TCRAP_Public/150212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, February 12, 2015, Vol. 18, No. 030


                            Headlines


A U S T R A L I A

ASTOR THEATRE: First Creditors' Meeting Slated For Feb. 17
DAIRY BELL: To Shut Factory and Stores After 40 Years
JNK EXPRESS: First Creditors' Meeting Set For Feb. 19
ON-TRAX CRUSHING: First Creditors' Meeting Set For Feb. 20
QANTAS AIRWAYS: S&P Affirms BB+ Rating; Revises Outlook to Stable

RESOURCES FOR PROJECT: Placed Into Liquidation


C H I N A

AGFEED INDUSTRIES: Creditor Says $2.8M Claim Must be Paid Now
EVERGRANDE REAL: Moody's Assigns B2 Rating to USD Senior Notes
EVERGRANDE REAL: S&P Rates Prop. US$ Senior Unsecured Notes 'B+'
GEELY AUTOMOBILE: Factory Purchase No Impact on Moody's Ba2 CFR
SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating to USD800MM Sr. Notes

SUNAC CHINA: Prop. Kaisa Group Deal No Impact on Moody's Ba3 CFR
TIMES PROPERTY: FY2014 Results Supports Moody's B1 CFR


I N D I A

A.R.C MILLS: CARE Reaffirms B+ Rating on INR8.67cr LT Bank Loan
BASHIR OIL: CRISIL Puts 'B-' Rating on INR50MM Cash Credit
CHANDRA COAL: CRISIL Puts B Rating on Notice of Withdrawal
DECCAN HYDERABAD: CARE Cuts Rating on INR10cr ST Loan to D
DM EDUCATION: CRISIL Cuts Rating on INR1.40BB LT Loan to B

G-TOP DESIGNER: CARE Assigns 'B' Rating to INR8.35cr LT Loan
GO GREEN: CARE Lowers Rating on INR19.75cr LT Bank Loan to D
HAP GARMENTS: CRISIL Cuts Rating on INR150MM Cash Loan to D
JAY MAHAKALI: CRISIL Assigns B Rating to INR60MM Cash Credit
KARTHIKEYA AGRO: CARE Assigns B Rating to INR6.32cr LT Bank Loan

LIFE SHINE: CRISIL Reaffirms D Rating on INR180MM Term Loan
MARVEL CRAFTS: CARE Assigns B+ Rating to INR1.25cr LT Bank Loan
MIDITECH PVT: CRISIL Cuts Rating on INR80MM Overdraft Loan to D
NALLAPANENI RAMESH: CARE Reaffirms B+ Rating on INR12cr LT Loan
NARAYANI RICE: CRISIL Assigns B+ Rating to INR60MM Cash Credit

NAVBHARAT NIRMAN: CRISIL Assigns B Rating to INR25.8MM Cash Loan
NEW - TECH: CRISIL Reaffirms D Rating on INR250MM Cash Credit
NEW LAKSHMI: CARE Revises Rating on INR10cr LT Bank Loan to B+
NILADREE BUILD-TECH: CRISIL Reaffirms B Rating on INR162MM Loan
NSL COTTON: CARE Reaffirms B+ Rating on INR37cr LT Bank Loan

ORBIT DEVELOPERS: CARE Assigns B- Rating to INR23cr LT Bank Loan
P. PRAFUL: CRISIL Assigns B+ Rating to INR90MM Cash Credit
PADMAVATI COTTON: CARE Reaffirms B Rating on INR7cr LT Bank Loan
PHULCHAND EXPORTS: CARE Reaffirms B Rating on INR7.46cr LT Loan
R.S. MOULD: CARE Assigns B- Rating to INR8.64cr LT Bank Loan

RAMPA AUTOS: CRISIL Reaffirms B- Rating on INR53MM Cash Credit
REDSTONE GRANITO: CARE Reaffirms B+ Rating on INR44.55cr LT Loan
S.K BROTHERS: CARE Assigns B+ Rating to INR6.35cr LT Bank Loan
S. RAJIV: CRISIL Reaffirms B Rating on INR60MM Post Shipment Loan
S T WOVEN: CARE Revises Rating on INR10.53r LT Bank Loan to B

SHASHADHAR COLD: CRISIL Reaffirms D Rating on INR50MM Term Loan
SHREE AJAY: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
SHRI DURGA: CRISIL Cuts Rating on INR100MM Cash Credit to B+
SRI LAKSHMI: CRISIL Ups Rating on INR140MM Cash Loan From B+
SSP ENTERPRISES: CARE Reaffirms B+ Rating on INR3.5cr ST Loan

SUJANA METAL: CARE Cuts Rating on INR1,701.84cr LT Loan to 'D'
SUJANA TOWERS: CARE Lowers Rating on INR1,420.24cr Loan to D
SWAMBHUNATH COLD: CRISIL Reaffirms D Rating on INR64MM Cash Loan
TITAN TEX: CARE Reaffirms B+ Rating on INR12.27cr LT Loan
TRUMP IMPEX: CARE Assigns B+ Rating to INR15cr LT Bank Loan

VARMORA FOODS: CRISIL Reaffirms B+ Rating on INR67.5MM Term Loan
WIN-TEL CERAMICS: CARE Assigns B Rating to INR13.28cr LT Loan
YASH KNITWEAR: CARE Reaffirms B Rating on INR10cr LT Bank Loan


J A P A N

SKYMARK AIRLINES: Rehab Could Lead to International Flights


N E W  Z E A L A N D

BRIDGECORP LTD: Director in Fight Over NZ$174,000 Legal Aid Bill


T A I W A N

TAIWAN HIGH: Needs at Least NT$100BB in Capital to Stay Afloat


T H A I L A N D

THAI AIRWAYS: Military-Led Government OKs Restructuring Plan


V I E T N A M

ELECTRICITY OF VIETNAM: Needs to Raise Prices to Avoid Bankruptcy


                            - - - - -



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ASTOR THEATRE: First Creditors' Meeting Slated For Feb. 17
----------------------------------------------------------
Christopher Michael Williamson -- CWilliamson@wais.com.au -- of WA
Insolvency Solutions was appointed as administrator of Astor
Theatre WA Pty Ltd, formerly trading as "Show Ticketing", on
Feb. 5, 2015.

A first meeting of the creditors of the Company will be held at
WA Insolvency Solutions, Level 10, 111 St Georges Terrace, in
Perth, on Feb. 17, 2015, at 10:30 a.m.


DAIRY BELL: To Shut Factory and Stores After 40 Years
-----------------------------------------------------
Aleczander Gamboa at Herald Sun reports that iconic Australian ice
cream maker Dairy Bell has announced it will close its doors after
more than 40 years, blaming heavy profit losses and rising labour
prices.

The company will shut -- including its shops in Bundoora,
Doncaster, East Malvern, Mitcham, Bayswater North -- on Feb. 27,
Herald Sun says.

It expects to redevelop its factory sites in East Malvern and
Camperdown, NSW, for real estate, according to the report.

Herald Sun relates that a statement on the company's website said:
"Supermarket ice cream wars have cost the retailer profit and the
manufacturer loss of margin and have reduced our capacity to
recover costs for some four years now with our capital being
eroded year by year."

"We tried our own shops with a terrific customer response, however
the weekend trade (our best time) made losses due to the high
weekend cost of labour in the stores.

"Indications for the future are of continuing ingredient and
labour rises making plant and machinery replacement and profit
budgeting impossible."

According to Herald Sun, the company said it did not want to
"compromise our assets" and had therefore decided the time was
right to develop its sites.

"We are solvent and all of our creditors will be paid in full,"
the statement said.  "Thank you for your support over the years
but as the song goes you must know when to hold it and know when
to fold it."

Founded by Andre Razums and John Stanford, the Australian-owned
company was established in 1970 and has won garnered several
awards and a loyal fan base.


JNK EXPRESS: First Creditors' Meeting Set For Feb. 19
-----------------------------------------------------
Mark Hutchins and Dino Travaglini of Cor Cordis were appointed as
administrators of JNK Express Pty Limited on Feb. 9, 2015.

A first meeting of the creditors of the Company will be held at
The Conference Centre, Plaza Level, BGC Centre, 28 The Esplanade,
in Perth, on Feb. 19, 2015, at 10:00 a.m.


ON-TRAX CRUSHING: First Creditors' Meeting Set For Feb. 20
----------------------------------------------------------
Jonathan McLeod at McLeod & Partners was appointed as
administrator of On-Trax Crushing & Screening Pty Ltd as trustee
for The On-Trax Trust, on Feb. 10, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Feb. 20, 2015, at
10:00 a.m.


QANTAS AIRWAYS: S&P Affirms BB+ Rating; Revises Outlook to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on Australian airline Qantas Airways Ltd. to stable
from negative.  At the same time, S&P affirmed the 'BB+' long-term
issue rating on Qantas and the airline's senior unsecured debt,
and the 'B' short-term rating on Qantas.  The recovery rating on
the debt is also affirmed at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery for creditors in the event of a
payment default.

"The outlook revision to stable reflects our view of the
meaningful improvement in Qantas' operating environment, which we
expect to translate to improved credit metrics," Standard & Poor's
credit analyst Graeme Ferguson said.  "We therefore believe that
the immediate threat to the 'BB+' corporate credit rating on
Qantas has receded.  However, we expect underlying demand
conditions to remain weak for the Australian airline industry.  In
our opinion, Qantas remains somewhat vulnerable to sudden changes
in its operating environment that are a common and recurring
feature of the airline industry."

Underpinning the corporate credit rating on Qantas is its strong
domestic market position.  Qantas is currently benefiting from
more-benign domestic market conditions, including more-measured
capacity growth.  However, S&P views Qantas' competitive position
within the Australian market to have structurally deteriorated
over the past few years.  Competition from Virgin Australia
Holdings (B+/Stable/--) has highlighted its susceptibility to
periodic bouts of aggressive competition.  Despite Qantas
conceding some market share, S&P expects the airline to retain its
dominant position within the Australian market.  However, S&P
assess underlying demand conditions to remain weak, weighing on
Qantas' yield and load.

S&P expects the recent steep decline in oil prices to enable
Qantas to recover its credit metrics at a much faster pace than
S&P's previous base-case expectations.  S&P views Qantas to have
competently managed its fuel price risk and currency exposure.
Although the airline may not immediately experience the full
benefit of lower prices, S&P expects Qantas' risk management
framework to continue to be effective in absorbing some short-term
price volatility whilst also allowing participation in favorable
price movements.  Over time, S&P believes that Qantas will capture
a more lasting benefit of lower oil prices through its domestic
operations, where it faces less price competition compared with
its international operations.

The relationship between Qantas' profitability and the Australian-
U.S. dollar exchange rate is complex.  Nevertheless, S&P assess
recent movement in the value of the Australian dollar to be of net
benefit to the airline.  S&P expects Qantas' international
operations to be the main beneficiary of a lower exchange rate via
the division's increased competitiveness.  However, S&P continues
to view Qantas' international operations as facing significant
challenges, notwithstanding the more-favorable exchange rate and
lower fuel price.

Qantas is midway through a transformation program aimed at
addressing the airline's legacy and underlying structural issues.
In S&P's opinion, this is imperative given unpredictable industry
conditions and that S&P do not forecast a demand-led recovery.
S&P views the initial results to be favorable: improved unit cost
differential between Qantas and its major competitors provides
evidence of progress.  However, S&P is mindful of the size and
complexity of the restructuring task that remains ahead.
Moreover, the task must be achieved without impairing Qantas'
ability to attract a yield premium.  This includes customer
satisfaction, particularly among business travelers, safety, route
network, and on-time performance.  In addition, Qantas'
transformation program relies heavily on improved labor cost,
productivity, and flexibility.  S&P notes that Qantas operates
within a complex industrial relationship framework.

Mr. Ferguson added: "The stable outlook reflects our view that
competition across Qantas' route network will be contained and
that the airline will maintain its dominant domestic market
position.  We also expect Qantas to maintain its meaningful
financial flexibility and strong liquidity position."

The rating incorporates S&P's expectation that Qantas will realize
an enduring benefit from previously announced restructuring
initiatives while limiting pressure on its balance sheet.  S&P do
not forecast a demand-led recovery.  However, structurally lower
fuel prices, a more-benign domestic market environment, and a
lower Australian dollar should translate into improved credit
metrics for the airline.

S&P could lower the ratings if Qantas fails to accomplish its
previously announced restructuring initiatives or if the efforts
do not provide the airline with sufficient flexibility to respond
to sudden changes to its operating environment.  This would be
evidenced by the airline's funds from operations (FFO)-to-debt
falling to less than 20%.  A weakening of Qantas' liquidity
position will also put downward pressure on the rating,
particularly if S&P assess Qantas' unrestricted cash and available
liquidity were to decline to less than A$2 billion.

The rating is not likely to be raised for at least the next 12 to
18 months.  Over the medium-to-long term, positive rating action
would require evidence of a more robust and versatile operating
platform.  Credit metrics are likely to be less important than the
context through which they were achieved.  S&P could ultimately
raise the rating if it expects Qantas to sustain FFO-to-debt at
more than 45% under a range of variable demand conditions,
competitive tensions, volatile fuel costs, and exogenous shocks.


RESOURCES FOR PROJECT: Placed Into Liquidation
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Resources for
Project Q Pty Ltd has been placed into liquidation. Peter Anthony
Lucas and Glenn Michael Shannon from PA Lucas and Co were
appointed liquidators of the company on Dec. 11, 2014.

The creditors report shows debts of AUD6.7 million,
Dissolve.com.au discloses.



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AGFEED INDUSTRIES: Creditor Says $2.8M Claim Must be Paid Now
-------------------------------------------------------------
Law360 reported that an AgFeed Industries Inc. creditor told a
Delaware bankruptcy judge that its $2.8 million claim against the
hog producer's estate must be paid immediately, saying it
shouldn't have to wait while the liquidating trustee pursues an
adversary complaint against Hormel Food Corp.

According to the report, Claims Recovery Group LLC, which acquired
the claim from Hormel, contended that similarly ranked creditors
have already received payment under AgFeed's confirmed Chapter 11
plan and no grounds exist for holding up its own recovery.

                     About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.


EVERGRANDE REAL: Moody's Assigns B2 Rating to USD Senior Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by Evergrande Real Estate Group
Limited.

The rating outlook is negative.

The proceeds from the issuance will be used for refinancing the
company's existing debt.

Ratings Rationale

"The proposed USD notes will help improve Evergrande's weak
liquidity profile" says Franco Leung, a Moody's Vice President and
Senior Analyst.

The company's cash to short-term debt ratio had declined
significantly to 84.5% at end-June 2014 from about 150% at end-
2013 because of a notable rise in short-term debt during the same
period.

In this situation, the proposed issuance will help reduce its
level of short-term debt because the bond proceeds will be largely
used for refinancing existing debt.

"But, the proposed issuance will not have a material impact on
Evergrande's debt leverage, which is already at a high level for
its rating," adds Leung, also the Lead Analyst for Evergrande.

Its adjusted debt /capitalization -- including the adjustments for
the perpetual capital securities issued -- had increased to around
79% at end-June 2014 from around 74% at end-2013.

Moody's expects that Evergrande's debt leverage will likely stay
at similarly high levels over the next 6-12 months.

And because of an expected rise in debt, its adjusted
EBITDA/interest coverage -- including the adjustments for the
perpetual capital securities issued -- will likely weaken to below
1.5x from around 1.8x for the 12-month period ended June 2014.

On the other hand, Evergrande's operating performance remains
strong, as evidenced by its robust contracted sales growth.

Its contracted sales reached RMB131.5 billion in 2014,
representing a year-over-year increase of 31% and exceeding its
full-year sales target of RMB110 billion. Such a strong
performance will improve the company's cash flows for funding its
rapid pace of expansion.

The negative ratings outlook reflects Moody's concerns over
Evergrande's weak credit metrics -- which could pressure it
current rating -- and its higher level of investment in non-
property businesses.

Downward rating pressure could emerge if: (1) Evergrande's profit
margins decline, such that its EBITDA margin falls well below 20%;
(2) its liquidity position remains weak, as shown by a cash
balance well below 1.0x of short-term debt; or (3) the company
raises more debt, resulting in revenue/gross debt (including
perpetual securities) falling below 0.5x, or EBITDA/interest
falling below 1.5x-2.0x on a sustained basis.

Upward rating pressure is unlikely in the near term, given the
negative outlook. However, the rating could return to stable if
(1) the company consistently meets its sales targets and maintains
strong discipline in its land acquisitions; (2) EBITDA/interest
exceeds 1.5x -- 2.0x; and (3) it maintains an adequate level of
liquidity, as evidenced by cash at 1.0x of short-term debt.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Evergrande Real Estate Group Limited is one of the major
residential developers in China. It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. As at 30 June
2014, its land bank totaled 150 million square meters in gross
floor area across 147 Chinese cities.


EVERGRANDE REAL: S&P Rates Prop. US$ Senior Unsecured Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Evergrande Real Estate Group Ltd.
(BB-/Negative/--; cnBB/--).  The ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Evergrande to reflect the structural
subordination risk.  The company intends to use the proceeds from
the proposed issuance to refinance its existing debt.

The rating on Evergrande reflects the company's weak financial
position due to aggressive debt-funded expansion, its limited
record of prudent financial management, and execution risk in new
industries.  Evergrande's strong sales execution, competitively
priced projects, and good cost controls temper these weaknesses.
Additional rating support comes from the company's large and
geographically diversified project portfolio.  Evergrande's sales
performance was solid in 2014.  The company's contracted sales in
2014 were stronger than that of major peers, at Chinese renminbi
131.5 billion, and exceeded its full-year sales target.

The negative outlook on Evergrande reflects S&P's expectation that
the company's debt leverage could weaken further because of
aggressive debt-funded growth over the next 12 months.  S&P
expects Evergrande's debt-to-EBITDA ratio to remain above 5x over
the said period.


GEELY AUTOMOBILE: Factory Purchase No Impact on Moody's Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service says that Geely Automobile Holding's
(Ba2 stable) proposed acquisition of a new factory in Chunxiao
from parent Zhejiang Geely (unrated) is -- once it completes --
credit positive, but has no immediate impact on its Ba2 corporate
family and senior unsecured bond ratings.

The ratings outlook remains stable.

Geely's proposed acquisition is credit positive because it
demonstrates the parental support that Zhejiang Geely provides to
Geely. It is also in line with Geely's history of acquiring
capacity from Zhejiang Geely.

On February 9, 2015, Geely announced that it had agreed to buy the
factory for RMB1.1 billion. The consideration is based on the
factory's net asset value as of 31 January 2015.

The factory, located in Ningbo city in Zhejiang Province, will
have a production capacity of 100,000 units per annum. Production
is expected to begin at the end of 1Q 2015.

Its first product will be a new high-end sedan, GC9. It will also
make SUVs.

"The Chunxiao acquisition will give Geely the capacity to make
higher-end models. This will expand its product offering and
addressable market, a development which is positive for Geely,"
says Gerwin Ho, a Moody's Vice President and Senior Analyst.

The acquisition requires the approval of Geely's shareholders and
is expected to complete in mid- 2015.

Geely's cash holdings of around RMB6.4 billion at end-June 2014,
the proceeds from its USD300 million bond issuance in October
2014, and operating cash flow will be sufficient to cover its
short-term debt and estimated capex , including the Chunxiao
acquisition, over the next 12 months.

Moody's expects Geely will record 5%-10% year-over-year growth in
sales volume in 2015. The projected growth will be driven by
China's growing passenger vehicle market, Geely's product line up
renewal, and export sales stabilization.

The principal methodology used in this rating was Global
Automobile Manufacturer Industry published in June 2011.

Geely Automobile Holdings Limited is incorporated in the Cayman
Islands and listed on the Hong Kong Stock Exchange.

The company is one of the largest privately owned, local brand
automakers in China. Geely develops, manufactures and sells
passenger vehicles that are sold in China and globally. Its
chairman and founder, Mr. Li Shufu, became Geely's controlling
shareholder in June 2005. Mr. Li and his family held a 42.6% stake
in the company at end-2013.


SHIMAO PROPERTY: Fitch Assigns 'BB+' Rating to USD800MM Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned property developer Shimao Property
Holdings Limited's (BB+/Stable) proposed USD800m 8.375% senior
unsecured notes due 2022 a final rating of 'BB+'.

The bonds are rated at the same level as Shimao's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The assignment of the
final rating follows the receipt of documents conforming to
information already received and the final rating is in line with
the expected rating assigned on Feb. 2, 2014.

KEY RATING DRIVERS

Contracted Sales Increased: Despite weak market conditions,
Shimao's contracted sales rose 5% to CNY70bn in 2014, as expected
by Fitch.  Its 2014 contracted sales by gross floor area (GFA)
rose 10% to 5.79m sqm, but the average selling price fell 5% to
was CNY12,130 per sqm.  Fitch believes the improved internal
management through eight key regions and the implementation of an
SAP IT system allow better day-to-day management of regional
operations and sales.

Region-focused Player: Shimao has become a leading player in the
Yangtze River Delta region while maintaining operations across
China.  Shimao continued to focus on key cities such as Hangzhou,
Shanghai, Ningbo, the Fujian province and the Jiangsu province.
These accounted for 70% contracted sales in 1H14 and 2013
respectively, compared with 64% in 2012.  Fitch believes Shimao
can leverage on market leadership, brand reputation, local know-
how and operational efficiency in these regions.  In 1H14, around
50-60% of its 36.9 million sqm land bank was in the above cities.

Shift of Product Mix: To improve contracted sales Shimao adjusted
its residential property development mix to focus on first-time
home buyers and upgraded the quality of housing stock.  Shimao
continues to focus on small- to medium-sized units of 90 sqm to
140 sqm, which accounted for 75% to 80% of its units available for
sale in 2012, 2013 and 1H14.

Stable EBITDA Margins: Shimao had EBITDA margins of 29% for 2012
and 2013 and 26.6% in 1H14.  This is lower than its historical
margins of above 30%, as Shimao shifted its product mix to first-
time buyers and upgraders.  However, the current EBITDA margin of
29% is still higher than its 'BB'-rated peers' of 20% to 25%.
Fitch expects Shimao to maintain its EBITDA margin at around the
current level for the next two years, but it may decline as
competition intensifies in the sector.

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

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

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Contracted sales by gross floor area to increase by 5% over
      2015-2017;
   -- Average selling price for contracted sales to increase by
      3% for 2015-2017;
   -- Fitch estimates the EBITDA margin at around 23%-25% in
      2015-2017

RATING SENSITIVITIES

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

   -- Continued weakening of the operating environment, leading
      to EBITDA margin erosion below 20% (26.6% at end-June 2014
      and 29.0% at end-2013)

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

   -- Contracted sales/gross debt below 1.25x (0.94x at end-June
      2014 and 1.3x at end-2013) on a sustained basis

   -- Tightening liquidity due to a sustained fall in free cash
      flows, or weakened access to financing channels

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

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


SUNAC CHINA: Prop. Kaisa Group Deal No Impact on Moody's Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings Limited's
(Ba3 stable) proposed offer to acquire 49.25% of Kaisa Group
Holdings Ltd (Ca review for upgrade) is credit negative for Sunac.

However, the proposed transaction has no immediate impact on
Sunac's Ba3 corporate family rating and B1 senior unsecured debt
rating.

On 6 February 2015, Sunac and Kaisa jointly announced that Sunac
intends to conditionally acquire around 2.5 billion shares of
Kaisa at a total consideration of HKD4.55 billion (RMB3.67
billion).

If the acquisition is successful, Sunac will become the largest
shareholder of Kaisa, while Fude Sino Life Insurance Co., Ltd
(unrated) will continue to hold about 29.94% of Kaisa.

The proposed share purchase is subject to a number of conditions,
including the resolution of Kaisa's debt payments, the waiver by
creditors of any actions against breaches of the terms of existing
debt due to the share purchase, the resolution of all existing
disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.

"Kaisa's weak results for 2015 could affect Sunac's near-term
credit metrics," says Franco Leung, a Moody's Vice President and
Senior Analyst.

"If the acquisition completes, Sunac will be affected by Kaisa's
weak results and the transaction would therefore be credit
negative for Sunac," says Leung.

Moody's expects that Kaisa will experience a substantial
deterioration in its contracted sales and revenue in 1H 2015
because of the sales restrictions it faces in Shenzhen, as well as
the operational suspension of some of its projects, a result of
concerns by its suppliers and joint-venture partners as to the
company's viability.

On the other hand, Sunac is strong in sales execution, and Moody's
expects that it could turn around Kaisa's weak performance in 2016
if the latter's problems in operations and funding are fully
resolved.

In addition, Kaisa will offer Sunac geographic diversity in terms
of its land bank, particularly its foothold in Guangdong Province,
where Kaisa has a sizable land bank. Of Kaisa's land bank of 23.6
million square meters (sqm) in gross floor area as of 30 June
2014, the Pearl River Delta accounted for about 43%. Sunac has no
presence in the Delta.

"Furthermore, as Sunac plans to fund the proposed acquisition
through internal cash, there will be no immediate impact on its
rating," adds Leung.

The cash consideration of the proposed share purchase, together
with the conditional projects acquisition announced on 1 February,
amount to around RMB6 billion, representing around 26% of Sunac's
cash balance at end-June 2014.

Moody's will monitor Sunac's offer and see whether the company
will raise the price, take on more operational risk, or assume
debt to complete the acquisition.

The principal methodology used in this rating was Global
Homebuilding Industry, published in March 2009.

Sunac is an integrated residential and commercial property
developer, with ongoing or completed projects in China's main
regions of Beijing, Tianjin, Shanghai, Chongqing and Hangzhou. The
company develops a wide range of properties, including high-rise
and mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

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


TIMES PROPERTY: FY2014 Results Supports Moody's B1 CFR
------------------------------------------------------
Moody's Investors Service says that Times Property Holdings
Limited's full-year results for FY2014 are in line with Moody's
expectations and support its B1 corporate family rating and B2
senior unsecured rating.

The outlook for the ratings is stable.

"Times Property's FY2014 annual results are in line with Moody's
expectations and its credit metrics continue to support its B1
rating," says Fiona Kwok, a Moody's Analyst.

While Times Property reported only a mild improvement in revenue
to RMB10.4 billion for FY2014 from RMB9.7 billion for FY2013, its
gross profit margins improved to 30.6% from 24.1% due to an
increased proportion of higher margin projects recognition.

This achievement occurred against the industry trend of a decline
in profit margins.

On the other hand, gross debt increased to RMB11.1 billion at end-
2014 from RMB7.4 billion at end-2013 due to offshore bond issuance
of USD225 million in March; RMB900 million in July; and RMB600
million in October; and convertible bond issuance of HKD388
million in July.

As a result, adjusted EBITDA interest coverage declined to 2.1x
for FY2014 from 2.8x for FY2013. Revenue/debt dropped to 94% at
end-2014 from 131% at end-2013.

Despite such weakened metrics, they are still strongly comparable
to its B1-rated Chinese property peers.

Moody's expect adjusted EBITDA interest coverage and revenue/debt
will likely remain around 2.0x-2.5x and 90% in the next 12-18
months.

"Times Property's strong contracted sales in 2014, together with
its offshore bond and convertible bond issuance during 2014,
support its liquidity position; and in turn help the company to
buffer against the challenging operating environment," adds Kwok.


Sales for the entire property market in China softened in 2014
but, by contrast, Times Property's contracted sales grew 38% year-
on-year to RMB15.2 billion, slightly exceeding its annual target
of RMB15 billion.

As a result of its strong contracted sales and debt issuance,
Times Property holds a strong cash position of RMB5.4 billion,
including RMB2.7 billion in restricted cash at end-2014. This
amount can fully covers its short-term debt of around RMB1.8
billion and committed land payments of RMB2.5 billion, including
land acquisitions made in January 2015.

In addition, its cash to short-term debt was high at 3.0x at end-
December 2014, a level which is very strong when compared to other
single-B-rated peers.

Times Property's B1 rating reflects its small-to-mid-sized
operation, which is comparable to its single-B-rated peers, and
its geographic concentration in Guangdong Province.

It has also considered the company's exposure to the financing and
execution risks associated with its fast-growth business strategy
following its IPO.

On the other hand, the B1 rating reflects its established brand
and track record in Guangdong Province. The company's focus on
mass-market housing and the resilience of housing demand in the
province will support its fast growth and cash flow generation in
the next 2-3 years. The risk of fast expansion is also mitigated
by its plans to stay in its home market and its improved liquidity
position after its IPO in 2013 and offshore debt issuances in
2014.

Times Property also has a low-cost land strategy which provides it
with some pricing flexibility to manage its sales in down-markets.
Through participation in redevelopment projects, it has acquired
well-located land banks at competitive costs in Guangzhou, the
provincial capital of Guangdong Province. These quality land banks
provide visibility to contracted sales and profitability over the
next 2-3 years.

However, the time needed for completing the acquisition of
redevelopment projects could become extended, as they could be
subject to negotiations with local governments and other parties.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Times Property Holdings Limited is a small-to mid-sized property
developer based in Guangdong Province. It focuses on meeting the
demand of end-users for mass-market housing.

At end-December 2014, it had 27 major property projects in five
cities in Guangdong Province, including Guangzhou, as well as
Changsha in Hunan Province, and a total land bank of around 9.43
million square meters.

This publication does not announce a credit rating action.



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


A.R.C MILLS: CARE Reaffirms B+ Rating on INR8.67cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of A.R.C Mills
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.67       CARE B+ Reaffirmed

Rating Rationale

The rating of A.R.C. Mills Private Limited (ARC) continues to be
constrained by the small scale of operations, susceptibility of
profitability to volatile raw material prices, working capital
intensive nature of operations and consequent weak gearing and
coverage indicators. The rating derives strength from the
experience of the promoters in a similar line of business and the
growth in total operating income in FY14 (refers to the period
April 1 to March 31) albeit decline in profitability.

Going forward, the ability of the firm to scale up its operations,
improve its profitability and capital structure will be the key
rating sensitivities.

ARC was originally part of Sri Karunambikai Mills Ltd. Coimbatore,
incorporated in 1957 by the late Mr A R Chennimali Gounder. As a
result of a family arrangement and court order in 1994, the
ownership of this unit vested with A.R.C. Mills Limited.
Subsequently ARC was converted into a private limited company in
2002. The company is engaged in cotton yarn spinning with an
installed capacity of 15,176 spindles as of March 31, 2014.

The day-to-day operations are managed by Mr S Sivaramalingam (son
of Mr A R Chennimali Gounder) who has more than two decades of
experience in the textile industry.

ARC has achieved a PAT of INR0.01 crore on a total operating
income of INR26.70 crore in FY14 as compared with a PAT of
INR0.11 crore on a total operating income of INR19.06 crore in
FY13. For H1FY15, the firm has earned sales of INR14.46
crore.


BASHIR OIL: CRISIL Puts 'B-' Rating on INR50MM Cash Credit
----------------------------------------------------------
CRISIL's rating to the bank facilities of Bashir Oil Mills (BOM).

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

The rating reflects BOM's average financial risk profile marked by
a small net worth, high gearing and modest debt protection
metrics. The rating is also constrained by the modest scale of
operations and the susceptibility of the margins to the volatility
in input prices. These rating weaknesses are partially offset by
the benefits that the firm derives from its promoters' extensive
industry experience.

Update
For 2013-14 (refers to financial year, April 1 to March 31), BOM
is estimated to register operating revenues of around INR300
million, an increase by more than 30 per cent as compared to the
previous year. The improved revenues have resulted from increase
in volume as well as realization of cotton seed through 2013-14.
Over the medium term, the firm is expected to maintain its modest
revenue growth and stable profitability. BOM's financial risk
profile remains average, with a moderate gearing, net worth and
robust debt protection metrics. The company had a gearing of about
5 times estimated as on March 31, 2014 and had a net worth of
INR25 million during this period. The high gearing has mainly
resulted due to reliance on external debt for funding its
incremental working capital requirements. The firm's low accretion
to reserves has also resulted in modest debt-protection metrics
with interest coverage and net cash accruals to debt ratio at 1.2
and 0.02 times respectively estimated for 2013-14. BOM has
stretched liquidity. Its estimated cash accruals for 2013-14 were
about INR3 million as against this the firm does not have any term
debt obligations. The firm's bank lines have remained fully
utilized through 2013-14.
Outlook: Stable

CRISIL believes that BOM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations, while it improves or maintains
its profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile deteriorates, owing to decline in revenues,
margins, or deterioration in its working capital cycle, or in case
the company undertakes any larger-than-expected debt-funded capex
programme.

BOM was set up in 1937 as a proprietorship concern of Mr. Ishak
Chini. It was later converted to partnership firm with other
family members in the mid- 1960s. It manufactures and trades in
cotton seed, cotton seed oil, and cotton seed cake; it also trades
in pulses and grain. The firm procures cotton seeds from ginners.
It has a crushing capacity of 100 tons per day. BOM currently has
six partners (all members of the same family). Mr. Jabbar Chini
(son of Mr. Ishak Chini) and his son, Mr. Irfan Chini, look after
the day-to-day operations of the firm. BOM's crushing unit and
registered office are in Warora (Maharashtra).


CHANDRA COAL: CRISIL Puts B Rating on Notice of Withdrawal
----------------------------------------------------------
CRISIL's has placed its rating on the bank facilities of Chandra
Coal Pvt Ltd (CCPL) bank facilities on 'Notice of Withdrawal' for
a period of 60 days at the company's request, and receipt of a No
Objection Certificate from the company's banker. The ratings will
be withdrawn at the end of the notice period, in line with
CRISIL's policy on withdrawal of its bank loan ratings.

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

Outlook: Stable

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

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


DECCAN HYDERABAD: CARE Cuts Rating on INR10cr ST Loan to D
----------------------------------------------------------
CARE revises the rating assigned to bank facilities of
Deccan Hyderabad Tradeimpex Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Short term Bank Facilities     10        CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Deccan Hyderabad Trade impex Private Limited (DHTPL) is on
account of the ongoing delays in servicing of debt obligations
owing to the stretched liquidity position of the company.

DHTPL, incorporated in 2013, is promoted by Mr Kristam Srinivasa
Rani Rama Charan and Mr Vanga Seshi Reddy. The company belongs to
the Nandi group of Kurnool, Andhra Pradesh (A.P.). DHTPL commenced
operation in May, 2013 and is into trading business of Poly vinly
chloride (PVC) Resin. The company imports the PVC resins mainly
from Taiwan and Korea and sells it to indigenous customers.
Nandi group, promoted by Mr S P Y Reddy, is a South India based
industrial house having diversified business interest.

Apart from trading of PVC resins, PVC pipes,PVC fittings and coal,
the group has presence in manufacturing of PVC pipes and in
cement, steel, dairy and construction sectors. The group companies
Anantha PVC Pipes Private Ltd and Shreekanth Pipes Ltd. are
engaged in manufacturing of PVC pipes.

During FY14 (refers to the period April 1 to March 31 - based on
provisional results),DHTPL reported total operating income of
INR41.23 crore with PBILDT of INR2.25 crore and PAT of INR1.11
crore.


DM EDUCATION: CRISIL Cuts Rating on INR1.40BB LT Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of DM Education & Research Foundation (DMERF) to
'CRISIL B/Stable' from 'CRISIL B+/Stable', while reaffirming its
rating on the trust's short-term facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       77.2        CRISIL A4 (Reaffirmed)

   Cash Credit         120.0        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit    100.0        CRISIL A4 (Reaffirmed)

   Long Term Loan    1,402.8        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that DMERF's
operating performance would continue to remain weak over the
medium term owing to low occupancy levels.  DMERF had reported
operating losses in 2013-14 due to low occupancy levels. However
the trust is expected to be timely in meeting its debt obligations
supported by need-based funding support from trustees.

The ratings also factor in DMERF's susceptibility to project
implementation-related risks, and its below-average financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of the trust's
promoters in the health care and education segments, and the
benefits it derives from the favourable location of its project.
Outlook: Stable

CRISIL believes that DMERF will continue to benefit over the
medium term from its promoters' extensive industry experience and
the favourable location of its project. The outlook may be revised
to 'Positive' in case of a significant increase in the trust's
revenue supported by improvement in occupancy leading to
substantial cash accruals and hence to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a significant time or cost overrun in
DMERF's project, or if it contracts large debt to fund its
project, resulting in deterioration in its liquidity.

Set up in 2010 as a trust, DMERF has set up a medical college-cum-
hospital, DM Wayanad Institute of Medical Sciences (DM WIMS), in
Meppadi, Wayanad (Kerala). DM WIMS presently comprises a multi-
specialty hospital and a medical college, both of which commenced
operations in 2013-14 (refers to financial year, April 1 to March
31).


G-TOP DESIGNER: CARE Assigns 'B' Rating to INR8.35cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of G-Top Designer Tiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long- term Bank Facilities    8.35       CARE B Assigned
   Short- term Bank Facilities   1.25       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of G-Top Designer
Tiles (GTDT) are primarily constrained on account of the
implementation risk associated with the ongoing greenfield project
for manufacturing digitally printed glazed wall tiles. The ratings
also take into consideration the partnership constitution of the
firm with risk of withdrawal of capital and the firm's presence in
a highly competitive and fragmented ceramic industry along with
its fortunes dependent upon the cyclical real estate market and
susceptibility of margins to fluctuations in raw material and fuel
prices.

However, the ratings derive strength from its experienced
promoters and presence in a ceramic cluster with easy access to
raw material and labor.

The ability of GTDT to successfully implement the project and
quickly stabilise the operations with the achievement of the
envisaged level of operations are the key rating sensitivities.

GTDT was originally incorporated on October 10, 1980 under the
name of M/s Meghdoot Ceramic Industries in Morbi (Gujarat).
Thereafter the firm was reconstituted several times (1 October
1989, 1 June 1990, 31 March 1992, 1 January 1993, 1 April 1995, 18
November 1995, 19 July 2005, 13 December 2005, 21 February 2006).
The firm thereafter applied for a change in the name of the unit
to its current form i e GTDT w e f March 11, 2010 and under this
new name of the firm, the partnership firm was again reconstituted
w e f March 4, 2014. With the latest reconstitution of the firm,
the partnership firm now has 14 experienced partners in the
ceramic industry.

Upto March 4 2014, GTDT was engaged in the manufacturing of
various types of cement products and roofing tiles. The partners
discontinued the operations and sold out existing machineries of
the unit. They have now collectively proposed the establishment of
a new manufacturing unit of digitally printed ceramic wall glazed
tiles based in Morbi (Gujarat) with a proposed installed
manufacturing capacity of 27,000 sq. mtrs per annum in the
renovated factory premises.


GO GREEN: CARE Lowers Rating on INR19.75cr LT Bank Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
The Go Green Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.75      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in ratings assigned to the bank facilities of The Go
Green Buildtech Private Limited (GBP) takes into account the
ongoing delays in debt servicing due to insufficient cash flow
generation on account of delay in commencement of commercial
operations.

The Go Green Buildtech Private Limited (GBP) was incorporated in
December 26, 2012. The company is promoted by Mr. Umesh Chand
Jain, Mr. Rishabh Jain and Mr. Nikhil Jain. GBP is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. GBP is setting up
a manufacturing unit of civil construction materials such as fly
ash brick and autoclaved aerated concrete (AAC) Block at Dadri,
Uttar-Pradesh with installed capacity of 5 crore numbers per annum
for fly ash brick. The company is expecting 50% capacity
utilization of fly ash brick plant in FY15 (first year of
operations). The main raw material for manufacturing the products
is fly ash and the same will be procured from NTPC. Others would
be cement, lime etc and they would be procured from local market.
Fly ash from NTPC will be available free of cost as that is a
waste product. The product finds its usage in construction of
commercial building and residential building. GBP would
primarily be selling its product to real estate and commercial
space developers mainly located in Delhi NCR region.


HAP GARMENTS: CRISIL Cuts Rating on INR150MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Hap Garments Pvt Ltd (HGPL) to 'CRISIL D' from 'CRISIL B+/Stable'.
The rating downgrade reflects HGPL's frequently overdrawn cash
credit limit for more than 30 days in the recent past. The delays
have been caused by the company's weak liquidity driven by high
incremental working capital requirements.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           150        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

HGPL, incorporated in 2010 and based in Kolkata, manufactures
garments such as salwar suits and sarees for women. The company
also trades in salwar suits. It has a manufacturing unit in
Kolkata with capacity of about 60,000 pieces per month. It derives
about 90 per cent of its revenue from sales to wholesalers and the
rest from retail sales. HGPL commenced commercial operations in
August 2010.


JAY MAHAKALI: CRISIL Assigns B Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jay Mahakali Industries (JMI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B/Stable
   Cash Term Loan        16         CRISIL B/Stable

The rating reflects JMI's modest scale of operations in the highly
competitive cotton industry, and its large working capital
requirements. Moreover, the firm's financial risk profile is
expected to be average, marked by average gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of JMI's promoters, and the
benefits expected from the proximity of its unit to the cotton-
growing belt in Gujarat.
Outlook: Stable

CRISIL believes that JMI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
considerable decline in JMI's revenue and profitability, or
deterioration in its working capital management, impacting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.

Set up in 2013, JMI is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing operations
at its production facility in Kadi (Gujarat). JMI started its
commercial production in October 2014.


KARTHIKEYA AGRO: CARE Assigns B Rating to INR6.32cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Karthikeya
Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.32       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Karthikeya Agro
Industries (KAI) are primarily constrained by its short track
record with small scale of operations, constitution of the entity
as a partnership firm, weak financial risk profile marked by
highly leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by seasonal nature
of availability of paddy coupled with regulations by government in
terms of procurement of rice through Andhra Pradesh State Civil
Supplies Corporation Limited (APSCSCL) and presence in fragmented
and competitive rice processing industry.

The rating, however, derives strength from experience of the
promoter of over a decade in rice milling industry, location
advantage with presence in cluster and easy availability of paddy
and healthy demand outlook of rice.

The ability of the firm to scale up its operations and improve its
profit margins and manage its working capital efficiently is the
key rating sensitivity.

KAI was established in 2013 as a partnership firm, by Mr G.
Madhusudhana Rao and Mrs G. NagaMalleswari (spouse of Mr G.
Madhusudhana Rao). KAI is engaged in milling and processing of
rice at its rice milling unit located at Nellore District, Andhra
Pradesh, with an installed capacity to process 16,698 metric tons
per annum of rice. Apart from manufacturing, the firm is also
engaged in selling its by-products such as broken rice, husk
and bran.

The main raw material; paddy, is directly procured from local
farmers located in and around Nellore and the firm sells its final
product in the open markets of Tamil Nadu, Andhra Pradesh and
Kerala. The firm started its commercial operations in March 2014;
FY14 (refers to the period April 1 to March 31) being the first
year of business operations.

During FY14, KAI reported a net profit of INR0.004 crore on a
total operating income of INR0.41 crore. The firm has achieved
sales of INR21.52 crore during 9MFY15.


LIFE SHINE: CRISIL Reaffirms D Rating on INR180MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the bank facility of Life Shine Medical
Services Pvt Ltd (Life Shine) continues to reflect instances of
delay by Life Shine in servicing its debt. The delays have been
caused by the company's weak liquidity, on account of its
depressed cash accruals being inadequate to meet its term debt
repayment obligations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             180        CRISIL D (Reaffirmed)

Life Shine has a below-average financial risk profile marked by
its small net-worth, high gearing, and average debt protection
metrics. The company has modest scale of operations, and there is
a high degree of geographic concentration in its revenue profile.
However, the company benefits from the extensive experience of its
management in the healthcare industry.

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy.

The company operates a 300-bed hospital ' 'Tulasi Hospitals' ' in
Hyderabad. The hospital provides treatment in cardiovascular,
ophthalmology, neurology, paediatrics, and other segments.


MARVEL CRAFTS: CARE Assigns B+ Rating to INR1.25cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Marvel Crafts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.25       CARE B+ Assigned
   Short-term Bank Facilities    6          CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Marvel Crafts
Private Limited (MCPL) are primarily constrained by its small and
fluctuating scale of operations, working capital-intensive nature
of operations, fluctuating profitability margins and leveraged
capital structure. The ratings are further constrained by foreign
currency fluctuation risk, highly competitive market due to
presence of several organised and unorganised players and fortunes
linked to the performance of the textile industry.

The ratings, however, draw strength from the experienced
promoters.

Going forward, MCPL's ability to grow its scale of operations
while maintaining its profitability margins, improving its capital
structure and effective management of working capital requirements
shall be the key rating sensitivities.

Marvel Crafts Private Limited (MCPL) was incorporated in
September, 2008 and took over the existing business of Marvel
Crafts, a partnership concern established in 1999. The company is
promoted by Mr Ajay Bhasin and Mr Vishal Bhasin.

MCPL is engaged in the manufacturing and export of readymade
garment, mainly for ladies wear such as trousers, tops and skirts
at its manufacturing facilities located at Delhi and Haryana with
a total installed capacity of 18 lakh pieces per annum (PPA) of
garments as on March 31, 2014.

For FY14 (refers to the period April 1 to March 31), MCPL achieved
a total operating income of INR14.41 crore with PBILDT and PAT of
INR1.40 crore and INR0.62 crore, respectively, as against total
operating income of INR9.60 crore with PBILDT and PAT of INR1.14
crore and INR0.05 crore, respectively, for FY13. During FY15, the
company has achieved TOI of approximately INR7.32 crore till
October 2014.


MIDITECH PVT: CRISIL Cuts Rating on INR80MM Overdraft Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Miditech Pvt Ltd (Miditech) to 'CRISIL D' from
'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      80        CRISIL D (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term
   Bank Loan Facility       20       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade is because Miditech has overdrawn its
overdraft facility for more than 30 days; this was caused by the
company's weak liquidity, driven by delayed payments from Channel
for its major television (TV) programme.

Miditech also has working-capital-intensive operations, limited
financial flexibility, and a modest scale of operations, and it is
exposed to risks inherent in the TV content production industry.
These weaknesses are partially offset by the extensive experience
of the company's promoters in the media and broadcasting industry.

Incorporated in 1995 and promoted by Mr. Niret Alva and Mr. Nikhil
Alva, Miditech is a production house for TV programmes,
documentaries, and corporate videos, and does work across genres.
It recently ventured into line production of movies. The company
is based in Gurgaon (Haryana).


NALLAPANENI RAMESH: CARE Reaffirms B+ Rating on INR12cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nallapaneni Ramesh Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12       CARE B+ Reaffirmed
   Short-term Bank facilities      10       CARE A4 Reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
of Nallapaneni Ramesh Kumar (NRK) is mainly on account of its
presence in high competitive and fragmented construction industry,
customer concentration risk and weak financial profile marked by
highly leveraged capital structure, weak debt coverage indicators
and moderate operating cycle. The ratings are also constrained on
account of working capital-intensive nature of operations,
susceptibility of margins to fluctuation in raw material cost in
absence of price escalation clause and limited financial
flexibility owing to proprietorship nature of constitution.

However, the ratings continue to factor in the established track
record of operations with experienced promoter, healthy order book
and increase in the operating income and cash accruals during FY14
(refers to the period April 1 to March 31).

The ability of the firm to increase its scale of operations by
bidding for new orders coupled with timely execution of the
current order book without adversely impacting its capital
structure and profitability are the key rating sensitivities.

NRK was established in 1993 by Mr N. Ramesh Kumar as a
proprietorship concern for executing civil construction works. NRK
is registered with Public Works Department (PWD) of Andhra Pradesh
State as 'Class-I Contractor' and engaged in the execution of
civil construction works such as structural, road, ancillary,
plumbing, drainage, tanks and irrigation works, for government
entities in the state of Andhra Pradesh under direct tender basis.

During FY14, NRK reported a PAT of INR0.84 crore on a total
operating income of INR41.50 crore as against PAT of INR0.52 crore
and a total operating income of INR24.17 crore in FY13.


NARAYANI RICE: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Narayani Rice Mill Pvt Ltd (NRMPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       37.6        CRISIL B+/Stable
   Bank Guarantee        2.4        CRISIL A4
   Cash Credit          60          CRISIL B+/Stable

The rating reflects NRMPL's modest scale of operations, in
fragmented rice milling industry and vulnerability of operating
margins to volatility in raw material prices and adverse
regulatory changes. These rating weaknesses are partially offset
by NRMPL's moderate financial risk profile marked by moderate
gearing and debt protection metrics.
Outlook: Stable

CRISIL believes that NRMPL's business risk profile will continue
to be supported by promoters' experience. The outlook may be
revised to 'Positive' in case of a significant improvement in
scale of operations or profitability or in case of equity infusion
by promoters, leading to improvement in financial risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative' if
there is pressure on its profitability, or in case of a more-than-
expected increase in working capital requirements or large debt
funded capex.

Incorporated in March 2010, NRMPL is promoted by the Gaddhyan
family and Agarwal family. The company operates a rice milling
unit at Burdwan, West Bengal with a capacity of 8 tonnes per hour
of non-basmati parboiled rice. Day to day operations of NRMPL is
looked after by Mr. Shekhar Kumar Gaddhyan and Mr. Ashok Agarwal.

NRMPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR371.4 million for 2013-14, against a PAT of INR0.7
million on net sales of INR334.6 million for 2012-13.


NAVBHARAT NIRMAN: CRISIL Assigns B Rating to INR25.8MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on the
bank facilities of Navbharat Nirman Company (NNC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Long Term
   Bank Loan Facility    6.7        CRISIL B/Stable

   Bank Guarantee       47.5        CRISIL A4

   Cash Credit          25.8        CRISIL B/Stable

The ratings reflect, NNC's weak financial risk profile marked by
low net worth, high gearing and weak debt protection measures, and
working capital intensive nature of operations. The rating
weaknesses are partially offset by its promoters' extensive
experience in the construction industry.
Outlook: Stable

CRISIL believes that NNC will benefit from its promoter's long
standing experience in the construction industry over the medium
term. The outlook may be revised to positive if the firm reports
substantial and sustained improvement in revenue and profitability
from the current levels, or if there substantial equity infusion
by the promoters leading to improvement in the capital structure
of the firm. Conversely, the outlook may be revised negative if
there is deterioration in the working capital management leading
to higher reliance on external funding sources, thereby further
deteriorating its capital structure.

NNC is a sole proprietorship firm incorporated in 1989. A part of
AB'N'A group, firm is involved in Construction, building and
developing amenities for residential and commercial projects. Over
the years firm has forayed into various construction and
developing areas such as colleges, Complex Hospitals Coaching
institutes, Schools, Temples, Colonies and affordable housing for
low income group.


NEW - TECH: CRISIL Reaffirms D Rating on INR250MM Cash Credit
-------------------------------------------------------------
CRISIL ratings on the bank facilities of New - Tech Steel and
Alloys Pvt Ltd (New Tech) continue to reflect instances of delay
by New Tech in servicing its term debt, because of weak liquidity.



                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           250        CRISIL D (Reaffirmed)

   Inland/Import
   Letter of Credit       50        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.8      CRISIL D(Reaffirmed)

   Term Loan             104.2      CRISIL D (Reaffirmed)

New Tech also has working capital intensive operations and is
exposed to risks related to intense competition in the steel
industry. Moreover, the company has a below-average financial risk
profile. However, New Tech benefits from its promoters' extensive
experience in the steel industry.

New Tech, incorporated on June 6, 2003 in Assam, is promoted by
Mr. Suresh Sharma. The company manufactures thermo-mechanically
treated bars, mild steel (MS) rolls, and MS ingots.


NEW LAKSHMI: CARE Revises Rating on INR10cr LT Bank Loan to B+
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of New Lakshmi
Jewellery.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating of New Lakshmi Jewellery (NLJ) factors
in the cash losses incurred in FY13 (refers to the period April 1
to March 31) and thin profitability achieved in FY14, the
significant elongation in the operating cycle due to high
inventory holding and the deterioration in the debt coverage
indicators. The rating continues to be constrained by presence of
the firm in highly fragmented industry, price risk associated with
inventory on account of volatile gold prices, constitution as a
partnership firm with inherent risk of withdrawal of capital and
modest scale of operations. The rating, however, derives strength
from the experience of the promoters in similar line of business
and scope of growth for certified and branded jewellery.

The ability of the firm to increase its scale of operations,
improve the profitability and effectively manage working capital
cycle are the key rating sensitivities.

NLJ was established in July 1961 by Mr Palaniswamy. The firm is
being managed by his son Mr Eswaramoorthy along with two other
partners since 1985. NLJ is primarily engaged in the retailing of
gold jewellery (BIS Hallmarked), diamond jewellery, silverware and
platinum jewellery and at present, NLJ is operating one
showroom located in Trichy. The retailing of gold jewellery
contributed to 82% of the net sales, while silverware contributed
to 17% of the net sales during FY14 and remaining 1% is from
retailing other products Gold bullion also contributed to major
revenue earlier (19% in FY12). The company sells hallmark-
certified jewellery (since 2010) through its retail showroom,
thereby ensuring quality of the jewellery sold. Apart from
the jewellery business, the firm is also into electricity
generation through wind mills, contributing to 1.06% and
0.75% to the total operating income in FY13 and FY14,
respectively. The generated electricity units are sold to
the Government of Tamil Nadu.

NLJ has achieved a PAT of INR0.50 crore on a total operating
income of INR28.10 crore in FY14 (Provisional) as compared with a
net loss of INR0.40 crore on a total operating income of INR25.60
crore in FY13. In 7MFY15, the firm has achieved sales of INR17
crore.


NILADREE BUILD-TECH: CRISIL Reaffirms B Rating on INR162MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Niladree Build-Tech Pvt
Ltd (NBTPL) continue to reflect NBTPL's exposure to risks related
to commercialisation of its upcoming hotels, estimated small scale
of operations, and geographical and segmental concentration in
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the promoters in the hospitality
sector and the location of its hotels.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)

   Term Loan            162       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NBTPL's business risk profile will be
supported by its management's experience in the hospitality and
real estate sectors. The outlook may be revised to 'Positive' if
the occupancy rates at, and cash accruals from, the hotels are
sizeable. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile weakens with any time or cost
overruns in the hotel projects.

Incorporated in 2009, NBTPL is developing three hotels in Puri
(Odisha) and is already operating another hotel on lease, Blue
Lilly. The promoters undertake project construction, technical,
marketing, and other allied activities by themselves.

For 2013-14 (refers to financial year, April 1 to March 31), NBTPL
reported a net loss of INR0.2 million on net sales of INR65
million, as against a profit after tax (PAT) of INR7.6 million on
net sales of INR65.8 million in 2012-13.


NSL COTTON: CARE Reaffirms B+ Rating on INR37cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
NSL Cotton Corporation Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     37.00      CARE B+ Reaffirmed
   Short term Bank Facilities     0.16      CARE A4 Reaffirmed

Rating Rationale
The ratings of NSL Cotton Corporation Pvt Ltd (NCCL) continues to
be constrained by weak financial profile of the company with cash
losses during FY14 (refers to the period April 1 to March 31), low
operating margin due to trading nature of business, deterioration
in capital structure with erosion of net worth, working capital-
intensive nature of business and satisfactory industry outlook.

The ratings are, however, underpinned by experienced promoters,
strong brand image of the Nuziveedu (NSL) group in the southern
part of India, presence of the group in the entire value chain of
the textile industry, established supply chain network of dealers
and agents, reduced group exposure in the form of corporate
guarantees given to subsidiaries and improved operating margin
during FY14. The ability of the company to improve its scale of
operations and profitability margins are the key rating
sensitivities.

Incorporated in May 2007, NCCL is into cotton ginning, cotton
pressing and trading of cotton bales and cotton seeds. NCCL is a
wholly-owned subsidiary of Mandava Holding Private Ltd., the
holding company of the NSL group. Nuziveedu Seeds Ltd. is the
flagship company of the NSL group. The group has diversified
business interest likes hybrid seeds, wind energy, it parks,
cotton spinning, sugar, ethanol, co-gen power, bio-mass-based
power, etc. NCCL has 11 subsidiaries with an aggregate capacity of
358 gins. Of the 11 units, four are three units with 24 gins each,
one unit with 34 gins, five units with 36 gins each and the
remaining one unit with 48 gins. Of the 11 subsidiary companies,
nine are 100% subsidiary of NCCL and remaining two have 60% equity
contribution from NCCL and the balance 40% is contributed by the
local promoters.

During FY14, NCCL reported PBILDT of INR2.05 crore (INR0.50 crore
in FY13) with net loss of INR10.73 crore (net loss of INR9.10
crore in FY13) on a total operating income of INR173 crore
(INR66.38 crore in FY13).


ORBIT DEVELOPERS: CARE Assigns B- Rating to INR23cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Orbit
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      23        CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Orbit Developers
(OD) is constrained on account of the project salability risk in
wake of low booking status, high dependence on external funding
for project implementation and partnership constitution of the
firm. The rating is also constrained on account of its presence in
fragment and cyclical real estate industry which is currently
facing a subdued scenario.

However, the rating derives strength from the experienced
management and presence of the group companies in the real estate
and construction sector.

The ability of OD to successfully complete its on-going project
along with timely receipt from the customers and sale of balance
units at envisioned prices are the key rating sensitivities.

OD is a Vadodara-based (Gujarat) partnership firm formed in
October 2010 by four partners, viz, Mr Jasbir Singh Dhillon,
Mrs Neelam J Dhillon, Mr Raman D Patel and Mrs Ritaben R Patel. OD
is involved in the construction of residential and commercial
complexes.

'The Posh Pavilion' is a residential society consisting of 9 high
rise towers (ground+ 9 stories), ie, 288 units (252- 2/3 bed room
condominiums + 36 penthouses). The firm is currently working on
Phase I comprising 4 towers, ie, 128 units (F, G, H & I Towers and
amenities) in 240,500 sq. ft. super built-up area.


P. PRAFUL: CRISIL Assigns B+ Rating to INR90MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of P. Praful and Company Agency (India) Pvt Ltd
(PPCA).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL B+/Stable

The rating reflects the extensive experience of PPCA's promoters
in trading in chemicals, and their healthy relationships with
customers and suppliers. These rating strengths are partially
offset by the company's average financial risk profile, marked by
moderate gearing and weak debt protection matrices and its small
scale of operations in a fragmented nature.
Outlook: Stable

CRISIL believes that PPCA will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' in case of improvement in the
company's financial risk profile, most likely due to a substantial
increase in its cash accruals, efficient working capital
management, and funding support from promoters. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's financial risk profile, particularly its liquidity,
most likely because of low cash accruals, large working capital
requirements, or debt funded capital expenditure.

Incorporated in 2010, PPCA is promoted by the Ahmedabad (Gujarat)-
based Bhalakia family. The company trades in specialty chemicals,
which it supplies to industries such as textile, pharmaceutical,
and food products. It has its warehouses in Hyderabad, Jodhpur,
Mumbai, and Bengaluru.

For 2013-14, PPCA reported net profit of INR2.6 million on net
sales of INR575.2 million, against a net profit of INR0.5 million
on net sales of INR200.8 million for 2012-13.


PADMAVATI COTTON: CARE Reaffirms B Rating on INR7cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Padmavati
Cotton Ginning & Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.00      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Padmavati Ginning
and Pressing Private Limited continues to be constrained by
relatively small scale of operations, low profitability margins,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of business operations. The
rating further continues to be constrained by presence in highly
fragmented industry with high exposure to regulatory risks.

The rating however, continues to derive strength from experienced
promoters and their demonstrated financial support. Ability of the
entity to improve its overall scale of operation and profitability
margins amidst intense competition along with efficient management
of the working capital cycle would be the key rating
sensitivities.

Padmavati Ginning and Pressing Private Limited (PGP) is engaged in
the manufacturing of cotton bales through cotton ginning &
pressing. The plant of the company is located in Dhule,
Maharashtra with an installed capacity of 560 quintals per day for
cotton bales and 1,080 quintals per day for cotton seeds as on
March 31, 2014. Apart from the above unit the company also
operates 4 branches located across Maharashtra (Ralegaon, Bori,
Parbhani and Tamsa).

During FY14, PGP reported total operating income of INR39.10 crore
(vis-a-vis INR47.07 crore in FY13) and PAT of INR0.06 crore (vis-
…-vis INR0.09 crore in FY13). Also for 8MFY15 (March-November
2014) the total operating income reported is INR34.87 crore.


PHULCHAND EXPORTS: CARE Reaffirms B Rating on INR7.46cr LT Loan
---------------------------------------------------------------
CARE reaffrims the ratings assigned to the bank facilities of
Phulchand Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.46      CARE B Reaffirms
   Short term Bank Facilities    21.00      CARE A4 Reaffirms

Rating Rationale
The ratings assigned to the bank facilities of Phulchand Exports
Pvt Ltd's (PEPL) continue to be constrained by weak debt coverage
indicators, significant loans and advances extended to the group
companies, short-term borrowings utilized to fund the operations
of the business and huge repayment obligations going ahead. The
ratings are also constrained by customer concentration risk and
exposure to adverse movement in commodity prices.

However, the ratings continue to derive strength from promoters'
significant experience in the trading business and their funding
support to the business in the form of unsecured loans, improved
gearing level and improved financial profile for FY14 (refers to
the period April 1 to March 31) and 9MFY15 on a y-o-y basis.
Going forward, realization of loans and advances in a timely
manner and successfully managing huge repayment obligations are
the key rating sensitivities.

Incorporated in 1975, Phulchand Exports Pvt. Ltd. (PEPL) was
promoted by Mr Phulchand Agarwal. PEPL is engaged in the
trading of iron ore, zinc, yarn, chemicals and agro-products.

During the period FY10-FY12 PEPL derived its sales mainly
from export of iron ore fines to China. In FY12 revenue from iron
ore trading was 86.91% of total sales. However, domestic iron ore
supply was affected on account of mining ban couple with
regulatory restriction on export of iron ore and higher export
duty. PEPL, therefore discontinued iron ore exports in FY13. In
FY14 PEPL derived its sales mainly from trading of yarn and zinc.

PEPL, as per the audited financials, reported PAT of INR 0.56
crore on the total income of INR47.52 crore in FY14 as against
PAT of INR0.10 crore on the total income of INR40.02 crore in
FY13. As on December 31, 2014, PEPL has reported total income of
INR81.03 crore with a PAT of INR0.40 crore.


R.S. MOULD: CARE Assigns B- Rating to INR8.64cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of R.S. Mould
Plast (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.64       CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of R.S. Mould Plast
(India) Private Limited (RSMPPL) is primarily constrained on
account of its relatively small scale of operations in the highly
competitive and fragmented woven sack industry and its financial
risk profile marked by thin profitability, weak solvency and
liquidity position. The rating is, further, constrained on account
of vulnerability of margins to fluctuation in the raw material
prices.

The rating, however, favourably takes into account the experience
of the promoters with established presence in Polypropylene (PP)
and High-Density Polyethylene (HDPE) woven sack industry with
presence of customers across India and favourable industry
outlook.

The ability of the company to increase its scale of operations
along with improvement in capital structure and liquidity
position would be the key rating sensitivities.

Indore (Madhya Pradesh) based RSMPPL, incorporated in December
1993, is promoted by Mr. Sanjeev Sachdeva and Mr. Rajeev Sachdeva.
Till 2006, the company remained dormant and started commercial
operations from FY07. RSMPPL is primarily engaged in the business
of manufacturing of PP and HDPE based woven sack bags and fabrics,
canopy and all kind of plastic bags. The company's products find
application in packaging of agro products, heavy chemicals,
poultry feed, cement, fertilizers, etc. The plant of the company
is located at Indore with an installed capacity of 1800 Metric
Tonnes Per Annum (MTPA) as on March 31, 2014.

During FY14 (refers to the period April 1 to March 31), RSMPPL has
reported a total operating income of INR21.95 crore (FY13:
INR16.66 crore) with a PAT of INR0.09 crore (FY13: INR0.08 crore).


RAMPA AUTOS: CRISIL Reaffirms B- Rating on INR53MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Rampa Autos Ltd (RAL)
reflects RAL's weak financial risk profile, constrained by its
high total outside liabilities to tangible net worth and weak
interest coverage ratio and its small scale of operations in
highly competitive automotive (auto) dealership market. These
rating weaknesses are partially offset by the benefits that RAL
derives from its established market position in the auto
dealership market in Punjab on account of the promoters' extensive
experience of more than 20 years in the industry and RAL's long-
standing association with its principal, Mahindra and Mahindra Ltd
(rated, 'CRISIL AAA/Stable/CRISIL A1') and Bajaj Auto Ltd (rated,
'CRISIL AAA/Stable/CRISIL A1').

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        8         CRISIL A4 (Reaffirmed)
   Cash Credit          53         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RAL will maintain its business risk profile
over the medium term, supported by its established presence in the
auto dealership business. The outlook may be revised to 'Positive'
if RAL's liquidity improves, or if the company reports a
substantial operating margin with healthy revenue growth.
Conversely, the outlook may be revised to 'Negative' if RAL's debt
protection metrics or margins weaken, leading to a decline in cash
accruals, consequently constraining its liquidity.

RAL, incorporated in 1985, is an authorised dealer of the
automobiles of Bajaj Auto Ltd and Mahindra and Mahindra Ltd in
Hoshairpur, Mukerian, Garhshankar, Talwandi and Nawanshahar (All
in Punjab). RAL has eigth showrooms ' three in Hoshiarpur, two in
Mukerian, two in Nawashahar, one in Garhshankar and one extension
counter in Talwandi. In addition, the company has 15 allocated
service centres (ASCs) across Hoshiarpur and Nawanshahar. RAL is
promoted by Mr. Iqbal Singh and Mr. Sandeep Singh and their
families.

RAL reported PAT (profit after tax) of INR1.3 million on net sales
of INR1168 million in 2013-14 (refers to financial year, April 1
to March 31) as against PAT of INR1.7 million on net sales of
INR1115 million in 2012-13.


REDSTONE GRANITO: CARE Reaffirms B+ Rating on INR44.55cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Redstone Granito Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     44.55      CARE B+ Reaffirmed
   Short term Bank Facilities     6.00      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained due to susceptibility
of Redstone Granito Pvt. Ltd.'s (RGPL's) profitability to volatile
input prices, high working capital intensity, modest scale of
operations, stressed debt protection indicators, high leverage and
its presence in the highly competitive ceramic tile manufacturing
industry which has close linkages to the cyclical real estate
sector.

The ratings, however, derive strength from the wide experience of
the promoters of RGPL in the tiles industry, its strategic
presence in the ceramic tile cluster of Gujarat and established
marketing and distribution network.

RGPL's ability to scale up its operation along with sustenance of
its profitability in the wake of rising fuel and power cost and
effective working capital management are the key rating
sensitivities.

Incorporated in December 2010, RGPL is engaged in manufacturing of
vitrified ceramic tiles. RGPL was promoted by Mr. Jagjivan
Varmora, Mr. Vishal Raiyani, Mr. Nilesh Bhalodia and Mr. Ramesh
Ranipa. Subsequently Mr. Jagjivan Varmora's stake was bought out
by Mr. Maganlal Kasundra. RGPL commenced production from November
2011 at its manufacturing facility located at Wankaner in Rajkot
district of Gujarat, which is a ceramic tile hub. RGPL has an
installed capacity of 70,000 Metric Tonne Per Annum (MTPA) as on
March 31, 2014. Also RGPL has commissioned its wall tiles
manufacturing facility in October 2014 with an installed capacity
of 19,000 MTPA.


During FY14 (refers to the period April 1 to March 31), RGPL
reported a total operating income of INR68.17 crore (FY13:
INR86.84 crore) with a PAT of INR3.39 crore (FY13: INR0.34 crore).
As per the provisional results for H1FY15, RGPL has reported a
total operating income of INR40.35 crore with a PBT of INR2.19
crore.


S.K BROTHERS: CARE Assigns B+ Rating to INR6.35cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of S.K Brothers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.35       CARE B+ Assigned
   Short-term Bank Facilities    2.00       CARE A4 Assigned
   Long-term/Short-term Bank     5.25       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of S.K Brothers (SKB)
are primarily constrained by its small scale of operations with
low net worth base, working capital intensive nature of operations
and weak financial risk profile marked by low profitability
margins, leveraged capital structure and weak debt service
coverage indicators. The ratings are further constrained by
susceptibility of margins to fluctuations in raw material prices,
SKB's presence in a highly fragmented industry characterized by
intense competition as well as the constitution of the entity as a
partnership firm.

The ratings, however, derive comfort from experience of the
partners in the agro processing industry and favourable processing
location.

Going forward, the ability of the firm to increase its scale of
operations along with improvement in the profitability margins as
well as capital structure and efficient working capital management
would be the key rating sensitivities.

S.K Brothers (SKB) was established as a proprietorship firm in
2005 by Mr Sumit Singla. Later on, the constitution was changed to
a partnership firm in December, 2012 with Mr Sumit Singla and Mrs
Nirmala Rani as its partners sharing profit and loss in the ratio
of 75% and 25% respectively. The firm is engaged in processing of
paddy at its manufacturing facility located at Moga, Punjab having
an installed capacity of 10,800 metric tonne per annum (MTPA) as
on March 31, 2014.

SKB procures paddy directly from local grain markets through
commission agents located in Punjab. The firm sells rice under the
brand name of 'Sanjeevni' and 'Modern Family' in the states of
Haryana and Punjab through a network of commission agents and also
exports the same to Italy, Canada, Australia, Egypt and Saudi
Arabia.

For FY14 (refers to the period April 1 to March 31), SKB achieved
a total operating income of INR30.60 crore with PBILDT and PAT of
INR1.92 crore and INR0.22 crore, respectively, as against the
total operating income of INR26.85 crore with PBILDT and PAT of
INR1.81 crore and INR0.27 crore, respectively, for FY13.
Furthermore, During FY15 SKB achieved a total operating income of
INR27.14 crore till November 30, 2014.


S. RAJIV: CRISIL Reaffirms B Rating on INR60MM Post Shipment Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of S. Rajiv and Co. (SRC)
continue to reflect the firm's below-average financial risk
profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection measures.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Exchange
   Forward                 2.6       CRISIL A4 (Reaffirmed)

   Post Shipment
   Credit                 60         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     27.4       CRISIL B/Stable (Reaffirmed)

The ratings are also constrained on account of the firm's modest
scale of operation in the intensely competitive diamond industry,
its large working capital requirements, and susceptibility of its
profitability margins to volatility in diamond prices and to
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the extensive experience of SRC's
promoters in the diamond industry, and its established relations
with customers.

Outlook: Stable

CRISIL believes that SRC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in SRC's scale of operations and profitability margins or there is
a sustained improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in SRC's profitability margins, or there is a
significant deterioration in its capital structure caused most
likely on account of a stretch in its working capital cycle.

SRC was set up in 1972 as a partnership firm by the late Mr.
Ramniklal Jhaveri and his family members. The firm primarily
trades in polished diamonds. The firm is also engaged in cutting
and polishing of diamonds.

The firm derives around 90 per cent of its revenues from trading
in polished diamonds, and the balance 10 per cent from processing
of diamonds. The firm currently has three partners - Mr. Rahul
Jhaveri, Mr. Rashesh Jhaveri, and Mr. Shreyas Jhaveri.


S T WOVEN: CARE Revises Rating on INR10.53r LT Bank Loan to B
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
S T Woven Bags Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.53       CARE B Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of S T
Woven Bags Private Limited (SWBPL) takes into account erosion in
networth base on the back of losses in FY14 (refers to the period
April 1 to March 31) and stressed liquidity.

The rating continues to constrain due to highly leveraged capital
structure and working capital intensive nature of operations. The
rating, further, remain constrained on account of SWBPL's short
track record of operations, its dependence on the prospects of the
cement industry coupled with susceptibility of the company's
profitability to fluctuations in the raw material prices in the
highly competitive and fragmented woven sack industry.

The rating, however, draws strength from the long standing
experience of SWBPL's promoters in diverse line of business
along with stabilization of its green filed project for
manufacturing of woven sack bags and location advantage by way of
proximity to the customers along with its reputed client base.
SWBPL's ability to increase its scale of operations while
improving profitability in light of the volatile raw material
prices, along with improvement in its solvency position and
efficient management of working capital are the key rating
sensitivities.

Incorporated in September 2011, Jaipur-based (Rajasthan) SWBPL was
promoted by Mr Ramesh Kumar Tak along with his wife, Ms Asha Tak.
SWBPL was incorporated with an objective to set up a greenfield
plant for manufacturing of woven sack bags at its sole
manufacturing facility located at Ajmer (Rajasthan) with total of
50 looms having an installed capacity of 3,600 Metric Tonnes Per
Annum (MTPA). The company started its commercial operations from
May 16, 2013 after partial completion of its project by installing
46 looms at an aggregate cost of INR13.90 crore, which was funded
with a debt equity mix of 1.44:1 and the remaining four looms were
installed in February, 2014 at an aggregate cost of INR0.27 crore.
As per initial estimates, the project was envisaged to be
completed by October 31, 2014, at a total cost of INR13.15 crore,
however there was a time and cost overrun attributed to additional
expenditure incurred by the company pertaining to civil
construction executed in the building.
Woven sack bags are manufactured from Polypropylene (PP) or High
Density Polyethylene (HDPE) and find their application in
packaging salt, cement, rice, seeds and cattle feed etc. SPPL
supplies woven sack bags mainly to cement manufacturing companies
located in & around Rajasthan and procures raw material from Del
Cadre Agents of Reliance Industries Limited.

During, its eleven months of operation, SWBPL has reported a total
operating income of INR20.22 crore with a net loss of INR1.84
crore.


SHASHADHAR COLD: CRISIL Reaffirms D Rating on INR50MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shashadhar Cold Storage
Pvt Ltd (Shashadhar; part of the Samantha group) continue to
reflect instances of delay by Shashadhar in servicing its term
loan; the delays have been caused by the Samantha group's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.5        CRISIL D (Reaffirmed)
   Cash Credit          43.0        CRISIL D (Reaffirmed)
   Term Loan            50.0        CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan           4.5        CRISIL D (Reaffirmed)

The Samantha group also has a weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, and is exposed to risks related to the intensely
competitive cold storage industry in West Bengal. The group,
however, benefits from its promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shashadhar and Swambhunath Cold Storage
Pvt Ltd (Swambhunath). This is because the two companies, together
referred to as the Samantha group, are in the same line of
business, under a common management, and have significant
operational and financial synergies.

The Samantha group, based in Paschim Medinipur (West Bengal),
provides cold storage facilities for potatoes. Shashadhar was
incorporated in 2011 and Swambhunath in 1994. The companies' cold
storage facilities are at Paschim Medinipur. Mr. Swapan Samantha
oversees the group's day-to-day operations.


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.


SHRI DURGA: CRISIL Cuts Rating on INR100MM Cash Credit to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Shri Durga Loha Bhandar Pvt Ltd (SDLBPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

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

The rating downgrade reflects CRISIL's belief that SDLBPL's
financial risk profile, particularly its liquidity, will remain
under pressure over the medium term, primarily on account of its
stretched working capital cycle. The company's financial risk
profile has deteriorated, with weakening of its debt protection
metrics and capital structure. Over the two years through 2013-14
(refers to financial year, April 1 to March 31), its incremental
working capital requirements, arising from its increased scale of
operations, were INR82 million; however, its cash accruals of
INR10.6 million over the same period have been adequate to meet
only 13 per cent of the total incremental working capital
requirements. The increase in working capital requirements is
attributed to a significant increase in debtors to around 78 days
as on March 31, 2014, from around 50 days a year earlier.
Furthermore, as on December 31, 2014, SDLBPL had outstanding
debtors of around INR200 million (85 days); due to higher credit
offered to customers, the company's average bank limit utilisation
for the 12 months through January 2015 was high at around 90 per
cent.

Owing to its increased debt levels and low profitability, the
company's risk coverage ratio (a measure of the company's exposure
to inventory, debtor, and foreign exchange risks) and total
outside liabilities to tangible net worth (TOLTNW) ratio
deteriorated and are expected to remain weak over the medium term.
The TOLTNW ratio increased to around 6.7 times as on
March 31, 2014, from around 3.8 times as on March 31, 2013, and is
expected to remain above 7 times over the medium term. Besides,
the interest coverage ratio, which was around 1.8 times in 2013-
14, is expected to remain weak at around 1.3 times over the medium
term.

The rating reflects SDLBPL's average financial risk profile, due
to increasing working capital requirements, and its modest scale
of operations with low profitability in a highly fragmented
industry. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the industry.
Outlook: Stable

CRISIL believes that SDLBPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
steel long products industry. The outlook may be revised to
'Positive' if the company significantly scales up its operations
and improves its profitability, leading to increased cash accruals
and improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of further weakening
of SDLBPL's financial risk profile, particularly liquidity, most
likely caused by a considerable increase in its working capital
requirements and lower cash accruals.

SDLBPL was established in Dehradun (Uttarakhand) in September 2009
and commenced operations in April 2011. The company trades in iron
and steel products, including mild bars, hot-rolled and cold-
rolled sheets, mild steel pipes and angles, and thermo-
mechanically treated bars.


SRI LAKSHMI: CRISIL Ups Rating on INR140MM Cash Loan From B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Lakshmi Venkata Krishna R Rice Mill (SLVKM) (formerly known as
Sri Lakshmi Venkata Krishna R&B Rice Mill) to 'CRISIL BB-/Stable'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan         32        CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Proposed Cash Credit   58        CRISIL BB-/Stable (Upgraded
   Limit                            from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in SLVKM's business risk
profile, driven by ramp-up in its scale of operations and
operating profitability. For 2013-14 (refers to financial year,
April 1 to March 31), the firm reported revenue of around INR
664.6 million and operating profitability of about 6.2 per cent.
However SLVKML's liquidity is expected to remain stretched over
the medium term because of its working-capital-intensive
operations. The firm's working capital limits were utilised
extensively, at an average of around 90 per cent, over the 12
months through December 2014.

The rating continues to reflect extensive experience of SLVKM's
promoters in the rice milling industry. These rating strengths are
partially offset by SLVKM's below-average financial risk profile,
marked by high gearing, a modest net worth, and weak debt
protection metrics, its large working capital requirements and
susceptibility of the firm's operating margin to changes in
government regulations and to volatility in raw material prices.
Outlook: Stable

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

Set up in 1997, SLVKM is engaged in milling and processing of
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. Ramanjaneyulu and his family members.

SLVKM, on provisional basis, reported a profit after tax (PAT) of
INR5.9 million on net sales of INR664.6 million for 2013-14
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR5.0 million on net sales of INR384.2 million for 2012-
13.


SSP ENTERPRISES: CARE Reaffirms B+ Rating on INR3.5cr ST Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of SSP
Enterprises Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.50      CARE B+ Re-affirmed
   Short-term Bank Facilities     9.50      CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of SSP Enterprises
Private Limited (SSP) continue to remain constrained on account of
its low networth base, thin profitability, leveraged capital
structure and weak debt coverage indicators. The ratings are
further constrained on account of the working capital intensive
nature of operations, susceptibility of its profitability to
volatility in prices of trading goods and foreign exchange
fluctuations.

The ratings however, continue to draw strength from the vast
experience of the promoters coupled with long track record
of the company. Furthermore, the ratings also take note of the
marginal increase in the total operating income (TOI) along with
deterioration in capital structure and debt coverage indicators
during FY14 (refers to the period April 1 to March 31).

The ability of SSP to increase its scale of operations, improve
profitability and capital structure with the efficient working
capital management will remain the key rating sensitivity.

Incorporated in April 1999, SSP is engaged in the trading of
plastic granules mainly poly vinyl chloride (PVC) resins,
polypropylene (PP) granules, high-density polyethylene (HDPE)
granules, low-density polyethylene (LDPE) granules, linearlow
density polyethylene (LLDPE) granules, ethylene-vinyl acetate
(EVA) granules, etc. It imports PVC resin as well as
plastic granules and also procures plastic granules locally from
India. SSP sells its product in domestic market only through
its three different branches located at Daman, Halol and Indore as
well as through high sea sales.

During FY14, SSP reported a TOI of INR73.11 crore with a PAT of
INR0.20 crore as against TOI of INR69.28 crore with a PAT
of INR0.18 crore during FY13. During 8MFY15, SSP has achieved a
TOI of INR54.98 crore.


SUJANA METAL: CARE Cuts Rating on INR1,701.84cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sujana Metal
Products Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,701.84     CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    269.13     CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Sujana Metal Products Limited (SMPL) factors in delays in the
debt-servicing on account of stretched liquidity position of the
company.

SMPL, belonging to the Hyderabad-based Sujana group was
incorporated in May 1988 under the name of Sujana Steel Re-
Rolling Industries (P) Limited. The name of the company was
changed to Sujana Steels Private Limited in March 1992 which later
got converted into public limited company in April 1992, with the
name changed to current nomenclature in November 2001. SMPL is
engaged in trading of steel products and manufacturing of TMT bars
& structural steel products at its facilities located at
Hyderabad, Chennai and Visakhapatnam with total capacity of 1.07
million tons of different steel products.

The group has diversified business activity with presence in
construction & structural steel, power transmission & telecom
towers and allied services, energy (generation, distribution,
green energy consulting and manufacture of energy saving
LEDs), basic and urban infrastructure development, precision
engineering components, domestic appliances and international
trade.

In FY14 (refers to the period April 01 to March 31), SMPL reported
a total operating income of INR2,864.85 crore (FY13: INR3,665.52
crore) and net loss of INR38.16 crore (net loss of INR20.26 crore
in FY13).  As per the unaudited financials for H1FY15, SMPL
registered a PAT of INR9.86 crore on the total operating income of
INR1,673.98 crore.


SUJANA TOWERS: CARE Lowers Rating on INR1,420.24cr Loan to D
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sujana Towers
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,420.24     CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    200.02     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sujana Towers Limited (STL) factors in delays in the debtservicing
on account of the stretched liquidity position of the company.

Sujana Towers Limited (STL) was established in April 2006 after
demerger of the Towers Division of Sujana Metal Products Limited,
pursuant to the scheme of arrangement and amalgamation as approved
by the High Court of Andhra Pradesh.

STL is engaged in manufacturing of galvanized steel towers used in
the power transmission and telecom tower sector. STL is a part of
the Sujana group which is into diversified business activity with
presence in construction & structural steel, power transmission &
telecom towers and allied services, energy (generation,
distribution, green energy consulting and manufacture of energy
saving LEDs), basic and urban infrastructure development,
precision engineering components, domestic appliances and
international trade.

In FY14 (refers to the period April 01 to March 31), STL reported
total operating income of INR1805.98 crore (FY13: Rs1806.28 crore)
and PAT of INR1.80 crore (PAT of INR3.73 crore in FY13). As per
the unaudited financials for H1FY15, STL registered a PAT of
INR3.17 crore on a total operating income of INR1205.52 crore.


SWAMBHUNATH COLD: CRISIL Reaffirms D Rating on INR64MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swambhunath Cold
Storage Pvt Ltd (Swambhunath; part of the Samantha group) continue
to reflect instances of delay by Swambhunath in servicing its
working capital term loan; the delays have been caused by the
Samantha group's weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.5        CRISIL D (Reaffirmed)
   Cash Credit          64.0        CRISIL D (Reaffirmed)
   Term Loan             5.4        CRISIL D(Reaffirmed)
   Working Capital
   Demand Loan           6.5        CRISIL D(Reaffirmed)
   Working Capital
   Term Loan            19.6        CRISIL D (Reaffirmed)

The Samantha group also has a weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, and is exposed to risks related to the intensely
competitive cold storage industry in West Bengal. The group,
however, benefits from its promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Swambhunath and Shashadhar Cold Storage
Pvt Ltd (Shashadhar). This is because the two companies, together
referred to as the Samantha group, are in the same line of
business, under a common management, and have significant
operational and financial synergies.

The Samantha group, based in Paschim Medinipur (West Bengal),
provides cold storage facilities for potatoes. Shashadhar was
incorporated in 2011 and Swambhunath in 1994. The companies' cold
storage facilities are at Paschim Medinipur. Mr. Swapan Samantha
oversees the group's day-to-day operations.


TITAN TEX: CARE Reaffirms B+ Rating on INR12.27cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Titan Tex Fab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.27      CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Titan Tex Fab
Private Limited (TTFPL) continues to remain constrained on account
of its financial risk profile marked by modest scale of
operations, thin profitability, moderate liquidity position and
weak solvency position. The rating of TTFPL, further, remain
constrained due to its limited presence in the textile value chain
and vulnerability of profitability margins to fluctuation in the
raw material prices coupled with presence in the highly fragmented
and competitive industry.

The rating, however, continues to derive strength from vast
experience of the promoters, demonstrated financial support by
them and presence in the textile belt of India with easy access of
raw material and labour.

The ability of the company to increase its scale of operations
while maintaining of profitability margins in light of volatile
raw material prices and improvement in liquidity position are the
key rating sensitivities.

Bhilwara-based (Rajasthan) TTFPL is promoted by Mr Pawan Kumar
Mehria along with his son, Mr Punit Kumar Mehria in 1998. Mr Pawan
Kumar Mehria, commerce graduate by qualification, has experience
of over 40 years in the textile industry and looks after the
overall functioning of TTFPL. Mr Punit Kumar Mehria looks after
the production and finance function of the company.

TTFPL is mainly engaged in the manufacturing and trading of grey
synthetic fabrics. The company has started the weaving operations
of synthetic grey fabrics initially with 24 looms in 2002, which
at present has grown to 91 sulzer looms (automatic weaving
machine) with the total installed capacity of 79.20 lakh meter per
annum (LMPA) as on March 31, 2014. It has strong marketing set up
throughout India in the form of 45 agents and 300 dealers.

During FY14 (refers to the period April 1 to March 31), TTFPL
reported a total operating income of INR72.07 crore (FY13:
INR63.25 crore) with a PAT of INR0.36 crore (FY13: INR0.31 crore).


TRUMP IMPEX: CARE Assigns B+ Rating to INR15cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Trump
Impex Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Trump Impex Private
Limited (TIPL) is constrained by moderate scale of operations, low
and fluctuating profitability margins, highly leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained by working capital-intensive nature of operations,
susceptibility of margins to the volatility in steel prices,
foreign exchange fluctuation risk and presence in highly
fragmented and competitive industry.

The rating, however, considers the promoter's experience in the
industry and established relationship with the customers and
suppliers.

The ability of the company to improve its overall scale of
operation and profitability margins amidst intense competition
along with efficient management of the working capital cycle would
be the key rating sensitivities.

Incorporated in 2006, TIPL is engaged in the trading of steel
products. The company procures steel products (including G.P.
sheet, M.S. billets, M.S. ingots, H.R. coils, C.R. coils primarily
used in automobiles, construction and machineries sectors) from
the local suppliers (accounting for approximately 96% of the total
purchase in FY14 [refers to the period April 1 to March 31]) and
remaining through imports; and sells the same to the clients based
in domestic market which includes semi-wholesalers and end
consumers. TIPL has three warehousing facilities, one situated in
Bhiwandi, Thane, and the other two located in Raigad (owned) for
meeting its storage requirement.

During FY14, the total operating income of TIPL stood at INR102.19
crore (compared with INR57.06 crore in FY13), while net profit of
the entity stood at INR0.26 crore in FY14 (compared with INR0.07
crore FY13).


VARMORA FOODS: CRISIL Reaffirms B+ Rating on INR67.5MM Term Loan
----------------------------------------------------------------
CRISIL's rating on bank facilities of Varmora Foods Pvt Ltd (VFPL)
continues to reflect VFPL's nascent stage of operations along with
presence in highly fragmented market and average financial risk
profile marked by leveraged capital structure. These rating
weaknesses are partially offset by the strong financial and
managerial support it is expected to receive from the promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          31.5        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.0        CRISIL B+/Stable (Reaffirmed)

   Term Loan            67.5        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VFPL will continue to benefit from its
management's extensive experience of handling various businesses
and funding support over medium term. The outlook may be revised
to 'Positive' if the company reports substantial growth in revenue
and profitability leading to healthy accruals. Conversely, the
outlook may be revised to 'Negative' if its financial risk profile
deteriorates if VFPL undertakes a major debt-funded capital
expenditure programme and/or there is a stretch in its working
capital cycle, leading to deterioration in its financial risk
profile.

Update
VFPL commenced commercial operations from April 2014 and for the
current financial year till November 30, 2014 registered net sales
of INR29.4 million backed by order from traders and various
companies like ITC and capacity utilisation at 50-60 per cent.
Currently the company's focus is largely on Caramel colour and
tomato powder which are B2B products which will lead to improved
topline. CRISIL believes that with stabilisation of operations,
increase in capacity to 4000 MTPA, and order flow from various
customers, company in 2014-15 (refers to financial year, April 1
to March 31), will report revenues of around INR60 million. VFPL
till November 30, 2014 reported operating margins of around 20 per
cent led by higher margins from products like cheese, pomegranate
powder etc. CRISIL believes that company will maintain operating
margins at around 18-20 per cent over medium term led by initial
focus on high margin products. VFPL's operations are working
capital intensive with gross current assets of 200-220 days; led
by high receivable days. CRISIL believes that with nascent stage
of operations gross current assets are expected to remain high.
VFPL is executing a capex of INR53.5 million which will be funded
by debt to equity of 3:1, leading to deterioration in gearing at
around 3.1-3.2 times in 2014-15. The planned capex will lead to
enhancement in existing capacity of tomato and caramel powder to 5
and 12 tonnes per day respectively(from 2.5 and 6 tonnes per day).
VFPL's interest coverage ratio and NCATD will remain moderate at
around 2 times and 0.13 times respectively over medium term led by
healthy operating margins. VFPL's liquidity is expected to remain
moderate with average bank line utilisation of 67 per cent for 12
months ended December 31, 2014, moderate cushion between accruals
and repayment obligations.

VFPL, incorporated in August 2013, has recently set up a
processing unit to manufacture spray dried fruit powder, spray
dried vegetable powder and caramel colour with installed capacity
of 785 tonnes per annum. The company's operations commenced from
April 2014.


WIN-TEL CERAMICS: CARE Assigns B Rating to INR13.28cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to bank facilities of
Win-Tel Ceramics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.28      CARE B Assigned
   Short-term Bank Facilities     2         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Win-Tel Ceramics
Private Limited (WTCPL) are primarily constrained on account of
the small scale of operations with fluctuating income and
profitability coupled with net loss during FY14 (refers to the
period April 1 to March 31), moderately leveraged capital
structure and weak debt coverage indicators and weak liquidity
position. The ratings are further constrained due to working
capital intensive operations, susceptibility of margins to
volatility in raw material and fuel (natural gas) prices and
foreign exchange rates and presence in the highly fragmented
industry along with fortunes dependent upon the cyclical real
estate market.

The ratings, however, take comfort from the experience of the
promoters coupled with WTCPL's presence in the ceramic tiles hub
with easy access to raw material, power and fuel.

WTCPL's ability to increase its scale of operations along with
improvement in the profit margins by managing volatility of raw
material price and fuel price as well as improvement in the
capital structure and debt coverage indicators are the key rating
sensitivities. Furthermore, improvement in the liquidity position
would also remain crucial.

Morbi-based (Gujarat) WTCPL was incorporated during May, 2007 as a
private limited company in the name of Intel Ceramic Private
Limited by the Kundaria family. Subsequently, during January, 2010
name was changed to Win-Tel Ceramic Private Limited. WTCPL is
engaged in the business of manufacturing of ceramic vitrified
tiles of different size with an installed capacity to produce
45,000 metric tonnes per annum (MTPA) of vitrified tiles as on
March 31, 2014. WTCPL sells its products through its already
established distribution network of more than 100
dealer/distributors in the domestic market. WTCPL also exports its
products to more than 15 countries including Gulf countries,
Mauritius, Tanzania etc.

During FY14, WTCPL reported a net loss of INR1.50 crore on a TOI
of INR36.92 crore as against net loss of INR4.96 crore and
TOI of INR27.31 crore during FY13. During 9MFY15, WTCPL has
achieved TOI of INR33.01 crore.


YASH KNITWEAR: CARE Reaffirms B Rating on INR10cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Yash
Knitwear.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.00      CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Yash Knitwear (YKN)
continues to be constrained by small scale of operations,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operation. The rating further
continues to be constrained by susceptibility of profitability
margins to volatility in the prices of traded goods, presence in
highly competitive and fragmented industry and proprietorship
constitution of the entity.

The rating, however, continues to derive strength from experience
of the proprietor in the textile industry. The ability of the
entity to improve its overall scale of operation and profitability
margins amidst intense competition along with efficient management
of the working capital cycle would be the key rating
sensitivities.

Established in April 2002, YKN is a proprietorship concern engaged
in the trading of finished fabrics. YKN purchases fabrics
from local manufacturers, as per designs provided/pre-approved by
YKN and then subsequently sells to the customers in the domestic
market. YKN has its warehousing facility located in Bhiwandi,
Thane, for meeting its storage requirements.

During FY14 (refers to the period April 1 to March 31), the total
operating income of YKN stood at INR58.12 crore (compared with
INR52.52 crore in FY13), while net profit of the entity stood at
INR0.43 crore in FY14 (compared with INR0.39 crore in FY13).



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


SKYMARK AIRLINES: Rehab Could Lead to International Flights
-----------------------------------------------------------
The Japan Times reports that Skymark Airlines may consider using
the Airbus A330 jetliner for international flights in the future,
according to Takashi Ide, the bankrupt airline's chairman.

Using the A330 for international services could be "one option,"
he said in an interview on Feb. 10, the report relates. "Southeast
Asian countries such as Singapore could be our first overseas
destinations," the report quotes Mr. Ide as saying.

Skymark filed for court-led rehabilitation late last month. It
operates only domestic flights at present. Its A330 fleet is
grounded due to high operational costs.

According to the report, the airline is set to halt services on
two routes to Sendai Airport in Miyagi Prefecture and two using
Naha Airport in Okinawa on March 29.

Mr. Ide cited the need for Skymark to scale back its local flight
services further, the report states.

Meanwhile, The Japan Times reports that Mr. Ide said Skymark will
maintain its five routes to and from Tokyo's Haneda airport,
noting that they can "stimulate competition with major airlines
and benefit customers."

On the selection of a sponsor to assist the airline's
rehabilitation, Mr. Ide said: "Any company will be welcome if it
can help us generate maximum profits."

Mr. Ide thus showed hopes that airlines, leasing companies and
trading firms that can negotiate with Airbus would bid to help
reconstruct Skymark, the report adds.

                      About Skymark Airlines

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

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

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



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


BRIDGECORP LTD: Director in Fight Over NZ$174,000 Legal Aid Bill
----------------------------------------------------------------
The New Zealand Herald reports that the Legal Services
Commissioner wants disgraced Bridgecorp director Rob Roest to
repay NZ$174,000 of legal aid.

The Herald says the Commissioner is appealing a decision from the
legal aid tribunal that said bankruptcy debts should be taken into
account when assessing someone's financial position.

If that decision is upheld, then the failed finance company
director would effectively repay none of his legal aid that funded
his failed defence of misleading investors, the report relates.

According to the Herald, the commissioner's position is that
Mr. Roest should be required to repay NZ$174,000 of legal aid,
lawyer Lisa Hansen told Justice Raynor Asher in the High Court at
Auckland on Feb. 11.

However, the court heard that Mr. Roest's position is the
prescribed amount in the calculations that effect repayments
should be zero because bankruptcy debts need to deducted, the
Herald says.

That would mean he would effectively repay no legal aid back, the
report says.

The Herald notes that Mr. Roest was an undischarged bankrupt at
the time he applied for legal aid in 2011.  He was jailed for more
than six years following a four month trial and has yet to be
released on parole.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).



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


TAIWAN HIGH: Needs at Least NT$100BB in Capital to Stay Afloat
--------------------------------------------------------------
Shelley Shan at Taipei Times reports that the Taiwan High Speed
Rail Corp (THSRC) is to be listed as bankrupt on its financial
statement that is set to be published near the end of April, as it
is unable to repay its debts, Minister of Transportation and
Communications Chen Chien-yu said Feb. 3, while adding that there
might be a solution to the financial quagmire if the firm's
original investors are willing to increase their holdings.

Despite having the cash flow to keep the high-speed rail
operating, Mr. Chen said the bankruptcy on the balance sheet would
nevertheless constitute a major violation of the terms in the
company's contract with the government, adding that THSRC would be
given 80 days to address its financial issues, Taipei Times
relates.

If it fails to fix the problems before the deadline, the
government would have to terminate its contract and take over the
high-speed rail system, he added, the report relays.

"Between the end of April and the last day of the 80-day
improvement period, the ministry would be open to any negotiations
with THSRC if the company responds in goodwill,"
Mr. Chen, as cited by Taipei Times, said, adding that one of the
possible "goodwill" measures would be for the original investors
to increase their stakes.

According to Taipei Times, Mr. Chen further estimated that the
original investors would have to raise at least NT$100 billion
(US$3.16 billion) in capital so the firm could stay afloat.

He added that any new financial restructuring plan that THSRC
could propose during the improvement period would definitely
involve an extension of the concession period, Taipei Times
relays.

Mr. Chen said the government and the rail operator would have to
negotiate to determine what a reasonable concession period would
be, the report adds.

Previously, the ministry endorsed a company-proposed financial
restructuring plan to reduce its capital by NT$39.1 billion and
then later increase the capital by NT$30 billion, while its
concession period would be extended from 35 years to 75 years,
Taipei Times recalls.

The report relates that the plan had failed to secure approval
from the legislature's Transportation Committee, leading to former
transportation minister Yeh Kuang-shih choosing to step down.

Bureau of High Speed Rail's First Division Director Yang Cheng-
chun said the company's assets are valued at NT$501 billion, based
on a financial report in June last year, Taipei Times reports.

He added, however, that the assets have suffered a loss, as the
company has downgraded the estimated passenger volume from 290,000
per day to 180,000 per day, the report relays.

"Without the incentive of a longer concession period, which
investor would want to raise its stake in the company if it knows
that the high-speed rail system carries just 130,000 passengers
daily and it would have just 18 years left to recoup its money?"
Mr. Yang asked, the report adds.

                           About THSRC

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 10, 2014, The China Post said Minister of Transportation
and Communications (MOTC) Yeh Kuang-shih on November 5 stated that
deteriorating finances at the Taiwan High Speed Rail Corporation
may result in imminent bankruptcy in March this year.

As of June 2014, the THSR had accumulated losses of NT$47 billion,
and is currently embroiled in 39 lawsuits relating
to redemption of preferred shares by its investors, The China Post
noted.



===============
T H A I L A N D
===============


THAI AIRWAYS: Military-Led Government OKs Restructuring Plan
------------------------------------------------------------
Pracha Hariraksapitak and Kittiphong Thaicharoen at Asia Legal
Business report that Thailand's military-led government has
approved a restructuring plan for Thai Airways International PCL
in a bid to restore profitability to the national carrier's
operations, a senior government official said.

State-controlled Thai Airways is one of the major state companies
to undergo reform after the military seized power from an elected
government in a May coup, according to the report.

ALB relates that Kulit Sombatsiri, director general of the State
Enterprise Policy Office, said the restructuring includes measures
to cut operating costs, boost revenue and sell some non-core
assets.

According to the report, Thai Airways President Charumporn
Jotikasthira told a news conference the airline planned to reduce
the number loss-making routes, both domestic and international, by
10 percent this year.

Under the two-year plan, the airline will take delivery of three
new planes this year and sell 22 old aircraft by July, while
reducing staff numbers will be a last resort, ALB relates.

ALB says the restructuring comes amid speculation that Thai
Airways, 51 percent owned by the Finance Ministry, faces financial
problems after its debt soared amid high operating costs and the
purchase of new aircraft.

"The airline won't go bankrupt because the government will take
care of it," Prime Minister Prayuth Chan-Ocha told reporters
during a meeting of the state enterprise super board, the report
relays.

Thai Airways' leverage has been high and increasing since 2011 and
is expected to remain high in the medium term, ALB relates citing
Thailand's TRIS Rating a December note.

ALB relates that the ratings agency said the airline's adjusted
debt to capitalization rose to 82.3 percent at the end of
September from over 70 percent in 2011-2013 and 66 percent in 2010
due to huge capital spending, mainly to acquire new aircraft.

Helped by a huge foreign exchange gain, Thai Airways returned to a
net profit in the July-September quarter, but has still posted a
loss from operations for six consecutive quarters after tourism
was hit by domestic political unrest, according to ALB.

The report says the airline expects to make a net profit in
October-December due to a pick up in tourism and declines in
global oil prices. It is due to report fourth-quarter earnings in
March.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.



=============
V I E T N A M
=============


ELECTRICITY OF VIETNAM: Needs to Raise Prices to Avoid Bankruptcy
-----------------------------------------------------------------
VietNamNet Bridge reports that the Ministry of Industry and Trade
(MOIT) has voiced its support for Electricity of Vietnam's (EVN)
plan to raise retail electricity prices, saying that it would go
bankrupt if not allowed to do so.

According to the report, Deputy Minister of MOIT Do Thang Hai
talked to the local press on the sidelines of a recent conference,
affirming that if EVN cannot raise electricity prices, it will go
bankrupt.

VietNamNet relates that Mr. Hai said the World Bank (WB)
recommended that the retail electricity price in Vietnam be raised
by 40 percent in the next three years to "save" Vietnam's power
sector.

The report says WB is considering EVN's financial situation,
production costs and retail prices to decide whether to continue
funding EVN's power projects.

According to VietNamNet, Vietnam has been advised to raise the
retail price by 10 percent at least for every six months, from now
to mid-2016.  And even if the price is raised as suggested, the
retail price would still not be high enough to cover expenses.
Low-income earners would have the "responsibility" of reducing
electricity use, the report says.

VietNamNet adds that EVN also proposed to include other expense
items, including gas and coal price increases, higher water
resource taxes and environmental protection fees, when calculating
the power production costs, which serve to define retail prices.

A source said that EVN must raise the retail electricity price to
survive because of the huge loss of VND17 trillion it has incurred
so far, VietNamNet reports.



                             *********

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 ***