TCRAP_Public/150213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, February 13, 2015, Vol. 18, No. 031


                            Headlines


A U S T R A L I A

BABY SAVE: In Administration; 1st Creditors Meeting on Feb. 16
BETTA FOODS: Cuts 39 Jobs; 141 More Jobs at Risk
DESIREE MANAGEMENT: First Creditors' Meeting Slated For Feb. 23
OZDAIRY FOODS: First Creditors' Meeting Slated For Feb. 19
VOCATION LTD: ASX Suspension Extended to February 23

WOLF SAFETY: First Creditors' Meeting Slated For Feb. 20


C H I N A

CAR INC: Moody's Assigns Ba1 Rating to USD500MM Sr. Unsec. Notes
CHINA ORIENTAL: Fitch Affirms 'BB-' IDR; Outlook Stable
CHINA ORIENTAL: Repurchase Offer No Impact on Moody's Caa1 CFR
CHINA PROPERTIES: S&P Lowers CCR to 'CCC+' on Sluggish Sales
KAISA GROUP: Mulling Changes to Debt Repayment Terms

XINYUAN REAL: Solicitation Changes No Effect on Fitch B+ Rating
YOSEN GROUP: Late Filed 2013 Annual Report Shows $3.63M Loss


H O N G  K O N G

CHINA FISHERY: Proposed Rights Issue No Impact on Moody's B2 CFR


I N D I A

A. R. CHAINS: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
ALEKHYA DRUGS: CRISIL Suspends D Rating on INR60MM Cash Credit
BARASAT KRISHNAGAR: ICRA Reaffirms D Rating on INR705.6cr Loan
BHAIRAAV LIFESTYLES: ICRA Withdraws B+ Rating on INR20cr Loan
CENTURY 21: ICRA Ups Rating on INR58cr Term Loan to B+

CHAND AGRO: ICRA Assigns B- Rating to INR12.75cr LT Loan
CHOPRA HOTEL: CRISIL Assigns B- Rating to INR125MM Term Loan
DHANLAXMI INDUSTRIES: ICRA Reaffirms B Rating on INR6.8cr Loan
DELTA OPTICS: ICRA Assigns B Rating to INR5cr Fund Based Loan
DICITEX FURNISHINGS: ICRA Suspends D Rating on INR35cr ST Loan

DICITEX HOME: ICRA Suspends D Rating on INR32.2cr LT Loan
GLOBAL ISPAT: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
GROVER ZAMPA: ICRA Assigns B Rating to INR9cr Cash Credit
ICON INFOTECH: ICRA Suspends B+ Rating on INR4.0cr LT Loan
INDIAN INFRA: CARE Assigns B+ Rating to INR4cr LT Bank Loan

INDRAPRASTHA AUTOMOBILES: ICRA Reaffirms INR18cr Loan's B+ Rating
JOGI FOOD: ICRA Cuts Rating on INR4.40cr Term Loan to D
JYOTIRMAYE TEXTILES: ICRA Reaffirms B+ Rating on INR84.25cr  Loan
KESHRANAND COTEX: ICRA Suspends 'B' Rating on INR6cr LT Loan
MALPANI COTTONS: CARE Assigns B+ Rating to INR14cr LT Bank Loan

MANISH EMPIRE: CARE Assigns B+ Rating to INR12.60cr LT Bank Loan
NATIONAL PLASTIC: ICRA Withdraws B+ Rating on INR13cr Loan
NITESH RESIDENCY: ICRA Cuts Rating on INR312.50cr LT Loan to D
ORCHID INDUSTRIES: CARE Lowers Rating on INR23.09cr Loan to D
P.P AUTOMOTIVE: CARE Assigns B+ Rating to INR10cr LT Bank Loan

PAWAN AUTOMOTIVES: ICRA Suspends B Rating on INR7cr Capital Loan
PRABHU DAYAL: CARE Revises Rating on INR12cr Loan to B+
PRASHANT FABRICS: CRISIL Reaffirms B+ Rating on INR200MMM Loan
PRITI MOTOR: ICRA Withdraws B Rating on INR4cr Bank Lines
R. M. METALS: CRISIL Assigns B Rating to INR70MM Cash Credit

R.R. INDUSTRIES: ICRA Assigns B Rating to INR5.0cr Cash Credit
RAHUL AGRO: CARE Reaffirms B+ Rating on INR18cr LT Bank Loan
RAJASTHAN TRANSMISSION: ICRA Withdraws B+ Rating on INR13cr Loan
RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR50MM Loan
S.P. APPARELS: ICRA Reaffirms D Rating on INR115cr ST Loan

SAMARTH AGRO: ICRA Suspends B+ Rating on INR5.50cr LT Loan
SANJAY STEEL: CRISIL Reaffirms B Rating on INR70MM LOC
SATYA SUBAL: CRISIL Reaffirms 'D' Rating on INR85MM Term Loan
SIDDESHWAR MULTIPURPOSE: CRISIL Reaffirms D INR65.9MM Loan Rating
SHANKAR RICE: ICRA Reaffirms B Rating on INR34cr Fund Based Loan

SHELAR PROPERTIES: CRISIL Ups Rating on INR240MM Loan to B-
SHREE BHAARATHI: ICRA Reaffirms B+ Rating on INR7cr LT Loan
SHREE KAUSHALYA: ICRA Assigns B Rating to INR9cr LT Loan
SHREE SAI: CRISIL Reaffirms 'D' Rating on INR59MM Cash Credit
SKYMAX CERAMIC: ICRA Suspends B Rating on INR4.54cr LT Loan

SREE VARIETY: CRISIL Cuts Rating on INR100MM Cash Credit to D
SRI GURU: CRISIL Cuts Rating on INR174.6MM Term Loan to 'D'
STRONGWIRE INDUSTRIES: ICRA Reaffirms B+ Rating on INR4.8cr Loan
SUPREME NUTRI: ICRA Reaffirms B Rating on INR7cr Cash Credit
TUBEKNIT FASHIONS: CRISIL Cuts Rating on INR245MM Loan to 'C'

UMESH INDUSTRIES: CARE Reaffirms B Rating on INR9.75cr LT Loan
VARUN AGRO: ICRA Reaffirms B+ Rating on INR11cr Term Loan
VISHWAKALA PRINTERS: CRISIL Suspends B+ Rating on INR16.5MM Loan


I N D O N E S I A

TOWER BERSAMA: Fitch Rates TBG Global's USD350MM 5.25% Notes 'BB'


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Lenders Threaten to Put Firm in Default


N E W  Z E A L A N D

ROSS ASSET: Receiver Chasing More Than NZ$25 Million
WILLIAMS & CO: Goes Into Liquidation


P H I L I P P I N E S

PHILIPPINE WOMEN'S: STI Starts Foreclosure Process


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BABY SAVE: In Administration; 1st Creditors Meeting on Feb. 16
--------------------------------------------------------------
Eloise Keating at SmartCompany reports that a family-owned
retailer of baby products that has been operating for more than 25
years has collapsed into voluntary administration.

Trajan Kukulovski -- JohnK@jirschsutherland.com.au -- and Chris
Baskerville -- ChrisB@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed administrators of Baby Save, operator of
PramWarehouse, on February 4, the report discloses.

The report says the first meeting of creditors is scheduled to
take place in Brisbane on February 16.

PramWarehouse has four bricks-and-mortar stores as well as an
online shop. Three stores are located in Queensland -- in Sumner
Park, Stafford and Toowoomba -- and one store is located in the
regional Victorian city of Ballarat.  The stores sell a vast range
of baby products, from prams and pram accessories to toys,
furniture, baby carriers, maternity products and manchester.

It is not clear if the business is still operating, the report
notes.


BETTA FOODS: Cuts 39 Jobs; 141 More Jobs at Risk
------------------------------------------------
news.com.au reports that thirty nine people have been sacked and a
further 141 jobs are in doubt at a troubled confectionary factory
in Melbourne's north.

Crisis talks between Betta Foods management and a union continue
as crying workers face the reality they no longer have work at the
Broadmeadows factory, according to news.com.au.

The report notes that administrator Cor Cordis is hopeful the
business will sell in coming weeks and that there will be no
further job cuts.

But distressed workers have told the Herald Sun they have been
told there will be more redundancies in coming weeks, and the
administrators admitted the situation was "fluid," the report
discloses.

Betta Foods, best known for making Eskimo chocolate snowballs and
Capricorn licorice, went into voluntary administration last month.

The report notes that it came just a week after Melbourne
chocolatier Ernest Hillier was put into administration, following
a spike in cocoa prices.

The report relays that Cor Cordis managing partner Bruno Secatore
said redundancies were "always a very difficult decision when
you're trying to save a company".

The job losses include 28 factory positions and 11 administrative
roles, the report says.

The report adds that Mr. Secatore said there had been 26
expressions of interest in Betta Foods from potential buyers since
late January.


DESIREE MANAGEMENT: First Creditors' Meeting Slated For Feb. 23
---------------------------------------------------------------
Blair Pleash and Anne-Marie Barley of Hall Chadwick were appointed
as administrators of Desiree Management Pty Ltd on
Feb. 11, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 19, 144 Edward Street, in Brisbane,
Queensland, on Feb. 23, 2015, at 10:30 a.m.


OZDAIRY FOODS: First Creditors' Meeting Slated For Feb. 19
----------------------------------------------------------
Messrs Daniel P Juratowitch and Glenn J Spooner of Cor Cordis
Chartered Accountants were appointed as administrators of Ozdairy
Foods Pty Ltd on Feb. 9, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Feb. 19, 2015, at 11:00 a.m.


VOCATION LTD: ASX Suspension Extended to February 23
----------------------------------------------------
Simon Evans at The Sydney Morning Herald reports that the board of
embattled education group Vocation Ltd has held talks with
aggrieved 15-per-cent shareholder Brett Whitford but its major
focus is on potential asset sales after securing a 10-day
extension from the stock exchange on a suspension of trading in
its shares.

A new deadline of February 23 has now been set for Vocation shares
to come out of a trading suspension and update the market on its
parlous financial situation, SMH says.  If fully utilised, it will
mean investors will have been unable to trade in the battle-weary
stock for five weeks since a halt on January 19, the report
states.

According to SMH, a number of potential buyers are crawling over
some of the businesses operated by Vocation, with the Endeavour
College of Natural Health attracting the most interest because it
is understood to be the best performer and the most profitable.
Vocation, which has foreshadowed a bottom-line loss of
AUD27 million for the first half of 2014-15, bought Endeavour for
AUD84 million in mid-2014.

Another business, Real Institute, is also being pursued by
potential buyers, along with the Australian School of Management.
Avana, a Sydney-based training business vended into the original
Vocation sharemarket float by Mark Hutchinson, the inaugural chief
executive of Vocation who has signalled he will resign from the
post, has also had some nibbles in an asset sale process being run
by 333 Group, the advisory and restructuring arm of insolvency
firm KordaMentha.

SMH says Vocation told the Australian Securities Exchange on
Feb. 12 that asset-sale talks needed more time, along with
extensive discussions with its bankers about new financial
arrangements. It had been due to update the market about its
financial situation by the opening of trading on February 13.

The report relates that the company described talks with its
bankers, National Australia Bank, Commonwealth Bank of Australia
and Westpac, as positive but incomplete.

According to the report, Vocation said "there continues to be
strong interest from a number of credible parties" in the
acquisition of some of the company's businesses. Vocation is
looking closely at paying down debt to fix up a weak balance
sheet, the report notes.

Vocation's major shareholder, former executive Brett Whitford, who
holds 15 per cent, has been working behind the scenes on ways of
trying to keep the company intact without it having to resort to
asset sales, through a recapitalization, says SMH.
Mr Whitford is understood to have held talks with Vocation
chairman Doug Halley earlier this week, but is yet to present a
concrete plan, the report adds.

Mr. Whitford was the founder of the Customer Service Institute of
Australia, one of the businesses folded into the Vocation
structure ahead of the 2013 float, SMH notes.

Vocation Limited (ASX:VET) -- https://vocation.com.au/ -- delivers
education and training services to corporate clients, individuals,
and ancillary services to third party VET providers in Australia.


WOLF SAFETY: First Creditors' Meeting Slated For Feb. 20
--------------------------------------------------------
Terrence John Rose and Terry Grant van der Velde of SV Partners
were appointed as administrators of Wolf Safety Pty Ltd on Feb.
10, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
Feb. 20, 2015, at 10:30 a.m.



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


CAR INC: Moody's Assigns Ba1 Rating to USD500MM Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service, has assigned a definitive Ba1 rating to
CAR Inc.'s USD500 million, 6.125%, 5-year senior unsecured notes,
due February 4, 2020.

The ratings outlook is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows CAR
Inc.'s completion of its USD bond issuance, the final terms and
conditions of which are consistent with Moody's expectations.

The provisional rating was assigned on January 5, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds from the bond issuance will be used for capital
expenditure and other general corporate purposes, including
refinancing the company's outstanding indebtedness.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China. CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of September 30, 2014, CAR had a total fleet of 57,745 company-
owned cars. CAR commands a leadership position in terms of fleet
size, revenue and network coverage. For the 12 months ended 30
September 2014, CAR reported net sales of RMB3.4 billion (USD560
million).

CAR's key shareholders include Legend Holdings (unrated); private
equity firm Warburg Pincus; the world's second-largest car rental
company The Hertz Corporation (B1 stable); and its Chairman,
founder and CEO Mr. Charles Lu. These parties have stakes of
29.2%, 18.3%, 16.2% and 14.8% respectively.


CHINA ORIENTAL: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed China Oriental Group Company Limited's
(COG) Long-Term Foreign-Currency Issuer Default Rating (IDR) and
senior unsecured rating at 'BB-'. The Outlook is Stable.

COG's ratings reflect the weakness in the Chinese steel industry,
which Fitch believes will persist in the near term, mitigated by
the company's leading position in H-section steel production, its
demonstrated financial flexibility and sufficient liquidity.

In addition, Fitch does not consider COG's offer on Feb. 9, 2015,
to repurchase its notes due 2015 and 2017 as a distressed debt
exchange (DDE).  Fitch believes that COG's offer is not an attempt
to avoid a payment default as the company has sufficient resources
to meet its debt obligations.

KEY RATING DRIVERS

Weak Industry Constrains Ratings: Excess capacity and volatile raw
material costs have kept profit margins thin since 2011.  However,
plans by steel producers to trim capex and lower raw material
costs as a result of a significant increase in iron ore supply may
allow a sustained earnings recovery by 2016.  COG remains
profitable despite the downturn in the Chinese steel sector, with
an EBITDA margin of 6.2% in 1H14, up from 4.0% in 2013.

Limited Business Profile Improvement: COG has not materially
strengthened its product offerings since 2010, when it raised
USD850m via two bond issues.  The company added rebar products to
its offerings in 2011 and it started making steel sheet pile
products in 2014.  Although sheet pile is a high-value-added
product, it is unlikely to become a major earnings contributor
immediately while COG builds its track record in this new product.
The sustained weakness of the Chinese steel market has limited
COG's options in pursuing further steel product diversification,
and has forced the company to adopt a defensive posture towards
further investments in steel operation.

Product Leadership Supports Ratings: COG's ratings remain
supported by its leadership in H-section steel production.  H-
section steel remains one of the most profitable steel products,
accounting for 35% of COG's gross profit (and 41% of its steel
gross profit) in 1H14It also consistently generates a higher per-
tonne gross profit (CNY159 in 1H14, CNY152 in 2013) than the
company average (CNY127 in 1H14, CNY100 in 2013).

Demonstrated Financial Flexibility: Fitch believes COG has the
flexibility to improve its financial profile through improvements
in working capital management.  In 2013, COG reduced its net debt
by over CNY800m, mostly through working capital reduction.  Prior
to this, COG's negative free cash flow (FCF) was driven by its
strategy of increasing working capital to defend its operating
margins.  At end-June 2014, COG had notes receivables of CNY4.3bn,
part of which can be liquidated to meet debt repayment.

Continuous Support from ArcelorMittal: The company's ratings are
also supported by ArcelorMittal S.A. (BB+/Stable).  Fitch expects
ArcelorMittal to remain committed to the Chinese steel market,
with China Oriental as one of its key integrated steel
manufacturing investments in China.  The ongoing dispute between
ArcelorMittal and COG's chairman, Mr.  Jingyuan Han, over
shareholding arrangements does not appear to have affected the
operations of the company.

Tender Offer Not DDE: As noted in Fitch's DDE criteria, even if a
tender imposes a material reduction in terms compared with
original contractual terms, it would not be considered a DDE
unless it is conducted in order avoid bankruptcy, similar
insolvency or intervention proceedings or a traditional payment
default.

Fitch believes the tender materially reduces the original
contractual terms.  The company is offering existing holders of
the outstanding notes a fixed price of USD950 cash per USD1,000
principle of the 2015 notes, and a fixed price of USD840 cash per
USD1,000 principle of the 2017 notes, if holders tender before 23
February 2015.  The offer will fall to USD860 cash for the 2015
notes and USD780 cash for the 2017 notes if holders tender after
23 February 2015 and before March 9, 2015.   The tender also
includes a consent solicitation to eliminate substantially all of
the restrictive covenants in the indentures.

The company intends to finance the repurchase (approximately
CNY3.9bn if all outstanding notes are tendered on and before the
earlier tender date) through a combination of cash on hand
(CNY999m as of June 30, 2014), partial conversion of notes
receivables (CNY4.3bn as of June 30, 2014) and drawdown of credit
facilities (conditional upon final drawdown approval by the
relevant banks).

Following the completion of the tender offer, Fitch may downgrade
the ratings on the outstanding notes, if any, if the level of
onshore debt increases to a level that materially lowers offshore
creditors' recovery prospects.

KEY ASSUMPTIONS

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

   -- Slow recovery of Chinese steel sector
   -- High metal spread (as defined in gross profit per tonne of
      metal) for H-section sustained given limited producers in
      the market
   -- Iron ore prices remain low for the near term and in line
      with Fitch assumptions (USD65/75/80 per tonne for China
      import iron ore fines 62% CFR for 2014/2015/2016,
      respectively)
   -- Capex between CNY500m and CNY700m per annum

RATING SENSITIVITIES

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

   -- FFO adjusted net leverage sustained above 2.5x (5.4x in
      2013 and estimated to be over 4.0x in 2014)
   -- Sustained negative free cash flow

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

   -- FFO adjusted net leverage falling below 1.5x on a sustained
      basis


CHINA ORIENTAL: Repurchase Offer No Impact on Moody's Caa1 CFR
--------------------------------------------------------------
Moody's Investors Service says that China Oriental Group Company
Limited's offer to buy back all of its US dollar notes does not
immediately impact its Caa1 corporate family and senior unsecured
debt ratings or negative rating outlook.

On February 9, 2015, China Oriental announced its offer to
repurchase for cash any and all outstanding US dollar notes due in
2015 and 2017, as well as a consent solicitation to waive all the
restrictive covenants in the bond indentures.

Under the offer, holders of the 2015 notes will receive up to $950
per $1,000, and holders of the 2017 notes will receive up to $840
per $1,000.

The tender offer is conditional on a number of factors, including
(1) the company's ability to obtain sufficient funds; (2) at least
75% of the outstanding notes being tendered; (3) whether the
majority of the note holders agree to eliminate the restrictive
covenants in the bond indentures.

"If China Oriental is successful in its offer to redeem the
outstanding notes, which Moody's view as uncertain, it remains to
be seen whether the offer will meaningfully alleviate its
refinancing risk," says Franco Leung, a Moody's Vice President and
Senior Analyst.

"Given these uncertainties, China Oriental's near-term refinancing
risk remains elevated, as reflected in its Caa1 ratings," adds
Leung.

Moody's believes the company's current cash holdings are
insufficient to cover the cash needed for the tender offer. As a
result, the fulfillment of the tender offer highly depends on its
ability to obtain external funding through onshore bank facilities
or discounting bank acceptance notes, both of which are subject to
market conditions.

Given sluggish steel demand in China, the company's weak
profitability and the ongoing dispute between its two major
shareholders, it is uncertain if China Oriental will be able to
obtain the required financing. Banks have also tightened their
credit policy towards the Chinese steel industry.

Moody's expects that China Oriental's liquidity and debt maturity
profile will remain under pressure if it refinances its 2015 and
2017 notes mainly through short-term borrowings, or if it exhausts
its financial reserve for the early redemption of its 2017 notes
while leaving the majority of 2015 notes outstanding.

On the other hand, the ratings could be upgraded if China Oriental
significantly lowers its near-term refinancing risk through
securing long-term debt and redeeming most of its 2015 notes.

Upon completion of the tender offer, Moody's will reassess (1)
China Oriental's liquidity profile; and (2) the likely structural
subordination of its remaining USD notes, in the case the company
raises substantial onshore debt to finance the tender offer.

Moody's does not deem this tender offer as a distressed exchange,
which is considered as a default event under Moody's definition.
This view is because of the moderate economic loss for the note
holders as a result of the tender offer.


CHINA PROPERTIES: S&P Lowers CCR to 'CCC+' on Sluggish Sales
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based property
developer China Properties Group Ltd. (CPG) to 'CCC+' from 'B-'.
The outlook is negative.  S&P also lowered its long-term Greater
China regional scale rating on the company to 'cnCCC+' from
'cnB-'.  At the same time, S&P lowered its long-term issue ratings
on CPG's senior unsecured notes to 'CCC+' from 'B-'.  S&P also
lowered its Greater China regional scale ratings on the notes to
'cnCCC+' from 'cnB-'.

"We lowered the rating because we expect CPG's contracted sales to
remain sluggish and insufficient to cover its interest expenses
over the next six to 12 months," said Standard & Poor's credit
analyst Christopher Yip.  "CPG's poor sales have significantly
weakened its liquidity, such that we believe the company may find
it difficult to refinance its large short-term debt maturities."

In S&P's view, CPG's contracted sales are likely to remain weak
over the next year, given increased competition and market
uncertainty.  The company's project developments have been
materially delayed and its sales execution continues to be poor.
CPG's contracted sales of less than Hong Kong dollar (HK$) 100
million in 2014 were less than 40% of S&P's base-case expectation
of HK$292 million.  The company's revenue and EBITDA margins were
also lower, given significantly declining sales over the previous
three years.  S&P expects CPG's contracted sales to be HK$100
million-HK$150 million in 2015.

CPG could face higher refinancing risk over the next year due to
its unsustainable leverage (as defined by S&P's criteria for
'CCC+' ratings).  Consistently poor sales performance and tighter
funding conditions could make it hard for the company to even
raise higher-cost funding for construction, refinance about HK$1.8
billion in debt due in 2015, and pay HK$800 million-HK$900 million
in interest expenses.  As of the end of 2014, about 15% of CPG's
total borrowings are in trust loans.  S&P estimates the company's
average borrowing costs to have remained high in 2014.  S&P don't
expect the ratio to improve in 2015.

Financial support from CPG's largest shareholder could support its
liquidity to some extent, in S&P's opinion.  By S&P's estimates,
as of Dec. 31, 2014, CPG has about HK$890 million in shareholder's
loans and HK$500 million in convertible bonds, to which its
chairman Mr. Wong Sai Chung has subscribed.  The shareholder loans
are interest free and have no fixed repayment dates.

In S&P's view, CPG's business strategy is highly inconsistent with
its execution capabilities; the company has significantly delayed
project development and sales in the past several years.  In
addition, S&P sees increased information risk.  Less-than-timely
information from the company may prove critical, given its current
liquidity position.  S&P therefore assess CPG's management and
governance as "weak."

"We assess CPG's liquidity as weak because we expect the company's
net liquidity sources to be negative over the next 12 months,"
said Mr. Yip.  S&P has not factored in potential shareholder's
financial support in S&P's assessment because the company has not
provided any information on potential loan drawdowns or
shareholder's liquidity support in 2015.

The negative outlook reflects S&P's view that CPG's liquidity will
remain weak over the next 12 months because of poor property sales
and that the company faces heightened refinancing risk.  S&P still
believes CPG's controlling shareholder will continue to support
the company's weak financial performance but with low visibility.
The outlook also reflects the increase in information risk.

S&P could lower the rating if CPG's funding capability
deteriorates such that it can't secure material new funding or
refinancing in the next six to 12 months.  S&P could also lower
the rating if the company's shareholder support diminishes.

S&P could revise the outlook to stable or upgrade CPG if the
company materially improves its sales, secures new funding, and
extends its debt maturity profile.


KAISA GROUP: Mulling Changes to Debt Repayment Terms
----------------------------------------------------
Esther Fung at The Wall Street Journal reports that Kaisa Group
Holdings Ltd. said it has started reviewing its debt obligations
and warned that creditors shouldn't expect it to meet the existing
terms of repayment.

The cash-strapped firm had earlier faced the prospect of
defaulting on its offshore debt, which spooked markets and raised
worries that the woes of China's slumping property sector would be
felt abroad, the Journal says.

The Journal relates that Kaisa said in a statement on Feb. 11 that
it would be assessing its existing debt obligations based on its
overall financial condition and "lenders and bondholders should
not expect payments of principal and interest according to
existing terms."

"The company expects material modifications to the group's
offshore debt obligations," it said.

In late January, the firm appointed Houlihan Lokey (China) to
advise the firm on its capital structure, including debt
obligations, the report recalls.  Houlihan Lokey will devise a
plan "with consideration of restoring stability," the company
said, the Journal relays.

According to the Journal, Kaisa, which is also seeking to complete
a recently proposed equity stake sale, said it intends to speak
with its lenders and bondholders as soon as possible and aims to
complete a potential transaction by the end of April.

Tianjin-based developer Sunac China Holdings said last week it
intends to purchase a 49.25% stake in Kaisa. The proposed purchase
is conditional upon the restructuring or refinancing of Kaisa's
existing debt, the Journal notes.

                        About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2015, Moody's Investors Service placed Kaisa Group
Holdings Ltd's Ca corporate family and senior unsecured debt
ratings under review for upgrade.

On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.

On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.

The completion of the share purchase is conditional on a number of
factors, 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.


XINYUAN REAL: Solicitation Changes No Effect on Fitch B+ Rating
----------------------------------------------------------------
Fitch Ratings says that ratings on Xinyuan Real Estate Co., Ltd.
(Xinyuan; B+/Negative) and its bonds due in 2018 and 2019 will not
be impacted even if the proposed amendments in the consent
solicitation announced on Feb. 3, 2014 are adopted.

The principal purpose of the consent solicitation is to amend the
indentures of the company's 2018 and 2019 notes to give the
company more flexibility in debt raising capacity, share price
management, and establishing joint-ventures (JV) in the future for
acquiring real estate or land use rights.

Major proposed amendments of the indentures include:

   -- increasing permitted indebtedness as a percentage of total
      assets to 40% from 30%
   -- allowing the company to have more flexibility in dividend
      payout, share repurchase and acquiring shares in future JVs
   -- including JV investments as permitted investment defined in
      previous indentures, and increasing the limit of permitted
      investment to 20% of total assets from 10%
   -- redefining certain terms including "Consolidated Net
      Income", "Consolidated EBITDA", "Consolidated Interest
      Expense", which may result in an increase in its fixed
      charge coverage ratio.  There are other minor amendments to
      the indentures with similar potential impacts.

The proposed amendments, if adopted, will provide Xinyuan more
funding and operational flexibility to support its current
expansion, although a larger scale would require a higher level of
indebtedness.  The amendments will not alter the key business
terms, such as the interest rate or maturity date of the bonds.
Fitch does not expect its view on Xinyuan to change solely due to
the adoption of the proposed amendments.


YOSEN GROUP: Late Filed 2013 Annual Report Shows $3.63M Loss
------------------------------------------------------------
Yosen Group, Inc., filed with the U.S. Securities and Exchange
Commission in early February its annual report on Form 10-K for
the fiscal year ended Dec. 31, 2013.

The Company reported a net loss of $3.63 million on $12.8 million
of net sales for the fiscal year ended Dec. 31, 2013, compared
with a net loss of $15.9 million on $21.5 million of net sales in
2012.

The Company's balance sheet at Dec. 31, 2013, showed $3.97 million
in total assets, $5.76 million in total liabilities, and a
stockholders' deficit of $1.79 million.

The Company had accumulated deficit of $47.1 million as of
Dec. 31, 2013. In addition, the Company's cash position
substantially deteriorated from 2010. These issues raise
substantial doubt regarding the Company's ability to continue as a
going concern.

A copy of the Form 10-K is available at: http://is.gd/XPXijY

Yosen Group, Inc., is engaged primarily in international trade and
wholesale business, primarily selling tile, kitchen cabinet,
granite and marble products in the New York market. The Company
also distributes Samsung(R) and Apple(R) mobile phones in China
through its China-based subsidiaries.



================
H O N G  K O N G
================


CHINA FISHERY: Proposed Rights Issue No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Fishery Group Limited
(CFG)'s proposed rights issue, if completed, is credit positive.
At the same time, Moody's says CFG's results for the first quarter
of the fiscal year ending September 2015 have no immediate impact
on its B2 corporate family rating or on the B2 senior unsecured
bond rating on the notes issued by its subsidiary, CFG Investment
S.A.C.

The ratings outlook remains negative, reflecting the refinancing
risk on the $250 million outstanding senior notes at its Peruvian
operating subsidiary, Corporacion Pesquera Inca S.A.C. (Copeinca,
B2 stable). The negative outlook also reflects CFG's weakening
cash flow and financial leverage, driven in turn by the negative
impact of the El Ni¤o effect on its operations.

On February 11, 2015, CFG announced that it is proposing a
renounceable, non-underwritten rights issue which, if successful,
should raise up to about $218 million.

The proceeds from the rights issue, together with CFG's $171
million reported cash and cash equivalents at end-December 2014,
would be sufficient to repay the $250 million senior note at
Copeinca.

"CFG's proposed rights issue indicates significant progress
towards resolving the refinancing of the Copeinca senior note, a
credit positive development," says Lina Choi, a Moody's Vice
President and Senior Analyst.

CFG suffered a 14.7% year-on-year sales decline to $124 million in
the first quarter of the fiscal year 2015. Its gross profit also
dropped 13.7% to $38 million. This decline was due to the delayed
and reduced catch of anchovies between April and July 2014 in the
north-centre fishery in Peru. As a result, the company used only
about 61% of its fishing quota.

Moody's expects CFG's EBITDA will drop 20%-30% year-on-year in the
fiscal year 2015. However, its debt could reduce if it is
successful in its proposed rights issuance. In addition, the
company expects a recovery in its full fishing quota in 2015. In
this scenario its debt leverage, as measured by debt/EBITDA, could
improve to around 4.5x in the next 12-18 months, positioning CFG
at the B2 rating level.

Moody's will closely monitor the progress of the rights issue, any
disruption in the process, or additional delays or cancellations
in the fishing season that negatively impact the ratings.

The principal methodology used in these ratings was the Global
Protein and Agriculture Industry published in May 2013.

China Fishery Group Ltd is headquartered in Hong Kong and listed
in Singapore. It is engaged in the Peruvian fishmeal and fish oil
business and fishing fleet operations. China Fishery is 46.5%
effectively owned by the Pacific Andes group through Pacific Andes
International Holdings Limited (unrated), a Hong Kong-listed
integrated fish and seafood products processor. The Carlyle Group,
a global alternative asset management firm, holds an 11.1% stake
in the company.



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


A. R. CHAINS: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A. R. Chains
(ARC) continues to reflect ARC's below-average financial risk
profile, marked by modest net worth, and the firm's exposure to
intense competition in the jewellery industry. These rating
weaknesses are partially offset by the extensive experience of
ARC's proprietor in the gold jewellery manufacturing segment.

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

Outlook: Stable

CRISIL believes that ARC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ARC records low revenue or profitability, or undertakes a large
debt-funded capital expenditure (capex) programme, or if its
working capital management weakens.

Update
ARC's revenue is estimated at INR522 million for 2013-14 (refers
to financial year, April 1 to March 31) primarily on account of
steady demand from its customers. The firm's operating margin was
2.6 per cent in 2013-14, because of government regulations leading
to difficulty in procuring gold. The firm is expected to set up a
new retail outlet under the Alain Gold Souk brand. CRISIL believes
that ARC's business risk profile will remain stable over the
medium term, supported by steady demand from customers.

ARC's financial risk profile is below average, marked by small net
worth and high gearing of around INR38 million and 2.77 times,
respectively, as on March 31, 2014. The firm is likely to set up
its retail outlet at H&J Mall in Karungappally (Kerala), funded
entirely through equity. The firm has weak debt protection
metrics, with interest coverage and net cash accruals to total
debt ratios of 1.20 times and 2 per cent, respectively, for 2013-
14. CRISIL believes that ARC's financial risk profile will improve
over the medium term, supported by equity infusion and steady
accretion to reserves.

ARC has weak liquidity, marked by high bank limit utilisation, low
cash accruals, though supported by absence of debt obligations.
The firm's bank limits were utilised extensively to meet its
working capital requirements. CRISIL believes that ARC's liquidity
will be supported by absence of debt-funded capex plans.

ARC was set up in 2013 as a sole proprietorship firm by Mrs.
Rahumath S. The firm, based in Kollam (Kerala), manufactures gold
jewellery. Mr. M Hussain manages ARC's daily operations.


ALEKHYA DRUGS: CRISIL Suspends D Rating on INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alekhya Drugs Pvt Ltd (ADPL; part of the Rantus Group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL D
   Letter of Credit      30         CRISIL D
   Long Term Loan         0.5       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ADPL and Rantus Pharma Pvt Ltd (RPPL),
together referred to as the Rantus group, herein. This is because
ADPL is a 99 per cent subsidiary of RPPL, and has been
incorporated as a separate company, only because an upgrade of a
production unit in RPPL was not feasible since the unit is old.
Moreover, the two companies are in the same line of business,
under the same management, and have fungible cash flows.

ADPL and its holding company, RPPL, are both Hyderabad-based
pharmaceutical companies manufacturing APIs and API intermediates.
These APIs are used in bulk drugs and formulations. The main focus
of these companies is on custom synthesis and contract research
and manufacturing srvices (CRAMS). The group's current promoters
acquired RPPL as a sick unit from the Debt Recovery Tribunal in
2003. As RPPL's plant was old and could not be modified as per
certification requirements, the promoters established ADPL in
2005-06 as a 99 per cent subsidiary of RPPL. ADPL commenced
commercial operations in April 2008.


BARASAT KRISHNAGAR: ICRA Reaffirms D Rating on INR705.6cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR705.60
crore term loan of Barasat Krishnagar Expressways Limited (BKEL)
at [ICRA]D.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Term loans               705.60        [ICRA]D; re-affirmed

The rating reaffirmation takes into account continued delays in
servicing its term loan obligations. The rating also factors in
the stretched liquidity and deteriorated financial risk profile of
BKEL's sponsor, Madhucon Projects Limited (MPL) and the resultant
heightened equity funding risk as 49% (INR132.44 crore) of the
committed promoters' contribution is yet to be brought in. The
rating is further constrained by lag in execution due to the
issues faced by NHAI in acquiring land, BKEL could not achieve the
second milestone as per CA. The rating also takes into account
risks given the initial stage of the project, pending land
acquisition and susceptibility to adverse movement of the interest
rates. ICRA notes that any further delay in acquiring the balance
land can impact the project viability and thus its debt servicing
capability as well.

The rating however continues to take into account the operational
strength of the promoter (MPL), who is also the Engineering,
Procurement and Construction (EPC) contractor, fixed-price EPC
contract; absence of traffic risk and low revenue risk due to
annuity nature of the project.

Going forward, BKEL's ability to service all its debt obligations
in a timely manner will be the critical rating sensitivity. The
other rating sensitivities include acquisition of the remaining
right of way, timely equity infusion from promoters and timely
execution of the project within estimated cost.

BKEL has been incorporated as a special purpose vehicle promoted
by Madhucon Infra Limited (MIL) and Madhucon Projects Limited
(MPL) to undertake the implementation of four-laning of Barasat to
Krishnagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis.

The project involves four laning of Barasat to Krishnagar section
of NH-34 from km 31.00 to km 115.00 in the state of West Bengal
under NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis. The total cost of the project is INR980.00
crore planned to be funded by INR274.40 crore of promoter's funds
and INR705.60 crore of debt. The total concession period is 17
years including the construction period of 2.5 years. BKEL will
receive a fixed annuity payment of INR73.98 crore semi-annually
for a period of 14.5 years. The appointed date for the project has
been announced as 7th August 2012 and the scheduled date of
completion of the project is 3rd February 2015. As on Dec, 2014
promoters have brought in INR141.96 crore of equity and INR403.95
crore of the total 705.60 crore debt has been drawn down. As per
the Lenders Independent Engineer (LIE)'s report dated Nov'14,
82.1% of the Right of Way (RoW) has been secured. Of this, 30.12
km is with encumbrances (35.72% of total). As per the report, as
on Nov 2014, financial progress of 18.35% was achieved which is
short of revised schedule by 12.1%.


BHAIRAAV LIFESTYLES: ICRA Withdraws B+ Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR20 crore
long term fund based bank lines of Bhairaav Lifestyles, as the
firm has fully repaid the amount of bank facility. There is no
amount outstanding against the rated instrument.


CENTURY 21: ICRA Ups Rating on INR58cr Term Loan to B+
------------------------------------------------------
ICRA has upgraded its long term rating on the INR58.0 crore term
loans of Century 21 Town Planners Private Limited (CTPL) to
[ICRA]B+ from [ICRA]B.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Term Loan                 58.0         [ICRA]B+; (Upgraded)

The upgrade in rating is driven by the improved tenant profile of
CTPL, which coupled with continued full occupancy, has resulted in
improved profitability, owing to higher average rentals and
growing revenue share income. The ongoing repayment of debt along
with higher operating profitability, given the company's focus on
cost control, has resulted in improved debt coverage indicators
(CTPL recorded DSCR of 1.32 times, gearing of 1.48 times,
Debt/OPBDIT of 2.5 times in FY 2014, as against DSCR of 0.94
times, gearing of 2.5 times, Debt/OPBDIT of 3.68 times, for the
year ago period). The rating continues to factor in the long
experience of promoters in the real estate sector, specifically in
Madhya Pradesh.

The rating is however constrained by the dependence of the company
on the performance of its tenants, as 76% of its operating income
came from rental income in FY14. Further the company is exposed to
concentration risk, with 44% of the total revenue coming from top
10 tenants, who occupy 60% of the leasable area. The company
remains exposed to single property concentration risk and
competitive pressures from other properties in the area.

ICRA notes that an escrow mechanism for lease rentals is being
followed; however in the absence of a Debt Service Reserve
Account, timeliness in receipt of monthly rentals remains critical
for smooth cash flow management.

Going forward, the company's ability to sustain its revenue growth
and profitability thereby improving its debt coverage metrics will
be the key rating sensitivities.

CTPL has been promoted by Mr. Gurjeet Singh Chhabra and is
currently operating a mall (C-21 Mall) in Indore, Madhya Pradesh
with a gross leasable area of 3.5 lakh square feet. The mall is
fully leased out and some of the tenants include - More Mega
Store, Reliance Trendz, Rituwears Satyam Cineplex, Mom & Me, Tommy
Hilfiger, U.S. Polo, Wills Lifestyle, Arrow, U.S. Polo, Pepe
Jeans, Nike, Lilliput, Archies, Adidas etc.

The company reported an operating income of INR20.29 crore and a
net profit of INR8.41 crore for 2013-14, as against an operating
income of INR17.27 crore and a net profit of INR2.40 crore for the
previous year.


CHAND AGRO: ICRA Assigns B- Rating to INR12.75cr LT Loan
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B- to the
INR12.75 crore long term fund based bank facilities of Chand Agro
Private Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term- Fund          12.75         [ICRA] B-; assigned
   Based Limits

The assigned rating is constrained by CAPL's small scale of
operations, along with its presence in a highly competitive
environment and its exposure to agro climatic risks which can
affect the availability of paddy in adverse weather conditions.
The rating is also constrained by the stretched liquidity position
of the company as evidenced by full utilization of its working
capital limits and very high NWC/OI in the past. The rating also
factors in the poor credit profile of the company with high
gearing due to substantial debt funding of its large working
capital requirements and weak coverage indicators. However, the
ratings continue to derive comfort from the long standing
experience of the promoters and proximity of the mill to major
rice growing areas, which results in easy availability of paddy.

Going forward, the firm's ability to manage its working capital
cycle while increasing its scale of operations and maintaining
adequate profitability will be the key rating sensitivities.

CAPL reported a net profit of INR0.12 crore on an operating income
of INR9.81 crore for the year ended March 31, 2014 and a net
profit of INR0.00 crore on an operating income of INR3.65 crore
for the previous year.

CAPL , managed by Mr. Pankaj Julka, Mr. Chander Mohan Julka and
their family members is primarily engaged in the business of
milling and processing of basmati rice and has an installed
milling capacity of 3 tons per hour of paddy and a sorting
capacity of 3 tons per hour. The manufacturing facility of the
firm is located in Qadian, Punjab.


CHOPRA HOTEL: CRISIL Assigns B- Rating to INR125MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Chopra Hotel & Resorts (CHR).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             125        CRISIL B-/Stable

The rating reflects CHR's exposure to risks related to its ongoing
hotel project, its expected small scale of operations in a highly
fragmented industry, and its expected constrained liquidity
because of upcoming large debt obligations. These rating
weaknesses are partially offset by the benefits that CHR will
derive from the favourable location of its hotel and its tie-up
with Ramada Encore (a brand under the Wyndham Hotels chain).

Outlook: Stable

CRISIL believes that CHR will benefit over the medium term from
the favourable location of its hotel and its tie-up with Ramada
Encore. The outlook may be revised to 'Positive' in case of timely
execution of CHR's project within the projected cost or
significantly high average room rent and occupancy levels
resulting in substantial accruals, and thus, a better-than-
expected financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of any time or cost overrun in the
project adversely impacting the firm's debt servicing ability.

CHR is a partnership firm set up in 2013. The firm is setting up a
48-room three-star hotel in Jalandhar (Punjab) for which it has
marketing and management tie up with Ramada Encore. CHR is managed
by Mr. Kamal Chopra, his sons Mr. Umesh Chopra and Mr. Ravish
Chopra, and his nephew Mr. Gaurav Chopra.


DHANLAXMI INDUSTRIES: ICRA Reaffirms B Rating on INR6.8cr Loan
--------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR6.80 crore
long term cash credit facility of Dhanlaxmi Industries.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Cash Credit              6.80          [ICRA]B reaffirmed

The reaffirmation of rating continues to factor in DI's weak
financial profile as evident from highly leveraged capital
structure, poor debt coverage indicators and low profitability,
coupled with its small scale of operations. The rating continues
to remain constrained by lack of diversification in product
profile; highly competitive and fragmented industry structure
owing to low entry barriers and vulnerability of profitability to
raw material prices, which are subject to seasonality, crop
harvest and regulatory risks. ICRA also notes that DI is a
partnership firm and any significant withdrawals from the capital
account would adversely affect its net worth and thereby its
capital structure.

However, the rating positively factors in the long experience of
the promoters in the ginning industry and favorable location of
the firm's manufacturing facility in Mehsana giving easy access to
raw material.

Established in the year 2007, Dhanlaxmi Industries is a
partnership firm engaged in the business of ginning and pressing
of raw cotton. The firm's plant is located in Mehsana, Gujarat and
is equipped with twenty four ginning machines and one pressing
machine with production capacity of 200 bales per day. The
partners of the firm have an experience of more than a decade in
cotton ginning and trading business through their associate
concerns.

For the year ended on March 31, 2014, the firm reported an
operating income of INR25.35 crore and profit after tax of INR0.05
crore as against an operating income of INR22.30 crore and profit
after tax of INR0.04 crore for the year ended on
March 31, 2013.


DELTA OPTICS: ICRA Assigns B Rating to INR5cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore long-term facility of Delta Optics.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term, fund based      5.00        [ICRA]B assigned
   facilities

The assigned ratings takes into account the proprietor's proven
experience of over a decade in trading of spectacles and
sunglasses, established relationship with the clientele and focus
on high margin frames leading to improved profitability of the
firm. The rating is, however, constrained by the modest financial
profile characterised by modest as well as stagnant revenues,
highly leveraged capital structure and weak coverage indicators.
Also, the firm procures frames from a single Chinese manufacturer
leading to high supplier concentration risk. The rating also
considers the low pricing power of the firm due to intensive
competition from traders in the local market offering similar
products. The rating also factors in the vulnerability to capital
withdrawals given the proprietorship nature of concern.

Delta Optics is a proprietorship company started in 2004, run by
Mr. Vaseem Kapadia who has an experience of nearly a decade in
trading of Spectacles and Sunglasses. The firm has more than 1000
models of spectacles and sunglasses of various shapes, colours and
sizes. The firm has also launched their own brand for spectacles
named 'Horizon'. The proprietor also runs other firms Delta
associates, Delta infrastructure which is in the construction
segment and Beauty & More (ratings outstanding of [ICRA]B+) which
deals with cosmetic products.

For the twelve months ending March 31, 2014 (Audited), Delta
Optics reported profit after tax (PAT) of INR0.37 crore on an
operating income of INR8.34 crore as compared to a PAT of INR0.65
crore on an operating income of INR7.70 crore for the twelve
months ending March 31, 2013 (Audited).


DICITEX FURNISHINGS: ICRA Suspends D Rating on INR35cr ST Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR20.1 crore long-term loans, INR5.0 crore long-term fund-based
limits, INR35.0 crore short-term fund-based limits and INR5.5
crore short-term non fund based facilities of Dicitex Furnishings
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non-co-operation from the company.


DICITEX HOME: ICRA Suspends D Rating on INR32.2cr LT Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR32.2 crore long-term loans, INR24.0 crore long-term fund-based
limits and INR7.30 crore short-term non fund based facilities of
Dicitex Home Furnishings Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance due to non-co-
operation from the company.


GLOBAL ISPAT: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Global Ispat
Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.50      CARE B+ Reaffirmed
   Short-term Bank Facilities     9.85      CARE A4 Reaffirmed

Rating Rationale
The reaffirmation of the ratings of the bank facilities of Global
Ispat Limited (GIL) factors in continued dependence on limited
clientele base in a commodity business, decline in the operating
profitability margin on account of lower sales realisation,
volatility in the raw material prices and working capital
intensive nature of operations. The ratings, however, derive
strength from revenue growth marked by an increase in sales volume
and the experienced promoters.

The ability of the company to scale up the operations and
diversify client base thereby reducing client concentration risk,
improve profitability margins and its capital structure and manage
the working capital cycle effectively are the key rating
sensitivities.

GIL, a Goa-based company, was incorporated in September 1993. The
company is engaged in the manufacturing of mild steel (MS) ingots
and MS billets and is spearheaded by Mr Ajay Kumar Agarwal, and Mr
Kushal Agarwal in the strength of chairman and managing director,
respectively. The company has a manufacturing unit in Goa, with
two induction furnaces and having a manufacturing capacity of
42,000 metric tonnes per annum (MTPA) as on March 31, 2014. The
products manufactured finds application in rolling mills for
manufacturing of channels, bars and plates which are ultimately
used in infrastructure and construction industry.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR106.14 crore
with a PBILDT and PAT of INR5.21 crore and INR0.30 crore,
respectively, as against a total operating income of INR90.25
crore with a PBILDT and net loss of INR4.57 crore and INR0.29
crore, respectively, in FY13. Furthermore, in H1FY15 (refers
to the period April 1 to September 30) the company reported a
total operating income of INR46.89 crore over a PBILDT of
INR1.68 crore and PBT of INR0.34 crore.


GROVER ZAMPA: ICRA Assigns B Rating to INR9cr Cash Credit
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.00
crore cash credit facility and INR5.00 crore non fund based
facility of Grover Zampa Vineyards Limited (GZVL).

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term scale-Cash     9.00          [ICRA]B assigned
   Credit

   Long term scale-Non      5.00          [ICRA]B assigned
   fund based

The assigned rating takes into account the positive synergies
achieved through the merger of Grover Vineyards and Vallee de Vin
which places the combined entity Grover Zampa Vineyards Limited as
the second leading wine seller in India. ICRA also factors in the
long standing experience of the promoters in the winery business
and the technical knowledge and expertise brought into the
business in association with a reputed wine consultant. ICRA also
takes notes of the involvement of the management in the business
and the equity infusion of INR19.5 crore in FY2013-14 to support
the business. ICRA factors in the improvement in raw material
sourcing and also the expansion of geographical footprint in the
country. Further, the company will benefit from having established
wineries in Maharashtra and Karnataka which will aid in reducing
the effects of discriminatory taxes levied in these states. The
rating also factors in the presence of the brands in the fast
growing premium and regular segment, the strong distribution
network of the company and the established relationship with its
suppliers.

The ratings are, however, constrained by the operational losses in
the past years and dependence on promoter funding to decrease the
erosion in the net worth. ICRA takes notes of the weak coverage
metrics and the high working capital intensity of the company. The
company is also vulnerable to foreign currency fluctuations as
they do not have any hedging mechanism in place. ICRA also factors
in the risk inherent in the highly regulated liquor industry and
the ban on advertising which restricts growth prospects.

Going forward, the company's ability to increase its scale and
improve its profitability and cash accruals would remain the key
rating sensitivities.

'Grover Zampa Vineyards Limited' (GZVL) was formed with the merger
of Vallee de Vin with Grover Vineyards on 1st April, 2013 as per
the order of Honorable High Court of Mumbai. The combined entity
owns brands that are widely recognized brands in the Indian wine
market and is currently the #2 wine company in the country. GZVL
exports 15-20% of the production to countries such as France,
Japan, the UK and the USA.

Grover Vineyards was established in 1988 by Mr. Kanwal Grover,
father of the current owner Mr. Kapil Grover, together with Mr.
Georges Vesselle, the then technical director of Champagne House
Veuve Clicquot. Grover vineyards established the vineyard and
winery on 4 acres of land at the foothills of the Nandi Hills in
the surroundings of Bangalore.

Vallee de Vin (VDV) was incorporated in March 2006 by Ravi Jain,
Deepak Roy and Neeraj Deorah. Vallee de Vin vineyards and winery
were in Sanjegaon, Nasik, known as the Napa Valley of India and
they launched ZAMPA range of Premium wines in 2008.

GZVL reported a net loss of INR5.73 crore on an operating income
(OI) of INR33.02 crore in FY2014 as compared to a net loss of
INR1.83 crore on an OI of INR22.41 crore in FY2013.


ICON INFOTECH: ICRA Suspends B+ Rating on INR4.0cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR6.50 crore bank
facilities of Icon Infotech Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                          Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term, Fund
   Based Limits               4.00        [ICRA]B+ Suspended

   Short-term, Non-
   Fund Based Limits          2.50        [ICRA]A4 Suspended

Icon Infotech is currently among the qualified suppliers of
desktops and laptops as well as computer peripherals to all
departments of Maharashtra state government. The supply is done at
prices fixed by the rate contract that the company has signed with
the state government. The company also provides electronic
security solutions to commercial establishments and cooperative
housing societies. The company is promoted and managed by the Shah
family.


INDIAN INFRA: CARE Assigns B+ Rating to INR4cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Indian Infra Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4         CARE B+ Assigned
   Short-term Bank Facilities     2         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Indian Infra
Developers (IID) is primarily constrained on account of short
track record of the entity coupled with small scale of operations,
moderate order book and geographical and customer concentration
risk. The ratings are further constrained by constitution as a
partnership firm and its presence in the highly competitive and
tender-driven construction industry.

The ratings, however, favorably factor in the vast experience of
the promoters in the construction industry and the firm's
'AA' class approved contractor status by the Government of
Gujarat.

The ability of IID to bag new contracts thus ensuring higher
revenue visibility and timely execution of orders while improving
its profitability and capital structure and managing its working
capital requirements efficiently are the key rating sensitivities.

Established in January 2013, Surendranagar-based (Gujarat) IID is
a partnership firm run by five partners having different profit
and loss sharing proportion in the firm. IID is engaged into the
business of construction, repair & maintenance of roads. IID is
registered as 'AA' class approved contractor by the Government of
Gujarat and works generally on road construction, repair and
maintenance contract of roads for Government of Gujarat. IID
executes work orders on sub contract basis wherein it executes
contracts mainly for 'Vishal Infraglobal Pvt. Ltd.' (VIPL).

As per the audited results for FY14 (refers to the period April 1
to March 31), IID reported NIL profit on a total operating income
of INR1.66 crore. Furthermore, IID had work orders on hand worth
INR21.81 crore as on March 31, 2014.


INDRAPRASTHA AUTOMOBILES: ICRA Reaffirms INR18cr Loan's B+ Rating
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR18.0 Crore
(reduced from INR30.00 crore) working capital facilities of
Indraprastha Automobiles Private Limited (IAPL) at [ICRA]B+. ICRA
has also assigned its rating of [ICRA]B+ on the INR12 crore
unallocated limits of the company.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Inventory Funding         18.0         [ICRA]B+; reaffirmed
   Unallocated               12.0         [ICRA]B+; assigned

ICRA's ratings continue to be constrained by IAPL's weak financial
risk profile marked by low margins, high gearing and below average
debt protection metrics; although the firm's capital structure has
registered a slight improvement in 2013-14, compared to the
previous year. The rating reaffirmation also takes into account
the subdued demand in the passenger vehicles (PV) industry in
2013-14 and the current fiscal, as the business prospects of the
company are closely linked to the demand for PVs. ICRA's ratings,
however, positively factor in the strength derived from IAPL's
established market position in Delhi as an authorized dealer of
Mahindra & Mahindra (M&M) and the company's diverse product
profile, which includes commercial as well as passenger vehicles.

IAPL is an authorized dealer of vehicles manufactured by M&M in
Delhi. The company deals in all variants of vehicles manufactured
by M&M viz. passenger vehicles, three wheelers, utility vehicles,
light commercial vehicles (LCV) and heavy commercial vehicles
(HCV). The promoters initially started as a proprietorship entity,
in 2005, by the name of Sanjay Automotives. IAPL was incorporated
in 2006 by the conversion of Sanjay Automotives into a private
limited company. The company currently has 12 facilities, of which
five are 3S (sales, service and spares) facilities.

IAPL achieved an operating income of INR288.8 crore and a profit
after tax INR0.4 crore in 2013-14, as against an operating income
of INR332.7 crore and a profit after tax of INR0.6 crore in the
previous year.


JOGI FOOD: ICRA Cuts Rating on INR4.40cr Term Loan to D
-------------------------------------------------------
ICRA has revised the long term rating assigned to INR4.40 crore
fund based term loan facility of Jogi Food Processing from
[ICRA]C+ to [ICRA]D. ICRA has also assigned the short term rating
assigned to INR0.10 crore of JFP to [ICRA]D.


                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Term Loan                4.40          [ICRA]D; Downgraded
   Credit Exposure Limit    0.10          [ICRA]D; assigned

CRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing,
in view of the significant cross holdings and operational linkages
among the four group companies

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to its poor
operational performance in FY 13 & FY 14 as reflected in inability
to achieve the estimated revenues and desired stabilization in
operations. The company's stressed financial profile characterized
by losses and consequent erosion of net worth along with high debt
levels due to debt funded capex as well as working capital
borrowing for inventory funding. The ratings also continue to
incorporate the risk arising from the limited experience of the
promoters in the food industry and intense competition in the FMCG
segment from the long established presence of a few organised
players and other local manufacturers which intensifies the
challenges being faced in marketing and selling and distribution
of its products. The ratings also take into account the
vulnerability to fluctuations in raw material prices which are
subject to seasonality and crop harvest.

However, the rating positively considers the group support derived
from the associate concerns involved in related line of businesses
and significant capital contribution from promoters to meet the
debt obligations.

JFP, a proprietorship firm, is a part of the 'Patco' group of
companies, established in 2010 to manufacture various ready-to-eat
food products. The group is promoted by Mr. Matur Savani, Mr.
Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of
the group while the rest three associate firms namely M/s Jogi
Food Processing, M/s Krishna Food Processing and M/s Shreeji Food
Processing operates on a job work basis for PFPL. The
manufacturing facility of all the four companies are located in a
single premise spread over 58 acres of land. JFP has a biscuit
(various types) manufacturing of 7,500TPA.

For the period ended March 2014, the company reported an operating
income of INR0.32 crore and net losses of INR0.70 crore.


JYOTIRMAYE TEXTILES: ICRA Reaffirms B+ Rating on INR84.25cr  Loan
-----------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ to the INR84.25 crore (revised from
INR45.50 crore) long term fund based limits of Jyotirmaye Textiles
Pvt. Ltd.  ICRA has assigned [ICRA]A4 to the INR11.70 crore short
term non-fund based limits of JTPL. ICRA has also reaffirmed
[ICRA]B+/[ICRA]A4 to the INR4.70 crore (revised from INR0.40
crore) unallocated limits of JTPL.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund Based     84.25        [ICRA]B+ reaffirmed
   Limits
   Short Term Non-Fund      11.70        [ICRA]A4 assigned
   Based Limits
   Long/Short Term           4.70        [ICRA]B+/[ICRA]A4
   Unallocated Limits                    reaffirmed

The re-affirmation of ratings takes into account the small scale
of JTPL's operations, highly competitive and fragmented nature of
the spinning industry which limits the pricing power. The ratings
also take into account the high interest cost which is on account
of non classification of loans into TUFS scheme and proposed debt
funded capital expenditure of INR64 crore for adding 24,192
spindles which could have an adverse impact on the leverage and
coverage indicators of the company. The ratings are further
constrained by weak financial profile as reflected in high gearing
of 3.51 times as on 31st March 2014 and weak coverage indicators
as reflected in with NCA/Debt at 8.19% and OPBDITA/Interest at
1.99 times as on 31st March 2014. The ratings however, favourably
take into account the proximity to cotton growing areas of Guntur
in the state of Andhra Pradesh provides easy access to raw
material resulting in lower transportation costs. Besides,
management is experienced with two of the directors on board from
Tirumala Milk Products Private Limited, a leading milk & dairy
product seller in the state of Andhra Pradesh, Tamil Nadu and
Karnataka.

Jyotirmaye Textiles Private Limited (JTPL) was incorporated as a
private limited company on 1st Dec 2009 and promoted by Mr. Danda
Brahmanadam, Mr. Dr. Nalabothu Venkata Rao, Mr. Ravela
Satyanarayana and Mr. Danda Prasad. The company started commercial
production of yarn in FY11 with an installed capacity of 14,400
spindles. Subsequently, in FY12 additional 5,760 spindles were
added. The current installed capacity of the spinning mill is
20,160 spindles and produces carded yarn of 32s, 40s & 60s counts.

As per audited financials for FY14, JTPL reported an operating
income of INR77.45 crore with profit after tax of INR2.03 crore as
against INR67.01 crore of operating income with profit after tax
of INR1.98 crore in FY13.


KESHRANAND COTEX: ICRA Suspends 'B' Rating on INR6cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR6.00 crore long term fund based limits of Keshranand Cotex
Private Limited (KCPL). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Keshranand Cotex Private Limited was incorporated by Mr. Dyneshwar
Bhamre, Mr. Shivraj Patil and Mr. Raviraj Patil in 2009. The
ginning and pressing unit commenced from October 2012. The company
has a ginning and pressing unit at Dhule, Maharashtra, with an
installed capacity of 165,000 quintals and 55,000 quintals per
annum, respectively.


MALPANI COTTONS: CARE Assigns B+ Rating to INR14cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Malpani
Cottons Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       14       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Malpani Cottons
Private Limited (MCPL) is constrained by its financial profile
marked by declining and thin profitability margins, highly
leveraged capital structure and weak debt coverage indicators,
susceptibility of profit margins to cotton prices fluctuation and
seasonality associated with cotton ginning industry and presence
in the highly fragmented and competitive cotton ginning industry.
The rating, however, derives strength from the experienced
promoters in the cotton industry for two decades, location
advantage with presence in the cotton growing area, diversified
customer base, growth in total operating income during last 3
years ended FY14 (refers to the period April 1 to March 31) and
satisfactory operating cycle. The ability of the company to
improve its profitability and capital structure and manage its
working capital efficiently are the key rating sensitivities.

MCPL was incorporated in the year 2005 by Mrs Mohini Devi, Mr
Mukesh Malpani and Mr Manish Malpani. The company is engaged in
the manufacturing and processing of Kapas (with an installed
capacity of 60 gins to produce cotton bales) and processing of
cotton seeds to produce cotton seed oil & cotton seed oil cake at
its processing unit located at Adilabad, Telangana.

During FY14, MCPL reported a net profit of INR0.51 crore on a
total operating income of INR203.67 crore as against a profit of
INR0.47 crore on a total operating income of INR118.60 crore in
FY13.


MANISH EMPIRE: CARE Assigns B+ Rating to INR12.60cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of Manish
Empire.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       12.60      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facility of Manish Empire (MAE) is
primarily constrained on account of the implementation and
stabilization risk associated with the on-going debt-funded
project of setting up a three-star hotel in Vadodara (Gujarat).
The rating is further constrained on account of its presence in
the highly competitive and cyclical hotel industry coupled with
proprietorship nature of its constitution.

The aforementioned constraints far offset the benefits derived
from promoter's experience of over a decade in the real estate
industry, tie-up with the USA-based global hospitality and travel
company, Choice Hotels International, Inc. (Choice) of its
'Comfort Inn' brand of hotel, location advantage and positive
demand outlook with strong promotional activities being carried
out by the state government to promote tourism in Gujarat.

The ability of MAE to complete the project within the envisaged
cost and time along with timely stabilization of operations and
ability to achieve the envisaged level of revenue and
profitability are the key rating sensitivities.

Established in the year 2013, Vadodara-based (Gujarat) MAE is
promoted by Mr Manish Patel. MAE is undertaking a project to set
up a 3 star hotel with 48 rooms, party plot of 65,000 Square feet
(Sq.Ft.), banquet hall of 9,000 sq. ft., conference hall of 1,200
sq. ft., spa of 2,400 sq. ft, gym of 5,200 sq. ft. and a
restaurant with the sitting capacity of 132 persons. The land is
in the name of Mr Manish Patel and Mrs Madhuben Patel and the area
of the land on which MAE will set up this project is about 1.08
lakh sq. ft.

The total cost of the project is estimated at INR21.12 crore which
would be funded through proprietor's contribution of INR8.52 crore
and term loan of INR12.60 crore. The commercial operation is
expected to commence from September, 2015. As on December 31,
2014, the firm had incurred a total cost of INR4.42 crore and have
availed term debt of INR2.90 crore, infused INR1.52 crore as
proprietor's contribution.


NATIONAL PLASTIC: ICRA Withdraws B+ Rating on INR13cr Loan
----------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR13.00
crore fund based working capital facilities, and to the INR1.40
crore term loans of National Plastic Technologies Limited. ICRA
has also withdrawn the [ICRA]A4 rating assigned to the INR6.00
crore non-fund based limits of the company. ICRA has withdrawn the
[ICRA]B+ and [ICRA]A4 ratings assigned to the INR2.96 crore
proposed bank facilities of the company. There is no amount
outstanding against the rated instruments.


NITESH RESIDENCY: ICRA Cuts Rating on INR312.50cr LT Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR312.50
crore term loans of Nitesh Residency Hotels Private Limited
(NRHPL) from [ICRA]B+ to [ICRA]D.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long term-Term loans      312.50        Revised to [ICRA]D

The rating revision takes into account the recent delays in debt
servicing by the company. NRHPL owns a 277 room five star deluxe
hotel located in Bangalore. The hotel, which was commissioned in
October 2013, has been generating inadequate accruals vis-a-vis
the debt servicing obligations in the initial period.

NRHPL, promoted by Nitesh Estates Limited (NEL) and Mr Nitesh
Shetty (26% shareholding) and CPI India I Limited (74%
shareholding), has developed a 277 room five star deluxe hotel at
Residency Road, Bangalore. The hotel, which is operated under the
"Ritz Carlton" brand was launched in October 2013.


ORCHID INDUSTRIES: CARE Lowers Rating on INR23.09cr Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Orchid
Industries Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     23.09      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating of bank facilities of Orchid Industries
Private Limited (OIPL) is primarily on account of the stressed
liquidity position as reflected by the ongoing delays in debt
servicing.

Ability of OIPL to timely service the debt obligations coupled
with managing the working capital cycle efficiently would be
critical from a credit perspective.

Incorporated in 2004, Orchid Industries Private Limited (OIPL), is
engaged in the business of manufacturing of bobblin, embroidered
laces and crocheted laces. OIPL has plants at Tarapur and Bhiwandi
(both in Maharashtra) and Sonipat (Haryana) with a total installed
capacity of 1764 million stitches per annum for embroidery and
41.62 million meters per annum for bobbin lace.

The company's operations (as regards raw material procurement and
selling finished goods) are predominantly into the domestic
market. OIPL has its marketing offices located in Mumbai, Kolkata,
Delhi and Tirupur.

During FY14 (refers to the period April 01 to March 31), OIPL has
posted a total income of INR60.40 crore (grew by 19.25%
vis-a-vis of FY13) and PAT of INR0.11 crore (declined by 75.70%
vis-a-vis FY13). Furthermore, during 9MFY15, OIPL has reported
total income of INR27.63 crore and also has an order book position
of INR10 crore (as on January 10, 2015).


P.P AUTOMOTIVE: CARE Assigns B+ Rating to INR10cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of P.P
Automotive Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of P.P Automotive
Private Limited (PPAPL) is primarily constrained by the weak
financial risk profile of the company as reflected by low
profitability margins and weak solvency position. The rating also
takes into account the intense competition and cyclical nature of
the auto dealership business. The rating, however, derives
strength from the established track record of operations, long
association with Mahindra & Mahindra Limited (MML) and the fact
that the company is the sole distributor of MML in all the
locations where it has presence. Going forward, the ability of the
company to profitably scale-up its operations in a highly
competitive dealership space and improvement in the capital
structure shall remain the key rating sensitivities.

P.P. Automotive Private Limited (PPAPL) was set up in 2004 as a
partnership firm named P.P. Automotive by Mr Prem Lal Bhamba and
Mr Rajesh Bhamba, in Karnal. It was reconstituted as a private
limited company in 2009 by the name of PPAPL. The company has an
exclusive dealership business of Passenger Vehicles (PV;
contributed ~63% of the total revenue in FY14 refers to the period
April 1 to March 31) and Commercial Vehicles (CV; contributed
~33%) for Mahindra & Mahindra Ltd (MML; CARE AAA/A1+) in its five
showrooms in Haryana. The Company also offers servicing of
vehicles and sale of spare parts and lubricants. PPAPL is a part
of the P.P group, which has others firms viz. Nirmal Motors (into
dealership of Hero Motocorp Ltd.) and P.P. Autotek Pvt Ltd (into
dealership of Volkswagen).

In FY14 (audited) PMPL reported net profit of INR0.21 crore on the
total income of INR160.72 crore as against net profit of INR0.69
crore on a total operating income of INR172.67 crore in FY13.


PAWAN AUTOMOTIVES: ICRA Suspends B Rating on INR7cr Capital Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.0 crore
fund based working capital facility of Pawan Automotives Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


PRABHU DAYAL: CARE Revises Rating on INR12cr Loan to B+
-------------------------------------------------------
CARE revokes suspension and revises the rating assigned to the
bank facilities of Prabhu Dayal Kanojiya.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B+ Suspension
                                            Revoked and Rating
                                            Revised from CARE B

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a 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 revision in the long-term rating takes into account healthy
order book position of Prabhu Dayal Kanojiya (PDK) and significant
improvement in the total operating income (TOI) during FY14
(refers to the period April 01 to March 31) and 9MFY15.

The rating, however, continues to remain constrained on account of
PDK's small scale of operations in the highly competitive and
fragmented construction industry with financial risk profile
marked by leveraged capital structure and moderately stressed
liquidity position and its constitution as proprietorship concern.
These weaknesses are offset to an extent from wide experience of
the proprietor and its long association with government bodies.

The ability of the firm to secure further orders and increase its
scale of operations with improvement in solvency and liquidity
position would remain the key rating sensitivities.

PDK was formed as a proprietorship concern in 1972 by Mr Prabhu
Dayal Kanojiya. PDK is engaged in executing civil and structural
works largely for construction of buildings, sewage treatment
plants and drainage systems. The firm is registered as a 'Class
AA' contractor with Public Works Department (PWD) Rajasthan and
Rajasthan Housing Board (RHB) and has executed various projects in
Rajasthan in the past. Currently, PDK is engaged in executing
projects across the states of Rajasthan and Delhi NCR region.

During FY14, PDK reported a total operating income of INR18.02
crore (FY13: INR12.63 crore) with a PAT of INR0.81 crore
(FY13: INR0.72 crore). During 9MFY15, PDK reported a total
operating income of INR29.86 crore.


PRASHANT FABRICS: CRISIL Reaffirms B+ Rating on INR200MMM Loan
--------------------------------------------------------------
CRISIL's rating on bank facilities of Prashant Fabrics (India) Pvt
Ltd (PFIPL) continues to reflect large working capital
requirements, and exposure to intense competition in the textile
processing industry. These rating weaknesses are partially offset
by the industry experience of PFIPL's promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4 (Reaffirmed)
   Cash Credit           80         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    40         CRISIL B+/Stable (Reaffirmed)
   Term Loan            200         CRISIL B+/Stable (Reaffirmed)

Update

PFIPL on provisional basis reported net sales of INR642.1 million
for 2013-14 (refers to financial year, April 1 to March 31), as
against INR420.5 million the previous year, growth in revenue was
driven by improved demand of its products.

PFIPL's operating margin on provisional basis was moderate at
around 9.9 per cent for 2013-14, on account of intense competition
as there are various processing house in and around Ahmedabad,
leading to pricing pressure. CRISIL believes that PFIPL will
maintain operating margin at around 10 per cent over the medium
term with no major change in revenue mix. PFIPL continues to have
large working capital requirements, led by considerable inventory
and receivable of around 98 days and 82 days, respectively. CRISIL
believes that ASL's gross current assets will remain around 200-
210 days over the medium term led by large credit period extended
to agents and moderate inventory on account of a varied product
portfolio.

PFIPL's gearing remains high, at 2.70 times as on March 31, 2014,
on account of large rupee term loan and supplier's credit availed
to procure grey cloth. CRISIL expects PFIPL's gearing to decline
to 2.3 to 2.5 times over the medium term led by moderate accretion
to reserves and scheduled repayment of term loan.

PFIPL's liquidity is moderate marked by high bank line utilisation
of 97 per cent on an average over the 12 months ended October 31,
2014. The company is likely to generate moderate cash accruals of
around INR30-35 million to meet its maturing term debt obligations
of INR29 million 2014-15 and 2015-16, respectively.

Outlook: Stable

CRISIL believes that PFIPL will continue to benefit over the
medium term from its promoters' experience in the textiles
industry. The outlook may be revised to 'Positive' if the company
reports improvement in margins leading to better accruals and
hence better liquidity, or if company demonstrates improved
working capital management. Conversely, the outlook may be revised
to 'Negative' in case if PFIPL registers deterioration in its
financial risk profile, because of larger-than-expected debt-
funded capital expenditure or if its liquidity weakens because of
further increase in its working capital requirements.

PFIPL is involved in the fabric (grey fabric) processing business
through bleaching, dyeing, printing, and finishing of fabric. The
company is currently involved in both jobwork as well as
manufacturing. PFIPL sells its products under its own brand name,
Prashant Fabrics.

PFIPL on provisional basis reported a profit after tax (PAT) of
INR5.6 million on net sales of INR642.1 million for 2013-14
(refers to financial year, April 1 to March 31), against a net
profit of INR1.5 million on net sales of INR420.5 million for
2012-13.


PRITI MOTOR: ICRA Withdraws B Rating on INR4cr Bank Lines
---------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR4.00
crore bank lines of Priti Motor Udyog Private Limited, at the
request of the company, as the company no longer avails this
facility. There is no amount outstanding against the rated
instrument.


R. M. METALS: CRISIL Assigns B Rating to INR70MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R. M. Metals (RMM).

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

The rating reflects RMM's below-average financial risk profile
marked by its small net worth, moderate total outside liabilities
to tangible net worth (TOLTNW) ratio, average debt protection
metrics constrained by working-capital-intensive operations and
large advances extended to affiliates and friends. The rating also
factors in RMM's small scale of operations with low profitability
in an intensely competitive and fragmented industry. These rating
weaknesses are partially offset by the promoters' extensive
experience in the non-ferrous metals and alloys trading segment.

Outlook: Stable

CRISIL believes that RMM will benefit from the promoters'
extensive industry experience, over the medium term. The outlook
may be revised to 'Positive' if the financial risk profile
significantly improves with sizable fund infusions from the
promoters and cash accruals. Conversely, the outlook may be
revised to 'Negative' if RMM's financial risk profile and
liquidity weaken with substantial working capital requirements or
significantly low cash accruals or additional unrelated advances.

RMM was set up as a proprietorship firm, by Mr. Ravi Ramniklal
Kothari, in 2000. In 2003, Mrs. Manjula Kothari was added as a
partner, and the firm's legal status was changed to partnership.
RMM trades in brass foils, brass sheets, copper foils, copper
tubes, stainless steel sheet, stainless steel rounds and nickel
alloy pipes etc.


R.R. INDUSTRIES: ICRA Assigns B Rating to INR5.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR5.00 crore cash
credit facility and the INR2.43 crore term loan facility of R.R.
Industries (RRI). ICRA has also assigned its rating of [ICRA]A4 to
the INR0.03 crore short-term non-fund based limits and INR0.32
crore letter of credit (sub-limit of term loan) of RRI. ICRA has
also assigned its rating of [ICRA]B/[ICRA]A4 to the INR1.54 crore
unallocated limits of RRI.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Cash Credit               5.00      [ICRA]B; assigned
   Term Loan                 2.43      [ICRA]B; assigned
   Non-Fund Based Facility   0.03      [ICRA]A4; assigned
   Letter of Credit         (0.32)     [ICRA]A4; assigned
   (sub-limit of term loan)
   Unallocated Limit         1.54      [ICRA]B/[ICRA]A4; assigned

ICRA's ratings are constrained by the firm's small scale of
operations, its low profitability, and its weak financial profile
as characterized by high gearing levels on account of the high
working capital intensity of operations and weak debt protection
indicators. The ratings also take into account the intensely
competitive nature of the industry which exerts pressure on the
firm's operating margins. However, the ratings favourably take
into account the extensive experience and the long track record of
the promoters in the rice milling industry; the favourable
location of the plant with proximity to major rice growing area
which results in easy availability of paddy and the stable long
term demand prospects for the rice industry, with India being the
second largest producer and consumer of rice in the world.
Going forward, the firm's ability to increase its scale of
operations, improve its profitability and efficiently manage its
working capital requirements will be the key rating sensitivities.

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH) which was gradually increased to the
current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal.

Recent Results

During 2013-14, RRI recorded a net profit of INR0.11 crore on an
operating income of INR10.42 crore, as against a net profit of
INR0.09 crore on an operating income of INR9.07 crore in the
previous year.


RAHUL AGRO: CARE Reaffirms B+ Rating on INR18cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rahul Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    18.00       CARE B+ Reaffirmed
   Short-term Bank Facilities   10.01       CARE A4 Reaffirmed

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings 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 reaffirmation in the long-term and short-term ratings of Rahul
Agro Industries (RAI) take into account the declining
profitability margins and highly leveraged capital structure of
the firm. Furthermore, the rating continue to be constrained by
the stressed liquidity position, susceptibility of its margins to
volatile price of sesame seeds and foreign exchange rate, its
presence in the highly fragmented and unorganised agro processing
industry and its constitution as a proprietorship concern.

The ratings, however, derive strength from the vast experience of
the proprietor in the industry, significant growth in Total
Operating Income during FY14 (refers to the period April 1 to
March 31 -- INR127.54) and stable demand outlook of sesame seeds.
The ability of the firm to improve its scale of operations with
improvement in the overall financial risk profile will be the key
rating sensitivities.

RAI is a proprietorship concern formed in 2006 promoted by Mr
Rahul Pancholi. Mr Rahul Pancholi has around more than a decade of
years experience in the business of sesame seeds. RAI was
initially engaged in the trading of sesame seeds; however, from
2010 onwards, the firm started its own processing facility at
Ajmer, Rajasthan. At its processing unit, it carries out the
activities of hulling, grading and packaging of sesame seeds. The
firm procures 30% of raw sesame seeds through agents & balance
from the local market in Rajasthan. It sells hulled sesame seeds
in the domestic market as well as export to Poland and South
Korea.

During FY14, (refers to the period April 1 to March 31), RAI has
reported a total operating income of INR127.54 (FY13: INR84.50
crore) with a PAT of INR0.75 crore during FY14. (FY13 : INR0.53
crore).


RAJASTHAN TRANSMISSION: ICRA Withdraws B+ Rating on INR13cr Loan
---------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]B+ and [ICRA]A4
assigned to the INR13.0 crore bank lines of Rajasthan Transmission
Wires Private Limited. As per ICRA's policy on withdrawals, ICRA
can withdraw the rating in case the rating remains suspended for
more than three years.


RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajkamal Textiles
(Rajkamal) continue to reflect Rajkamal's small scale of
operations and susceptibility to volatility in raw material
prices.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       0.9        CRISIL A4 (Reaffirmed)
   Cash Credit         50.0        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the firm's
moderate financial risk profile, marked by comfortable gearing and
debt protection metrics, and its promoters' extensive experience
in the textile industry.
Outlook: Stable

CRISIL believes that Rajkamal will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations and generates substantial cash accruals on a
sustainable basis, resulting in an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if Rajkamal's capacities are underutilised, or if its operating
margin declines, or if it undertakes a large debt-funded capital
expenditure (capex) programme, weakening its financial risk
profile.

Update
Rajkamal's business risk profile is constrained by its small scale
of operations. The firm reported revenue of INR295 million and
cash accruals of INR6.2 million during 2013-14 (refers to
financial year, April 1 to March 31), and is likely to book
revenue of INR350 million during 2014-15. With sustained demand
from customers, the firm's scale of operations is expected to grow
moderately over the medium term. The firm will generate cash
accruals of over INR7 million over the medium term.

Rajkamal's financial risk profile is expected to remain moderate,
albeit constrained by its small net worth of INR52 million as on
March 31, 2014; its gearing was at 1.57 times as on that date. In
the absence of any debt-funded capex and moderate growth in cash
accruals, the gearing is expected to improve over the medium term.
The firm's interest coverage ratio is moderate, at 1.74 times
during 2013-14. CRISIL believes that with moderate cash accruals
and the absence of any major debt-funded capex plan, Rajkamal's
financial risk profile will improve gradually over the medium
term.

The firm has moderate liquidity, marked by expected sufficient
cash accruals to meet term debt obligations of about INR1.3
million to INR 1.5 million over the medium term. However, the
firm's working capital limits will remain highly utilised to fund
large working capital requirements. CRISIL believes that
Rajkamal's liquidity will remain moderate over the medium term, on
account of large working capital requirements.

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn in counts of 20s to 40s. It is
based in Coimbatore (Tamil Nadu).


S.P. APPARELS: ICRA Reaffirms D Rating on INR115cr ST Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR44.50 crore (revised from INR65.82 crore) term loan facilities
of S.P. Apparels Limited at [ICRA]D and has assigned a long-term
rating of [ICRA]D to the INR34.00 crore fund based facilities of
the company. Further, ICRA has also reaffirmed the short-term
rating outstanding on the INR115.00 crore (revised from INR73.00
crore) fund based facilities of the company at [ICRA]D.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long term: Term loan       44.50       [ICRA]D/reaffirmed
   facilities
   Long term: Fund based      34.00       [ICRA]D/assigned
   facilities
   Short term: Fund based    115.00       [ICRA]D/reaffirmed
   facilities

The ratings reaffirmation factor in the continuing delays in debt
servicing by SPAL, due to tight liquidity position and stretched
cash flows. Over the past two years ended FY14, company witnessed
tepid revenue growth and modest decline in operating margin,
resulting in limited cash accruals insufficient to service large
annual repayment obligations to the tune of INR33.2 crore -
INR48.0 crore. Further, the ratings also factor in company's
exposure to revenue concentration risks and the intense
competitive pressures in the readymade garments industry, which
restricts the pricing flexibility of garment exporters to a
certain extent. However, the promoter has a long-standing
experience in the textile industry and has established
relationships with renowned International brands, which aids in
securing recurrent revenue streams. The company also has well-
integrated manufacturing facilities and presence across the
garment value chain, leading to operational benefits. Going
forward, ability of the company to service its debt obligations in
a timely manner, on the back of liquidity improvement measures,
would remain as a key rating sensitivity.

Promoted as a partnership firm by Mr. P. Sundararajan in 1989 and
incorporated in November 2005 as a public limited company, SPAL is
engaged in knitting, processing (dyeing), garmenting (sewing),
printing and embroidery of 100% cotton garments. SPAL has its
manufacturing facilities located in and around Coimbatore
(knitting, processing, garmenting, and printing and embroidery
facilities) and Salem (spinning facility) in Tamil Nadu. The
company caters primarily for exports to renowned brands/ marketers
in the European Union (EU). SPAL entered the domestic retail
market in 2006-07 by acquiring a 70 per cent equity stake in
Crocodile Products Private Limited, the Indian arm of the
Singapore-based Crocodile International Private Limited (which
markets the menswear brand, Crocodile).

For 2013-14, SPAL reported net profit of 7.4 crore on an operating
income of INR452.1 crore, as against net profit of INR3.2 crore on
an operating income of INR429.3 crore during the previous
financial year 2012-13. According to unaudited results for the six
months ending September 30, 2014, the company reported net profit
of INR9.2 crore on an operating income of INR231.4 crore.


SAMARTH AGRO: ICRA Suspends B+ Rating on INR5.50cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding on
the INR5.50 crore long term fund based limits of Samarth Agro
Industries (SAI). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2007 by Mr. Harikishan Sharma, Mrs..Kiran Rathi
and Mrs.Vasudha Kharkar, Samarth Agro Industries is a Sailu,
Dist.Parbhani (Maharashtra) based partnership firm involved in
ginning and pressing of cotton. The current processing capacity of
the firm is 14,000 bales per annum.


SANJAY STEEL: CRISIL Reaffirms B Rating on INR70MM LOC
------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanjay Steel
Corporation (SSC) continues to reflect the firm's modest scale of
operations in the intensely competitive ship-breaking industry,
average financial risk profile, marked by small net worth and debt
protection metrics,and low operating margin. These rating
weaknesses are partially offset by the extensive experience of
SSC's partners in the ship-breaking industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter of Credit        70.0      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      29.9      CRISIL B/Stable (Reaffirmed)

Update
SSC reported net sales of around INR9.2 million for 2013-14
(refers to financial year, April 1 to March 31) as against INR68.3
million for 2012-13; the decline was due to decrease in volumes
and in sales realisations. The firm registered sales of around
INR9 million for the nine months ended December 31, 2014. Its
operating margin was lower around 1.8 per cent in 2013-14 as
compared with 2.1 per cent in 2012-13. CRISIL believes that any
adverse movement in foreign exchange (forex) rates will impact the
firm's accruals and liquidity and will, thus, remain a rating
sensitivity factor over the medium term.  SSC's financial risk
profile is marked by a low total outside liabilities to tangible
net worth (TOLTNW) ratio of 0.45 times as on March 31, 2014, due
to no letter of credit (LC)-backed purchases. Although the firm
did not have any LC outstanding as on December 31, 2014, the
TOLTNW ratio is expected to remain at 0.4 to 0.6 times over the
medium term, with further procurement of ships. Its interest
coverage ratio was around 1.64 times in 2013-14 as compared with
over 1.48 times in 2012-13. The firm's networth remained modest,
at INR8.4 million, as on March 31, 2014, which also restricts its
financial flexibility in case of exigencies.  SSC's liquidity is,
however, supported by the absence of any term debt liability.
Outlook: Stable

CRISIL believes that SSC will continue to benefit over the medium
term from its partners' extensive experience in the ship-breaking
industry. The outlook may be revised to 'Positive' if the firm
registers more-than-expected increase in its revenue and net cash
accruals while improving its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if SSC registers
deterioration in its profitability on account of volatility in
scrap prices or adverse fluctuations in forex rates, or if its
liquidity is impacted due to repayment of its LC obligations.

SSC, a Mumbai-based partnership firm established in 1984, carries
out ship-breaking activities and trades in steel and iron scrap.
Its partners are Mr. Gauri Shankar Jain and his son, Mr. Sanjay
Kumar Jain.


SATYA SUBAL: CRISIL Reaffirms 'D' Rating on INR85MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Satya Subal
Himghar Pvt Ltd (SSHPL) continue to reflect instances of delay by
SSHPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.0        CRISIL D (Reaffirmed)
   Cash Credit           6.0        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   83.0        CRISIL D (Reaffirmed)
   Term Loan            85.0        CRISIL D (Reaffirmed)

SSHPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the cold storage industry in West Bengal.
However, the company benefits from its promoter's extensive
industry experience.

Incorporated in 2013, SSHPL provides cold storage facilities for
potato storage, and the promoters also undertake opportunistic
trading in potatoes. The cold storage is located in Mednipur
(West), West Bengal. The company's day-to-day operations are
managed by five brothers: Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh,
Mr. Sasanka Ghosh, Mr. Shankar Ghosh, and Mr. Kinkar Prasad Ghosh.


SIDDESHWAR MULTIPURPOSE: CRISIL Reaffirms D INR65.9MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Siddeshwar
Multipurpose Heemghar Pvt Ltd (SMHPL) continue to reflect delays
by SMCSPL in servicing its debt; the delays have been caused by
the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.2       CRISIL D (Reaffirmed)
   Cash Credit          65.9       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   40.2       CRISIL D (Reaffirmed)
   Term Loan            42.7       CRISIL D (Reaffirmed)

SMHPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the cold storage industry in West Bengal.
However, the company benefits from its promoters' extensive
industry experience.

Incorporated in 2011, SMHPL provides cold storage facilities for
potatoes. Its facilities are located in Chandrakona (West Bengal).
The company's day-to-day operations are managed by three brothers:
Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, and Mr. Sasanka Ghosh.


SHANKAR RICE: ICRA Reaffirms B Rating on INR34cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR34
crore (enhanced from INR29 crore) fund based facilities of Shankar
Rice & Gen. Mills.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based Limits         34           [ICRA]B Reaffirmed

The rating reaffirmation factors in small scale of operations of
the firm which coupled with low value added nature of business and
high competition in the industry has resulted in low profitability
and weak debt coverage indicators for the firm. The rating also
takes into account the working capital intensive nature of the
rice milling business due to the need to maintain substantial
inventories; the resultant working capital requirements have been
funded mainly through bank borrowings, leading to a highly
leveraged capital structure. The rating is also constrained by
agro climatic risks which can affect the availability of paddy in
adverse conditions. However, the rating is supported by long track
record of firm's operations and experience of promoters in rice
industry, proximity of the mill to major rice growing area which
results in easy availability of paddy and stable demand outlook
with rice being an important part of the staple Indian diet.

Incorporated in the year 2001, Shankar Rice & Gen. Mills is a
partnership firm engaged milling and processing of basmati and non
basmati rice. The firm has its plant located in Moga, Punjab with
milling capacity of 4.5 tons/hour and sorting capacity of
5tons/hour. The firm has been promoted by Mr. Parveen Kumar, Ms.
Santosh Rani, Mr. Amandeep and Mr. Kamaldeep.

The firm reported a net profit after tax of INR0.20 crore on an
operating income of INR60.47 crore in FY2014 as against net profit
of INR0.19 crore on an operating income of INR52.96 crore in
FY2013.


SHELAR PROPERTIES: CRISIL Ups Rating on INR240MM Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shelar Properties Pvt Ltd (SPPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B-/Stable (Upgraded
                                   From CRISIL D')

   Long Term Loan        69.5      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    55.5      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan            240.0      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects improvement in SPPL's liquidity,
marked by timely repayment of debt over the past five months. The
company's liquidity has improved on the back of increasing cash
accruals from its hotel property in Nashik (Maharashtra), where
the occupancy level is improving. The favourable location of its
hotel properties continues to aid the company in attracting
guests.

The rating reflects SPPL's modest scale of operations, its
exposure to intense industry competition, and its below-average
financial risk profile, marked by modest net worth, high gearing,
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of SPPL's
promoter and the support that the company receives from its group
entities.

Outlook: Stable

CRISIL believes that SPPL will continue to benefit over the medium
term from its promoter's extensive experience in the hospitality
industry and the prime location of its hotels. The outlook may be
revised to 'Positive' in case of significant increase in cash
accruals resulting in enhanced liquidity. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in SPPL's
financial risk profile, especially liquidity, because of low
occupancy level or large debt-funded capital expenditure.

SPPL, incorporated in 1999, operates two multi-facility hotels at
Nashik and Thane (Maharashtra) under the Express-Inn brand. The
company's day-to-day operations are managed by the promoter, Mr.
Narayan Shelar.


SHREE BHAARATHI: ICRA Reaffirms B+ Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR7.00 crore fund based facilities of Shree Bhaarathi Cotton
Mills Private Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term: Fund based     7.00         [ICRA]B+/reaffirmed
   facilities

The rating reaffirmation considers the promoter's experience in
the cotton spinning business for more than three decades and the
established relationship with customers, which ensures repeat
orders in the domestic market. During 2013-14, the Company's
operating income grew by ~6.9% due to higher realizations in 2013-
14 on the back of favourable demand for yarn in the domestic
markets while the operating margins were impacted marginally on
account of higher raw material cost. The rating, however, remains
constrained by the stretched capital structure of the company
characterized by high gearing and weak coverage indicators on the
back of lower accruals from the business. The rating also take
cognizance of the Company's small scale of operations which
restricts benefit of economies of scale and the intense
competition prevalent in the industry, which limits the pricing
flexibility of the Company. The rating also factors in the
vulnerability of performance to volatility in cotton and yarn
prices.

Shree Bhaarathi Cotton Mills Private Limited, incorporated in
1985, is primarily engaged in the production of cotton yarn in
lower counts and the manufacturing facility is located at
Rajapalayam (Tamil Nadu). The Company, which commenced operations
in 1954 as a partnership firm with four ring spinning frames, was
converted into a private limited company in 1985. The commercial
production in 1985 started with an installed capacity of 13,004
spindles of 29 frames and was expanded over years to reach the
current level of 19,144 spindles. The Company is held closely by
the promoter and his family members.

The Company reported net profit of INR0.1 crore on an operating
income of INR28.9 crore during 2013-14 as against net loss of
INR0.04 crore on an operating income of INR27.0 crore during 2012-
13.


SHREE KAUSHALYA: ICRA Assigns B Rating to INR9cr LT Loan
--------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the proposed
INR9.00 crore, fund based bank facilities of the Shree Kaushalya
Fibers (SKF).

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund-based     9.00          [ICRA]B, Assigned
   bank facilities

The assigned rating takes into account SKF's modest installed
capacity, its recent commencement of operations in December 2014
and the highly competitive and seasonal nature of the cotton
ginning industry. ICRA also takes note of the pressure on the
company's profitability on account of the low value additive
nature of the work, seasonality of the cotton ginning industry and
volatility in raw material prices. The rating, however, favorably
factors in the extensive experience of the promoters in the cotton
ginning industry, and existing relationships with customers, which
will help the firm in the initial phase of operations. Further,
ICRA also notes the proximity of the manufacturing units to the
cotton producing belt of Maharashtra and Madhya Pradesh, resulting
in easy access to raw material and reduction in transportation
costs and agent commission.

In ICRA's view, the ability of the firm to ramp up its operations
in the initial phase of operations and generate healthy
profitability shall be the key rating sensitivities.

SKF is a partnership firm promoted by the Tayal family of Sendhwa,
Madhya Pradesh and is engaged in cotton ginning and pressing. The
promoters have extensive experience in the cotton ginning business
through other group companies like Mahesh Ginning Private Limited
and Girijashankar Cotton Private Limited. The firm's unit, which
is equipped with 20 ginning machines, has an installed capacity of
~320 quintals of cotton lint per day (200 bales per day).


SHREE SAI: CRISIL Reaffirms 'D' Rating on INR59MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Shree Sai Maruti
Ginning and Pressing Factory (SSMGPF) continues to reflect
SSMGPF's prolonged over-utilisation of its working capital limits
for over 30 days. This was caused by weak liquidity because of a
delay in receivables realisation.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            59.0        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.9        CRISIL D (Reaffirmed)

SSMGPF also has a small scale of operations and susceptibility to
intense industry competition, susceptibility of business and
profitability to changes in government policy and moderate
financial risk profile. The firm, however, benefits from its
promoters' extensive experience in the cotton industry.

SSMGPF, a partnership firm, is promoted by Mr. Jitendrasinh Jhala,
Vijaykumar Babulal Patel, and Kartikbhai Nanjibhai Vikhariya. The
firm has a cotton ginning unit at Babra in Amreli (Gujarat).
SSMGPF also extracts oil from cotton seeds.


SKYMAX CERAMIC: ICRA Suspends B Rating on INR4.54cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.04
crore long term fund based facilities and [ICRA]A4 rating to the
INR0.80 crore short term limits of Skymax Ceramic. The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation from the company.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long Term- Cash           2.50          [ICRA]B suspended
   Credit Limit

   Long Term-Term Loan       4.54          [ICRA]B suspended
   Limit

   Short Term-Limit          0.80          [ICRA]A4 suspended

Established in 2008, Skymax Ceramic (SC) is currently engaged in
manufacturing of clay mix (slurry) which is used in manufacturing
of ceramic tiles. From FY 13 the firm forayed into manufacturing
of ceramic floor tiles, for which the firm has started the
commercial production for tiles from April 2012. The plant is
situated at Morbi, Gujarat. The plant has an installed capacity of
producing 24000 MT ceramic floor tiles per annum of 16" X 16''
size.


SREE VARIETY: CRISIL Cuts Rating on INR100MM Cash Credit to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sree Variety Marketing Solutions Pvt Ltd (SVMSPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         10       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           100       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       10       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan          9.5     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Standby Line of        10       CRISIL D (Downgraded from
   Credit                          'CRISIL B/Stable')

The rating downgrade reflects instances of delay in debt servicing
by SVMSPL and its continuously overdrawn bank lines, caused by
weakened liquidity. The company's liquidity has deteriorated
mainly because of an unprecedented stretch in its working capital
cycle.

SVMSPL has a below-average financial risk profile marked by small
net worth, high total outside liabilities to tangible net worth
ratio, and inadequate debt protection metrics. Moreover, the
company has a small scale of operations and weak liquidity because
of its large working capital requirements. However, the company
benefits from its diverse product profile and the extensive
experience of its promoters in the edible oil and dalda trading
business.

Set up in 1994 as a partnership firm by Mr. K Satya Reddy and his
brother Mr. K Prabhakar Reddy in Hyderabad and reconstituted as a
private limited company in 2010, SVMSPL trades in a variety of
products, such as edible oil, dalda, batteries, and paper.


SRI GURU: CRISIL Cuts Rating on INR174.6MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Guru Harkrishan Sahib (C) Eye Hospital Trust (Regd.) [SGHT]
to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility      45       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term      60.4     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan              174.6     CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects recent instances of delay by SGHT in
servicing its term loan repayment obligations; the delays were
driven by the trust's stretched liquidity. SGHT's liquidity was
stretched because of its large capital expenditure for setting up
additional hospital blocks and renovation of existing blocks. The
debt repayment obligations are expected to remain sizeable over
the near term, constraining its liquidity. The trust's liquidity
is also stretched due to delay in realisations from third-party
administrators.

SGHT also has a small scale of operations, with geographic
concentration in its revenue profile. The trust, however, benefits
from its established position in the healthcare industry in
Sohana, Mohali (Punjab).

Set up in 1993 in Mohali, SGHT operates a multi-speciality
hospital, deriving most of its revenue from the ophthalmic
division, a heart centre, and an educational institute imparting
nursing degrees. The trust was established by the late Mr. Jasbir
Singh Khalsa. Currently, Mr. Devinder Singh Khalsa is the chairman
of the trust; other trustees include Mr. Gurmeet Singh (secretary
and chief executive officer), Mr. Swarnjit Singh, Mr. Sarabjit
Singh, and Mr. Harbans Singh.

SGHT reported net surplus of INR3.2 million on net income of
INR439 million for 2013-14 (refers to financial year, April 1 to
March 31) against net surplus of INR7.5 million on net income of
INR299 million for 2012-13.


STRONGWIRE INDUSTRIES: ICRA Reaffirms B+ Rating on INR4.8cr Loan
----------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B+ rating to the
INR8.30 Crore fund based bank facilities and short term rating of
[ICRA]A4 to INR2.00 Crore short term fund based facilities of
Strongwire Industries.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long Term Fund Based        4.80        [ICRA]B+ Reaffirmed
   Limits - Term Loan

   Long Term Fund Based        3.50        [ICRA]B+ Reaffirmed
   Limits - Cash Credit

   Short Term Fund Based       2.00        [ICRA]A4 Reaffirmed
   Limits - Bill Discounting
   against Prime Letter
   of Credit

The rating reaffirmation takes into account 'Strongwire
Industries' (SWI) small scale of operations with decline in sales
in FY14, leveraged capital structure, weak coverage indicators and
weak net cash accruals. Besides, the profitability is likely to
remain under pressure in the near term on account of high interest
and depreciation expenses. The ratings are further constrained by
high competitive pressures and risks associated with capital
withdrawals as inherent in partnership firm.

The ratings, however, draw comfort from the long experience of the
management and likely support to revenue growth and profitability
following the foray into higher value added product segment and
acquisition of new customers.

Established in 1993 as a partnership firm, Strongwire Industries
(SWI) is engaged in the manufacture of Mild Steel (MS) Wire and
Copper Coated (CC) Wire which finds application in the welding
industry. The firm has its registered office at Kandivali and
production facilities in Tarapur (Maharashtra) and Bhilad
(Gujarat) with an installed capacity of 3000MTPA each. BHEL, JAS-
ANZ/ISO and DET NORSKE VERITAS AS certify the products.


SUPREME NUTRI: ICRA Reaffirms B Rating on INR7cr Cash Credit
------------------------------------------------------------
The long-term rating of [ICRA]B has been reaffirmed to the INR7.00
crore (enhanced from INR2.50 crore) cash credit facility and
INR4.50 crore term loan of Supreme Nutri Grain Private Limited
(SNGPL). The short term rating of [ICRA]A4 has also been
reaffirmed to the INR1.75 crore non fund based facilities of
SNGPL.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Cash Credit Facility     7.00          [ICRA]B reaffirmed
   Term Loan                4.50          [ICRA]B reaffirmed
   Forward Contract Limit   1.75          [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to take into account the
company's relatively small scale of current operations, though the
rating factors in the healthy scaling up of operations in the
current fiscal; and the high competitive intensity of the
business, given the established presence of large organized
players and that of unorganized players in the non-branded
segment. Further, the ratings continues to remain constrained by
the vulnerability of the company's profitability to raw material
price fluctuations in view of the limited room for increasing the
sales price (Maximum Retail Price) given the price elasticity of
demand.

The ratings, however, continue to favourably factor in the past
experience of the promoters in the processed foods industry and
the favourable demand prospects for instant noodles driven by the
change in socio-demographics of the country.

Supreme Nutri Grain Private Limited (SNGPL), promoted by Mr.
Bharat Piparava, Mr. Nilesh Kapuriya, Mr. Sanjay Kapuriya and Mr.
Mukesh Khatrani, was incorporated as a private limited company in
May 2012 and commenced commercial production from 15th August
2013. The company is engaged in manufacturing of instant noodles
packaged in units of 35 grams, 75 grams and 300 grams and has an
installed capacity of 6200 TPA. The noodles are sold under the
registered brand name of 'Zoopy' and are available in four
flavours namely Mazedaar Masala, Mirch Masala, Gujarati Delight
and Satvik Sizzle. Apart from its branded noodles, the company
also sells non branded instant noodles packaged in various units
depending on the requirements of the customers ranging from packs
of 35 grams to 10 kg each.

For the eight months period of FY 2015 from April 14 to
November 14 (as per provisional financials), Supreme Nutri Grain
Private Limited reported an operating income of INR22.54 crore and
profit before depreciation and taxation of INR0.59 crore as
against an operating income of INR10.56 crore and profit after
taxation of INR0.07 crore for FY 2014.


TUBEKNIT FASHIONS: CRISIL Cuts Rating on INR245MM Loan to 'C'
-------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Tubeknit Fashions Ltd (TFL) to 'CRISIL C' from 'CRISIL B-/Stable'.
The short-term rating has been reaffirmed at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        2.5        CRISIL A4 (Reaffirmed)

   Foreign Bill        115.0        CRISIL C (Downgraded from
   Discounting                      'CRISIL B-/Stable')

   Funded Interest     103.6        CRISIL C (Downgraded from
   Term Loan                        'CRISIL B-/Stable')


   Letter of Credit      5.0        CRISIL A4 (Reaffirmed)

   Packing Credit      245.0        CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term    1.0        CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Working Capital     225.0        CRISIL C (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

The downgrade in rating reflects deterioration in TFL's liquidity
driven by large working capital requirements, resulting in
continuous overutilisation of its working capital limits.
Furthermore, the company's cash accruals are expected to be
tightly matched by its maturing term debt obligations over the
medium term.

The ratings continue to reflect TFL's weak financial risk profile
marked by below-average capital structure and working-capital-
intensive operations. These rating weaknesses are partially offset
by its promoters' extensive experience in the garments industry.

TFL was set up as Tubeknit Exports in 1985; it was reconstituted
as a private limited company in 1996 and as a limited company
(under its current name) in 1999. It exports ready-made garments.
The company is promoted by Mr. P Parthasarathi.

TFL reported profit after tax of INR3.1 million on operating
income of INR405 million for 2013-14 (refers to financial year,
April 1 to March 31) against net loss of INR192.1 million on
operating income of INR258 million for 2012-13.


UMESH INDUSTRIES: CARE Reaffirms B Rating on INR9.75cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Umesh Industries Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.75      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Umesh Industries
Private Limited (UIPL) continues to remain constrained on account
of its modest scale of operations in the highly fragmented
industry, financial risk profile marked by thin profit margins,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of business operations.
Furthermore, the rating continues to remain constrained on account
of presence of UIPL in the lowest segment of textile value chain,
seasonality associated with cotton availability and susceptibility
of profit margins to fluctuations in cotton price.

The rating, however, continues to derive comfort from vast
experience of the promoters in the cotton industry and its
strategic location in the cotton-growing region of Gujarat. The
rating factors in the increase in operating income and moderate
improvement in capital structure and debt coverage indicators
during FY14 (refers to the period April 1 to March 31).

UIPL's ability to increase scale of operations, improvement in
profit margins and capital structure along with managing its
working capital requirements efficiently are the key rating
sensitivities.

Harij-based (Gujarat) UIPL was incorporated in November 2004 as
Umesh Cotton Ginning and Pressing Pvt. Ltd. (UCGPPL) and
subsequently the name of the company was changed to UIPL in August
2010. UIPL is promoted by Mr Babulal Ishwarlal Thakkar, and is
engaged in the manufacturing as well as trading of cotton bales
and cotton seeds since its inception. UIPL deals in 'Shankar 6'
type of cotton which is being sourced through local farmers and
also from agriculture marketing yards from Gujarat. UIPL operates
through its sole ginning and pressing unit located in Harij which
has an installed capacity to process 3,130 metric tons per annum
(MTPA) of cotton bales and 5,723 MTPA of cotton seeds as on March
31, 2014.

During FY14, UIPL reported a total operating income (TOI) of
INR51.67 crore and PAT of INR0.04 crore as against TOI of
INR.38.88 crore and PAT of INR0.04 crore during FY13. As per
9MFY15 (provisional) financials, UIPL has reported TOI of INR33.30
crore.


VARUN AGRO: ICRA Reaffirms B+ Rating on INR11cr Term Loan
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR19.00 crore
(enhanced from INR14.00 crore) long term, fund based facilities of
Varun Agro Processing Foods Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term-Term Loan       11.00       [ICRA]B+ Reaffirmed
   Long term-Cash Credit      8.00       [ICRA]B+ Assigned

The reaffirmed rating continues to take into consideration the
long standing experience of promoters in agricultural commodities
trading and food processing industry, reputed client base and
healthy revenue growth supported by large orders from existing
clients. The rating is however constrained by the nascent stage of
operations of the company, high client concentration risk with
single client contributing to ~65% of revenue base in FY14 and
susceptibility of profitability to volatility in raw material
prices which are governed by vagaries in agro-climatic conditions
and regulatory framework. The company has pass through clause for
its largest customers which mitigates the risk to some extent.
Further, the financial profile of the company is characterized by
high gearing and weak debt coverage indicators though interest
free unsecured loans from promoters provide some comfort. ICRA
also takes note of the sizeable debt funded capex plans which is
expected to deteriorate capital structure and put pressure on
liquidity profile of the firm till capacities stabilize.

Incorporated in 2010, VAPF is part of the Nasik based Varun Foods
and started its operations in 2012. The company is engaged in
manufacturing tomato paste and fruit pulp such as mango pulp,
white guava pulp and red papaya concentrate. Among mango pulp, the
company offers several varieties such as Alphonso Mango pulp,
Kesar Mango Pulp and Totapuri Mango Pulp. The manufacturing
facility of the company is located in Nasik district of
Maharashtra having an installed capacity of ~2000 MT per month.


VISHWAKALA PRINTERS: CRISIL Suspends B+ Rating on INR16.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vishwakala Printers (VP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         3         CRISIL A4
   Cash Credit           10         CRISIL B+/Stable
   Letter of Credit      34.8       CRISIL A4
   Proposed Long Term
   Bank Loan Facility    16.5       CRISIL B+/Stable

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

Set up in 1994, VP undertakes printing orders. The firm's day-to-
day operations are managed by Mr. Vishwanathan Babu.


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


TOWER BERSAMA: Fitch Rates TBG Global's USD350MM 5.25% Notes 'BB'
----------------------------------------------------------------
Fitch has assigned TBG Global Pte Ltd's USD350m 5.25% notes due
2022, which are guaranteed by PT Tower Bersama Infrastructure Tbk
(TBI; BB/Stable), but not by TBI's operating subsidiaries (opcos),
a final rating of 'BB'.  The final rating follows the receipt of
documents conforming to information already received, and is in
line with the expected rating assigned on Jan. 26, 2015.

TBG Global Pte Ltd is a finance subsidiary of TBI, an Indonesia-
based telecommunications tower operator.

KEY RATING DRIVERS

Proposed Notes Not Notched: Fitch rates the proposed notes at the
same level as TBI's Issuer Default Rating (IDR) despite their
structural subordination to debt at the opcos, which generate all
of the group's revenue.  Fitch has not notched down the proposed
notes because we believe that there will be a strong creditor
recovery in a distress scenario as a high proportion of the
group's operating cash flows are contractually locked in (USD2.2bn
at end-September 2014).

Replacement of Opco Debt: The equalisation of the proposed notes
with TBI's IDR is also based on our expectation that the company
will gradually replace its debt at its opcos with debt at the
holding company.  Proceeds from the proposed notes will be used to
partially repay unsecured bank borrowings at the opco level, which
will reduce the proposed notes' structural subordination.

Mitratel Acquisition Strengthens TBI's Profile: While the
acquisition of PT Dayamitra Telekomunikasi (Mitratel) will dilute
TBI's EBITDA margin, it will also improve TBI's tenancy mix and
cash visibility.  Fitch believes that tenancy mix will remain
robust with investment-grade telcos accounting for more than 80%
of revenue following the acquisition (82% in 3Q14).  Additionally,
cash flow visibility will improve with additional contracted
revenues from Mitratel.

Strong Funding Access: In addition to its high cash flow
visibility, TBI's liquidity is also supported by strong access to
funding from banks and bond markets, both local and overseas,
evidenced by the November 2014 raising of USD1.3bn of unsecured
bank borrowings.

More Tower Sales to Come: Fitch believes that the three largest
telcos in Indonesia may further monetise their tower portfolios.
The market leader PT Telekomunikasi Selular (AAA(idn)/Stable)
might divest part of its tower portfolio (around 18,000 towers)
despite its low leverage.  PT XL Axiata Tbk (BBB/Stable) and PT
Indosat Tbk (BBB/Stable) may also try to sell their tower
portfolios to release capital (both still own more than 6,000
towers).  Fitch believes that a debt-funded tower acquisition will
be negative for TBI's ratings given the current low ratings
headroom.

KEY ASSUMPTIONS

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

   -- Organic growth of 1,500- 2,000 towers per annum;
   -- Acquisition of Mitratel is completed in 2015;
   -- No growth in Mitratel's reseller business;
   -- No tower portfolio acquisition

RATING SENSITIVITIES

Fitch expects no positive rating action as the company's leverage
will remain high in the medium term.

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

   -- A debt-funded acquisition, or lease defaults by weaker
      telcos, or significant dividend payments leading to FFO-
      adjusted net leverage remaining above 4.0x on a sustained
      basis.



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


1MALAYSIA DEVELOPMENT: Lenders Threaten to Put Firm in Default
--------------------------------------------------------------
Jason Ng and P.R. Venkat at The Wall Street Journal report that a
group of Malaysian banks have threatened to put the 1Malaysia
Development Bhd. in default if it fails to repay a MYR2 billion
($550 million) loan by the deadline at the end of the month, in a
rare case of the country's local banks taking on one of the
country's biggest state investment firms.

1MDB, whose advisory board is chaired by Prime Minister Najib
Razak, has already twice delayed repaying the loan, the Journal
says.  According to the report, repayment of the loan was first
extended from an initial deadline of the end of November, and then
again at the end of January, embarrassing the Malaysian government
and raising concerns about the state firm's ability to pay its
other, much larger obligations as the country's currency stumbles
amid a slide in oil prices.

According to the Journal, people with knowledge of the process
said that the consortium of creditors, including Malayan Banking
Bhd. and RHB Capital Bhd., have told 1MDB to come up with a
payment plan or else face an "event of default."

A default would cast a shadow on 1MDB's plans to raise over $3
billion from an initial public offering of the power plants it
bought from a debt-fuelled spree a few years ago, the report
notes.  The IPO, slated for some time this year, was originally
planned for 2014, the Journal says.

The Journal notes that one saving grace for 1MDB could be a
potential lifeline from Malaysian tycoon Ananda Krishnan, who
guaranteed the 2012 loan as part of an agreement to sell his power
generation assets to 1MDB.  Mr. Krishnan has agreed in principle
to lend 1MDB the funds to repay the loan, people with knowledge of
the talks had said earlier, and those discussions continue,
according to the Journal.  Mr. Krishnan, a telecoms and cable-TV
magnate, is also negotiating coming into 1MDB's energy business
IPO as an anchor investor.

The Journal says people with knowledge of the deal said that if
1MDB is able to repay its loan, the company could tap the market
with an IPO of its energy assets by the second half of this year.

The loan is a relatively small part of 1MDB's total liabilities of
MYR41.9 billion (US$11.5 billion) as of March 31, 2014 -- the
latest date for which figures are available. But it is focusing
attention on how 1MDB will handle its $7.4 billion dollar-
denominated debt while oil prices, and Malaysia's currency, remain
weak, says the Journal. Officials at 1MDB said its assets, valued
at MYR51.4 billion at the end of March outweigh its liabilities,
the report adds.

Fitch Ratings recently cautioned that 1MDB's financial position
has become "a source of uncertainty" because of the nature of its
operations, leadership and explicit government guarantees of some
of its borrowings, the Journal reports.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


ROSS ASSET: Receiver Chasing More Than NZ$25 Million
----------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that the receiver of Ross
Asset Management is "reluctant" to put a number on the millions of
dollars it is seeking to claw back from former investors. But the
figure is "certainly" more than the previously reported
NZ$25 million, and could potentially result in a "substantial"
sum, the report says.

Stuff.co.nz notes that David Ross was in November 2013 jailed for
10 years and 10 months for operating a fraudulent scheme in which
private investors lost about NZ$115 million.  His company, Ross
Asset Management (Ram), fleeced at least 700 investors through
portfolios in which they thought they had more than
NZ$380 million.  About NZ$3 million is left for the hundreds of
investors swindled by Ross, responsible for New Zealand's single-
biggest fraud, the report states.

According to Stuff.co.nz, receivers PWC are using the Companies
Act to go back two years from their appointment to claw back up to
NZ$25 million from investors who withdrew money from the Ponzi
scheme before it collapsed.

It has recently emerged, however, that they will also be making
claims under the Property Law Act which allows them to go back six
years, Stuff.co.nz relays.

The report relates that the first of three test claims against
investors -- their names have been suppressed -- who withdrew
fictitious profits will be heard in March.  One of the entities
from which NZ$2.3 million is being sought lists a high-profile
Wellingtonian among its shareholders.

According to the report, receiver John Fisk said he was reluctant
to put a number on what the new claims might be, but said it would
"certainly" be more than the NZ$25 million.

A PWC report last month stated: "The potential sum recoverable
from such claims could be substantial," the report relays.

According to early PWC reports, funds withdrawn by investors over
the last five years of Ram exceeded contributions by more than
NZ$60 million, Stuff.co.nz discloses.

Earlier this month, Mr. Fisk said the new clawback claims had the
potential to "make a substantial difference to the outcome of the
liquidation," Stuff.co.nz recalls.  But the outcome of the test
cases would provide much clearer guidance as to how any further
claim should be brought.

                        About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


WILLIAMS & CO: Goes Into Liquidation
------------------------------------
The Press reports that the tortured saga of new Christchurch
building company Williams & Co (WC) has come to an end with the
company's liquidation.

The High Court in Christchurch put WC into liquidation after the
company acknowledged its failure to get creditor support for a
compromise arrangement, according to The Press.

Late last year the court gave the company about six weeks to file
its compromise or face liquidation, the report notes.

The report relates that the company has been insolvent for many
months and an effort to negotiate a previous compromise also
failed.

In August, Stuff reported the company faced a litany of
complaints, the report notes.

But by September last year the firm promised good news for
customers, the report discloses.

WC owes about NZ$2.5 million to unsecured creditors.

The liquidators, HFK Chartered Accountants, are left with a
complex situation, the report relays.

The report says that the company has 50-80 clients, some of whom
have partly finished homes and some who have made part payments.
Others have bought turn-key packages.  Their deposits are now at
risk.

The insurer of the build contracts CBL is understood to have
already paid out NZ$1 million on some of the contracts, the report
discloses.

The company's director Ashton Williams, a former painting
contractor, has written to the company's clients, saying the
compromise failed because of the uncertainty around future claims
against the company, the report relays.

"I am very disappointed that I have not been able to complete your
build for you. I am keen to help as much as possible.  .  . I will
be working with any liquidators and you as much as possible to
help with this," the report quoted Mr. Williams as saying.

"I realise that no apology from me can make up for the frustration
and stress you have had to endure. The best I can offer is my
sincere apologies and my assistance moving forward," Mr. Williams
added.



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


PHILIPPINE WOMEN'S: STI Starts Foreclosure Process
--------------------------------------------------
Doris C. Dumlao at Inquirer.net reports that Tanco-led STI
Holdings Inc. has initiated asset foreclosure proceedings against
the Benitez family, asking a Manila court to allow the takeover of
two campuses of Philippine Women's University -- one in Taft
Avenue and another in Indiana Street.

Inquirer.net relates that STI said it had resorted to foreclosure
proceedings due to PWU's failure to pay almost PHP1 billion in
accumulated loans, interest, and expenses. It added that
foreclosure proceedings for the Quezon City and Davao properties
of PWU would follow, the report says.

"The filing will protect the interest of STI and its shareholders.
We were supposed to be have been paid in shares of stock way back
in 2011 but even now, more than three years later, the first
required step of increasing the authorized capital stock of Unlad
Resources, PWU's sister company that would absorb the school's
assets, was never taken by the Benitez group," STI president
Monico Jacob said in a press statement on Feb. 11, relays
Inquirer.net.

Instead, Mr. Jacob said STI's three nominees to the Unlad board
were ousted by the Benitez group in a shareholders meeting last
month, noting this was "a very clear sign they are rejecting the
omnibus agreement they signed and that would have made STI part
owner of PWU and Unlad."

"We waited for three years. All we got instead were baseless and
false allegations in public that STI was the one pushing for the
commercial development of PWU's Quezon City property that they
themselves actually approved even before STI bailed out the
Benitezes from sure foreclosure in 2011," he said.

The Benitez family which controls PWU, in a separate statement on
Wednesday, assailed this foreclosure move, saying the petition for
extrajudicial foreclosure filed before a Manila court filed had no
basis.

According to the report, Lydia Benitez-Brown, PWU media director
said the family had already filed a case before the Manila
regional trial court last month challenging STI's declaration of
default. "STI's latest move is a legal matter and will be dealt
with in the proper legal forum"," she added.

"We've always said that we will honor all our commitments to Mr.
Eusebio Tanco and STI, and we will. But only under fair and just
terms. Their demand that we pay PHP923 million for obligations of
PHP448 million is exorbitant and unacceptable," Inquirer.net
quotes Ms. Brown as saying.

Last Dec. 22, 2014, STI declared the Benitez family in default of
its loan to STI, Inquirer.net relates.

On the part of PWU, Ms. Brown said STI Holdings had waived all
interests and penalties on the Banco de Oro Unibank loan of PHP250
million assumed by Tanco three years ago.  "STI acquired the BDO
loan and extended a P198-million loan to Unlad Resources
Development Corp. which was used to buy land in JASMS Quezon City
and for school operations" she explained. During this time, she
said STI/Tanco appointees controlled finances of both PWU and
Unlad, says the report.

Ms. Brown noted the Benitez family's formal settlement offer to
Tanco/STI last week, proposing to pay STI to cover principal and a
"break-up premium."

"We based our offer on what we feel is a fair settlement in
ongoing efforts to find a mutually acceptable resolution," the
report quoted Ms. Brown as saying. "STI's reply was to foreclose
on PWU property without making a formal reply to our offer."

PWU owns properties valued at around PHP1.5 billion including land
in JASMS Quezon City which was at the center of a development deal
between STI and Ayala Land announced by Tanco/STI last September.
The JASMS parents and the Benitez family voiced concerns about the
STI-Ayala property development deal.

"We are raising the money to settle our obligations to Mr. Tanco.
When STI issued its illegal declaration of default last December,
it was based on an unreasonable demand that we settle PHP923
million in seven days. These are the kind of unacceptable terms
that hinder efforts to reach an amicable settlement," Ms. Brown
said, the report relates.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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