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        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

           Monday, February 16, 2015, Vol. 18, No. 032


                            Headlines


A U S T R A L I A

ATLANTIC VANADIUM: In Administration; First Meeting Set Feb. 23
EMECO HOLDINGS: S&P Lowers CCR to 'B' on Weak Commodity Prices
HARLEY DEUCE: First Creditors' Meeting Slated For Feb. 23
HI-FI BRISBANE: First Creditors' Meeting Slated For Feb. 24
LACHLAN STAR: First Creditors' Meeting Set For Feb. 25

TONYSAND PTY: First Creditors' Meeting Set For Feb. 23


C H I N A

BEIJING CAPITAL: Moody's Affirms Ba2 Corporate Family Rating
CHINA FISHERY: Rights Issue Will Strengthen Liquidity, Fitch Says
GREENTOWN CHINA: Moody's Rates New Tap Bond Offering 'B2'


C H I N A

KAISA GROUP: Investors Wary on Bond Coupon Payments in March


I N D I A

AMRAPALI SILICON: ICRA Upgrades Rating on INR300cr Loan to B
BHANOT CONSTRUCTION: CRISIL Suspends B Rating on INR90MM Loan
BOMMIDALA PURNAIAH: CRISIL Reassigns B Rating to INR237.7MM Loan
DSP RICE: ICRA Reaffirms B Rating on INR5cr Cash Credit Limit
FACOR POWER: CARE Cuts Rating on INR27cr LT Bank Loan to C

FITMET INDUSTRIAL: CRISIL Suspends D Rating on INR24.5MM Loan
GEETHA TIMBER: ICRA Assigns 'B' Rating to INR2.27cr LT Loan
HARESH OVERSEAS: ICRA Assigns B- Rating to INR7.11cr Term Loan
HN COMPANY: CRISIL Suspends D Rating on INR350MM Bank Guarantee
KBJ HOTEL: CRISIL Suspends D Rating on INR300MM LT Loan

KOPALLE PHARMA: CARE Assigns B Rating to INR15cr LT Bank Loan
M.P. SHAN: ICRA Suspends D Rating on INR25cr Fund Based Loan
MAHADEVA CARS: CRISIL Suspends B+ Rating on INR50MM Cash Credit
NAV JYOTI: ICRA Suspends B Rating on INR58.5cr Fund Based Loan
NEOTECH EDUCATION: ICRA Suspends D Rating on INR12.22cr Loan

NEW PHALTAN: CRISIL Suspends D Rating on INR190MM LT Loan
PARAGON STEELS: CRISIL Suspends D Rating on INR600MM LOC
RADHAGOBINDA RICE: ICRA Ups Rating on INR5.40cr Term Loan to C+
RALCO EXTRUSION: CRISIL Ups Rating on INR38MM Term Loan to B-
RANGAR BREWERIES: CRISIL Cuts Rating on INR70MM Cash Loan to B+

S. P. IRON: CARE Rates INR10cr Long Term Bank Loan at 'B+'
SALASAR PLYWOOD: ICRA Reaffirms B+ Rating on INR0.50cr Cash Loan
SARAF IMPEX: ICRA Withdraws B- Rating on INR18cr Export Loan
SASOONDOCK MATSYODHYOG: CRISIL Suspends B Rating on INR150MM Loan
SEEMANCHAL INSTITUTE: ICRA Rates INR10cr Fund Based LT Loan at B

SHREE KRISHNA: CRISIL Reaffirms B+ Rating on INR77.5MM Cash Loan
SHREYANS CREATION: CRISIL Suspends B+ Rating on INR110MM Loan
SHUBH GRAH: CARE Reaffirms B/A4 Rating on INR8cr Bank Loan
SRK CHEMICALS: CRISIL Upgrades Rating on INR50MM Cash Loan to B+
SRK GROUP: CARE Assigns B+ Rating to INR50cr LT Bank Loan

TANTIA AGROCHEMICALS: CARE Reaffirms B Rating on INR57.08cr Loan
UNICHEM IMPEX: CRISIL Suspends B+ Rating on INR90MM Cash Loan
VARSHA CABLES: CRISIL Suspends B+ Rating on INR80MM Cash Credit
VATSA INTERNATIONAL: CRISIL Suspends D Rating on INR60MM LT Loan
VIBGYOR AUTOMOTIVE: CRISIL Suspends B+ Rating on INR30MM Loan

WINDORZ INDIA: CRISIL Suspends C Rating on INR17.5MM Cash Credit
ZAVERI EXPORTS: ICRA Rates INR10.50cr Fund Based Loan at C+


J A P A N

SKYMARK AIRLINES: To Prepare Business Recovery Plan by End of May
SKYMARK AIRLINES: Airport Slots Offer Path Out of Bankruptcy
TIBANNE CO: Files For Chapter 15 Bankruptcy Protection
TIBANNE CO: Chapter 15 Case Summary


N E W  Z E A L A N D

BRIDGECORP LTD: Former Director Denied Parole Again
PROMETHEUS FINANCE: PwC Releases Repayment Schedule to Investors


S O U T H  K O R E A

HYDIS TECHNOLOGIES: Shuts Down Two Plants; 370 Workers Affected


                            - - - - -


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


ATLANTIC VANADIUM: In Administration; First Meeting Set Feb. 23
---------------------------------------------------------------
Ben Johnson, Martin Jones and Darren Weaver of Ferrier Hodgson
were appointed Joint and Several Voluntary Administrators of
Atlantic Vanadium Holdings Pty Ltd (AVHPL) and its wholly owned
subsidiary, Midwest Vanadium Pty Ltd (MVPL), on Feb. 11, 2015.

On Feb. 12, 2015, Norman Oehme -- noehme@mcgrathnicol.com -- Keith
Crawford -- kcrawford@mcgrathnicol.com -- and Matthew Caddy --
mcaddy@mcgrathnicol.com -- of McGrathNicol were appointed Joint
and Several Receivers and Managers in respect of the assets of
AVHPL and MVPL pursuant to a security in favor of BTA
Institutional Services Australia Ltd. The Receivers are now in
control of the affairs of the companies, and accordingly, our role
as Joint and Several Administrators in respect of the Companies'
assets is largely subordinated to the decisions made by the
Receivers.

The First Meeting of Creditors is scheduled to be held on
Feb. 23, 2015, at 10:00 a.m. at the Stirling Room Parmelia Hilton,
14 Mill Street, in Perth.

AVHPL's wholly owned subsidiary, MVPL, operates the Windimurra
Vanadium Project (the Project). The ultimate holding Company is
Atlantic Ltd, an ASX listed entity.

The Project is located approximately 600 kilometres north of Perth
and 80 kilometres by road from Mount Magnet in Western Australia.


EMECO HOLDINGS: S&P Lowers CCR to 'B' on Weak Commodity Prices
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Australia-based mining equipment rental company EMECO
Holdings Ltd. to 'B', from 'B+'.  S&P also lowered the senior
secured debt issue rating to 'B', from 'BB-'.  The outlook is
negative.  The recovery rating on the senior secured debt issue
was also lowered to '3' from '2'.

"The downgrades reflect our view that the prospect of a quick
recovery in Emeco's credit metrics that we had factored in the
previous rating, has now significantly diminished due to weak
operating conditions stemming from prolonged weakness in commodity
prices," said Standard & Poor's credit analyst May Zhong.

S&P now expects that decreased demand for Emeco's services would
continue to pressure its operating margins and earnings.  S&P
forecasts its EBITDA margin to fall to about 30% in fiscal 2015,
from 45% during previous levels.  In addition, the tough trading
conditions are reducing the value of equipment that is being
transacted in the secondary market, which could affect Emeco's
ability to realize good prices from asset disposal.  Given the
excess supply of earthmoving equipment in the market, S&P don't
expect a meaningful improvement in the industry conditions until
at least fiscal year ending June 30, 2017, when the excess supply
could be absorbed.

S&P also changed its assessment of Emeco's business risk profile
(BRP) to "vulnerable", from "weak", reflecting S&P's view that its
competitive advantage has been hurt by this sharp and rapid
downturn in the mining sector.  Emeco's relatively small size on a
global basis is also weighing on S&P's "vulnerable" assessment for
its BRP.

However, S&P recognizes that Emeco has a leading position in
Australia and a good-quality asset base.  Emeco provides heavy
earthmoving equipment rental solutions and maintenance services to
mining companies and contractors for major resource projects
across a few countries.  The company is the largest mining
equipment rental service provider in its home base, Australia,
with a growing presence in other key mining regions.  In the year
ended June 30, 2014,the company had total operating revenues of
A$241 million, with Australia accounting for 56% of the group's
revenue, followed by Canada (34%) and Chile (10%).

However, in S&P's view, the recent market downturn has shown that
Emeco's leading market position doesn't protect its operating
margins or secure robust contract renewals during tough times.
This is because rental equipment is generally used to supplement a
miner's core assets and most contracts are short term in nature.
Compared to other equipment rental providers with a more-
diversified industry exposure, Emeco's focus on mining services
exposes it to a higher level of volatility in its fleet
utilization rate and earnings due to the cyclical and volatile
nature of the mining industry.  The material movement in its
EBITDA from peak to trough demonstrates its susceptibility to the
cyclicality of this sector.  Although Emeco's utilization rate has
improved in the past few months, S&P believes the profit margin
will remain weak due to excess capacity in earth-moving equipment
in the market and miners' renewed focus to cut costs.

Emeco's "aggressive" financial risk profile reflects its high
sensitivity to the mining cycle and our projected weak credit
metrics.  In S&P's opinion, soft underlying commodity prices have
led to lower mining investment, broader cost reduction measures,
and the cancelation of some higher-cost projects.  In S&P's view,
this has heightened Emeco's cash flow volatility and weakened its
earnings.  S&P also notes that Emeco's management is undertaking
considerable efforts to reduce costs and discretionary capital
expenditure.  S&P forecasts its debt to EBITDA to be in the high
4x in fiscal 2015, from 4.4x in fiscal 2014.

Ms. Zhong added: "The negative outlook reflects our concerns that
challenging conditions in the mining services sector are likely to
further reduce Emeco's earnings and margins.  It also reflects our
expectation that prolonged subdued market conditions will likely
result in a gradual deterioration in Emeco's liquidity position."

S&P could lower the rating to 'B-' if the company failed to arrest
the downward trend in its earnings such that its debt to EBITDA
deteriorates to above 5x.

S&P could revise the outlook to stable if:

   -- Remedial actions were taken to restore Emeco's credit
      metrics with sufficient headroom, for example debt to
      EBITDA at a low 4x; and

   -- S&P believes industry conditions have stabilized.


HARLEY DEUCE: First Creditors' Meeting Slated For Feb. 23
---------------------------------------------------------
David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of Harley Deuce Pty Ltd, trading as
The Coffee Club Grand Plaza Browns Plains, on Feb. 11, 2015.

A first meeting of the creditors of the Company will be held at SV
Partners, 138 Mary Street, in Brisbane, Qld, on Feb. 23, 2015, at
2:00 p.m.


HI-FI BRISBANE: First Creditors' Meeting Slated For Feb. 24
-----------------------------------------------------------
Simon Patrick Nelson of Romanis Cant was appointed as
administrator of The Hi-Fi Brisbane Pty Ltd, The Hi-Fi Sydney Pty
Ltd, and The Hi-Fi Melbourne Pty Ltd on Feb. 12, 2015.

A first meeting for each of the Companies will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
Feb. 24, 2015, at 10:00 a.m., 10:30 a.m. and 11:00 a.m.,
respectively.


LACHLAN STAR: First Creditors' Meeting Set For Feb. 25
------------------------------------------------------
Matthew David Woods and Hayden Leigh White of KPMG were appointed
as administrators of Lachlan Star Limited, trading as Lachlan Star
Limited.

A first meeting of the creditors of the Company will be held at
KPMG, Level 8, 235 St Georges Terrace, in Perth, on Feb. 25, 2015,
at 11:00 a.m.


TONYSAND PTY: First Creditors' Meeting Set For Feb. 23
------------------------------------------------------
David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of Tonysand Pty Ltd, trading as The
Coffee Club Jimboomba, on Feb. 11, 2015.

A first meeting of the creditors of the Company will be held at SV
Partners, 138 Mary Street, in Brisbane, Qld, on Feb. 23, 2015, at
2:30 p.m.



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BEIJING CAPITAL: Moody's Affirms Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Beijing Capital Land
Limited's (BJCL) Ba2 corporate family rating.

The rating outlook remains stable.

This affirmation follows BJCL's announcement of its 2014 results.

Ratings Rationale

"BJCL's Ba2 rating reflects its standalone credit strength and a
two-notch rating uplift, based on expected strong financial and
operational support from Beijing Capital Group Ltd," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

Beijing Capital Group Ltd ("Capital Group", unrated) is wholly
owned by Beijing Municipal Government and supervised by State-
Owned Assets Supervision and Administration Commission of the
Beijing Municipality. It is also BJCL's largest shareholder, with
an equity interest of 45.6%.

Moody's expects Capital Group will provide strong operational and
financial support to help BJCL achieve its business plan.
Moreover, in a financially distressed situation Moody's expects
that Capital Group will provide financial support to BJCL.

BJCL, Capital Group's core property arm, is strategically and
economically important to the Capital Group. BJCL engages in
affordable housing projects in Beijing, and its property business
will continue to be one of the Capital Group's core businesses.

BJCL generated around 40%-50% of Capital Group's revenue and
EBITDA over the past three years.

The Capital Group also has managerial control over BJCL and
consolidates BJCL's financial results into those of Capital Group.

Additionally, the Capital Group has a track record of financially
supporting BJCL. This includes providing guarantees that cover
repayment of BJCL's onshore bonds and loans, and a letter of
support covering its offshore bond issuance.

As of December 2014, Capital Group guaranteed approximately RMB7
billion of BJCL's debt, an increase from RMB4 billion as of
December 2013.

Such strong parental support will be key to BJCL's growth during
the current property market slow down in China.

BJCL's has increased its land acquisitions in recent years. But
its contracted sales growth is not fast enough to substantially
reduce its inventory, which has resulted in high debt leverage.

BJCL's revenue/adjusted debt (including perpetual debt) weakened
to 22.8% in 2014 from 41.0% in 2013. Its EBITDA/interest coverage
also declined to 1.3x from 1.7x.

Moody's expects the company's performance will improve in 2015
when its revenue/adjusted debt reaches approximately 35%, and its
EBITDA/interest coverage reaches around 1.5x. These credit metrics
position the company's standalone credit strength close to its B-
rated peers.

BJCL plans to increase its overseas business in the next 1-2
years. While the company is exposed to execution risk, Moody's
does not expect that these initiatives will affect its rating
because the operational scale is relatively small and will stay at
around 10%-15% of its annual contracted sales.

BJCL's standalone credit strength reflects its medium-sized
operation and a track record of operating through business cycles
since it was established in 2002.

It further reflects the company's ability to secure good quality
projects, particularly in Beijing, because of its close
relationship with its parent and the Beijing Municipal Government.

Additionally, BJCL has solid balance sheet liquidity and good
access to funding given its state-owned enterprise status. Despite
high debt leverage, refinancing risk for BJCL is not high.

As of 31 December 2014, BJCL had cash on hand of RMB13.9 billion,
which covered1.2x of its short-term debt.

The stable outlook reflects Moody's expectation that BJCL will
maintain its contracted sales growth to reduce its inventory,
continue its good access to funding and receive strong support
from its parent, Capital Group.

Near term upgrade pressure is limited given the company's high
debt leverage.

However, BJCL's standalone credit strength could be under upgrade
pressure over the medium term if BJCL: (1) demonstrates a track
record of sustainable growth in contracted sales; (2) maintains a
disciplined land acquisition plan; and (3) improves its financial
profile by lowering debt leverage.

Credit metrics indicative of upgrade pressure include
EBITDA/interest rising above 2.0x-2.5x and revenue/adjusted debt
(including perpetual debt) above 60% on a sustained basis.

Downward rating pressure on its standalone credit strength could
emerge if BJCL shows: (1) weak contracted sales; (2) a weak
liquidity position as evidenced by cash holdings falling
substantially below the short-term debt level; or (3) weak
financial metrics whereby interest coverage falls below 0.75x-1x
on a sustained basis.

Any evidence of weakening support from the Capital Group will also
pressure BJCL's rating.

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

Incorporated in China, Beijing Capital Land Ltd ("BJCL") is a mid-
sized developer in China's residential property sector. At end-
2014, BJCL had a total land bank of 10.91 million square meters in
gross floor area (GFA), covering 15 cities in China. This land
bank will support the company's development over the next 3-4
years.

BJCL was founded in 2002 as the major property arm of Beijing
Capital Group Ltd ("Capital Group", unrated). The Capital Group is
a large state-owned enterprise and is fully owned by the Beijing
Municipality. It is directly under the supervision of the State-
Owned Assets Supervision and Administration Commission of the
Beijing Municipality.


CHINA FISHERY: Rights Issue Will Strengthen Liquidity, Fitch Says
----------------------------------------------------------------
Fitch Ratings says that China Fishery Group Limited's (China
Fishery; BB-/Negative) rights issue to raise up to USD215 million
will immediately strengthen its liquidity position, if the deal
goes through.  Fitch may revise the Outlook to Stable if the
refinancing needs are addressed adequately and net leverage as
measured by adjusted net debt/EBITDAR goes down below 3x
sustainably.

The net proceeds of the rights issue together with the other group
resources will fund the redemption of the USD250 million 9.0%
notes due 2017 issued by the subsidiary Copeinca Group, which was
acquired by China Fishery in 2013. At Dec. 28, 2014, China Fishery
had USD171 million cash on hand and roughly USD30 million of
unused banking facility. If the rights issue is completed, the
proceeds plus the cash on hand would be sufficient to refinance
the bond.

Furthermore, China Fishery's rights issue came right after its
parent, Pacific Andes Resources Development Limited, completed the
rights issue of approximately USD150 million at end-January. This
shows the company's commitment and shareholders' continuous
support to redeem the Copeinca bond.

China Fishery's fundamentals still support the rating, despite the
closing of the second fishing season of Peruvian anchovy from
November 2014 to January 2015. Its second quarter results will be
most affected but an acoustic study showed that the total
allowable catch in the coming fishing season from April to
September will go back to normal compared with a zero catch in the
previous season.

In addition, international fishing authorities have suspended the
operations of Damanzaihao, a supporting vessel in its South
Pacific Ocean fleet operation segment. However, the impact on the
company's 2015 results will likely be minimal as the fleet
operation segment contributed only 2% to its FY2014 EBITDA.

The company's leverage, as measured by adjusted net debt to
operating EBITDAR, decreased to 4.4x in FY14 from 5.0x a year ago,
driven in part by the partial refund of USD112 million from its
long-term supply agreement (LSA) with Russian suppliers. The
remaining USD111 million from the LSA is to be fully paid by March
2016. After factoring in the LSA refund, rights issue, and the
positive free cash flow of about USD100 million to be generated in
FY15, Fitch expects CFG's debt to fall by
USD330 million and the net leverage to drop below 3.5x by the end
of 2015 if management does not increase capex and/or dividends.


GREENTOWN CHINA: Moody's Rates New Tap Bond Offering 'B2'
---------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Greentown
China Holdings Limited's proposed tap bond offering. The proposed
offering will take place on the same terms and conditions as its
existing USD300 million 8% 2019 notes issued in September 2013.

The outlook on the rating is stable.

Greentown will use the proceeds of the proposed note issuance to
fund working capital and for other general corporate purposes.

Ratings Rationale

"The proposed USD notes will improve Greentown's liquidity
position, lengthen the average tenure of its debt portfolio and
add stability to its offshore funding," says Franco Leung, a
Moody's Vice President and Senior Analyst.

In addition, the notes provide funding that will support
Greentown's operation. The company achieved contracted sales of
RMB79.4 billion in 2014, which includes sales from its jointly
controlled entities and associates. The amount represented a 22%
year-on-year increase, and was ahead of its RMB65 billion
contracted sales target.

"Although the proposed notes will increase Greentown's debt
leverage, it will remain within the B1 rating level for its
Corporate Family Rating," says Leung.

Moody's expects Greentown's debt leverage, as measured by revenue
to debt (including pro-rata contributions from jointly controlled
entities and associates), to remain around 85% in the next 12 --
18 months following the notes issuance, from 84% in June 2014.

In addition, Moody's expect its adjusted EBITDA margin will stay
between 15%-20%, and adjusted EBITDA/interest to be around 2.0x.

This credit profile still supports its B1 Corporate Family Rating.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province. As of June 2014, the company had 102 projects with a
total gross floor area of 37.82 million square meters. Of this
total, 20.48 million square meters were attributable to the
company.



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KAISA GROUP: Investors Wary on Bond Coupon Payments in March
------------------------------------------------------------
Lianting Tu at Bloomberg News reports that offshore bond investors
of Kaisa Group Holdings Ltd. are becoming increasingly concerned
about the risk the troubled Chinese developer embroiled in an
anti-graft investigation could miss coupon payments next month.

Kaisa must pay $16.1 million of interest March 18 on its $250
million of bonds due 2017, and $35.5 million March 19 on its
$800 million securities due 2018, Bloomberg-compiled data show. It
avoided a default on Feb. 6 by making an interest payment of
$23 million on its 2020 notes before the grace period deadline,
says Bloomberg.

According to Bloomberg, the developer, under investigation over
alleged links to a senior official in the southern city of
Shenzhen, has fueled concern losses could spread for investors in
Chinese companies amid President Xi Jinping's anti-graft drive.
Bloomberg relates that Kaisa said in a filing on Feb. 11 it
"expects material modifications" to offshore obligations as it
aims to reach a preliminary agreement with creditors by March 31,
and complete the process by April 30.

"It seems increasingly likely that Kaisa will miss the two coupons
due in March given it is now negotiating with bondholders for a
restructure," Bloomberg quotes Charles Macgregor, the Singapore-
based head of Asia high-yield research at independent research
firm Lucror Analytics, as saying.

Kenny Wu, a credit analyst in Hong Kong at Citigroup Inc., also
believes the coupon payments are likely to be suspended or delayed
in the restructuring process given Kaisa's lack of liquidity,
Bloomberg relays.

Bloomberg, citing Kaisa's interim report for the first half of
last year, the company's latest results available, discloses that
the company had cash and cash equivalents of CNY9.6 billion as of
June 30.

Bloomberg relates that the developer said in a filing on Feb. 9
that a total of CNY550 million in its bank accounts was frozen as
of Jan. 31, and CNY725.6 million had been transferred to make loan
payments. Kaisa had also received demands from creditors including
project partners for immediate repayment of
CNY28 billion, Bloomberg notes.

The Shenzhen-based builder is being probed over alleged dealings
with Jiang Zunyu, Shenzhen's former security chief, who has been
under investigation since October, two people familiar with the
matter said last month, Bloomberg recalls.

Sunac China Holdings Ltd., which bought a 49.3 percent stake in
Kaisa on Jan. 30, proposed on Feb. 6 to buy the shares it doesn't
already own, according to Bloomberg. The Tianjin-based developer
listed as a pre-condition for the acquisition "part or all of the
existing debts having been restructured and refinanced, and that
there is no occurrence of event of default or potential event of
default under the existing debts," Bloomberg relays.

According to Bloomberg, Kaisa said in its Feb. 11 filing that
"lenders and bondholders should not expect payments of principal
and interest according to existing terms."

"As investors, the last thing we would accept is a haircut,"
Bloomberg quotes Gordon Ip, a portfolio manager at Value Partners,
which managed $12.9 billion of assets as of Dec. 31, as saying.
"Delaying coupons would probably be more acceptable. Pushing a
haircut will send an extremely negative signal to the market, and
will certainly affect both future bond issues for Kaisa and
Sunac."

                        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.



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AMRAPALI SILICON: ICRA Upgrades Rating on INR300cr Loan to B
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR300 crore
term loans of Amrapali Silicon City Pvt Ltd (ASCPL) to [ICRA]B
from [ICRA]D assigned earlier.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              300          [ICRA]B; Revised

The rating revision factors in the timely servicing of debt
obligations by ASCPL in the last three months. The company
witnessed cash flow mismatches in the past primarily due to
slowdown in bookings and collections on account of general
slowdown in real estate market, and further accentuated with
National Green Tribunal's (NGT) directive to Noida Authority in
Oct 2013 to stop construction activity within 10 km of the Okhla
wildlife sanctuary. With few positive developments on the same,
the impact on bookings and collections has reduced allowing the
company to service its debt obligation in a timely manner. ICRA
notes that the company has shifted the CoD of the project from
March 2014 to March 2015 and has also got its debt repayments
deferred by one year which lends financial flexibility to ASCPL.

The rating remains constrained due to ASCPL's exposure to
execution risk for the recently launched project Crystal Homes.
The rating also factors in high market risk for unsold area (55%
of total saleable area) of Crystal Homes given the high supply in
the region. Further as a major part of project funding is
envisaged from customer advances, the incremental bookings and
collection efficiency remain critical for successful
implementation of the projects. In addition to this, ASCPL could
require funding support from promoters (including realization of
substantial advances to group companies) in case an exit is
provided to the PE investor in near term.

Going forward, the company's ability to realize advances from
group companies, improve bookings and adherence to the
construction and debt repayment schedule will be amongst the key
rating sensitivities.

Incorporated in February 2010, ASCPL is a Special Purpose Vehicle
promoted by the Amrapali Group for developing a group housing
project called "Amrapali Silicon City" over 34.44 acre of plot in
Sector 76, Noida. The total saleable area in the project is 4.87
million square feet of which it has received bookings for 87% of
the area by Oct 2014.

ASCPL launched another project Crystal homes at 9 acre land
adjacent to Silicon City in Q4, FY14. The project having a total
saleable area of 1.04 million sqft has received booking for 45% of
the area by Oct 2014.


BHANOT CONSTRUCTION: CRISIL Suspends B Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhanot Construction and Housing Ltd (BCHL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    60        CRISIL B/Stable Suspended

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

BCHL was set up in 1983 by Mr. R D Bhanot. It is involved in the
hospitality, real estate, trading, and facility management
businesses in National Capital Region.


BOMMIDALA PURNAIAH: CRISIL Reassigns B Rating to INR237.7MM Loan
----------------------------------------------------------------
CRISIL has reassigned its rating on the bank facilities of
Bommidala Purnaiah Holdings Private Limited (BPHL) to 'CRISIL
B/Stable'; the facilities had earlier been rated at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Open Cash Credit     237.7       CRISIL B/Stable (Reassigned)
   Proposed Cash
   Credit Limit          60.0       CRISIL B/Stable (Reassigned)

The rating continues to reflect BPHL's below-average financial
risk profile, marked by a modest net worth, high gearing and
below-average debt protection metrics. These rating weaknesses are
partially offset by the benefits that BPHL derives from its
promoters' extensive industry experience, mainly because of its
association with the erstwhile Bommidala group, which had an
established position in the tobacco industry.

Outlook: Stable

CRISIL believes that BPHL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers a
sustained improvement in its profitability margins, while
registering a moderate revenue growth, or there is a substantial
improvement in its capital structure on the back of sizeable
capital additions by its partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely because of a large debt-funded
capital expenditure programme or a stretch in its working capital
cycle.

BPHL was set up in 1996, BPHL trades in tobacco. Mr. Bommidala
Venkata Raja Srinivas is the managing director of the company.
Besides trading in tobacco, the group has diversified interest in
packaging, manufacturing ropes and lease financing, which are
undertaken through various affiliate companies or subsidiaries.


DSP RICE: ICRA Reaffirms B Rating on INR5cr Cash Credit Limit
-------------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B for INR8.00 crore
fund based limits of DSP Rice Industries.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash credit limits      5.00         [ICRA]B Reaffirmed
   Term Loan               3.00         [ICRA]B Reaffirmed

The reaffirmation of the ratings continues to be constrained by
DSPRI's weak financial profile characterized by low profitability
of 0.39%, high gearing of 2.76 times and modest debt coverage
indicators with interest coverage ratio of 1.50 times and NCA/debt
at 6% for FY 2014; and small scale of operations coupled with
highly competitive rice milling industry restricting the operating
margins. The rating is further constrained by the agro-climatic
risk which could affect the availability of paddy in adverse
weather conditions and thereby revenues and profitability levels
as witnessed in the past 2 years. However, the rating favorably
takes into account DSPRI's experienced management with long track
record of operations in the rice industry; and favourable demand
prospects of the industry as the mill caters to Kerala and Andhra
Pradesh markets where rice is a staple food.

DSP Rice Industries (DSPRI) was founded in the year 2009 and has
started operation in the year 2010. DSPRI is engaged in the
milling of paddy and produces par boiled rice. The rice mill is
located at Warangal district of Telangana. The installed
production capacity of the plant is 8 tons per hour. The firm's
operations are overseen by Mr. Venugopal Swamy who is the manager
of the firm and his wife Smt. B. Vinoda who is the proprietor.


FACOR POWER: CARE Cuts Rating on INR27cr LT Bank Loan to C
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Facor
Power Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     27         CARE C Revised from
                                            CARE BB

   Long/Short- term Bank         15         CARE D Revised from
   Facilities                               CARE BB/CARE A4

Rating Rationale

The revision in the rating ([ii] above) of Facor Power Ltd (FPL)
takes into account the delays in servicing the debt obligations by
the company.

The revision in the rating ([i] above) takes into account
weakening of FPL's financial risk profile marked by continued
losses at the net level and the company's weak capital structure
as well as debt coverage indicators. Furthermore, the ratings
continue to remain constrained by the delays in the execution of
the project leading to time and cost overruns, residual project
implementation risk and FPL's exposure towards the vagaries of
coal prices.

The ratings, however, continue to derive strength from the
experienced promoter group with demonstrated financial support
over the years, the presence of Coal Supply Agreement with MCL for
the supply of coal for phase I and advance stage of execution of
phase II project.

Going forward, the company's ability to improve its debt servicing
track record while improving its capital structure and debt
coverage indicators coupled with completion of the project within
time and cost estimates shall remain key rating sensitivities.

FPL, promoted by Ferro Alloy Corporation Ltd (FACOR) was
incorporated on August 24, 2005. FPL is currently implementing a
coal-based thermal power plant of 100 MW capacity at village
Randia, District Bhadrak, Orissa. The project is divided into two
phases with phase I of 45 MW and phase II of 55 MW. Initially, the
project cost was envisaged at INR568.11 crore funded by debt and
equity of INR397.68 crore and INR170.43 crore, respectively, and
project was expected to be completed by September 2012. The
project had faced some delays in execution and the project cost
was first revised to INR674.14 crore and finally to INR747.55
crore. Also, the project commercial operation date (COD) was also
revised from January 2014 to March 2015. The project cost of
INR747.55 crore is funded through a term debt of INR517.90
crore sanctioned from Rural Electrification Corporation (REC) and
the remaining INR229.65 crore through promoter contribution.

The project scope comprises two turbines (45 MW and 55 MW) with a
combined capacity of 100 MW and three boilers with a combined
capacity of 114 MW (38 MW x 3). The company has achieved
commercial operations of Turbine-I (45MW) and Boiler-I in October
2011, while it achieved COD of Boiler-II in October 2012. The
company can currently operate at a maximum capacity of 76 MW.

On the power off-take arrangement, the company has signed a long-
term Power Purchase Agreement (PPA) with the group companies, viz,
FACOR (35 MW) and Facor Alloys Ltd (30 MW) and Balasore Alloys
Limited (35 MW).

During FY14 (refers to the period April 1 to March 31), the
company achieved a total income of INR124.73 crore and net loss of
INR47.59 crore. In H1FY15 (refers to the period April 1 to
September 30), the company reported a total income of INR58 crore
and loss before tax of INR38 crore.


FITMET INDUSTRIAL: CRISIL Suspends D Rating on INR24.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fitmet
Industrial Fittings Pvt Ltd (Fitmet).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           24.5       CRISIL D Suspended

   Inland/Import
   Letter of Credit      15         CRISIL D Suspended

   Proposed Short Term
   Bank Loan Facility    15         CRISIL D Suspended

   Term Loan             20.7       CRISIL D Suspended

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

Fitmet was set up in 2004 by the Sheth family in Pune
(Maharashtra). It manufactures butt-weld fittings. The company's
product portfolio includes elbow 90 degree, elbow 45 degree,
eccentric reducers, equal tees, reducing tees, caps, long stub
ends, short stub ends, concentric reducers, and collars. Fitmet's
promoters have over 25 years of experience in the trading and
manufacturing of fittings.


GEETHA TIMBER: ICRA Assigns 'B' Rating to INR2.27cr LT Loan
-----------------------------------------------------------
ICRA has assigned the short-term rating of [ICRA]A4 to the INR2.47
crore short-term fund based facilities of Geetha Timber. ICRA has
also assigned the ratings of [ICRA]B to the INR0.03 crore long-
term/short-term unallocated facility of the Firm.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Fund          2.27        [ICRA]B; Outstanding
   Based                               Assigned

   Short Term-Fund        12.70        [ICRA]A4; Outstanding/
   based                               Assigned

   Short Term            (12.70)       [ICRA]A4; Outstanding/
   (sub-limit)                         Assigned

   Unallocated            0.03         [ICRA]B/[ICRA]A4; Assigned

ICRA has a long-term rating outstanding of [ICRA]B for the INR2.27
crore long term fund based facilities of GT. ICRA also has a short
term rating outstanding of [ICRA]A4 for the INR10.23 crore short-
term fund based and INR10.23 crore sub limits of the Firm.

The assigned ratings take comfort from the experience of the
promoters in the industry; the Firm's established customer
relationships with high repeat orders lending revenue stability;
and its diverse product portfolio. The ratings are however
constrained by the Firm's small scale of operations limiting cost
benefits, high competitive intensity due to low entry barriers
which limits pricing flexibility, weak financial profile marked by
thin profit margins and the susceptibility of margins to
fluctuations in raw material prices and foreign currency exchange
rates.

Geetha Timber, which is located in Dindigul, Tamil Nadu, started
operations as a proprietorship in 1954 and was converted into a
partnership firm in 1989. The Firm is engaged in import of timber
from various countries and marketing the timber products
throughout southern India. It offers a wide range of timber types
like silver oak, pine wood, teak wood, timber wood, Purple Heart
wood logs, joined wood boards, and many other hard/soft woods.


HARESH OVERSEAS: ICRA Assigns B- Rating to INR7.11cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR5.00
crore cash-credit facility and INR7.11 crore term loan facility of
Haresh Overseas Private Limted. ICRA has also assigned the short
term rating of [ICRA]A4 to the INR37.89 crore short-term non-fund
based limits of HOPL.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit            5.00         [ICRA]B- assigned
   Term Loan              7.11         [ICRA]B- assigned
   Letter of Credit      37.89         [ICRA]A4 assigned

The ratins are constrained by HOPL's low profitability levels,
high financial risk profile as reflected in high total outside
liabilities in relation to the networth of the company and risks
inherent in trading business like exposure to inventory and
commodity price risks. ICRA further notes that the profitability
of the company remains vulnerable to foreign currency fluctuation
which resulted in significant cash losses during FY14, stretching
the liquidity profile of the company. The rating however
favourably factors in the longstanding experience of the promoters
in the trading of petrochemicals and specialty chemicals business.

Haresh Overseas Private Limited (HOPL) was incorporated in 1983
and is currently managed by Mr. Kailash S. Kasat. The company is
headquartered in Mumbai with branch offices in Cochin, Gandhidham
& Jodhpur. HOPL is engaged in the business of trading, marketing
and distribution of petrochemicals and solvents (industrial
alcohols, ketons, monomers, chlorinated solvents, plasticizers).
The company is also a manufacturer and supplier of Guar Gum powder
and has a state-of-the art manufacturing unit of 4500 MTPA
capacity with in-house laboratory at Boronada Agro park Jodhpur
(Rajasthan) which started production in 2006.

During FY14, HOPL reported an operating income of INR125.44 crore
(as against INR83.38 crore during FY13) and net loss of INR12.88
crore (as against profit after tax of INR0.30 crore for FY13).


HN COMPANY: CRISIL Suspends D Rating on INR350MM Bank Guarantee
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
HN Company Infra Pvt Ltd (HNCIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       350         CRISIL D Suspended
   Cash Credit          150         CRISIL D Suspended

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

HN Company was established in 1997 in Dimapur (Nagaland) as a
proprietorship firm, and HNCIPL was formed in 2005. However, there
were no significant operations in HNCIPL till March 31, 2011. On
April 1, 2011, HN Company was merged with HNCIPL. HNCIPL is a
contractor that undertakes civil works for government agencies in
North East India. The company is promoted by Mr. Hukato Naga.


KBJ HOTEL: CRISIL Suspends D Rating on INR300MM LT Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KBJ Hotel Goa Private Limited (KBJHPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      300        CRISIL D
   Bank Loan Facility
   Term Loan               300        CRISIL D

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

KBJHPL was incorporated in February 2010 and is promoted by Mumbai
(Maharashtra)-based Mr. Mohit Kamboj, and is a part of the Mumbai-
based KBJ Group.


KOPALLE PHARMA: CARE Assigns B Rating to INR15cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B and CARE A4' ratings to the bank facilities
of Kopalle Pharma Chemicals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.00       CARE B Assigned
   Short-term Bank Facilities    9.75       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kopalle Pharma
Chemicals Private Limited (KPC) is constrained by small scale of
operations, fluctuating profitability margins, moderately
leveraged capital structure and weak coverage indicators. The
ratings are further constrained by the elongated operating cycle,
project risk, vulnerability of margins to fluctuations in raw
material prices & foreign exchange fluctuation risk and operations
in highly fragmented and competitive industry.

The ratings consider benefits derived from promoters experience
and long track of operations along with established relationship
with reputed pharmaceutical players.

Ability of KPC to increase the scale of operations while
maintaining the profitability margins along with efficient
management of working capital cycle and timely execution of
project in envisaged cost are key rating sensitivities

Incorporated in 1981, Kopalle Pharma Chemicals Private Limited
(KPC) is engaged in manufacturing of active pharmaceutical
ingredients (API) & intermediaries. KPC is an ISO 9001:2008
certified company and has a GMP Certified manufacturing facility
at Jeedimetla (Hyderabad) with installed capacity of 0.47 lakh
kiloliters per annum. The company is primarily a domestic player
and has 24 products in its portfolio mainly in anti psychotic,
anti ulcer psychotic segment.

During FY14 (refers to period from April 1 to March 31), KPC
posted total operating income of INR27.45 crore (as against
INR24.98 crore in FY13) and PAT of INR0.56 crore in FY14 (as
against INR0.32 crore in FY13). Furthermore, during 9MFY15
provisional, company reported total income of INR36.85 crore.


M.P. SHAN: ICRA Suspends D Rating on INR25cr Fund Based Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR4.75 crore term loan facilities, the INR25.00 crore fund based
facilities and the INR0.25 crore non fund based facilities of M.P.
Shan Tex Clothings Private Limited. ICRA has also suspended the
short-term rating of [ICRA]D assigned to the INR19.00 crore fund
based (sub-limit) facilities of M.P. Shan Tex Clothings Private
Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAHADEVA CARS: CRISIL Suspends B+ Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahadeva Cars Pvt Ltd (MCPL).

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

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

Established in 2012, MCPL is a Renault India Pvt Ltd (RIPL) dealer
for passenger cars in the state of Chattisgarh. It operates three
showrooms and authorised service stations in Raipur, Bhilai and
Bilaspur districts of Chattisgarh. The company, promoted by Mr.
Sunil Madhyani and his father, Mr. Pratap Madhyani, started
operations in July 2012.


NAV JYOTI: ICRA Suspends B Rating on INR58.5cr Fund Based Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR58.50 crore
fund based facilities of Nav Jyoti Agro Foods Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


NEOTECH EDUCATION: ICRA Suspends D Rating on INR12.22cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR12.22
crore limits of Neotech Education Foundation. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NTC
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. At
present, the college offers civil, electrical and mechanical
engineering courses at undergraduate level and has a total intake
of 300 students per batch.


NEW PHALTAN: CRISIL Suspends D Rating on INR190MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
New Phaltan Sugar Works Ltd (NPSW).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            90         CRISIL D Suspended
   Long Term Loan        190         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     30         CRISIL D Suspended

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

NPSW, based in Satara (Maharashtra), was established in 1985 and
manufactures sugar. The company also sells molasses and bagasse,
which are by-products of the sugar manufacturing process. Its
operations are managed by Mr. Pralhad Salunkhe Patil.


PARAGON STEELS: CRISIL Suspends D Rating on INR600MM LOC
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Paragon
Steels Pvt Ltd (Paragon Steels; part of the Paragon group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           320       CRISIL D Suspended
   Letter of Credit      600       CRISIL D Suspended
   Long Term Loan        100       CRISIL D Suspended

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

The Paragon group was established in 1969 by Mr. M Paramsivam. It
comprises three entities, namely, OSRM, OSPL, and Paragon Steels.
OSRM, established in 2009, manufactures thermo-mechanically
treated (TMT) bars; its unit is at Sulur (Tamil Nadu). Paragon
Steel, set up in 1994, manufactures TMT bars and ingots; its plant
is in Palakkad (Kerala). OSPL, set up in 2009, is the trading arm
of the group.


RADHAGOBINDA RICE: ICRA Ups Rating on INR5.40cr Term Loan to C+
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.40
crore term loan and INR2.20 cash credit facilities of Radhagobinda
Rice Mills Private Limited from [ICRA]B- to [ICRA]D and
simultaneously reassigned the long-term rating from [ICRA]D to
[ICRA]C+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-     5.40         [ICRA]C+ (downgraded from
   Term Loan                           [ICRA]B- to [ICRA]D and
                                       then upgraded to [ICRA]C+)

   Fund Based Limits-     2.20         [ICRA]C+ (downgraded from
   Cash Credit                         [ICRA]B- to [ICRA]D and
                                       then upgraded to [ICRA]C+)

The rating action follows the recent delay in debt servicing
obligations by the company on its term loan repayment due in
September 2014. However, following the regularization of the same
in October, 2014, ICRA has revised the rating from [ICRA]D to
[ICRA]C+.

The rating factors in the company's weak financial profile
characterized by low net profitability and high gearing and the
company's substantial debt servicing obligation in the near term,
which may further exert pressure on the company's cash flow
position. The rating also takes into consideration RRMPL's small
scale of current operations and the fragmented nature of the
industry which intensifies competition and puts pressure on
margins. The rating, however, favourably considers the
regularization of servicing the debt obligations by the company,
experience of the promoters in the rice milling business and
RRMPL's presence in a major paddy growing area, resulting in easy
availability of paddy.

Incorporated in 2009, RRMPL is currently engaged in the milling of
non-basmati rice with an installed capacity of 28,800 metric tonne
per annum (MTPA). The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.

The company has reported a net profit of INR0.07 crore on an
operating income of INR21.47 crore during 2013-14 against a net
profit of INR0.04 crore on an operating income of INR9.31 crore
during 2012-13.


RALCO EXTRUSION: CRISIL Ups Rating on INR38MM Term Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ralco Extrusion Private Limited (REPL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

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

   Letter of Credit      15        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term    26.9      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             38.0      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects timely servicing of term debt by REPL since
the past one year, supported by improvement in its liquidity
profile. The liquidity profile of the company has improved on the
back of stabilization of its operations and infusion of additional
equity of around INR 5 million in 2013-14. The company recorded
revenues of around INR153 million in 2013-14; its operating
profitability, however, was low at around 4.8 per cent resulting
in it generating cash accruals of INR 1.3 million in 2013-14.
However, the company has recorded revenues of around INR 150
million till December 2015 and CRISIL expects the company to
register revenues of around INR230 million in 2014-15. Its
operating profitability is also expected to improve with increase
in scale of operations resulting in it generating net cash
accruals around Rs7.5 million in 2014-15 as against repayments of
around INR7.2 million.

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

Outlook: Stable

CRISIL believes that REPL's would continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case the company generates substantially
higher than expected accruals, on the back of a significant
increase in its scale of operations, leading to improvement in its
liquidity, or in case of improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile, including its liquidity weakens,
due to lower-than-expected cash accruals or larger-than expected
working capital requirements or any large debt-funded capex.

REPL, incorporated in 2011, manufactures aluminum panels and
channels that are used in the residential, construction,
transport, power, and consumer goods industries, among others. It
has its manufacturing facility, with capacity of 1800 tonnes per
month (tpm) at Palghar (Maharashtra).

REPL reported a net loss of INR4.07 million on net sales of
INR152.8 million in 2013-14 (refers to the financial year from
April 01 to March 31) as against a net loss of INR1.0 million on
net sales of INR43.9 million in 2012-13.


RANGAR BREWERIES: CRISIL Cuts Rating on INR70MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on long-term bank facilities of
Rangar Breweries Ltd (RBL) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan             67.9      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects weak liquidity on account fully
utilised bank limits of RBL's cash credit limit of INR70 million.
The liquidity is also constrained by the company's stretched
receivables, with an increase in debtors greater than six months
to INR46 million as on March 31, 2014 from INR41 million as on
March 31, 2013. CRISIL believes that the liquidity will remain
weak over the medium term on account of fully utilised bank limits
and an increase in working capital requirement.

The rating reflects RBL's modest scale of operations and presence
in the highly regulated distillery industry. These rating
weaknesses are partially offset by RBL's established market
position in liquor manufacturing in Himachal Pradesh and its
longstanding customer relationships. The rating also factors in
its above-average financial risk profile, marked by low gearing,
and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that RBL will continue to benefit from its
established position in the industry and its longstanding
relationship with customers. The outlook may be revised to
'Positive' if the company's scale of operations and operating
margin increase significantly while maintaining its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if there is significant decline in
revenue and profitability, or if the company undertakes additional
debt-funded capital expenditure (capex) leading to deterioration
in its financial risk profile.

RBL was incorporated in 1974. It manufactures rectified spirit,
extra neutral alcohol, country liquor, Indian-made foreign liquor,
and malt spirit. Mr. Kunal Yadav is the current promoter of the
company. The factory is situated in Mehatpur (Himachal Pradesh)
and its registered office is in New Delhi.


S. P. IRON: CARE Rates INR10cr Long Term Bank Loan at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of S. P. Iron
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of S. P. Iron Private
Limited (SPI) is primarily constrained by its small scale of
operations with low net-worth base and low PAT margin, leveraged
capital structure & weak coverage indicators and working capital-
intensive nature of operations. The rating is further constrained
by the customer concentration risk and highly competitive trading
industry. However, the rating draws comfort from the experienced
promoters with track record of operations.

Going forward, the company's ability to increase the scale of
operations, improvement in its capital structure while managing
its working capital utilization shall be the key rating
sensitivities.

Faridabad-based, (Haryana) SPI, was established as a
proprietorship concern in 1999 by Mr Pradeep Kumar Singhal. In
2005, it was converted into private limited company. Currently the
company is managed by Mr Pradeep Kumar Singhal and Mr Sandeep
Kumar Singhal. SPI is engaged in the trading of iron & steel
products viz HR Coils, HR Sheet, CR Coils, CR Sheet and MS Plates.
The company procures the material from the vendors of TATA Steel
Limited (CARE reaffirmed AA+ in October, 2014), Steel Authority of
India Limited (CARE reaffirmed AAA/A1+ in August, 2014), Bhushan
Steel Limited. The product finds its application in the automobile
and construction sector. The company is selling its products
mainly in Faridabad to automobile vendors.

For FY14 (refers to the period April 1 to March 31) SPI achieved a
total operating income of INR37.47 crore and PAT of INR0.06 crore
as compared with a total operating income of INR37.44 crore and
PAT of INR0.06 crore for FY13. The company has achieved a total
operating income of around INR32 crore till December 31, 2014.


SALASAR PLYWOOD: ICRA Reaffirms B+ Rating on INR0.50cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR0.50 crore cash
credit facility of Salasar Plywood Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR8.00 crore (reduced from
INR10.00 crore) short term non fund based facilities of Salasar
Plywood Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             0.50         [ICRA]B+; Reaffirmed
   Short term-Non Fund     8.00         [ICRA]A4'; Reaffirmed
   based facility

The ratings continue to remain constrained by Salasar Plywood
Private Limited's (SPPL) modest scale of operations, low
profitability, stretched capital structure and weak coverage
indicators. The ratings also factor in the high competitive
intensity due to the presence of a few large players and several
small, unorganized players. ICRA also takes note of the
vulnerability to the cyclicality in the real estate industry,
fluctuation in imported timber prices and currency related
fluctuations in the absence of a formal hedging policy. The
ratings also factor in the risk caused due to high concentration
of raw material purchases originating primarily from Burma and
Malaysia, resulting in vulnerability to political instability,
adverse foreign trade policy and domestic deforestation policy
arising in these countries.

The ratings, however, favorably factor in the long track record of
promoters in timber business, location advantage arising due to
the presence of the manufacturing facility in close proximity to
Kandla port and marketing support from other group entities.

Salasar Plywood Private Limited (SPPL) was incorporated in 2011
and is promoted by Mr. Rakesh Agarwal and Mr. Mukesh Agarwal, who
have vast experience in the timber business. The company is
currently engaged in the trading of imported timber, while it
proposes to commence sawing of imported timber in the near to
medium term. The company's manufacturing facility is located at
Gandhidham, in Kutch District (Gujarat). SPPL forms part of the
Amul Group that has been engaged in the trading of imported
timbers and manufacturing of veneers and plywood for more than 15
years.

During FY14, SPPL reported an operating income of INR9.85 crore
and profit after tax of INR0.03 crore.


SARAF IMPEX: ICRA Withdraws B- Rating on INR18cr Export Loan
------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]B- assigned to
the INR18.00 crore export packing credit facility and [ICRA]A4
assigned to the INR0.35 crore short term, non-fund based bank
facility of Saraf Impex Private Limited. As per ICRA's policy on
withdrawals, ICRA can withdraw the ratings in case the ratings
remain suspended for more than three years.


SASOONDOCK MATSYODHYOG: CRISIL Suspends B Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sasoondock Matsyodhyog Sahakari Society Ltd. (SMSSL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       150      CRISIL B/Stable Suspended
   Bank Loan Facility

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

Established in 1996, Sasoondock Matsyodhyog Sahakari Society Ltd.
(SMSSL) is a co-operative society engaged in processing and
exports of various types of seafood products. SMSSL primarily
deals in different types of fishes and squids. Its products are
mainly exported to the US and Europe. The society started by Mr.
Keshav Koli, has its processing facilities at Uran (Maharashtra).


SEEMANCHAL INSTITUTE: ICRA Rates INR10cr Fund Based LT Loan at B
----------------------------------------------------------------
ICRA has assigned an [ICRA] B rating to the proposed INR10.00
crore fund based limits of Seemanchal Institute of Medical
Sciences and Galaxy Hospital Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Proposed Long Term     10.00        [ICRA]B Assigned
   Fund Based

The assigned rating is constrained by high project execution risk
given that the project is at a nascent stage of development
wherein only 3% of the total project cost has been incurred as on
January 2015, funding risks given the financial closure for the
project has not been achieved yet and ability of SIMS to attract
and retain qualified doctors/training staff to start and scale up
the operations.

The rating also takes into account the part debt funded project
which is likely to create pressure on the debt servicing
indicators in the initial years of operations. Further, promoters'
ability to infuse balance funds in the project remains to be seen
given that the promoters are yet to infuse majority of their
contribution towards the project.

The rating, however, draws comfort from the long experience of the
qualified doctors in the promoter group in the healthcare industry
along with adequate demand for healthcare facilities in Purnea
district in Bihar. The rating also takes into account the
favorable location of the hospital cum training centre which is
strategically located on NH31, with ease of accessibility from
various cities in Bihar and other neighboring states.

Seemanchal Institute of Medical Sciences and Galaxy Hospital Pvt
Ltd (SIMS), incorporated in 2014, is promoted by a group of ten
doctors based out of Purnea, Bihar. The promoters are in process
of setting up a 50 bedded maternity hospital with an OPD, and
child care.


SHREE KRISHNA: CRISIL Reaffirms B+ Rating on INR77.5MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Krishna Rice and
General Mills (SRGM) continue to reflect SRGM's below-average
financial risk profile, marked by its highly leveraged capital
structure, and weak debt-protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          77.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term   12.5       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan            15.0       CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts   45.0       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations, in the intensely competitive basmati rice market;
along with susceptibility of the operating margin to any adverse
impact in government regulations, and to volatility in raw
material prices. These rating weaknesses are partially offset by
the partners' extensive industry experience, and their financial
support and healthy growth prospects for the basmati rice
industry.

Outlook: Stable

CRISIL believes that SRGM will continue to benefit over the medium
term from the partner's extensive experience in the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile on account of
better than expected accruals led by improvement in scale and
operating profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if SRGM
undertakes aggressive, debt-funded expansions; reports a
substantial decline in revenues and profitability, or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

SRGM was set up as a partnership firm by Mr. Abhinav Goel, and his
brother in 2000. The firm is based out of Kotkapura, Haryana and
is engaged in milling and sorting of basmati rice. It deals in
PUSA1121 and PL11 variety of basmati rice.


SHREYANS CREATION: CRISIL Suspends B+ Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shreyans Creation Global Limited (SCGL's).

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

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

SCGL was initially established in 1988 as a partnership firm,
Instyle Apparel, by Mr. Rajendra Surana and Mr. Naveen Kapoor; the
firm was reconstituted as a closely held company in 2005. It
manufactures ready-made garments for men and trades in fabrics;
the readymade garments are sold under the Zedd brand. The company
supplies to retail chains, besides wholesalers.


SHUBH GRAH: CARE Reaffirms B/A4 Rating on INR8cr Bank Loan
----------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of Shubh Grah Metals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term         8.00        CARE B/CARE A4
   Bank Facilities

Rating Rationale

The rating of Shubh Grah Metals Private Limited (SMPL) continues
to remain constrained on account of the short track record of
operations, highly leveraged capital structure and working capital
intensive nature of operations. The rating, further, constrained
on account of the cash losses incurred in FY14 (refers to the
period April 1 to March 31), susceptibility of the company's
profitability to fluctuations in the raw material prices and
foreign exchange rates and its presence in the highly competitive
and fragmented industry.

The rating, however, continues to draw strength from the long
standing experience of SMPL's promoters in the diversified line of
business.

SMPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices, along
with improvement in its solvency position and efficient management
of working capital are the key rating sensitivities.

Incorporated in October 2012, Udaipur-based (Rajasthan) SMPL was
promoted by Mr Babulal Motawat, Mr Rohit Motawat and Mr Pankaj
Kothari. SMPL was set up to primarily engage in the trading of
aluminium scrap and commenced its commercial operations from
December 2012 onwards. The company imports aluminium scrap from
Gulf countries mainly Dubai, Kuwait and Saudi Arab and sells it
all over India with sales concentrated predominantly in Gujarat,
Maharashtra, Delhi and Rajasthan. It sells scrap directly to end
users all over India.

During, FY14, its first year full year of operation, SMPL has
achieved Total Operating Income (TOI) of INR21.51 crore and net
loss of INR0.33 crore.


SRK CHEMICALS: CRISIL Upgrades Rating on INR50MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of SRK Chemicals Ltd (SRK) to 'CRISIL B+/Stable from 'CRISIL
B/Stable', while reaffirming its rating on the company's short
term facilities at 'CRISIL A4'.

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

   Line of Credit        70       CRISIL A4 (Reaffirmed)

   Proposed Long Term     6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SRK's business
risk profile will continue to improve with healthy revenue growth
and sustained profitability. The company registered sales of
around INR900 million for 2013-14 (refers to financial year, April
1 to March 31), and is likely to register sales exceeding INR1.25
billion in 2014-15. SRK is also diversifying its product portfolio
with sales contribution of Heavy Metal Scrap (HMS) and timber
expected to increase from 10 to 20 percent in 2014-15. SRK is
expected to a report a moderate interest coverage ratio above 2
times, because of low expected interest expenses considering its
low-cost non-fund based limits. The company does not have any
significant debt-funded capital expenditure (capex), and any capex
will remain a rating sensitivity factor.

The ratings reflect the vulnerability of profitability to risks
related to volatile raw material prices and trading operations.
These rating weaknesses are partially offset by the promoters'
established track record in the salt industry and moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that SRK will continue to benefit over the medium
term from its promoters' extensive experience in the salt
industry. The outlook may be revised to 'Positive' if the company
substantially enhances its scale of operations and profitability,
and improves its capital structure. Conversely, the outlook may be
revised to 'Negative' if SRK's financial risk profile deteriorates
because of significantly low sales or profitability, or sizeable
working capital requirements.

Incorporated in 2008, SRK is a part of the Neelkanth group,
promoted by the Gandhidham-based Kangad family. The group has a
presence in businesses such as salt manufacturing, civil
construction, water supply, transportation, and low ash
meteorological (LAM) coke manufacturing. SRK trades in various
products such as salt, timber and HMS.

For 2013-14, SRK reported a net profit of INR11.7 million on sales
of INR909.7 million; the company reported net profit of INR5.6
million on net sales of INR166.1 million for 2012-13.


SRK GROUP: CARE Assigns B+ Rating to INR50cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SRK Group.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     50         CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of SRK Group (SRK) is
constrained by high project execution and saleability risk in the
absence of requisite regulatory approvals and nascent stage of
implementation, its presence in an inherently cyclical real-estate
industry and constitution as a partnership firm.

The rating, however, derives comfort from the experience of the
partners, established track record in the real estate market of
Surat and moderate unit booking status of the project.

The ability of SRK to obtain requisite approvals for the proposed
plan, complete and sell the residential units at envisaged price,
along with timely realisation of sales proceeds, are the key
rating sensitivities.

SRK Group (SRK) is a partnership firm constituted in September
2012 by three partners to develop a residential-cumcommercial
project 'Mansarovar' near Kamrej in Surat, Gujarat. The project is
envisaged to be developed on 7.94 Lakh Sq Feet (lsft) land owned
by SRK and will have total estimated saleable area of around 13.88
lsft.

The project 'Mansarovar' is a mid-range residential-cum-commercial
project consisting of 27 low-rise residential towers (Basement +
Ground Floor + Four storeys) aggregating 1024 flats and a
commercial complex (Basement + Ground Floor + Three storeys)
comprising of 804 shops (201 shops on each floor). The project was
launched in March 2013 and envisaged to be completed by March
2016.

As on July 31, 2014, SRK had incurred approximately 27% of the
total project cost and has received bookings for 59% of the total
saleable area and received INR7.50 crore (about 8% of the total
sales value) as advance from customers.


TANTIA AGROCHEMICALS: CARE Reaffirms B Rating on INR57.08cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tantia Agrochemicals Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    57.08       CARE B Reaffirmed
   Short-term Bank Facilities    8.82       CARE A4 Reaffirmed

Rating Rationale

The above ratings continue to be constrained by deterioration in
the financial performance of Tantia Agrochemicals Pvt
Ltd (TAPL) in FY14 (refers to the period April 1 to March 31),
increase in leverage ratios, elongation in operating cycle,
relatively small size of the company with short track record of
operations, and volatility in raw material prices. The ratings,
however, derive comfort from improvement in financial performance
in 9MFY15, experience of the promoters, strategic location of the
plant, and multiple applications of maize starch products.
Improvement in capacity utilisation and profitability amidst
volatility in raw material price, continued financial support from
the promoters, and managing working capital effectively would
remain the key rating sensitivities.

TAPL, incorporated in April 2008, is promoted by Mr Rahul Tantia
and Mr Siddhartha Tantia of the Tantia group. TAPL is engaged in
the manufacturing of maize starch products used in various
industries like food, pharmaceutical, textiles, paper, etc. TAPL
sells its products under the brand, "Lotus".

TAPL has crushing facilities for maize [52,800 Tonnes Per Annum
(TPA)] and derivative products of starch slurry like starch powder
(16,000 TPA), liquid glucose (13,200 TPA), yellow dextrine (3,300
TPA) and modified starch (660 TPA) at its manufacturing unit at
Dalkhola, West Bengal. Besides, other by-products i.e. maize
germs, maize gluten and maize fibre are also derived in different
proportions during the manufacturing process. In FY13, TAPL also
ventured into exports, majorly to South America, Africa, south and
middle-east Asia. The exports in FY14 amounted to INR17 crore (47%
of the net sales).

In FY14, TAPL reported net loss of INR16.15 crore (net loss of
INR1.59 crore in FY13) on total operating income of INR36.51
crore (INR66.17 crore in FY13). In 9MFY15 (provisional), TAPL
earned PAT of INR1.25 crore on total operating income of INR59.70
crore.


UNICHEM IMPEX: CRISIL Suspends B+ Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Unichem Impex Pvt Ltd (UIPL).

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

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

UIPL was established in 1989 as a proprietorship firm in Faridabad
(Haryana). It was reconstituted as a private limited company in
2002. The company trades rubber and chemicals, which include
natural and synthetic rubber, carbon black, zinc oxide and bonding
agents.

UIPL is promoted by the Faridabad-based Arora family; Mr. Satish
Kumar Arora, and his brother, Mr. Sanjeev Kumar Arora are the
company's key promoters, and actively manage its daily operations.


VARSHA CABLES: CRISIL Suspends B+ Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Varsha Cables Pvt Ltd (VCPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B+/Stable Suspended
   Letter of Credit      10         CRISIL A4 Suspended
   Long Term Loan        18.7       CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     4.9       CRISIL B+/Stable Suspended

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

Established in 1995, VCPL is engaged in the business of
manufacture of low voltage copper and aluminium cables for
industrial applications. The day to day operations of the company
are managed by its promoter Mr. Puttaraju P. Gowda.


VATSA INTERNATIONAL: CRISIL Suspends D Rating on INR60MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vatsa
International (VI).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        60         CRISIL D Suspended

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

VI operates a deluxe hotel in Bhilai. The hotel has 85 rooms, a
restaurant, a banquet hall and a pub. The firm is owned by the
Singh family.


VIBGYOR AUTOMOTIVE: CRISIL Suspends B+ Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vibgyor Automotive Pvt Ltd (VAPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL B+/Stable
   Long Term Loan        20         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    20.5       CRISIL B+/Stable

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

VAPL, set up as a partnership firm in 1995 Mr. Padmanabhan and his
friend Mr. Parthasarathy, was reconstituted as a private limited
company in 2004. The company manufactures automobile components
such as shafts, tube components, and other precision components.


WINDORZ INDIA: CRISIL Suspends C Rating on INR17.5MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Windorz India Private Limited (WIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         20        CRISIL A4 Suspended
   Cash Credit            17.5      CRISIL C Suspended
   Inland/Import
   Letter of Credit       20.0      CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     12.5      CRISIL C Suspended

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

WIPL, established in 1994 by Mr. Sanjay Jain and his family
members, is engaged in facade engineering; it designs, fabricates,
and installs aluminium glazing systems and aluminium composite
panels in various forms, such as curtain walls, aluminium
cladding, suspended glass, skylights, canopy, windows and doors,
for hotels, corporate houses and commercial buildings. WIPL has
its registered office in New Delhi and manufacturing unit at
Faridabad.


ZAVERI EXPORTS: ICRA Rates INR10.50cr Fund Based Loan at C+
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C+ to INR10.50 crore
fund based limits and INR2.50 crore of unallocated limits of
Zaveri Exports Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits      10.50         [ICRA]C+ assigned
   Unallocated limits      2.50         [ICRA]C+ assigned

The assigned rating is constrained by ZEPL's stretched liquidity
profile of the company as reflected by consistent high working
capital utilization owing to high working capital intensity of the
business. Further, the assigned rating is constrained by the weak
financial profile characterized by high gearing, modest coverage
indicators and thin profitability margins and regulatory risks in
the domestic jewellery industry with the recent series of RBI
measures to curb gold imports that have adversely affected the
supply chain of domestic jewellers including wholesalers and
bullion dealers. The same, coupled with the recent dip in demand
seen across all regional markets, is expected to suppress the
revenue growth and profitability of jewelers. However the rating
favorably factor in experience of the promoters of over two
decades in the jewellery retailing business and strong revenue
growth in FY2014 on the back of increased bullion trading
activity.

Going forward, managing of increased working capital requirements
will be the key rating sensitivity from credit perspective.

Zaveri Exports Private Limited (ZEPL) was formerly Zaveri
Jewellers which was run by two brothers. In the year 1985, the
business of Zaveri Jewellers was divided among two brothers. Post
division Mr Sunil Tayal established Zaveri exports, and in the
year 2001 the constitution of the company was changed to Private
limited. Currently the company is a manufacturer and exporter of
studded and plain gold, silver and platinum jewellery. The
company's jewellery collection ranges from 22 karat gold jewellery
to 18 karat jewellery studded with diamonds, gemstones like
rubies, emeralds, sapphires, semi precious stones. The company has
1 retail show room in Hyderabad.

As per the 9 months FY2015 provisional results, the company
registered INR57.31 crore of operating income and net profit of
INR0.62 crore as compared to revenues of INR226.74 crore and net
profit of INR0.22 crore in FY2014.



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


SKYMARK AIRLINES: To Prepare Business Recovery Plan by End of May
-----------------------------------------------------------------
Kiyotaka Matsuda at Bloomberg News reports that Skymark Airlines
Inc., the Japanese carrier that's filed for bankruptcy, told its
creditors that the company expects to prepare a business recovery
plan by the end of May.

Bloomberg relates that the airline plans to put the proposal to a
vote by creditors before submitting it for court approval, the
Tokyo-based company said in a note to participants at a creditors'
meeting on Feb. 4 in Tokyo.  Skymark intends to start implementing
the proposal by the end of July, according to the note cited by
Bloomberg.

The budget airline had to seek bankruptcy protection after a
decision to purchase six Airbus Group NV A380 superjumbos flopped
last year. Skymark owes creditors led by the aircraft-leasing arm
of General Electric Co. about $520 million, according to documents
obtained by Bloomberg.

Shares of the airline have slumped 91 percent since the company
filed for bankruptcy Jan. 28, Bloomberg notes.

                       About Skymark Airlines

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

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

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


SKYMARK AIRLINES: Airport Slots Offer Path Out of Bankruptcy
------------------------------------------------------------
Kyunghee Park and Kiyotaka Matsuda at Bloomberg report that
Skymark Airlines Inc. may have filed for bankruptcy and seen its
passenger numbers dwindle. It still holds an asset worth about
$612 million in annual revenue that offers a path out of
bankruptcy, Bloomberg says.

According to the report, the Japanese budget airline has 36
takeoff and landing slots for local service from Haneda airport,
or 8 percent of the rights there. One slot for domestic flights at
the Tokyo airfield probably generates about JPY2 billion ($17
million) in sales annually, the report relates citing Hiroshi
Hasegawa, an analyst at SMBC Nikko Securities Inc. in Tokyo.

Owning the third-most landing rights at Asia's second-busiest
airport could help Skymark attract a partner to lift the company
out of bankruptcy, where it landed last month with JPY71 billion
of liabilities, Bloomberg notes. Integral Corp., the private-
equity fund that's helping the ailing carrier, has promised to
hold on to all the Haneda slots and trim operating costs to turn
the Tokyo-based airline profitable, says Bloomberg.

Bloomberg states that rights to Haneda, close to the center of
Tokyo, are lucrative for airlines because they give passengers a
more convenient alternative to Narita airport, an hour's ride from
Tokyo by an express train.  With 46 landings and takeoffs every
hour, Haneda is the preferred location for business travelers and
is the world's fourth-busiest aerodrome, according to the
International Air Transport Association, Bloomberg relays.

"The most valuable assets they have would be the slots in Haneda,"
Bloomberg quotes Shukor Yusof, founder of aviation research firm
Endau Analytics, as saying. "Those are not easy to come by. They
have a chance to re-emerge as a leaner airline."

                       About Skymark Airlines

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

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

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


TIBANNE CO: Files For Chapter 15 Bankruptcy Protection
------------------------------------------------------
Anthony Cuthbertson and James Etherington-Smith at International
Business Times, citing Ars Technica, report that Tibanne Co.,
Ltd., the Japanese parent company of bitcoin exchange Mt. Gox, has
filed for Chapter 15 bankruptcy protection in the United States.

Once the world's largest bitcoin exchange, at one time processing
80% of transactions, Mt. Gox imploded in spectacular fashion after
it was revealed in February 2014 that 744,000 bitcoins had been
stolen from the exchange over a period of two years, IBT says.

According to the report, Tibanne is still subject to ongoing
bankruptcy proceedings in Japan, and so the company's US
representatives have asked a federal bankruptcy court to pause
legal proceedings against it in the US until the Japan case is
resolved.

Tokyo, Japan-based Tibanne Co., Ltd., specialized in web hosting,
application development, and system management.


TIBANNE CO: Chapter 15 Case Summary
-----------------------------------
Chapter 15 Petitioner: Taro Awataguchi

Chapter 15 Debtor: Tibanne Co., Ltd.,
                     a/k/a K.K. Tibanne
                   Bingham Sakai Mimura Aizawa
                   Foreign Law Joint Venture
                   4th Floor, Hulic Kaiyacho Bldg, 4-3-13
                   Toranomon, Minato-ku
                   Tokyo

Chapter 15 Case No.: 15-10255

Type of Business: Tibanne specialized in web hosting, application
                  development, and system management.

Chapter 15 Petition Date: February 3, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15 Petitioner's     Anne Marren Bahr, Esq.
Counsel:                    REID COLLINS & TSAI LLP
                            one Penn Plaza, 49th Floor
                            New York, NY 10119
                            Tel: 212-946-9405
                            Fax: 212-344-5299
                            Email: abahr@rctlegal.com

                              - and -

                            Angela Jennifer Somers, Esq.
                            REID COLLINS & TSAI LLP
                            One Penn Plaza, 49th Floor
                            New York, NY 10119
                            Tel: (212) 344-5208
                            Fax: (212) 344-5299
                            Email: asomers@rctlegal.com

                              - and -

                            Randall Adam Swick, Esq.
                            REID COLLINS & TSAI LLP
                            One Penn Plaza, 49th Floor
                            New York, NY 10119
                            Tel: 212-344-5200
                            Fax: 212-344-5299
                            Email: aswick@rctlegal.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million



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


BRIDGECORP LTD: Former Director Denied Parole Again
---------------------------------------------------
The New Zealand Herald reports that jailed Bridgecorp Ltd boss Rod
Petricevic has been denied parole again as he appears to have
failed to come to grips with the true nature of his offending.

The Herald recalls that Mr. Petricevic was jailed for six years 10
months in 2012 for misleading investors in the failed finance
company and for Serious Fraud Office charges.

He was already denied release last year and when he came before
the parole board this week the result was the same, the report
says.

According to the Herald, the parole board's decision quotes
"pertinent" passages from a psychologist's assessment of
Mr. Petricevic.

"Mr Petricevic appeared to accept responsibility for the offences
and for the losses suffered by Bridgecorp investors but did not
accept that he had acted in a manner that was deliberately
dishonest or deceptive.

Therefore it is assessed that he displayed partial remorse but
nevertheless maintained a degree of entitlement to act in the way
that he did given what he said he knew at the time of his
offending," the psychologist said, the Herald relays.

According to the report, the board, in quizzing the former
Bridgecorp director on the psychologist's comments, said there
remained cause for concern.

"Primary predictors of risk must be previous conduct and attitudes
and present attitudes, to offending conduct. It is in this area
that the Board continues to have disquiet . . . we consider that
Mr. Petricevic needs to have some assistance to see his offending
in its proper perspective.

We think that that could best be achieved by a brief programme of
one-to-one psychological intervention given that there are no
programmes available to him in the prison setting which would be
apt to deal with this particular offending," the parole board, as
cited by the Herald, said.

The former managing director of Bridgecorp, which owed investors
NZ$459 million when it collapsed in 2007, will be able to go back
before the parole board in August, the Herald adds.

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


PROMETHEUS FINANCE: PwC Releases Repayment Schedule to Investors
----------------------------------------------------------------
NZN reports that the receiver of Prometheus Finance Limited has
outlined a schedule to repay all of the principal investors put
in.

NZN relates that in a letter to investors on February 3, PwC
outlines a schedule for repayment of principal and said the
process of selling the loan book has started. It hopes to sell the
loan book by the end of March.

Pwc said it anticipates that distributions on account of the
principal amount outstanding to investors will be made on or
around the dates:

   February 28         20 cents in the dollar

   May 15              20 cents in the dollar

   June 30             15 cents in the dollar
   September 30        15 cents in the dollar

According to NZN, the letter said Prometheus has term deposits,
which are staying invested until maturity to avoid penalty
charges.  If the loan book is sold for a satisfactory price, a
first distribution to investors may be as high as 30 cents in the
dollar.

NZN notes that the finance company wanted to raise NZ$3.7 million
in new capital to cover forecast losses and give it enough funding
to scale up the business but it failed and appointed PwC.

As at March 31, the lender's biggest sector concentrations were in
social and environmental housing with NZ$1.54 million in loans,
and schools and adult education at NZ$1.06 million.

Environmental lobbyist Greenpeace of New Zealand was one of
Prometheus's investors, reporting a NZ$957,868 investment with the
lender as at December 31, up from NZ$920,649 a year earlier, NZN
discloses.

                      About Prometheus Finance

Prometheus Finance Limited is a Wellington-based finance company.
John Fisk and Jeremy Morley were appointed receivers of Prometheus
Finance Limited on Dec. 17, 2014, following a request from the
directors of the Company to its trustee, Foundation Corporate
Trust, to appoint a receiver.



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


HYDIS TECHNOLOGIES: Shuts Down Two Plants; 370 Workers Affected
---------------------------------------------------------------
Taipei Times reports that E Ink Holdings Inc, which supplies e-
paper displays for Amazon.com Inc's and Sony Corp's e-readers, on
Feb. 12 said it has shut down two plants operated by its South
Korean LCD manufacturing unit, Hydis Technologies Co Ltd, due to
chronic losses.

More than 370 workers are affected by the factory closures, not
800 as claimed by the company's labor union, E Ink spokesman Lloyd
Chen said by telephone, Taipei Times relates.

The report notes that Mr. Chen's comments came after some labor
union representatives from Hydis protested in Taipei against the
Hydis board's decision to close the factories.

The representatives asked that operations resume at the
South Korean factories, Taipei Times notes.

"Long-term losses from Hydis' plants have become a heavy financial
burden to E Ink," the report quotes Mr. Chen as saying. "Those
plants are uncompetitive because of high manufacturing costs."

Hydis runs a third-generation plant and a 3.5-generation plant in
Icheon, South Korea, which are far less advanced compared with
8.5-generation and sixth-generation plants run by rivals in Taiwan
and South Korea, the report says.

According to Taipei Times, Mr. Chen said Hydis has lost more than
US$100 million since E Ink acquired the company in June 2008.

"We have injected payments into the company, but we still cannot
stem the losses," Mr. Chen, as cited by Taipei Times, said.

In 2013, Hydis posted a loss of KRW6.33 billion (US$5.73 million
at current exchange rates), or losses per share of KRW1,585.4,
according to an E Ink report cited by Taipei Times.

The South Korean unit had accumulated debts totaling KRW216.97
billion as of 2013, the report showed.

Hydis Technologies is the first LCD panel maker in South Korea. It
started as a Hyundai Electronics LCD unit in 1989, ahead of other
companies, which entered the LCD industry in the 1990s. The firm
separated from Hyundai Electronics and became an independent
company called Hydis Technologies in 2001. The following year, it
was sold to BOE in the process of the separate disposal of the
bankrupt Hyundai Electronics, according to BusinessKorea.  Taiwan-
based E-ink is the largest shareholder of the company.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***