to adjourn the matter until next month,
the Herald reports.



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

GLOBAL A&T: FY2014 Results in line with Caa3 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service says that Global A&T Electronics Ltd's
(GATE's) FY2014 operating results are broadly in line with its
expectations and support an improving credit profile. But the
ratings remain constrained by the uncertainty regarding the
outcome of the dispute with some if its bondholders.

GATE's corporate family and first lien senior secured facilities
are rated Caa3. The ratings outlook is negative.

Although GATE reported a 1.9% year-on-year revenue decrease in
FY2014 to $734 million, gross profit improved markedly year-on-
year to $121.9 million from $97.7 million, primarily reflecting
benefits from restructuring and costs savings initiatives
throughout 2014.

As a result, its reported operating margin (EBIT) almost doubled
to 10.3% from 5.9%. The company reported EBITDA before non-
operating items of $213.3 million at year-end 2014, compared to
$203.3 million in 2013.

"Favorable shifts in GATE's product mix, particularly in the
fourth quarter, also helped drive higher profitability. As test
contributions increase, depreciation costs decrease, helping to
boost gross profit margins, which Moody's view positively," says
Annalisa DiChiara, a Moody's Vice President and Senior Analyst.

Still, absolute reported debt levels remained flat at around $1.1
billion at year-end, resulting in reported debt/EBITDA of around
5.2x. Moody's estimates adjusted leverage was higher around 5.5x-
5.7x, when considering adjustments for operating leases and non-
recurring items.

GATE had good liquidity, as evidenced by cash-on-hand and short-
term investments of around $241.3 million as of December 2014.

Absent the pending dispute with its bondholders, GATE has around
$0.3 million of scheduled short-term debt obligations due in the
next 12 months and interest expense in the $120-$125 million
range, which it can satisfy with its cash balance. The company has
no significant long-term debt maturities until 2019, and has an
undrawn revolving credit facility of $125 million which contains a
material adverse change (MAC) clause.

Although management has not provided specific capex guidance for
full-year 2015, Moody's expect a more normalized level of 10%-15%
of revenues. Cash from operations and cash received from assets
sales (around $72 million in 2014) will be used to support capex
requirements.

Still, there is a potential for a material liquidity drain
depending on the outcome of the legal dispute. Should the recent
debt refinancing be overturned as part of the bondholder dispute,
and the original instruments reinstated, then GATE would face a
$543 million debt maturity in October 2015. This would increase
liquidity pressure for the company and bring the ratings under
pressure.

The negative outlook reflects ongoing pressure on GATE's operating
performance and the uncertainty regarding the outcome of the
dispute with some if its bondholders.

The outlook could revert to stable or ratings upgraded should the
bondholder dispute be resolved with limited adverse impact on the
company's operating performance, including market share, revenue
growth, liquidity and cash flows.

Downward pressure would emerge if (1) an event of default is
declared and an acceleration of up to $1.1 billion in debt is
triggered; or (2) the exchange transaction unwinds, creating
significant near-term default risk.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

Global A&T Electronics Ltd is a leading provider of semiconductor
assembly and test services. It operates under the name UTAC, with
manufacturing facilities in Singapore, Taiwan, Thailand and China.
UTAC was privatized through a leveraged buy-out by a private
equity group led by TPG Capital (47.7%) and Affinity Equity
Partners (47.7%) in October 2007.

This publication does not announce a credit rating action.


STATS CHIPPAC: S&P Keeps 'BB+' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB+'
long-term corporate credit rating and 'axBBB+' long-term ASEAN
regional scale ratings on STATS ChipPAC Ltd. on CreditWatch with
negative implications.

S&P also kept its 'BB+' long-term issue rating on the company'
senior unsecured notes on CreditWatch with negative implications.
STATS ChipPAC is an outsourced semiconductor assembly and test
services company based in Singapore.

"We kept the ratings on CreditWatch because Jiangsu Changjiang
Electronics Technology (JCET)'s proposed acquisition of STATS
ChipPAC is yet to be concluded," said Standard & Poor's credit
analyst Katsuyuki Nakai.

S&P anticipates downward rating pressure once the transaction is
complete because STATS ChipPAC would be less likely to benefit
from extraordinary government support after the exit of Temasek
Holdings (Private) Limited.  A weakening of JCET's group credit
profile or deterioration in STATS ChipPAC's stand-alone credit
profile following the transaction could also be negative rating
factors, in S&P's view.

China-based JCET's offer to acquire 100% of STATS ChipPAC for
US$780 million remains conditional.  Pre-conditions include
shareholder and regulatory clearances, and antitrust approvals
from relevant authorities.  The acquisition will not be made if
any of the conditions are not fulfilled by June 30, 2015.

S&P is likely to lower its assessment of the likelihood of
extraordinary government support to STATS ChipPAC to "low" from
"moderate" if Temasek sells its 83.8% stake.  The support
currently enhances the ratings on STATS ChipPAC by one notch.

The rating on STATS ChipPAC could be under further pressure if
JCET's group credit profile under the new group structure is
weaker than STATS ChipPAC's 'bb' stand-alone credit profile.

S&P attributes STATS ChipPAC's weaker financial performance over
the past six to 12 months to high capital expenditure for a new
factory in Korea and a shift in demand from high-end smartphones
toward low-end smartphones.  S&P estimates that the company's
ratio of funds from operations to debt fell to 27%-28% for the 12
months ended Dec. 31, 2014, from 36% in the previous year.

"We expect to resolve the CreditWatch after we have more clarity
on the transaction process, the group structure following the
acquisition, and STATS ChipPAC's stand-alone financial
performance," said Mr. Nakai.

S&P could lower the rating by one notch if STATS ChipPAC's
financial performance continues to deteriorate, with the ratio of
funds from operations to debt unlikely to recover to more than 30%
over the next two years.

S&P could also lower the rating if the proposed acquisition is
completed with limited possibility of future involvement by
Temasek, or JCET's group credit profile weakens.

S&P could affirm the rating if the proposed acquisition does not
happen and STATS ChipPAC's financial performance is likely to
recover.  S&P will reassess the likelihood of government support
if it expects Temasek to set a definite time frame to divest its
stake in STATS ChipPAC.


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


DOOSAN GROUP: Unit May Face Restructuring
-----------------------------------------
The Korea Herald reports that Doosan Engine, the world's second-
largest marine engine-maker, may face restructuring as its parent
Doosan Group has decided to review its worsening business and
financial situation.

"The move is aimed at improving the financial health of the
affiliate," the report quotes a spokesperson from the conglomerate
as saying.

Doosan Engineering & Construction is another affiliate facing a
checkup from outside management consultants, the report says.

The Korea Herald says industry watchers forecast that it is highly
likely Doosan's two affiliates will face restructuring following
the review.

"Korean companies usually receive outside consulting services
before making a decision about restructuring," an industry insider
said.

Hit by the prolonged shipbuilding slump, Doosan Engine has been
under high pressure to restructure, according to the Herald.

The report discloses that the marine engine-maker's sales halved
to 744 billion won ($680 million) in 2013 from 1.4 trillion won in
2012, while its operating profit nosedived to 700 million won in
2013 from 70 billion won in 2012.

Stock analysts expect an even worse business performance for 2014,
the report notes.

The Korea Herald reports that on top of the continued business
slump, the company faces another blow to its financial health --
the stock sale plans of its major shareholder Daewoo Shipbuilding
and Marine Engineering.

The report says DSME confirmed on Feb. 2 that it would sell its
entire 8.06 percent stake in Doosan Engine to improve its
financial health. DSME is the third-largest shareholder after
Doosan Heavy Industries & Construction (42.66 percent) and Samsung
Heavy Industries (14.12 percent), the report discloses.

Shares of Doosan Engine dropped 3.44 percent to KRW7,580 on
Feb. 2 due to growing concerns of a loosening partnership with its
biggest customer after the stock sales, notes the report. Engine-
making orders by DSME made up 40 percent of the ship engine-
maker's total orders in 2013, the report notes.

"At least, it seems to be inevitable for Doosan Engine to
restructure its business portfolio in a direction toward lowering
dependency on DSME," the Korea Herald quotes an industry watcher
as saying.

"Unless the shipbuilding industry recovers in the near future,
Doosan Engine could face financial difficulties," LIG Investment &
Securities said in a recent report, the Korea Herald relays.

The Korea Herald adds that the worsening financial health of
smaller affiliates like Doosan Engine and Doosan E&C could weigh
on the entire conglomerate as its top two affiliates -- Doosan
Heavy Industries & Construction and Doosan Infracore -- have also
suffered from a business slump over the past few years, affected
by the latest global business downturn.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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