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                      A S I A   P A C I F I C

           Monday, February 9, 2015, Vol. 18, No. 027


                            Headlines


A U S T R A L I A

HOMEART PTY: Administrators Close 13 Stores; 46 Jobs Axed
KEEFORCE GROUP: Administrator to Restructure Business
LOGICAL BOVINE: First Creditors' Meeting Set For Feb. 13
MAN TO MAN: Sold to Local and Overseas Group of Investors
PHARMORE PTY: First Creditors' Meeting Set For Feb. 16

TRONOX LTD: S&P Puts 'BB' Corp. Credit Rating on CreditWatch Neg.


C H I N A

GUANGZHOU R&F: Moody's Downgrades Corporate Family Rating to Ba3
KAISA GROUP: Sunac China Buys 49% Shares for HK$4.55 Billion


I N D I A

A.S. MOTORS: CARE Reaffirms B+ Rating on INR8cr LT Bank Loan
AINAJ INDUSTRIES: CARE Reaffirms B+ Rating on INR17cr LT Loan
AKSHAT EXIM: CARE Assigns B Rating to INR9.50cr LT Bank Loan
ANUPAM INDUSTRIES: CARE Reaffirms B+ Rating on INR2.33cr LT Loan
ARUMUGHA MUDALIAR: CARE Cuts Rating on INR5.13cr LT Loan to 'D'

ASTHA ASSOCIATE: CRISIL Assigns B+ Rating to INR10MM Cash Credit
AZEN MEDICAL: CARE Assigns B+ Rating to INR20cr LT Bank Loan
DANIA ORO: CRISIL Reaffirms B- Rating on INR173.1MM Bank Loan
FIVEBRO INT'L: CARE Revises Rating on INR19.26cr LT Loan to D
FUTURE ECO: CARE Reaffirms B Rating on INR19.50cr LT Loan to B

GUJARAT GINNING: CARE Reaffirms B Rating on INR12cr LT Bank Loan
JAI JALARAM: CRISIL Reaffirms B Rating on INR55MM Cash Credit
JEWEL CAST: CRISIL Assigns 'B' Rating to INR50MM Gold Loan
K.K. BUILDERS: CRISIL Cuts Rating on INR265MM Bank Loan to 'D'
KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan

KLA FOODS: CARE Reaffirms B+ Rating on INR2.50cr LT Bank Loan
LAXMI COTTON: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
LILY JEWELLERY: CRISIL Cuts Rating on INR221MM Loan to 'D'
MANAS AUTOMOTIVE: CRISIL Ups Rating on INR170MM Term Loan to B-
MGR AGRO: CARE Reaffirms B+ Rating on INR9.78cr LT Bank Loan

OMICRON POWER: CARE Assigns B+ Rating to INR18.09cr LT Bank Loan
ORISSA DIESEL: CRISIL Reaffirms B+ Rating on INR31.2MM e-DFS
OSL HEALTHCARE: CRISIL Assigns B+ Rating to INR710MM Term Loan
PLASTO MFG: CRISIL Reaffirms B+ Rating on INR20MM Cash Credit
PUNE BUILDTECH: CARE Assigns D Rating to INR75cr LT Bank Loan

RADHAMADHAB COLD: CARE Assigns B Rating to INR7.25cr LT Loan
RADHAMOHAN BUILDERS: CARE Revises Rating on INR7.71cr Loan to B+
RAJ YAMAHA: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
RAMDEV COTTON: CRISIL Assigns B Rating to INR55MM Cash Credit
RDC MOTOR: CRISIL Assigns B Rating to INR80MM Cash Credit

RPN ENGINEERS: CARE Revises Rating on INR4.87cr ST Loan to 'D'
S.PAL ENTERPRISES: CARE Rates INR4.25cr LT Bank Loan at 'B'
SAI RYDAM: CRISIL Assigns B+ Rating to INR5.0BB LT Bank Loan
SAY INDIA: CRISIL Cuts Rating to INR393MM Post Shipment Loan to D
SE FORGE: CARE Lowers Rating on INR591.80cr LT Loan to 'D'

SHREE AJAY: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
SHREE BALAJI: Amount of CRISIL B+ Rated LT Loan Enhanced
SHREE MANGAL: CARE Reaffirms B+ Rating on INR15cr LT Bank Loan
SMPC INDUSTRIES: CRISIL Rates INR100MM LT Bank Loan at 'B'
SONA WIRES: CARE Reaffirms B Rating on INR4.78cr LT Bank Loan

SPANDANA SPHOORTY: CRISIL Reaffirms D Rating on INR16.09MM Loan
SRI RAGAVENDRA: CRISIL Assigns D Rating to INR63.9MM Term Loan
SUMETCO ALLOYS: CRISIL Assigns B Rating to INR100MM Cash Credit
TRIMURTY SPINNING: CARE Reaffirms B+ Rating on INR16.02cr Loan
UNION AGROTECH: CARE Assigns B Rating to INR12.57cr LT Bank Loan

UNITED INFRAVENTURES: CARE Assigns C Rating to INR8cr LT Loan
VAIBHAV FITTING: CRISIL Cuts Rating on INR42.5MM Term Loan to B-
YASH JEWELLERY: CRISIL Reaffirms 'D' Rating on INR1.19BB Loan


J A P A N

SHARP CORP: Fitch Says CDS Widens at 80%
SONY CORP: Sony Studio Co-Chair Quits After Cyberattack


N E W  Z E A L A N D

AWARUA FARM: Owes More Than NZ13.9 Million Before Receivership


P H I L I P P I N E S

ENSOGO INC: BIR Files Tax Evasion Case vs CashCashPinoy Operator


S O U T H  K O R E A

KT CORP: 2014 Net Loss Widens to KRW966BB on Increased Costs


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A U S T R A L I A
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HOMEART PTY: Administrators Close 13 Stores; 46 Jobs Axed
---------------------------------------------------------
Andrew Sadauskas at SmartCompany reports that the administrators
of collapsed homewares retailer Homeart are in the process of
closing 13 stores, including six in the retailer's home state of
New South Wales, with nearly 50 staff set to lose their jobs as a
result.

Daniel Walley, Phil Carter and Mark Robinson of PPB Advisory were
appointed as Voluntary Administrators of Homeart Pty Ltd,
Copperart Pty Ltd and Copperart Holdings Pty Ltd on Jan. 22, 2015.

At the time of the appointment, the Homeart chain had 116 stores
nationwide, with around 600 employees, but no longer had any
franchises, SmartCompany says.

SmartCompany relates that immediately after being appointed, PPB
Advisory began an urgent review of the business, including
analysing potential restructuring initiatives or sale options. The
full reasons for the administration are still being determined and
will be outlined at the second creditors' meeting, the report
says.

According to the report, the administrator said while most of the
chain's stores are performing well, the decision was made to close
a number of its underperforming stores.

As a result, 13 stores are closing nationwide, including six in
NSW, four in Victoria, two in South Australia and one in Western
Australia, SmartCompany says.

A total of 46 employees have been made redundant, including 18
causal employees, 22 who work part-time and six who work full-
time. The report relates that PPB Advisory said it is working
closely with the affected staff and their representatives
regarding entitlements, and will assist them in identifying
potential re-employment opportunities.

In a statement, Daniel Walley of PPB Advisory told SmartCompany
the underperforming retail outlets were closed in order to reshape
Homeart and strengthen its remaining business.

"While this is a very regrettable development, our priority at
this time is to reshape Homeart into a sustainable retail
business, which ultimately may help to protect the interests of
the remaining employees. The closure of these underperforming
stores is a necessary step to achieving this," SmartCompany quotes
Mr. Walley as saying.

"The remaining 100 stores will continue to operate on a business
as usual basis whilst a review of the business continues. PPB
Advisory is engaging with a number of potential purchasers to
ensure we achieve the best possible outcome for the business," he
said, notes the report.

"We are grateful for the support from the general public who
remain very supportive of Homeart," Mr. Walley added, says
SmartCompany.

In a further blow, customers attempting to make purchases through
the company's official website over the past week were greeted by
an error message, SmartCompany notes.


KEEFORCE GROUP: Administrator to Restructure Business
-----------------------------------------------------
Brendan Richards, Ferrier Hodgson Partner and Voluntary
Administrator of Keeforce Group and Fresh Produce Logistics (FPL),
has advised the employees and customers of the Group that the
business will need to be restructured to preserve those parts that
are of interest to potential buyers.

"We have received interest in both businesses from a range of
parties, but unfortunately, there is no buyer for the business in
its entirety," said Mr Richards.  "As a consequence, we will be
undertaking a rapid restructure to ensure continuity of service
for specific customers of Keeforce, while the rest of the group
will be wound down."

The administrators have reassured customers that the delivery of
any goods currently in transit or booked in to be delivered over
the next 48 hours will be completed. However, as of Feb. 5
business will be restricted to servicing five core customers. All
customers are advised to continue to pay any outstanding invoices
within current trading terms.

While there will be a large number of redundancies, the
administrators are in negotiations with interested parties and
there is some hope of a partial resolution.

"It is unfortunate that such a significant reduction in the
Keeforce fleet and employees is now inevitable, but we are working
hard to save some aspect of the business" said
Mr. Richards.

Keeforce is one of Queensland's largest express linehaul carriers
servicing the East Coast and Darwin on behalf of a number of major
transport providers. It has additional locations in Melbourne and
Sydney and operates a very modern transport fleet. Fresh Produce
Logistics is a refrigerated freight business located in Bundaberg
and also operates a modern fleet. The business has additional,
strategically located operating premises including a dry
warehouse, cold storage and hand stand facilities. The Group was
established in 2002 and turnover is approximately AUD75 million.

Ferrier Hodgson's Brendan Richards, Will Colwell, and Tim Michael
were appointed as Voluntary Administrators of Brisbane-based
linehaul carriers, Keeforce Group and Fresh Produce Logistics
(FPL) on Jan. 28, 2015.


LOGICAL BOVINE: First Creditors' Meeting Set For Feb. 13
--------------------------------------------------------
Chris Chamberlain of Chamberlains SBR was appointed as
administrator of Logical Bovine Services Pty Ltd, formerly trading
as Cooper St Veterinary Hospital & Temora Veterinary Clinic, on
Feb. 4, 2015.

A first meeting of the creditors of the Company will be held at
Suite 103, Level 1, Wollundry Chambers, Johnston Street, in Wagga
Wagga, New South Wales, on Feb. 13, 2015, at 9:30 a.m.


MAN TO MAN: Sold to Local and Overseas Group of Investors
---------------------------------------------------------
Ferrier Hodgson, the administrators of menswear retailer Man to
Man (Toman Investments Pty Ltd and Man to Man (Imports) Pty Ltd
announced on Feb. 5 that the business has been sold to a group of
investors including local and overseas interests.

Mr Alex Hampel the original founder of Man to Man will be employed
as the CEO.

Administrator Mr James Stewart said he was pleased with the
outcome of the sales process, particularly in what can only be
described as a challenging retail market.

"We are particularly delighted to have secured the transfer of 242
employees across 62 stores to the new business owner."

"We look forward to revitalising the iconic brand through some
significant and exciting changes to the business", said Mr Hampel.

Man to Man is a Melbourne-based menswear chain.  It employs
approximately 400 people. It has 82 stores throughout Australia
which include Griffith, Wagga Wagga, Coffs Harbour, Lismore,
Erina, Grafton, Tweed Heads, Tamworth and Port Macquarie.

James Stewart and Brendan Richards of Ferrier Hodgson, on
Dec. 17, 2014, were appointed Voluntary Administrators of Man to
Man (Imports) Pty Ltd, Toman Investments Pty Ltd, and Stone Shoes
Pty Ltd.


PHARMORE PTY: First Creditors' Meeting Set For Feb. 16
------------------------------------------------------
Robyn Erskine & Peter Goodin of Brooke Bird were appointed as
administrators of Pharmore Pty Ltd on Feb. 5, 2015.

A first meeting of the creditors of the Company will be held at
Brooke bird, 471 Riversdale Road, in Hawthorn East, on Feb. 16,
2015, at 10:30 a.m.


TRONOX LTD: S&P Puts 'BB' Corp. Credit Rating on CreditWatch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Australia-based Tronox Ltd. on CreditWatch with
negative implications, indicating S&P could lower the ratings upon
completion of its review.  S&P also placed its issue-level ratings
on the company's senior secured and senior unsecured debt on
CreditWatch with negative implications.

"The CreditWatch placement follows the announcement that Tronox
has entered into a definitive agreement to acquire FMC Corp.'s
alkali chemicals business for about $1.6 billion," said Standard &
Poor's credit analyst Seamus Ryan.  "We expect the transaction to
close in the first quarter of 2015," said Mr. Ryan.

Based on S&P's forecast, it believes this transaction could result
in pro forma debt to EBITDA near 5x in 2015 and above 4x in 2016,
before the company reduces leverage over time.  On the other hand,
the acquisition would likely improve Tronox's product and end-
market diversity while increasing the stability of earnings and
cash flow.  S&P will resolve the CreditWatch placement based on
its view of the company's business and financial risk profiles,
including the company's plan to reduce leverage following the
close of the acquisition.

The ratings on Tronox reflect the company's vertically integrated
position in the highly cyclical titanium dioxide market and S&P's
expectation that the company's currently substantial cash balance
and continuing cash flows will support the company's financial
risk profile.  S&P characterizes Tronox's business risk profile as
"fair" and its financial risk profile as "significant."

S&P will assess the impact of the planned transaction on Tronox's
business and financial risk profiles, as well as the company's
plans to reduce leverage following the close of the transaction.
S&P expects to resolve the CreditWatch listing once the
transaction closes.  At that time, S&P could downgrade ratings by
one notch if it do not expect the company to be able to quickly
reduce adjusted debt to EBITDA to below 4x.



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GUANGZHOU R&F: Moody's Downgrades Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded Guangzhou R&F Properties
Co., Ltd.'s corporate family rating to Ba3 from Ba2.

At the same time, Moody's has downgraded R&F Properties (HK)
Company Limited's (R&F HK) corporate family rating to B1 from Ba3.

Additionally, Moody's has downgraded the senior unsecured ratings
assigned to the notes issued by Caifu Holdings Limited and
Trillion Chance Limited to B1 from Ba3.

The bonds are unconditionally and irrevocably guaranteed by R&F
HK, and supported by Guangzhou R&F through Keepwell Deeds and
Deeds of Equity Interest Purchase Undertaking.

R&F HK is a wholly-owned subsidiary of Guangzhou R&F, and both
Caifu and Trillion Chance are wholly owned by R&F HK.

The outlooks for all ratings are stable.

Ratings Rationale

"The downgrade of Guangzhou R&F reflects Moody's expectation that
the company's debt leverage will remain elevated over the next 1-2
years, therefore also limiting the company's funding flexibility,"
says Kaven Tsang, a Moody's Vice President and Senior Analyst.

Although Guangzhou R&F registered a strong 29% year-on-year growth
in contracted sales to RMB54.4 billion in 2014, it fell short of
its target of RMB60 billion.

Given this performance, Moody's estimates that its adjusted
debt/capitalization had improved only modestly to about 69% at
end-2014 from 73% at end-June 2014, and which is higher than
previously anticipated.

In addition, material deleveraging is unlikely in the next 1-2
years, given the challenging operating environment, which should
constrain its ability to achieve a strong sales performance and
pressure its profit margins.

Moody's expects that its contracted sales growth will slow to
around 10% in 2015.

As a result, Moody's expects the company's adjusted
debt/capitalization to stay at 67%-68% in the next 1-2 years.
Similarly, its revenue/debt (including onshore perpetual
securities) will likely stay at about 60%.

Moreover, the industry trend of margin contraction and its heavy
reliance on high-cost funding -- such as perpetual securities and
trust loans -- will pressure the company's EBITDA/interest to
about 2.1x in the next 1-2 years.

These financial ratios are more comparable to its Ba3-rated
industry peers.

At the same time, Guangzhou R&F's Ba3 corporate family rating
continues to reflect its track record of operating through the
cycle, its good geographic diversity and its robust profitability.

In terms of liquidity, Moody's expects the company's liquidity
profile to remain marginally adequate over the next 12-18 months.

Moody's estimates that the company had a cash holding of around
RMB20-22 billion as of December 2014. This -- together with
expected operating cash inflow of around RMB10-15 billion -- can
cover short-term maturing debt of around RMB22.0 billion and an
estimated unpaid land payment of around RMB6 billion in the next
12 months.

"The downgrades of R&F HK and the ratings of its guaranteed bonds
have been prompted by the downgrade of Guangzhou R&F. This is
because the downgrade of Guangzhou R&F implies a weakening in the
parent's ability to provide financial support to R&F HK when
needed," says Tsang.

R&F HK's B1 corporate family rating reflects its standalone credit
strength and a one-notch rating uplift, based on Moody's
assessment of strong financial and operating support from
Guangzhou R&F.

The stable rating outlook reflects Moody's expectations that the
company will maintain its solid business profile, retain its
access to domestic bank financing and that debt leverage will
remain stable.

The stable rating outlook for R&F HK mirrors the stable outlook
for Guangzhou R&F.

Downward rating pressure for Guangzhou R&F could emerge if: (1)
the company's contracted sales significantly fall short of Moody's
expectations; (2) its liquidity weakens with cash falling
substantially below its level of short-term debt; or (3) its
revenue/ debt (including onshore perpetual securities) drops below
55%, or EBITDA/interest falls below 1.8x-2x in the next 6-12
months.

On the other hand, upward rating pressure could materialize if the
company improves its debt leverage and financial profile, such
that revenue/debt (including onshore perpetual securities) rises
above 85%-90%, or EBITDA/interest improves above 3x in the next 6-
12 months.

An upgrade of Guangzhou R&F could lead to an upgrade of R&F HK,
and a downgrade of Guangzhou R&F will also result in a downgrade
of R&F HK.

Downward pressure on R&F HK's rating could also arise if: (1)
there is evidence of a reduction in ownership or weakening in
support from Guangzhou R&F; (2) R&F HK fails to maintain its good
liquidity buffer; or (3) R&F HK materially accelerates its
development operations, and rolls out an aggressive land
acquisition plan, such that its debt leverage increases
significantly on a sustained basis.

The principal methodology used in these ratings was Global
Homebuilding Industry published in March 2009.

Established in 1994 and listed on the Hong Kong Exchange in 2005,
Guangzhou R&F Properties Co Ltd is a mid-sized developer in
China's residential and commercial properties sector. As of 30
June 2014, the company had an attributable land bank of 44 million
sqm in 25 cities and areas. This broke down to 24 cities and areas
in China, and one in Malaysia. Mr Li Sze Lim and Mr Zhang Li are
its co-founders and own 33.36% and 32.02% in equity interests,
respectively.

R&F Properties (HK) Company Limited (R&F HK) and its subsidiaries
are principally engaged in the development and sale of properties,
property investments and hotel operations in China. The company
was established in Hong Kong on 25 August 2005. It serves as an
offshore funding vehicle and a holding company for some of
Guangzhou R&F's property projects in China.


KAISA GROUP: Sunac China Buys 49% Shares for HK$4.55 Billion
------------------------------------------------------------
Sandy Li at South China Morning Post reports that Sunac China
Holdings acquired 49.25 per cent shares in the troubled Kaisa
Group Holdings for HK$4.55 billion, in a move that may help it
avoid becoming the first mainland developer to default on offshore
bond.

According to the company disclosure to the Hong Kong stock
exchange, Sunac bought 2.53 billion shares in Kaisa at an average
price of HK$1.8 on January 30, SCMP relays.

Sunac's acquisition price was 13.2 per cent higher than Kaisa's
share when they last traded before being suspended on December 29,
the report says.

According to SCMP, the disclosure comes right before Kaisa's
deadline today, Feb. 9 for a US$26 million interest payment on a
bond issue. It had failed to make the payment on January 8 and was
granted an extension, the report states.

Sunac announced on Jan. 31 it had struck a deal to buy four
projects in Shanghai for CNY2.37 billion from Kaisa. Separately,
Kaisa on Feb. 5 said it had bought a residential site in Chengdu
for CNY720.9 million, the report notes.

The Wall Street Journal reports that Sunac has emerged as a white
knight for struggling Kaisa, putting an end to a saga that raised
investor doubts about a number of Chinese property developers,
which have been grappling with slumping sales and slowing economic
growth.

Kaisa's woes started late last year as authorities in its home
base of Shenzhen blocked sales of apartments at its property
projects for undisclosed reasons, followed by the abrupt
resignations of senior executives and a failure to pay a bond
coupon in January, the Journal recalls.

                         About Kaisa Group

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

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

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

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



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A.S. MOTORS: CARE Reaffirms B+ Rating on INR8cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the long-term rating assigned to the bank
facilities of A.S. Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of A.S. Motors Private
Limited (ASMPL) continues to remain constrained primarily on
account of its modest scale operations and its financial risk
profile marked by thin profitability coupled with leveraged
capital structure, weak debt coverage indicators and moderate
liquidity indicators. The rating also remained constrained due to
its presence in the highly competitive dealership industry coupled
with limited bargaining power against principal automobile
manufacturer. The rating factors in decline in operating income
and cash accruals along with an improvement in capital structure
during FY14 (refers to the period April 1 to March 31).

The rating, however, continues to derive strength from the
experience of the promoters coupled with its diversified revenue
mix due to its presence in passenger car, two-wheelers and
tractors segments and its association with established Original
Equipment Manufacturers (OEMs).

The ability of ASMPL to improve the overall financial risk profile
by increasing the scale of operations along with improvement in
profitability and capital structure with efficient working capital
management are the key rating sensitivities.

ASMPL was incorporated in 1988 by Mr Sanjay Garg, Managing
Director at Gwalior, Madhya Pradesh (MP). Till June, 2014,
ASMPL was having a dealership of Tata Motors Limited's (TML)
passenger cars. However, ASMPL discontinued the dealership of TML
and have established the dealership of Hyundai Motor India Limited
(HMIL) for passenger cars from July, 2014 onwards.

The company also has authorized dealership of Honda Motorcycles
and Scooters India Pvt. Ltd (HMSI). ASMPL also has dealership of
TAFE (Tractors and Farm Equipment Limited) since 2010. ASMPL has
two showrooms located at Gwalior, M.P and also provides after
sales services and spare parts for HMIL, HMSI and TAFE at its
outlet.

As per the audited results of FY14, ASMPL reported a net profit of
INR0.10 crore on a Total Operating Income (TOI) of INR57.62 crore
as against TOI of INR60.87 crore and PAT of INR0.10 crore. As per
the provisional results for 9MFY15, ASMPL has achieved TOI of
INR53.37 crore.


AINAJ INDUSTRIES: CARE Reaffirms B+ Rating on INR17cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ainaj Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      17        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ainaj Industries
(AIN) continues to remain constrained on account of its presence
in the fragmented cotton industry with limited value addition and
weak financial risk profile marked by the modest scale of
operations, thin profitability, leveraged capital structure and
weak debt coverage indicators. The rating continues to be
constrained on account of volatility associated with the raw
material prices, presence in competitive industry with seasonality
associated with raw material availability, susceptibility to the
change in the government policies and its constitution as
proprietorship resulting in limited financial flexibility of the
firm. The rating factors in the decline in the operating income
and cash accruals along with deterioration in capital structure
and debt coverage indicators during FY14 (refers to the period
April 1 to March 31).

The above constraints continue to outweigh the benefits derived
from the promoters' experience in the cotton ginning
business and location advantage in terms of proximity to the
cotton-growing region in Gujarat.

The ability of AIN to increase its scale of operations and move up
in the cotton value chain thereby improving its overall financial
profile and better working capital management are the key rating
sensitivities.

Radhanpur-based (Gujarat) AIN, was setup as a partnership firm in
1997 by five partners, namely, Mr Dayaram Thakkar, Mr Vasant
Thakkar, Mr Dinesh Thakkar, Mr Suresh Thakkar and Mr Rajesh
Thakkar. Later on in 2010, four partners withdrew the capital and
Ainaj was converted to a proprietorship firm with Mr Suresh
Thakkar looking after the firm. It is engaged in the manufacturing
of cotton bales through ginning and pressing and oil extraction
from seeds. It has an installed capacity of 36,000 metric tons per
annum (MTPA) for cotton bales and 3,000 MTPA for cotton oil. The
sales are largely to Gujarat and Maharashtra, while raw material
is procured from local mandis and farmers of Gujarat, Rajasthan
and Maharashtra.

As per the audited results for FY14, AIN reported net profit of
INR0.08 crore on a total operating income (TOI) of INR42.32
crore as against PAT of INR0.09 crore on a TOI of INR61.98 crore.
As per the provisional results for 9MFY15, AIN registered
a turnover of INR37.02 crore


AKSHAT EXIM: CARE Assigns B Rating to INR9.50cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Akshat Exim.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Akshat Exim (AEXM)
is primarily constrained on account of project implementation and
stabilisation risk. The rating is further constrained due to
susceptibility to fluctuations in raw material prices and agro-
climatic conditions coupled with fragmented nature of the industry
and high level of government regulation.

The rating, however, takes comfort from experience of the partners
into same line of business operations.

Going forward, AEXM's ability to timely complete its project and
stabilise its business operation and achieve the envisaged level
of sales & profitability would be key rating sensitivities.

AEXM was established during October 2014 by Mr Dilipbhai Bhatiya,
Mr Mukeshbhai Thakkar and Mr Kishan Soni as a partnership firm
with unequal profit and loss sharing agreement between them to
undertake green-field project in the field of milling and
processing of paddy into rice and broken rice. AEXM will operate
from its sole manufacturing facility located in Patan (Gujarat)
with proposed installed capacity of 43,800 metric tonnes per annum
(MTPA). The total project cost is estimated to be of INR7.27
crore, which is to be funded through term loan of INR1.85 crore
(proposed with bank), partners' capital of INR2.92 crore and
unsecured loan of INR2.50 crore. AEXM has envisaged commencing
commercial production from Q1FY16. However, AEXM has started
trading of rice and it has achieved TOI of INR4.63 crore till
November 30, 2014 (Provisional).


ANUPAM INDUSTRIES: CARE Reaffirms B+ Rating on INR2.33cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Anupam Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.33      CARE B+ Reaffirmed

   Long-term Short-term Bank      4.95      CARE B+/A4
   Facilities                               Reclassified from
                                            Long-term to
                                            Long-term/Short-term

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of the withdrawal of
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings of Anupam Industries (AI) continue to be constrained
by the nascent stage of operations, low net profitability margins,
working capital-intensive nature of operations, moderately
leveraged capital structure and weak debt coverage indicator. The
ratings further continue to be constrained by cyclical nature of
the steel industry, susceptibility of operating margins to
fluctuation in raw material prices and constitution of the entity
as a partnership firm.

The ratings continue to factor in the reasonable experience of the
partners in the manufacturing of mild steel (MS) ingots, business
support from group concerns and operational benefits of being
located in Daman.

The ability of firm to scale up the operations along with
improvement in the profitability margins and efficient management
of working capital cycle are the key rating sensitivities.

Established in April 2010, AI was formed by Mr Anil Kumar Arora,
Mr Ravindra Singh Arora and Mr Amit Wadhwa. The firm has set up a
manufacturing plant in Daman to manufacture mild steel (MS) ingots
which commenced operations in November 2012 with installed
capacity of 21,600 tons per annum with average capacity
utilization of around 48% during FY14. AI is a part of the
Spiderman group of companies, which has other entities which are
also engaged in the manufacture of MS Ingots with its plant in
Daman. The firm procures its raw materials, ie, iron, steel scrap
and sponge iron along with ferro & silico manganese from domestic
market. The final product (MS Ingots) is supplied to the steel
manufactures and rolling mills in the domestic markets through
distributors.

During FY14 (refers to the period April 1 to March 31), AI posted
a total operating income of INR30.82 crore vis-a-vis INR15.94
crore in FY13 (5 months of operations) and PAT of INR0.26 crore
vis-a-vis INR0.14 crore in FY13.


ARUMUGHA MUDALIAR: CARE Cuts Rating on INR5.13cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Arumugha Mudaliar Sornam Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.13       CARE D Revised from
                                            CARE BB-

Rating Rationale
The revision in the rating follows the delay in debt servicing by
Arumugha Mudaliar Sornam Educational Trust (AMT) due to stressed
liquidity position.

AMT was established in March 1992 by Mr A Krishnaswamy and
registered under Indian Trust Act. The main objective of the trust
is to provide education services and engage in social welfare
activities like eye camp and blood donation camp to the rural
population. The trust runs eight institutions consisting of an
engineering college (both UG and PG courses), an arts and science
college, a polytechnic college, one teacher training college
(B.Ed. course), two teacher training institutes (Diploma in
Elementary Education), a matriculation higher secondary school and
a nursery school. The institutions are located in Cuddalore
district, Tamil Nadu. The institutions are managed by experienced
professionals in their respective fields. The total student
strength of the institutions run by the trust as at September 30,
2013, was 3,556.

AMT has registered a surplus of INR3.5 crore on a total operating
income of INR10.4 crore in FY13 (refers to the period April 1 to
March 31) as compared with a surplus of INR3.9 crore on a total
operating income of INR9.9 crore in FY12.


ASTHA ASSOCIATE: CRISIL Assigns B+ Rating to INR10MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Astha Associate Engineering &
Contractor (AAEL).


                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          50         CRISIL A4

   Cash Credit/Overdraft
   facility                10         CRISIL B+/Stable

The ratings reflect AAEL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and high geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the benefits that AAEL derives from the
extensive experience of its promoters.

Outlook: Stable

CRISIL expects that Astha Associate Engineers & Contractor (AAEC)
will maintain its business risk profile over the medium term
backed by the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations along with geographical diversification of its
revenues and sustenance of profitability or improvement in working
capital management. Conversely, the outlook may be revised to
'Negative', if the firm registers less than expected accruals or
if it undertakes any large additional debt-funded capex leading to
deterioration in its financial risk profile or pressure on
liquidity due to stretch in working capital requirements.

Formed in 2004, Astha Associate Engineer & Contractor (AAEC) is an
Etah-based partnership firm, which is engaged in the construction
of check dams, roads and bridges. The firm has been registered as
an 'AA' class contractor with the Irrigation Department of the
Government of Uttar Pradesh. The overall operations of the firm
are managed by Mr. Shyam Singh.


AZEN MEDICAL: CARE Assigns B+ Rating to INR20cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Azen
Medical Welfare & Research Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      20        CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Azen Medical
Welfare & Research Society (AMWRS) are primarily constrained
by project stabilisation risk being in a highly sensitive
healthcare sector with susceptibility to failure, fragmented
nature of the industry, risk of unavailability or inability to
attract quality doctors and medical professionals and capital
intensive nature of operation. The ratings, however, derive
strength from the adequate business experience of the management
although lacks experience in the healthcare sector, achievement of
financial closure and near-completion stage of the project,
increasing demand of modern heath care service in the area of
proposed operation along with favourable industry outlook.

Going forward, the ability of the society to complete the project
without any cost and time overrun and achieving the envisaged
occupancy level while maintaining the profit margins are the key
rating sensitivities.

AMWRS, registered under Registration of Societies Act, 1860, was
established in March 2000. The society remained nonoperational
till 2011. In the year 2011, AMWRS has undertaken a project to
setup a general hospital with cancer treatment centre with other
facilities like pathology centre, outdoor and indoor patient
treatment, etc, at Dimapur in Nagaland. In initial stage, the
hospital will start with 100 beds and daily 225 indoor and outdoor
patient consultations.

Project Details
The estimated project cost is INR45 crore. The project will be
funded through term loans of INR20 crore and INR25 crore of
members' contribution as equity (at debt equity of 0.80x).
Financial closure for the project has already been achieved.
The project is in final stage of implementation with the society
having spent an aggregate amount of INR41.20 crore financed by
INR18.06 crore of bank financing and INR23.14 crore of members'
contribution till December 2014. The project is expected to
commence from April 2015.

The day-to-day affairs of the hospital is looked after by Mr
Yashitsungba Ao, chairman, with the help of the managing
director Mr Y. Along Aier and other 16 members.


DANIA ORO: CRISIL Reaffirms B- Rating on INR173.1MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dania Oro Jewellery Pvt
Ltd (Dania Oro) continue to reflect Dania Oro's weak financial
risk profile, marked by high gearing and weak debt protection
metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          125      CRISIL A4 (Reaffirmed)
   Post Shipment Credit    125      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      173.1    CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the company's large working capital
requirements resulting in weak liquidity, and geographical
concentration in its revenue profile. These rating weaknesses are
partially offset by Dania Oro's established market position in the
jewellery industry and its sound manufacturing facilities.

Outlook: Stable

CRISIL believes that the Dania Oro will continue to benefit over
the medium term from its sound manufacturing facilities and
established position in the jewellery segment. The outlook may be
revised to 'Positive' if there is a significant improvement in the
company's financial risk profile, particularly its liquidity, most
likely driven by healthy cash accruals and profitability or by
better receivables management. Conversely, the outlook may be
revised to 'Negative' if Dania Oro's financial risk profile
weakens, most likely caused by continued losses or by large debt-
funded capital expenditure.

Dania Oro was incorporated in 2006, promoted by Mr. Pramod Goenka
of Mumbai. The company exports diamond-studded gold jewellery to
the US and UK.

Dania Oro, reported a net loss of INR22 million on net sales of
INR190 million for the nine months ended March 31, 2014#, against
a net loss of INR95 million on net sales of INR506 million for
2012-13 (refers to financial year, July 1 to June 30).

FIVEBRO INT'L: CARE Revises Rating on INR19.26cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Fivebro
International Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.26      CARE D Revised from
                                            CARE B-

   Short term Bank Facilities    22.00      CARE D/CARE D Revised
                                            From CARE B-/CARE A4

Rating Rationale
The revision in the ratings of Fivebro International Pvt. Ltd
(FIPL) takes into account the delays in servicing of its debt
obligations due to its weak liquidity, on account of stretched
receivables and its low cash accruals.

Incorporated in April 2004, FIPL started operations with trading
of water treatment components such as pumps, motors, valves and
membranes. In January 2011, the company also commenced fabrication
of pressure vessels, actiflow (used in raw water treatment),
atmospheric & storage tanks and skids & supports. However, it
discontinued its fabrication division from current financial year
due to reduction in order inflow and delayed collections from the
clients.

Trading division contributed 89% to the net sales of FIPL during
FY14 (refers to the period April 1 to March 31), while the
balance was from fabrication division.

FIPL is promoted by the Doshi family of Doshion group (Ahmedabad)
which is an established player in water management industry with a
track record of over three decades.

As per the audited results for FY14 (refers to the period April 1
to March 31), FIPL registered a total operating income of INR84.45
crore with a profit after tax (PAT) of INR0.48 crore as against a
total operating income of INR86.12 crore and a PAT of INR0.37
crore in FY13.


FUTURE ECO: CARE Reaffirms B Rating on INR19.50cr LT Loan to B
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Future Eco Crete Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.50      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Future Eco Crete
Private Limited (FECPL) continue to remain constrained on account
of stabilization risk associated with its recently completed
project of manufacturing autoclaved aerated concrete (AAC) blocks
and its presence in a highly competitive industry which is further
exposed to the risks and cyclicality inherent to the real estate
industry.

The rating, however, derives comfort from experienced and
resourceful promoters, strategic location in Panipat (Haryana)
giving it easy access to fly ash and positive demand outlook for
AAC blocks on account of increasing acceptance of the product in
the Indian market.

FECPL's ability to stabilize its business operations with the
establishment of customer base thereby achieving envisaged
level of sales and profitability is the key rating sensitivity.

Incorporated in the year 2013, FECPL has recently set up the plant
for manufacturing of AAC block at Haryana and had started
commercial production from November 2014. FECPL is promoted by six
promoters led by Mr Anil Chopra. FECPL has undertaken project to
manufacture AAC blocks with an annual proposed installed capacity
of 200,000 sq. cubic meter at its facilities located at Panipat,
Haryana.


GUJARAT GINNING: CARE Reaffirms B Rating on INR12cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gujarat Ginning & Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      12        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Gujarat Ginning &
Oil Industries (GGOI) continues to remain constrained on account
of its modest scale of operations in fragmented cotton industry
with limited value addition and weak financial risk profile marked
by thin profitability, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained on account
of the volatility associated with the raw material prices,
susceptibility to the change in the government policies and
partnership form of constitution. The rating also factors in the
slight decline in the operating income along with improvement in
the capital structure and debt coverage indicators during FY14
(refers to the period April 1 to March 31).

The above constraints outweigh the benefits derived from the
partners' experience and location advantage in terms of proximity
to the cotton-growing region in Gujarat. The rating also factor in
the forward integration of the group by setting-up cotton spinning
mill through its group company, namely, Gujarat Hy Spin Private
Limited.

The ability of GGOI to increase its scale of operations and
improvement in profitability and capital structure along with
better working capital management are the key rating
sensitivities.

GGOI was promoted in 1994 as a partnership firm; currently, there
are two partners Mr Maganlal Parvadiya having 65% share and Mr
Chandulal Parvadiya having 35% share in the firm. The firm is
involved in the cotton ginning & pressing and crushing of cotton
seed with main products as cotton bales, cotton seeds and cotton
seed oil. It has an installed capacity of 250 bales per day
(annualized capacity of 56,250 Bales considering 225 working
days)and 40 MT cotton oil per day (annualized capacity of 9,000 MT
considering 225 working days) for cotton bales as on March 31,
2014, at its sole manufacturing facility located at Gondal
(Gujarat).

As per the audited results for FY14, GGOI reported net profit of
INR0.13 crore on a total operating income (TOI) of INR69.01 crore
as against net profit of INR0.11 crore on a TOI of INR73.34 crore.
As per the provisional results for 9MFY15, GGOI registered a
turnover of INR42 crore.


JAI JALARAM: CRISIL Reaffirms B Rating on INR55MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Jai Jalaram Ceramic
Works Pvt Ltd (JJCWPL) continues to reflect JJCWPL's below-average
financial risk profile, marked by a modest net worth, high
gearing, and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            55        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's exposure to the
fragmented and intensely competitive cotton industry, restricting
its scale of operations, its susceptibility to any changes in
government policies related to cotton and below average financial
risks profile. These rating weaknesses are partially offset by the
extensive industry experience of JJCWPL's promoters.
Outlook: Stable

CRISIL believes that JJCWPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
infusion of capital into the company, leading to improvement in
its capital structure, and/or significant improvement in its scale
of operations and profitability, thereby improving its debt
protection measures. Conversely, the outlook may be revised to
'Negative' if JJCWPL contracts more-than-expected debt to fund its
incremental working capital requirements or capital expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
JJCWPL reported an operating income of INR249.3 million against
INR279 million during a year earlier. De-growth in operating
income was primarily due to major supply issues of raw cotton
during the same year marked by demand outpacing the supply. CRISIL
believes the firm will register flattish growth in turnover for
2014-15, due to moderation in cotton prices throughout the year.
For 2013-14, JJCWPL reported an operating margin of around 1.5 per
cent and going forward; CRISIL believes that the fragmented nature
of the cotton industry will continue to restrict JJCWPL's
bargaining power, thus leading to low margins over the medium term
also. The company's operations is expected to remain working
capital intensive with gross current assets (GCA) at 95 to 100
days over the medium term. JJCWPL's financial risk profile
continues to be constrained by modest net worth, a high gearing,
and weak debt protection metrics over the medium term.

JJCWPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR 249.3 million for 2013-14; the firm reported a PAT of
INR0.6 million on net sales of INR 279 million for 2013-14.

JJCWPL was originally set up in 1973; it was purchased by its
present promoter in 2007. The company is engaged in cotton
ginning, which contributes the major portion of its revenues, as
well as manufacturing of ceramic pipes. JJCWPL is located in
Vijapur (Gujarat) and is promoted and managed by Mr. Raman Patel.


JEWEL CAST: CRISIL Assigns 'B' Rating to INR50MM Gold Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of Jewel Cast (JC).

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

The rating reflects JC's modest scale of operations in highly
fragmented jewellery industry, subdued financial risk profile
marked by modest net worth, high gearing and weak debt protection
metrics, and working capital intensive operations. These rating
strengths are partially offset by its promoters' extensive
experience in gold jewellery industry.
Outlook: Stable

CRISIL believes that JC will continue to benefit over the medium
term from the extensive experience of the partners in the gold
jewellery business. The outlook may be revised to 'Positive' if
the firm generates significantly higher-than-expected revenues and
profitability leading to overall improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative 'in
case there is significant decline in JC's revenues or
profitability or if its capital structure deteriorates due to
higher-than-expected debt-funding to meet its working capital
requirements.

JC was setup in 1999 as a proprietorship concern of Mr. Manish
Jain in Mumbai (Maharashtra). The concern is engaged in
manufacturing of gold jewellery. The concern does not have its own
manufacturing unit and gets jewellery manufactured on job work
basis.


JC reported a profit after tax (PAT) of INR1.0 million on net
sales of INR166.5 3illion for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2  million on net
sales of INR158.3 million for 2012-13.


K.K. BUILDERS: CRISIL Cuts Rating on INR265MM Bank Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K.K. Builders Pvt Ltd (Patna) [KKB] to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'. The rating downgrade reflects continuous
delays by KKB in servicing its debt. The delays were driven by the
company's weak liquidity, caused by stretched receivables.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       265         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           45         CRISIL D (Downgraded from
                                    'CRISIL C')

KKB has working-capital-intensive operations, and is exposed to
risks related to the highly competitive and fragmented
construction sector. However, the company benefits from the
extensive experience of its promoters in the infrastructure
industry.

KKB was incorporated in 1985. The company, promoted by Mr. Kaushal
Kishore Singh, is a civil contractor undertaking projects for
building roads, bridges, and irrigation segments, mainly in
Jharkhand and Bihar. KKB also undertakes projects for central
government entities such as the National Projects Construction
Corporation Ltd, Central Public Works Department, and Ircon
International Ltd. The company is a Class-1 contractor for
government departments.


KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kafila
Hospitality and Travels Pvt Ltd (KHTPL) continues to reflect
KHTPL's weak financial risk profile, marked by a small net worth,
high total outside liabilities to tangible net worth (TOLTNW)
ratio, and weak interest coverage ratio.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           400        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash          10        CRISIL B+/Stable (Reaffirmed)
   Credit Limit

The rating also factors in the company's large working capital
requirements, small scale of operations, the susceptibility of its
revenue and profitability to cyclical demand in the airline
industry, and to regulations of the International Air Transport
Association. These rating weaknesses are partially offset by the
extensive experience of KHTPL's promoter in the travel and tourism
industry.
Outlook: Stable

CRISIL believes that KHTPL will continue to benefit over the
medium term from its established network of agents and healthy
relationships with domestic airlines. The outlook may be revised
to 'Positive' if KHTPL reports substantial revenue while it
maintains its operating profitability, thereby improving its
financial risk profile, and liquidity. Conversely, the outlook may
be revised to 'Negative' if there is considerable increase in
KHTPL's working capital requirements or if its profitability
declines.

Update
KHTPL reported revenue of about INR153.4 million for 2013-14
(refers to financial year, April 1 to March 31), 14 per cent lower
compared with INR178 million for 2012-13. The decline in revenue
was on account of air-fare wars in domestic airlines which led to
subsequent dip in commission coupled with lower incentive income
from trade deposits from airlines. In the near term, on account of
subdued domestic airlines industry, the revenue is expected to
remain at INR150 million to INR160 million.

KHTPL's net profit margins are expected to be sustained in range
of 4 to 5 per cent over the medium term. The financial risk
profile of the company is weak, marked by small net worth of INR78
million, TOLTNW of above 5 times and low interest coverage of
around 1.4 times as on March 31, 2014. With moderate profit
margins and large working capital requirements, the dependence on
external borrowings shall remain high, expected to keep KHTPL's
financial risk profile weak over the medium term.

KHTPL's liquidity, although tightly managed with high bank limit
utilization is supported by the absence of any significant capital
expenditure and incremental working capital requirements.
KHTPL reported a profit after tax (PAT) of INR7.9 million on
operating income of INR153.4 million for 2013-14, against PAT of
INR8.6 million on operating income of INR 178.1 million for 2012-
13.

KHTPL was founded by the Delhi-based Chadda family in 2008. The
company undertakes airline ticket and hotel bookings through the
business-to-business (B2B) and business-to-consumer (B2C) models,
and runs a guest house in Delhi which has 26 rooms.


KLA FOODS: CARE Reaffirms B+ Rating on INR2.50cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
KLA Foods India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.50       CARE B+ Reaffirmed
   Short-term Bank Facilities    7.50       CARE A4 Reaffirmed

Rating Rationale
The ratings continue to remain constrained by KLA Foods India
Limited's (KLA's) low profitability margins attributable to the
trading nature of business, working capital intensive nature of
operations, its presence in the fragmented food processing
industry with low entry barriers and seasonality associated with
raw material sourcing.

The ratings, however, continue to draw comfort from the
experienced promoters and comfortable capital structure.

Going forward, the ability of the company to increase its scale of
operations while registering an improvement in profitability
margins and maintain favourable capital structure shall be the key
rating sensitivities.

Incorporated in 2006 by Mr Ashok Agarwal and his brother, Mr Arun
Agarwal, KLA is mainly engaged in the processing of frozen
vegetables and trading of rice. The company's processing unit is
in Rudrapur (Uttarakhand) with a freezing capacity of 2 MT per
hour. This capacity is utilised for processing peas only during
the period December to March, and for the rest of the year, the
capacity is utilised to process vegetables like sweet corn,
ladyfinger, etc. The company markets its various products under
brandslike 'KLA' and other brands.

For FY14 (refers to the period April 1 to March 31), KLA achieved
a total operating income of INR64.60 crore with a PAT of INR0.67
crore against INR132.13 crore and INR1.03 crore for FY13.
Furthermore, in 9MFY15, the company has achieved a total operating
income of INR49.56 crore.


LAXMI COTTON: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Laxmi Cotton Industries
(LCI) continue to reflect LCI's below average financial risk
profile, marked by a modest net worth and below average debt
protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's exposure to risks relating
to the highly fragmented and competitive cotton ginning industry,
restricting its scale of operations, and its vulnerability to
changes in government policy. These rating weaknesses are
partially offset by the extensive industry experience of LCI's
partners.

Outlook: Stable

CRISIL believes that LCI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly improves
its scale of operations and its profitability. Conversely, the
outlook may be revised to 'Negative', if LCI's financial risk
profile deteriorates further due to increased working-capital-
related debt or large debt-funded capital expenditure (capex), or
if any change in government policy relating to the cotton industry
has a negative impact on its operations.

Update
For 2013-14 (refers to financial year, April 1 to March 31), LCI
reported an operating income of INR335 million against INR329.5
million during a year earlier. The stable performance in
operating income was primarily due to major supply issues of raw
cotton during the same year marked by demand outpacing the supply.
CRISIL believes the firm will register flattish growth in turnover
for 2014-15, due to moderation in cotton prices throughout the
year. For 2013-14, LCI reported an operating margin of around 2.7
per cent and going forward; CRISIL believes that the fragmented
nature of the cotton industry will continue to restrict LCI's
bargaining power, thus leading to low margins over the medium term
also. The firm's operations is expected to remain working capital
intensive with gross current assets (GCA) at 100 to 120 days over
the medium term. LCI's financial risk profile continues to be
constrained by modest net worth due to capital withdrawal of INR16
million in 2013-14, a high gearing, and weak debt protection
metrics over the medium term.

LCI reported a profit after tax (PAT) of INR3.3 million on net
sales of INR335 million for 2013-14; the firm reported a PAT of
INR3.0 million on net sales of INR329.5 million for 2013-14.

LCI, established in 2005 and engaged in cotton ginning, has its
facilities in Vijapur (Gujarat). The firm is promoted and managed
by Mr. Rashikbhai Patel and his relatives.


LILY JEWELLERY: CRISIL Cuts Rating on INR221MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Lily Jewellery Pvt Ltd (LJPL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

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

   Post Shipment Credit    221       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade is because LJPL's working capital bank
facilities have remained overdue for more than 30 consecutive
days.

LJPL has a weak financial risk profile, marked by high gearing,
weak debt protection metrics, and weak liquidity due to large
working capital requirements. Furthermore, there is geographical
concentration in the company's revenue profile. LJPL, however,
benefits from its long track record in the jewellery industry.

LJPL, incorporated in 2004, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold jewellery.


MANAS AUTOMOTIVE: CRISIL Ups Rating on INR170MM Term Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Manas Automotive Systems Ltd (MASL) to 'CRISIL B-/Stable' from
'CRISIL C'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Term Loan            170        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

The rating upgrade reflects timely servicing of debt by MASL over
the six months ended December 31, 2014, on the back of improving
cash accruals and timely funding support from the promoters.

The rating reflects MASL's modest scale of operations and below-
average financial risk profile, marked by modest net worth, high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of MASL's
promoters in the automotive industry and continuous funding
support.

Outlook: Stable

CRISIL believes that MASL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if the company's
liquidity improves significantly, supported by substantially high
accruals and funding support from promoter. Conversely, the
outlook may be revised to 'Negative' in case of pressure on sales
or profitability or sizeable working capital requirements or debt-
funded capital expenditure puts pressure on MASL's liquidity.

Incorporated in August 2009 and promoted by Mr. Jagjit Singh Nain,
MASL manufactures rear-view mirrors at its facility in Pune
(Maharashtra). During 2014-15 (refers to financial year, April 1
to March 31), Badve Engineering Ltd and Mask Polymers bought out
Mr. Nain's equity in proportion of 3:2, and have taken over
management control.


MGR AGRO: CARE Reaffirms B+ Rating on INR9.78cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms rating to the bank facilities of MGR Agro Products
Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.78      CARE B+ Reaffirmed

Rating Rationale
The ratings for the bank facilities of MGR Agro Products Pvt. Ltd.
(MAPPL) continue to remain constrained by its small scale of
operations, limited value addition with volatility in profit
margins subject to government regulations and raw material price
fluctuations, highly fragmented, competitive and cyclical nature
of the industry and working capital intensive nature of operations
leading to leveraged capital structure. The ratings, however,
derive strength from its experienced promoters, proximity to paddy
growing areas and rice being a major staple food grain, consumer
demand prospects for the industry is expected to remain stable.

Going forward, the ability of the company to improve profitability
in the midst of competition and effective management of working
capital will be the key rating sensitivities.

Jharkhand-based MGR was incorporated in 2009 by Mr Anil Kumar
Goyal and Mr Pawan Kumar Gupta. Since inception, the company is
engaged in the processing & milling of rice. The company commenced
commercial production in January 2011. The unit is located at
Singhbhum, Jharkhand, and has processing capacity of 8 tonne per
hour (TPH). The product of the company is sold under the brand
name of 'MGR' and it caters to the domestic clients.

During FY14, the company reported a total operating income of
INR25.9 crore (FY13: INR19.3 crore) and a PAT of INR0.4 crore
(FY13: INR0.2 crore). The company has achieved a total operating
income of INR16.11 crore during 9MFY15 (refers to the period
April 1 to December 31).


OMICRON POWER: CARE Assigns B+ Rating to INR18.09cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Omicron Power Engineers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.09      CARE B+ Assigned
   Short-term Bank Facilities    12.CA      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Omicron Power
Engineers Private Limited (OPEL) are constrained on account
of declining turnover, low profitability, high overall gearing and
debt coverage indicators along with elongated operating cycle
days. The ratings are further constrained on account of raw
material price fluctuation risk and intense competition in the
industry. The ratings, however, draw support from the long track
record of the entity and experience of the promoters in the
execution of transmission lines and substations projects. The
ratings further draw support from diversified customer mix and
geographical presence along with moderate order book position.
The ability of the company to execute orders in a timely manner
and efficient management of the working capital are the key rating
sensitivities.

Aurangabad-based, (Maharashtra) OPEL was initially established as
a partnership firm in 1990 and later in 2010 was converted into a
private limited company. OPEL is promoted by Mr Ramniranjan
Agrawal along with his son Mr ManishAgrawal. OPEL is a turnkey
power infrastructure development company engaged in the execution
of power infrastructure works like erection and commissioning of
substations, transmission line setup for government, semi-
government and private organizations. The company initially
executed contracts for Maharashtra State Electricity Board and
later they also started executing sub-station erection and
commission work on a turnkey basis for other state electricity
boards. The company is ISO 9001 certified.

During FY14 (refers to the period April 1 to March 31), OPEL
earned a PAT of INR0.09 crore on a total income of INR22.72
crore as against a PAT of INR1.03 crore on a total income of
INR40.70 crore for FY13.


ORISSA DIESEL: CRISIL Reaffirms B+ Rating on INR31.2MM e-DFS
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Orissa Diesel Engines
Pvt Ltd (ODEPL) continue to reflect ODEPL's modest scale of
operations in the intensely competitive commercial vehicles
sector, its exposure to risks related to cyclicality in the
automobile industry, and the working-capital-intensive nature of
its operations. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
its association with principal suppliers having an established
market position.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         7         CRISIL A4 (Reaffirmed)
   Cash Credit           25         CRISIL B+/Stable (Reaffirmed)
   Corporate Loan         4.3       CRISIL B+/Stable (Reaffirmed)
   Electronic Dealer
   Financing Scheme
   (e-DFS)               31.2       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     7.0       CRISIL B+/Stable (Reaffirmed)
   Term Loan              7.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ODEPL will continue to benefit over the
medium term from its association with established principal
suppliers. The outlook may be revised to 'Positive' if the
company's liquidity improves significantly through increase in
cash accruals or infusion of long-term funds by promoters, while
it ensures tighter control on its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in ODEPL's revenue, low accruals, or further
deterioration in its capital structure on account of large debt-
funded capital expenditure.

Set up in 1992, ODEPL is an authorised dealer of Ashok Leyland Ltd
(ALL) in Bhubaneswar, Puri, Nayaghar, Ganjam and Gajpati (all in
Odisha). The company also deals in spare parts, and provides
servicing facilities for ALL and Force Motors Ltd, as well as for
other principals such as Tourbo Energy Ltd and Simpson & Company
Ltd. The company has recently entered the three-wheeler market by
taking up dealership of Atul Auto Ltd (rated 'CRISIL A-/Stable').
ODEPL's overall operations are managed by Mr. A K Patnaik.

ODEPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR425.4 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR218.9 million for 2012-13.


OSL HEALTHCARE: CRISIL Assigns B+ Rating to INR710MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of OSL Healthcare Private Limited (OSLHP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             710        CRISIL B+/Stable

The rating reflects the company's high exposure to risks
associated with implementation and demand-related risks of its
ongoing project, and geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive experience of the management team and funding support
from the promoters.

Outlook: Stable

CRISIL believes that OSLHP will continue to benefit over the
medium term from the extensive industry experience of its
promoters and their funding support. The outlook may be revised to
'Positive' in case of timely completion of the company's project
within the budgeted cost along with better-than-expected cash
accruals during its initial phase of operations. Conversely, the
outlook may be revised to 'Negative' in case of any delays in in
commencement of operations, or lower-than-expected cash accruals
during the initial phase of operations, adversely impacting its
debt servicing ability.

Incorporated in 2007, OSLHP is implementing multispeciatlity 417
bed hospital at Gurgaon (Haryana). The company is owned and
managed by OSL group and Dr. Rajiv K Sharma.


PLASTO MFG: CRISIL Reaffirms B+ Rating on INR20MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Plasto Manufacturing Co
(PMC) continue to reflect PMC's modest scale of operations and its
below-average financial risk profile marked by a small net worth
and moderate gearing. These rating weaknesses are partially offset
by extensive experience of the promoters in the packaging industry
and their established relationships with customers and suppliers.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)
   Term Loan             15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PMC will continue to benefit over the medium
term from its partners' extensive industry experience and their
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm records a
significant and sustained improvement in its revenue and margins,
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in PMC's
revenue and margins, or if its working capital cycle stretches, or
if the firm undertakes any large debt-funded capital expenditure
programme, thereby deteriorating its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), PMC's
revenue of INR523 million saw a steady year-on-year increase of
close to 28 per cent supported by increasing demand coupled with
capacity addition. The firm registered revenue of INR400 million
for the eight months through November 2014 and is expected to see
a healthy growth of around 18 per cent in 2014-15 to INR620
million. PMC's operating margin is susceptible to volatility in
raw material prices and hence is expected to remain constrained
between 3.5 and 4.0 per cent over the medium term.

PMC's financial risk profile is below average, marked by a small
net worth and moderate gearing, though partly supported by average
debt protection metrics. The firm had a net worth of INR27 million
and gearing of 1.4 times as on March 31, 2014. Its liquidity is
less than adequate owing to its modest cash accruals, resulting in
high reliance on bank debt to fund its working capital
requirements. PMC's bank lines were utilised at 93 per cent on
average over the 12 months through September 2014. While the firm
is expected to generate modest cash accruals of close to INR10
million in 2014-15, it has repayments of only INR3 million.
Additionally, unsecured loans of INR21 million from the promoters
have supported PMC's liquidity. Continued timely support from the
promoters will be the key driver of the firm's liquidity over the
medium term.

Established as a partnership firm in 2005, PMC manufactures
plastic bags, plastic rolls, and plastic sheets. These products
find application in the pharmaceutical, chemical, pesticide, and
household appliances industries. The firm's business operations
are managed by Mr. Mohammed Ashfaq and Mr. Riyaz Ahmed.

PMC reported a profit after tax (PAT) of INR3.2 million on net
sales of INR515.4 million for 2013-14, as against a PAT of INR2.8
million on net sales of INR404.8 million for 2012-13.


PUNE BUILDTECH: CARE Assigns D Rating to INR75cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Pune
Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       75       CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Pune Buildtech
Private Limited (PBPL) takes into account the stressed liquidity
position resulting in delays (on-going) in servicing of its debt
obligations.

The ability of PBPL to receive the revised approvals on time as
well as timely launch of the project for sale, so that the
liquidity position of the company is improved, are the key rating
sensitivities.

PBPL, is a wholly-owned subsidiary of Marine Drive Hospitality &
Realty Pvt Ltd (MDHRPL), a company promoter by the DB group. The
DB group is one of the leading well-diversified business groups in
India with interests in real estate and hospitality. MDHRPL is a
private limited company incorporated with an object of setting up
chain of hotels across the country under 5 star deluxe, 5 star, 4
star and construction of real estate buildings. Currently, it
operates two hotel properties.

PBPL owns a land parcel admeasuring 14,368 square metres (sq.m)
near Pune airport. PBPL had initial plans to develop a residential
project but to tap in the demand for the commercial space, PBPL
has now planned to develop the project as a mix of residential and
commercial. The total saleable area potential of the project is
6.1 lsf. As on December 31, 2014, PBPL has incurred INR155 crore
(30%) out of the total project cost of INR523 crore.


RADHAMADHAB COLD: CARE Assigns B Rating to INR7.25cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Radhamadhab
Cold Storage Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.25       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Radhamadhab Cold
Storage Pvt. Ltd. (RCSPL) are constrained by its small scale
of operations coupled with leveraged capital structure,
seasonality of business with susceptibility to the vagaries of
nature, risk of delinquency in loans extended to the farmers,
competition from other local players, regulated nature of the
business and the ongoing project risk.

The aforesaid constraints are partially offset by the experience
of managements coupled with long track record of operations and
advantages arising out of proximity to the potato growing areas.
The ability of the company to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.

RCSPL was incorporated in July 1987 by the Ghosh Family of
Hooghly, West Bengal, to set up a cold storage facility. Since
inception, the company is engaged in the business of providing
cold storage facility for potatoes to potato growing farmers and
traders on a rental basis, having a storage capacity of 70,000
quintals of potatoes in Hooghly district of West Bengal.

Subsequently, in November 2013, the company was acquired by Mr
Swarup Kumar Ghosh, Mr Srikanta Pan, Mr Mantu Behari Samanta and
Mr Subrata Kumar Paul to carry out the same business. Besides
providing cold storage facility, the company also works as a
mediator between the farmers and marketers of potato by taking
advances from marketers on behalf of the farmers in order to
facilitate sale of potato stored. This apart it also provides
additional services to farmers such as insurance of the potatoes
stored & drying of potatoes.

During FY14 (refers to the period April 1 to March 31), RCSPL
reported a total operating income of INR79.99 lakh and PAT
of INR2.86 lakh.


RADHAMOHAN BUILDERS: CARE Revises Rating on INR7.71cr Loan to B+
----------------------------------------------------------------
CARE revises/reaffirms rating to bank facilities of radhamohan
builders private limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.71       CARE B+ Revised from
                                            CARE B-

   Short term Bank Facilities    1.31       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into account infusion
of capital by the promoters in FY14 (refers to the period
April 1 to March 31) and FY15 to support the operations of
Radhamohan Builders Private Limited (RBPL) and subsequent
improvement in its capital structure.

The ratings, however, continue to remain constrained on account of
continuous cash losses in last three financial years ended FY14,
weak debt service coverage indicators and stressed liquidity
position due to cash losses. The ratings further continue to
remain constrained by the small scale of operations through single
property causing revenue concentration risk in the highly
competitive hospitality market of Jaipur.

These constraints, however, partially offset by the benefit
derived from the vast experience of the promoters in diversified
businesses with continuous financial support provided by the
promoters to RBPL and RBPL's hotel being managed by a reputed
hotel chain.

RBPL's ability to increase its scale of operations through
achievement of better occupancy level and high average room
rent resulting in improved cash accruals and consequent
improvement in the liquidity position are the key rating
sensitivities.

Incorporated in December 02, 2004, RBPL was promoted by Mr Surja
Ram Meel to carry out hotel business at Jaipur, Rajasthan. RBPL
started its commercial operations in November 2007. Mr Surja Ram
Meel, chairman, holds 51% of the equity share capital in aggregate
in RBPL in his own name as well as through associate concerns and
rest (49%) is held by Ager Hotels India Private Limited (AHIPL).

RBPL operates a four-star hotel having 108 rooms, three
restaurants and four banquet halls. Earlier, RBPL was operating
the property under the brand "Golden Tulip" at Jaipur. However,
the company has terminated its franchise agreement with Golden
Tulip, Netherlands and entered into agreement with Lemon Tree
Hotels Limited (LTHL) for its brand "Lemon Tree Premier" on
February 28, 2013. At present, LTHL owns and operates 24 hotels in
14 cities with about 2,800 rooms and 3,000 employees in India.

During FY14 (audited), RBPL has reported a total operating income
of INR9.55 crore (FY13: INR10.13 crore), with a net loss of
INR2.73 crore (FY13: INR2.36 crore).


RAJ YAMAHA: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Raj Yamaha(RY)
continues to reflect RY's modest scale of operations in an
intensely competitive automobile dealership segment; and the
firm's below-average financial risk profile, marked by its modest
net worth. These rating weaknesses are mitigated by the
proprietor's extensive experience in the automobile dealership
segment.

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

Outlook: Stable

CRISIL believes that RY will continue to benefit over the medium
term from the proprietor's extensive experience in the automobile
dealership segment. The outlook may be revised to 'Positive' if
the firm significantly scales up its operations and maintains its
profitability, resulting in higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm
records lower-than-expected cash accruals or undertakes a large
debt-funded capital expenditure programme, thereby weakening its
financial risk profile, or in the event of significant capital
withdrawals by the proprietor.

Update
RY has reported revenues of INR217 million for 2013-14 (refers to
financial year, April 1 to March 31) as compared with revenue of
INR191 million for 2012-13. The revenue growth was mainly on
account increased demand for the Yamaha FZ model in the Chennai
region. The company's operating profitability was around 7.0 per
cent in 2013-14. CRISIL believes that RY's business risk profile
will remain constrained on account of exposure to risks related to
geographic concentration and intense competition in the two-
wheeler dealership segment.

RY's financial risk profile is marked by small net worth and high
total outstanding liabilities to tangible net worth (TOLTNW)
ratio. The company has reported a small net worth of INR20.5
million as on March 31, 2014. Furthermore, the limited accretion
to reserves lead to high reliance on bank lines to fund the
working capital requirement as reflected in its high TOLTNW ratio
estimated at 4.44 times as in March 31, 2014. RY has moderate debt
protection metrics as reflected in its net cash accruals to total
debt and interest coverage ratios of around 6 per cent and 1.73
times, respectively, in 2013-14. CRISIL believes that RY's
financial risk profile will remain below average over the medium
term due to high reliance on bank borrowing to meet the
incremental working capital requirements.

RY has moderate liquidity, marked by the absence of significant
long-term borrowings and high bank limit utilisation. The company
is expected to generate annual cash accruals of INR4.9 million to
INR10.9 million against its minimal vehicle loan repayment
obligations. The bank lines were highly utilized during the twelve
months through November 2014. CRISIL believes that RY's liquidity
will remain moderate over the medium term, backed by moderate cash
accruals and absence of any debt-funded capex plan.

RY was established in 2009. The firm is an authorised dealer of
India Yamaha Motor Pvt Ltd in Chennai (Tamil Nadu). The
proprietor, Mr. H Rajkumar, manages the firm's daily operations.


RAMDEV COTTON: CRISIL Assigns B Rating to INR55MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ramdev Cotton Industries (RCI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           55         CRISIL B/Stable
   Term Loan             28.5       CRISIL B/Stable

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

Outlook: Stable

CRISIL believes that RCI will maintain its business risk profile
backed by its promoters' experience in the cotton industry. The
outlook may be revised to 'Positive' if the firm stabilises its
operations soon, leading to healthy cash accruals, or if it
improves its working capital cycle. Conversely, the outlook may be
revised to 'Negative', if RCI reports low operating margin or the
firm undertakes a large debt-funded expansion programme or its
working capital management deteriorates, thereby weakening its
financial risk profile.

RCI, based in Harij (Gujarat), was incorporated in 2013. The
company is engaged in ginning and pressing of raw cotton. Its
facility at Harij has a ginning capacity of 30,000 tonnes per
annum and oil extraction capacity of 12,000 tonnes per annum. It
commenced production from May, 2014.


RDC MOTOR: CRISIL Assigns B Rating to INR80MM Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of RDC Motor Pvt Ltd (RDC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Working Capital      17.5        CRISIL B/Stable
   Demand Loan
   Cash Credit          80.0        CRISIL B/Stable
   Proposed Term Loan    2.5        CRISIL B/Stable

The rating reflects RDC's below-average financial risk profile,
marked by weak debt protection metrics and exposure to intense
competition in the automobile industry. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the automobile dealership segment, established
relationship with its principal, Fiat India Automobiles Ltd
(FIAL), and need-based funding support from the promoters.

Outlook: Stable

CRISIL believes that RDC will continue to benefit over the medium
term from its established relationship with FIAL and the funding
support of promoters. The outlook may be revised to 'Positive' if
substantial improvement in revenue and profitability and
therefore, cash accruals, strengthens RDC's financial risk
profile, particularly liquidity. Conversely the outlook may be
revised to 'Negative' if RDC's financial risk profile,
particularly liquidity, weakens, most likely because of low cash
accruals, stretch in working capital management, or any large
debt-funded capital expenditure.

RDC, incorporated in 2012, is a dealer for FIAL's four wheelers.
The company's operations are managed by Mr. Chandrasekhar.

RDC reported a loss of INR5.3 million on total revenue of INR463
million for 2013-14 (refers to financial year, April 1 to
March 31).


RPN ENGINEERS: CARE Revises Rating on INR4.87cr ST Loan to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
RPN Engineers Chennai Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.27       CARE D Revised from
                                            CARE B

   Short term Bank Facilities    4.87       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings of RPN Engineers Chennai Private
Limited factors in the frequent instances of devolvement of
letters of credit, and the associated overdrawals in the working
capital facilities, due to the stressed liquidity position of
the company owing to the delays in collection from railway
authorities.

RPN Engineers Chennai Private Limited (RPN) was established as a
proprietorship firm (M/s. Lookmans Engineering Contractors) in
1995 by Mr P K Luqmman Basha and was reconstituted into a private
limited company in May 1999 in Chennai. RPN is engaged in the
business of civil and mechanical construction like laying of pipes
for state and central government agencies and contract work for
the Southern Railways.

RPN has achieved a PAT of INR0.23 crore on a total operating
income of INR13.22 crore in FY14 (refers to the period April 1
to March 31) as compared with a PAT of INR0.25 crore on a total
operating income of INR11.68 crore in FY13.


S.PAL ENTERPRISES: CARE Rates INR4.25cr LT Bank Loan at 'B'
-----------------------------------------------------------
CARE assigns 'CARE B and CARE A4' ratings to bank facilities of
S.Pal Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.25      CARE B Assigned
   Short term Bank Facilities     3.01      CARE A4 Assigned

Rating Rationale
The ratings assigned to S. Pal Enterprises Private Limited (SPE)
are primarily constrained on account of its small scale of
operations, low and declining profitability margins on year-on-
year basis coupled with weak coverage indicators. The ratings also
factor SPE's substantial off-balance sheet exposure in the form of
corporate guarantee extended to group associates, the exposure to
the raw material price volatility and low entry barriers to
existing highly fragmented industry.

The ratings, however, continue to draw comfort from the
experienced promoters in cable industry along with established
track record of SPE, its reputed client base and comfortable
capital structure.

The ability of SPE to increase its scale of operations while
maintaining the profitability margins and maintaining its
favourable capital structure shall be the key rating
sensitivities.

SPE was incorporated in 1985 by Mr Shishpal Garg as a partnership
firm. It was converted into private limited into 1997. Mr Garg has
vast experience of more than two decades in the manufacturing of
cables. SPE is engaged in the manufacturing of cables and
conductors including low voltage and high voltage cables used for
overhead transmission and distribution of electricity. The company
manufactures various types of cables such as HT/LT-XLPE/PVC Power,
Control, Jelly filled telecom cables, signalling, axle counter,
aerial bunched, etc. which finds its application in railways,
telecommunications, automotive , power generation, etc, Industry.

The company obtains orders through competitive bidding process. It
receives payments as per the delivery of order and the tenure of
these orders is around 2-3 months.  The main raw material for SPE
is steel, copper and PVC which is mainly procured from the dealers
located in Delhi NCR. Sri Ram Cables Private Limited (SRC) (rated
'CARE B / A4') is a group associate engaged in similar line of
operations and the SPE had extended corporate guarantee for the
bank facilities, i.e, cash credit facility amounting to INR27
crore.

For FY14 (refers to the period April 1 to March 31), SPE achieved
a total operating income of INR30.04 crore. SPE has reported a
total operating income of INR15.11 crore in 6MFY15 (refers to the
period April 1 to September 30).


SAI RYDAM: CRISIL Assigns B+ Rating to INR5.0BB LT Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sai Rydam Realtors Pvt Ltd (SRRPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term     5,000       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects the company's exposure to risks related to
funding, implementation, and demand of the recently undertaken
large land trade cum development project. The rating also factors
in the probable weakening of its financial risk profile with large
debt expected to be contracted. These rating weaknesses are
partially offset by the benefits that SRRPL derives from its
promoters' extensive experience in the real estate industry, and
continued funding support expected to be extended by promoters and
associate firms.

Outlook: Stable

CRISIL believes SRRPL will remain exposed to project-related risks
arising from its recent large land trading cum development
transaction. The outlook may be revised to 'Positive' in case of
increased cash inflows for SRRPL from sale of land/units and from
customer advances from the bookings of its projects. Conversely,
the outlook may be revised to 'Negative' in case of unanticipated
delays in selling of the intended land parcels or constructed
units adversely affecting the company's consolidated cash flows.

Incorporated in 2009 as a private limited company, SRRPL is
promoted by Mr. Devendra Rajnikant, Mr. Mukesh Sonar, and Mr. Anil
Gupta. The company is engaged in land development and trading, and
real estate development. It also manufactures ready-mix concrete.
The company recently acquired 270.77 acres for an estimated cost
of INR11.1 billion in Naigaon (Mahrashtra), and proposes to sell
around 70 per cent of it to other developers and remaining for
self-development.


SAY INDIA: CRISIL Cuts Rating to INR393MM Post Shipment Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Say India Jewellers Pvt Ltd (Say India) to 'CRISIL D' from
'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit         157        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Post Shipment Credit   393        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Short Term    335.6      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4')

The rating downgrade is because Say India's working capital bank
facilities have remained overdue for more than 30 consecutive
days.

Say India has a weak financial risk profile, marked by high
gearing, weak debt protection metrics, and weak liquidity due to
large working capital requirements. Furthermore, there is
geographical concentration in the company's revenue profile. Say
India, however, benefits from its long track record in the
jewellery industry.

Say India was incorporated in 1995, promoted by Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold jewellery.


SE FORGE: CARE Lowers Rating on INR591.80cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of SE Forge
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     591.80     CARE D Revised from
                                            CARE C

   Short term Bank Facilities     58.58     CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings factor in the delays in the servicing
of debt obligations by SE Forge Limited on account of weak
liquidity arising out of continued loss making operations.

SE Forge Ltd. (SEFL), incorporated in July 2006, is a wholly owned
subsidiary of Suzlon Energy Ltd. (SEL). SEFL was established by
SEL as a backward integration to its Wind Turbine Generators
(WTGs) design and manufacturing facilities.

SEFL is engaged in the business of manufacturing Iron Castings and
Forged products, primarily used as components in the WTGs and
other related equipments. SEFL has a Forging unit at Vadodara in
Gujarat and a Foundry unit at Coimbatore in Tamil Nadu, both
situated in high-tech engineering Special Economic Zones (SEZs).

During FY14 (refers to the period April 1 to March 31), SEFL
reported a total operating income of INR130.33 crore (FY13:
INR129.84 crore) with a net loss of INR143.14 crore (FY13:
INR160.58 crore).

SHREE AJAY: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Ajay
International Pvt Ltd (SAIPL) continues to reflect its modest
scale of operations in the intensely competitive textile industry
and large working capital requirements coupled with susceptibility
of profitability margins to volatility in input prices and foreign
exchange rates. The rating also reflects its weak financial risk
profile, marked by a small net worth base, moderate gearing, and
weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of the company's promoters in
the textile industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is a
significant increase in the company's scale of operations, while
it maintains its profitability margins and improves its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in SAIPL's revenue or profitability
or if its capital structure deteriorates on account of large
working capital requirements or considerable debt-funded capital
expenditure (capex).

Update
Benefitting from full year of operations in 2013-14 (refers to
financial year, April 1 to March 31) SAIPL reported a topline of
INR262.9 million up from INR175 million in 2012-13. The company's
topline and overall profitability were in line with estimates.
Given the stability of operations now, SAIPL is likely to register
steady growth in its sales and overall profitability.

Due to start-up nature of operations and low accretion to
reserves, SAIPL's financial risk profile remains constrained by a
small net worth of INR31.6 million and moderate gearing of 2 times
as on March 31, 2014. Also, the interest coverage ratio was weak
at 1.8 times in 2013-14. Large working capital requirements and
significant debt funding of the same have kept the average bank
limit utilisation levels high for the 12 months through January
2015. While it is not likely to undertake any large debt-funded
capex, the debt funding of the large incremental working capital
requirements and the resultant interest costs will continue to
constrain SAIPL's debt protection metrics over the medium term.

Incorporated in March 2012, SAIPL manufactures and exports fabric.
The company is owned and managed by Mr. Jay Prakash Tripathi and
his nephew Mr. Abdhesh Tripathi. The company commenced operations
on July 1, 2012. The company has its warping unit at Bhiwandi
(Maharashtra), and gets the looming and processing done on a
jobwork basis.

SAIPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR262.9 million for 2013-14 as against a PAT of INR2.1
million on net sales of INR175.4 million for 2012-13.


SHREE BALAJI: Amount of CRISIL B+ Rated LT Loan Enhanced
--------------------------------------------------------
CRISIL's rating on bank facilities of Shree Balaji Ethnicity
Retail Limited (SBERL's) reflects exposure to risks related to its
presence in the highly competitive ready-made garment retailing
industry and its working-capital-intensive operations.

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

   Proposed Cash          70         CRISIL B+/Stable
   Credit Limit

   Proposed Long Term     56.4       CRISIL B+/Stable
   Bank Loan Facility  (amount enhanced from 6.4)

   Term Loan              63.6       CRISIL B+/Stable

The rating is also constrained by the company's weak financial
risk profile, marked by a high total outside liabilities to
tangible net worth ratio and a low interest coverage ratio. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters, its increasing number of
showrooms across India, and the established brands showcased in
its stores.

CRISIL, January 13, 2015 had upgraded its rating on the long-term
bank facilities of SBERL to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'. The rating upgrade reflects sustained improvement in
SBERL's business risk profile, marked by a sharp increase in its
turnover and its cash generation from business while maintaining
its working capital management. The company's turnover increased
by more than 50 per cent year-on-year to INR736 million in 2013-14
(refers to financial year, April 1 to March 31), and is expected
to increase to over INR1.2 billion in 2014-15. Its cash generation
from business has doubled to INR19.8 million in 2013-14 from INR9
million in 2012-13. The upgrade also factors in the funding
support from its promoters, with equity infusion of INR40 million
in 2013-14 and INR30 million in the current year; this has
resulted in a comfortable overall financial risk profile. CRISIL
believes that SBERL will maintain its stable business risk
profile, while its promoters funding support will ensure
continuation of the sharp growth in its business without pressure
on its liquidity, over the medium term.
Outlook: Stable

CRISIL believes that SBERL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its increasing number of showrooms across India. The outlook may
be revised to 'Positive' in case of sustained increase in the
company's topline and profitability, or an improvement in its
working capital cycle, leading to better liquidity. Conversely,
the outlook may be revised to 'Negative' if SBERL's financial risk
profile, particularly its liquidity, weakens, most likely because
of large working capital requirements or debt-funded capital
expenditure, or low cash accruals.
Incorporated in September 2011 as S.J. Retail Pvt Ltd, the
company's name was changed to SBERL in 2014-15. The company
retails ethnic wear (for women, men, and children) under the
retail chain, Ethnicity; it has a presence across Maharashtra,
Gujarat, Tamil Nadu, Andhra Pradesh and Karnataka. The company's
operations are managed by Mr. Sunil Biyani.

SBERL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR738.8 million for 2013-14, as against a PAT of INR2.7
million on net sales of INR487.9 million for 2012-13.


SHREE MANGAL: CARE Reaffirms B+ Rating on INR15cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Mangal Proteins Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Mangal
Proteins Limited (SMPL) continue to remain constrained on account
of the stabilization risk associated with the predominantly debt-
funded green field project for edible oil seed processing which is
recently commissioned. The rating, further remains constrained on
account of its presence in the highly competitive and fragmented
edible oil industry with low entry barriers.

The rating, however, continue to draw strength from the wide
experience of the management in the edible oil industry along with
synergy derived from its group concern engaged in the similar line
of business, strategic location of manufacturing units with close
proximity to raw material sources and favorable demand outlook for
edible oils in India.  The ability of the company to quickly
stabilize its newly established facility with achievement of the
envisaged levels of income and profitability will be the key
rating sensitivity.

Incorporated in December 2007, Jaipur-based (Rajasthan) SMPL was
promoted by Mr Mukesh Kumar Jain, Mr Anil Kumar Jain and Mrs
Manisha Jain with an objective to set up a green-field project at
Tonk (Rajasthan) for setting up an integrated edible oil plant.
The plant has been set up on the land measuring 42,365 square
meters (Sq. Mtrs.) for extraction of crude edible mustard oil and
mustard oil cake from mustard seeds as well as manufacturing and
sale of refined edible oil and De-Oiled Cakes (DOC) produced
primarily from mustard cakes. SMPL has solvent extraction plant
with processing capacity of around 90,000 Metric Tonnes Per Annum
(MTPA) of crude edible oil and refining capacity of 50 Tonnes per
day (TPD) for manufacturing of refined edible oil. Initially, SMPL
had estimated to complete the project and start commercial
production from January at envisaged total project cost of
INR16.50 crore. However, the project implementation got delayed by
five months with SMPL completed its project in July 2014 and
incurred a total cost of INR15.68 crore funded through term loan
of INR9.18 crore, equity share capital of INR4.25 crore and the
remaining INR2.25 crore through unsecured loans.


SMPC INDUSTRIES: CRISIL Rates INR100MM LT Bank Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long term bank facilities of SMPC Industries India Pvt Ltd (SMPC).

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

The rating reflects SMPC's small scale of operations in the
intensely competitive and highly fragmented steel industry, its
working capital intensive nature of operations and the risks
related to implementation and funding of its planned project.
These rating strengths are partially offset by the extensive
experience of the promoters in the steel industry.

Outlook: Stable

CRISIL believes that SMPC will benefit over the medium term from
its promoters' entrepreneurial experience. The outlook may be
revised to 'Positive' if the company generates higher than
expected revenues and profitability, thereby leading to an
improvement in the business risk profile of the company.
Conversely, the outlook may be revised to 'Negative' if SMPC
undertakes any higher-than-expected debt funded capital
expenditure (capex) or if there is a stretch in the working
capital cycle, leading to deterioration in its financial risk
profile.

Incorporated in 2004 and based in Chennai, SMPC is engaged in
processing of steel which includes cutting, shearing and re-
shearing of galvanised corrugated sheets on a job work basis. The
company is promoted by Mr. Azam Khan.

For 2013-14 (refers to the financial year April 1 to March 31),
SMPC reported a profit after tax (PAT) of INR5.65 million on a net
sales of INR64.3 million against a PAT of INR4.6 million on a net
sales of INR60 million for 2012-13.


SONA WIRES: CARE Reaffirms B Rating on INR4.78cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Sona
Wires Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.78       CARE B Reaffirmed
   Short-term Bank Facilities    2.00       CARE A4 Reaffirmed

Rating Rationale

The ratings of Sona Wires Pvt. Ltd. (SWPL) continue to remain
constrained by its small scale of operations and weak
financial risk profile marked by low profitability margins, weak
debt service coverage indicators and elongated operating
cycle. The ratings are also constrained by susceptibility of
profitability to volatile raw material prices, stiff competition
due to fragmented nature of the industry and working capital-
intensive nature of operations.

The ratings, however, continue to draw comfort from long track
record and experience of the promoters in the wire business and
its comfortable capital structure.

The ability of SWPL to grow its scale of operations along with
improvement in profitability margins, while managing its
working capital effectively would be the key rating sensitivities.

SWPL incorporated in July 1986 by Mr S. K. Jain and his family
members of Raipur, Chhattisgarh. SWPL is engaged in the
manufacturing of galvanised iron (G.I.) wire, stay wire, G.I.
barbed wire, having an installed capacity of 5,200 metric
tonnes per annum (MTPA), 2,564 MTPA and 400 MTPA, respectively.
Subsequently from FY11 (refers to the period April 1 to March 31)
onwards, the company discontinued manufacturing of G.I. barbed
wire owing to lower demand. Besides, the company is also engaged
in trading of wires, which accounted for 77.68% of the total sales
during FY14.

During FY14, SWPL had reported a total operating income of
INR31.50 crore (as against INR36.98 crore in FY13) and a PAT
(after deferred tax) of INR0.06 crore (as against loss of INR0.17
crore in FY13). In 9MFY15 (provisional), the company has
maintained to have achieved a turnover of INR14.63 crore.


SPANDANA SPHOORTY: CRISIL Reaffirms D Rating on INR16.09MM Loan
---------------------------------------------------------------
CRISIL's ratings on Spandana Sphoorty Financial Ltd's (Spandana)
bank facilities reflect instances of delay in debt servicing by
Spandana.

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Long Term Bank Facility    16.09      CRISIL D (Reaffirmed)

   Proposed Long Term Bank
   Loan Facility               1.41      CRISIL D (Reaffirmed)

Spandana's debt repayments were restructured under the CDR
mechanism in September 2011. The debt restructuring package, inter
alia, provided for a revised loan repayment schedule, which began
in April 2012. Spandana was adhering to the revised debt repayment
schedule for all the lenders as per the CDR master restructuring
agreement till March 2014. In April 2014 Spandana was sanctioned
fresh funding by the CDR committee giving all banks an option
either to release fresh sanction or to defer a similar amount from
the existing CDR debt for two years till December 2015. While most
of the lenders have chosen to extend funding to Spandana, three
lenders with about 1.5 per cent of total exposure are yet to
choose an option. Spandana has suspended repayments to those banks
as repaying the debt restructured under CDR of non-participating
lenders will create repayment superiority over lenders who have
extended fresh funding. However, with the one time settlement
approved by CDR in respect of Citibank, there is no lender outside
the CDR arrangement.

Spandana's ratings continue to be constrained by weak
capitalization. The net worth of the company was negative to the
extent of INR8.7 billion as on September 30, 2014 as the company
had completely provided for the entire Andhra Pradesh/Telengana
loan book. Forbearance on the regulatory minimum capital
requirement allowed by the RBI is available upto March 2016.

However, Spandana has benefitted from the experienced of its top
management which has helped the company to navigate during
challenging times. Mrs. Padmaja Reddy, the main promoter continues
to be closely engaged in strategic as well as operational
management of the company. Post the crisis in 2010, the
outstanding non- Andhra Pradesh/Telengana loan book witnessed
growth for the first time during 2014-15, by about 20 per cent. In
addition, healthy asset quality in non AP/Telengana states has
enabled the company to operate profitably over the past eighteen
months. Besides, there has been a marginal recovery from the
AP/Telengana old portfolio as well. Furthermore, Spandana has
diversified into gold loans (forms 2.58 per cent of loans
outstanding as on September 2014), apart from broad basing its
loan portfolio geographically. This apart, the lenders have
demonstrated confidence in the management by sanctioning fresh
debt in April 2014.

Spandana was incorporated as Spandana Sphoorty Innovative
Financial Services Ltd (SSIFSL) in 2003. It is a non-banking
financial company (NBFC). It took over the microfinance operations
of Spandana, a non-governmental organisation. Spandana's name was
changed to the current one in 2007-08 (refers to financial year,
April 1 to March 31). Spandana lends predominantly to women. The
company had assets under management of INR22.0 billion as on
September 30, 2014.

For 2013-14, Spandana reported a PAT of INR644 Million on a total
income of INR2.8 billion, against a net loss of INR11.6 billion
(mainly due to provision for the delinquent AP portfolio) on a
total income of INR2.7 billion for the previous year. During the
six months ended September 30, 2014, the company reported a PAT of
INR519 million on a total income of INR1.4 billion. Spandana had
advances book of INR22 billion as on September 30, 2014.


SRI RAGAVENDRA: CRISIL Assigns D Rating to INR63.9MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Sri Ragavendra Blue Metal Pvt Ltd (SRB).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Rupee Term Loan        63.9        CRISIL D
   Cash Credit             7.5        CRISIL D
   Proposed Long Term
   Bank Loan Facility      28.6       CRISIL D

The rating reflects instances of delay by SRB in servicing its
term debt; the delays have been caused by the company's weak
liquidity.

SRB also has a modest scale of operations and below-average
financial risk profile, marked by a modest net worth. However, the
company benefits from the extensive experience of its promoter in
the construction materials industry.

SRB, based in Dindigul (Tamil Nadu), manufactures blue metal and
M-sand. The company's daily operations are managed by Mr. S
Kannan.

For 2013-14 (refers to financial year, April 1 to March 31), SRB
reported a loss of INR9.8 million on total revenue of INR145
million, against a profit after tax of INR2.7 million on total
revenue of INR140.5 million for 2012-13.


SUMETCO ALLOYS: CRISIL Assigns B Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sumetco Alloys Pvt Ltd (SAPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B/Stable
   Proposed Cash Credit    20        CRISIL B/Stable
   Limit

The ratings reflect SAPL's below-average financial risk profile,
marked by high gearing and small net worth. The rating also
factors in SAPL's working-capital-intensive operations in the
highly fragmented lead industry. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters in the lead recycling industry.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit from the
extensive experience of its promoters in the lead recycling
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals, or improvement in the
company's capital structure supported by capital infusion by the
promoters leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in SAPL's profitability, resulting in low accruals, or
lengthening of the working capital cycle, or large debt-funded
capital expenditure leading to pressure on liquidity.

SAPL, incorporated in 1996 by Delhi-based Bhandari family,
manufactures and trades in lead alloys and pure lead. The company
has manufacturing capacity of 27,000 tonnes per annum located in
Bhiwadi (Rajasthan). The day-to-day operations of the company are
managed by Mr. Priyank Bhandari.


TRIMURTY SPINNING: CARE Reaffirms B+ Rating on INR16.02cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Trimurty Spinning Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.02      CARE B+ Reaffirmed
   Short term Bank Facilities     1.25      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Trimurty Spinning
Mills Private Limited (TSMPL) continue to remain constrained on
account of its nascent stage of operations, moderately leveraged
capital structure and weak debt protection indicators. The ratings
also take into account the highly competitive nature of the cotton
spinning industry and susceptibility of TSMPL's margins to
volatile raw material prices.

The ratings, however, continue to derive strength from the long
standing experience of the promoters in the cotton spinning
sector, proximity of the manufacturing facility to the raw
material sources as well as customers, diversified customer base
and favorable demand from the user industries.

Ability of the company to increase its scale of operations and
profitability margins amidst volatility in raw material prices,
alongwith improvement in the capital structure will remain the key
rating sensitivities.

Trimurty Spinning Mills Private Limited (TSMPL) was incorporated
in August 2010 by Mr Suryawanshi, Mr Mhetre and Mr Naik, for the
manufacturing of cotton yarn. Located in Ichalkaranji,
Maharashtra, TSMPL is engaged in the manufacturing of long strand
cotton yarn, i e 40s combed hosiery compact type yarn. The company
has set up 13,056 spindles and has a manufacturing capacity of
about 17.57 lakh kgs of cotton yarn per annum. Commercial
operations of the company commenced from March 15, 2013 and FY14
(refers to the period April 1 to March 31) was the first full year
of operations.

In FY14 TMSPL reported a net loss of 1.42 crore on a total
operating income of INR33.28 crore as against a net loss of
INR0.02 crore and total operating income of INR0.02 crore in FY13.
Furthermore, during 8MFY15, the company earned PBILDT of INR2.12
crore on a total operating income of INR28.53 crore.


UNION AGROTECH: CARE Assigns B Rating to INR12.57cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Union Agrotech
India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.57      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Union Agrotech India
Private Limited (UAIPL) is constrained primarily on account of its
nascent stage of operations and weak financial risk profile marked
by low profitability, leveraged capital structure, weak debt
coverage and liquidity indicators. The rating is also constrained
on account of the highly fragmented agro processing business with
low entry barriers, susceptibility of its profitability to
fluctuation in raw material prices and regulatory changes.

The rating, however, derives strength from the experience of the
promoters in the agro processing business through other group
entities.

The ability of UAIPL to improve the overall financial risk profile
through increase in its scale of operations, improvement in
capital structure and efficient management of raw material price
fluctuations are the key rating sensitivities.

Katni-based (Madhya Pradesh) UAIPL was established in 2010 by Mr
Ankur Jain and other members, however, the commercial production
started in January, 2014. It is mainly engaged in the processing
and milling of various agro based products like Wheat Flour,
Maida, Sooji, Bran etc. with an installed capacity of 99,000
metric ton per annum (MTPA) as on March 31, 2014. UAIPL was
formerly known as Suhana Flour Mills India Private Limited. Later
in November, 2011, the name was changed to Union Agrotech India
Private Limited. UAIPL markets its products under the brand name
'Kesar'.

Raw material is procured from local dealers of Katni, Chattarpur,
Food Corporation of India and other nearby local markets.

During FY14 (refers to the period April 1 to March 31) and 9MFY15
(provisional), UAIPL has achieved turnover of INR10.88 crore and
INR45 crore respectively.


UNITED INFRAVENTURES: CARE Assigns C Rating to INR8cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CAREA4' rating to the bank facilities
of United Infraventures Limited.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE C Assigned
   Short-term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of United
Infraventures Limited (UIL) are primarily constrained by
relatively small scale of operations, stretched liquidity position
leading to delays in servicing of debt (not rated by CARE),
leveraged capital structure, stressed debt coverage indicators and
elongated working capital cycle. The ratings are further
constrained by project execution risk, geographic and customer
concentration risk and presence in the highly competitive and
fragmented construction industry.

The ratings take into account the experience of the promoters in
the construction business and established presence in the
construction industry.

The ability of UIL to improve its liquidity position along with
scaling up its operation with timely execution of projects with
diversifying its client base are the key rating sensitivities.

UIL was incorporated on August 18, 2012 (erstwhile United
Construction Company (UCC) established in 1963) is engaged in
civil construction works (viz sewage pipeline laying & repairs,
repairs of structures, road construction & repairs and others).
The company primarily carters to Municipal Corporation of Greater
Mumbai (MCGM), with major operations conducted in Mumbai,
Maharashtra. The company is registered as Class AA civil
contractor with MCGM.

During FY14 (refers to the period April 01 to March 31), UIL
reported a total operating income of INR18.38 crore (up by
9.78% vis-…-vis FY13) and PAT of INR0.43 crore (up by 54.81%
vis-a-vis FY12).


VAIBHAV FITTING: CRISIL Cuts Rating on INR42.5MM Term Loan to B-
----------------------------------------------------------------
CRISIL has downgraded the rating on the long term bank facilities
of Vaibhav Fitting India Private Limited (VFIPL) to CRISIL B-
/Stable from CRISIL B/Stable while reaffirming the rating on the
short term bank facilities at CRISIL A4.

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

   Letter of Credit       10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.5      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Term Loan              42.5      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade factors in a deterioration in the liquidity
profile of the company on account of it generating cash losses in
2013-14 due to startup nature of its operations. The repayment on
the term loans availed by the company have started from October
2014 and are currently being met through unsecured loans being
brought-in by promoters. The cash losses have stemmed from the
lower revenues of INR40 million reported by the company in 2013-14
on account of its startup nature of operations coupled with late
installation of the finishing machinery. The company has done
revenues around INR26 million till September 2014 and is expected
to generate revenues around INR60 million in 2014-15. CRISIL
expects the liquidity profile to remain under pressure over the
medium term on the back of it expected to generate negative
accruals and having high working capital requirements, marked by a
GCA of around 192 days as on 31st March 2014.  However, CRISIL
expects the promoters to provided need based support to the firm.

CRISIL's ratings on the bank facilities of VFIPL reflect VFIPL's
small scale of operations and its weak financial risk profile,
marked by a high gearing, low net worth and weak debt protection
metrics. The ratings also take into account the large working
capital requirements of the company. These rating weaknesses are
partially offset by the promoters' extensive experience in the
forging industry.

Outlook: Stable

CRISIL believes that VFIPL will benefit over the medium term from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company generates substantially
higher than expected accruals, largely on the back of ramp-up in
its scale of operations, while maintaining its working capital
management and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile,
including its liquidity, deteriorates, further, on account of
delay in stabilization of operations, or an increase in working
capital requirements or any large debt-funded capex.
VFIPL was set up in 2008 by Mr. Suresh Sanghvi and Mr. Mukesh
Sanghvi,. The promoters have been operating in the forging
business for over eight years. VFIPL has set up a factory to
manufacture forged fittings at Umbergaon (Gujarat) in March 2013.

VFIPL has reported a net loss of INR14.7 million on net sales of
INR41.7 million in 2013-14 (refers to the financial year from
April 01 to March 31) as against a net loss of INR1.5 million on
net sales of INR1.3 million in 2012-13.


YASH JEWELLERY: CRISIL Reaffirms 'D' Rating on INR1.19BB Loan
-------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Yash Jewellery Pvt Ltd (YJPL) to 'CRISIL D' from 'CRISIL A4',
while reaffirming its rating on the company's long-term facilities
at 'CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Corporate Loan      1,193        CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              49.3      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Packing Credit        200.0      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Post Shipment         300.0      CRISIL D (Downgraded from
   Credit                           'CRISIL A4')

   Working Capital
   Demand Loan           417.7      CRISIL D (Reaffirmed)

The rating downgrade is because YJPL's working capital bank
facilities have remained overdue for more than 30 consecutive
days.

YJPL also has a weak financial risk profile, marked by high
gearing, weak debt protection metrics, and weak liquidity due to
large working capital requirements. Furthermore, there is
geographical concentration in the company's revenue profile. YJPL,
however, benefits from its long track record in the jewellery
industry.

YJPL, incorporated in 2006, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold jewellery.

YJPL reported a net loss of INR189 million on net sales of INR423
million for the nine months ended March 31, 2014#, against a net
loss of INR 48.90 million on net sales of INR1366 million for the
2012-13 (refers to financial year, July 1 to June 30).



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


SHARP CORP: Fitch Says CDS Widens at 80%
----------------------------------------
Sharp Corporation's five-year Credit Default Swaps (CDS) have
widened 80% over the past month to price at the widest levels
observed since February 2014, according to Fitch Solutions in its
latest case study.

"CDS widening for the Japanese electronics company likely reflects
market concerns stemming from its warning that earnings might fall
short of guidance as a weaker yen hurts the company's profits,"
said Diana Allmendinger, Director, Fitch Solutions.

After consistently pricing in 'BB+'/'BB' space for much of the
past year, credit protection on Sharp's debt is now pricing in
line with 'B-' levels.

Furthermore, the CDS curve for Sharp has inverted with investors
pricing in more credit risk for shorter term contracts.

Fitch Solutions case studies build on data from its CDS Pricing
Service and proprietary quantitative models, including CDS Implied
Ratings.  These credit risk indicators are designed to provide
real-time, market-based views of creditworthiness.  As such, they
can and often do reflect more short term market views on factors
such as currencies, seasonal market effects and short-term
technical influences.  This is in contrast to Fitch Ratings'
Issuer Default Ratings (IDRs), which are based on forward-looking
fundamental credit analysis over an extended period of time.


SONY CORP: Sony Studio Co-Chair Quits After Cyberattack
--------------------------------------------------------
Mary Milliken and Lisa Richwine at Reuters reports that Amy Pascal
will step down as co-chair of Sony Pictures Entertainment after
hackers angry about a movie she championed mocking North Korea's
dictator exposed a raft of embarrassing emails between Pascal and
other Hollywood figures.

One of the most powerful women executives in Hollywood, Pascal had
kept a low profile since her emails were leaked by hackers and
widely reported by the media, particularly one in which she made
racially insensitive remarks about President Barack Obama's taste
in films, Reuters says.

According to Reuters, Sony Pictures said Pascal will step down
from her current post in May to launch her own production venture
on the studio lot with its financial backing.

Reuters relates that Sony Pictures Chief Executive and Chairman
Michael Lynton said the emails leaked late last year played no
role in his and Pascal's decision not to renew her contract next
month.

Reuters says the entertainment arm of Sony Corp. was victim of the
most destructive cyberattack on a private company on U.S. soil.

The report relates that the U.S. government has blamed the hack on
North Korea after the reclusive nation was angered by a Sony
comedy "The Interview," depicting the fictional assassination of
leader Kim Jong Un.

Pascal had greenlighted the movie, which opened in limited release
after the studio reversed a decision, condemned by Obama, to
cancel its theatrical release, according to Reuters.

Having her emails laid out for all of Hollywood to see appeared to
be a big blow to the 56-year-old studio boss known for her good
relationships with actors and her backing of edgy films like "Zero
Dark Thirty" and "The Girl with the Dragon Tattoo," the report
relays.

Reuters relates that in an email exchange between Pascal and
producer Scott Rudin that was reported by website Gawker, Rudin
called famed actress Angelina Jolie a "minimally talented spoiled
brat" because of her demands during a remake of "Cleopatra." Jolie
has not responded publicly to the remarks since the email exchange
was disclosed, the report notes.

In another email, Pascal joked about President Obama's race and
his taste in movies, the report says.  Pascal subsequently issued
a public apology for "insensitive and inappropriate" emails, and
met with civil rights activist Reverend Al Sharpton, who did not
call for her to step down, according to Reuters.

Several celebrities also came to her defense, arguing that no one
should have their private emails picked over in public, Reuters
adds.

"I would hope that we would not stand in such harsh judgment in a
moment of time when someone is hacked in their private
conversations," media mogul Oprah Winfrey told CNN when asked
about the remarks about Obama, relays Reuters.

According to Reuters, Pascal, who joined Sony's Columbia Pictures
in 1988, said she and Lynton had been discussing her transition to
producer for "quite some time."

"As the slate for the next two years has come together, it felt
like the right time to transition into this new role," Pascal was
quoted in a statement from the company, Reuters relays. "I am
leaving the studio in great hands."

                           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.


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


AWARUA FARM: Owes More Than NZ13.9 Million Before Receivership
--------------------------------------------------------------
Chloe Winter at The Marlborough Express reports that Marlborough
dairy farmer Philip Woolley had more than NZ$13.9 million of debts
before he placed his companies into voluntary receivership.

The Express, citing the receiver's first report released on
Feb. 2, discloses that Awarua Farm Marlborough Ltd and Glengyle
Holdings Ltd, owned by Mr. Woolley and his wife Sue, owed
NZ$13.996 million to their creditors.

The companies were placed into voluntary receivership on Nov. 24,
2014.  Wellington accountants Richard Simpson and David Ruscoe, of
Grant Thornton, were appointed as the receivers.

The Express relates that despite the NZ$13 million debt, Messrs.
Simpson and Ruscoe said in the report that they expected there
would be a "significant surplus" once the business had been
restructured.

Awarua Farm Marlborough Ltd owed its creditors NZ$12,111,573 and
none of this had been repaid since the receivers had been
appointed, according to the receivers' report.

The company had no preferential creditors but owed NZ$274,688 to
its unsecured creditors, of which NZ$239,688 had since been paid,
The Express relays.

"As there are sufficient assets to cover all claims we expect all
unsecured creditors to be paid in due course during the
receivership," the receivers, as cited by the Express, said.
Glengyle Holdings Ltd had no preferential creditors and no
unsecured creditors "to our knowledge", according to the report
cited by the Express.

"The amount owing at the date of our appointment is NZ$1,885,000
plus default interest. Since our appointment, no repayments have
been made."

The report said both companies are also subject to a "guarantee
with other entities with a total outstanding amount of
NZ$29,063,994", which includes the earlier debts, the Express
discloses.

However, the value of the assets in related entities meant the
guarantee "should not be called on to satisfy the [ASB] Bank debt
of the related entities", the Express adds.


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


ENSOGO INC: BIR Files Tax Evasion Case vs CashCashPinoy Operator
----------------------------------------------------------------
The Manila Standard reports that the Bureau of Internal Revenue on
Feb. 5 filed tax evasion charges against online traders Ensogo
Inc. and Moonline Inc., operator of the CashCashPinoy Website.

According to the report, BIR said it filed a criminal complaint
before the Justice Department against Ensogo and its president
Krit Srivorakul and treasurer Xelynne de Lara for alleged "willful
failure to remit tax and deliberate failure to pay tax as defined
and penalized under Sections 251 and 255 in relation to Sections
253 and 256 of the National Internal Revenue Code of 1997, as
amended."

Manila Standard relates that the BIR said Ensogo and its corporate
officers were charged for their alleged failure to remit taxes
withheld and for failure to pay the corresponding
expanded/withholding tax on compensation and value added tax from
Oct. 31, 2011 to Oct. 31, 2014 involving a total amount of
PHP36.14 million, inclusive of surcharge, interest and compromise
penalty.

Ensogo's Philippine unit is registered with the Securities and
Exchange Commission and has business address at Bonifacio Global
City in Taguig.  Ensogo provides marketing services to merchants,
who are engaged in leisure, catering and entertainment industries.

Its mother corporation, Ensogo Ltd. is considered Southeast Asia's
premier online shopping destination, which was listed on the
Australian Stock Exchange in December 2013. It also has presence
in Hong Kong, Indonesia, Malaysia, Singapore and Thailand,
according to Manila Standard.

BIR said investigation showed that Ensogo was a withholding agent
mandated to withhold taxes on various income payments to suppliers
and to withhold taxes on the compensation of employees. It is also
an electronic filing and payment system taxpayer, the report
relates.

Ensogo and CashCashPinoy are top e-commerce and online shopping
sites that provide offers and discounts to members.


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


KT CORP: 2014 Net Loss Widens to KRW966BB on Increased Costs
------------------------------------------------------------
Yonhap News Agency reports that KT Corp. said Jan. 30 its loss
widened last year from a year earlier due mainly to its one-off
cost in compensating voluntary retirees.

Net loss reached KRW966 billion (US$883 million) last year,
sharply increasing from the loss of KRW60.2 billion a year
earlier, the company said in a regulatory filing, Yonhap relays.

Sales also dipped 1.6 percent on-year to reach KRW23.4 trillion
last year. KT also suffered an operating loss of KRW291.8 billion
last year, shifting from KRW839.34 billion in operating income
posted a year earlier, the country's top fixed-line operator said,
Yonhap discloses.

The 2014 business results were weaker than the median estimates by
13 brokerage houses, which projected KRW767.9 billion in net loss
and KRW210 billion in operating losses, according to the data
compiled by Yonhap Infomax, the financial arm of Yonhap News
Agency. They had expected KRW23.6 trillion in revenue.

The fourth-quarter net loss came to KRW241.42 billion, narrowing
from the loss of KRW542.5 billion a year earlier, Yonhap says.

Revenue moved down 7.9 percent on-year to reach KRW5.7 trillion in
the fourth quarter, while it turned to an operating profit of
KRW34.09 billion, according to Yonhap.

Yonhap relates that KT said while its fixed-line business
suffered, one-off spending on its voluntary retirement program was
one of the major reasons for its bad performance. The company said
it will be able to improve its performances once it can cut down
on labor costs from the program, adds Yonhap.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***