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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

          Friday, February 20, 2015, Vol. 18, No. 036


                            Headlines


A U S T R A L I A

ADVENTURE PARC: First Creditors' Meeting Set For Feb. 27
KEEFORCE GROUP: Economic Slowdown Forces Truck Company Closure
MACRO CORPORATION: First Creditors' Meeting Set For Feb. 25
PARQUE PTY: First Creditors' Meeting Scheduled For Feb. 26
WHY? CLOTHING: First Creditors' Meeting Slated For Feb. 26


H O N G  K O N G

WINLAND OCEAN SHIPPING: Files for Chapter 11 Bankruptcy
WINLAND OCEAN SHIPPING: Case Summary & 33 Top Unsecured Creditors


I N D I A

ARAN KITCHEN: CARE Lowers Rating on INR6cr LT Loan to 'D'
DEV INDIA: CARE Assigns B+ Rating to INR8.37cr LT Bank Loan
EMCO EXPORTS: ICRA Assigns B+ Rating to INR4cr Packing Credit
G .T. HOMES: CRISIL Reaffirms B+ Rating on INR230MM Term Loan
GAJANAND GINNING: CRISIL Ups Rating on INR70MM Cash Credit to B+

GUJRAT SAW: CARE Reaffirms B Rating on INR1.50cr LT Bank Loan
GUPTA RICE: CRISIL Reaffirms B- Rating on INR190MM Cash Loan
GVK GAUTAMI: CARE Lowers Rating on INR1,009.75cr LT Loan to D
GVK INDUSTRIES: CARE Cuts Rating on INR565.85cr LT Loan to 'D'
HANUMAN RICE: CRISIL Reaffirms B- Rating on INR100 Cash Credit

HEXA CERAMIC: ICRA Suspends B+/A4 Rating on INR8.55cr Limits
MALLIKARJUN CONSTRUCTION: CRISIL Reaffirms C INR30MM Loan Rating
MARUTI NANDAN: CRISIL Reaffirms B Rating on INR75MM Cash Loan
MAYAR HEALTH: CARE Cuts Rating on INR2.97cr LT Loan to 'D'
MG WELL: ICRA Upgrades Rating on INR3.07CR Term Loan to B

NEHA CERAMIC: ICRA Ups Rating on INR4.0cr Cash Credit From B+
NIJANAND PIPES: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
ONEUP MOTORS: CRISIL Ups Rating on INR150MM Loan to B
PRINTWELL INT'L: CRISIL Reaffirms B Rating on INR56.1MM Loan
QUANTAS GLASS: CARE Assigns B+ Rating to INR8.15cr LT Bank Loan

R.K. RICE: CRISIL Reaffirms B Rating on INR130MM Cash Credit
RAMANI TIMBER: CARE Cuts Rating on INR2cr LT Bank Loan to B+
RENOWN PHARMACEUTICAL: CARE Reaffirms B Rating on INR33.15cr Loan
RP MULTIMETALS: ICRA Revises Rating on INR25cr Cash Loan to B+
SAI RAGHAVENDRA: CRISIL Reaffirms B Rating on INR30MM LT Loan

SAWANT TRANSPORT: CRISIL Reaffirms B- Rating on INR130MM Loan
SB INDUSTRIES: CRISIL Reaffirms B Rating on INR45MM Cash Credit
SEMILON TECH: ICRA Assigns 'SP 3D' Grading on Weak Fin'l Strength
SHARMA METALLOYS: ICRA Suspends B/A4 Rating on INR12.5cr Loan
SHREE VISHWAKARMA: CRISIL Assigns B Rating to INR60MM Loan

SRI RAMIAH: CRISIL Assigns B- Rating to INR50MM Cash Credit
SRI SOMESH: ICRA Assigns B+ Rating to INR7.50cr Cash Credit
SRI VENKATESWARA: CRISIL Assigns B+ Rating to INR130MM Loan
STHAPATYA DEVELOPERS: CARE Rates INR7.50cr LT Bank Loan at 'B+'
SUPER TECH: CRISIL Reaffirms B+ Rating on INR65MM Term Loan

SWASTIK FURNACES: CRISIL Assigns B+ Rating to INR40MM Cash Loan
TRUBA EDUCATION: CARE Assigns B Rating to INR1.59cr LT Bank Loan
TULSYAN RICE: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
VAMANA ENERGY: ICRA Puts 'SP 3D' Grading on Weak Fin'l Strength
VELLORE ROLLER: CRISIL Reaffirms B- Rating on INR75MM Bank Loan

WIDE ANGLE: CRISIL Cuts Rating on INR25MM Cash Credit to 'D'


I N D O N E S I A

BAKRIE TELECOM: Debt Ploy Exposes New Foreign Investor Pitfall


M A L A Y S I A

HUBLINE BHD: To Close Container Shipping Arm Amid Losses


N E W  Z E A L A N D

CAPITAL + MERCHANT: Top Lawyer Denies Reaching Settlement Deal
FIVE STAR: NZ$330,000 Liquidators' Fees Approved
WILLIAMS & CO: Goes Into Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ADVENTURE PARC: First Creditors' Meeting Set For Feb. 27
--------------------------------------------------------
Matthew John Bookless and Terrence John Rose of SV Partners were
appointed as administrators of Adventure Parc Australia Pty Ltd on
Feb. 17, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 5 Hicks Street, in Southport, Queensland, on
Feb. 27, 2015, at 2:30 p.m.


KEEFORCE GROUP: Economic Slowdown Forces Truck Company Closure
--------------------------------------------------------------
abc.net.au reports that up to 20 high-profile trucking businesses
based in Queensland have folded in the past 18 months.

Queensland Trucking Association chief executive Peter Garske said
a slowdown in the economy was to blame for the closures, according
to abc.net.au.

The report relates that Mr. Garske said between 15 and 20
businesses had folded since mid-2013, with most of the affected
businesses refrigerated carriers and trucks freighting building
and construction materials

The report discloses that Mr. Garske said dozens more smaller
operators were also closing or downsizing, and other companies
across the country were facing liquidation on a daily basis.

Now Mr. Garske was calling on the new Queensland Labor Government
to deliver on its pledge to better manage the economy, the report
relays.

Mr. Garske said the trucking sector's service to a vast range of
industries made it extra sensitive to a softening in the wider
market, the report notes.  Mr. Garske said it caused demand to
fall and competition to increase.

"The customers are a microcosm of the country -- the agricultural
industry, the manufacturing industry, the housing industry, the
retail industry.  The fact that we are so closely linked to the
economy should therefore provide an understanding of why my
industry is finding it so difficult," the report quoted Mr. Garske
as saying.

Rising costs and the capacity of customers to pay on time were
growing problems, putting extra pressure on operators to sharpen
their management skills, the report relays.

When asked how much those skill levels could be to blame for
individual businesses being shelved, Mr. Garske said he couldn't
respond in detail.

"Whenever businesses go to the wall, there are many underlying
reasons and not any one is usually to blame," the report quoted
Mr. Garske as saying.  "But I see what good surviving operators
do. I know that some others do not apply the same level of
expertise."

It was a sad state of affairs, Mr. Garske said, for the regions
affected by company closures and job cuts, the report notes.

This week brought the news that a Bundaberg refrigerated produce
carrier and its parent group would be wound down after talks to
restructure and sell the businesses failed, the report relays.

Fresh Produce Logistics (FPL) and Keeforce Group were placed in
voluntary administration last month to protect the company's
assets and give it a chance to continue under a new owner, the
report relates.

Administrator of FPL Brendan Richards, from Ferrier Hodgson, said
260 people had lost their jobs (42 of them from FPL), and more
than 100 suppliers would bear significant losses, the report
notes.

Specifically, Mr. Richards said refrigerated trucking operations
were expensive to run, competitive, and had extremely slim
margins, the report notes.

"You have a higher level of compliance, and on top of that, you've
got additional costs of running generator units, the refrigerated
vans and so on," the report quoted Mr. Richards as saying.

Cost recovery was also difficult because the produce was going to
the major supermarkets, Mr. Richards added.

If problems arose, Mr. Richards said, the best way to avoid
liquidation was to take action as soon as possible, the report
notes.

The report discloses that Mr. Richards has turned attention to the
Queensland Government to build the economy.

Mr. Richards said he also wanted the government to ensure trucks
had adequate access to road networks, the report notes.

"The industry today is hamstrung by inadequate [road] access to
multiple combination vehicles, to B-Doubles, to what I call A-
Doubles," the report quoted Mr. Richards as saying.  "That sort of
efficiency and productivity assists not only the trucking operator
but assists our customers as well."

Keeforce Group, a Brisbane-based linehaul carrier, was established
in 2002 and posted a turnover of about AUD75 million.


MACRO CORPORATION: First Creditors' Meeting Set For Feb. 25
-----------------------------------------------------------
Nick Combis and Gavin Moss of Vincents Chartered Accountants were
appointed as administrators of Macro Corporation Ltd on Feb. 13,
2015.

A first meeting of the creditors of the Company will be held at
The Sudbury Room, Level 3, Rydges Plaza Cairns, 50 Grafton Street,
in Cairns, Queensland, on Feb. 25, 2015, at 2:00 p.m.


PARQUE PTY: First Creditors' Meeting Scheduled For Feb. 26
----------------------------------------------------------
David Coyne, James Koutsoukos, and Antony Resnick of BRI Ferrier
were appointed as administrators of Parque Pty Ltd, trading as FAT
Stores, on Feb. 17, 2015.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 3, 600
Bourke Street, in Melbourne, on Feb. 26, 2015, at 10:30 a.m.


WHY? CLOTHING: First Creditors' Meeting Slated For Feb. 26
----------------------------------------------------------
Roger Darren Grant and Shane Leslie Deane of Dye & Co. were
appointed as administrators of Why? Clothing Pty Ltd, trading as
Buci Emporio, on Feb. 18, 2015.

A first meeting of the creditors of the Company will be held at
Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn East,
Victoria, on Feb. 26, 2015, at 10:30 a.m.



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


WINLAND OCEAN SHIPPING: Files for Chapter 11 Bankruptcy
-------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
Winland Ocean Shipping Corp. filed for Chapter 11 bankruptcy
protection after two of its three vessels were confiscated in Asia
late last year.  According to the report, the Texas-based shipping
company and five subsidiaries hope to restructure and reduce their
existing secured debt "to levels that are consistent with the
currently depressed levels of the charter market," the company
said in documents filed with the U.S Bankruptcy Court in Victoria,
Texas.

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership
and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.


WINLAND OCEAN SHIPPING: Case Summary & 33 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

        Debtor                                  Case No.
        ------                                  --------
        Winland Ocean Shipping Corporation      15-60007
        c/o Robert E. Ogle
        The Claro Group
        1221 McKinney, Suite 2850

        SkyAce Group Limited                    15-60008

        Plentimillion Group Limited             15-60009

        Fon Tai Shipping Co., Ltd.              15-60010

        Winland Dalian Shipping, S.A.           15-60011

        Won Lee Shipping Co., Ltd.             15-60012

Nature of Business: The Debtors are engaged in the business of
                    international ocean transportation of
                    bulk cargo.

Chapter 11 Petition Date: February 12, 2015

Court: United States Bankruptcy Court
       Southern District of Texas (Victoria)

Judge: Hon. David R Jones

Debtors' Counsel: Matthew Scott Okin, Esq.
                  George Y. Nino, Esq.
                  Ruth E. Piller, Esq.
                  OKIN & ADAMS LLP
                  1113 Vine Street, Suite 201
                  Houston, TX 77002
                  Tel: 713-228-4100
                  Fax: 888-865-2118
                  Emails: mokin@okinadams.com
                          gnino@okinadams.com
                          rpiller@okinadams.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by Robert E. Ogle, chief restructuring
officer.

Consolidated List of Debtors' 33 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
China Merchants Bank Co. Ltd.      First priority    $25,900,000
19th Floor,                        mortgages on
China Merchants Banks Tower        M.V. Ruie Lee
No. 7088 Shennan Boulevard         and M.V. Fon
Shenzhen, Guangdong 51840          Tai
China

China contact:
zhuweizhong@cmbchina.com
Fax: 86-755-83195040

New York Branch:
535 Madison Avenue, 18th Flr
New York, NY 10022
Tel: 212-753-1801
Fax: 212-753-1319
cserv@ny.cmbchina.com

China CITIC Bank Co. Ltd.          Mortgages on      $19,600,000
Dalian Zhong Shong District        the M.V. Fon
Road #29 7                         Tai and M.V.
7 Guang Chang                      Rui Lee
Dalian
China

New York Branch:
Mr. Peter Zhao
Executive Vice President &
Country Head, USA
410 Park Avenue, 18/F
New York, NY10022
Tel: 212-588-7000
Fax: 212-791-3776/3857
peterzhao@cncbinternational.com
nyb@cncbinternational.com

Rich Forth Investment Limited                         $5,377,900
Luoma Guarden #1703a
Huixisi Street
Chaoyang, Beijing
China
Fax: 86-591- 87541607

Jiangsu Hantong Ship Heavy                            $5,199,484
Industry Co.
Yangzhong, Baqiao, Wanfu
Ligang Town,Tongzhou
Jiangsu Province
China
Attn: Mr. Caishihai
cx@cnhtship.com.cn
Fax: 0513-86760866

Grand Capital International        First priority     $3,205,000
Limited                            ship mortgage in
SinoPac Leasing Corp, 3F           M.V. Winland
9-1 Chien Kuo North Road           Dalian
Taipei, Taiwan
Mr. Andy Chuang
Fax: 888-2-8261222

Sea Carrier Shipping Co. Ltd.                          $3,004,056
Caihong North Road #48
Poteman Building 906-1
Ningbo, Zhejiang 315000
China

Daewoo Logistics Corp.                                 $2,974,782
17th floor,
Daewoo Foundation Building
526.5 GA Namdaemunno
Chung-Gu, Seoul
Korea

Zhoushan Ligang Shipbuilding                           $1,158,926
Co., Ltd.
No. 12 Ligang Shipyard Road
Jintang Town, Dinghai District
Zhoushan City, Zhejiang
Province
China

Dalian Master Well Ship                                  $900,460
Management Co., Ltd.
23F Summit Building,
No. 4 Shanghai Road,
Zhongshan District, Dalian
China

PICC Insurance Company                                   $632,021
Dalian Branch
No. 2 Huanghe Road
Xigang District, Dalian 116011
China
Mr. Yue Bing
Tel: 86-411-8272-4297
yuebing@dal.picc.com.cn
Fax: 86-411-82711005

Fu Jian Xin Yuan Shipbuilding                            $487,804
Company Co., Ltd.
Baimamen, Wanwu Town,
Fu'an City, Fujian Province
China
go@fjhdshipyard.com
business@fjhdshipyard.com
lxd1680@fjhdshipyard.com
huadong-2@sinowagon.com.tw
Fax: 0086-591-26977310

Far East Shipping                                        $341,289
T1-12A Pacific Plaza,
No.35 Donghai West Road,
Qingdao City, Shandong
Province
China
Mr. Gong Wei Chuan
fuerchuanwu@163.com

Sea Hub Trading (HK) Ltd                                 $243,199

Chugoku Marine Paint (HONG KONG) Ltd.                    $194,930

Shanghai FG Marine Engineering Co. Ltd.                  $172,460

Zhenjiang East China Diesel                              $159,422

Engine Fitting Co., Ltd.

Shanghai Weijiao Shipping Co., Ltd.                      $148,182

Feoso Oil (Singapore) Pte Ltd                            $145,974

Asia-Pacific Marine & Power Co., Ltd.                    $134,328

Class NK                                                 $131,599

Jiang Yin Chengxi Chuan Chang                            $131,391
Hang Xiu Gongsi

Yangzhou Prosperous Shipping Co., Ltd.                   $129,756

Sea Hub Trading (HK) Ltd.                                $124,683

Hoi Tung Marine Machinery                                $122,645
Suppliers Ltd.

Nan Tong Rui Tai Chuan Wu Company                        $116,368

Andre Liu & Co.                                          $109,745

Sun Marine Luboil International Ltd.                      $90,326

Malone Bailey LLP                                         $90,000

DMI (Nantong) Ltd.                                        $77,721

CNPC & TAFO Marine Fuel Co Ltd.                           $67,563

K&L Gates LLP                                             $60,000

Cosco Shipyard (YAN TAI) Co., Ltd.                        $41,165

Takahashi Shoujit Co. Ltd.                                $32,152



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


ARAN KITCHEN: CARE Lowers Rating on INR6cr LT Loan to 'D'
---------------------------------------------------------
CARE revises ratings assigned to bank facilities of Aran Kitchen
World India Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities      6        CARE D Revised from
                                           CARE B
   Short-term Bank Facilities     4        CARE D Revised from
                                           CARE A4

Rating Rationale
The revision in the ratings of Aran Kitchen World India Private
Limited follows ongoing over drawals in the cash credit account
owing to the tight liquidity position of the company due to delays
in collection from customers.

Aran Kitchen World India Private Limited (AKIPL), incorporated in
the year 2008, is a Joint Venture between Aran World of Italy and
Bohra Kitchens Pvt. Ltd. AKIPL is engaged in the trading of
modular kitchens, which are imported from Aran World, Italy
according to the requirements and specifications of the customers.
AKIPL is also responsible for the installation of the modular
kitchen. AKIPL is the sole distributor of the modular kitchens of
Aran World in India and has an exclusive right to market their
products. AKIPL's product portfolio comprises traditional and
contemporary styled modular kitchens.

The promoters have long industry experience with Aran World being
one of the leading modular kitchens manufacturers in Italy. Mr
Rajesh Bohra & his brother Mr Ashok Bohra of Bohra Kitchens Pvt.
Ltd have experience of around 17 years in the same line of
business. Mr Rajesh Bohra started a sanitary showroom in 1993 and
later diversified his business into the modular kitchen segment in
1997 under the name of Bohra Kitchens Pvt. Ltd.

AKIPL achieved a PAT of INR0.72 crore on a total operating income
of INR21.45 crore in FY13 (refers to the period April 1 to
March 31) as compared with a PAT of INR0.54 crore on a total
operating income of INR17.70 crore in FY12.


DEV INDIA: CARE Assigns B+ Rating to INR8.37cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dev India
Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.37      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Dev India Projects
Private Ltd (DIPL) is primarily constrained by its modest scale of
operations with thin profit margins, risk of non-renewal of
distributorship agreement with Samsung India Electronics Private
Limited (SIEPL), its pricing constraints and margin pressure
arising out of competition from other company's distributors in
the market and its working capital-intensive nature of operation
leading to leveraged capital structure with moderate debt
protection metrics. The rating, however, derives strength from the
experience of the promoters, sole distributorship of SIEPL for its
designated area and its strong dealer network.

The ability of DIPL to increase its scale of operation with
improvement in the profit margins and its ability to manage
working capital effectively will be the key rating sensitivities.

DIPL was incorporated on March 9, 2009, by Ms Kumari Aarty, Mr
Mukesh Kumar Mehta and Mr Gopal Mehta of Muzaffarpur, Bihar. Since
its inception, DIPL has been engaged in the business of
distributorship of home appliances of SIEPL. The company is the
sole distributor of SIEPL for the 15 districts of Bihar. DIPL
sells its products to dealers (currently 150 dealers) and
retailers (75) in the districts like Chhapra, Siwan, Gopalganj,
Mirganj, Hajipur, Darbhanga, Madhubani, Jaynagar, Muzaffarpur,
Sitamarhi, Motihari, Bettiah, Rexaul, Bagha and Balmikinagar.
Currently, the company is managed by Mr Rajeev Ranjan and Mr
Manish Raj who are having about 6 years of experience in
distributorship business of home appliances.

In FY14 (refers to the period April 1 to March 31), DIPL reported
a PBILDT of INR1.05 crore (INR0.88 crore in FY13) and PAT of
INR0.11 crore (INR0.09 crore in FY13) on a total income of
INR33.67 crore (INR25.78 crore in FY13). In 10MFY15, DIPL
achieved a turnover of INR37 crore.


EMCO EXPORTS: ICRA Assigns B+ Rating to INR4cr Packing Credit
-------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR4 crore long
term fund based facilities and the INR3 crore non fund based
facilities of M/s Emco Exports (Emco). ICRA has also assigned its
rating of [ICRA]B+ and [ICRA]A4 to the INR3 crore unallocated
limits of Emco.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Packing Credit          4.00        [ICRA]B+; assigned

   Non Fund Based Limits   3.00        [ICRA]A4; assigned

   Unallocated Limits      3.00        [ICRA]B+/[ICRA]A4;
                                       assigned

ICRA's ratings are constrained by the firm's small scale of
operations and the vulnerability of its revenues and margins to
adverse fluctuations in foreign exchange rates as well as leather
prices. The ratings also take into account the firm's high
geographical and client concentration, with the U.K accounting for
~90% of the firm's total sales and its largest customer in the UK
accounting for ~50% of the total sales. The ratings also factor in
the partnership constitution of the firm which exposes it to risk
of capital withdrawals, risk of dissolution etc. The ratings,
however, favourably factor in the extensive track record of the
partners, with more than 20 years of experience in the Indian shoe
exports industry and the firm's light leverage and its adequate
liquidity profile, as reflected in sufficient undrawn working
capital limits in 2013-14.

Emco is a partnership firm incorporated in 2006 by five family
members, Mr. Mushtaq Hussain, Mr. Sadiq Hussain, Mr. Mumtaz
Hussain, Mr. Imtiaz Hussain and Mr. Sajid Hussain. The firm
manufactures footwear, largely for exports, at its unit located at
Artoni in Agra, Uttar Pradesh, with an installed capacity of 4.50
lakh pairs per annum. The product profile of the firm includes
boots, chappals, sandals, shoes, etc with footwear for women
contributing to ~98% to the total sales of the firm.

In 2013-14, Emco reported a net profit of INR0.74 crore on an
operating income of INR35.14 crore as against a net profit of
INR0.26 crore on an operating income of INR20.13 crore in the
previous year.


G .T. HOMES: CRISIL Reaffirms B+ Rating on INR230MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of G .T. Homes
(GTH) continues to reflect GTH's susceptibility to project
implementation risks and to cyclicality in the real estate
industry in India. These rating weaknesses are partially offset by
the extensive experience of the firm's partners in the real estate
industry and the funding support that it receives from them.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             230      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GTH will continue to benefit over the medium
term from its partners' extensive industry experience and the
funding support that it receives from them. The outlook may be
revised to 'Positive' if the firm completes its projects on time,
and achieves significant customer bookings, resulting in
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of pressure on GTH's liquidity, most
likely on account of a time or cost overrun in its projects or
lower-than-expected advances from customers, resulting in low cash
inflows, or if the firm undertakes large debt-funded projects.

GTH, established in 2003 as a partnership firm, executes real
estate projects; it is owned and managed by Mr. Gajendra Singh
Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is
currently executing two residential real estate projects in Raipur
and Naya Raipur (both in Chhattisgarh).


GAJANAND GINNING: CRISIL Ups Rating on INR70MM Cash Credit to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Gajanand Ginning and Pressing Pvt Ltd (GGPPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

The rating upgrade reflects CRISIL's belief that GGPPL's business
risk profile will improve over the medium term, with an increase
in its scale of operations and better working capital management.
For 2013-14 (refers to financial year, April 1 to March 31), the
company reported a 22-per-cent year-on-year growth in sales to
INR836.1 million, mainly supported by healthy demand and improved
realisations. Over the medium term, CRISIL believes that GGPPL's
sales will grow at a moderate 5 to 7 per cent on account of
moderation in cotton prices.

In 2013-14, GGPPL's profitability remained low at 1.4 per cent and
is expected to be at the same level over the medium term due to
intense competition and the fragmented nature of the cotton
industry. However, the company's working capital requirements
declined during the year with gross current assets (GCAs) at 46
days as on March 31, 2014, against 55 days a year earlier, due to
better inventory management. Its inventory reduced to 27 days as
on March 31, 2014, from 43 days a year earlier, while its debtors
remained at 11 to 18 days over this period. Over the medium term,
CRISIL believes that the company's GCAs will range between 40 and
45 days, though its working capital requirements are expected to
rise with the increase in its scale of operations. CRISIL also
believes that GGPPL's financial risk profile will remain below
average over the medium term, marked by high gearing, weak debt
protection metrics, and moderate liquidity.

The rating reflects GGPPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and the
susceptibility of its margins to changes in government policies
and to volatility in cotton prices. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the cotton business, and its efficient working
capital management.

Outlook: Stable

CRISIL believes that GGPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its revenue and/or profitability, leading to improvement
in its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if GGPPL contracts substantial debt to meet
its incremental working capital requirements or capital
expenditure, thereby weakening its capital structure.

GGPPL, incorporated in 2006, is promoted by Mr. Kishore Dhameliya,
Mr. Premji Kukadiya, Mr. Tulsi Kukadiya, Mr. Naresh Kukadiya, Mr.
Laxman Kukadiya, and Mr. Nagji Kheni. The company gins and presses
raw cotton, and sells cotton seeds. It also has an in-house oil
mill for extracting oil from cotton seeds.

GGPPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR836.1 million for 2013-14, as against a PAT of
INR0.1 million on net sales of INR682.6 million for 2012-13.


GUJRAT SAW: CARE Reaffirms B Rating on INR1.50cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gujrat Saw Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.50       CARE B Reaffirmed
   Short-term Bank Facilities    6.00       CARE A4 Reaffirmed

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

Rating Rationale

The ratings continue to factor in the small scale of operations,
low profitability and vulnerability of the margins to fluctuations
in currency rates. The ratings are also constrained on account of
high working capital intensity, weak debt coverage indicators,
intense competition in the industry and partnership nature of the
entity.  The ratings continue to draw strength from the
experienced partners, location advantage and geographically
diversified revenue stream.

The ability of the firm to increase its scale of operations along
with management of the working capital requirements remains the
key rating sensitivity.

Established on December 16, 1976, GSM is engaged in the business
of import, processing and trading of timber logs and has 4
partners sharing profit equally. The firm is based in Nagpur,
Maharashtra and has branch offices at Gandhidham, Gujarat and
Mangalore, Karnataka.

The firm has a saw mill in Lakadganj in Nagpur, spread over an
area of 20,000 sq.ft. The saw mill comprises four machines with
total installed capacity of 1200 cubic metric tonnes (CMT) per
annum. GSM imports majority of its timber requirement from
Myanmar, Singapore and Dubai. The imported timber is then cut into
different sizes in the saw mills and supplied to wholesalers of
timber in the states of Haryana, Gujarat, Delhi, Maharashtra and
Uttar Pradesh. The main varieties of wood which the firm imports
are Burma Teak Wood and Malaysian Saal. Termed as commercial wood,
these varieties of woods are primarily used for interior
decoration and furniture.

During FY14 (refers to the period April 1 to March 31), GSM earned
a PAT of INR0.04 crore on a total income of INR19.70 crore as
against a PAT of INR0.04 crore on a total income of INR16.67 crore
for FY13.


GUPTA RICE: CRISIL Reaffirms B- Rating on INR190MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gupta Rice and
General Mills (GRGM) continues to reflect GRGM's weak financial
risk profile, marked by high gearing, and its working-capital-
intensive operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          190        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.3      CRISIL B-/Stable (Reaffirmed)

The rating also factors in the firm's small scale of operations
and its susceptibility to intense industry competition and to
regulatory changes. These rating weaknesses are partially offset
by the extensive experience of GRGM's promoters in the rice
milling business and the healthy growth prospects for the
industry.

Outlook: Stable

CRISIL believes that GRGM will continue to benefit over the medium
term from its promoters' extensive industry experience. The firm's
financial risk profile is expected to remain weak over the period
on account of large debt contracted to meet its working capital
requirements. The outlook may be revised to 'Positive' if GRGM's
capital structure improves, driven most likely by capital infusion
by the promoters or by improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
considerably large working capital requirements or deterioration
in the firm's capital structure or any equity withdrawal by its
promoters.

Set up in 1986, GRGM is a partnership firm established by Mr. Ram
Pal and his brother, Mr. Sat Pal. The firm mills, processes, and
markets rice. Its plant is in Kaithal (Haryana).

For 2013-14 (refers to financial year, April 1 to March 31), GRGM
reported a net profit of INR1.2 million on net sales of INR779
million, as against a net profit of INR0.8 million on net sales of
INR462 million for 2012-13.


GVK GAUTAMI: CARE Lowers Rating on INR1,009.75cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of GVK Gautami
Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,009.75     CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating is on account of delays in debt
servicing owing to the stretched liquidity position of the company
on account of non-availability of gas.

GVK Gautami Power Limited (GGPL) is a subsidiary of GVK Energy
Limited (GEL), which in turn is the subsidiary of GVK Power &
Infrastructure Limited (rated CARE BBB+/CARE A3+), the flagship
company of the GVK group. The company operates a 469 MW gas-based
Combined Cycle Power Plant (CCPP), located in East Godavari
District of Andhra Pradesh, comprising two gas turbine generators
and one steam turbine generator.

In FY14 (refers to the period April 1 to March 31), the company
booked a total income of INR22.61 crore (FY13: INR351.12 crore)
and net loss of INR211.05 crore (FY13: INR153.32 crore).


GVK INDUSTRIES: CARE Cuts Rating on INR565.85cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of GVK Industries
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    565.85      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities    68.80      CARE D Revised from
                                            CARE A4+

Rating Rationale

The revision in the rating is on account of delays in debt
servicing owing to the stretched liquidity position of the company
on account of low-availability of gas.

Incorporated in June, 1992, GVK Industries Limited (GIL) is a
subsidiary of GVK Energy Limited (GEL), which in turn is the
subsidiary of GVK Power & Infrastructure Limited (rated CARE
BBB+/CARE A3+), the flagship company of the GVK group. GIL is
engaged in generation of electricity at its mixed fuel combined
cycle power plants situated in Jegurupadu in Andhra Pradesh (AP).
Total installed capacity of the company is 437 MW, which was set
up in two stages of 217 MW (Phase I) and 220 MW (Phase II).

In FY14 (refers to the period April 1 to March 31), the company
booked a total income of INR351.85 crore (FY13: INR584.85 crore)
and net loss of INR785.87 crore (FY13: INR85.47 crore).


HANUMAN RICE: CRISIL Reaffirms B- Rating on INR100 Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Rice and
General Mills (HRM) continue to reflect HRM's weak financial risk
profile, marked by high gearing and weak debt protection measures.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          100       CRISIL B-/Stable(Reaffirmed)
   Packing Credit        40       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    10       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the firm's small scale of operations,
high dependence on monsoon, and susceptibility to changes in
government policies. These rating weaknesses are partially offset
by the extensive experience of HRM's promoters in the basmati rice
industry, along with healthy growth prospects for the industry.

Outlook: Stable

CRISIL believes that HRM will benefit over the medium term from
its promoters' extensive industry experience. The firm's financial
risk profile is, however, likely to remain weak because of its
working-capital-intensive operations. The outlook may be revised
to 'Positive' if the firm's financial risk profile improves
significantly, supported by a capital infusion by the promoters or
by significant increase in its scale of operations or
profitability leading to better cash accruals. Conversely, the
outlook may be revised to 'Negative' if HRM's liquidity
deteriorates because of a significant increase in inventory, or if
the firm undertakes a debt-funded capital expenditure programme.

HRM was established in 1997 as a partnership firm. It mills and
shells rice at its plant in Cheeka (Haryana). The firm is
currently managed by Mr Raj Kumar.

HRM reported a profit after tax (PAT) of INR2.08 million on net
sales of INR473.2 million for 2013-14 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR2.37 million on net
sales of INR481.1 million for 2012-13.


HEXA CERAMIC: ICRA Suspends B+/A4 Rating on INR8.55cr Limits
------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR8.55 crore limits of Hexa Ceramic Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2009, Hexa Ceramic Private Limited (HCPL)
commenced commercial production of ceramic wall tiles in March
2009 with a production capacity of 18,000 MTPA. Its plant is
located at Morbi in Rajkot district of Gujarat. HCPL is a private
limited company and has been incorporated by Mr Dinesh Rupala and
Mr. Mansukh Kotadiya. Both the promoters have reasonable
experience in the construction and building materials industry.
The company currently manufactures wall tiles of various sizes and
sells under 'Hexa' brand.


MALLIKARJUN CONSTRUCTION: CRISIL Reaffirms C INR30MM Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mallikarjun
Construction Co. continues to reflect MCC's delay in servicing its
equipment loans (not rated by CRISIL). The delays have been caused
by the firm's stretched liquidity owing to the stretched
receivables.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        70         CRISIL A4 (Reaffirmed)
   Cash Credit           30         CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    10         CRISIL C (Reaffirmed)

CRISIL had reaffirmed its ratings on MCC's bank facilities to
'CRISIL C/CRISIL A4' through its rating rationale dated Jan. 15,
2015.

The ratings also reflects MCC's small net worth, moderate gearing,
and exposure to risks relating to geographical concentration in
its revenue profile, its small scale of operations, and intense
competition in the construction industry. These rating weaknesses
are partially offset by the extensive experience of MCC's
promoters in the construction business.

MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury
Chuinchu Reddy. It constructs roads and bridges. In December 2004,
it was reconstituted as a partnership firm, with Mr. Reddy's sons,
Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.


MARUTI NANDAN: CRISIL Reaffirms B Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Maruti Nandan Oils
Private Limited (MOPL) continues to reflect its below-average
financial risk profile marked by high gearing and weak debt
protection metrics along with a small scale of operations in the
highly fragmented oil industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           75       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    24       CRISIL B/Stable (Reaffirmed)

   Warehouse Financing   101      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MOPL's business risk profile will remain
constrained by its limited track record in manufacturing
activities in the oil extraction segment. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile with sizeable sales and profitability. Conversely, the
outlook may be revised to 'Negative' if MOPL's financial risk
profile deteriorates with an increase in its working capital
requirement and/or any debt-funded capital expenditure.

Incorporated in 2008 and based in Mansa (Punjab), MOPL extracts
rice bran oil and has an installed capacity of 400 million tonnes
(MT) per day.  The company is promoted by Mr. Sunny Kumar and Mr.
Parminder Kumar.


MAYAR HEALTH: CARE Cuts Rating on INR2.97cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Mayar Health Resorts Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.97       CARE D Revised from
                                            CARE BB

   Short term Bank Facilities    2.00       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings takes into consideration the delays in
servicing of the company's debt obligation.

Incorporated in 2003 as a public limited company, Mayar Health
Resort Limited (MHR) is the healthcare arm of the Mayar group that
has diversified business interests in the trading of timber,
publication paper, infrastructure/real estate hospitality and
shipping sector with presence in Asia and Europe. MHR is engaged
in the wellness business and provides services through its two
brands: "Amatrra Spa" and "Three Graces".

During FY14 (refers to the period April 1 to March 31), the
company registered a PAT of INR0.70 crore on total operating
income of INR29.56 crore against losses at PAT level of INR4.42
crore on total operating income of INR30.56 crore during FY13.


MG WELL: ICRA Upgrades Rating on INR3.07CR Term Loan to B
---------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR5.07
crore1 (earlier INR4.45 crore) fund based bank facilities of
MG Well Solutions Project International Private Limited from
[ICRA]B- to [ICRA]B. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR4.00 crore (earlier INR3.00 crore)
non-fund based bank facilities of the company.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term fund based
   facility (CC)             2.00       [ICRA]B upgraded

   Term Loan                 3.07       [ICRA]B upgraded

   Short-term non-fund
   based facilities (BG)     4.00       [ICRA]A4 Reaffirmed

The revision in long term rating factor in the improvement in
capital structure of MG Well Solutions Project International
Private Limited (MGW) in FY 14 and H1 of FY15, on account of
constant infusion of funds into the business and the strong order
book position of the company at present. ICRA also takes into
consideration the enhanced business opportunities of the company
post inclusion of resin coated sand to its existing product
portfolio and the established experience of the proprietor and key
management personnel of the firm in the field of cementing of
wells in oil and gas rigs.

The ratings, however, are constrained by the company's very small
scale and limited scope of its operations, its highly fluctuating
profitability which is contingent to the company's treatment of
depreciation on the fixed assets and a stretched liquidity
position on account of elongated receivables. The ratings also
take into account the susceptibility of the company's revenues to
forex fluctuations as well as the intense competition from other
large players who dominate in the field of cementing for oil and
gas rigs.

Incorporated in 2005 as a limited company, MG Well Solutions
Project International Private Limited commenced operations in 2009
and is engaged in providing cementing services for oil and gas
rigs. The company has its registered office in Jabalpur.

Recent Results
As per its audited financials for FY 14, MGW recorded net loss of
INR0.44 crore on an operating income of INR5.87 crore.


NEHA CERAMIC: ICRA Ups Rating on INR4.0cr Cash Credit From B+
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR4.00
crore cash credit facility, the INR2.00 crore term loans and the
INR1.70 crore unallocated limits of Neha Ceramic Industries to
[ICRA]BB- from [ICRA]B+. The outlook on the long term rating is
'Stable'. Also, ICRA has reaffirmed the short term rating at
[ICRA]A4 for the INR1.30 crore short-term non-fund based facility
of NCI.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Cash Credit facility   4.00      Upgraded to [ICRA]BB-(Stable)
                                    from [ICRA]B+

   Term Loans             2.00      Upgraded to [ICRA]BB-(Stable)
                                    from [ICRA]B+

   Bank Guarantee         1.30      [ICRA]A4 reaffirmed

   Unallocated Limits     1.70      Upgraded to [ICRA]BB-(Stable)
                                    from [ICRA]B+; [ICRA]A4
                                    reaffirmed

Rating Rationale
The rating upgrade primarily takes into account the improvement in
NCI's financial profile as reflected by steady revenue growth and
improvement in gearing levels as well as debt coverage indicators
in FY 14 and the current fiscal. The ratings also continue to draw
comfort from the experience of the promoter in the ceramic
industry; the firm's competitive advantage in raw material
procurement on account of its favourable location in Morbi and
steady ramp up of operations coupled with healthy capacity
utilisation levels in FY 14. Moreover, NCI's reputed clientele
base with off-take agreements results in stable business and
limited counter party credit risk.

The ratings continue to remain constrained by the small scale of
operations and limited portfolio of the firm comprising only
ceramic wall tiles which restricts its sales prospects with large
institutional buyers. Further the ratings are constrained by the
highly fragmented nature of the tiles industry which results in
intense competitive pressures, the cyclical nature of the real
estate industry which is the main consuming sector and exposure of
profitability of the firm to increasing prices of gas which is the
major fuel.

Incorporated in the year 2009 as a partnership firm, Neha Ceramic
Industries (NCI) commenced commercial production of ceramic wall
tiles in April 2010 with a production capacity of 25000 MTPA. Its
plant is located at Morbi in Rajkot district of Gujarat. NCI has
been promoted by Mr. Jaysukh Patel and his family members who have
been associated with ceramic tile industry for more than one
decade. The firm currently manufactures wall tiles of various
sizes and sells under 'Orinda' brand.

Recent Results
For the year ended on March 31, 2014, the firm reported an
operating income of INR31.99 crore and profit after tax of INR0.99
crore as against an operating income of INR24.94 crore and profit
after tax of INR0.79 crore for the year ended on
March 31, 2013. For the nine months period ended December 31, 2014
of the current financial year, the firm has reported an operating
income of INR27.44 crore and profit after tax of INR1.76 crore (as
per unaudited provisional financials).


NIJANAND PIPES: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B to the INR5.00 crore
fund-based cash credit facility and INR1.13 crore (reduced from
INR1.83 crore) term loan facility of Nijanand Pipes and Fittings
Private Limited. ICRA has also reaffirmed short term rating of
[ICRA]A4 to the INR1.00 crore non fund based bank guarantee of
NPFPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      5.00        [ICRA]B reaffirmed
   Term Loan               1.13        [ICRA]B reaffirmed
   Bank Guarantee          1.00        [ICRA]A4 reaffirmed

The reaffirmation in rating continues to be constrained by NPFPL's
small scale of operations, highly leveraged capital structure
given the high reliance on debt for funding recurring capex and
meeting working capital requirement; and tight liquidity position
as well as losses at net level. ICRA also factors in the highly
competitive business environment in the PVC pipes segment owing to
presence of numerous small players on account of low entry
barriers; and vulnerability of profitability to adverse movement
in key raw material prices of PVC resin, which are in turn linked
to crude prices.

The rating however continues to favorably factor in the proximity
to raw material suppliers thereby supporting steady supply of raw
material and favorable demand outlook for PVC pipes and fittings
which is expected to be driven by growth in end user industries;
foray into higher value added CPVC segment will improve the
profitability in new term.

Nijanand Pipes & Fittings Pvt. Ltd. (NPFPL) was incorporated in
April 2008 and has started its commercial production in October
2010. NPFPL is currently headed by Mr. Ishvarlal S Nodhanvadra,
Mr. Nirav Nodhanvadra and Mr. Hasmukhbhai Patel. Although the
plastic pipes industry is new for the management, it has a long
experience in related industry like castings, etc. through other
group companies. The company is currently engaged in manufacturing
of polyvinylchloride (PVC) pipes & fittings and CPVC pipes, used
largely in agriculture and construction sectors. The manufacturing
facility of the company is located at Rajkot, Gujarat and is
currently equipped with a cumulative capacity of 14,400 TPA.

Recent Results
For the year ended 31st March 2014, the company has reported an
operating income of INR15.59 crore with net losses of INR0.85
crore.


ONEUP MOTORS: CRISIL Ups Rating on INR150MM Loan to B
-----------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Oneup Motors India Pvt Ltd (Oneup) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

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

   Electronic Dealer     150       CRISIL B/Stable (Upgraded
   Financing Scheme                from 'CRISIL B-/Stable')
   (e-DFS)

The rating upgrade reflects the expected improvement in Oneup's
liquidity following the repayment of a major portion of its term
debt, leading to improvement in the cushion between its net cash
accruals and debt obligations over the medium term. A part of the
term debt has been retired through unsecured loans from the
promoter group. For 2015-16 (refers to financial year, April 1 to
March 31), the company's net cash accruals are expected at around
INR10 million as against debt obligations of only INR2 million.
The rating upgrade also factors in the expected improvement in
Oneup's business risk profile, backed by its plan of opening two
showrooms over the near term, which are expected to improve its
revenue.

The rating reflects Oneup's weak financial risk profile, marked by
a highly leveraged capital structure, and its exposure to intense
competition in the automobile dealership industry. These rating
weaknesses are partially offset by the benefits derived by the
company from the leadership position of its principal, Maruti
Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+'), in
the automobile segment.

Outlook: Stable

CRISIL believes that Oneup will continue to benefit over the
medium term from its association with MSIL, the market leader in
the passenger cars segment. The outlook may be revised to
'Positive' in case of improvement in Oneup's financial risk
profile, most likely because of a substantial increase in its cash
accruals or equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if Oneup's financial risk
profile deteriorates because of low cash accruals, considerable
increase in working capital requirements, or significant debt-
funded capital expenditure.

Incorporated in 2006, Oneup deals in MSIL vehicles; it has a
showroom-cum-service centre in Lucknow.

For 2013-14, Oneup reported a profit after tax (PAT) of INR0.7
million on net sales of INR944 million, as against a PAT of
INR0.19 million on net sales of INR843 million for 2012-13.


PRINTWELL INT'L: CRISIL Reaffirms B Rating on INR56.1MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Printwell International
Pvt Ltd (PIPL) continue to reflect PIPL's below-average financial
risk profile, marked by a small net worth, high gearing, and weak
liquidity, which in turn, is marked by tightly matched cash
accruals against term debt repayments. The ratings also factor in
the company's small scale of operations in the fragmented offset
printing industry. These rating weaknesses are partially offset by
the extensive experience of PIPL's promoters in the printing
industry and their established customer relationships.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         6       CRISIL A4 (Reaffirmed)
   Cash Credit           20       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     4.5     CRISIL B/Stable (Reaffirmed)
   Term Loan             56.1     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive experience in the printing
industry. The outlook may be revised to 'Positive' in case of
improvement in the company's financial risk profile, most likely
due to significantly high cash accruals, efficient working capital
management, and funding support from promoters. Conversely, the
outlook may be revised to 'Negative' if PIPL's financial risk
profile, particularly its liquidity, deteriorates, most likely
because of substantially low cash accruals, or sizeable working
capital requirements or any further debt-funded capital
expenditure (capex).

Update
PIPL reported an operating income of INR82.3 million in 2013-14
(refers to financial year, April1 to March 31), which was broadly
in line with CRISIL's expectations, vis-a-vis INR69.0 million
recorded a year earlier. The growth in revenue has been driven by
incremental orders from the company's existing customers as well
as on account of addition of new customers during the year.
Although PIPL's revenue increased during 2013-14, its operating
profitability was adversely impacted; (16 per cent in the year
vis-a-vis 21 per cent in the previous year) because of a sudden
increase in raw material prices, which could not be passed on to
its customers due to the intense industry competition.
Furthermore, the company's operations remain working capital
intensive, resulting in weak liquidity, as expected by CRISIL.

PIPL undertook a capex programme of around INR55 million, which
was debt-funded by around INR36.1 million; of which INR8.3 million
is in the form of term loan and INR27.8 million in the form of
import letter of credit (LC). Installments on import LC will
commence only from December 2016 based on the rescheduling
sanctioned by the bank; while those on the term loan have already
commenced since September 2014. Rescheduling of repayments on
import LC is likely to provide cushion to PIPL's liquidity over
the medium term. Cash accruals of INR11 million to INR18 million,
likely to be generated over the medium term, will, however, remain
matched against the company's maturing debt obligations of INR10.8
million to INR14 million during the same period.

PIPL's financial risk profile remained weak, largely in line with
CRISIL's expectation. The firm's net worth remained small, at
INR16 million, and its gearing high, at over 4 times, as on
March 31, 2014.

PIPL reported a net loss of INR7.6 million on an operating income
of INR82.3 million for 2013-14, against a profit after tax of
INR0.9 million on net sales of INR69.0 million for 2012-13.

Incorporated in 2007, PIPL is engaged in offset printing of
textbooks and other commercial material. The company's printing
facility is located at the Maharashtra Industrial Development
Corporation facility in Aurangabad (Maharashtra). PIPL is promoted
by Mr. Pradeep Shinde, Mr. Dilip Shinde, Mr. Suhas Kulkarni, and
Ms. Sunita Kulkarni; the promoters have over three decades of
experience in the printing business.


QUANTAS GLASS: CARE Assigns B+ Rating to INR8.15cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Quantas Glass & Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.15       CARE B+ Assigned
   Short-term Bank Facilities    2.60       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Quantas Glass and
Ceramic Pvt. Ltd. (QGCPL) is primarily constrained on account of
the nascent stage of operations coupled with project stabilization
risk, susceptibility of operating margins to changes in raw
material and fuel prices. The ratings are further constrained by
QGCPL's presence in the highly competitive and fragmented ceramic
glaze frit industry with demand linked to the prospects of the
real estate sector.  The ratings, however, favorably factor in the
vast experience of the promoters in the ceramic industry and
entity being part of 'Astron Group' which has been into the
ceramic manufacturing industry for over a decade.

The ability of QGCPL to stabilize its operations and achieve the
envisaged level of sales & profitability are the key rating
sensitivities.

Incorporated in 2012, QGCPL is engaged in manufacturing of ceramic
glaze frit [CGF; used for the purpose of coating tile with a layer
of glaze] with an installed capacity of 16,200 metric tonnes per
annum (MTPA). The entity is a part of "Astron Group of Companies",
located in Gujarat. The group is into the ceramic manufacturing
industry for over a decade. The manufacturing facility is located
at Bharuch in Gujarat and the company caters to domestic markets
only, primarily in Gujarat.

As per the audited results for FY14 (refers to the period April 1
to March 31), QGCPL reported INR0.01 profit on a total operating
income of INR0.51 crore. Furthermore, during 8MFY15, QGCPL
reported TOI of INR16.14 crore and PBILDT of INR1.33 crore.


R.K. RICE: CRISIL Reaffirms B Rating on INR130MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R.K. Rice and
General Mills (RKRG) continues to reflect RKRG's weak financial
risk profile, marked by a small net worth, high gearing, and weak
debt protection metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          130       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5       CRISIL B/Stable (Reaffirmed)
   Term Loan             10       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's small scale of operations,
high dependence on the monsoons, and susceptibility to changes in
government policies. These rating weaknesses are partially offset
by the extensive experience of RKRG's promoters in the rice-
milling industry, and the benefits expected from the healthy
growth prospects for the basmati rice industry.

Outlook: Stable

CRISIL believes that RKRG will continue to benefit over the medium
term from its promoters' extensive industry experience; however,
its financial risk profile will remain constrained over this
period by its low cash accruals. The outlook may be revised to
'Positive' in case of significant improvement in RKRG's financial
risk profile, driven most likely by sizeable capital infusion by
the partners, improved working capital management, or a
considerable increase its cash accruals from business. Conversely,
the outlook may be revised to 'Negative' if RKRG's liquidity is
further constrained because of much lower cash accruals, or large
working capital requirements, or substantial debt-funded capital
expenditure.

RKRG was set up as a partnership firm in 2001 by Mr. Ram Karan
Goyal and Mr. Sanjeev Bansal. In 2008, the partnership was
reconstituted, with Mrs. Monica Goyal, daughter-in-law of Mr. Ram
Karan Goyal, taking over the stake of Mr. Sanjeev Bansal. RKRG's
daily operations are looked after by Mr. Ram Karan Goyal and his
son, Mr. Nitin Goyal. The firm mills basmati rice at its unit in
Cheeka (Haryana).

For 2013-14 (refers to financial year, April 1 to March 31), RKRG
reported a profit after tax (PAT) of INR1.7 million on net sales
of INR474 million, against a PAT of INR1.6 million on net sales of
INR451 million for 2012-13.


RAMANI TIMBER: CARE Cuts Rating on INR2cr LT Bank Loan to B+
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ramani Timber Mart.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2         CARE B+ Revised from
                                            CARE BB-
   Short-term Bank Facilities     7         CARE A4 Reaffirmed

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

Rating Rationale
The revision in the long-term rating factors in weakening of the
financial risk profile of Ramani Timber Mart (RTM) in FY14
(refers to the period of April 1 to March 31) indicated by
deterioration in profitability (including cash loss) liquidity
position and debt coverage indicators.

The ratings continue to factor in the small scale of operations,
low profitability, high working capital intensity, intense
competition in the industry, and proprietorship nature of the
entity. The ratings also factor in the vulnerability of the
margins to fluctuations in exchange rates.  The ratings continue
to draw strength from the experienced proprietor and favourable
location advantage.  The ability of the firm to increase its scale
of operations along with management of the working capital
requirements remains the key rating sensitivity.

RTM, a Nagpur-based firm was established by Mr Panchan Patel, Mr
Nibji Patel and Mr Lalji Patel as a partnership firm in 1963.
Later in 1997, it was reconstituted as a proprietorship firm by Mr
Panchan Patel. RTM is engaged in the trading of Burma teak wood
and sawing of the same into various sizes as per customer
requirements. The firm's head office is situated in Nagpur with
the branch offices located in Gandhidham and Mangaluru. RTM has a
saw mill in Lakadganj in Nagpur, spread over an area of 6400
square feet with a sawing capacity of 44,000 Cubic Feet Per Annum
(CFPA).

The import of raw material is carried out at all the offices
whereas indigenous procurement is done solely at the Nagpur
office. About 75% of RTMs' raw material is procured from overseas
suppliers and 25% of the raw materials are procured from the local
players. The firm imports wood primarily from Singapore. The main
variety of wood which the firm imports is Burma Teak Wood, termed
as commercial wood, which is primarily used for interior
decoration and furniture.

During FY14, RTM reported a net loss of INR0.05 crore on a total
income of INR16.57 crore as against a PAT of INR0.23 crore on a
total income of INR12.67 crore in FY13.


RENOWN PHARMACEUTICAL: CARE Reaffirms B Rating on INR33.15cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Renown Pharmaceutical Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.15      CARE B Reaffirmed
   Long-term/Short term Bank      6.00      CARE B/CARE A4
   Facilities                               Reaffirmed
   Short-term Bank Facilities     2.40      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Renown
Pharmaceuticals Pvt. Ltd. (RPPL) continue to remain constrained
marked by continued cash losses, deterioration in capital
structure and weak liquidity position. The ratings also factor in
presence in a highly competitive industry with high bargaining
power of suppliers and customers and foreign exchange fluctuation
risk during FY14 (refers to the period April 1 to March 31). The
ratings also takes into consideration ongoing capital expenditure
plan along with yet to stabilize business operations.

The ratings, however, continue to draw strength from the wide
experience of the promoters in the pharmaceutical industry coupled
with well-equipped and WHO-GMP certified manufacturing facilities.
The ratings also factors in continued financial support from the
promoters in the form of unsecured loans and External Commercial
Borrowings (ECB)s coupled with an increase in the number of
products registered during 9MFY15 thereby leading to an increase
in total operating income.

The ability of RPPL to increase its scale of operations with
setting up of new customer base, continued financial support
from the promoters and improvement in profit margins, capital
structure and liquidity position remain the key rating
sensitivities.

RPPL was originally incorporated during September 2005 as Renown
Ceratek Pvt. Ltd. with an objective to undertake manufacturing of
ceramic glazed wall and floor tile, sanitary wares, earthern ware
and porcelain wares etc. However, during October 2009, the company
changed its name to Renown Pharmaceuticals Pvt. Ltd. and amended
its Article and Memorandum of Association to include the proposed
business activity of manufacturing of soft gelatin capsules. RPPL
derives majority of its revenue by way of exports which includes
less regulated markets such as Nigeria, Vietnam and Sri Lanka.

During FY14, RPPL reported a TOI of INR12.66 crore and loss of
INR11.61 crore as against TOI of INR12.24 crore and loss of
INR7.88 crore during FY13. During 9MFY15 (Provisional), RPPL has
achieved turnover of INR14.91 crore, PBILDT of INR2.40 crore and
loss of INR3.88 crore.


RP MULTIMETALS: ICRA Revises Rating on INR25cr Cash Loan to B+
--------------------------------------------------------------
ICRA has upgraded its long term rating to [ICRA]B+ from [ICRA]B
and reaffirmed its short term rating at [ICRA]A4 on the INR55
crore bank limits of RP Multimetals Private Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             25.00        [ICRA]B+ revised from
                                        [ICRA]B

   Letter of Credit        30.00        [ICRA]A4 (reaffirmed)

The upward revision in rating takes into account RPMPL's forward
integration of operations with setting up of rolling mill and pipe
manufacturing unit which is expected to result in better
realisations and improve future profitability. The ratings
continue to favorably factor in RPMPL's location advantage which
is in close proximity to its suppliers, customers and its
experienced promoters having a long track record in the steel
industry.

The ratings, however, are constrained by RPMPL's weak financial
profile as characterised by low profitability, adverse capital
structure and high working capital intensity of operations. The
ratings also take into account the fragmented and competitive
nature of industry on account of low technological complexity of
manufacturing process and vulnerability of profitability to
variation in the prices of raw materials and fluctuations in
foreign exchange rate.

RPMPL was established in the year 1999 and is engaged in the
manufacturing of steel billets & blooms and steel coils/flats at
its manufacturing facility situated in Gobindhgarh, Punjab
(installed capacity of 66,600 MT per annum). The major raw
materials used by the company are ferro alloys and scrap metal
which are procured chiefly via imports. The steel products
manufactured by the company are primarily supplied to steel
rolling mills present in Mandi Gobindgarh. During 2013-14, the
company set up a facility for manufacturing of flats/coils from
the billets.

Recent Results

In 2013-14, RPMPL reported a net profit of INR0.21 crore on an
operating income of INR166.18 crore against a net profit of
INR0.39 crore on an operating income of INR221.83 crore in the
previous year.


SAI RAGHAVENDRA: CRISIL Reaffirms B Rating on INR30MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sai Raghavendra
Rice Industries (Sai Raghavendra) continues to reflect the firm's
modest scale of operations in the intensely competitive rice
milling industry, and the susceptibility of its profitability
margins to changes in government regulations and paddy prices.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           29        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        30        CRISIL B/Stable (Reaffirmed)
   SME Credit             2.5      CRISIL B/Stable (Reaffirmed)

The rating of the firm is also constrained on account of its
average financial risk profile marked by small net worth, low
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the benefits Sai Raghavendra
derives from its promoters' extensive industry experience and the
assured offtake by Food Corporation of India (FCI).

Outlook: Stable

CRISIL believes that Sai Raghavendra will continue to benefit over
the medium term on the back of its promoters' extensive experience
in the rice milling industry. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in the
firm's scale of operations, while maintaining its profitability
margins, or there is substantial increase in its net-worth on the
back of sizeable equity infusion from its promoters. 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 by a
stretch in its working capital cycle.

Incorporated in 2011 as a partnership firm, Sai Raghavendra
operates a 5-tonnes-per-hour (tph) rice mill for undertaking
milling and processing of paddy into rice, rice bran, broken rice,
and husk. The firm commenced commercial operations in the last
quarter FY2012-13 and is based in Kolkulpally, Andhra Pradesh. The
managing partners, Mr. V Jagan and Mr. V Srinivas, have around 30
years of experience in similar lines of business.


SAWANT TRANSPORT: CRISIL Reaffirms B- Rating on INR130MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sawant Transport Pvt
Ltd (STPL) continue to reflect its weak financial risk profile
marked by small net worth, high gearing and high working capital
intensive nature of operations. The rating weaknesses are
partially offset by STPL's promoter's industry experience.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           130        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     20        CRISIL B-/Stable

   Term Loan              60        CRISIL B-/Stable

CRISIL had, on December 31, 2014, downgraded its rating on the
long-term bank facilities of STPL to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

The rating downgrade reflects STPL's stretched liquidity, marked
by tightly matched net cash accruals and term debt obligations.
The downgrade also factors in deterioration in the company's
capital structure on account of the continued net losses in the
three years ended 2013-14 (refers to financial year, April 1 to
March 31) and expected net loss of around INR25 million in
2014-15. The company's adjusted gearing increased to 8 times as on
March 31, 2014, from 6 times a year earlier, on account of reduced
net worth. While the promoters have infused equity of INR41.5
million in 2013-14, reducing the impact of on liquidity and
capital structure, CRISIL believes that the company's financial
risk profile is rendered weak because of sustained pressure of
profitability.

STPL's revenue growth is expected to improve over the medium term,
supported by increased demand from existing customers, and demand
from new customers. Its operating margin is expected to remain
stable, driven by large fleet of owned vehicles. The company,
however, has large debt obligations of around INR43 which against
the accruals of around INR60 million, which drives the reliance on
external funding for working capital requirements.

The rating reflects STPL's exposure to risks associated with end-
user industry concentration in revenue, and its weak financial
risk profile marked by a small net worth and high gearing. These
rating weaknesses are partially offset by the extensive experience
of STPL's promoters in the road transport segment, and its
established clientele.

Outlook: Stable

CRISIL believes that STPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of significant improvement in STPL's
capital structure, most likely because of sizeable accruals or
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative' if STPL's accruals are considerably lower
than CRISIL's expectations, or if it undertakes a large debt-
funded capex programme, leading to deterioration in its liquidity.

Established in 2011, STPL is engaged in the road transportation
business and owns 104 vehicles; it has 183 vehicles on rent. The
company was originally set up as a proprietorship concern by Mr.
Abhijit Sawant, and was reconstituted as a private limited company
in 2011. It is based in Ahmednagar.


SB INDUSTRIES: CRISIL Reaffirms B Rating on INR45MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of SB Industries (SB)
continue to reflect SB's below-average financial risk profile,
large working capital requirements, and its marginal scale of
operations in a fragmented industry. The ratings also factor in
the susceptibility of the firm's margin to volatile raw material
prices. These rating weaknesses are partially offset by the
promoter's extensive experience in the aluminum wire and cable
manufacturing segment.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       15        CRISIL A4 (Reaffirmed)
   Cash Credit          45        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term   10        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SB will maintain a stable business risk
profile on the back of the promoter's extensive industry
experience. The outlook may be revised to 'Positive' if SB's
financial risk profile improves due to efficient working capital
management or an improvement in its net worth. Conversely, the
outlook may be revised to 'Negative' if the firm reports a
significant decline in its cash accruals driven by deterioration
in its margin or revenues or larger than expected working capital
requirements or if the firm undertakes large debt-funded capex
programme.

SB was established by Mr. Bhutani in 1984. The firm is engaged in
the manufacturing and marketing of electrical wires and cables
through its factory in Delhi.


SEMILON TECH: ICRA Assigns 'SP 3D' Grading on Weak Fin'l Strength
-----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Semilon Technologies Private
Limited, indicating 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake off-grid
solar projects. The grading is valid till February 08th 2017 after
which it will be kept under surveillance.

Grading Drivers

Strengths
   * Strong technical background of the promoters
   * Strong technical team headed by directors have technical
     competence in the field of Electrical Engineering
   * Established relationship with institutional clients and
     suppliers in a short span of operations.
   * The prospect of growth and favorable outlook in the solar
     industry assisted by the favorable government policies

Risk Factors
   * Nascent stage of business operations with limited
     performance track record
   * The company's network is limited to Kerala, its ability to
     expand its operations beyond Kerala would be key to its
     growth.
   * Presence of strong competition from the organized and
     unorganized sectors due to highly fragmented nature of the
     industry

Fact Sheet
Year of Establishment: 2010

Office Address:
A/12 Chithra Nagar Vattiyoorkavu, PO, Trivandrum 695013

Managing Director: Mr. Amal Raj

Semilon Technologies is an electronics company involved in the
process of manufacturing and marketing LED lightings. The company
was incorporated in the year 2010. The company's product profile
includes home, industrial and commercial LED lighting products,
LED down lights, LED Street lights, LED Highbay lights, LED Tube
lights, LED Bulbs etc. The Services provided by the company
include Luxend lighting services, the nurse calling system, solar
power plant, lighting design, LED Signage.


SHARMA METALLOYS: ICRA Suspends B/A4 Rating on INR12.5cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 rating assigned to the INR12.5
crore, working capital facilities of Sharma Metalloys Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHREE VISHWAKARMA: CRISIL Assigns B Rating to INR60MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facility of Shree Vishwakarma Cold Storage (SVCS).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft Facility     60         CRISIL B/Stable

The ratings reflect the weak financial risk profile marked by high
gearing and low net worth along with modest scale of operations
and fragmented nature of the cold storage industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoter in the cold storage business.

Outlook: Stable

CRISIL believes that SVCS will continue to benefit over the medium
term from its promoters extensive experience in the cold storage
business. The outlook may be revised to 'Positive' in case the
company reports efficient management of farmer credit financing,
and significantly scales up its operations and improves its
profitability. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its working capital cycle,
lower-than expected  cash accruals, or any large, debt-funded
capital expenditure which can impact the liquidity of the company.

SVCS is a partnership firm set up in 1998 by Chamanlal Rugnathji,
Velaji Rugnathji, Thanaji Shankarji, Rugnathji Dharmaji, and
Chunilal Haraji. The firm is based at Deesa, Banaskantha
(Gujarat). The firm is engaged in trading of potatoes and also
provides cold storage facility for potatoes. SVCS reported a
profit after tax of INR0.7 million on net sales of INR29.5 million
in 2013-14.


SRI RAMIAH: CRISIL Assigns B- Rating to INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sri Ramiah Spinners Limited (SRSL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       9.7        CRISIL B-/Stable
   Letter of Credit    25          CRISIL A4
   Bank Guarantee       3.8        CRISIL A4
   Cash Credit         50          CRISIL B-/Stable

The ratings reflect SRSL's modest scale of operations in the
intensely competitive spinning industry, the susceptibility of its
operating margin to volatility in raw material prices, and its
modest financial risk profile marked by small net worth, high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of SRSL's
promoters in the spinning industry and the need based fund support
from the promoters.

Outlook: Stable

CRISIL believes that SRSL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if SRSL significantly
increases its scale of operations and profitability while
improving its capital structure, leading to an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a decline in the company's revenues and
profitability, or if it undertakes a large debt-funded capital
expenditure programme, or if there is a stretch in the working
capital requirements of the company, leading to deterioration in
its financial risk profile.

Incorporated in 1988, SRSL manufactures cotton yarn. The company
is promoted by Mr.R. Selvaraj and his family members.

For 2013-14 (refers to the financial year April 1 to March 31)
SRSL reported a net loss of 0.10 million on a net sales of
INR388.8million against a net loss of INR13.3 million on a net
sales of INR329million for 2012-13.


SRI SOMESH: ICRA Assigns B+ Rating to INR7.50cr Cash Credit
-----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to INR15.00 crore
fund based limits of Sri Somesh Oils International Limited.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Cash Credit Limits        7.50      [ICRA]B+ assigned
   Term Loan Limits          7.25      [ICRA]B+ assigned
   Unallocated Long Term     0.25      [ICRA]B+ assigned

The rating derives comfort from long track record of the promoters
in the edible oil trading business with more than 75 years of
cumulative experience. The rating also draws comfort from
favourable demand outlook for refined rice bran oil in the
domestic market due to its significant health benefits. The rating
also benefits from the proximity of the business to large number
of rice mills which are the source for primary raw material i.e.
rice bran. The rating also favourably factors in the leverage of
existing and established sales and marketing network.

The rating however remain constrained by significant debt-funded
capital expenditure plan incurred towards expansion of
infrastructure facility, leading to leveraged capital structure
and moderate debt protection metrics of the company. The rating
also considers the limited value addition owing to the trading
nature of the operations resulting in thin operating margins;
although the company is in the process of backward integration
which increases which increases the scope of margin expansion
going forward. Further the rating factors in exposure to agro
climatic risks which could affect the availability of main raw
material, rice bran. The rating also considers the highly
competitive nature of business with the presence of large number
of organized and unorganized players in the industry. The rating
also factors in the delay in getting

The Company was originally incorporated as Suma Oil Agro
International Ltd. in the year 2006 as a Public Ltd entity (closed
share holding). Later in 2010, the name of the Company was changed
to Sri Somesh Oils International Ltd.

SSOIL is presently engaged in trading in edible oils. The company
purchases the edible oils such as Rice Bran Oil, Sunflower oil,
Ground nut oil, Mustard seed oil etc. since 2010 from various
manufacturers in bulk and sells them in retail market after
packing in small containers. They have a packing unit and oil
storage in Yeshwantpura where edible oils are packed into small
bottles and pouches and sold to wholesalers and retailers. The
company markets the products directly and through distributors in
the state of Karnataka, Tamil Nadu, Andhra Pradesh, and Kerala.
The company has own sale depot in Palghat to supply to the region.
There is good demand for the products and no constraints are
experienced in the marketing. The company has adequate personnel
for looking after the marketing and sales. The company market the
products in own brand names. The brands are popular and have good
acceptability. The sales are growing and the company has been
managing with own funds. The company has been successfully
carrying out the trading activity in crude and other oils for the
last three years.

Recent Results
SSOIL reported a profit after tax (PAT) of INR0.26 crore on an
operating income (OI) of INR32.91 crore in FY2014, as against a
PAT of INR0.15 crore on an OI of INR21.56 crore in FY2013.


SRI VENKATESWARA: CRISIL Assigns B+ Rating to INR130MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long term bank facility of Sri Venkateswara Rice Mill (SVRM).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Working
   Capital Facility      130        CRISIL B+/Stable

The rating reflects SVRM's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, modest
scale of operations, and exposure to intense competition in the
rice milling industry. These rating weaknesses are partially
offset by the extensive industry experience of SVRM's promoter in
the rice milling industry.

Outlook: Stable

CRISIL believes that SVRM will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SVRM's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

SVRM is engaged in milling and processing of paddy into rice, rice
bran, broken rice and husk. The firm is promoted by Mr.T.Sura
Reddy and his family members.

For 2013-14 (refers to financial year, April 1 to March 31), SVRM
is reported a profit after tax (PAT) of INR5 million on net sales
of INR479 million, as against a PAT of INR4 million on net sales
of INR451 million during 2012-13.


STHAPATYA DEVELOPERS: CARE Rates INR7.50cr LT Bank Loan at 'B+'
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sthapatya
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sthapatya Developers
(SPD) is primarily constrained on account of implementation and
salability risk associated with its on-going real estate project,
moderate booking status, low level of receipt of customer advances
against the value of booked units, its constitution as a
partnership firm and its presence in a cyclical and highly
fragmented real estate industry.

The rating, however, takes comfort from the vast experience of the
partners in real estate development business. The ability of SPD
to successfully complete its on-going real estate project and
timely receipt of booking advance and sale of balance units at
envisaged prices are key rating sensitivities.

Established in 2013, SPD is a partnership firm, promoted by the
partners of the Surat-based 'Ravani Group', which is headed by Mr
Dilipbhai Ravani. The promoters have experience of more than two
decades in real estate business. SPD was set up to undertake one
residential real estate project at Surat named 'Dream Village'
which comprises of 63 bungalows. The total saleable area of the
project is 0.95 lakh square feet.

Mr Dilipbhai Ravani has an experience of over two decades in
construction and infrastructure development industry. He is
supported by Mr Hareshbhai Ravani, Mr Babubhai Ravani and Mr
Hasmukhbhai Pavasiya; who are at helm of project execution and
operations for the entity. Over the last decade, the Ravani group
had completed around eight residential projects at Surat with
total saleable area of more than 23.93 lakh sq. ft.


SUPER TECH: CRISIL Reaffirms B+ Rating on INR65MM Term Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Tech Laces
Tirupur Pvt Ltd (STLTPL) continue to reflect STLTPL's modest scale
of operations in the competitive embroidery business, its working-
capital-intensive operations and its exposure to risks related to
implementation of its large ongoing capital expenditure programme.
These rating weaknesses are partially offset by the promoters'
extensive industry experience and STLTPL's moderate financial risk
profile marked by healthy gearing and debt protection metrics.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           30      CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee   15      CRISIL A4 (Reaffirmed)
   Rupee Term Loan       65      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that STLTPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
embroidery industry. The outlook may be revised to 'Positive' if
the company significantly improves its scale of operations, while
it maintains its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if there is a decline in
revenue or profitability, leading to considerably low accruals, or
a stretch in its working capital cycle, leading to weakening in
the financial risk profile, especially its liquidity.

STLTPL, based in Tirupur (Tamil Nadu) was originally set up in
1996 as a proprietary concern by Mr. Arvind Kumar Singh; the firm
was reconstituted as private limited company in 2006. STLTPL
manufactures and trades in a variety of laces which include
crochia, cambric, lycra, cotton laces, and others.


SWASTIK FURNACES: CRISIL Assigns B+ Rating to INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swastik Furnaces Pvt Ltd (SFPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      35         CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit             40         CRISIL B+/Stable

   Packing Credit          15         CRISIL A4

The rating reflects working capital intensity in SFPL's
operations, and customer concentration risks in its revenue
profile. These rating weaknesses are partially offset by its
promoters' extensive experience in the furnace manufacturing
industry, and the company's above-average financial risk profile,
marked by above-average debt protection metrics.
Outlook: Stable

CRISIL believes that SFPL will benefit over the medium term from
its promoters' longstanding experience in the furnace
manufacturing industry. The outlook may be revised to 'Positive'
if substantial and sustained improvement in revenue and
profitability, or sizeable equity infusion by the promoters
strengthens SFPL's capital structure. Conversely, the outlook may
be revised 'Negative' if decline in working capital management
leads to deterioration in its capital structure.

SFPL, an ISO 9001-2008 certified company, produces, supplies and
exports heat treatment furnaces. It was set up as a partnership
firm, Swastik Furnaces, in 2005, and converted to a private
limited company with the current name in 2009.


TRUBA EDUCATION: CARE Assigns B Rating to INR1.59cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Truba Education Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.59       CARE B Assigned
   Short-term Bank Facilities    5.00       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Truba Education
Society (TES) are constrained primarily on account of its modest
scale of operations coupled with the low enrolment ratio and its
presence in a highly regulated education industry. The ratings are
further constrained on account of its highly fluctuating
profitability and weak liquidity position coupled with increasing
competition from numerous private educational institutes.

The ratings, however, derive strength from the experienced
promoters in the education industry, its comfortable capital
structure and moderate debt coverage indicators.

The ability of TES to increase its scale of operations and
profitability by improving the enrolment ratio is the key rating
sensitivity.

Bhopal-based (Madhya Pradesh), TES was formed in 2003 as a Society
under the Societies Registration Act of Madhya Pradesh Government
-- 1973, wide registration number : 8363-2000 by Mr Dharmendra
Singh Raghuvanshi, Mr Shyam Rathor, Mr Shailendra Sharma and Mr
Pankaj Dandir with the object of setting up professional education
institutions.  Presently, TES offers various graduation and post-
graduation courses in Engineering and post-graduation in
management through its college named Truba College of Engineering
& Technology. The campus of the college is spread across the area
of 15.33 acres.

Engineering Courses of TES are affiliated to Rajiv Gandhi
Prodhoyogic Vishva Vidhyalaya, Bhopal and MBA is affiliated to
Devi Ahilya Vishwavidhyalaya, Indore.

As per the audited results of FY14 (refers to the period April 1
to March 31), TES reported surplus of INR0.83 crore on a total
operating income (TOI) of INR8.64 crore as against the surplus of
INR0.14 crore on a TOI of INR8.73 crore. As per the provisional
results for 9MFY15, TES has registered TOI of INR4.89 crore.


TULSYAN RICE: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tulsyan Rice
Mill Pvt Ltd (TRMPL) continues to reflect TRMPL's small scale of
operations in the fragmented rice milling industry, and its
susceptibility to raw material price risk, erratic monsoon, and to
regulatory changes.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           65       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     3.6     CRISIL B+/Stable (Reaffirmed)

The rating also reflects the company's below-average financial
risk profile marked by small net worth and moderate gearing.These
rating weaknesses are partially offset by the company's
diversified clientele, stable demand for rice in the country, and
absence of term debt obligation over the medium term.

Outlook: Stable

CRISIL believes that TRMPL will continue to benefit over the
medium term from its diversified clientele and its promoter's
experience in the rice milling industry. The outlook may be
revised to 'Positive' if the company scales up its operations
significantly while maintaining profitability, or improves its
working capital management, or if there is significant equity
infusion by promoter, leading to substantial improvement in its
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' in case substantially low
cash accruals or stretch in working capital cycle leads to
deterioration in its financial risk profile, particularly its
liquidity.

Update
TRMPL recorded sales of INR322.0 million in 2013-14 (refers to
financial year, April 1 to March 31), 19 per cent higher than the
previous year's sales of INR271.5 million. The increase in sales
is driven by higher capacity utilisation. The company's operating
margin remained modest at 4.0 per cent in 2013-14.

TRMPL's operations are working capital intensive, with gross
current assets (GCAs) of 109 days as on March 31, 2014. GCAs are
primarily driven by large inventory of 95 days. The company funds
its working capital requirements majorly through short-term bank
borrowings. TRMPL had a high bank limit utilisation of 96.6 per
cent over the 12 months through December 2014.

TRMPL's financial risk profile remains below average. It had a
small net worth of INR43 million as on March 31, 2014, and
moderate gearing of 1.56 times. The company's debt protection
metrics were subdued, with interest coverage and net cash accrual
to total debt ratios at 2.07 times and 0.09 times, respectively,
for 2013-14.

For 2013-14, TRMPL reported a profit after tax (PAT) of INR2.40
million on net sales of INR322 million, against a PAT of INR1.9
million on net sales of INR271.5 million for 2012-13.

Incorporated in 2004, TRMPL mills non-basmati parboiled rice. The
company's manufacturing facility is in Ranchi (Jharkhand), and its
day-to-day operations are managed by its director, Mr. Banwarilal
Agarwal. The company markets its products under the TRM Super, TRM
Super Plus, TRM Red, TRM Blue, and TRM Tiger brands.


VAMANA ENERGY: ICRA Puts 'SP 3D' Grading on Weak Fin'l Strength
---------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Vamana Energy Private Limited
(VEPL), indicating 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake off-grid
solar projects. The grading is valid till 8th February, 2017 after
which it will be kept under surveillance.

Grading Drivers

Strengths
   * Order book of 2681KW showing visibility of revenues in the
     medium term
   * Satisfactory feedback from customers and suppliers
   * Positive outlook and growth prospects for solar industry
     assisted by favourable government policies
   * Diversified customer base belonging to commercial as well as
     residential segment

Risk Factors
   * Limited track record of solar installations as EPC in off-
     grid segment
   * Limited O&M capability of the company
   * Large number of organized and unorganized players in solar
     PV space indicating high level of competition leading to
     pressure on margins
   * Negative net worth of the company as at FY 14 on account of
     losses incurred.
   * Weak financial indicators of the company characterized by
     high gearing, thin profitability and modest coverage ratios


VELLORE ROLLER: CRISIL Reaffirms B- Rating on INR75MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vellore Roller Flour
Mills Pvt Ltd (VRFMPL) continue to reflect VRFMPL's weak financial
risk profile, marked by a high gearing and weak debt protection
metrics, and exposure to intense competition in the flour mill
industry. These rating weaknesses are partially offset by the
benefits that VRFMPL derives from its diversified revenue profile
and its promoters' industry experience.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       75         CRISIL A4 (Reaffirmed)
   Cash Credit          55         CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        6.8       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    6.2       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VRFMPL will continue to benefit over the
medium term from its established presence in the flour mill
industry and its strong relationship with its key clients. The
outlook may be revised to 'Positive' if the company registers
sustained and significant improvement in its cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' if VRFMPL contracts more-than-expected debt to fund its
incremental working capital requirements or registers a sharp
decline in its margins.

Update
VRFMPL reported operating revenue of INR178 million for 2013-14
(refers to financial year, April 1 to March 31), up 10 per cent
year-on-year. The company's operating margins have reduced to 7.28
percent in 2013-14 from 8.04 percent in 2012-13 largely on account
of volatility in raw material prices.  CRISIL believes that
VRFMPL's revenue will show modest growth over the medium term as
the company does not plan for any capacity addition in the medium
term. The operating margins are expected to be around 8 percent
over the medium term as the raw material prices are expected
remain stable.

VRFMPL's financial risk profile is weak, marked by high gearing
and average debt protection metrics. The gearing stood at 2.6
times as on March 31, 2014, and gearing is expected to remain high
over the medium term due to debt-funding of incremental working
capital requirements. The networth of the company is INR27 million
as on March 31, 2014. The company's net cash accruals to total
debt and interest coverage ratios were 5 per cent and 1.43 times,
respectively, for 2013-14. VRFMPL's financial risk profile is
expected to remain weak over the medium term due to high gearing
levels.

VRFMPL has weak liquidity, marked by high bank limit utilisation,
averaging 99 per cent over the 12 months through December 2014.
VRFMPL is likely to generate annual net cash accruals of around
INR5 million to INR7 million per annum against term loan
obligations of INR2.2 million per annum over the medium term.
CRISIL believes that VRFMPL's liquidity will remain moderate over
the medium term backed by stable cash accruals and absence of
debt-funded capex plans.

VRFMPL was set up in 1978 by Mr. A M K Jambulinga Mudaliar and his
son, Mr. J Karthikeyan.  The company manufactures wheat products,
such as maida, atta, suji, and bran.


WIDE ANGLE: CRISIL Cuts Rating on INR25MM Cash Credit to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Wide Angle Packaging System Pvt Ltd (WAPS) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'. The rating downgrade reflects
instances of delay by WAPS in servicing its term debt; the delays
were because of the company's weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.7        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit           25          CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term    21.7        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Proposed Long Term     6.5        CRISIL D (Downgraded from
   Bank Term Loan                    'CRISIL B-/Stable')

WAPS also has a small scale of operations and a below-average
financial risk profile, marked by a low net worth and high gearing
levels. Furthermore, it is vulnerable to risks related to cyclical
downturns and to regulatory changes in the paper and packaging
industry. However, the company benefits from its promoter's
extensive industry experience.

WAPS, set up in 1996 by Mr. Ramesh Kumar Kataruka, manufactures
packaging material for entities engaged in the consumer goods
industry. The promoter has around two decades of industry
experience.



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


BAKRIE TELECOM: Debt Ploy Exposes New Foreign Investor Pitfall
--------------------------------------------------------------
Eveline Danubrata at Reuters reports that PT Bakrie Telecom Tbk
found a creative way to ensure that its debt restructuring was
approved over some creditors' objections: it loaned itself money
and then counted its own votes toward approving the plan.

Reuters relates that the maneuver, which distressed debt investors
said was unprecedented, was validated by a Jakarta court.

But investors who have sued Bakrie Telecom and its subsidiaries in
New York over a US$380 million bond said they were barred from
voting on the restructuring, the report says.

The bond's trustee Bank of New York Mellon said that violated both
the terms of the bond contract and the law, without specifying
which country's law, according to a letter to Bakrie Telecom seen
by Reuters.

According to the news agency, the dispute has shaken investor
sentiment in Indonesian corporate debt just as President Joko
Widodo is pushing for more foreign investment and local companies
are trying to raise capital to expand. Foreign direct investment
in Indonesia totaled IDR307 trillion ($24.1 billion) in 2014, and
Widodo has targeted a 12 percent increase this year.

The report relates that Bakrie Telecom said the bondholders were
not eligible to vote on the restructuring plan because they
weren't direct creditors. The notes they bought were issued by a
special purpose vehicle (SPV) in New York, which then lent the
proceeds to Bakrie Telecom, Reuters states.

Reuters discloses that the SPV, representing $380 million of
Bakrie Telecom's debt, cast its votes in favor of the
restructuring plan, which was overwhelmingly approved on Dec. 8.
Creditor claims that were recognized by the Jakarta court
administrators totaled more than $770 million.

"They are now the issuer and the creditor," said Hal Hirsch, a
lawyer representing a group of Bakrie Telecom investors who
collectively own more than 25 percent of the bond that was set to
mature in May, Reuters relays. "They shake their own hands, they
enter into their own agreement, and they have now effectively
eviscerated any claim that the noteholders have."

Bakrie Telecom does not recognize the bondholders as its creditors
because the company and the SPV that issued the bond are "two
separate legal entities", Aji Wijaya, a lawyer representing Bakrie
Telecom, told Reuters.

"Whoever the creditor is, the rules of the game here have to be
followed," Wijaya said, adding that creditors will not get any
money back if the company goes bankrupt, Reuters relays.

A Jakarta court approved the restructuring vote on Dec. 9.  Mr.
Hirsch said bondholders chose not to appeal the decision because
"the additional time, cost and delay would have been sadly a
waste," Reuters adds.

Reuters notes that Bakrie Telecom is part of Indonesian
conglomerate Bakrie Group, which has long carried a heavy debt
load.

Creditors have traditionally tolerated the risk because of
generous yields and a belief that the group could sell some assets
to come up with cash, Reuters says. However various Bakrie Group
companies have instead opted for debt restructurings, causing
friction with creditors.

Under Bakrie Telecom's restructuring plan, 30 percent of large
creditors' debt will be paid in cash installments, with the rest
exchanged for mandatory convertible bonds with a conversion price
of 200 rupiah per share, about four times the current share price,
Reuters discloses. As the conversion price of the bonds is so far
above the market price, some creditors say they are receiving a
tiny fraction of each dollar they invested.

"The proposal wipes out the bondholders. If you're in the bond,
you're losing everything," said an advisor to a Bakrie Telecom
bondholder, who declined to be named due to the sensitivity of the
matter, Reuters relays.

According to Reuters, some foreign investors said the rules of the
game are stacked against them, and they worry that other heavily
indebted Indonesian companies may follow Bakrie Telecom's lead if
they run into trouble. Falling commodity prices have left
Indonesia's debt-laden mining industry exposed, the report notes.

"It's definitely troublesome," Reuters quotes one fund manager who
specializes in buying distressed debt as saying. "Indonesia right
now has a lot of credit which could potentially be going into some
sort of restructuring. Investors are definitely taking notice of
this."

Other recent cases of court-appointed debt restructurings have
already made foreign investors "more cognizant of the weakness of
the insolvency regime in Indonesia", Vicky Melbourne, senior
director at Fitch Ratings, told Reuters.

While the Indonesian government is monitoring foreign private
debt, it hopes that any disputes can be settled between the
parties involved, Arif Budimanta, special staff to the finance
minister, told Reuters.

Nevertheless, he added that the government does want to try to
improve investor confidence by strengthening law enforcement and
institutions such as the civil court, Reuters relates.

"Indonesia needs huge foreign investment to support its growth
targets," he said.

                        About Bakrie Telecom

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of
Esia, Wifone, Wimode, EsiaTel and SLI Hemat 009.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, Fitch Ratings has withdrawn its ratings on
Indonesia-based PT Bakrie Telecom (BTEL) because the company has
chosen to stop participating in the rating process.  BTEL is
currently going through a restructuring process and without
further participation; Fitch will no longer have sufficient
information to maintain the ratings.  Accordingly, the agency will
no longer provide ratings or analytical coverage for BTEL.

Before withdrawal, BTEL's ratings were:

   -- Long-term Foreign-Currency Issuer Default Rating (IDR) at
      'Restricted Default' (RD).

   -- Long-term Local-Currency Issuer Default Rating (IDR) 'RD'

   -- USD380m May 2015 bond rating of 'C'/ 'RR5'.

Fitch believes that the company is currently in the process of
restructuring its USD380m bond and obligations to trade creditors.
Fitch understands that the company has stopped paying most of its
trade creditors and an Indonesian court has asked the company to
restructure its commitments to creditors by Dec. 9, 2014.  BTEL
has stopped servicing its USD380m notes due May 2015 and some of
the bond holders have sued the company in a New York court.

Fitch also understands that BTEL has divested its spectrum holding
- its most important asset - to PT Smartfren Telecom Tbk
(CCC(idn)) for a consideration of one billion Smartfren's shares
(or 5.6% of Smartfren's diluted equity).  BTEL is now operating as
a mobile virtual network operator (MVNO) and is leasing spectrum
from Smartfren to provide services to its remaining customers. The
Indonesian government has already passed a decree ordering the
transaction.



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


HUBLINE BHD: To Close Container Shipping Arm Amid Losses
--------------------------------------------------------
The Star Online reports that Hubline Bhd is exiting the container
shipping business industry following losses incurred by the
division over the last few years while it also does not see an
immediate turnaround.

The Star relates that the company said Feb. 18 a continued
participation in the sector would eventually "harm" its profitable
operations of the break bulk division.

According to the report, Hubline said it had to reassess the
group's financial and operational strategies due to the losses
incurred by the division over the last few years.

It said the board had done a detailed deliberation and review of
all relevant factors, and have decided to exit from the container
shipping business industry and therefore will be discontinuing the
group's container shipping operations, The Star relates.

Explaining the rationale for stopping these operations, it said
the container liner industry had long been suffering since the
economic crisis and overcapacity in the market is still evident,
according to the report.

The Star quotes Hubline as saying that: "The global liner industry
is struggling with the depressed freight rates to meet operating
costs. The global trade patterns are fast changing which is
challenging to our operating model.

"Consequently, competition for cargo is still very fierce and
operators are struggling to stay profitable with the depressed
freight rate environment," it said.

The Star relates that Hubline said the board has a duty to protect
the shareholder's investment in the group, and concluded this was
the right time to sever the container shipping arm of the group,
and instead focus the group's time and resources to what will
maximise shareholder return.

"The group's break bulk division has the potential to develop and
grow without being challenged by the pressures of subsidising the
container shipping division," Hubline, as cited by The Star, said.

It added the exit process would involve withdrawal from various
trade routes, termination of related service and operational
contracts, as well as the disposal of container shipping related
assets, The Star discloses.

Hubline anticipates the liner business will cease its operations
by the current financial year ending Sept 30, 2015. The move would
also impact various subsidiaries and agencies related to the liner
business, adds The Star.

"The exit will have a material effect on the financial results of
the group for the financial year ending Sept 30, 2015, as
impairments and losses will be crystallised to terminate the drain
to the group's resources," The Star quotes Hubline as saying.
"The container shipping division, in the last four years, has
contributed an average of 79% to the group's overall revenue, and
an average of -134% of profit before tax, hence an overall
negative impact to the group's overall net result," it said.

Hubline said the group's main activity would remain as shipping,
however, the focus will shift towards break bulk shipping, the
report notes.

Hubline Berhad, an investment holding company, provides marine
cargo handling and shipping services in the Asia-Pacific region.



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


CAPITAL + MERCHANT: Top Lawyer Denies Reaching Settlement Deal
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that top lawyer
Bruce Stewart, QC, has denied he ever reached a settlement deal on
behalf of Capital + Merchant's receivers as a case to get money
back for the company's long-suffering investors takes a curious
twist.

Sources told the Herald last September that the receivers had
reached a conditional settlement agreement in their case against
Perpetual Trust and law firm Stace Hammond.

Perpetual Trust appointed KordaMentha as second receivers of C+M
following the 2007 collapse of the finance firm, which owed
investors NZ$167 million, the Herald discloses.

The receivers later lodged action against the trustee company to
try recover funds for investors, the report recalls.

The Herald says KordaMentha also filed action against C+M's former
lawyers Stace Hammond, alleging both it and the trustee breached
the duties they owed the finance firm.

The case was the first time receivers of a failed finance company
had gone to court to pursue recovery from a trustee company, which
is tasked with protecting the interest of investors, the Herald
notes.

Yet a High Court judgment from December released publicly this
week reveals Perpetual and Stace Hammond claimed the matter was
conditionally settled in an oral agreement between the Queen's
Counsel for the receivers, Bruce Stewart, and their lawyer,
according to the Herald.

The Herald relates that Mr. Stewart denies he conveyed any offer
to the defendants or that any offer was accepted.

Mr. Stewart hired his own QC and applied in November to be joined
as an interested party in the action on the grounds his financial
and reputational interests are likely to be adversely affected if
the court finds a settlement agreement was entered into, the
Herald states.

However, Justice Susan Thomas turned down this application, saying
Mr. Stewart's legal rights or liabilities would not be directly
affected, the Herald notes.

"There is no evidence to suggest that Mr Stewart cannot rely on
Capital + Merchant to protect his rights and potential
obligations," Justice Thomas, as cited by the Herald, said.

                     About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.


FIVE STAR: NZ$330,000 Liquidators' Fees Approved
------------------------------------------------
The New Zealand Herald reports that a High Court judge has
approved NZ$330,000 in fees for Five Star Finance's liquidators
while pointing out they returned nothing for investors who are
still NZ$43 million out of pocket.

The report relates that more than seven years after the Five Star
Group collapsed owing investors more than NZ$90 million, the
liquidators of one company in it went to the High Court at
Auckland seeking retrospective approval for their fees.

Those fees, charged by Five Star Finance liquidators Paul Sargison
and Gerald Rea, amount to a little over NZ$330,000, says the
Herald.

The Herald relates that Associate Judge Jeremy Doogue approved the
fees earlier this month, but said one feature of the liquidation
called for comment.

"Notwithstanding the expenditure of substantial effort in terms of
time of the liquidators and their staff there will not be any net
recovery for the creditors of the company. Therefore the loss
incurred by the creditors of Five Star which exceeded
[NZ]$43,000,000 will be effectively written off," the report
quotes Associate Judge Doogue as saying.

The judge said he accepted the liquidators "left no stone
unturned" but were defeated by a number of factors, the Herald
relays.

"Those factors are first of all the complexity of the dealings
between Five Star and its related companies and persons associated
with it including directors. Secondly, the large scale fraudulent
activities of the directors which resulted in three of them being
sentenced to prison and one to home detention and community
service. Their fraudulent activities and related party dealings
meant that money diverted away . . . [and] was put out of reach of
the liquidators," Associate Judge Doogue, as cited by the Herald,
said.  "I accept that while there was no tangible advantage to the
creditors as a result of the efforts of the liquidators, the
enquiries that they made and the attempts that they made to
recover were ones which were properly undertaken by them."

Five Star board members Nick Kirk, Marcus Macdonald and Anthony
Bowden have already served sentences of either home detention or
prison, the Herald discloses.  The group's founder, Neill
Williams, is still part way through a 5 year prison sentence.

                      About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


WILLIAMS & CO: Goes Into Liquidation
------------------------------------
Martin Van Beynen of The Press reports that the tortured saga of
new Christchurch building company Williams & Co (WC) has come to
an end with the company's liquidation Feb. 2, 2015.

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

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

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

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

But by September last year the firm promised good news for
customers, the report discloses.  Amongst its unhappy customers
was a couple with a new baby waiting months longer than promised
to get into their new home, the report relays.

The application was brought by Shane Barr, who with his wife, were
seeking the return of their deposit from WC, the report says.

They cancelled their contract with WC after unacceptable delays in
the building of their house, the report notes.  Three other
creditors, including Inland Revenue, supported the application.

WC owes about NZ$2.5 million to unsecured creditors, says The
Press.

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

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

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

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

"I am very disappointed that I have not been able to complete your
build for you. I am keen to help as much as possible . . . will be
working with any liquidators and you as much as possible to help
with this.  I realize that no apology from me can make up for the
frustration and stress you have had to endure. The best I can
offer is my sincere apologies and my assistance moving forward,"
the report quoted Mr. Williams as saying.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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




                             *********

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

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

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


                            *********


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

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

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

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

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



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