TCRAP_Public/150311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 11, 2015, Vol. 18, No. 049


                            Headlines


A U S T R A L I A

CARNA GROUP: Placed Into Administration
CRUSADE ABS 2015-1: Fitch Rates Class E Notes 'BB(EXP)sf'
CRUSADE ABS 2015-1: Moody's Rates AUD10MM Class E Notes at (P)Ba1
K.B. LITHO: First Creditors' Meeting Set For March 18
MCGLASHAN MECHANICAL: First Creditors' Meeting Set For March 18

MT. ISA: First Creditors' Meeting Slated For March 18


C H I N A

CHINA SHANSHUI: Fitch Gives Final 'BB' Rating to US$500MM Notes
COUNTRY GARDEN: Fitch Gives Final 'BB+' Rating to US$900MM Notes
KAISA GROUP: Moody's Says Debt Restructuring No Impact on Ca CFR
TIMES PROPERTY: Fitch Gives Final 'B+' Rating to US$280MM Notes
TIMES PROPERTY: CFO Resignation No Immediate Impact on B1 CFR


H O N G  K O N G

BIRMINGHAM INTERNATIONAL: Chairman, CEO & 5 Directors Resign


I N D I A

A AND J MICRONS: CRISIL Reaffirms B Rating on INR72MM Term Loan
ALBA ASIA: CARE Raises Rating on INR34.56cr LT Loan to C
ARIEX ISPAT: CRISIL Assigns B Rating to INR45MM LT Loan
AXIS BANK: Fitch Keeps 'BB+' Support Rating Floor
BALAJI FOODS: CRISIL Assigns B Rating to INR30MM Cash Credit

BALLARPUR INDUSTRIES: S&P Lowers CCR to 'B'; Outlook Stable
BHABANI OFFSET: ICRA Reaffirms D Rating on INR9.1cr Non-FB Loan
BHAGATPUR TEA: ICRA Reassigns B Rating to INR5.44cr FB Loan
BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR0.97cr LT Loan
BHARAT COTTON: CRISIL Reaffirms B+ Rating on INR27.5MM LT Loan

BHAVESH GINNING: CARE Revises Rating on INR8cr LT Loan to B+
BLISS INDASI: CRISIL Assigns B+ Rating to INR45.6MM LT Loan
BRISK INFRASTRUCTURE: CRISIL Cuts INR450MM Loan Rating to D
GEETA MACHINE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
GMR RAJAHMUNDRY: CARE Lowers Rating on INR3,010.61cr Loan to D

GUJARAT CHEMICALS: CRISIL Assigns B Rating to INR31.5MM LT Loan
GURU GOBIND: CRISIL Reaffirms B Rating on INR180MM Term Loan
HANUMAN COTTEX: CRISIL Ups Rating on INR160MM Cash Loan to B+
HARISONS AND HARLAJ: CRISIL Reaffirms B+ Rating on INR13.9MM Loan
J & G TRANSFORMER: CARE Assigns B+ Rating to INR9.95cr LT Loan

JAYSHREE DIE: ICRA Suspends B+ Rating on INR4.86cr LT Loan
KADEVI INDUSTRIES: CARE Cuts Rating on INR109.63cr LT Loan From D
KANAK PULP: CRISIL Assigns B+ Rating to INR50MM Term Loan
KHURANA COAL: CARE Reaffirms B+ Rating on INR5.25cr LT Loan
KIRAT CRAFTS: CRISIL Ups Rating on INR50MM Packing Loan From D

LEKH RAJ: ICRA Assigns B+ Rating to INR45cr Cash Credit
MONGA FOODS: CARE Assigns B+ Rating to INR10.50cr LT Bank Loan
P.G.INFRASTRUCTURE: CARE Reaffirms B Rating on INR11.97cr LT Loan
PEARL CONSTRUCTION: ICRA Assigns B Rating to INR15cr Term Loan
POOJA CASTING: ICRA Suspends B+ Rating on INR16.12cr LT Loan

R M PHOSPHATES: CRISIL Assigns B+ Rating to INR110MM Term Loan
RAJHANS NUTRIMENTS: ICRA Reaffirms B+ Rating on INR41.5cr LT Loan
SARVAJANIK JANKALYAN: CARE Reaffirms B Rating on INR54.92cr Loan
SEACEM PAINTS: CARE Reaffirms D Rating on INR7.66cr LT Bank Loan
SEANTO MINERALS: ICRA Assigns B Rating to INR3cr Fund Based Loan

SEW KRISHNAGAR: CRISIL Cuts Rating on INR6.0BB Term Loan to D
SEW LSY: CRISIL Cuts Rating on INR17 Billion Term Loan to D
SHIVAM PROTEINS: CARE Assigns B+ Rating to INR10.71cr LT Loan
SHREE CHHATRAPATI: ICRA Reaffirms B Rating on INR6.84cr Term Loan
SHREE SIDHBALI: CRISIL Cuts Rating on INR100MM Loan to B

SHREEHARI ASSOCIATES: CRISIL Reaffirms INR259.5M 'B+' Loan Rating
SMK PETROCHEMICALS: CRISIL Puts B+ Rating on INR39.2MM LT Loan
SREEKANTH TRADING: CARE Cuts Rating on INR20cr ST Loan to D
THREE PLATINUM: CARE Lowers Rating on INR80cr LT Loan to B
TUTICORIN COAL: CARE Revises Rating on INR281cr LT Loan to B

VIVEKANANDA EDUCATION: CARE Reaffirms D Rating on INR3.89cr Loan
WEST QUAY: CARE Reaffirms B Rating on INR116.5cr LT Bank Loan


I N D O N E S I A

INDONESIA: Fitch Sees Little Impact on Developers From Tax Change


J A P A N

SONY CORP: To Slash 1,000 Jobs at Mobile Unit in Sweden


N E W  Z E A L A N D

SOLID ENERGY: 'May Not Be Viable,' Finance Minister English Says


S O U T H  K O R E A

KUMHO ASIANA: To Buy Back Express Bus Unit


                            - - - - -


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


CARNA GROUP: Placed Into Administration
---------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Carna Group Pty
Ltd, formerly Carna Earthmoving Pty Ltd, has been placed into
administration. Ian Charles Francis and Michael Joseph Ryan of FTI
Consulting were appointed administrators of the company on March
6, 2015, the report says.

Dissolve.com.au relates that this development comes after the
former Griffin coal mine contractor had a dispute with the mine's
owner. The group withdrew from supplying the workforce of the mine
in December 24 after the financial dispute, the report notes.

Carna Group is a family-owned business which began in 1992 and has
been involved in more than 250 projects across West Australia. The
group employs 119 people.


CRUSADE ABS 2015-1: Fitch Rates Class E Notes 'BB(EXP)sf'
---------------------------------------------------------
Fitch Ratings has assigned expected ratings to Crusade ABS Series
2015-1 Trust's automotive-backed floating-rate notes. The issuance
consists of notes backed by automotive lease and loan receivables
originated by St.George Finance Limited. The ratings are as
follows:

AUD405 million Class A notes: 'AAA(EXP)sf'; Outlook Stable;
AUD25 million Class B notes: 'AA(EXP)sf'; Outlook Stable;
AUD18 million Class C notes: 'A(EXP)sf'; Outlook Stable;
AUD16 million Class D notes: 'BBB(EXP)sf'; Outlook Stable;
AUD10 million Class E notes: 'BB(EXP)sf'; Outlook Stable; and
AUD26 million Seller notes: Not Rated.

The notes are issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Crusade ABS Series 2015-1 Trust.

At the cut-off date, the collateral backing the Crusade 2015-1
transaction, statistically, is of similar credit quality to prior
pools securitised under the Crusade ABS programme. The pool
comprises receivables backed by motor vehicles with a weighted-
average (WA) seasoning of 17 months and average receivable size of
AUD22,414. Distribution of the portfolio is concentrated to the
east coast, in line with population distribution. The WA balloon
residual percentage is 8.1% (percentage of the original
outstanding balance of the receivable).

KEY RATING DRIVERS
St.George Bank Limited established its auto finance business in
1994 through the purchase of a business incorporating motor
vehicle receivables, commercial lending, and private banking, from
Barclays Bank Australia Limited. St.George Finance Limited is a
wholly owned subsidiary of Westpac Banking Corporation (Westpac,
AA-/Stable/F1+).

Consumer finance as a proportion of the receivables originated has
increased significantly over the past five years. Consumer finance
has higher levels of losses and longer lease terms than other
originated product types - up to 84 months. This change in
composition has been addressed in the rating analysis.

St.George's receivables book has experienced relatively low levels
of defaults to date, with the majority of quarterly vintage gross
loss percentages ranging from 1.3%-3.8% for passenger vehicles.
Delinquencies greater than 30 days have generally tracked below
3.0%.

The 2015-1 transaction allows for Westpac and St.George originated
receivables to be sold into the pool during the 12 month
substitution period. The Class A notes of the 2015-1 transaction
benefit from 19.0% subordination from issuance and pro-rata
paydown will commence on the first payment date, subject to
certain performance triggers.

EXPECTED RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, likely resulting in a decline in CE and
remaining loss-coverage levels available to the notes. Fitch has
evaluated the sensitivity of the ratings assigned to Crusade ABS
Series 2015-1 Trust to increased gross default levels, and
decreased recovery rates over the life of the transaction.

Its analysis found that all notes' ratings are not susceptible to
downgrades under Fitch's mild (10% increase), moderate (25%
increase) and severe (50% increase) default scenarios.

Recovery scenarios, whereby recovery rate assumptions are
decreased, showed that no notes were impacted under each scenario
tested. These include mild (10% decrease), moderate (25% decrease)
and severe (50% decrease) stress scenarios.

The analysis showed that under a combination of default and
recovery stress scenarios, the Class B, C and D notes would be
downgraded to 'Asf', 'BBBsf' and 'BBsf' respectively in a severe
scenario (50% increase in defaults and 50% decrease in recovery
rates). The remaining notes would not be impacted in a severe
scenario.

Key Rating Drivers and Expected Rating Sensitivities are further
discussed in the corresponding presale report entitled "Crusade
ABS Series 2015-1 Trust", published today. Included as an appendix
to the report are a description of the representations,
warranties, and enforcement mechanisms.


CRUSADE ABS 2015-1: Moody's Rates AUD10MM Class E Notes at (P)Ba1
-----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to notes to
be issued by Perpetual Corporate Trust Limited as trustee of the
Crusade ABS Series 2015-1 Trust.

Issuer: Crusade ABS Series 2015-1 Trust

  -- AUD405.0 million Class A Notes, Assigned (P)Aaa (sf)

  -- AUD25.0 million Class B Notes, Assigned (P)Aa1 (sf)

  -- AUD18.0 million Class C Notes, Assigned (P)A1 (sf)

  -- AUD16.0 million Class D Notes, Assigned (P)Baa1 (sf)

  -- AUD10.0 million Class E Notes, Assigned (P)Ba1 (sf)

Moody's does not rate the AUD26.0 million seller notes.

This Australian prime ABS transaction is a cash securitisation of
receivables from loans to obligors in Australia.  The transaction
has a substitution period of 12 months from the first payment
date, subject to amortisation triggers and portfolio parameters.
The portfolio consists of consumer finance, commercial hire
purchase, goods loans (chattel mortgage) and finance lease
receivables secured by motor vehicles.  All receivables were
originated in accordance with St.George Finance Limited's
procedures, a wholly owned subsidiary of Westpac Banking
Corporation.  This is St.George's sixth auto ABS transaction and
its third since merging with Westpac.

The ratings address the expected loss to investors by the legal
final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

The structure of Crusade ABS Series 2015-1 Trust is similar to
that of previous Crusade transactions sponsored by St.George.  One
notable difference of this transaction is that notes will be
redeemed pro-rata, subject to performance triggers, following the
12-month substitution period.

The transaction is backed exclusively by motor vehicles,
predominantly passenger vehicles.  Motor vehicle default patterns
are less pro-cyclical and, on average, recovery rates are higher
than other asset classes such as equipment.

To fund the purchase price of the portfolio, the trust will issue
six classes of notes.  The notes will pay down pro rata, subject
to performance criteria such as there being no unreimbursed
charge-offs on any class of note.  The notes will also revert to
sequential pay down when the outstanding balance of the
receivables falls below 10% of the initial receivables balance at
closing.

The substitution period is not common in Australian term ABS
transactions.  The substitution (revolving) period of 12 months
after the first payment date allows the trust to use available
principal to purchase additional receivables to replenish the
pool.

The substitution period is subject to performance triggers that
will stop the trustee from purchasing further receivables.  These
triggers include the following:

  -- charge-offs that exceed 1% of the aggregate initial
     principal balance of all notes;

  -- average 90-day delinquencies during the immediately
     preceding 3 months that constitute more than 3% of the
     portfolio.

During the substitution period, the trustee can purchase
receivables only if they meet the eligibility criteria and if,
after the purchase, the portfolio remains within the portfolio
parameters.  Moody's has assessed the impact of the substitution
period on the credit quality of the portfolio and transaction
structure with regard to, among other factors, the effect on the
timing of defaults for receivables sold into the trust during the
substitution period, in light of the original portfolio's
seasoning.  Moody's has also considered the risk of an increase in
default probability if, during the substitution period, the trust
purchases lower quality receivables than were in the original
pool.

Finally, if Westpac does not use all of the monthly principal
collections to purchase additional receivables, it can hold
monthly collections up to an amount equal to 25% of the initial
note balance in cash.  Given that this cash will not be part of
the interest rate swap, Moody's has factored into its analysis the
potential for negative carry during the substitution period.

Moody's base case assumptions are a default rate of 3% and a
recovery rate of 35%, which imply an expected (net) loss of 1.95%.
Moody's has stressed the default rate to the historical level of
2.49% and the recovery rate to the historical level of 42.33%.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
January 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans.  The Australian job market and the market for used vehicle
are primary drivers of performance.  Levels of credit protection
that are insufficient to protect investors against current
expectations of loss could lead to a downgrade of the ratings.
Moody's current expectations of loss could be worse than its
original expectations because of more defaults by underlying
obligors or lower recoveries on defaulted loans.  The Australian
job market and the market for used vehicles are primary drivers of
performance.  Other reasons for worse performance than Moody's
expects include poor servicing, error on the part of transaction
parties, a deterioration in credit quality of transaction
counterparties, lack of transactional governance and fraud.

Moody's Parameter Sensitivities: If the default rate rises to 6%
(double Moody's assumption of 3%) and recovery rates are reduced
to 10% (less than half Moody's assumption of 35%) then the model-
indicated rating for the Class A notes and Class B notes drops six
and eight notches to A3 and Ba1 respectively.


K.B. LITHO: First Creditors' Meeting Set For March 18
-----------------------------------------------------
Dino Berardino Calvisi of Rodgers Reidy Chartered Accountants was
appointed as administrator of K.B. Litho Supplies Pty. Ltd. and K
B Litho Graphics Pty. Ltd. on March 5, 2015.

A first meeting for each of the Companies will be held at Rodgers
Reidy Chartered Accountants, Level 3, 326 William Street, in
Melbourne, on March 18, 2015, at 9:00 a.m. and 9:30 a.m.,
respectively.


MCGLASHAN MECHANICAL: First Creditors' Meeting Set For March 18
---------------------------------------------------------------
Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of McGlashan Mechanical Services Pty Ltd on
March 6, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, West
Australia, on March 18, 2015, at 10:00 a.m.


MT. ISA: First Creditors' Meeting Slated For March 18
-----------------------------------------------------
Matthew John Bookless and Terrence John Rose of SV Partners were
appointed as administrators of Mt. Isa Drycleaners Pty Ltd on
March 6, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 5 Hicks Street, in Southport, Queensland, on
March 18, 2015, at 2:30 p.m.



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


CHINA SHANSHUI: Fitch Gives Final 'BB' Rating to US$500MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned China Shanshui Cement Group Limited's
(Shanshui; BB/Negative) USD500 million 7.5% senior unsecured notes
due 2020 a final rating of 'BB'.  The notes will be issued by
Shanshui and guaranteed by Shanshui's subsidiaries incorporated or
organized outside of China, except for a subsidiary organized in
the United States.

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on February 27, 2015.

KEY RATING DRIVERS

Slower Deleveraging Progress: Sluggish cement ASP in Shanshui's
main markets resulted in weaker cash flow generation in 2014 from
a year ago.  As Shanshui did not significantly scale back capex
and acquisitions in its original budget, Fitch expects the
company's leverage to remain above 4x even though it received
HKD1.56bn in cash at end-2014 from an equity stake sale.  With the
cement ASP remaining weak, we expect Shanshui to deleverage to
below 4x in 2016 at the earliest, later than originally expected,
if it does not divest any significant assets. Shanshui's leverage
at end-2013 was 5.0x.

Lower ASP: Cement ASP has been under pressure since the Chinese
property market slowed down in 2014. For the first half of 2014,
Shanshui's cement ASP was CNY240.3/ton, compared with CNY250.5/ton
during the same period in 2013. This was mainly due to a 9.9% fall
in ASP in northeastern China and a 4% decline in ASP in Shanxi
province. However, ASP in Shandong, Shanshui's core market, was
stable at CNY240.6/ton (1H13: CNY243.7/ton).

Business Profile Intact: Shanshui's market position remains strong
in Shandong, where Shanshui and China National Building Material
Co., Ltd (CNBM) together control half of the Shandong cement
market, underpinning the healthy ASP. CNBM now owns 16.67% of
Shanshui, making it the third-largest shareholder. The tie-up
between Shanshui and CNBM could further strengthen their pricing
power and profitability.

KEY ASSUMPTIONS

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

-- Cement ASP in Shanshui's main markets remains stable;
-- Shanshui's cash gross profit per ton remains stable;
-- Total capex (including acquisitions) between 2015-2017
    no higher than CNY3 billion;
-- The company is able to roll over short-term debt and
    refinance outstanding US dollar bonds.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to the rating Outlook being revised back to
Stable include:

-- Consolidated gross profit sustained above CNY75/ton
-- FFO-adjusted net leverage sustained below 4.0x

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

-- Negative free cash flow (post-capex and acquisition)
-- Consolidated gross profit sustained below CNY75/ton
-- FFO-adjusted net leverage sustained above 4.0x


COUNTRY GARDEN: Fitch Gives Final 'BB+' Rating to US$900MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.'s
(BB+/Positive) USD900m 7.5% senior notes due 2020 a final rating
of 'BB+'.

The notes are rated at the same level as Country Garden's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received and the final rating is in line with the expected
rating assigned on 26 February 2015.

The Chinese homebuilder's ratings are supported by its strong
execution track record and its consistent financial policy.
Positive development in Country Garden's progression towards
becoming a nationwide homebuilder will be an important rating
driver, though such a process may take two years to reach fruition
if the company continues on its current trajectory. The company is
also facing a period of transition in its product mix.

KEY RATING DRIVERS

Better Financial Discipline: Country Garden's contracted sales in
2014 increased 21% to CNY128bn, after growth of 123% in 2013. The
company has kept a consistent financial policy even as it grew
strongly over the past two years. Its leverage (measured by net
debt to adjusted inventory) fell to 30% as of end-1H14, including
the HKD3.2bn proceeds from a rights issue; after increasing to 34%
in 2013 from 31% a year earlier. Country Garden has also further
diversified its financing sources by arranging a club loan in
December 2014 in its efforts to lower its financing expenses.

Niche Market: Country Garden's business strength lies in targeting
upgraders or the upper- and mid-income level homebuyers who can
afford spacious landed housing in locations away from cities. Such
locations bring about two important benefits - lower land costs
that allow for a low average selling price (CNY6,680 per square
metre in 2014), and buyers are less affected by the home purchase
restrictions imposed in the major cities.

Increasing Diversification Lowers Risks: Country Garden is in the
process of becoming a nationwide homebuilder. As of end-1H14, the
developer had expanded into 22 out of China's 31 provinces and
municipalities, compared with only 11 as recently as 2010 when 61%
of its 84 projects were in its home-province of Guangdong. The
proportion of contracted sales from Guangdong fell to 33% in 1H14,
from 44% in 2013 and over 60% before 2013. This transformation has
significantly reduced the company's market-specific risks.

Stable Metrics, Moderate Leverage: Country Garden's rapid
expansion has been supported by a high asset turnover rate,
allowing it to avoid the large debt build-up seen in many rapidly
growing homebuilders. Its ratio of contracted sales to gross debt
averaged 1.5x in the past four years, and was 1.9x in 1H14, the
same as at end-2013. Land purchase expenditures have been
restricted to within 30% of sales. Country Garden's leverage
fluctuated in a narrow range of 31% to 35% in the past four years.

Product-Mix Transition: Country Garden has turned towards
developing more high-rise homes. While this has not resulted in a
lengthening of its project turnover rate, Fitch expects profit
margin to come under pressure. Almost three quarters of Country
Garden's 1H14 contracted sales were derived from high-rise
buildings, although the company continued to sell to wealthy
individuals and upgraders. Only 16% of its residential properties
sold in 1H14 were below 90 sqm, the segment that first-time
homebuyers gravitate towards. The Chinese government's increased
emphasis on enhancing land use has resulted in fewer large plots
being released for landed-housing development, the company's core
product.

Expansion Abroad, Resources Strain: Country Garden also ventured
into overseas markets with projects in Malaysia and Australia. The
risks in these new markets are high, even if the projects produce
significant opportunities in the future. Such rapid expansion is
putting a strain on the company's resources, which is mitigated by
its execution strength. The overseas expansion is still relatively
small compared with Country Garden's operations in China; in 1H14,
overseas contracted sales accounted for around 3% of total
contracted sales.

KEY ASSUMPTIONS

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

-- Contracted sales by gross floor area to increase by 8% over
2015-2017;
-- Average selling price for contracted sales to increase by 3%
for 2015-2017;
-- Fitch estimates the EBITDA margin at around 18%-22% in 2015-
2017

RATING SENSITIVITIES

Positive: Future developments that may individually or
collectively, lead to positive rating action include:
-- Maintaining the ratio of net debt to net adjusted inventory
below 35% on a sustained basis,

-- Maintaining the ratio of contracted sales to gross debt above
2.0x on a sustainable basis;

-- Sustaining trend towards becoming a larger nationwide player.

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

-- Failing to maintain the positive guidelines will lead to the
Outlook reverting to Stable


KAISA GROUP: Moody's Says Debt Restructuring No Impact on Ca CFR
----------------------------------------------------------------
Moody's Investors Service said that Kaisa Group Holdings Ltd's
announced material deterioration in its financial profile and the
proposed offshore debt restructuring highlight its elevated
liquidity risk, but will have no immediate impact on its Ca
corporate family and senior unsecured debt ratings.

The ratings remain under review for upgrade.

On March 8, 2015, Kaisa provided updates on its financial
position.  It reported a significant decline in total cash balance
to around RMB1.9 billion as at March 2, 2015 from RMB10.9 billion
as at June 30, 2014; a drop in cash collections from property
sales to around RMB0.14 billion in February 2015 from RMB2.1
billion in November 2014; and maturing debt of around RMB29.8
billion in FY 2015, among others.

At the same time, it announced its plans to restructure its
offshore debt.  The plans include an interest rate reduction,
coupon payment in kind by additional note issuance, and an
extension by five years of the offshore debt tenors.  But the
plans do not reduce offshore creditors' principal debt claims.

"Kaisa's significant deterioration in its financial position
reflects the serious business disruptions it faced since the
imposition of the first regulatory sanctions," says Franco Leung,
a Moody's Vice President and Senior Analyst.

"The company's planned onshore and offshore debt restructuring, if
successful, will alleviate Kaisa's liquidity stress and lengthen
its debt maturity, however it will constitute also a distressed
debt exchange -- a default event under Moody's definition", adds
Leung.

Moody's says that Kaisa would unlikely be able to resolve its high
level of debt on its own without a debt restructuring agreement
with both onshore and offshore creditors.  Its operating cash
flows, together with its reported RMB1.9 billion total cash
balance as at March 2, 2015, will not be sufficient to cover the
maturing debt of around RMB29.8 billion in FY 2015.

Kaisa's proposed onshore and offshore debt restructuring, if
successful, will result in economic loss to creditors relative to
the original promise to pay, but could potentially avoid a payment
default.

On the other hand, if the proposed offshore debt restructuring is
unsuccessful, it could negatively affect the progress on the
onshore debt restructuring. Under such a scenario, Sunac's
proposed acquisition could fall through and Kaisa's liquidity
situation could be further constrained.

"Assuming that the debt restructuring proceeds as planned for both
onshore and offshore creditors, we believe Sunac's acquisition
would still be dependent on the lifting of regulatory restrictions
on Kaisa's sale of properties in Shenzhen and the resolution of
its other irregularities in business operations,' says Leung.

Moody's will continue to monitor (1) Kaisa's debt restructuring
plans, (2) Kaisa's ability to remove the restrictions on its
projects in Shenzhen, and (3) the development of Sunac's
acquisition offer. In addition, Moody's will review Kaisa's
operations and financial position upon completion of the
acquisition.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999.  It listed on the Hong Kong Stock Exchange in
December 2009.

Kaisa's land bank totaled around 23.55 million square meters in
gross floor area at end-December 2014. Its land holdings were
located in the Pearl River and Yangtze River Deltas, Pan-Bohai
Rim, and central and western China.


TIMES PROPERTY: Fitch Gives Final 'B+' Rating to US$280MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(B+/Stable) USD280 million 11.45% senior notes due 2020 a final
rating of 'B+' and Recovery Rating of 'RR4'.

The notes are rated at the same level as Times Property's senior
unsecured rating because they are regarded as direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received and the final rating is in line with the expected
rating assigned on 1 March 2015.

Times Property intends to use the proceeds from the issuance to
refinance part of its existing borrowings and fund its existing
and new property development projects and for other general
corporate purposes. As at 31 December 2014, Times Property had
total outstanding borrowings of CNY10.8 billion, of which CNY1.8
billion would be due within one year, versus CNY2.7 billion cash
on hand and CNY2.7 billion restricted bank deposits. The weighted
borrowing cost was estimated at 12.8% in 2014.

Times Property is a pure residential property developer targeting
first-time home-buyers and upgraders in China's Guangdong
province. Its ratings are supported by its low cost of land bank,
its contracted sales scale, its urban redevelopment project
pipeline in Guangzhou and its improving capital structure. The
ratings are constrained by its high leverage and its geographical
concentration in the Guangdong province.

KEY RATING DRIVERS

Good Land Bank Quality: Times Property had a land bank of 9.4m sqm
as at end-2014. The company's land bank is of good quality as
reflected by its project locations and low unit costs. In 2014, as
much as 70% of the company's contracted sales came from Guangzhou
and Foshan in Guangdong province. Fitch estimated that about half
of Times Property's sellable resources are located in these two
cities, where the end-user demand is the strongest and most stable
in Guangdong. Given the low land bank cost and the future
acquisition of urban redevelopment projects, we believe Times
Property can maintain a gross profit margin of 30%.

Sustainable Land Bank Drives Growth: Times Property is in
negotiations for 20 urban redevelopment projects in Guangzhou that
could be converted to its land bank in the future. This could
enhance its product mix and profitability, so as to support its
future sales growth. As of June 2014, Times Property has converted
one urban redevelopment site, while the conversion of two other
sites is in progress. Fitch believes that Times Property's land
bank can support its sales performance, as reflected by its 2014
contracted sales of CNY15.2 billion, compared with CNY11 billion
in 2013.

Improving Capital Structure: Times Property has been optimising
its capital structure in 2014 by diversifying funding channels and
reducing effective borrowing costs. The company repaid some of its
trust loans that have higher interest costs and issued longer-
tenor offshore bonds at lower rates. It is one of the most active
offshore bond issuers in the 'B' rating category, issuing four
tranches of US dollar and Chinese yuan bonds in the last nine
months amounting to USD550 million.

Geographical Concentration in Guangdong: Times Property is a
regional property developer focused on Guangdong with exposure in
Guangzhou, Foshan, Zhuhai, Zhongshan and Qingyuan. It also has
some operations in Changsha in Hunan province. The company's
geographical concentration and scale constrain the ratings. We
believe that Times Property will concentrate on expanding its size
within Guangdong province and is unlikely to expand into other
provinces before solidifying its position in its home province.

High Leverage During Expansion: Times Property's leverage is
likely to remain at an above-average level as the company is
expanding. However, given the company's disciplined land
acquisition strategy and its modest growth target, we believe that
leverage will not reach excessively high levels. We expect Times
Property's leverage, as measured by net debt divided by adjusted
inventory, to remain at 40%-50% in 2014-2015.

Sufficient Liquidity to Repay Debt: At end 2014, the company had
cash and cash equivalents of CNY2.7 billion and restricted bank
deposits of CNY2.7 billion. The company also has a good track
record in accessing the capital market. Hence, we believe that
Times Property has sufficient liquidity to cover its short term
debt of CNY1.8 billion.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
-- Contracted sales to increase by 15% per year over 2015-2017;
-- Average selling price for contracted sales to increase by
    3% per year for 2015-2017;
-- Fitch estimates the gross profit margin at around 30% in
    2015-2017

RATING SENSITIVITIES

Negative: Future developments that may, individually and
collectively, lead to negative rating action include:
-- Net debt/adjusted inventory sustained above 50%
-- Contracted sales/total debt sustained below 1x
-- Annual contracted sales falling below CNY12 billion
-- EBITDA margin sustained below 15%

Fitch does not expect further positive rating action until Times
Property significantly increases its scale and diversifies
geographically.


TIMES PROPERTY: CFO Resignation No Immediate Impact on B1 CFR
-------------------------------------------------------------
Moody's Investors Service said that Times Property Holdings
Limited's B1 corporate family rating and B2 senior unsecured debt
rating are not immediately affected by the resignation of its
chief financial officer (CFO).

The ratings outlook remains stable.

On March 8, Times Property announced that Mr. Chan Wai Kin, the
chief financial officer, joint company secretary and authorized
representative, will resign from the company with effect from
March 30, 2015 in order to pursue his personal development.

"Mr. Chan Wai Kin's resignation is unlikely to have a material
negative impact on the company's day-to-day operations, because
the existing management team has a track record of managing the
company through down-cycles," says Fiona Kwok, a Moody's Analyst.

Moody's considers that the management team has a demonstrated
track record of managing the company's financial operations. The
CFO's departure is therefore unlikely to result in a significant
change in the company's financial management strategy.

While the company has yet to announce a replacement for the CFO
position, its executive director, Mr. Niu Jimin, will continue to
support the company's ongoing operations and financial management
during the interim period.

Mr. Niu has been with Times Property since 2011 and is responsible
for the planning and management of financial operations and
taxation onshore.

Moody's will reassess the situation if the company is unable to
find a permanent CFO for a prolonged period or if there is a
material weakening in its financial management and liquidity.

Times Property successfully issued USD bonds of $280 million in
March 2015, which has improved its liquidity and reduced its near-
term financing needs.

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

The rating also considers the company's exposure to financing and
execution risks associated with its fast-growth business strategy
following its IPO in 2013.

On the other hand, the B1 rating reflects its established brand
and track record in Guangdong Province.  The company's focus on
mass-market housing and the resilience of housing demand in the
province will support its fast growth and cash flow generation in
the next 2-3 years.

The risks related to its fast expansion are also mitigated by its
plans to stay in its home market, as well as by its improved
liquidity position following its IPO and subsequent offshore debt
issuances in 2014.

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

However, it could take considerable time to complete the
acquisition of the redevelopment projects, as they could be
subject to negotiations with local governments and other parties.

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

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

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


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


BIRMINGHAM INTERNATIONAL: Chairman, CEO & 5 Directors Resign
------------------------------------------------------------
Toh Han Shih at The South China Morning Post reports that seven
directors of Birmingham International Holdings, including the
chairman and chief executive, resigned on March 9, two directors
were sacked and two directors were suspended, the Hong Kong-listed
firm announced on March 10.

SCMP relates that the massive shake-up came a day after it was
reported that imprisoned money launderer Carson Yeung Ka-sing had
called an extraordinary general meeting of Birmingham
International, which owns English soccer team Birmingham City.

According to the report, Mr. Yeung resigned as executive director
of Birmingham International before he was sentenced to six years'
jail in March last year for laundering HK$721 million. He retains
a significant stake in the company and has used his position as a
shareholder to unilaterally call the meeting, which he could
influence from his cell through proxy votes, the report says.

"The receivers are conducting an investigation into the affairs of
the company," Birmingham International said, the report relays.

Cheung Shing resigned as the company's chairman, while Ma Shui-
cheong resigned as vice-chairman, chief executive and managing
director, SCMP reports. Chen Liang and Panagiotis Pavlakis
resigned as executive directors. Ma was appointed chief executive
and managing director on January 27, while Pavlakis was appointed
executive director on January 7, SCMP discloses.

Li Han Guo and Liu Enxue resigned as independent non-executive
directors after being appointed to the posts on January 7, the
report relays. Gao Shi Ku also resigned as independent non-
executive director. Cheung Kwai-nang was suspended as executive
director, while Carson Wong Ka-chun was suspended as independent
non-executive director. Peter Pannu and Chan Shun-wah were
dismissed as executive directors, SCMP notes.

In the past few months, the troubled company has seen its key
leaders fired and rehired amid factional infighting. Pannu,
Yeung's right-hand man, was dismissed as Birmingham International
chief executive in December amid a furore over postings made under
Pannu's name on a blog, SCMP recalls. At Birmingham
International's annual general meeting in January, shareholders
re-elected Pannu as a director of the company.

Executives of accounting firm EY, who are also Birmingham
International's receivers, assumed key positions on the firm's
board on March 9, according to SCMP. Stephen Liu Yiu-keung was
appointed Birmingham International's chairman and executive
director, David Yen Ching-wai was appointed executive director and
chief executive, and Koo Chi-sum was appointed executive director.

In January, Birmingham announced that HK$38 million was suspected
to have been misappropriated by an unnamed former employee and
Hong Kong police were investigating the matter, the report notes.

                            About BIHL

Birmingham International Holdings Limited is the parent company of
Birmingham City Football Club. BIHL is based in Hong Kong.

As reported in Troubled Company Reporter-Europe on Feb. 18, 2015,
BBC News said Birmingham International Holdings Limited has gone
into receivership.  BIHL blamed "fractious and inharmonious
relations within the management" for the decision, BBC related.
According to BBC, BIHL said it had appointed three receivers from
Ernst and Young.  The club said it was not in liquidation and
could continue to fulfill its fixtures in the league, BBC added.



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


A AND J MICRONS: CRISIL Reaffirms B Rating on INR72MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of A and J Microns Pvt Ltd
(AJMP) continue to reflect AJMP's start-up and small scale of
operations, its average financial risk profile, marked by modest
networth and high gearing, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of AJMP's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Reaffirmed)
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term      2        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              72        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AJMP will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company generates
substantially large cash accruals on the back of a significant
increase in its scale of operations or sustained improvement in
operating profitability, while maintaining its financial risk
profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile,
especially its liquidity, deteriorates on the back of
significantly low accruals or stretch in working capital cycle or
any large debt-funded capital expenditure.

Update
AJMP commenced its commercial operations from June 2014 and
recorded revenue of around INR67.1 million till December 2014. The
company is currently utilizing its capacity at around 75 per cent;
and CRISIL expects AJMP to record revenue of around INR130 million
in 2014-15 (refers to financial year, April 1 to
March 31). Its operating profitability was at around 17 per cent
during June to December 2014, and CRISIL expects AJMP to sustain
its profitability at similar levels over the medium term.

The company's gearing is expected to remain high at around 2.08
times as on March 31, 2015, on the back of an expected increase in
working capital debt with an increase in its scale of operations.
The networth of the company is expected to be modest at around
INR476 million as on 31st March'15 on the back of limited
accretion to reserves in the initial year of operations. The
company's debt protection metrics are expected to remain
comfortable in 2014-15, with expected interest coverage and net
cash accruals to total debt ratios at 3.5 times and 0.17 times,
respectively.

AJMP has working-capital-intensive operations, and is expected to
have gross current assets of around 211 days as on March 31, 2015.
Moreover, limited credit from suppliers will result in the company
being dependent on its bank limits for funding its working capital
requirements, as reflected in its average bank limit utilization
of around 90 per cent over the four months ended December 2014.
CRISIL expects AJMP to generate accruals of INR13.6 million in
2014-15 as against repayment obligation of around INR3 million.

AJMP, incorporated in November 2013, is promoted by family
friends, Mr. Vinay Patel, Mr. Jignesh Patel, Mr. Anil Patel, Mr.
Bharat Patel, Mr. Vasantlal Patel, and Mr. Vimalkumar Savsani. The
company has set up a unit for feldspar processing in Morbi
(Gujarat) with an installed capacity of around 450 tonnes per day.
The unit commenced commercial operations from June 2014. AJMP's
promoters have entrepreneurial experience of more than two decades
in the ceramics and laminates industry because of their
association with other group companies operating in a similar line
of business. AJMP's main product, feldspar, is a key raw material
used for manufacturing ceramic tiles.


ALBA ASIA: CARE Raises Rating on INR34.56cr LT Loan to C
--------------------------------------------------------
CARE revises rating assigned to the bank facilities of Alba Asia
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    34.56       CARE C [Revised from
                                            CARE D To CARE C]

   Short term bank facilities   20.00       CARE A4 [Revised from
                                            CARE D To CARE A4]

Rating Rationale
The revision in ratings factors in the regularization of debt
servicing by the company from Oct'14. Further, the rating revision
also considers improvement in performance during H1FY15.

The ratings however, continue to remain constrained by weak
financial risk profile, issuance of substantial amount of the
corporate guarantee and equity commitment towards the green-field
port projects currently being executed by its subsidiaries.

The rating also considers financial support received from the
promoters and the favourable long term growth prospects for the
bulk cargo handling business in India.

The ability of the company to gainfully deploy its idle assets and
the timely receipt of funds for meeting its equity commitments are
key rating sensitivities.

Alba Asia Private Limited (erstwhile ABG LDA Bulk Handling Private
Limited ) (AAPL) is a Joint Venture between ABG Infralogistics
Limited (ABG Infra) through its wholly owned subsidiary, ABG Ports
Pvt. Ltd. and Louis Dreyfus Armateurs (LDA), France, holding 51%
and 49% stake respectively. AAPL owns, operates, maintains and
rents cranes of various types and capacity, which are used for
different applications, mainly by the companies from the ports
sector. The company at present has operations in the following
ports:

* Visakhapatnam - Contributes to major cargo volumes handled by
   the company (contributed to around75% of the total cargo
   handled in FY14)

* New Mangalore - AAPL continues to operate at the port and the
   contract is renewed each year. (Contributed to 25% of the
   cargo volume for FY14).

During FY14 (refers to the period April 1 to March 31), Alba Asia
Private Limited reported a loss at the net level of INR15.85 crore
(PY: PAT of INR0.17 crore) on a total operating income of INR17.88
crore (PY: INR24.31 crore). However this was mainly on account of
loss in working days due to burning out of one the crane being
deployed at Vishakhapatnam port. The company has also received
insurance claim of INR21 crore towards the burnt crane which is
expected to nullify the losses incurred in the past. During H1
FY15, AAPL reported a loss of INR2.43 crore on a total operating
income of INR11.09 crore.


ARIEX ISPAT: CRISIL Assigns B Rating to INR45MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Ariex Ispat Pvt Ltd (AIPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          27.5        CRISIL B/Stable
   Long Term Loan       45          CRISIL B/Stable

The rating reflects AIPL's working-capital-intensive operations,
aggressive capital structure, small scale of operations in the
intensely competitive steel industry and vulnerability to raw
material price volatility. These rating weaknesses are partially
offset by the extensive industry experience of AIPL's promoters
and established relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that AIPL will maintain its business risk profile
over the medium term on the back of the promoters' extensive
experience in the steel industry. The outlook may be revised to
'Positive' if the company improves its business risk profile with
sizeable offtake for products manufactured at its new facility,
and reports a substantial operating margin. Conversely, the
outlook may be revised to 'Negative' if AIPL's liquidity is
constrained by significantly low offtake, and consequently reduced
cash accruals.

AIPL was set up by the Ramlavat family in 2012 in Himatnagar
(Gujarat). The company manufactures mild steel square bars, flat
bars, angle bars, channel bars and section bars, in various sizes.
The company began its commercial operations in February 2014.

For 2013-14 (refers to financial year, April 1 to March 31), AIPL
reported a net loss of INR0.5 million on net sales of INR4.8
million.


AXIS BANK: Fitch Keeps 'BB+' Support Rating Floor
-------------------------------------------------
Fitch Ratings has assigned India-based Axis Bank Ltd.'s (Axis
Bank; BBB-/Stable) USD250m senior unsecured notes due May 2020 a
final rating of 'BBB-'.

This follows the completion of the securities issue, as well as
the receipt of final documents conforming to information
previously received. The final rating is the same as the expected
rating assigned on 3 March 2015.

The notes will constitute direct, unconditional, unsubordinated
and unsecured obligations of the issuer. They will at all times
rank pari passu among themselves and with all other unsubordinated
and unsecured obligations (other than subordinated obligations) of
Axis Bank. The notes are issued by Axis Bank's Dubai International
Financial Centre (DIFC) branch.

KEY RATING DRIVERS

The senior unsecured instruments are rated at the same level as
the bank's Issuer Default Rating (IDR), in accordance with Fitch's
criteria.

Axis Bank's Issuer Default Rating (IDR) of 'BBB-' is driven by its
Viability Rating (VR) of 'bbb-', which denotes its standalone
creditworthiness. The VR reflects the strength of its franchise,
satisfactory asset quality, improved capitalisation and growing
profitability. Axis Bank's increased focus on retail customers has
helped it to diversify its loan and funding mix, and reduce
concentration risks.

Axis Bank is the third-largest private bank in India by asset size
and Fitch expects there will be moderate probability of support
from the state, if required, as reflected in its Support Rating of
'3' and Support Rating Floor of 'BB+'.

RATING SENSITIVITIES

A change in Axis Bank's IDR will have an impact on the securities'
rating.

Axis Bank's other ratings are unchanged and are as follows:

Long-Term IDR 'BBB-'; Outlook Stable
Short-Term IDR 'F3'
Viability Rating 'bbb-'
Support Rating '3'
Support Rating Floor 'BB+'
EUR3 billion medium-term note programme 'BBB-'
USD2.1 billion senior unsecured notes 'BBB-'


BALAJI FOODS: CRISIL Assigns B Rating to INR30MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Balaji Foods - Fazilka (BF).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL B/Stable
   Term Loan             30         CRISIL B/Stable

The rating reflects BF's below-average financial risk profile,
marked by a modest net worth, a high gearing and below-average
debt protection metrics, and its large working capital
requirements. These rating weaknesses are partially offset by its
promoters' extensive industry experience and healthy growth
prospects for the rice processing industry.
Outlook: Stable

CRISIL believes that BF will continue to derive benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if the firm significantly scales up its operations and
improves its profitability, leading to higher cash accruals, or if
its capital structure improves significantly, most likely because
of infusion of capital. Conversely, the outlook may be revised to
'Negative' if there is a significant deterioration in BF's capital
structure because of substantial debt-funded capital expenditure
or pressure on its profitability.

Incorporated in 2009 as a partnership firm, BF is engaged in
processing, milling, and trading of non-basamati rice. The firm's
manufacturing facility is in Fazilka (Punjab). Its day-to-day
operations are managed by Mr. Sanyam Chhabra.


BALLARPUR INDUSTRIES: S&P Lowers CCR to 'B'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on India-based paper
manufacturer Ballarpur Industries Ltd. (BILT) and its core
subsidiary Bilt Paper B.V. to 'B' from 'B+'.  The outlook on the
ratings is stable.

"We lowered the ratings because BILT's leverage and cash flows
have remained weak for a prolonged period and the timing and the
size of strategic measures to lower debt remain uncertain," said
Standard & Poor's credit analyst Vishal Kulkarni.

S&P's view primarily reflects the slow progress the company has
made with its plan to raise equity at its subsidiary Bilt Paper
B.V. to improve its capital structure.  In addition, BILT's
profitability and cash flow generation lag S&P's expectation.  S&P
has therefore revised its assessment of the comparable rating
analysis to "neutral" from "positive."

S&P expects BILT to refinance its debt maturities.  The company
has used equity funding of US$100 million from International
Finance Corp. to service its near-term debt maturities.  These
funds have improved BILT's liquidity and leverage to some extent.
Equity raising at Bilt Paper B.V. has yet to take place.

S&P anticipates that BILT's operating performance will improve
over the next 12 months.  However, the company's operating
performance and planned equity-raising may not strengthen its
financial ratios to a level that would raise S&P's assessment of
its financial risk profile to "aggressive" from the current
"highly leveraged" or trigger an upgrade to 'B+'.

"In the absence of any sizable strategic measures to lower debt,
we expect BILT's debt to remain high over next 12-18 months
because the company's free operating cash flow will be only
marginally positive," said Mr. Kulkarni.

Moreover, the company would need a stronger and sustained
improvement in its operating performance than S&P currently
expects to strengthen its financial ratios.

S&P assess Bilt Paper B.V., BILT's majority-owned subsidiary, as
core to BILT.  S&P therefore equates its rating on Bilt Paper B.V.
with that on BILT.

"The stable outlook for the next 12 months reflects our view that
BILT can refinance its debt maturities without any difficulty,"
said Mr. Kulkarni.

S&P also expects the company to maintain an EBITDA margin of 17%-
18% and manage its banking relationships so as to comfortably roll
over debt.

S&P could lower the ratings if BILT faces roadblocks in debt
refinancing, such that its liquidity comes under pressure.  BILT's
liquidity could become strained if the company faces difficulty in
accessing debt funding, lenders are unwilling to provide a waiver
for BILT's financial covenants, and the operating performance
remains weak, resulting in weaker cash flow than S&P currently
anticipates.

S&P is unlikely to raise the rating on BILT over the next 12
months.  An upgrade to 'B+' would depend on: (1) stronger
profitability than S&P currently expects; (2) no sizable and debt-
funded capital spending or acquisitions; and (3) strategic funding
plans that benefit financial ratios, such that the ratio of funds
from operations to debt is comfortably above 12% on a sustainable
basis.  An upgrade would also indicate S&P's expectation that BILT
could maintain sufficient cushion on its financial covenants.


BHABANI OFFSET: ICRA Reaffirms D Rating on INR9.1cr Non-FB Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating of the INR2 crore term loan
and INR9.1 crore non fund based facility of Bhabani Offset Private
Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan              2.0           [ICRA]D reaffirmed
   Non Fund Based         9.1           [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into consideration
the consistent delays in servicing of debt obligations by BOPL.
The rating also takes into consideration BOPL's small scale of
operations, weak financial profile of the company as characterised
by low net margins and an adverse capital structure; a high
creditor funding further aggravate the financial risk profile of
the company. The rating also takes into account the long
experience of the promoters in the printing business by the virtue
of operating other companies in the similar line of business and
moderate debt coverage indicators.

BOPL was incorporated in 2010 at Guwahati, Assam, by the Dev
family and commenced operations from April 2012. The company has
printing facilities for books, exercise books, diaries etc. BOPL
has also taken the printing facilities of one of the group entity
on rent.

During FY14, BOPL reported profit after tax (PAT) of INR0.39 crore
on the back of an operating income (OI) of INR20.95 crore as
against PAT and OI of INR0.36 crore and INR17.96 crore
respectively, during FY13.


BHAGATPUR TEA: ICRA Reassigns B Rating to INR5.44cr FB Loan
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to INR5.44 crore
cash credit facility and INR1.06 crore term loans of
Bhagatpur Tea Company Limited from [ICRA]B to [ICRA]D and
simultaneously reassigned the long-term rating from [ICRA]D to
[ICRA]B.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans             1.06         ICRA]B (downgraded from
                                       [ICRA]B to [ICRA]D and
                                       then reassigned to [ICRA]B

   Fund Based Limits      5.44         ICRA]B (downgraded from
                                       [ICRA]B to [ICRA]D and
                                       then reassigned to [ICRA]B

The rating action follows the delay in debt servicing obligations
by the company on its term loan repayment due in H1FY14. However,
following the regularization of the same in the H2FY14, ICRA has
revised the rating from [ICRA]D to [ICRA]B.

The rating continued to take into consideration the adverse
financial risk profile as reflected by a high gearing level of
around 2.58 times as on 31st March, 2014 and the significant
decline in the profitability and cash accruals of the company
during FY14 primarily owing to increase in cultivation related
expenses. ICRA also notes that BTCL's TOL/TNW remained high at
around 7.25 times during FY14 on account of significant creditor
funding as well as advance from customers. The rating also takes
into account BTCL's small scale of operations at present, a single
garden located in Jalpaiguri district of West Bengal that
accentuates the agro climatic risks associated with tea, and the
inherent cyclicality in the tea industry that leads to variability
in profitability and cash flows of players, including BTCL. ICRA
notes that BTCL was making losses till FY08, which has resulted in
a low net worth, a significant portion of which consists of share
application money. The rating, favourably factors in the higher
production during FY14, which coupled with firm bulk tea prices
had resulted in an increase in the total revenue of the company
for FY14, and with firm tea price the trend is likely to sustain
during FY15 as well. The rating also incorporates the experience
of the promoters in the tea industry and the favourable price
outlook of the domestic bulk tea industry that is likely to be
sustained at least over the short to medium term. However, any
moderation in tea prices going forward could exert pressure on
operating margins given the continue rise in input cost as well as
the recent wage rate hike, which would increase the operating cost
of the company, going forward.

BTCL was acquired by the present management in October 2000 from
the erstwhile promoters. BTCL has a tea garden in the Jalpaiguri
district of West Bengal, with a total area of around 632 hectares
under plantation. The total production capacity of BTCL is around
20 lakh kg of tea.

BTCL recorded a profit after tax (PAT) of INR0.94 crore on
operating income of INR26.71 crore during FY14 as against a PAT of
INR1.63 crore on operating income of INR20.98 crore during FY13.


BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR0.97cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Bhagawati Estate Warehouse (Kolaras).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     0.97       CARE B+ Reaffirmed

   Long-term/Short-term Bank     6          CARE B+/CARE A4
   Facilities                               Reaffirmed

   Short term Bank Facilities    1.70       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Bhagawati Estate
Warehouse (Kolaras) (BEWK) continue to remain constrained on
account of its modest scale of operations with low net worth base,
thin profitability, leveraged capital structure, weak debt
coverage indicators and elongated working capital cycle. The
ratings are further constrained by constitution as a
proprietorship firm and limited track record of operations.

The ratings, however, continue to derive strength from the wide
experience of the promoters through established presence of the
group in various business segments, ie, warehousing, cold storage
and automobile distributorship within Madhya Pradesh (MP). The
ratings also factor in the increase in its operating income and
gross cash accruals during FY14 (refers to the period April 1 to
March 31).

The ability of BEWK to increase its scale of operations, improve
its profitability and capital structure along with efficient
management of its working capital requirements in light of
competitive nature of the industry will remain the key rating
sensitivities.

BEWK was formed as a proprietorship firm in January 2009 by Mrs
Lata Singh to undertake business of warehousing and trading of
agro-commodities like potatoes, wheat, pea, chickpea and lentil.
BEWK has two associate concerns, namely, Bhagawati Development
Services Private Limited (BDSPL - rated 'CARE B+/ CARE A4') and
Bhagawati Cools Private Limited (BCPL - rated 'CARE BB-/CARE A4')
which are engaged in similar line of business and also have
distributorship of Indo Farm tractors and Mahindra and Mahindra
(M&M) tractors, respectively, in Madhya Pradesh.

Another associate, Bhagawati Estate Warehouse, Ashoknagar (BEWA-
rated 'CARE B+/CARE A4') is a proprietorship firm owned by Mr
Vikram Singh, is also engaged in warehousing and trading of agro
commodities.

The group incorporated Bhagawati India Motorizer Private Limited
(BIMPL rated 'CARE B+') in October 2013 to take up the dealership
of Mahindra & Mahindra (M&M) vehicles and servicing of auto parts
in four districts of Madhya Pradesh (MP), namely, Shahdol, Mandla,
Dindori and Anuppur.

During FY14, BEWK reported a PAT of INR0.08 crore on a total
operating income (TOI) of INR4.99 crore as against a PAT of
INR0.04 crore on a TOI of INR2.73 crore in FY13.


BHARAT COTTON: CRISIL Reaffirms B+ Rating on INR27.5MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on long term bank facilities of Bharat Cotton
Industries (BCI) continues to reflect its weak financial risk
profile, marked by modest net worth and high gearing, its modest
scale of operations in the intensely competitive cotton-ginning
industry, and its vulnerability to changes in government policies.
These rating weaknesses are partially offset by the extensive
industry experience the firm's promoters and the advantages it
derives from the proximity of its unit to the cotton-growing belt
in Gujarat.

CRISIL had assigned rating of CRISIL B+/Stable to bank facilities
of BCI via its rating rationale released on March 05, 2015.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        12.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term    27.5       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that BCI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves sizeable accruals, or if its
capital structure improves through capital infusion. Conversely,
the outlook may be revised to 'Negative' if BCI's financial risk
profile weakens, most likely because of increased working capital
borrowings or large debt-funded capital expenditure, or if its
operations are negatively impacted by any change in government
policies.

Set up in 1998, BCI gins, presses and sells oil seeds. It has a
manufacturing capacity of 300 bales per day at Bhavnagar
(Gujarat). Its day-to-day operations are managed by Mr. Poptabhai
Bhimjibhai Dodiya.

BCI reported book profit of INR1.84 million on operating income of
INR160 million for 2013-14 (refers to financial year, April 1 to
March 31) against profit after tax of INR1.69 million on operating
income of INR149 million for 2012-13.


BHAVESH GINNING: CARE Revises Rating on INR8cr LT Loan to B+
------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Bhavesh
Ginning Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    8.00        CARE B+ Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Bhavesh Ginning Industries (BGI) was on account of the increase in
its scale of operations alongwith the improvement in the capital
structure and debt coverage indicators during FY14 (refers to the
period April 1 to March 31).

The rating, however, continues to remain constrained on account of
its constitution as a partnership firm, thin profitability,
susceptibility of the firm's profitability to movement in cotton
prices which are subject to seasonality and government regulations
and its presence in a highly fragmented & competitive industry.
The rating continues to draw strength from vast experience of the
promoters in cotton ginning and pressing industry and its
proximity to cotton producing area enabling logistics advantage.

The ability of BGI to increase the scale of operations, improve
profitability and capital structure along with efficient
management of its working capital requirements remain the key
rating sensitivities.

BGI was set up as a partnership firm in the year 2005 by Mr
Anandgiri Goswami, Mr Surajgar Goswami and Ms Kantaben Goswami of
Patan, Gujarat. The firm is engaged in the business of cotton
ginning and pressing as well as extraction of cotton seed oil. It
has an installed capacity of 4,250 metric tonnes per annum (MTPA)
for cotton bales and 600 MTPA for cotton seed oil. The processing
facility of the firm is located at Patan (Gujarat). The firm
directly procures its raw material from mandis and through
commission agents.

During FY14, BGI earned a net profit of INR0.02 crore on a total
operating income (TOI) of INR51.97 crore as against negligible net
profit on a TOI of INR42.10 crore during FY13.


BLISS INDASI: CRISIL Assigns B+ Rating to INR45.6MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bliss Indasi Life Science Pvt Ltd.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           25         CRISIL B+/Stable
   Long Term Loan        45.6       CRISIL B+/Stable

The rating reflects BILPL's below-average financial risk profile,
marked by a leveraged capital structure and weak debt protection
metrics, due to the start-up nature of its operations. The rating
also reflects the company's small scale of operations, coupled
with working-capital-intensive operations. These rating weaknesses
are partially offset by the benefits BILPL derives from its
parent, Bliss GVS Pharma Ltd (BGPL), and the benefit it draws from
the management support. CRISIL expects BGPL will continue to
provide need-based support BILPL's operations, which supports the
latter's credit profile.

Outlook: Stable

CRISIL believes that BILPL will maintain its stable credit profile
given the strong support from its parent, BGPL. The outlook may be
revised to 'Positive' if BILPL increases its scale of operations
while maintaining its profitability, leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a significant increase in the company's
working capital requirements or if it undertakes more-than-
expected debt-funded capital expenditure, thus leading to
weakening of its financial risk profile.

Incorporated in 2012, BILPL manufactures anti-malarial
injectables, mainly marketed in African countries. The company is
held by BGPL, Mr. Ravindra Kumar Singh and Mr. Hasmukhbhai Patel.
BILPL's manufacturing facility is located in Bhimpore (Daman and
Diu), with capacity of 12.48 million vials per annum.

In 2013-14, BILPL's reported net loss of INR35 million on net
sales of INR55 million, as against a net loss of INR16 million on
net sales of INR54 million for 2012-13.


BRISK INFRASTRUCTURE: CRISIL Cuts INR450MM Loan Rating to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Brisk Infrastructure and Developers Private Limited (Brisk) to
'CRISIL D' from 'CRISIL B/Stable'.

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term       45        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

   Term Loan               450        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects the delays by Brisk in servicing its term
debt driven by weak liquidity. The business performance of Brisk
was affected in 2013-14 and in first nine months period ended
December 31, 2014 on account of lower than expected customer
advances from its housing project, leading to stretched liquidity
profile. CRISIL believes that Brisk's liquidity will remain weak
over the medium term on account of weak demand in real estate
sector.

Brisk will continue to be impacted by the risks and cyclicality
inherent in the real estate industry. The rating also factors in
Brisk's below average financial risk profile marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in real estate industry.

Incorporated in 1996, Brisk undertakes real estate construction.
The company is promoted and managed by Mr. Harish Gehlot and his
brother, Mr. Kailash Gehlot. It is implementing a group housing
project, Lumbini Terrace Homes, in Gurgaon (Haryana).


GEETA MACHINE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Geeta Machine Tools Pvt
Ltd (GMT) continues to reflect the company's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, large working capital requirements, and modest scale of
operations in the intensely competitive engineering and capital
goods industry. These rating weaknesses are partially offset by
the extensive experience of GMT's promoters in the engineering and
capital goods industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       120       CRISIL A4 (Reaffirmed)
   Cash Credit           90       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30       CRISIL A4 (Reaffirmed)
   Term Loan             60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
working capital management or its capital structure, leading to
better liquidity, or scales up its operations while it maintains
its profitability. Conversely, the outlook may be revised to
'Negative' if GMT's liquidity or capital structure weakens
significantly, or there is pressure on its profitability, or if it
undertakes a larger-than-expected, debt-funded capital expenditure
programme.

Update
Revenue of the company  increased by around 66 per cent year-on-
year in 2013-14 to reach INR308.8 million in 2013-14 on the back
of strong order inflow from customers. However, operating
profitability of the company declined from 10.3% in 2012-13 to
8.6% in 2013-14 on the back of increase in material costs coupled
with increase in late delivery charges being paid by the company.
Consequently, the company generated accruals of INR6.2 million in
2013-14, marginally declining from INR6.7 million in 2012-13. The
company has done revenues of around INR200 million till
December 2014 and CRISIL expects the company to generate revenues
of about INR360 million in 2014-15 on the back of a current order
book position of around INR180-200 million which is to be executed
by March'15.  CRISIL expects the operating profitability of the
company to retreat to historic levels of around 10 per cent on the
back of an increase in capacities

GMT's operations continue to remain working capital intensive,
marked by a GCA of around 427 days as on 31st March 2014 (though
moderating from 569 days as on 31st March 2013) on the back of
high debtor and inventory days, resulting in fully utilized bank
limits. However, the liquidity profile of the company is supported
by unsecured loans being brought-in by promoters and company
stretching its payables to fund its working capital requirements.
CRISIL expects the company to generate cash accruals of around
INR7 million in 2014-15 against nil repayment obligations.

Treating unsecured loans as neither debt nor equity (as they are
expected to remain in the business), GMT's gearing has
deteriorated to around 4 times as on March 31, 2014 on account of
increase in working capital debt. The company has plans to double
its installed capacity from 100-125 machines to 250 machines with
an outlay of around INR83 million, to be funded through a bank
debt of INR61 million and balance through promoter's contribution.
CRISIL believes that the gearing would deteriorate to around 4.4
times over the medium term on account of debt funded capex plans.
GMT has a modest net worth of INR40.5 million as on March 31,
2014. The company's debt protection metrics remained average with
net cash accruals to total debt and interest coverage at 0.04
times and 1.3 times respectively for 2013-14.

GMT was incorporated in 1989, promoted by the Jamnagar (Gujarat)-
based Jadeja family. Mr. Sardarsinh L Jadeja is the key promoter
of the company, which is actively managed by its directors, Mr.
Vanrajsinh Jadeja and Mr. Vasant Bhadra. GMT manufactures a wide
range of boring, milling, lathe, and radial drilling machines, and
other industrial equipment.

GMT reported net profit of INR4.05 million on net sales of
INR308.8 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR4.97 million on net sales
of INR189.07 million for 2012-13 .


GMR RAJAHMUNDRY: CARE Lowers Rating on INR3,010.61cr Loan to D
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of GMR
Rajahmundry Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   3010.61      CARE D Revised
                                            from CARE BB

Rating Rationale
The revision in rating is on account of on-going delays in debt
servicing. Although GREL had completed construction of its power
plant, commercial operation has inordinately delayed owing to non-
availability of gas for operating the project resulting in
stressed liquidity and consequent delay in debt servicing.

Incorporated in November 2009, GMR Rajahmundry Energy Limited
(GREL) is a Special Purpose Vehicle (SPV) promoted by GMR Energy
Limited [GEL, rated CARE BBB (SO) ] to set up a 768 MW (2x384 MW)
gas-based Combined Cycle Power Plant (CCPP) at Vemagiri, Dist.
East Godavari, Andhra Pradesh. GMRREL is being set up adjacent to
the existing 389 MW gas-based CCPP of GMR Vemagiri Power
Generation Limited.

GMRREL is a wholly owned subsidiary of GEL, which is operating-
cum-holding company for all power projects of the GMR group. GEL
is a subsidiary of GMR Infrastructure Limited (GIL, rated CARE
BBB/A3+) which is the holding company for all Infrastructure
activities of GMR group.

The Units are almost ready for commissioning but for gas
availability. Preservation activity is currently undertaken for
both the units till their rescheduled COD expected in April 2015.


GUJARAT CHEMICALS: CRISIL Assigns B Rating to INR31.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Gujarat Chemicals (GC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            13.5        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility   31.5        CRISIL B/Stable

   Packing Credit       10          CRISIL A4

   Foreign Bill
   Discounting          12          CRISIL B/Stable

   Bank Guarantee        2          CRISIL A4

   Cash Credit          15          CRISIL B/Stable

The rating reflects its below average financial risk profile
marked by low net worth along with modest scale of operations in
an intensely competitive industry. These rating weaknesses are
partially offset by extensive industry experience of promoters in
the industry.

Outlook: Stable

CRISIL believes that GC will continue to benefit from its promoter
experience in the industry. The outlook may be revised to
'Positive' in case of significant increase in the company's scale
of operations along with profitability leading to higher accruals
or if there is significant infusion of funds in form of equity
inturn improving the overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's liquidity, driven by large incremental working
capital requirements, lower cash accruals or any large debt funded
capex.

Established in 1970s, GC is a manufacturing firm into production
of ethoxylates, surfactants, formulations, phosphates and oil
field chemicals, with an installed production capacity of 1500 Mts
per month. The firm is managed by Mr. Pramod Shah and Mr. Ankit
Shah with exports contributing to around 65 per cent of the
overall revenues of the firm.


GURU GOBIND: CRISIL Reaffirms B Rating on INR180MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Guru Gobind
Singh Educational Charitable Trust (GGS) continues to reflect
GGS's limited track record of operations, and exposure to intense
competition, in the education sector. The trust also has a modest
occupancy level and its operating surplus is susceptible to the
stringent regulatory environment in the education sector. These
rating weaknesses are partially offset by the extensive industry
experience of GGS's trustees, the healthy demand prospects for the
education sector, and the trust's moderate financial risk profile,
marked by moderate gearing.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      15        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      75        CRISIL B/Stable (Reaffirmed)

   Term Loan              180        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GGS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the trust substantially
improves its scale of operations with an increase in its student
intake, thus enhancing its net cash accruals, and consequently,
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if GGS records a sizeable decline in its student
intake, or undertakes a large debt-funded capital expenditure
programme, weakening its financial risk profile, particularly its
liquidity. The outlook may also be revised to 'Negative if the
expected support from the trustees does not materialise.

GGS, promoted by Mr. Manmohan Singh Chawla, was established in
2006 as a charitable educational trust. The trust founded SGT
Engineering College in Budhera, Gurgaon (Haryana). The college
became operational in academic year 2010-11. SGT Engineering
College currently offers the Bachelor of Technology (B Tech; 240
seats, four subjects) and Master of Technology (M Tech; 36 seats,
two subjects) courses.


HANUMAN COTTEX: CRISIL Ups Rating on INR160MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hanuman Cottex (HACO) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           160       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     44       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan              22       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in HACO's liquidity. The
firm's bank limit utilisation for the 12 months through January
2015 was moderate, averaging 78 per cent, on account of moderate
working capital requirements. HACO's liquidity is supported by
funding support from its promoter in the form of unsecured loans.
The firm's liquidity is expected to improve over the medium term
on account of expected monetisation of investment in a non-core
real estate residential project. HACO has diversified its business
profile by installing a cotton seed oil plant in 2013. HACO
reported revenue of INR426 million in 2013-14 (refers to financial
year, April 1 to March 31); cotton seed oil/cake sales accounted
for around 20 per cent of the revenue. CRISIL believes that HUCO
will maintain its healthy business risk profile over the medium
term on account of diversity in its business through addition of a
cotton seed and mustard oil plant to its cotton ginning business.

The ratings reflect HACO's modest scale of operations and below-
average financial risk profile, marked by high gearing and weak
debt protection measures. These rating weaknesses are partially
offset by the extensive experience of HACO's proprietor in the
cotton ginning segment.

Outlook: Stable

CRISIL believes that HACO's scale of operations will remain small
and financial risk profile will remain below average over the
medium term. The outlook may be revised to 'Positive' if the firm
scales up operations while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
reliance on debt to fund its working capital requirements
increases, or if it undertakes a large debt-funded capital
expenditure programme, or if its revenue and operating margin
decline.

HACO, a sole proprietorship firm based in Alwar (Rajasthan), was
established by Mr. Balwant Rai in 2011. The firm gins and presses
cotton, and extracts oil from cotton seeds. Its manufacturing unit
is in Alwar.

For 2013-14, HACO reported a book profit of INR2.8 million on net
sales of INR426 million, against a book profit of INR3.3 million
on net sales of INR544 million for the previous year.


HARISONS AND HARLAJ: CRISIL Reaffirms B+ Rating on INR13.9MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Harisons and Harlaj Ltd
(Harisons; part of the Harisons group) continues to reflect the
Harisons group's modest scale of operations, with high geographic
and customer concentration in its revenue profile, and its average
financial risk profile. These rating weaknesses are partially
offset by the group's established position in the home furnishing
market, backed by its promoters' extensive industry experience.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        2          CRISIL A4 (Reaffirmed)

   Bill Purchase-       35          CRISIL A4 (Reaffirmed)
   Discounting
   Facility

   Export Packing      115          CRISIL A4 (Reaffirmed)
   Credit

   Term Loan            13.9        CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Harisons and its associate concern,
Harihar Textiles (Harihar). This is because the two entities,
together referred to as the Harisons group, are in the same line
of business and Harisons owns an 85 per cent stake in Harihar.

Outlook: Stable

CRISIL believes that the Harisons group will continue to benefit
over the medium term from its established position in the home
furnishing market, backed by its promoters' extensive industry
experience. The outlook may revised to 'Positive' if there is a
considerable improvement in the group's financial risk profile,
particularly its liquidity, driven most likely by better working
capital management and higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if the Harisons group's
liquidity deteriorates further on account of lower-than-expected
cash accruals, or large debt-funded capital expenditure or working
capital requirements.

Update
In 2013-14 (refers to financial year, April 1 to March 31), the
Harisons group's operating income increased to INR558.8 million
from INR501.5 million in 2012-13, backed by healthy demand from
Europe and the US, which contribute to around 80 per cent of the
group's revenue. The group's operating margin, at 7.8 per cent in
2013-14, was slightly below the previous year's 8.4 per cent; the
margin remained in the range of 7.3 to 8.4 per cent over the three
years ended March 31, 2014. The operating margin is expected to
improve slightly over the medium term due to commencement of
operations at Harihar, which has been set-up as a backward
integration attempt to manufacture and supply cotton yarn, and
undertake weaving and knitting of fabric.

The Harisons group's working capital cycle increased in 2013-14,
with its gross current assets (GCAs) increasing to 281 days as on
March 31, 2014, from 245 a year earlier; increase was due to
higher inventory days (190 against 170 in the previous year) and
debtor days (64 against 54 in the previous year). However, the
increase was partially offset by higher creditor days (172 against
141 in the previous year). The group's working capital
requirements will remain high over the medium term.
The Harisons group's gearing increased slightly to reach 1.50
times as on March 31, 2014, from 1.24 times a year earlier, due to
debt-funded capex for setting up Harihar Textiles. The gearing is
expected to remain at a similar level over the medium term, driven
by high working capital requirements. The group's debt protection
metrics with interest coverage ratio of 1.52 times and net cash
accruals to total debt (NCATD) ratio of 0.08 times as on March 31,
2014 continue to remain in line with the previous year.

Set up in 1979 as a partnership firm, Harisons was reconstituted
as a private limited company in 1995. The company manufactures
carpets, cushion covers, and other home furnishing items, such as
bath mats, door mats, bed covers, and curtains. It exports its
products to Europe, US, and Japan.

Harihar was incorporated in 2009 to backward-integrate the
operations of Harisons. The management has its plans to
manufacture cotton yarn, and undertake weaving and knitting of
fabric in this entity. Presently the management has already done
with all the installations and capex has been done and the same is
likely to be start by June 2015.


J & G TRANSFORMER: CARE Assigns B+ Rating to INR9.95cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of J & G
Transformer Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    9.95        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of J & G Transformer
Company (JGT) is primarily constrained by its small scale of
operations with low profitability margins, leveraged capital
structure and working capital intensive nature of operations.
The rating is further constrained to raw material price
volatility, presence in the highly competitive and fragmented
transformer industry and constitution of the entity being a
proprietorship concern.

However, the rating draws comfort from the experienced proprietor
and growing scale of operations and moderate order book position.
Going forward, the firm's ability to increase the scale of
operations while improvement in profitability margins and
improvement in its capital structure shall be the key rating
sensitivities.

Haryana based JGT was established in August 2009 as a
proprietorship concern by Mr Monohar Lal Bera. The firm is
engaged in manufacturing, maintained and repairing of power &
distribution transformers. The firm has unit for manufacturing of
transformers with capacities ranging from 25 KVA to 10,000 KVA.
The manufacturing capacity of the firm is located in Dhorka,
Gurgaon with an installed capacity of 18,000 transformers of 25
KVA as on March 31, 2014. The main raw materials for manufacturing
transformer are aluminium, copper, Cold Rolled Grain Oriented
(CRGO) and transformer oil. The firm procures the raw material
from the local players situated in nearby area. These transformers
are mainly supplied to state electricity boards of Haryana (Uttar
Haryana Bijli Vitran Nigam and Dakshin Haryana Bijli Vitran
Nigam).

For FY14 (refers to the period April 1 to March 31) JGT achieved a
total operating income of INR15.70 crore and PAT of INR0.22 crore
as compared with a total operating income of INR12.31 crore and
PAT of INR0.17 crore for FY13. Further in the 9 months of FY15,
the firm has achieved total operating income of INR11.50 crore.


JAYSHREE DIE: ICRA Suspends B+ Rating on INR4.86cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.86 crore
long term fund based facilities of Jayshree Die Castings Private
Limited. ICRA has also suspended [ICRA]A4 rating assigned to the
INR1.50 crore short term non fund based facilities of JCPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

JCPL, based out of Pune, was promoted by Mr. Anil Kulkarni in 1987
and is engaged in manufacturing aluminium die castings majorly
using gravity die casting method. JCPL caters to close to 70%
requirement of headcover, manifolds, elbows in the Light
Commercial Vehicle segment of TATA Motors.


KADEVI INDUSTRIES: CARE Cuts Rating on INR109.63cr LT Loan From D
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Kadevi
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    109.63      CARE B+ Revised from
                                            CARE D

   Short term Bank Facilities    70.00      CARE A4 Revised from
                                            CARE D

Rating Rationale
The revision in the ratings of Kadevi Industries Limited (KIL)
take into account the improvement in the liquidity position led by
infusion of interest free unsecured loan coupled with improvement
in working capital cycle due to improvement in the collection
period resulting in regularisation in the debt servicing,
improvement in the capital structure and increase in the operating
income during FY14 (refers to the period April 01 to March 31),
However, the ratings continue to be constrained by working
capital-intensive nature of business, decline in PBILDT margins in
FY14 and high overall gearing.

The ratings also factors in the experience of the promoter in the
industry, reputed customer base, and moderate order book
comprising predominantly projects in Transmission and Distribution
(T&D) segment. The ability of the company to successfully execute
projects in timely manner, improve scale of operations while
maintaining profitability and the ability to manage the working
capital efficiently are the key rating sensitivities.

Background
KIL is engaged in the manufacturing of telecom/power transmission
towers, antennas, counterpoise earth system (CES) and pneumatic
telescopic masts (PTM). Incorporated in 1964 by Mr M.B.S
Purushottam (a first-generation entrepreneur) as proprietary
concern in the name of Kadevi Engineering Company, the concern was
converted into a private limited company in 1973. CES and PTM act
as supporting equipments for antennas. KEC is an ISO 9001: 2000
company certified by NQA-UKAS. In FY11, the company ventured into
the power transmission segment to reduce its dependence on the
telecom sector. For bidding and execution of power T&D projects,
the company has entered into a joint venture with A2Z Maintenance
& Engineering Services Ltd (A2Z). KIL is an approved vendor for
supply of transmission towers and substation structures to
APTRANSCO, TNEB and MSETCL.

For FY14, KIL reported a total operating income of INR226.66 crore
and PBILDT of INR40.46 crore as against total operating income of
INR209.98 crore and PBILDT of INR37.96 crore in FY13. The net
profit margin was at 0.98% in FY14 as against 0.39% in FY13.


KANAK PULP: CRISIL Assigns B+ Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable' rating to the long
term bank facilities of Kanak Pulp and Paper Mills Pvt Ltd
(Kanak).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             50         CRISIL B+/Stable
   Cash Credit           45         CRISIL B+/Stable
   Proposed Cash          5         CRISIL B+/Stable
   Credit Limit

The rating reflects Kanak's modest scale of operations in the
highly competitive industrial paper industry, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of Kanak's promoters
in the industrial paper industry.

Outlook: Stable

CRISIL believes that the company will continue to benefit over the
medium term from the extensive experience of its promoters in the
industrial paper industry. The outlook may be revised to
'Positive' if there is a significant increase in its accruals
coupled with topline growth while maintaining its operating
margins. Conversely the outlook may be revised to 'Negative' in
case of any stretch in its working capital requirements leading to
weakening of its financial risk profile.

Kanak is a Raipur based company incorporated in 2009. The company
began commercial operations in February 2012. The company is owned
and managed by the Patel family, and is engaged in manufacturing
of kraft paper which is used in the packaging industry.

Kanak reported a profit after tax (PAT) of INR0.42 million on net
sales of INR177 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.35 million on net
sales of INR195 million for 2012-13.


KHURANA COAL: CARE Reaffirms B+ Rating on INR5.25cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Khurana Coal Sales.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.25       CARE B+ Reaffirmed
   Long-term Bank Facilities     1.70       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Khurana Coal Sales
(KCS) continue to remain constrained by its small scale, low
profitability margins and stressed debt service coverage
indicators. Furthermore, the constitution of the entity as a
partnership firm and commodity price fluctuation risk. The ratings
also take into cognizance the decline in the total operating
income in FY14 (refers to the period April 1 to
March 31).

The ratings, however, continue to draw comfort from KCS's
experienced partners, its long track record of operations coupled
with moderate liquidity ratios and capital structure.

Going forward, the ability of the firm to scale up its operations
while maintain it profitability margins while maintaining its
capital structure shall be the key rating sensitivities.

KCS is a partnership firm established by Ms Savitri Khurana and Mr
Jugal Kishore in 1992. Subsequently in 1997, Mr Jugal Kishore
retired from the partnership and Mr Dheeraj Khurana joined as
partner in the firm in the same year. KCS is engaged in the
trading of industrial coal (grade D and E) which finds its
application in the manufacturing of fire bricks and used as fuel
in boilers, etc. The firm operates through coal depots (storage
outlets) and has 5 depots located in the various cities of Uttar
Pradesh like Amroha, Moradabad, Rampur and Bareilly; out of which
3 of the depots are owned by the firm and 2 of the depots are
taken on lease. Apart from brick manufacturing entities, the firm
also caters to local traders and other manufacturing units. KCS
procures coal from the large wholesalers who in turn buy from
players like Coal India Ltd. by the way of e-auctioning.
KCS has reported a net profit of INR0.03 crore on a total
operating income of INR30.12 crore during FY14 as compared with
a net profit and TOI of INR0.02 and INR42.60 crore in FY13. As per
management, the firm has achieved a turnover of approximately
INR19 crore till January 31, 2015.


KIRAT CRAFTS: CRISIL Ups Rating on INR50MM Packing Loan From D
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Kirat Crafts (KC) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Packing Credit        50         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Term Loan             50         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects KC's timely servicing of debt, and
CRISIL's belief that the firm's liquidity will improve marginally
over the medium term due to commencement of its operations from
April 2014. The liquidity is expected to remain constrained by the
start-up nature of operations and low cash accruals, despite the
funding support of the promoters. The timeliness and extent of
funding support from the promoters will remain a key rating
sensitivity factor over the medium term.

The ratings reflect KC's weak financial risk profile marked by
weak debt protection metrics and high gearing due to startup phase
of operations and working capital intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the furniture industry through a family
business.

Outlook: Stable

CRISIL believes that KC will continue to benefit from the
extensive industry experience of its management, though its
financial risk profile will remain weak over the medium term. The
outlook may be revised to 'Positive' in case of significant growth
in its scale of operations, higher profitability, and increased
cash accruals, and consequently improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
inability to increase scale of operations as expected, or low
capacity utilisation leads to significant pressure on its cash
accruals.

KC was established in 2009 as partnership firm by Mr. Rajendra
Sethi, Mr. Hardeep Sethi, Mrs. Inderpal Sethi, and Mr. Bineet
Sethi. In 2011, the existing partners exited the firm and three
new partners, Mr. Vishal Singhavi, Mr. Vishal Bohra, and Mr.
Suresh Bohra took over the firm. KC plans to set up a unit for
manufacturing ready-to-assemble furniture such as cabinets and
bookshelves at the special economic zone in Jaipur (Rajasthan).
Ready-to-assemble furniture, such as cabinets and bookshelves, is
made out of particle board and MDF (medium-density fibre) board.
The furniture is assembled at the place of the end-user. The firm
started with the project in November 2011 and was able to start
its operations in April 2014.


LEKH RAJ: ICRA Assigns B+ Rating to INR45cr Cash Credit
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR45
crore fund based limits of Lekh Raj and Sons.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit            45.00         [ICRA]B+;assigned

ICRA's rating takes into account the highly competitive and low
value additive nature of the rice milling industry, which coupled
with LRS' limited pricing power and moderate scale of operations
has resulted in relatively weak profitability indicators. The
firm's high working capital intensity, with NWC/OI* of 67%, for
2013-14, has necessitated reliance on bank borrowings. This has
translated into a weak financial profile as reflected in weak
coverage indicators for 2013-14 with interest coverage of 1.28
times and NCA/Total debt of 4%, and a leveraged capital structure
as evident from adjusted gearing of 4.9 times. ICRA also factors
in the vulnerability of the firm's operations to agro climatic
risks, which can affect the pricing and availability of paddy. The
rating also takes into account the partnership constitution of the
firm which exposes it to risks related to capital withdrawal,
dissolution etc.

However, the rating positively factors in the proximity of the
mill to a major rice growing area which results in easy
availability of paddy and the stable demand outlook given that
India is a major consumer and exporter of rice.

Incorporated in 1994, Lekh Raj and Sons is a partnership firm
engaged in milling of rice and has an installed capacity of 8
tonnes per hour (TPH). The facility of the firm is located in
Kaithal. The firm has been promoted by members of the Miglani
family.

LRS reported a net profit of INR0.42 crore on an operating income
of INR85.29 crore in 2013-14 as against a net profit of INR0.11
crore on an operating income of INR22.65 crore in the previous
year.


MONGA FOODS: CARE Assigns B+ Rating to INR10.50cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Monga
Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    10.50       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Monga Foods Private
Limited (MFP) is primarily constrained by its small scale of
operations with low net worth base, working capital intensive
nature of operations and weak financial risk profile
characterised by low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained by susceptibility of margins to fluctuations in raw
material prices and MFP's presence in a highly fragmented industry
characterized by intense competition.

The rating, however, derives comfort from experience of the
promoters in the agro processing industry and favourable
processing location.

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

Monga Foods Private Limited (MFP) was incorporated in April, 2000
and is currently being managed by Mr Kamal Kishore, Mr Ranjit
Singh, Mr Harpreet Singh and Mr Rahul Garg. The company is engaged
in the processing of paddy at its facility located at Ferozpur,
Punjab having an installed capacity of 28,800 metric ton per annum
(MTPA) as on March 31, 2014.

MFP is also engaged in trading of rice (constituted around 20% of
the total income in FY14 refers to the period April 1 to
March 31). The company procures paddy directly from local grain
markets through commission agents located in Punjab.

Furthermore, MFP sells its products i e Basmati and Non-Basmati
rice under the brand name of 'Real Punjab' and 'Balle Balle' in
the states of Maharashtra, Andhra Pradesh, Himachal Pradesh and
Punjab through a network of commission agents.

For FY14, MFP achieved a total operating income of INR41.91 crore
with PBILDT and PAT of INR1.86 crore and INR0.14 crore
respectively, as against the total operating income of INR29.03
crore with PBILDT and PAT of INR1.39 crore and INR0.11 crore
respectively for FY13. Furthermore, during FY15, MFP achieved a
total operating income of INR47 crore till January 31, 2015.


P.G.INFRASTRUCTURE: CARE Reaffirms B Rating on INR11.97cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
P.G. Infrastructure and Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term Bank    11.97       CARE B Reaffirmed
   Facilities

Rating Rationale
The rating continues to be constrained by the modest scale of
operations of P.G. Infrastructure & Services Pvt. Ltd (PGIS), its
negative net-worth and stressed liquidity. The rating is further
constrained by the short track record of its publication business,
limited geographical presence and its presence in a highly
fragmented and competitive industry. The rating, however, draws
strength from the experienced and resourceful promoters of the
company.

The ability of PGIS to increase its scale of operations along with
improvement in profitability and increase in its capital base
would be the key rating sensitivities.

Incorporated in 2003, PGIS (erstwhile known as S. R. Offset
Printers Pvt. Ltd.) is engaged in publishing and circulation of a
daily newspaper 'People's Samachar' in Hindi and a weekly magazine
'People's Post' in English. PGIS has four printing facilities
across four different cities of Madhya Pradesh, namely, Bhopal,
Indore, Jabalpur and Gwalior. PGIS also runs an education
institute, viz, 'People's Institute of Media Studies' (PIMS)
offering degree courses in fields like journalism, advertising,
public relations, mass communication and electronic media.

PGIS incurred net loss of INR2.55 crore on a total operating
income (TOI) of INR25.47 crore in FY14 (refers to the period April
1 to March 31) as against net loss of INR3.99 crore on a TOI of
INR22.46 crore in FY13.


PEARL CONSTRUCTION: ICRA Assigns B Rating to INR15cr Term Loan
--------------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR15.00 crore term loans
of Pearl Construction and Developers.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans             15.00         [ICRA]B; assigned

ICRA's rating is constrained by the sizeable funding requirements
and residual execution risks for PCD's 'Krishangan' project owing
to its nascent stages of development. The rating also factors in
the modest level of bookings for the project (~9% of the area was
sold, as of December 2014) which exposes it to market risks. This
is critical as the project remains highly dependent on customer
advances for meeting the funding requirements. This apart, the
rating also takes into account the lumpy debt repayment in 2016-17
which will require the promoters to bring in funds, in absence of
adequate levels of bookings and collection efficiency. However,
the rating favourably factors in the low approval risks and
satisfactory initial progress of PCD's project (~37% of the total
project cost has been incurred within four months of the launch)
which has been supported by infusion of bulk of the envisaged
promoter funds.

Going forward, the ability of the firm to complete the project as
planned, achieve additional bookings and satisfactory collection
efficiency in order to meet the funding requirements in a timely
manner, will be the key rating sensitivities.

Incorporated in 2011 and promoted by Mr Balvinder Singh Hoda, PCD
undertakes construction and sale of residential real estate in
Udaipur, Rajasthan. Currently the firm has two ongoing projects in
the name of 'Krishnangan' which entail construction of 189
residential flats in Udaipur. The firm is also required to build
an additional 64 flats for the Economically Weaker Sections (EWS)
of the society, under the guidelines of the Urban Investment Trust
(UIT), Udaipur. The total project cost including the EWS portion
is ~INR53.27 crore and is planned to be funded by customer
advances of INR20.45 crore, promoter's contribution of INR17.82
crore and debt of INR15.00 crore. The firm plans to offer
possession of 'Krishnangan' by March 2018.


POOJA CASTING: ICRA Suspends B+ Rating on INR16.12cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR16.12 crore
long term fund based facilities of Pooja Casting Private Limited.
ICRA has also suspended [ICRA]A4 rating assigned to the INR3.00
crore short term non fund based facilities of PCPL. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

PCPL, based out of Pune, was promoted by Mr. Anil Kulkarni in 1987
and is engaged in manufacturing aluminium die castings majorly
using gravity die casting method. The company is a part of
Jayshree group which is engaged in manufacture of Inlet Manifold,
Cylinder Head cover, Adaptor Housing, Clutch Housing, Flywheel
Housing, Roof Rail Gasket, Thermostat Housing and Intake Pipe
Manifold. The company in FY 11 got strategic equity investment
from Mr Rahul Ranka, director at Mumbai based G K Founders Pvt Ltd
(GKPL). GKPL is engaged in manufacturing non ferrous alloys,
majorly aluminum alloys, in form of ingots and has been one of the
key suppliers to PCPL over the years.


R M PHOSPHATES: CRISIL Assigns B+ Rating to INR110MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of R M Phosphates and Chemicals Pvt Ltd (RMPCL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Term Loan            110        CRISIL B+/Stable

The rating reflects RMPCL's below-average financial risk profile,
marked by high gearing, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of RMPCL's promoters in the chemicals
industry and the benefits that the company will accrue from its
marketing arrangement with DCM Shriram Consolidated Ltd (DSCL).

Outlook: Stable

CRISIL believes RMPCL will benefit over the medium term from its
promoters' extensive industry experience and its marketing
arrangement with DSCL. The outlook may be revised to 'Positive' if
RMPCL ramps up operations, generates substantial cash accruals, or
improves its capital structure, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
RMPCL faces significant stretch in working capital cycle,
generates low cash accruals, or undertakes any debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile, particularly liquidity.

RMPCL, incorporated in 2010 and promoted by Indore-based Jain
family, manufactures single super phosphate at its facility in
Dhule (Maharashtra). Commercial activities at the facility
commenced in September 2013. RMPCL's day-to-day activities are
managed by Mr. Vineet Jain and his brothers Mr. Rakesh Jain and
Mr. Nandkishore Jain.


RAJHANS NUTRIMENTS: ICRA Reaffirms B+ Rating on INR41.5cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term of [ICRA]B+  to INR41.50 crore
term loans of the company and has assigned the long term rating of
[ICRA]B+ to INR27.00 crore cash credit facility of Rajhans
Nutriments Private Limited.

                           Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long Term-Term            41.50      [ICRA]B+; Reaffirmed
   loans/FCL Cum.
   Buyers credit

   Short Term-LC &          (18.00)     [ICRA]A4; Reaffirmed
   Letter of comfort for
   1,080 days

   Long term-Cash Credits    27.00      [ICRA]B+; Assigned

   Short term-FC              0.40      [ICRA]A4; Assigned

ICRA has also assigned the short term rating of [ICRA]A4
(pronounced ICRA A four) to INR0.40 crore non fund based limits
and reaffirmed short term rating of [ICRA]A4 (Pronounced ICRA A
four) to INR18.00 crore non-fund based sub limits of the company.

The rating reaffirmation for Rajhans Nutriments Private Limited
(RNPL) takes into consideration the nascent stage of companies
operations leading to week financials as well as lack of promoters
experience within confectionery industry. The ratings also
factor's in high marketing risk as the chocolate confectionery
industry is characterized by intense competition from established
players with reputed domestic brands like Cadbury and Nestle as
well as various international players in premium segment. As a
result, the company's ability to strongly position itself and
successfully implement aggressive marketing and distribution
strategies remains critical. The ratings also factor in the risks
associated with fluctuations in the prices of the raw materials,
particularly sugar and cocoa beans as well as currency fluctuation
risk due to significant imports given the lack of active currency
hedging which may affect profitability of the company. ICRA
further notes that the capital structure and credit metrics is
expected to remain stretched for medium terms due to significant
debt funded capital expenditure though infusion of equity and
unsecured loans from directors provide comfort to an extent from
debt servicing perspective.

The assigned ratings however favourably factor in the established
presence of the Desai & Jain group who have well diversified
operations across textile, real estate, and entertainment
industries in Surat as well as favourable demand outlook towards
the chocolate confectionery industry in India. The ratings also
takes a note on successful commissioning of plant in September
2014, however ability to create brand visibility and stabilize its
operations with adequate capacity utilization remains to be seen.

Rajhans Nutriments Private Limited (RNPL) part of Desai & Jain
group of companies was incorporated in August 2011 with the
objective to enter into the chocolate confectionery manufacturing
industry and diversify operations of the group. The company has
its registered office and manufacturing facility located in Surat.
Mr, Jayesh Desai, Mr. Shivlal Jain, Mr. Vijay Desai and Mr. Pankaj
Jain are the key management personnel and directors of the company
who look after overall operations of the company.


SARVAJANIK JANKALYAN: CARE Reaffirms B Rating on INR54.92cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sarvajanik Jankalyan Parmarthik Nyas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term         54.92       CARE B Reaffirmed
   Bank Facilities

Rating Rationale
The rating of Sarvajanik Jankalyan Parmarthik Nyas (SJPN)
continues to be constrained on account of its accumulated
deficits, stressed liquidity and weak debt coverage indicators.
The rating is also constrained on account of increasing level
of competition in the education sector from other colleges, and
necessity to incur regular capex towards modernisation /
development of colleges and high regulatory restrictions
applicable to the educational institutes in India.

The rating is, however, underpinned by the society's experienced
and resourceful promoters, established track record with strong
brand image in Bhopal, well-equipped infrastructure for medical
courses and strong demand for medical and dental courses.

The ability of SJPN to increase its scale of operations through
healthy enrolment ratio in the newly launched courses and improve
its capital structure would remain the key rating sensitivities.

Registered in 2000, Bhopal-based SJPN is a charitable non-
profitable public trust formed by Mr Suresh Vijaywargia. The
society operates 13 institutions on its 40-acre campus at Bhanpur,
Bhopal, and offers courses in multiple fields of education such as
medical, dental, nursing, paramedic, physiotherapy, pharmacy,
engineering, management, hotel management, etc, apart from running
a school. SJPN also manages a 750-bed hospital in its campus.

On May 04, 2011, SJPN received approval for setting up People's
University (PU) via the State Government Notification.
PU is empowered to award degrees as specified by the University
Grants Commission (UGC) under Section 22 of the UGC Act 1956
through its main campus in regular mode.

During FY14 (refers to the period April 1 to March 31), SJPN
reported total operating income (TOI) of INR105.64 crore (based on
combined financials of SJPN and PU) and deficit of INR3.25 crore,
as against the total operating income of INR91.06 crore (combined
financials of SJPN and PU) and deficit of INR2.82 crore during
FY13.


SEACEM PAINTS: CARE Reaffirms D Rating on INR7.66cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Seacem Paints (India) Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    7.66        CARE D Reaffirmed
   Short-term Bank Facilities   2.00        CARE D Reaffirmed

Rating Rationale
The ratings of Seacem Paints (India) Pvt. Ltd. (SPPL) continue to
be constrained by the instances of the on-going delay in servicing
of its debt obligations on account of the stressed liquidity
position of the company.

Background
SPPL was incorporated in 1966 by the Kolkata-based Mukherjee
family. Since inception, the company is engaged in the
manufacturing of cement-based paints (including wall putty) and
liquid paints (primer, acrylic, etc) for exterior use at its sole
manufacturing facility located at Maheshtala (Kolkata) with
manufacturing capacity of 15,000 metric tonne per annum (MTPA) for
cement-based paints and 8,040 kilo litre (KL) for liquid paints.

In the year 1996, the company was acquired by the late Mr Arun
Baheti, who used to supply raw materials to SPPL through a family-
owned firm. After the demise of Mr Arun Baheti in 2007, the
company has been spearheaded by his son Mr Gaurav Baheti. The
products of the company are sold under the brand names 'Seacem',
'Karishma' and 'Buildguard' in Eastern India.


SEANTO MINERALS: ICRA Assigns B Rating to INR3cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR3.00
crore fund-based bank facility of Seanto Minerals and Energy
Limited. ICRA has also assigned a short-term rating of [ICRA]A4 to
the INR3.00 crore short term non-fund based bank facility of the
company. Additionally, ICRA has assigned an [ICRA]B/[ICRA]A4
rating to the INR2.00 crore unallocated fund based/non-fund based
bank facilities of the company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-Based Limits        3.00       [ICRA]B assigned

   Non-Fund Based Limits    3.00       [ICRA]A4 assigned

   Proposed Unallocated     2.00       [ICRA]B/[ICRA]A4 assigned
   Fund Based/Non-Fund
   Based Limits

The assigned ratings take into account the long experience of the
promoters in textile and metal scrap trading industry and the
ability of the company to maintain healthy revenue growth in the
past five years. The ratings are however constrained by the
limited value adding and intensely competitive nature of textile
and steel trading business, which results in thin profitability
levels for the company. The ratings are also constrained by a weak
financial risk profile of the company characterised by leveraged
capital structure, nominal accruals and depressed coverage
indicators and the fact that the company remains exposed to
significant client concentration risks. ICRA notes that the
company also remains exposed to price risks, given the inherent
cyclical nature of steel industry.

Incorporated in 2008, Seanto Minerals and Energy Limited (SMAEL)
is promoted by Mr. Sanjay Sanghai and his family. The company is
engaged in trading of textiles and ferrous products. Key products
traded by the company include shirting and denims, stainless steel
plates and heavy melting scrap.

As per provisional results of H1FY2015, the company has registered
a profit before tax (PBT) of INR0.07 crore on an operating income
of INR14.71 crore. As per the audited results for FY2014, SMAEL
has registered a profit after tax (PAT) of INR0.06 crore on an
operating income of INR38.40 crore.


SEW KRISHNAGAR: CRISIL Cuts Rating on INR6.0BB Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the term loan facility of
Sew Krishnagar Baharampore Highways Ltd (SKBHL) to 'CRISIL D' from
'CRISIL BB+(SO)/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           6,003.2      CRISIL D (Downgraded from
                                    'CRISIL BB+(SO)/Stable')

The rating downgrade reflects instances of delay by SKBHL in
interest payment; the delays were mainly because of the company's
weak liquidity. The delay in disbursement of a term loan because
of delay in equity infusion by the sponsor (SEW Infrastructure Ltd
[SIL]) has resulted in the delay in interest payment by SKBHL. SIL
plans to divest its stake in some of its projects for meeting its
equity contribution for its ongoing projects. SIL's ability to
infuse adequate equity into SKBHL will remain a key monitorable.

SKBHL is exposed to risks related to timely project execution
mainly because of the initial stage of its project. The company's
project has been delayed by around a year and had achieved
financial progress of 51 per cent as on January 31, 2015. Delay in
land acquisition from National Highways Authority of India (NHAI;
rated 'CRISIL AAA/Stable') led to delay in the project. However,
SKBHL benefits from limited exposure to revenue risk, driven by
the annuity model of the project awarded by NHAI.

SKBHL is an SPV held entirely by SEW Transportation Networks Ltd
(STNL), which is a 100-per cent subsidiary of SIL. The SPV was
awarded a build-operate-transfer contract for converting to four
lanes the 78-kilometer (km) stretch between Krishnagar and
Baharampore in West Bengal (from 115 km to 193 km on National
Highway-34), which connects Kolkata to Dalkhola in northern West
Bengal. The total project cost of INR7.55 billion is being funded
in a debt-to-equity mix of about 4:1. SIL had infused INR960
million in the project as of January 31, 2015. The project was
awarded in 2011 and has a concession period of 15 years, ending in
2027.

Commercial operations were scheduled to commence from July 2014,
six months post which SKBHL was to receive its first semi-annual
annuity of INR612 million. Because of delays in land acquisition,
NHAI granted an extension by 315 days to November 20, 2014.
However, SKBHL was not able to achieve completion and is in the
process of applying to NHAI for further extension.


SEW LSY: CRISIL Cuts Rating on INR17 Billion Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the term loan facility of
SEW LSY Highways Ltd (SLHL) to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           17,000       CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by SLHL in making
interest payment. The delay in disbursement of a term loan because
of a delay in equity infusion by the sponsors (SEW Infrastructure
Ltd [SIL] and Prasad and Company (Project Works) Limited [PCL;
rated 'CRISIL BB+/Stable/CRISIL A4+']) has resulted in the delay
by SLHL in making its interest payment. SIL plans to divest its
stake in some of its projects for meeting the equity contribution
for its ongoing projects. The sponsors' ability to infuse adequate
equity into SLHL will remain a key monitorable.

SLHL is also exposed to risks related to project implementation,
with its project still in the early stage of execution, and to
funding risk because of its large equity requirement. The project
has been delayed by around two years and had achieved financial
progress of 14 per cent as on January 31, 2015. The delay in land
acquisition from Uttar Pradesh State Highways Authority (UPSHA)
and receipt of approval from the Ministry of Environment and
Forests for cutting trees along the route led to delay in the
project. However, UPSHA has extended the concession period by 721
days beyond the earlier contracted 25 years (starting March 30,
2012). After completion, SLHL will be exposed to inherent revenue
risk associated with traffic volatility in toll-based projects.
However, the company benefits from the fixed-price, fixed-time
nature of its engineering, procurement, and construction contract.

Incorporated in July 2011, SLHL is an SPV promoted by SIL and PCL,
which own 70 per cent and 30 per cent stakes, respectively, in the
SPV. SLHL has been awarded a contract by UPSHA for converting to
four lanes the existing two-lane 206-kilometre (km) stretch from
10.91 km to 217.00 km on the Delhi-Saharanpur-Yamunotri section of
State Highway 57 in Uttar Pradesh, up to the Uttarakhand border.
The contract is on a design, build, finance, operate, and transfer
toll basis.

The total project cost is about INR27.7 billion, which is being
funded through external debt of INR17.0 billion and a grant of
INR3.4 billion from the Empowered Committee (Government of India);
the balance INR7.3 billion is being funded through equity and
unsecured loans from SIL and PCL in a ratio of 70:30. SIL and PCL
had infused INR3.46 billion into the project as of
January 31, 2015.


SHIVAM PROTEINS: CARE Assigns B+ Rating to INR10.71cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shivam
Proteins Product Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.71       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Shivam Protein
Products Private Limited (SPP) is constrained by the small scale
of operations, low net profitability margins, leveraged capital
structure, moderate debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by price fluctuation risk for raw materials, foreign exchange risk
and presence in a highly competitive and fragmented agro
processing industry.

The rating however, derives strength from vast experience of
promoters in the agro processing industry, established
relationship with suppliers and customers and moderate operating
profitability margins.

Ability of SPP to improve scale of operations and profitability
margins amidst intense competition and fluctuation in raw material
prices along with efficient management of working capital are the
key rating sensitivities.

Incorporated in 2003, Shivam Proteins Products Private Limited
(SPP) is primarily engaged in processing of turdal and trading of
rice and wheat, since October 2013. SPP imports around 75% of its
raw tur dal requirements, from Kenya, Malawi, Myanmar and
Mozambique. However the processed products are sold entirely in
the domestic market.SPP is a part of Shivam group, which has other
entities (namely M/s. Santosh Pulse Mill and Shivam Enterprise)
engaged in a similar line of business.

During FY14 (FY refers to period April 01 to March 31; with six
months of operations in FY14),SPP reported total operating income
of INR15.11 crore and profit after tax of INR 0.05 crore.
Moreover, in 9MFY15, the company has generated total operating
income of INR30.93 crore with net profit of INR0.22crore.


SHREE CHHATRAPATI: ICRA Reaffirms B Rating on INR6.84cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for INR6.84
crore term loan and INR3.00 crore cash credit facilities of Shree
Chhatrapati Shahu Milk and Agro Producer Company Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Term Loan     6.84         [ICRA]B Reaffirmed
   Long Term-Cash Credit   3.00         [ICRA]B Reaffirmed

The rating reaffirmation takes into consideration established
presence of Shahu Group in Kolhapur district of Maharashtra along
with presence in value added dairy products such as ghee, curd,
butter, shreekhand, basundi etc. The share of value added products
currently remains small; though it is expected to increase in
future with capacity expansion and increasing management focus on
value added products. ICRA also takes into account profitable
operations of the company in 9MFY15 supported by rise in milk
procurement level at adequate price and stabilization of
operations. The rating however remains constrained by stretched
financial profile characterized by leveraged capital structure and
weak coverage indicators. Though fresh equity infusion in current
fiscal has provided some support to the capital structure. The
company faces intense competition from both established players
and small milk processors in the region which affects the milk
procurement levels. Further, milk being an animal product; the
availability remains contingent on the agro climatic conditions as
well as health status of the dairy animals. The dairy sector is
also vulnerable to regulatory changes like procurement pricing and
export restrictions ultimately influencing the revenues of the
company. ICRA also notes relatively small scale of operations of
the company. Going forward, ensuring healthy milk procurement
level at adequate price and scaling up operations while achieving
optimum capacity utilization will be key rating sensitivities.

Incorporated in September 2009, Shahu Milk is a co-operative unit
engaged in milk procurement, milk processing and selling of milk
and milk products. Installed milk processing capacity of the plant
is 1,00,000 litres per day. Shahu Milk started actual operations
from April 21, 2010. The company procures milk from cooperative
societies located largely in Kagal and Karveer talukas in Kolhapur
district. The company has also set up two chilling centres in
Kolhapur district which will help the company improve shelf life
of the collected milk.The company has products like cow milk, full
cream milk, toned milk, ghee, Shreekhand, amrakhand, lassi, curd,
basundi among others in its portfolio. Products of the company are
currently sold in Kolhapur, Pune, Sindhudurg and Ratnagiri
districts in Maharashtra. Some products are also sold in Goa and
parts of Karnataka. The company also provides services like
veterinary services, supply of concentrate, artificial
insemination, and assistance in bank finance for buying cattle.


SHREE SIDHBALI: CRISIL Cuts Rating on INR100MM Loan to B
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Sidhbali Impex Pvt Ltd (SIPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed its rating on the company's
short-term facility at 'CRISIL A4'.

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

   Letter of Credit      100        CRISIL A4 (Reaffirmed)

   Proposed Long Term    200        CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The downgrade reflects deterioration in SIPL's business and
financial risk profiles. SIPL's revenue declined by 72 per cent
year-on-year in 2013-14 (refers to financial year, April 1 to
March 31) to INR333.2 million; the revenue was substantially lower
than CRISIL's expectation on account of downturn in the iron and
steel industry, intense competition, and high geographical
concentration in UP, which witnessed large-scale closure of
rolling mills and furnaces because of increased power charges. The
sales has improved in first nine month period ended December 31,
2014 to around INR370 million. However, CRISIL believes that SIPL
will remain exposed to industrial factors but will report moderate
revenue growth over the medium term on account of addition of
customers based in Uttarakhand and Maharashtra. SIPL's working
capital requirements increased in 2013-14 on account of
significant increase in debtors to 212 days as on March 31, 2014,
because of delays in realisations from customers given the
downturn in the iron and steel industry. Increase in SIPL's scale
of operations and timely realisations from customers will remain
rating sensitive factors over the medium term. SIPL's financial
risk profile continues to be weak, marked by weak interest
coverage ratio of 1.02 times and low net cash accruals to total
debt ratio of 0.01 times for 2013-14.

The ratings reflect SIPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, its large working
capital requirements, modest scale of operations, and
susceptibility to intense competition. These rating weaknesses are
partially offset by the extensive experience of SIPL's promoters
in the iron and steel industry.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
significant increase in revenue and profitability, and improves
its working capital management. Conversely, the outlook may be
revised to 'Negative' if the company's profitability or revenue
declines, resulting in low cash accruals, or if considerably large
working capital requirements lead to deterioration in its
financial risk profile, particularly liquidity.

SIPL was established by Mr. Jawahar Lal Vig, Mr. Bhim Sain Kansal,
and Mr. Vinod Kumar Singhal in Muzaffarnagar (Uttar Pradesh) in
2009. The company trades in sponge iron and commenced commercial
operations in November 2011.

SIPL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR332.2 million for 2013-14, compared with a PAT of
INR2.2 million on net sales of INR1.16 billion for 2012-13.


SHREEHARI ASSOCIATES: CRISIL Reaffirms INR259.5M 'B+' Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shreehari Associates
Pvt Ltd (SAPL) continue to reflect SAPL's exposure to risks
related to timely implementation of its ongoing build, operate,
transfer (BOT) projects and its large working capital
requirements.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------           ---------   -------
   Cash Credit             280      CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     200      CRISIL A4 (Reaffirmed)
   Letter of Credit         50      CRISIL A4 (Reaffirmed)
   Proposed Long Term      250.5    CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan               259.5   CRISIL B+/Stable (Reaffirmed)

The ratings also factor in SAPL's below-average financial risk
profile marked by weak debt protection metrics and moderate
gearing. These rating weaknesses are partially offset by SAPL's
established market position in the civil construction industry and
its healthy order book leading to high revenue visibility for the
medium term.

Outlook: Stable

CRISIL believes that SAPL will benefit over the medium term from
its promoters' extensive industry experience and its healthy order
book. The outlook may be revised to 'Positive' in case of
successful commissioning of the company's BOT projects, along with
steady revenue growth and healthy capital structure. Conversely,
the outlook may be revised to 'Negative' in case of time and cost
overruns in the projects or a significant stretch in SAPL's
working capital cycle, leading to substantial weakening of its
financial risk profile.

Update
SAPL's operating income declined to around INR792.2 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR860.2 million in 2012-13. Despite healthy order book of around
INR7 billion as of October 2014, the topline declined because of
delays in commencing execution of new projects for which
government approvals are pending. However, SAPL's operating margin
increased to 15.0 per cent in 2013-14 from 9.4 per cent the
previous year on account of execution of higher-margin projects;
the margin will remain at the current level as company has several
high margin projects in the pipeline over the medium term.

SAPL's financial risk profile remains below average, marked by
weak debt protection metrics and moderate gearing. SAPL's debt
protection metrics remain weak, with interest coverage and net
cash accruals to total debt (NCATD) ratios of 1.42 times and 0.11
times, respectively, for 2013-14, because of its increased
reliance on debt leading to high interest cost. The company's
gearing was 1.66 times and net worth was INR364 million as on
March 31, 2014, because of healthy accretion to reserves. The
company is likely to sustain its moderate gearing over the medium
term.

SAPL's liquidity is stretched marked by moderate cash accruals and
large working capital requirements. The company's annual cash
accruals are expected in the range of INR70 million to INR90
million over the next two years; it has annual term debt
obligations of INR42 million over the medium term. SAPL's working-
capital-intensive operations are reflected in its gross current
assets of 576 days as on March 31, 2014, driven by large work-in-
progress inventory of 399 days.

SAPL was incorporated in 2000 by Mr. Sacheen Madhukar Mulay and
Mr. Madhukar Haribhau Mulay. The company was formed to take over
the business of a partnership firm, Shreehari Associates, which
was set up in 1997.

SAPL undertakes civil construction activities in the irrigation
segment and construction of commercial and industrial buildings
for both government departments and private sector companies. Its
registered office is in Aurangabad (Maharashtra). SAPL is
constructing three hydropower generation projects for the
Government of Maharashtra, and two sports complexes for Aurangabad
Municipal Corporation on BOT basis.


SMK PETROCHEMICALS: CRISIL Puts B+ Rating on INR39.2MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SMK Petrochemicals India Pvt Ltd (SMKPPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             6.8        CRISIL B+/Stable

   Proposed Long Term   39.2        CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee        4.0        CRISIL A4

   Cash Credit          25          CRISIL B+/Stable

The ratings reflect SMKPPL's modest scale of operations and its
exposure to risks relating to its tender based nature of
operations, its moderate working capital requirements and its
average financial risk profile, marked by a highly leveraged
capital structure. These rating weaknesses are partially offset by
the promoters' extensive experience in the lubricants industry and
its established relationship with customers.

Outlook: Stable

CRISIL believes that SMKPPL will continue to benefit from the
extensive experience of its promoters in the lubricants industry
and its established relationship with customers. The outlook may
be revised to 'Positive' in case of sustainable improvement in the
company's scale of operations and operating profitability, leading
to higher than expected cash accruals or if the company's
financial risk profile improves due to significant capital
infusion. Conversely, the outlook may be revised to 'Negative' if
its financial risk profile, particularly liquidity, deteriorates
due to lower-than-expected cash accruals, stretch in its working
capital cycle, or any significant debt-funded capital expenditure.

Incorporated in 2005, SMKPPL, is promoted by Mr. Naveen Kumar.
SMKPPL manufactures and trades automotive lubricating oils,
industrial lubricating oils, and special lubricating oils.

SMKPPL reported a profit after tax (PAT) of INR3.033 million on a
net operating income of INR175.798 million for 2014-15 (refers to
financial year, April 1 to March 31), against a PAT of INR0.937
million on a net operating income of INR118.373 million for 2013-
14.


SREEKANTH TRADING: CARE Cuts Rating on INR20cr ST Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sreekanth Trading Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5          CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities   20          CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings takes into account delays in servicing
of debt obligations owing to the stretched liquidity position of
the company.

Incorporated on April 12, 2013, Sreekanth Trading Private Limited
(STPL) is promoted by Nandi group of Kurnool, Andhra Pradesh
(A.P.). STPL commenced business from June 2013 and is engaged in
the trading of Polyvinyl Chloride (PVC)/Chlorinated Polyvinyl
Chloride (CPVC) Resin, Coal and PVC /CPVC pipes & fittings.


THREE PLATINUM: CARE Lowers Rating on INR80cr LT Loan to B
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Three
Platinum Softech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    80          CARE B Revised from
                                            CARE BB+

Rating Rationale
The revision in rating of Three Platinum Softech Pvt. Ltd. (TPS)
takes into account slow sales and collection due to slowdown in
project construction activities and ongoing litigation on the
project land. The rating further continues to be constrained by
limited experience of the promoters in the real estate sector,
geographical concentration risk with a single project, residual
project execution risk and subdued industry scenario. The rating,
however, derives strength from ensuing execution and marketability
benefits emanating from association with an Amrapali group company
and favorable location with the project being located in the NCR-
region.

Going forward, the ability of the company to accelerate the
construction of the project, timely execution of the project
within estimated costs and receipt of envisaged advances shall be
the key rating sensitivities.

Incorporated in 2009, TPS is a Delhi-based real estate developer.
TPS has been promoted by a consortium of four companies [Bihari Ji
Ispat Udyog Ltd (BJIUL; 25%), Cozy Habitat Builders Pvt. Ltd
(CHBPL; 25%), Vidhya Shree Buildcon Pvt. Ltd (VSBPL; 10%) & B2C
Realtors Pvt. Ltd (BRPL; 15%)] and Mr Amit Kumar (25%).

TPS is developing a group housing project by the name 'Amrapali
Heartbeat City' in Sector 107, Noida (Uttar Pradesh) with total
saleable area of about 14.24 lakh square feet (lsf). The land has
been taken from Noida Authority on a 90 years lease basis. The
project is expected to be completed by Q4FY16 (refers to the
period April 1 to March 31) at a total project cost of
approximately INR445 crore.

During FY14, TPS has reported total operating income of INR0.57
crore with a net loss of INR0.05 crore. As on Sept. 30, 2014, the
company has already incurred project cost of INR386 crore and
booked 11.25 lsf area having the total value of INR393 crore.


TUTICORIN COAL: CARE Revises Rating on INR281cr LT Loan to B
------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Tuticorin
Coal Terminal Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    281.00      CARE B [Revised from
                                            CARE B to CARE D
                                            and then revised to
                                            CARE B]

   Short term bank facilities    47.00      CARE A4 [Revised from
                                            CARE A4 to CARE D
                                            and then revised to
                                            CARE A4]

Rating Rationale
The revision in ratings assigned to the bank facilities of
Tuticorin Coal Terminal Pvt Ltd to CARE D factors in delays in
debt servicing during the period March 2014 to May 2014. The
rating has been revised to 'CARE B' as the debt servicing has been
regular since June 2014.

The rating of TCTPL is constrained by weak credit profile of the
principle promoter and project execution risk.

The rating however considers experience of the promoters in port
handling operations and favourable long-term growth prospects for
handling of bulk cargo at V O Chidambaranar Port (VOCP, earlier
referred to as Tuticorin Port).

The ability of the company to complete the project within the
stipulated time and optimally utilize the facility is the key
rating sensitivity.

Tuticorin Coal Terminal Private Limited (TCTPL), a Special Purpose
Vehicle (SPV), is promoted by ALBA Asia Pvt Ltd (holding 99.997%)
and Louis Dreyfus Armateurs SAS (LDA, holding 0.003 % equity
stake), a French conglomerate with its presence in international
maritime transport for more than a century. ALBA Asia Pvt Ltd is
in turn is held by ABG Ports Ltd and LDA in the proportion of
51:49.

TCTPL has been awarded the concession for development of North
Cargo Berth-II (NCB-II Terminal) for handling coal and other bulk
cargo at V O Chidambaranar Port (VOCP, earlier referred to as
Tuticorin Port) on Design, Build, Finance, Operate and Transfer
(DBFOT) basis. The NCB-II Terminal is being designed to handle a
peak throughput of 14 million tons per annum. The said concession
agreement (CA) was entered into on September 11, 2010 and was
awarded for a period of 30 years following an international
competitive bidding process.


VIVEKANANDA EDUCATION: CARE Reaffirms D Rating on INR3.89cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Vivekananda Education Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.89       CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Vivekananda
Education Society (VES) factors in the continuous ongoing delays
in servicing the debt obligations in the recent past due to
stressed liquidity position of the society caused by delays in
reimbursement of fee from Telangana state government.

Establishing a clear debt servicing track record with improvement
in its liquidity position is the key rating sensitivity.

VES was formed in the year 2000 by Dr Satchidananda Rao and his
family members. VES is registered as a Public Charitable Trust and
has established Engineering and Management College under the name
of Vivekananda Institute of Technology& Science (VES) in the year
2000 with its campus located at Karimnagar district, Telangana. At
present, the institute offers graduation courses (B.E.) and post
graduate courses (MBA and M. Tech.) with sanctioned intake of 966
students for Academic Year 2014-2015 (refers to the period July
to June). The courses offered under B.E courses are Computer
Science and Engineering (CSE), Electronics and Communication
Engineering (ECE), Information Technology (IT), Electronic &
Electrical Engineering (EEE) and Mechanical Engineering (ME).
During FY14 (refers to the period April 1 to March 31), VES
reported a surplus of INR1.01 crore on a total operating income of
INR6.61 crore as against a surplus of INR1.23 crore on a total
operating income of INR6.69 crore in FY13.


WEST QUAY: CARE Reaffirms B Rating on INR116.5cr LT Bank Loan
-------------------------------------------------------------
CARE revises rating assigned to the bank facilities of West Quay
Multiport Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    116.50      CARE B Reaffirmed
   Short term bank facilities    25.00      CARE A4 Reaffirmed

Rating Rationale
The ratings of West Quay Multiport Pvt Ltd continue to remain
constrained by the weak credit profile of its principle promoter
Alba Asia Pvt Ltd (AAPL) (Rated CARE C) and project execution
risk.

The rating however considers experience of the promoters in port
handling operations and favourable long-term growth prospects for
handling of bulk cargo at the Visakhapatnam Port.

The ability of the company to complete the project within the
stipulated time and optimally utilize the facility is the key
rating sensitivity.

West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for
development of West Quay Berth-VI (WQ6) for handling bulk cargo up
to 4.5 million tonnes per annum at Visakhapatnam Port on Design,
Build, Finance, Operate and Transfer (DBFOT) basis. The port would
exclusively handle Pet Coke, CP Coke, LAM Coke, steel and Granite
for the first five years.

WQMPL has been promoted by Alba Asia Private Limited (AAPL)
holding 49% and ABG Infralogistics Ltd. (ABG Infra), holding 51%
stake. AAPL is a Joint Venture (JV) in which ABG Infra through its
majority owned subsidiary, ABG Ports Pvt. Ltd. holds 51% equity
stake and LDA holds balance 49%. The above mentioned concession
was awarded by the Visakhapatnam Port Trust (VPT) for a period of
30 years following an International Competitive Bidding (ICB)
process.



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


INDONESIA: Fitch Sees Little Impact on Developers From Tax Change
-----------------------------------------------------------------
Fitch expects the Indonesian government's proposal to introduce
unit price criteria to the existing 20% tax on luxury properties
to have limited impact on rated developers. This is because most
of these developers have the flexibility to adjust their product
mix or their existing projects' average unit prices are below the
taxable threshold. As a result, Fitch does not expect the
regulation in itself to result in rating action on any of the
Indonesian property developers that it rates.
The government defines luxury properties as landed homes that are
larger than 350 square metres (sqm) or apartments larger than 150
sqm. Buyers pay the existing luxury tax of 20% when they purchase
such homes. The government has proposed extending the tax to any
residential property that sells for more than IDR2bn (around USD
150,000). Fitch observes that a IDR2bn unit price typically buys a
home in the upscale range, which historically made up a sizeable
portion of rated developers' presales.

For 2015, rated developers say they expect the proportion of
upscale product sales to form 20% or less of their total marketing
sales. PT Lippo Karawaci Tbk (Lippo; BB-/A+(idn)/ Stable), plans
for upscale properties to make up about 16% of sales in 2015,
while PT Modernland Realty Tbk (Modernland; B/Stable) plans for
about 20%. PT Alam Sutera Realty Tbk (ASRI; B+/Stable) will be
less affected than the other two because the company is not
planning to launch any luxury products, in terms of both size and
unit price. Fitch believes the rated developers also have the
flexibility to adjust their product mixes, which could further
reduce the impact of the new tax.

The strong growth in average selling prices over the past four
years, tight mortgage regulations, and high interest rates have
dampened demand for upscale properties from a peak in 3Q13. Since
then, developers have been shifting into selling homes in the mid-
low segment, where demand appears to be more resilient.

The government is still discussing the new tax regulation and
there is no concrete timeline for implementation yet.



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


SONY CORP: To Slash 1,000 Jobs at Mobile Unit in Sweden
-------------------------------------------------------
Agence France-Presse reports that Sony Corp. said March 9 it would
shed 1,000 jobs at its Swedish mobile unit as the division moves
to drop over a quarter of its workforce.

AFP relates that the company, known for its Playstations and
Xperia smartphones, will cut its total workforce in the southern
town of Lund from 2,200 to 1,200 employees.

"We had a meeting with all of our employees where the CEO (Kazuo
Hirai) presented the structural changes from April 1," Sony
Mobile's chief executive in Sweden Bengt Arne Molin told
reporters, the news agency relays.

According to AFP, Sony's mobile division plans to shed by
March 2016 a total of 2,100 jobs -- about 30 percent of its
workforce -- to drag its results out of the red.

The mobile and tablet maker lost $1.2 billion in the fourth
quarter of 2014 alone, AFP notes.

"It's very sad news for our members and for business," the report
quotes union the Swedish Association of Graduate Engineers as
saying in a statement.

AFP relates that Mr. Molin said Sony, which acquired Swedish
mobile maker Ericsson in 2012, relies on its Lund factory
primarily for research and development.

"Lund will play an important role in our future business
especially within software, systems engineering and customer
support," Mr. Molin, as cited by AFP, added.

Last month Sony said it was selling its laptop business outright
and hiving off its troubled television business into a wholly-
owned subsidiary, recalls AFP.

                           About Sony Corp

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.




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


SOLID ENERGY: 'May Not Be Viable,' Finance Minister English Says
----------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that Finance Minister
Bill English said he still doesn't know if Solid Energy is viable,
raising the prospect of the company collapsing.

Stuff.co.nz says the Christchurch-based coalminer is negotiating
with a group of banks in a bid to reduce its NZ$320 million debt.

This has delayed the release of its financial results due in late
February until it can be certain they "reflect a true and fair
picture of the company's position," Stuff.co.nz relates.

It followed the Government's extension of financial support to
Solid Energy in 2012, and the company striking a deal with its
lenders in late 2013 to effectively write off NZ$75 million in
debt, according to Stuff.co.nz.

But on March 10, Mr. English warned that even after 18 months of
being regularly briefed on the company's finances, he was unclear
if there was a core business that could be salvaged, the report
says.

"It's still not clear [if the company is viable] . . . and that's
with very serious and competent efforts by the board and
management of Solid Energy, and now, increasing focus from the
banks," Stuff.co.nz quotes Mr. English as saying.

Stuff.co.nz notes that while Prime Minister John Key said on March
2 that it was not the Government's preferred option to put more
taxpayer cash into Solid Energy, Mr. English flatly ruled out
cash, loans or guarantees.

"We've done two rounds of support for the company," Stuff.co.nz
quotes Mr. English said.  "In the end you have to work out whether
there's a viable company or not and we're in that process. We're
doing everything we can to secure the continuity of the company."

According to the report, Solid Energy spokesman Bryn Somerville
said there would be no urgent meeting called for its 688
employees, including miners at Stockton on the West Coast, in
relation to English's comments.

"We regularly update all of our staff and we'll continue to do
that," Mr. Somerville, as cited by Stuff.co.nz, said.

The company made 184 employees and contractors at Stockton
redundant last July after a restructure, the report recalls.

In January, Mr. Somerville indicated more jobs losses might be on
the cards, saying Solid Energy was "considering what might be
needed to respond to market conditions", which had not improved
since the restructure, Stuff.co.nz relays.

If international coal prices did not improve, the company would
have to "look at options", he said, however, there was no official
proposal, the report adds.

Stuff.co.nz relates that Mr. Somerville on May 10 said "that
situation has not changed".

"We're still looking through various different changes that could
be made but no decision has been made yet and there's no timeline
on it," Stuff.co.nz quotes Mr. Somerville as saying.

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.

BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31.  The company's board doesn't anticipate it will return
to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.



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


KUMHO ASIANA: To Buy Back Express Bus Unit
------------------------------------------
Lee Hyo-sik at The Korea Times reports that Kumho Asiana Group has
decided to take back control of Kumho Express Bus from a private
equity fund (PEF), a move seen as the first step toward rebuilding
what was once the eighth-largest conglomerate in Korea.

However, it remains to be seen whether the financially troubled
group will be able to raise the necessary funds, amounting to
hundreds of millions of dollars, to acquire a 100-percent stake in
the nation's largest express bus firm, the report says.

"We have always been determined to buy back our express bus unit,"
the report quotes a Kumho Asiana Group official as saying. "We
will send a notice today [March 9] to IBK Securities-Keistone
Partners that we want Kumho Express Bus back."

In 2012, Kumho sold the company, founded in 1946, to the PEF for
KRW330 billion ($300 million) in order to raise much-needed cash,
the report discloses. Under the contract, IBK Securities-Keistone
Partners is required to negotiate first with Kumho when it sells
the company, the report notes.

On Feb. 23, the PEF sent a notice to Kumho Asiana Group, asking
whether the group wants to buy back the express bus firm,
according to The Korea Times. It also said how much money it wants
to get for the company, the report relates.

The Korea Times adds that industry watchers speculated that the
PEF seeks to sell Kumho Express Bus for at least KRW500 billion,
while Kumho Group wants to pay about KRW200 billion.

"We cannot disclose details concerning the issue. We cannot make
public how much the PEF wants to get and how much we want to pay,"
the official, as cited by The Korea Times, said. "We will do
everything we can to lower the sales prices. The PEF must not be
greedy, and ask for a fair price."

If the group wants to purchase Kumho Express Bus, it has to make a
full payment within three months, the report notes. If Kumho
cannot pay, IBK Securities-Keistone Partners plans to organize a
bid and sell the company to whoever submits the highest offer,
says The Korea Times.

Kumho Asiana Group, which also needs nearly KRW1 trillion to buy
back a controlling stake in its holding company, Kumho
International, from creditors, has been mobilizing all its
resources in recent months to take back control of its two key
units, report says. It has been contacting banks and institutional
investors to secure funds, adds The Korea Times.

The Troubled Company Reporter-Asia Pacific on Aug. 6, 2009, citing
The Korea Herald, reported that Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to improve
their financial health through rigorous self- restructuring
efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***